N-CSRS 1 tm2319809d5_ncsrs.htm N-CSRS

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-07175

 

Name of Registrant: Vanguard Tax-Managed Funds
Address of Registrant: P.O. Box 2600
  Valley Forge, PA 19482

 

Name and address of agent for service: Anne E. Robinson, Esquire
  P.O. Box 876
  Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: December 31

 

Date of reporting period: January 1, 2023—June 30, 2023

 

 

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

Semiannual Report  |  June 30, 2023
Vanguard Tax-Managed Funds®
Vanguard Tax-Managed Balanced Fund
Vanguard Tax-Managed Capital Appreciation Fund
Vanguard Tax-Managed Small-Cap Fund

 

Contents
About Your Fund's Expenses
1
Tax-Managed Balanced Fund
3
Tax-Managed Capital Appreciation Fund
67
Tax-Managed Small-Cap Fund
85
Trustees Approve Advisory Arrangements
100
Liquidity Risk Management
101

 

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

 

Six Months Ended June 30, 2023      
  Beginning
Account Value
12/31/2022 		Ending
Account Value
6/30/2023 		Expenses
Paid During
Period
Based on Actual Fund Return
Tax-Managed Balanced Fund $1,000.00 $1,090.40 $0.47
Tax-Managed Capital Appreciation Fund      
Admiral™ Shares $1,000.00 $1,168.10 $0.48
Institutional Shares 1,000.00 1,168.30 0.32
Tax-Managed Small-Cap Fund      
Admiral Shares $1,000.00 $1,059.70 $0.46
Institutional Shares 1,000.00 1,059.80 0.31
Based on Hypothetical 5% Yearly Return
Tax-Managed Balanced Fund $1,000.00 $1,024.35 $0.45
Tax-Managed Capital Appreciation Fund      
Admiral Shares $1,000.00 $1,024.35 $0.45
Institutional Shares 1,000.00 1,024.50 0.30
Tax-Managed Small-Cap Fund      
Admiral Shares $1,000.00 $1,024.35 $0.45
Institutional Shares 1,000.00 1,024.50 0.30
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the Tax-Managed Balanced Fund, 0.09%; for the Tax-Managed Capital Appreciation Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Tax-Managed Balanced Fund
Fund Allocation
As of June 30, 2023
Investment Exposure
Basic Materials 0.8%
Consumer Discretionary 7.2
Consumer Staples 2.5
Energy 2.0
Financials 4.8
Health Care 6.2
Industrials 6.3
Other 0.4
Real Estate 1.3
Technology 14.9
Telecommunications 1.0
Utilities 1.4
Tax-Exempt Municipal Bonds 51.2
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
3

 

Tax-Managed Balanced Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value•

($000)
Common Stocks (48.7%)
Basic Materials (0.8%)
  Linde plc    50,219    19,137
  Air Products and Chemicals Inc.    24,262     7,267
  Freeport-McMoRan Inc.   145,071     5,803
  Ecolab Inc.    21,275     3,972
  Nucor Corp.    23,200     3,804
  Newmont Corp.    75,641     3,227
  Albemarle Corp.    10,974     2,448
  Alcoa Corp.    70,034     2,376
  Element Solutions Inc.   120,371     2,311
  Reliance Steel & Aluminum Co.     6,900     1,874
  Celanese Corp. Class A    15,842     1,835
  Dow Inc.    31,642     1,685
  Fastenal Co.    24,016     1,417
  Westlake Corp.    11,056     1,321
  CF Industries Holdings Inc.    16,859     1,170
  FMC Corp.     9,098       949
  Avery Dennison Corp.     5,500       945
  International Flavors & Fragrances Inc.    10,532       838
  Eastman Chemical Co.     9,490       795
  Huntsman Corp.    27,901       754
  Valvoline Inc.    17,015       638
  Mosaic Co.    18,068       632
  Ashland Inc.     6,198       539
  Timken Co.     5,841       535
  LyondellBasell Industries NV Class A     5,638       518
  United States Steel Corp.    18,000       450
  Royal Gold Inc.     3,900       448
  Steel Dynamics Inc.     4,100       447
* Cleveland-Cliffs Inc.    20,900       350
  Scotts Miracle-Gro Co.     4,442       278
  Olin Corp.     3,700       190
  NewMarket Corp.       390       157
  Southern Copper Corp.     1,629       117
                                      69,227
Consumer Discretionary (7.2%)
* Amazon.com Inc.   873,196   113,830
* Tesla Inc.   270,368    70,774
  Home Depot Inc.   104,330    32,409
  Costco Wholesale Corp.    47,654    25,656
  Walmart Inc.   142,753    22,438
  McDonald's Corp.    71,975    21,478
* Netflix Inc.    47,459    20,905
  Lowe's Cos. Inc.    75,512    17,043
  NIKE Inc. Class B   131,911    14,559
* Walt Disney Co.   159,790    14,266
  Starbucks Corp.   113,970    11,290
* Booking Holdings Inc.     3,829    10,340
  TJX Cos. Inc.   106,628     9,041
* O'Reilly Automotive Inc.     8,103     7,741
* Uber Technologies Inc.   178,112     7,689
* Chipotle Mexican Grill Inc. Class A     3,372     7,213
* Copart Inc.    70,826     6,460
  General Motors Co.   163,101     6,289
* Activision Blizzard Inc.    74,215     6,256
* Lululemon Athletica Inc.    15,881     6,011
          Shares Market
Value•

($000)
  Target Corp.    41,325     5,451
* AutoZone Inc.     2,094     5,221
  Marriott International Inc. Class A    28,408     5,218
  Lennar Corp. Class A    39,160     4,907
  Estee Lauder Cos. Inc. Class A    23,287     4,573
  DR Horton Inc.    37,302     4,539
  Hilton Worldwide Holdings Inc.    30,445     4,431
  Dollar General Corp.    25,950     4,406
  Yum! Brands Inc.    31,728     4,396
* Delta Air Lines Inc.    89,337     4,247
  Ross Stores Inc.    35,144     3,941
* Airbnb Inc. Class A    30,100     3,858
  eBay Inc.    82,426     3,684
  Ford Motor Co.   242,420     3,668
* Dollar Tree Inc.    25,257     3,624
* NVR Inc.       569     3,614
* Aptiv plc    33,624     3,433
* Live Nation Entertainment Inc.    35,096     3,198
  Electronic Arts Inc.    23,473     3,044
* Ulta Beauty Inc.     5,996     2,822
  Tractor Supply Co.    12,514     2,767
  Interpublic Group of Cos. Inc.    69,628     2,686
* AutoNation Inc.    16,312     2,685
  MGM Resorts International    57,046     2,505
* Warner Bros Discovery Inc.   187,120     2,347
  LKQ Corp.    36,460     2,125
* Take-Two Interactive Software Inc.    14,415     2,121
* United Airlines Holdings Inc.    37,444     2,055
* Royal Caribbean Cruises Ltd.    19,501     2,023
  PulteGroup Inc.    25,300     1,965
* CarMax Inc.    23,021     1,927
* Deckers Outdoor Corp.     3,623     1,912
* Capri Holdings Ltd.    53,000     1,902
* Trade Desk Inc. Class A    23,953     1,850
  Toll Brothers Inc.    22,801     1,803
* Liberty Media Corp.-Liberty Formula One Class C    21,777     1,639
* Expedia Group Inc.    14,301     1,564
  Southwest Airlines Co.    42,498     1,539
* Carnival Corp.    80,800     1,522
  Lear Corp.    10,522     1,510
* ROBLOX Corp. Class A    37,400     1,507
* Skechers USA Inc. Class A    28,459     1,499
  Fox Corp. Class B    46,716     1,490
  Tempur Sealy International Inc.    37,140     1,488
  Domino's Pizza Inc.     4,261     1,436
* Floor & Decor Holdings Inc. Class A    13,773     1,432
  Madison Square Garden Sports Corp.     7,548     1,419
  Best Buy Co. Inc.    17,281     1,416
  Service Corp. International    21,880     1,413
* Rivian Automotive Inc. Class A    83,439     1,390
  Pool Corp.     3,626     1,358
* Las Vegas Sands Corp.    22,700     1,317
  U-Haul Holding Co.    25,983     1,317
  Paramount Global Class A    68,800     1,277
* JetBlue Airways Corp.   142,200     1,260
  News Corp. Class A    62,267     1,214
  Thor Industries Inc.    11,633     1,204
  Rollins Inc.    27,192     1,165
4

 

Tax-Managed Balanced Fund
          Shares Market
Value•

($000)
  Gentex Corp.    39,660     1,160
* Norwegian Cruise Line Holdings Ltd.    53,105     1,156
  Dick's Sporting Goods Inc.     8,512     1,125
* American Airlines Group Inc.    61,900     1,111
* Bright Horizons Family Solutions Inc.    11,722     1,084
* Five Below Inc.     5,244     1,031
* Mattel Inc.    51,831     1,013
* RH     3,017       994
* Etsy Inc.    10,995       930
* Grand Canyon Education Inc.     8,837       912
* Burlington Stores Inc.     5,744       904
  Sirius XM Holdings Inc.   196,880       892
  Williams-Sonoma Inc.     7,089       887
  PVH Corp.    10,390       883
  BorgWarner Inc.    17,234       843
* Alaska Air Group Inc.    14,847       790
  Garmin Ltd.     7,528       785
* Lucid Group Inc.   111,589       769
* Coupang Inc. Class A    43,711       761
  Aramark    16,753       721
* QuantumScape Corp. Class A    90,000       719
* Peloton Interactive Inc. Class A    91,897       707
  Lennar Corp. Class B     5,464       617
  New York Times Co. Class A    15,400       606
  Bath & Body Works Inc.    15,846       594
  Wendy's Co.    24,919       542
* Planet Fitness Inc. Class A     8,001       540
  Copa Holdings SA Class A     4,762       527
* Spotify Technology SA     3,225       518
  RB Global Inc.     8,024       481
  Harley-Davidson Inc.    13,400       472
  Vail Resorts Inc.     1,861       469
* Avis Budget Group Inc.     2,000       457
  Wynn Resorts Ltd.     4,199       443
  Advance Auto Parts Inc.     5,864       412
* Wayfair Inc. Class A     6,219       404
* AMC Entertainment Holdings Inc. Class A    89,650       394
* Liberty Media Corp.-Liberty SiriusXM Class A    11,947       392
  Hyatt Hotels Corp. Class A     3,344       383
  Ralph Lauren Corp. Class A     3,073       379
* Liberty Media Corp.-Liberty Formula One Class A     5,563       376
* Mister Car Wash Inc.    37,606       363
* Ollie's Bargain Outlet Holdings Inc.     6,100       353
  Lithia Motors Inc. Class A     1,011       307
  Nexstar Media Group Inc. Class A     1,792       298
  Darden Restaurants Inc.     1,744       291
  Nordstrom Inc.    12,646       259
* GameStop Corp. Class A    10,258       249
* Lyft Inc. Class A    24,479       235
  Wyndham Hotels & Resorts Inc.     2,776       190
* Carvana Co. Class A     6,796       176
  Choice Hotels International Inc.     1,492       175
* DraftKings Inc. Class A     6,161       164
  World Wrestling Entertainment Inc. Class A     1,495       162
  U-Haul Holding Co.     2,887       160
  Whirlpool Corp.     1,052       157
  Omnicom Group Inc.     1,606       153
  Churchill Downs Inc.       928       129
  Boyd Gaming Corp.     1,818       126
* Caesars Entertainment Inc.     2,413       123
* Hertz Global Holdings Inc.     6,626       122
  Kohl's Corp.     5,177       119
  Travel + Leisure Co.     2,850       115
* Six Flags Entertainment Corp.     4,310       112
* Penn Entertainment Inc.     3,969        95
* Leslie's Inc.     9,306        87
          Shares Market
Value•

($000)
* TripAdvisor Inc.     4,000        66
  Paramount Global Class B     1,873        30
                                     613,011
Consumer Staples (2.5%)
  Procter & Gamble Co.   239,701    36,372
  PepsiCo Inc.   135,297    25,060
  Coca-Cola Co.   344,600    20,752
  Mondelez International Inc. Class A   149,779    10,925
* Monster Beverage Corp.   156,646     8,998
  Philip Morris International Inc.    85,603     8,357
  CVS Health Corp.   117,445     8,119
  Kroger Co.   143,587     6,749
  McKesson Corp.    15,695     6,707
  Colgate-Palmolive Co.    83,239     6,413
  Church & Dwight Co. Inc.    46,395     4,650
  Kellogg Co.    68,001     4,583
  Corteva Inc.    77,517     4,442
  Constellation Brands Inc. Class A    17,884     4,402
  Hershey Co.    17,024     4,251
  Kimberly-Clark Corp.    30,738     4,244
  Archer-Daniels-Midland Co.    51,496     3,891
  General Mills Inc.    49,688     3,811
  Sysco Corp.    40,334     2,993
  AmerisourceBergen Corp.    15,012     2,889
  McCormick & Co. Inc. (Non-Voting)    32,079     2,798
* Post Holdings Inc.    27,005     2,340
  Clorox Co.    14,666     2,332
  Kraft Heinz Co.    56,065     1,990
  Brown-Forman Corp. Class B    28,038     1,872
  Campbell Soup Co.    38,971     1,781
  J M Smucker Co.    11,944     1,764
  Altria Group Inc.    37,080     1,680
  Molson Coors Beverage Co. Class B    23,112     1,522
  Tyson Foods Inc. Class A    27,014     1,379
* US Foods Holding Corp.    30,138     1,326
  Conagra Brands Inc.    38,018     1,282
  Walgreens Boots Alliance Inc.    42,018     1,197
  Lamb Weston Holdings Inc.     9,800     1,126
  Hormel Foods Corp.    25,136     1,011
  Seaboard Corp.       245       872
  Casey's General Stores Inc.     3,314       808
* Grocery Outlet Holding Corp.    26,400       808
  Brown-Forman Corp. Class A    11,319       770
* Darling Ingredients Inc.    11,166       712
* Freshpet Inc.    10,261       675
  Ingredion Inc.     6,341       672
  Bunge Ltd.     6,746       636
  Keurig Dr Pepper Inc.    18,093       566
  Spectrum Brands Holdings Inc.     7,191       561
* Pilgrim's Pride Corp.    19,755       425
* Performance Food Group Co.     6,632       400
* Olaplex Holdings Inc.    25,063        93
                                     212,006
Energy (2.0%)
  Exxon Mobil Corp.   374,572    40,173
  Chevron Corp.   166,042    26,127
  ConocoPhillips   110,127    11,410
  Schlumberger NV   149,820     7,359
  Devon Energy Corp.   141,993     6,864
  Marathon Petroleum Corp.    48,458     5,650
  Occidental Petroleum Corp.    88,691     5,215
  Marathon Oil Corp.   225,300     5,186
  Cheniere Energy Inc.    31,747     4,837
  EOG Resources Inc.    41,056     4,698
  Diamondback Energy Inc.    29,914     3,929
  Baker Hughes Co. Class A   116,762     3,691
 
5

 

Tax-Managed Balanced Fund
          Shares Market
Value•

($000)
  Hess Corp.    27,022     3,674
  Valero Energy Corp.    28,900     3,390
  Pioneer Natural Resources Co.    15,691     3,251
  Halliburton Co.    92,654     3,057
  Phillips 66    31,976     3,050
  EQT Corp.    72,232     2,971
  Range Resources Corp.    99,510     2,926
  Coterra Energy Inc.   101,672     2,572
* First Solar Inc.    12,625     2,400
  Murphy Oil Corp.    59,729     2,288
  ChampionX Corp.    68,231     2,118
  ONEOK Inc.    28,464     1,757
* Enphase Energy Inc.    10,300     1,725
  Williams Cos. Inc.    36,405     1,188
  Targa Resources Corp.    13,957     1,062
  HF Sinclair Corp.    20,892       932
  NOV Inc.    43,700       701
  Kinder Morgan Inc.    40,657       700
* Plug Power Inc.    65,712       683
  APA Corp.    20,000       683
  DT Midstream Inc.     8,587       426
* ChargePoint Holdings Inc.    12,880       113
  New Fortress Energy Inc.     4,128       110
  Vitesse Energy Inc.     2,520        56
                                     166,972
Financials (4.8%)
* Berkshire Hathaway Inc. Class B   196,755    67,093
  JPMorgan Chase & Co.   294,849    42,883
  Bank of America Corp.   803,071    23,040
  Wells Fargo & Co.   377,301    16,103
  S&P Global Inc.    38,611    15,479
  Morgan Stanley   142,641    12,182
  Goldman Sachs Group Inc.    32,458    10,469
  Aon plc Class A    27,728     9,572
  Marsh & McLennan Cos. Inc.    50,714     9,538
* Arch Capital Group Ltd.   118,526     8,872
  BlackRock Inc.    12,637     8,734
  Progressive Corp.    64,645     8,557
  Chubb Ltd.    39,599     7,625
  Charles Schwab Corp.   130,899     7,419
  Citigroup Inc.   155,017     7,137
  Intercontinental Exchange Inc.    54,433     6,155
  Moody's Corp.    17,333     6,027
  CME Group Inc.    30,318     5,618
  PNC Financial Services Group Inc.    37,319     4,700
  Arthur J Gallagher & Co.    20,577     4,518
  Aflac Inc.    57,474     4,012
  MSCI Inc. Class A     8,302     3,896
  Webster Financial Corp.    97,211     3,670
  First Citizens BancShares Inc. Class A     2,775     3,562
  Travelers Cos. Inc.    20,181     3,505
  Ameriprise Financial Inc.    10,336     3,433
  Apollo Global Management Inc.    43,815     3,365
  Allstate Corp.    29,764     3,245
  Bank of New York Mellon Corp.    70,675     3,146
* Markel Group Inc.     2,262     3,129
  American International Group Inc.    52,675     3,031
  Discover Financial Services    25,242     2,950
  Truist Financial Corp.    96,745     2,936
  Pinnacle Financial Partners Inc.    50,851     2,881
  MetLife Inc.    50,516     2,856
  Willis Towers Watson plc    11,000     2,590
  KKR & Co. Inc.    45,775     2,563
  US Bancorp    76,096     2,514
* Brighthouse Financial Inc.    52,982     2,509
  Assured Guaranty Ltd.    43,927     2,451
  Hartford Financial Services Group Inc.    33,320     2,400
          Shares Market
Value•

($000)
  T. Rowe Price Group Inc.    20,798     2,330
  State Street Corp.    28,728     2,102
  Brown & Brown Inc.    28,718     1,977
  Raymond James Financial Inc.    18,625     1,933
* Coinbase Global Inc. Class A    24,800     1,774
  W R Berkley Corp.    28,873     1,720
  Globe Life Inc.    15,679     1,719
  FactSet Research Systems Inc.     4,244     1,700
  Broadridge Financial Solutions Inc.    10,218     1,692
  White Mountains Insurance Group Ltd.     1,198     1,664
  Voya Financial Inc.    22,512     1,614
  Reinsurance Group of America Inc.    11,595     1,608
  Wintrust Financial Corp.    21,290     1,546
  Fifth Third Bancorp    55,196     1,447
  RenaissanceRe Holdings Ltd.     7,451     1,390
  East West Bancorp Inc.    25,908     1,368
  Blackstone Inc.    14,437     1,342
  Nasdaq Inc.    26,839     1,338
  Regions Financial Corp.    73,508     1,310
  Cboe Global Markets Inc.     8,286     1,144
  Prudential Financial Inc.    12,838     1,133
* Credit Acceptance Corp.     2,161     1,098
  Tradeweb Markets Inc. Class A    14,600     1,000
  LPL Financial Holdings Inc.     4,562       992
  Interactive Brokers Group Inc. Class A    11,697       972
* Upstart Holdings Inc.    26,020       932
  Everest Re Group Ltd.     2,700       923
  Zions Bancorp NA    33,982       913
  Assurant Inc.     7,101       893
  Jefferies Financial Group Inc.    25,339       840
  Ally Financial Inc.    30,516       824
  Affiliated Managers Group Inc.     5,452       817
  Cincinnati Financial Corp.     8,191       797
* Robinhood Markets Inc. Class A    79,463       793
  Popular Inc.    12,967       785
  Hanover Insurance Group Inc.     6,939       784
  SEI Investments Co.    12,260       731
  MGIC Investment Corp.    45,667       721
  Commerce Bancshares Inc.    13,606       663
  KeyCorp    65,863       609
  MarketAxess Holdings Inc.     2,300       601
  Huntington Bancshares Inc.    52,824       569
  Lincoln National Corp.    21,914       565
  M&T Bank Corp.     4,300       532
  Citizens Financial Group Inc.    19,913       519
  Morningstar Inc.     2,620       514
  BOK Financial Corp.     5,398       436
  Primerica Inc.     2,200       435
  Unum Group     9,127       435
  Northern Trust Corp.     5,700       423
  Bank OZK     9,680       389
  Equitable Holdings Inc.    14,088       383
  Synovus Financial Corp.    10,314       312
  Western Alliance Bancorp     8,200       299
  SLM Corp.    17,179       280
  PacWest Bancorp    24,079       196
  OneMain Holdings Inc.     4,339       190
* SoFi Technologies Inc.    22,812       190
  Comerica Inc.     4,321       183
  Erie Indemnity Co. Class A       872       183
  New York Community Bancorp Inc.    15,937       179
  Ares Management Corp. Class A     1,623       156
  Loews Corp.     2,394       142
  Stifel Financial Corp.     2,262       135
  Starwood Property Trust Inc.     6,755       131
  Blue Owl Capital Inc. Class A    11,085       129
  Janus Henderson Group plc     4,647       127
 
6

 

Tax-Managed Balanced Fund
          Shares Market
Value•

($000)
  First American Financial Corp.     2,201       125
  Virtu Financial Inc. Class A     7,311       125
  Invesco Ltd.     7,452       125
  Fidelity National Financial Inc.     3,318       119
  Cullen/Frost Bankers Inc.       980       105
  Prosperity Bancshares Inc.     1,786       101
  CNA Financial Corp.     2,393        92
  Franklin Resources Inc.     1,525        41
  First Horizon Corp.     1,405        16
                                     405,785
Health Care (6.2%)
  UnitedHealth Group Inc.    91,396    43,929
  Johnson & Johnson   252,614    41,813
  Eli Lilly & Co.    84,163    39,471
  Merck & Co. Inc.   250,533    28,909
  AbbVie Inc.   164,549    22,170
  Thermo Fisher Scientific Inc.    40,487    21,124
  Abbott Laboratories   175,882    19,175
  Pfizer Inc.   508,307    18,645
  Danaher Corp.    66,121    15,869
* Intuitive Surgical Inc.    38,465    13,153
  Amgen Inc.    53,330    11,840
  Elevance Health Inc.    23,566    10,470
  Cigna Group    37,283    10,462
  Bristol-Myers Squibb Co.   159,884    10,225
  Medtronic plc   111,856     9,855
* Vertex Pharmaceuticals Inc.    27,730     9,758
  Stryker Corp.    30,849     9,412
  Zoetis Inc. Class A    53,753     9,257
  HCA Healthcare Inc.    27,941     8,480
  Gilead Sciences Inc.   107,230     8,264
* Regeneron Pharmaceuticals Inc.    11,003     7,906
* Boston Scientific Corp.   144,841     7,834
* Edwards Lifesciences Corp.    75,998     7,169
* Biogen Inc.    23,174     6,601
* IQVIA Holdings Inc.    29,111     6,543
  Becton Dickinson & Co.    24,638     6,505
  Humana Inc.    13,882     6,207
* IDEXX Laboratories Inc.    12,149     6,102
* Dexcom Inc.    40,765     5,239
  West Pharmaceutical Services Inc.    10,749     4,111
  Laboratory Corp. of America Holdings    15,797     3,812
* Moderna Inc.    31,303     3,803
* Align Technology Inc.    10,578     3,741
  Agilent Technologies Inc.    29,707     3,572
  GE HealthCare Technologies Inc.    36,776     2,988
  Zimmer Biomet Holdings Inc.    20,466     2,980
* Centene Corp.    42,874     2,892
* Acadia Healthcare Co. Inc.    33,932     2,702
* Hologic Inc.    33,115     2,681
  ResMed Inc.    12,071     2,638
* Illumina Inc.    13,275     2,489
* Horizon Therapeutics plc    23,362     2,403
* Molina Healthcare Inc.     7,532     2,269
* Seagen Inc.    11,685     2,249
  STERIS plc     9,831     2,212
  Cooper Cos. Inc.     5,606     2,150
* Veeva Systems Inc. Class A     9,925     1,962
* DaVita Inc.    18,873     1,896
  Baxter International Inc.    40,551     1,847
* Charles River Laboratories International Inc.     8,768     1,843
* Teladoc Health Inc.    71,603     1,813
* Alnylam Pharmaceuticals Inc.     9,520     1,808
  Quest Diagnostics Inc.    12,819     1,802
* Elanco Animal Health Inc.   175,845     1,769
* Sarepta Therapeutics Inc.    15,123     1,732
* Syneos Health Inc.    40,993     1,727
          Shares Market
Value•

($000)
  Bio-Techne Corp.    20,524     1,675
* Penumbra Inc.     4,694     1,615
  Revvity Inc.    13,223     1,571
* BioMarin Pharmaceutical Inc.    16,330     1,415
  Universal Health Services Inc. Class B     8,837     1,394
* Tenet Healthcare Corp.    16,964     1,381
* United Therapeutics Corp.     6,154     1,358
* Neurocrine Biosciences Inc.    14,361     1,354
* Bio-Rad Laboratories Inc. Class A     3,202     1,214
* QIAGEN NV    26,551     1,196
* Envista Holdings Corp.    34,521     1,168
* Insulet Corp.     4,022     1,160
* Enovis Corp.    17,955     1,151
* Masimo Corp.     6,349     1,045
* Exact Sciences Corp.    10,950     1,028
* Catalent Inc.    21,736       942
* Jazz Pharmaceuticals plc     6,900       855
* Ionis Pharmaceuticals Inc.    20,616       846
  Chemed Corp.     1,555       842
  Cardinal Health Inc.     8,345       789
  Teleflex Inc.     3,249       786
  Bruker Corp.     7,627       564
  DENTSPLY SIRONA Inc.    13,378       535
* ICU Medical Inc.     2,952       526
* Tandem Diabetes Care Inc.    21,220       521
  Organon & Co.    24,102       502
* Mirati Therapeutics Inc.    11,350       410
* Exelixis Inc.    20,965       401
* Repligen Corp.     2,800       396
* Azenta Inc.     8,457       395
* Novavax Inc.    52,189       388
* Avantor Inc.    18,405       378
* agilon health Inc.    21,800       378
* Novocure Ltd.     8,700       361
* Ultragenyx Pharmaceutical Inc.     7,812       360
  Viatris Inc.    36,014       359
* 10X Genomics Inc. Class A     6,037       337
* Sotera Health Co.    17,800       335
  Royalty Pharma plc Class A     7,500       231
* Ginkgo Bioworks Holdings Inc. Class A   120,233       224
  Encompass Health Corp.     3,143       213
* Maravai LifeSciences Holdings Inc. Class A    16,033       199
* Doximity Inc. Class A     4,446       151
* Amedisys Inc.     1,487       136
* QuidelOrtho Corp.     1,489       123
  Perrigo Co. plc     3,375       115
* Enhabit Inc.     9,879       114
* Certara Inc.     6,109       111
* Incyte Corp.     1,400        87
                                     523,913
Industrials (6.3%)
  Visa Inc. Class A   164,996    39,183
  Mastercard Inc. Class A    86,386    33,976
  Accenture plc Class A    64,534    19,914
  Honeywell International Inc.    70,629    14,656
  Deere & Co.    32,002    12,967
  Union Pacific Corp.    63,210    12,934
  Raytheon Technologies Corp.   126,761    12,417
* Boeing Co.    58,781    12,412
  Caterpillar Inc.    50,318    12,381
  Lockheed Martin Corp.    25,926    11,936
  General Electric Co.   105,976    11,641
  American Express Co.    64,077    11,162
  United Parcel Service Inc. Class B    59,134    10,600
  Automatic Data Processing Inc.    38,396     8,439
  Capital One Financial Corp.    72,570     7,937
  CSX Corp.   232,260     7,920
 
7

 

Tax-Managed Balanced Fund
          Shares Market
Value•

($000)
  Sherwin-Williams Co.    29,768     7,904
  AMETEK Inc.    46,011     7,448
  Illinois Tool Works Inc.    28,897     7,229
* Fiserv Inc.    53,944     6,805
  Eaton Corp. plc    32,455     6,527
* PayPal Holdings Inc.    94,631     6,315
  Northrop Grumman Corp.    13,646     6,220
  Quanta Services Inc.    30,093     5,912
  Vulcan Materials Co.    25,908     5,841
  Norfolk Southern Corp.    25,310     5,739
  TransDigm Group Inc.     6,285     5,620
  United Rentals Inc.    12,074     5,377
  Cintas Corp.    10,685     5,311
  Howmet Aerospace Inc.   105,166     5,212
  FedEx Corp.    20,696     5,131
  Martin Marietta Materials Inc.    11,027     5,091
  Emerson Electric Co.    48,895     4,420
  PACCAR Inc.    51,621     4,318
* Mettler-Toledo International Inc.     3,121     4,094
  Trane Technologies plc    21,310     4,076
  Parker-Hannifin Corp.    10,202     3,979
* Block Inc. Class A    58,908     3,921
  Fortive Corp.    51,385     3,842
  Rockwell Automation Inc.    11,329     3,732
  Carrier Global Corp.    74,958     3,726
  Otis Worldwide Corp.    41,684     3,710
* Keysight Technologies Inc.    21,308     3,568
  PPG Industries Inc.    24,020     3,562
  Old Dominion Freight Line Inc.     9,621     3,557
  Verisk Analytics Inc. Class A    15,666     3,541
  Eagle Materials Inc.    18,979     3,538
  Global Payments Inc.    34,918     3,440
  Equifax Inc.    13,578     3,195
  Ingersoll Rand Inc.    48,482     3,169
* Middleby Corp.    20,834     3,080
  AECOM    35,745     3,027
  Xylem Inc.    25,125     2,830
  General Dynamics Corp.    13,091     2,817
  Berry Global Group Inc.    43,393     2,792
* Teledyne Technologies Inc.     6,518     2,680
  L3Harris Technologies Inc.    13,517     2,646
  Textron Inc.    36,284     2,454
  HEICO Corp. Class A    17,003     2,391
  Expeditors International of Washington Inc.    18,995     2,301
  IDEX Corp.    10,462     2,252
  Ball Corp.    37,012     2,154
  Cummins Inc.     8,721     2,138
  WW Grainger Inc.     2,682     2,115
  Nordson Corp.     8,492     2,108
* Waters Corp.     7,833     2,088
* Kirby Corp.    27,000     2,078
  Fidelity National Information Services Inc.    37,869     2,071
  Crown Holdings Inc.    23,514     2,043
  Jacobs Solutions Inc.    16,864     2,005
  BWX Technologies Inc.    27,902     1,997
* Zebra Technologies Corp. Class A     6,410     1,896
  Johnson Controls International plc    27,779     1,893
  A O Smith Corp.    25,732     1,873
* Fair Isaac Corp.     2,234     1,808
  AGCO Corp.    13,710     1,802
  TransUnion    22,383     1,753
  Owens Corning    13,342     1,741
  ITT Inc.    18,189     1,695
  3M Co.    16,900     1,692
  JB Hunt Transport Services Inc.     8,852     1,602
  Valmont Industries Inc.     5,396     1,570
* Gates Industrial Corp. plc   115,169     1,552
          Shares Market
Value•

($000)
* FleetCor Technologies Inc.     6,146     1,543
  Synchrony Financial    45,220     1,534
  Lennox International Inc.     4,681     1,526
* GXO Logistics Inc.    23,880     1,500
  Dover Corp.    10,110     1,493
  Allegion plc    12,151     1,458
  Huntington Ingalls Industries Inc.     6,396     1,456
* Trimble Inc.    27,404     1,451
  Tetra Tech Inc.     8,433     1,381
  Masco Corp.    23,716     1,361
  Fortune Brands Innovations Inc.    18,587     1,337
  Toro Co.    13,011     1,323
  DuPont de Nemours Inc.    18,096     1,293
* Axon Enterprise Inc.     6,300     1,229
  Landstar System Inc.     6,235     1,200
  Packaging Corp. of America     8,446     1,116
  Oshkosh Corp.    12,558     1,087
* Axalta Coating Systems Ltd.    32,960     1,081
  Paychex Inc.     9,200     1,029
  Esab Corp.    15,396     1,024
* WEX Inc.     5,487       999
  Booz Allen Hamilton Holding Corp. Class A     8,401       938
  Silgan Holdings Inc.    18,967       889
* XPO Inc.    15,015       886
  MKS Instruments Inc.     8,065       872
  WESCO International Inc.     4,845       868
* MasTec Inc.     7,279       859
  Carlisle Cos. Inc.     3,333       855
  Sensata Technologies Holding plc    18,883       850
  Regal Rexnord Corp.     5,498       846
  Stanley Black & Decker Inc.     8,617       807
  Knight-Swift Transportation Holdings Inc. Class A    14,300       795
  Donaldson Co. Inc.    12,229       764
  RPM International Inc.     8,489       762
  Lincoln Electric Holdings Inc.     3,765       748
* Euronet Worldwide Inc.     6,010       705
  Jack Henry & Associates Inc.     4,179       699
* Mohawk Industries Inc.     6,554       676
  Westinghouse Air Brake Technologies Corp.     6,010       659
  Air Lease Corp. Class A    15,591       652
  Pentair plc    10,087       652
* FTI Consulting Inc.     3,400       647
  Graco Inc.     7,412       640
  Littelfuse Inc.     2,168       632
  AptarGroup Inc.     5,445       631
  Robert Half International Inc.     8,260       621
  Snap-on Inc.     2,097       604
  CH Robinson Worldwide Inc.     6,311       595
  Vontier Corp.    17,060       549
  Cognex Corp.     9,708       544
  Sealed Air Corp.    13,116       525
  nVent Electric plc    10,087       521
  Armstrong World Industries Inc.     6,812       500
  Woodward Inc.     3,945       469
  Advanced Drainage Systems Inc.     4,120       469
  Brunswick Corp.     5,158       447
  Genpact Ltd.    11,065       416
  Flowserve Corp.    10,413       387
  Curtiss-Wright Corp.     2,100       386
  Graphic Packaging Holding Co.    15,800       380
  Schneider National Inc. Class B    13,062       375
  Hubbell Inc. Class B     1,100       365
* RXO Inc.    11,342       257
* Paylocity Holding Corp.     1,300       240
* Affirm Holdings Inc. Class A    15,398       236
* Masterbrand Inc.    18,587       216
  MDU Resources Group Inc.     9,950       208
 
8

 

Tax-Managed Balanced Fund
          Shares Market
Value•

($000)
  ManpowerGroup Inc.     2,450       195
  HEICO Corp.     1,087       192
* Builders FirstSource Inc.     1,401       191
  ADT Inc.    28,622       173
* AZEK Co. Inc. Class A     5,509       167
* Trex Co. Inc.     2,409       158
  Louisiana-Pacific Corp.     2,046       153
  Westrock Co.     4,864       141
* BILL Holdings Inc.     1,202       140
* Hayward Holdings Inc.    10,084       130
* NU Holdings Ltd. Class A    16,205       128
  Western Union Co.    10,791       127
  Sonoco Products Co.     2,028       120
  Spirit AeroSystems Holdings Inc. Class A     3,840       112
* Knife River Corp.     2,487       108
  Ardagh Metal Packaging SA    27,359       103
*,1 Godha Cabcon & Insulation Ltd.    25,555        —
                                     533,890
Other (0.3%)
2 Vanguard Tax-Exempt Bond Index ETF   616,234    30,947
Real Estate (1.3%)
  Prologis Inc.    99,320    12,180
  American Tower Corp.    41,741     8,095
  Equinix Inc.     9,921     7,777
* CBRE Group Inc. Class A    60,162     4,856
  Crown Castle Inc.    40,183     4,578
  Equity Residential    58,931     3,888
  Iron Mountain Inc.    68,339     3,883
* CoStar Group Inc.    42,915     3,819
  Mid-America Apartment Communities Inc.    24,294     3,689
  SBA Communications Corp. Class A    15,794     3,660
  Public Storage    12,156     3,548
  AvalonBay Communities Inc.    16,865     3,192
  Camden Property Trust    27,443     2,988
  Host Hotels & Resorts Inc.   175,919     2,961
  American Homes 4 Rent Class A    81,183     2,878
  VICI Properties Inc. Class A    86,309     2,713
  Digital Realty Trust Inc.    22,270     2,536
  Extra Space Storage Inc.    16,800     2,501
  Welltower Inc.    29,375     2,376
* Howard Hughes Corp.    24,432     1,928
  Rexford Industrial Realty Inc.    34,400     1,796
* Jones Lang LaSalle Inc.    11,207     1,746
  Equity LifeStyle Properties Inc.    24,524     1,640
  Essex Property Trust Inc.     6,768     1,586
  Life Storage Inc.    10,875     1,446
  Simon Property Group Inc.    12,510     1,445
  Americold Realty Trust Inc.    40,555     1,310
  Weyerhaeuser Co.    38,662     1,296
  UDR Inc.    27,088     1,164
  First Industrial Realty Trust Inc.    21,230     1,118
  Alexandria Real Estate Equities Inc.     9,606     1,090
  Realty Income Corp.    16,985     1,015
  Invitation Homes Inc.    27,059       931
  Lamar Advertising Co. Class A     8,832       877
* Zillow Group Inc. Class A    17,624       867
  EastGroup Properties Inc.     4,785       831
  Apartment Income REIT Corp. Class A    21,766       786
* Zillow Group Inc. Class C    15,191       763
  SL Green Realty Corp.    22,832       686
  Ventas Inc.    13,580       642
  Douglas Emmett Inc.    49,446       622
  Sun Communities Inc.     4,500       587
  Medical Properties Trust Inc.    52,702       488
  Federal Realty Investment Trust     4,442       430
  Kilroy Realty Corp.    14,213       428
          Shares Market
Value•

($000)
* WeWork Inc. Class A 1,674,346       428
  CubeSmart     9,500       424
* Opendoor Technologies Inc.    93,478       376
  Boston Properties Inc.     5,600       322
  Rayonier Inc.     9,380       294
  EPR Properties     3,121       146
  Omega Healthcare Investors Inc.     4,245       130
  Kimco Realty Corp.     6,543       129
  Vornado Realty Trust     7,043       128
  Regency Centers Corp.     2,045       126
  Brixmor Property Group Inc.     5,563       122
  Highwoods Properties Inc.     5,071       121
  JBG SMITH Properties     7,894       119
  Spirit Realty Capital Inc.     2,963       117
  NNN REIT Inc.     2,717       116
  Gaming & Leisure Properties Inc.     2,297       111
  National Storage Affiliates Trust     2,600        91
                                     112,936
Technology (14.9%)
  Apple Inc. 1,501,674   291,280
  Microsoft Corp.   750,734   255,655
  NVIDIA Corp.   244,987   103,634
* Alphabet Inc. Class A   638,300    76,405
* Alphabet Inc. Class C   532,931    64,469
* Meta Platforms Inc. Class A   224,485    64,423
  Broadcom Inc.    36,673    31,811
* Adobe Inc.    49,641    24,274
* Salesforce Inc.   102,429    21,639
* Advanced Micro Devices Inc.   176,679    20,126
  Oracle Corp.   165,126    19,665
  Texas Instruments Inc.    78,992    14,220
  Applied Materials Inc.    91,615    13,242
  Intuit Inc.    28,645    13,125
  QUALCOMM Inc.   108,410    12,905
  Intel Corp.   349,870    11,700
  International Business Machines Corp.    82,784    11,077
* ServiceNow Inc.    18,434    10,359
  Lam Research Corp.    13,387     8,606
  Micron Technology Inc.   132,374     8,354
* Palo Alto Networks Inc.    32,648     8,342
* Cadence Design Systems Inc.    33,815     7,930
* Synopsys Inc.    17,645     7,683
  Analog Devices Inc.    36,266     7,065
  Roper Technologies Inc.    14,570     7,005
  Marvell Technology Inc.   112,683     6,736
  KLA Corp.    12,383     6,006
  Amphenol Corp. Class A    65,560     5,569
* ON Semiconductor Corp.    58,609     5,543
* Workday Inc. Class A    23,847     5,387
* Fortinet Inc.    70,972     5,365
  Microchip Technology Inc.    57,040     5,110
* Autodesk Inc.    22,471     4,598
* Snowflake Inc. Class A    24,193     4,257
  HP Inc.   119,671     3,675
* ANSYS Inc.    10,269     3,392
  Cognizant Technology Solutions Corp. Class A    49,717     3,246
* Atlassian Corp. Class A    19,230     3,227
* Palantir Technologies Inc. Class A   207,700     3,184
* Gartner Inc.     9,051     3,171
* MongoDB Inc. Class A     7,494     3,080
* VeriSign Inc.    12,758     2,883
  CDW Corp.    15,357     2,818
* Arrow Electronics Inc.    17,906     2,565
  Teradyne Inc.    22,732     2,531
* Tyler Technologies Inc.     6,076     2,530
  Hewlett Packard Enterprise Co.   142,406     2,392
  Corning Inc.    68,131     2,387
 
9

 

Tax-Managed Balanced Fund
          Shares Market
Value•

($000)
* Guidewire Software Inc.    29,042     2,210
* Western Digital Corp.    56,117     2,129
* CACI International Inc. Class A     6,163     2,101
  Skyworks Solutions Inc.    17,100     1,893
* Cloudflare Inc. Class A    27,100     1,772
  Dell Technologies Inc. Class C    31,391     1,699
* PTC Inc.    11,822     1,682
* Manhattan Associates Inc.     7,597     1,518
* Crowdstrike Holdings Inc. Class A    10,001     1,469
* Teradata Corp.    26,458     1,413
* IAC Inc.    22,353     1,404
* Akamai Technologies Inc.    15,501     1,393
* GoDaddy Inc. Class A    17,857     1,342
* Confluent Inc. Class A    37,795     1,335
* Ceridian HCM Holding Inc.    19,578     1,311
* Lattice Semiconductor Corp.    13,583     1,305
  Monolithic Power Systems Inc.     2,320     1,253
  Paycom Software Inc.     3,751     1,205
* Toast Inc. Class A    52,000     1,174
* Match Group Inc.    26,773     1,120
* Elastic NV    17,000     1,090
* Qorvo Inc.    10,165     1,037
* Pure Storage Inc. Class A    28,105     1,035
* HubSpot Inc.     1,916     1,019
* Splunk Inc.     9,487     1,006
  Vertiv Holdings Co. Class A    39,400       976
* Zscaler Inc.     6,613       967
* NCR Corp.    37,325       941
  Jabil Inc.     8,300       896
* Wolfspeed Inc.    15,909       884
  NetApp Inc.    11,362       868
* F5 Inc.     5,875       859
* Datadog Inc. Class A     8,730       859
* Black Knight Inc.    13,745       821
* EPAM Systems Inc.     3,426       770
  Amdocs Ltd.     7,600       751
* DocuSign Inc. Class A    14,425       737
* New Relic Inc.    11,000       720
  Dolby Laboratories Inc. Class A     8,275       692
* Smartsheet Inc. Class A    17,000       650
* Pinterest Inc. Class A    22,695       620
* Twilio Inc. Class A     9,718       618
* Informatica Inc. Class A    32,443       600
  Leidos Holdings Inc.     6,450       571
  SS&C Technologies Holdings Inc.     9,358       567
  Pegasystems Inc.    11,442       564
* Unity Software Inc.    12,900       560
* SentinelOne Inc. Class A    36,846       556
  Entegris Inc.     5,006       555
  Universal Display Corp.     3,786       546
* Okta Inc. Class A     7,709       535
* DoorDash Inc. Class A     6,900       527
* Nutanix Inc. Class A    18,189       510
* Definitive Healthcare Corp. Class A    46,077       507
* DoubleVerify Holdings Inc.    12,015       468
* DXC Technology Co.    16,942       453
  Gen Digital Inc.    24,339       451
* Dropbox Inc. Class A    15,760       420
* Kyndryl Holdings Inc.    28,580       380
* Clarivate plc    35,372       337
* AppLovin Corp. Class A    12,252       315
* Dynatrace Inc.     4,970       256
* VMware Inc. Class A     1,759       253
* ZoomInfo Technologies Inc. Class A     8,580       218
  Bentley Systems Inc. Class B     3,941       214
* Five9 Inc.     2,137       176
* UiPath Inc. Class A    10,069       167
          Shares Market
Value•

($000)
* nCino Inc.     5,545       167
* CCC Intelligent Solutions Holdings Inc.    14,588       164
  TD SYNNEX Corp.     1,700       160
* Procore Technologies Inc.     2,434       158
  KBR Inc.     2,220       144
  Concentrix Corp.     1,700       137
  National Instruments Corp.     2,212       127
  Dun & Bradstreet Holdings Inc.    10,863       126
* Paycor HCM Inc.     5,282       125
* IPG Photonics Corp.       621        84
                                   1,266,288
Telecommunications (1.0%)
  Cisco Systems Inc.   394,484    20,411
  Comcast Corp. Class A   429,326    17,838
* T-Mobile US Inc.    78,976    10,970
  AT&T Inc.   613,835     9,791
  Verizon Communications Inc.   244,892     9,107
* Arista Networks Inc.    33,504     5,430
* Charter Communications Inc. Class A    13,609     5,000
  Motorola Solutions Inc.    15,378     4,510
* Liberty Broadband Corp. Class C    22,021     1,764
* Roku Inc. Class A     9,998       639
* Ciena Corp.    14,679       624
* DISH Network Corp. Class A    81,311       536
* Altice USA Inc. Class A   165,695       500
* Liberty Broadband Corp. Class A     4,398       351
* Viasat Inc.     8,397       346
  Ubiquiti Inc.     1,382       243
  Cable One Inc.       230       151
* Lumentum Holdings Inc.     2,376       135
                                      88,346
Utilities (1.4%)
  NextEra Energy Inc.   209,917    15,576
  Southern Co.   101,392     7,123
  Waste Management Inc.    34,603     6,001
  Duke Energy Corp.    61,934     5,558
  Consolidated Edison Inc.    59,901     5,415
* Clean Harbors Inc.    31,700     5,212
  Public Service Enterprise Group Inc.    78,693     4,927
  CMS Energy Corp.    81,127     4,766
* PG&E Corp.   260,094     4,494
  Exelon Corp.   110,084     4,485
  WEC Energy Group Inc.    46,764     4,126
  Sempra Energy    27,579     4,015
  American Electric Power Co. Inc.    45,486     3,830
  Constellation Energy Corp.    40,963     3,750
  Dominion Energy Inc.    62,515     3,238
  Xcel Energy Inc.    45,501     2,829
  Republic Services Inc. Class A    17,596     2,695
  FirstEnergy Corp.    66,335     2,579
  American Water Works Co. Inc.    18,056     2,578
  NiSource Inc.    71,646     1,960
  DTE Energy Co.    17,175     1,890
  Atmos Energy Corp.    15,648     1,820
  Eversource Energy    24,487     1,737
  Edison International    23,953     1,664
  Essential Utilities Inc.    41,466     1,655
  Evergy Inc.    25,588     1,495
  Alliant Energy Corp.    27,477     1,442
  Vistra Corp.    51,991     1,365
  AES Corp.    59,985     1,243
  NRG Energy Inc.    32,838     1,228
  Entergy Corp.    12,109     1,179
  Ameren Corp.    13,278     1,084
  Pinnacle West Capital Corp.    12,018       979
  OGE Energy Corp.    24,276       872
 
10

 

Tax-Managed Balanced Fund
          Shares Market
Value•

($000)
  UGI Corp.    15,661       422
  CenterPoint Energy Inc.    13,100       382
* Sunrun Inc.    16,293       291
  PPL Corp.     6,478       171
* Stericycle Inc.     3,528       164
  Brookfield Renewable Corp. Class A     4,266       134
  IDACORP Inc.     1,228       126
  National Fuel Gas Co.     2,430       125
  Hawaiian Electric Industries Inc.     3,277       119
                                     116,744
Total Common Stocks (Cost $1,605,778)   4,140,065
      Coupon Maturity
Date 		Face
Amount
($000) 		 
Tax-Exempt Municipal Bonds (51.1%)
Alabama (1.5%)
  Alabama Economic Settlement Authority BP Settlement Revenue 4.000% 9/15/33       500       501
  Alabama Federal AID Highway Finance Authority SO Revenue ETM 5.000% 9/1/25     3,525     3,673
  Alabama State Corrections Institution Finance Authority Revenue 5.000% 7/1/31     1,100     1,252
  Alabama State Public School & College Authority Capital Improvement & Refunding Bonds Revenue 5.000% 1/1/27     5,000     5,089
  Alabama State Public School & College Authority Tax-Exempt Capital Improvement & Refunding Bonds Revenue 4.000% 11/1/36     3,690     3,794
  Auburn AL GO 5.000% 8/1/38     1,000     1,118
  Birmingham-Jefferson AL Civic Center Authority Special Tax Bonds 5.000% 7/1/31     1,125     1,215
  Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT 4.000% 12/1/23     1,555     1,554
  Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT 4.000% 12/1/25       880       875
  Black Belt Energy Gas District Alabama Gas Project Revenue PUT 5.000% 6/1/28     5,720     5,988
  Black Belt Energy Gas District Alabama Gas Project Revenue PUT 5.500% 12/1/28     1,000     1,056
  Black Belt Energy Gas District Alabama Gas Project Revenue PUT 5.250% 6/1/29    13,590    14,226
  Black Belt Energy Gas District Alabama Gas Project Revenue PUT 5.250% 10/1/30     3,975     4,195
3 Black Belt Energy Gas District Alabama Gas Project Revenue PUT 5.250% 12/1/30     2,930     3,129
4 Black Belt Energy Gas District Alabama Gas Project Revenue PUT, SIFMA Municipal Swap Index Yield + 0.650% 4.660% 10/1/27     3,750     3,664
  Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 6) PUT 4.000% 12/1/26     1,580     1,566
  Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 7) PUT 4.000% 12/1/26     8,095     8,022
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 8) PUT 4.000% 12/1/29     5,660     5,499
3 Black Belt Energy Gas District Alabama Gas Supply Revenue PUT 4.000% 6/1/27     3,335     3,325
3 Black Belt Energy Gas District Alabama Gas Supply Revenue PUT 4.000% 12/1/31     6,670     6,590
  Huntsville AL Electric System Revenue 5.000% 12/1/30       510       549
  Huntsville AL GO 5.000% 5/1/35     1,125     1,211
  Huntsville AL GO 5.000% 5/1/38     1,860     2,029
  Huntsville AL Health Care Authority Revenue 5.000% 6/1/35       780       838
  Huntsville AL Water System Revenue 5.000% 11/1/27     1,070     1,164
  Jefferson County AL Revenue 5.000% 9/15/29     1,470     1,553
  Jefferson County AL Revenue 5.000% 9/15/33     1,000     1,048
  Jefferson County AL Sewer Revenue 5.000% 10/1/23       500       501
5 Jefferson County AL Sewer Revenue 0.000% 10/1/25       500       445
  Lower AL Gas District Gas Project Revenue 5.000% 9/1/34     2,000     2,097
  Lower AL Gas District Gas Project Revenue PUT 4.000% 12/1/25     3,255     3,236
  Mobile Alabama Industrial Development Board Pollution Control Revenue (Alabama Power Co. Barry Plant Project) PUT 3.780% 6/16/26       250       250
  Montgomery AL GO 4.000% 12/1/36       400       412
  Montgomery AL GO 4.000% 12/1/39       450       455
  Orange Beach AL Water Sewer & Fire Protection Authority Revenue 4.000% 5/15/38     3,500     3,509
  Pell City AL Special Care Facilities Financing Authority Revenue (Noland Health Services Inc.) 5.000% 12/1/30     2,000     2,138
  Pell City AL Special Care Facilities Financing Authority Revenue (Noland Health Services Inc.) 4.000% 12/1/34     2,000     1,986
  Southeast Alabama Gas Supply District Revenue PUT 4.000% 4/1/24     6,680     6,670
  Southeast Alabama Gas Supply District Revenue PUT 4.000% 6/1/24     1,515     1,512
  Southeast Energy Authority AL Commodity Supply Revenue (Project No. 3) PUT 5.500% 12/1/29     1,270     1,350
  Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 1) PUT 4.000% 10/1/28       805       795
  Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 2) PUT 4.000% 12/1/31       690       671
  Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 4) PUT 5.000% 8/1/28     5,450     5,635
  Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 5) PUT 5.250% 7/1/29     4,585     4,794
  Tuscaloosa AL City Board of Education School Tax Warrants Revenue 5.000% 8/1/27       530       562
  Tuscaloosa AL City Board of Education School Tax Warrants Revenue 5.000% 8/1/28     1,090     1,150
  University of Alabama General Revenue 3.000% 7/1/36     1,085       990
 
11

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
5 University of South Alabama University Facilities Revenue 5.000% 11/1/34     2,265     2,361
  West Jefferson AL Industrial Development Board Pollution Control Revenue 3.650% 6/1/28       550       550
                                     126,792
Alaska (0.1%)
  Alaska Housing Finance Corp. Revenue 5.000% 12/1/35     1,500     1,651
  Alaska Housing Finance Corp. State Capital Project Revenue 5.000% 6/1/31     1,095     1,246
  Alaska Housing Finance Corp. State Capital Project Revenue 5.000% 6/1/34     1,285     1,429
  Alaska Municipal Bond Bank Authority Revenue 5.000% 12/1/37     3,000     3,306
  Matanuska-Susitna Borough AK Lease Revenue (Goose Creek Correctional Center) 5.000% 9/1/31     1,345     1,387
  Municipality of Anchorage GO 4.000% 9/1/36       785       813
  Northern Tobacco Securitization Corp. AK Revenue 4.000% 6/1/38     1,000       968
                                      10,800
Arizona (1.0%)
  Arizona Board of Regents Arizona State University System Revenue 5.000% 7/1/30       675       698
  Arizona Board of Regents Arizona State University System Revenue 5.000% 7/1/31       545       554
  Arizona Board of Regents Arizona State University System Revenue 5.000% 7/1/34       755       885
  Arizona COP ETM 5.000% 10/1/26     2,000     2,127
  Arizona Excise Taxes Obligations Revenue 1.500% 7/1/29       600       537
  Arizona Excise Taxes Obligations Revenue 2.100% 7/1/36     1,000       799
3,6 Arizona Industrial Development Authority Multifamily Housing Revenue TOB VRDO 3.920% 7/3/23    27,200    27,200
6,7 Arizona Industrial Development Authority Revenue (Economic Legacy Cares) 6.375% 7/1/25       180        99
6,7 Arizona Industrial Development Authority Revenue (Economic Legacy Cares) 6.500% 7/1/26       100        55
6,7 Arizona Industrial Development Authority Revenue (Economic Legacy Cares) 6.625% 7/1/27       265       146
6,7 Arizona Industrial Development Authority Revenue (Economic Legacy Cares) 6.750% 7/1/28       305       168
  Arizona Industrial Development Authority Revenue (Greathearts Arizona Projects) 3.000% 7/1/37       695       597
  Arizona Industrial Development Authority Revenue (Lincoln South Beltway Project) 5.000% 11/1/28     1,290     1,420
8 Arizona Sports & Tourism Authority Revenue (Multipurpose Stadium Facility Project) 5.000% 7/1/31     3,000     3,369
  Arizona State Transportation Board Highway Revenue 5.000% 7/1/28     2,500     2,645
  Arizona State University Revenue 5.000% 7/1/40     1,000     1,083
  Arizona State University Revenue (McAllister Academic Village LLC) 5.000% 7/1/36     1,620     1,689
  Arizona Transportation Board Excise Tax Revenue 5.000% 7/1/23     2,155     2,155
  Arizona Transportation Board Highway Revenue 5.000% 7/1/33     1,000     1,053
  Arizona Water Infrastructure Finance Authority Revenue 5.000% 10/1/27     1,000     1,023
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Coconino AZ County Pollution Control Corp. Revenue PUT 3.750% 3/31/26       100       100
  Glendale City AZ Excise Tax Refunding Obligations Revenue 5.000% 7/1/28     1,785     1,930
  La Paz County AZ Industrial Development Authority Education Facility Lease Revenue (Harmony Public Schools Project) 5.000% 2/15/31       100       104
  Maricopa County AZ Elementary School District No. 14 (Creighton) GO 3.000% 7/1/32     1,000       998
6 Maricopa County AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Projects) 3.000% 7/1/31       650       570
  Maricopa County AZ Industrial Development Authority Hospital Revenue (Banner Health) PUT 5.000% 11/1/30     1,000     1,110
  Maricopa County AZ Industrial Development Authority Hospital Revenue (Honorhealth) 5.000% 9/1/33       830       896
  Maricopa County AZ Industrial Development Authority Revenue (Banner Health) PUT 5.000% 5/15/26     1,000     1,045
  Maricopa County AZ Pollution Control Corp. Revenue (Southern California Edison Co.) 2.400% 6/1/35     1,000       787
  Maricopa County AZ School District No. 83 Revenue 3.000% 10/1/39     1,000       770
  Maricopa County AZ Unified School District No. 4 (Mesa) GO 5.000% 7/1/24     1,730     1,762
9,10 Phoenix AZ Civic Improvement Corp. Distribution Revenue 5.500% 7/1/42     1,500     1,832
  Phoenix AZ Civic Improvement Corp. Wastewater System Revenue 5.000% 7/1/27     1,295     1,368
  Phoenix AZ Civic Improvement Corp. Wastewater System Revenue 4.000% 7/1/28     2,015     2,031
  Phoenix AZ Civic Improvement Corp. Water System Revenue 5.000% 7/1/23     2,040     2,040
  Phoenix AZ Civic Improvement Corp. Water System Revenue 5.000% 7/1/26     2,520     2,566
  Phoenix AZ Civic Improvement Corp. Water System Revenue 5.000% 7/1/35     1,900     1,996
  Phoenix AZ GO 5.000% 7/1/31     1,500     1,747
6 Phoenix AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Project) 5.000% 7/1/36     1,000       989
  Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) 5.000% 7/1/27       300       310
  Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) 5.000% 7/1/28       250       261
6 Pima County AZ Industrial Development Authority Revenue (American Leadership Academy Project) 4.000% 6/15/31     1,050       996
  Pima County AZ Industrial Development Authority Revenue (Tucson Medical Center) 4.000% 4/1/38     1,040       997
  Pima County AZ Sewer System Revenue 5.000% 7/1/24     1,105     1,126
  Pima County AZ Sewer System Revenue 5.000% 7/1/25     1,000     1,001
 
12

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Regional Public Transportation Authority Arizona Excise Tax Revenue (Maricopa County Public Transportation) 5.250% 7/1/24     1,125     1,149
  Salt River Projects Arizona Agricultural Improvement & Power District Revenue 5.000% 1/1/36     1,540     1,632
  Salt River Projects Arizona Agricultural Improvement & Power District Revenue 5.000% 1/1/43     1,000     1,118
  Salt Verde AZ Financial Corp. Gas Revenue 5.250% 12/1/24       910       921
  Salt Verde AZ Financial Corp. Gas Revenue 5.250% 12/1/26     2,500     2,580
  Salt Verde AZ Financial Corp. Gas Revenue 5.250% 12/1/28       640       674
  Salt Verde AZ Financial Corp. Gas Revenue 5.000% 12/1/37     1,015     1,061
                                      86,769
Arkansas (0.2%)
  Arkansas Development Finance Authority Health Care Revenue Baptist Memorial Health Care Corp. 5.000% 9/1/32     2,000     2,122
  Arkansas Federal Highway GO 3.000% 4/1/24     5,000     4,991
  Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) 5.000% 3/1/29     1,075     1,133
  Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) 5.000% 3/1/38       500       547
  Rogers AR Arkansas Sales Tax Revenue 4.000% 11/1/32     1,090     1,116
8 Springdale AR Sales & Use Revenue 5.000% 4/1/37     1,000     1,008
  Springdale AR School District No. 50 GO 3.000% 6/1/32       495       475
  University of Arkansas Revenue 5.000% 11/1/24       850       870
  University of Arkansas Revenue 5.000% 11/1/30       775       819
  University of Arkansas Revenue 5.000% 4/1/38     1,000     1,116
                                      14,197
California (4.2%)
5 ABAG Finance Authority for Nonprofit Corps. California Revenue (Windemere Ranch Infrastructure Financing Program) 5.000% 9/2/30     1,135     1,235
11 Alameda CA Corridor Transportation Authority Revenue 0.000% 10/1/30       740       575
  Alameda CA Corridor Transportation Authority Revenue 5.000% 10/1/37     1,000     1,021
  Antelope Valley CA Community College District Election GO 0.000% 8/1/35       650       402
  Bakersfield CA Wastewater Revenue 5.000% 9/15/27       300       314
  Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) 4.000% 4/1/37       820       834
  Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT 2.125% 4/1/25     2,950     2,873
  Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT 2.850% 4/1/25       960       948
  Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT 2.625% 4/1/26     2,000     1,946
  Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT 2.950% 4/1/26       985       965
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.300% 4.310% 4/1/27     1,000       976
4 Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.410% 4.420% 4/1/28     1,000       972
11 Brea CA Redevelopment Agency Tax Allocation Bonds (Redevelopment Project AB) 0.000% 8/1/29     1,000       805
  California Community Choice Financing Authority Revenue PUT 4.000% 12/1/27     3,325     3,311
  California Community Choice Financing Authority Revenue PUT 4.000% 8/1/28     3,170     3,170
  California Community Choice Financing Authority Revenue PUT 5.500% 11/1/28     6,090     6,426
  California Community Choice Financing Authority Revenue PUT 5.000% 8/1/29     1,225     1,278
  California Community Choice Financing Authority Revenue PUT 5.000% 8/1/29     7,545     7,927
  California Community Choice Financing Authority Revenue PUT 4.000% 8/1/31     3,105     3,085
  California Educational Facilities Authority Revenue 5.000% 6/1/43     1,000     1,188
  California GO 5.000% 11/1/23       155       156
  California GO 5.000% 4/1/24     2,000     2,030
  California GO 5.000% 10/1/24     2,000     2,051
  California GO 5.000% 12/1/24     2,000     2,059
  California GO 5.000% 3/1/26       660       682
  California GO 5.000% 4/1/26     2,000     2,114
  California GO 5.000% 10/1/26     1,000     1,067
  California GO 5.000% 4/1/27     2,000     2,161
  California GO 5.000% 4/1/27     1,000     1,080
  California GO 3.500% 8/1/27     1,515     1,542
  California GO 5.000% 10/1/27     1,000     1,093
  California GO 5.000% 4/1/28     5,125     5,662
  California GO 5.000% 4/1/28     1,000     1,105
  California GO 5.000% 10/1/28     1,000     1,117
  California GO 5.000% 4/1/29     1,000     1,126
  California GO 5.000% 9/1/29       455       484
  California GO 5.000% 9/1/29     1,000     1,136
  California GO 5.000% 11/1/29     1,700     1,709
  California GO 5.000% 11/1/29     5,000     5,696
  California GO 5.000% 4/1/31     1,000     1,170
  California GO 4.000% 8/1/31     1,675     1,730
  California GO 5.000% 4/1/32     2,500     2,813
  California GO 5.000% 9/1/32     1,000     1,002
  California GO 5.000% 10/1/32     1,875     1,919
  California GO 4.000% 8/1/33     1,520     1,566
  California GO 5.000% 8/1/33     2,865     3,042
  California GO 4.000% 9/1/33     2,000     2,062
  California GO 3.000% 10/1/34     2,725     2,667
  California GO 5.000% 11/1/34     1,340     1,545
  California GO 5.000% 3/1/35     2,000     2,277
  California GO 5.000% 4/1/35       210       233
  California GO 3.000% 10/1/35     1,815     1,732
  California GO 4.000% 3/1/36     2,000     2,090
  California GO 5.000% 4/1/36     5,000     5,555
  California GO 5.000% 9/1/36     1,000     1,057
  California GO 4.000% 10/1/36     1,155     1,209
  California GO 4.000% 4/1/42     1,000     1,017
  California GO 5.000% 4/1/42       500       534
  California GO 5.000% 10/1/42     1,500     1,633
  California Health Facilities Financing Authority Revenue PUT 5.000% 11/1/29     6,250     7,020
  California Health Facilities Financing Authority Revenue (Adventist Health System/West) PUT 5.000% 9/1/28     1,000     1,063
 
13

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  California Health Facilities Financing Authority Revenue (Cedars-Sinai Health System) 5.000% 8/15/41     1,300     1,439
  California Health Facilities Financing Authority Revenue (Common Spirit Health) 4.000% 4/1/37     1,000       990
  California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) Prere. 5.000% 10/1/25       795       830
  California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT 4.000% 10/1/24     1,195     1,198
  California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT 5.000% 10/1/25       895       919
  California Health Facilities Financing Authority Revenue (Sutter Health) 5.000% 11/15/36     1,000     1,067
  California Housing Finance Agency Municipal Certificates Revenue 4.000% 3/20/33     2,501     2,456
  California Housing Finance Agency Municipal Certificates Revenue 4.250% 1/15/35       552       552
  California Housing Finance Agency Municipal Certificates Revenue 3.750% 3/25/35     2,544     2,473
  California Housing Finance Agency Municipal Certificates Revenue 3.500% 11/20/35     1,452     1,359
  California Housing Finance Agency Municipal Certificates Revenue 3.250% 8/20/36     3,221     2,933
  California Housing Finance Agency Municipal Certificates Revenue 4.375% 9/20/36       500       499
6 California Housing Finance Agency Municipal Certificates Revenue PUT 4.500% 9/1/23     2,200     2,200
10 California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges Seismic Retrofit) Prere. 5.000% 1/1/28       500       550
4 California Infrastructure & Economic Development Bank Revenue (California Academy of Sciences) PUT, SIFMA Municipal Swap Index Yield + 0.350% 4.360% 8/1/24     1,000       989
  California Infrastructure & Economic Development Bank Revenue (County Museum of Art Project) PUT 1.200% 6/1/28     1,000       863
  California Municipal Finance Authority Revenue (Anaheim Electric Utility Distribution System) 5.000% 10/1/30       965     1,012
  California Public Works Board Lease Revenue (Judicial Council Projects) 5.000% 10/1/26     1,200     1,229
  California State Department of Water Resources Central Valley Project Revenue 5.000% 12/1/30     5,425     6,355
  California State Public Works Board Lease Revenue (Various Capital Projects) 5.000% 12/1/26     1,000     1,074
  California State Public Works Board Lease Revenue (Various Capital Projects) 5.000% 12/1/28     1,000     1,122
  California State Public Works Board Lease Revenue (Various Capital Projects) 5.000% 8/1/29     1,000     1,136
  California State Public Works Board Lease Revenue (Various Capital Projects) 5.000% 8/1/30     1,000     1,159
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  California State Public Works Board Lease Revenue (Various Capital Projects) 5.000% 8/1/34       340       397
  California State University Systemwide Revenue 5.000% 11/1/32     2,815     3,050
  California State University Systemwide Revenue 5.000% 11/1/35     2,000     2,155
  California State University Systemwide Revenue 5.000% 11/1/37     1,000     1,040
  California State University Systemwide Revenue 5.000% 11/1/41     1,400     1,463
  California State University Systemwide Revenue Prere. 5.000% 11/1/24        40        41
  California State University Systemwide Revenue Prere. 5.000% 11/1/24       165       169
  California State University Systemwide Revenue Prere. 5.000% 11/1/24     1,970     2,022
3,6 California Statewide Communities Development Authority Multifamily Housing Revenue TOB VRDO 3.850% 7/3/23     2,848     2,848
  California Statewide Communities Development Authority Pollution Control Revenue (Southern Edison Co.) 1.750% 9/1/29     1,000       849
  California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) PUT 5.000% 11/1/29     2,250     2,527
  California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) PUT 5.000% 11/1/29     1,000     1,123
6 California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) 5.000% 12/1/28       400       408
5 Centinela Valley CA Union High School District GO 4.000% 8/1/29     1,035     1,072
  Chabot-Las Positas CA Community College District GO Prere. 5.000% 8/1/23     1,000     1,001
5 Chino CA Public Financing Authority Special Tax Revenue 5.000% 9/1/30       800       838
  Chino Valley Unified School District GO 0.000% 8/1/31       600       453
  Citrus CA Community College District GO Prere. 5.000% 2/1/24     1,000     1,011
  Contra Costa CA Community College District GO Prere. 5.000% 8/1/23     1,000     1,001
  Contra Costa CA Municipal Water District Revenue 5.000% 10/1/33     1,000     1,004
6 CSCDA Community Improvement Authority Revenue 2.650% 12/1/46     1,500     1,156
6 CSCDA Community Improvement Authority Revenue 2.450% 2/1/47       900       700
6 CSCDA Community Improvement Authority Revenue 3.500% 5/1/47       500       397
  East Bay CA Municipal Utility District Wastewater System Revenue 5.000% 6/1/34     1,375     1,434
  East Bay CA Municipal Utility District Water System Revenue 5.000% 6/1/42     2,875     3,045
5 East Side CA Union High School District Santa Clara County GO 3.000% 8/1/32     1,000       984
  East Side CA Union High School District Santa Clara County GO 2.000% 8/1/33     1,000       857
4 Eastern Municipal Water & Wastewater Revenue PUT, SIFMA Municipal Swap Index Yield + 0.100% 4.110% 7/1/24       300       299
12 Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue, 6.200% coupon rate effective 1/15/2024 0.000% 1/15/29     1,390     1,578
 
14

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Gavilan CA Joint Community College District GO 5.000% 8/1/28     1,000     1,046
  Golden State Tobacco Securitization Corp. California Revenue ETM 5.000% 6/1/25       500       519
11 Golden State Tobacco Securitization Corp. California Revenue ETM 0.000% 6/1/27     2,070     1,852
  Golden State Tobacco Securitization Corp. California Revenue Prere. 5.000% 6/1/25     1,140     1,186
  Grossmont CA Healthcare District GO 4.000% 7/15/40     2,000     1,994
  La Quinta CA Redevelopment Agency Successor Tax Allocation Refunding Bonds (Redevelopment Project 2014A) Prere. 5.000% 9/1/24     1,000     1,023
  La Quinta CA Redevelopment Agency Successor Tax Allocation Subordinate Refunding Bonds (Redevelopment Area No.1 & 2 2013A) Prere. 5.000% 9/1/23     1,500     1,504
  Long Beach CA Finance Authority Natural Gas Purchase Revenue 5.250% 11/15/23       435       437
9 Long Beach CA Unified School District GO 0.000% 8/1/24     1,290     1,245
  Los Angeles CA Community College District GO 5.000% 8/1/24     1,015     1,038
  Los Angeles CA Community College District GO Prere. 4.000% 8/1/23     2,000     2,001
  Los Angeles CA Department of Airports International Airport Revenue 5.000% 5/15/27     1,670     1,814
  Los Angeles CA Department of Airports International Airport Revenue 5.000% 5/15/31     2,000     2,292
  Los Angeles CA Department of Airports International Airport Revenue 5.000% 5/15/35       400       470
  Los Angeles CA Department of Airports International Airport Revenue 4.000% 5/15/36     2,000     2,103
  Los Angeles CA Department of Airports International Airport Revenue 4.000% 5/15/36       370       394
  Los Angeles CA Department of Airports International Airport Revenue 4.000% 5/15/40     2,055     2,092
  Los Angeles CA Department of Airports International Airport Revenue 5.000% 5/15/41     1,400     1,566
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/32     5,000     5,683
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/33     1,375     1,485
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/35     1,330     1,465
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/36     1,000     1,048
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/36     1,695     1,859
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/36     1,000     1,171
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/37     1,000     1,064
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/37     1,145     1,246
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/38       500       531
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/38     2,550     2,769
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/39     2,635     2,990
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/39     1,005     1,137
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/41     1,880     2,115
  Los Angeles CA Department of Water & Power Revenue 5.000% 7/1/42     2,000     2,080
  Los Angeles CA Metropolitan Transportation Authority Sales Tax Revenue 5.000% 7/1/38     1,400     1,526
  Los Angeles CA Unified School District GO 4.000% 7/1/35     2,250     2,365
  Los Angeles CA Unified School District GO 4.000% 7/1/40       455       461
  Los Angeles CA Wastewater System Revenue 5.000% 6/1/36     1,755     1,884
  Los Angeles CA Wastewater System Revenue 5.000% 6/1/43     1,000     1,074
  Los Angeles County CA Community Facilities District No. 2021-01 5.000% 9/1/42     1,800     1,831
8 Los Angeles County CA School District GO 5.000% 7/1/36     1,000     1,085
  Metropolitan Water District of Southern California Waterworks Revenue 5.000% 10/1/29     1,000     1,146
4 Metropolitan Water District of Southern California Waterworks Revenue PUT, SIFMA Municipal Swap Index Yield + 0.140% 4.150% 5/21/24       500       500
4 Metropolitan Water District of Southern California Waterworks Revenue PUT, SIFMA Municipal Swap Index Yield + 0.140% 4.150% 5/21/24       500       500
4 Metropolitan Water District of Southern California Waterworks Revenue PUT, SIFMA Municipal Swap Index Yield + 0.140% 4.150% 5/21/24       500       500
  Milpitas CA Redevelopment Agency Successor Tax Allocation Refunding Bonds (Redevelopment Project Area No.1 2015) 5.000% 9/1/31     1,130     1,174
  M-S-R CA Energy Authority Gas Revenue 6.500% 11/1/39       555       667
  Napa Valley CA Community College District GO 4.000% 8/1/32     1,090     1,119
  Newport Mesa CA Unified School District GO 0.000% 8/1/30       630       508
9 Palomar Pomerado Health California GO 0.000% 8/1/26     1,040       935
9 Palomar Pomerado Health California GO 0.000% 8/1/30     2,000     1,562
9 Palomar Pomerado Health California GO 0.000% 8/1/32       740       531
  Peninsula Corridor Joint Powers Board CA Measure RR Sales Tax Revenue (Green Bonds - Climate Bond Certified) 5.000% 6/1/42     1,530     1,700
  Peralta CA Community College District Election GO 5.250% 8/1/42     1,000     1,139
5 Poway CA Unified School District Public Financing Authority Special Tax Revenue 5.000% 9/1/31     1,370     1,467
  Regents of the University of California Medical Center Pooled Revenue 5.000% 5/15/37     2,000     2,298
  Regents of the University of California Medical Center Pooled Revenue 5.000% 5/15/39     2,000     2,273
  Riverside CA Electric Revenue 5.000% 10/1/32     1,830     2,068
  Riverside County CA Transportation Commission Toll Revenue 0.000% 6/1/30     2,415     1,830
 
15

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Riverside County CA Transportation Commission Toll Revenue 4.000% 6/1/38       320       318
  Roseville CA Natural Gas Financing Authority Gas Revenue 5.000% 2/15/25       325       328
13 Sacramento CA City Financing Authority Tax Allocation Revenue 0.000% 12/1/30     1,815     1,392
  Sacramento CA Municipal Utility District Electric Revenue PUT 5.000% 10/15/30     1,000     1,135
  Sacramento County CA Sanitation Districts Financing Authority Revenue 5.000% 8/1/25       495       516
  Sacramento County CA Sanitation Districts Financing Authority Revenue 5.000% 8/1/27       575       601
  San Diego CA Community College District GO Prere. 5.000% 8/1/23     1,000     1,001
12 San Diego CA Community College District GO 6.230% coupon rate effective 8/1/2032 0.000% 8/1/41     8,000     4,595
  San Diego CA Public Facilities Financing Authority Revenue 5.000% 5/15/39     1,925     2,180
5 San Diego CA Unified School District GO 5.500% 7/1/27       520       576
  San Diego CA Unified School District GO 0.000% 7/1/28       370       318
  San Diego CA Unified School District GO 0.000% 7/1/29       240       200
  San Diego CA Unified School District GO 0.000% 7/1/30       250       200
  San Diego CA Unified School District GO ETM 0.000% 7/1/27       320       284
  San Diego CA Unified School District GO ETM 0.000% 7/1/27        80        71
  San Diego CA Unified School District GO ETM 0.000% 7/1/27       100        89
  San Diego CA Unified School District GO ETM 0.000% 7/1/28        70        60
  San Diego CA Unified School District GO ETM 0.000% 7/1/28        60        52
  San Diego CA Unified School District GO ETM 0.000% 7/1/29        60        50
  San Diego CA Unified School District GO ETM 0.000% 7/1/29       200       168
  San Diego County CA Regional Airport Authority Revenue 5.000% 7/1/34     1,000     1,165
  San Diego County CA Regional Transportation Commission Sales Tax Revenue Prere. 4.750% 4/1/24     1,305     1,322
  San Diego County CA Water Authority Revenue 5.000% 5/1/28     1,000     1,040
  San Francisco CA Bay Area Rapid Transit District GO 4.000% 8/1/30     3,645     3,933
  San Francisco CA City & County COP 5.000% 4/1/28     1,635     1,715
  San Francisco CA City & County COP 4.000% 4/1/33     1,000     1,014
  San Francisco CA City & County COP 4.000% 4/1/39     1,000     1,007
  San Francisco CA City & County GO 5.000% 6/15/28     1,000     1,114
  San Francisco CA City & County International Airport Revenue 5.000% 5/1/34     1,000     1,126
  San Francisco CA City & County International Airport Revenue 5.000% 5/1/43     1,000     1,118
3,6 San Francisco CA City & County Multifamily Housing Revenue TOB VRDO 3.850% 7/3/23       300       300
  San Francisco CA City & County Public Utilities Commission Wastewater Revenue 1.000% 10/1/25     4,355     4,057
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  San Francisco CA City & County Public Utilities Commission Wastewater Revenue 5.000% 10/1/37     1,475     1,714
  San Francisco CA City & County Public Utilities Commission Wastewater Revenue PUT 4.000% 10/1/29     1,000     1,063
  San Francisco CA City & County Public Utilities Commission Water Revenue 5.000% 11/1/31     1,700     1,830
  San Francisco CA City & County Public Utilities Commission Water Revenue 5.000% 11/1/32     1,000     1,038
  San Francisco CA City & County Public Utilities Commission Water Revenue 5.000% 11/1/35     1,500     1,603
  San Francisco CA City & County Public Utilities Commission Water Revenue Prere. 5.000% 11/1/24     1,865     1,915
  San Mateo Foster City School District GO 3.000% 8/1/40       750       652
11 San Ramon CA Public Financing Authority Tax Allocation Revenue 0.000% 2/1/33     1,475     1,018
  Santa Clara CA Financing Authority Revenue 3.000% 5/1/39     1,155       996
  Santa Paula CA Special Tax Harvest Community Facilities Bonds 4.000% 9/1/42       600       543
  Sonoma County CA Junior College District GO 5.000% 8/1/41     2,000     2,097
3 Southern California Public Power Authority Revenue (Magnolia Power Project) VRDO 3.630% 7/3/23     1,600     1,600
  State Center California Community College District GO 5.000% 8/1/29     1,000     1,047
8 Stockton Public Financing Authority Revenue 5.000% 9/1/29     1,000     1,017
  Tahoe-Truckee CA Unified School District GO 5.000% 8/1/34     1,030     1,102
13 Union CA Elementary School District GO 0.000% 9/1/28     1,080       918
  Union City CA Community Redevelopment Agency Successor Tax Allocation Refunding Bonds 5.000% 10/1/30     1,635     1,703
  University of California Revenue 4.000% 5/15/33     1,000     1,015
  University of California Revenue 4.000% 5/15/34     1,000     1,038
  University of California Revenue 4.000% 5/15/34     1,770     1,782
  University of California Revenue 5.000% 5/15/34     1,000     1,217
  University of California Revenue 4.000% 5/15/35     2,000     2,064
  University of California Revenue 5.000% 5/15/35     1,620     1,795
  University of California Revenue 5.000% 5/15/35     1,165     1,289
  University of California Revenue 5.000% 5/15/38     2,275     2,616
  University of California Revenue 4.000% 5/15/41     1,740     1,770
  University of California Revenue 4.000% 5/15/41     5,000     5,072
  University of California Revenue 5.000% 5/15/41     2,000     2,285
  University of California Revenue 5.000% 5/15/43     5,000     5,362
5,10 West Contra Costa CA Unified School District GO 0.000% 8/1/32     1,155       835
13 West Contra Costa CA Unified School District GO 0.000% 8/1/34     1,225       812
                                     355,798
Colorado (0.9%)
14 Adams & Weld County CO School District No. 27J GO 5.000% 12/1/34     1,435     1,488
  Adams 12 Five Star Schools CO GO 5.000% 12/15/30     1,675     1,776
  Adams County CO COP 5.000% 12/1/31       650       675
  Arapahoe County CO School District No. 6 Littleton GO 5.500% 12/1/43     1,000     1,102
  Aurora CO Water Revenue Prere. 5.000% 8/1/26     1,645     1,748
 
16

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Board of Governors of the Colorado State University System Enterprise Revenue 5.000% 3/1/43     1,500     1,721
  Broomfield CO Water Activity Enterprise Revenue 4.000% 12/1/43     1,000     1,006
  Colorado COP 4.000% 12/15/33     1,235     1,281
  Colorado COP 4.000% 12/15/34     1,800     1,860
  Colorado COP 6.000% 12/15/36     1,000     1,220
  Colorado Educational & Cultural Facilities Authority Revenue (Aspen View Academy Project) 4.000% 5/1/36       175       163
  Colorado Educational & Cultural Facilities Authority Revenue (University of Denver) 4.000% 3/1/30       500       510
15 Colorado Health Facilities Authority Hospital Revenue PUT 5.000% 11/15/28     1,000     1,092
  Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) 5.000% 11/15/37     1,000     1,087
  Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) 4.000% 11/15/38     1,000     1,004
  Colorado Health Facilities Authority Hospital Revenue (Frasier Project) 4.000% 5/15/36     1,515     1,349
  Colorado Health Facilities Authority Retirement Facilities Revenue (Liberty Heights Project) ETM 0.000% 7/15/24     1,430     1,383
  Colorado Health Facilities Authority Revenue Prere. 5.000% 11/19/26        95       101
  Colorado Health Facilities Authority Revenue PUT 5.000% 11/19/26       935       982
  Colorado Health Facilities Authority Revenue (CommonSpirit Health) 5.000% 8/1/32     2,250     2,419
  Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT 5.000% 8/17/26     1,500     1,576
  Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT 5.000% 8/15/28     1,170     1,279
  Colorado Health Facilities Authority Revenue (NCMC Inc.) Prere. 4.000% 5/15/26     1,500     1,537
  Colorado Housing & Finance Authority Revenue (Single Family Mortgage) 3.000% 5/1/50     1,700     1,646
  Denver CO City & County Airport Revenue 5.000% 11/15/24     1,200     1,229
  Denver CO City & County Airport Revenue 5.000% 12/1/26       775       826
  Denver CO City & County Airport Revenue 4.000% 12/1/38       400       400
  Denver CO City & County Airport Revenue 5.000% 11/15/40       575       640
  Denver CO City & County COP 5.000% 6/1/37     1,685     1,748
  Denver CO City & County Dedicated Tax Revenue 0.000% 8/1/29       500       400
  Denver CO City & County GO 5.000% 8/1/38     4,665     5,351
  Denver CO City & County Revenue 4.000% 8/1/38     1,500     1,534
  Denver CO City & County School District No. 1 GO 4.000% 12/1/31     1,000     1,023
  Denver CO City & County School District No. 1 GO 5.000% 12/1/33     5,000     5,310
  Denver CO City & County School District No. 1 GO 5.000% 12/1/36     2,000     2,109
13 E-470 Public Highway Authority Colorado Revenue 0.000% 9/1/29     2,000     1,619
13 E-470 Public Highway Authority Colorado Revenue 0.000% 9/1/32     1,000       717
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 E-470 Public Highway Authority Colorado Revenue PUT, SOFR + 0.350% 3.740% 9/1/24       210       209
  El Paso County CO School District No. 20 Academy GO 5.000% 12/15/30     2,400     2,557
  Garfield, Pitkin, & Eagle County CO School District GO Prere. 4.000% 12/15/25     1,000     1,026
  Greeley CO Water Revenue 5.000% 8/1/26     2,910     3,090
  Jefferson County CO School District No. R-1 GO 5.000% 12/15/36     3,395     3,701
5 Midcities Metropolitan District No. 2 Revenue Refunding Bonds 4.000% 12/1/46       925       877
  Public Authority for Colorado Energy Natural Gas Revenue 6.500% 11/15/38     2,000     2,414
  Regional Transportation District of Colorado COP 5.000% 6/1/31       535       594
  Regional Transportation District of Colorado Private Activity Revenue 4.000% 7/15/39     1,325     1,310
  Sterling Ranch CO Community Authority Board Supported Revenue 6.500% 12/1/42     1,000     1,020
  Sterling Ranch Community Authority Board CO Supported Revenue 3.750% 12/1/40       500       425
  University of Colorado Enterprise System Revenue 4.000% 6/1/32     1,590     1,640
  University of Colorado Enterprise System Revenue PUT 2.000% 10/15/25       500       481
  Weld County CO School District No. 6 Greeley GO 5.000% 12/1/40     2,500     2,714
  Weld County CO School District No. RE 002 GO 5.000% 12/1/36     2,325     2,568
                                      77,537
Connecticut (0.6%)
  Connecticut GO 5.000% 2/15/25     1,000     1,031
  Connecticut GO 5.000% 5/15/25     2,345     2,430
  Connecticut GO 5.000% 7/15/25     1,625     1,686
  Connecticut GO 5.000% 9/1/26     1,000     1,021
  Connecticut GO 5.000% 2/15/27     1,000     1,070
  Connecticut GO 5.000% 4/15/28     1,000     1,097
  Connecticut GO 5.000% 3/1/32     2,950     2,980
  Connecticut GO 3.000% 1/15/33       270       261
  Connecticut GO 4.000% 3/15/35     5,000     5,077
  Connecticut GO 3.000% 1/15/38     2,345     2,048
  Connecticut GO 4.000% 6/15/39       300       304
  Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement Communities) 5.000% 12/1/31     1,000     1,021
  Connecticut Health & Educational Facilities Authority Revenue (Hartford Healthcare) 4.000% 7/1/36     1,750     1,737
  Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) 5.000% 7/1/29     1,255     1,326
  Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) 5.000% 7/1/32     1,600     1,685
  Connecticut Health & Educational Facilities Authority Revenue (Sacred Heart University) 5.000% 7/1/31       850       943
  Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) 4.000% 7/1/35       150       149
  Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) 4.000% 7/1/36       300       293
  Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) 4.000% 7/1/37       200       192
 
17

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Connecticut Health & Educational Facilities Authority Revenue (University of Hartford) 5.000% 7/1/31       575       584
  Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT 0.250% 2/9/24     1,000       978
  Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT 0.375% 7/12/24     1,500     1,450
  Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT 1.100% 2/11/25       950       912
  Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT 1.100% 2/11/25       915       878
  Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT 2.000% 7/1/26       500       474
  Connecticut Special Tax Revenue (Transportation Infrastructure) 5.000% 1/1/28     1,805     1,968
  Connecticut Special Tax Revenue (Transportation Infrastructure) 5.000% 1/1/29       500       556
  Connecticut Special Tax Revenue (Transportation Infrastructure) 5.000% 10/1/34     1,000     1,096
  Connecticut Special Tax Revenue (Transportation Infrastructure) 4.000% 5/1/37     2,410     2,485
  Connecticut Special Tax Revenue (Transportation Infrastructure) 4.000% 11/1/38     3,120     3,188
  Connecticut Special Tax Revenue (Transportation Infrastructure) 5.000% 7/1/41     2,000     2,241
  Connecticut State Health & Educational Facilities Authority Revenue PUT 2.800% 2/3/26     1,245     1,220
  Connecticut Transmission Municipal Electric Energy Cooperative Revenue 5.000% 1/1/38       680       718
6 Harbor Point CT Infrastructure Improvement District SO Revenue 5.000% 4/1/30     1,300     1,319
  Hartford County CT Metropolitan District GO 4.000% 7/15/38     2,025     2,042
  University of Connecticut Revenue 5.000% 2/15/27       635       653
  University of Connecticut Revenue 5.000% 11/1/27     1,000     1,085
                                      50,198
Delaware (0.1%)
  Delaware GO 5.000% 2/1/25     1,010     1,041
  Delaware Health Facilities Authority Revenue (Beebe Medical Center Project) 5.000% 6/1/30       600       643
  Delaware Health Facilities Authority Revenue (Christiana Care Health System) 5.000% 10/1/37     1,000     1,078
  Delaware River & Bay Authority Delaware Revenue 5.000% 1/1/28       500       546
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/38     1,495     1,323
  Delaware State Economic Development Authority Revenue (NRG Energy Projects) PUT 1.250% 10/1/25       650       593
  University of Delaware Bonds Revenue 5.000% 11/1/34       440       531
  University of Delaware Bonds Revenue 5.000% 11/1/35       500       597
  University of Delaware Bonds Revenue 5.000% 11/1/37     1,700     1,855
  University of Delaware Bonds Revenue 5.000% 11/1/40       500       583
3 University of Delaware Bonds Revenue VRDO 3.600% 7/3/23     2,900     2,900
                                      11,690
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
District of Columbia (0.5%)
  District of Columbia GO 5.000% 6/1/25     1,235     1,280
  District of Columbia GO 5.000% 6/1/27     1,000     1,083
  District of Columbia GO 5.000% 6/1/29     3,780     3,849
  District of Columbia GO 5.000% 6/1/32     1,000     1,053
  District of Columbia GO 5.000% 6/1/34     1,320     1,397
  District of Columbia GO 4.000% 2/1/37       725       743
  District of Columbia GO 5.000% 1/1/39     1,000     1,139
  District of Columbia GO 4.000% 2/1/40     1,250     1,260
  District of Columbia Hospital Revenue (Children's Hospital Obligated Group) 5.000% 7/15/35     1,000     1,025
  District of Columbia Income Tax Revenue (Tax-Exempt) 4.000% 5/1/40     1,760     1,774
  District of Columbia Revenue Bonds (Gallaudet University Project) 3.000% 4/1/39     1,460     1,187
  District of Columbia Revenue Bonds (Latin American Montessori Bilingual Public Charter School) 5.000% 6/1/40     1,000       957
  District of Columbia Water & Sewer Authority Public Utility Revenue 5.000% 10/1/33     2,175     2,338
  District of Columbia Water & Sewer Authority Public Utility Revenue 5.000% 10/1/36     5,030     5,242
  District of Columbia Water & Sewer Authority Public Utility Revenue 5.000% 10/1/39     1,125     1,166
  District of Columbia Water & Sewer Authority Public Utility Revenue PUT 3.000% 10/1/27     1,000       980
  Metropolitan Washington DC/VA Airports Authority Airport System Revenue 5.000% 10/1/30     2,325     2,662
9 Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Capital Appreciation Bonds) 0.000% 10/1/36       525       314
  Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) 5.000% 10/1/33     2,240     2,407
  Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) 0.000% 10/1/37     1,300       679
8 Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) 0.000% 10/1/37     1,915     1,085
8 Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) 0.000% 10/1/37     1,000       533
  Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) 4.000% 10/1/39     1,000       991
  Washington Convention & Sports Authority Revenue 5.000% 10/1/26     1,090     1,159
  Washington DC Convention & Sports Authority Dedicated Tax Revenue 4.000% 10/1/34     1,115     1,156
  Washington DC Metropolitan Area Transit Authority Dedicated Revenue 5.000% 7/15/37       750       862
  Washington Metropolitan Area Transit Authority Revenue 5.000% 7/15/25     1,000     1,038
                                      39,359
 
18

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Florida (2.2%)
  Alachua County FL Health Facilities Authority Revenue (Oak Hammock) 4.000% 10/1/31       305       277
  Alachua County FL Health Facilities Authority Revenue (Oak Hammock) 4.000% 10/1/31       615       558
5 Bay County FL School Board COP 4.000% 7/1/38     1,285     1,298
  Bay County FL School Board COP 5.500% 7/1/41     1,450     1,637
  Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) 5.000% 4/1/31     1,415     1,553
  Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) 5.000% 4/1/40     1,000     1,064
  Brevard County FL School Board COP 5.000% 7/1/25     1,000     1,002
  Broward County FL Airport System Revenue Prere. 5.500% 10/1/23     1,000     1,005
  Broward County FL Convention Center Hotel First Tier Revenue 5.000% 1/1/38     3,460     3,853
  Broward County FL School COP 5.000% 7/1/36     1,000     1,137
  Broward County FL Water & Sewer Utility Revenue 5.000% 10/1/39     1,000     1,095
  Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) 5.000% 10/1/30       500       524
  Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) 5.000% 10/1/33       540       560
6 Capital Trust Agency Florida Educational Facilities Revenue (Academir Charter Schools Project) 2.500% 7/1/31       495       414
  Capital Trust Agency Florida Educational Facilities Revenue (Advantage Academy of Hillsborough Projects) 5.000% 12/15/29       400       406
  Central FL Expressway Authority Revenue 4.000% 7/1/32     1,015     1,032
5 Central FL Expressway Authority Revenue 4.000% 7/1/35     1,000     1,061
5 Central FL Expressway Authority Revenue 4.000% 7/1/38     1,000     1,020
5 Central FL Expressway Authority Revenue 2.500% 7/1/40     1,000       761
  Duval County FL School Board COP 5.000% 7/1/32     1,250     1,288
  East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue 5.000% 10/1/34       925       999
  East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue 5.000% 10/1/35     1,075     1,160
  Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) 5.000% 8/15/34     1,325     1,393
  Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) 5.000% 8/15/39     1,525     1,560
  Florida Capital Improvement Revenue (Student Housing Project) 5.000% 7/1/29     1,310     1,452
6 Florida Development Finance Corp. Educational Facilities Revenue (Global Outreach Charter Academy Projects) 4.000% 6/30/29       205       193
  Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) 5.000% 6/15/29       400       411
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) 5.000% 6/15/30       475       487
  Florida Development Finance Corp. Educational Facilities Revenue (River City Science Academy Projects) 4.000% 7/1/30       220       214
  Florida GO 5.000% 7/1/27     1,440     1,528
  Florida Gulf Coast University Financing Corp. Capital Improvement Revenue 4.000% 2/1/38       770       743
  Florida Higher Educational Facilities Financial Authority Revenue (Rollins College Projects) 4.000% 12/1/36     1,750     1,728
15 Florida Insurance Assistance Interlocal Agency Assessment Revenue 5.000% 9/1/26     1,000     1,040
15 Florida Insurance Assistance Interlocal Agency Assessment Revenue 5.000% 9/1/27     1,000     1,050
15 Florida Insurance Assistance Interlocal Agency Assessment Revenue 5.000% 9/1/28     1,000     1,050
  Florida Municipal Power Agency Revenue 4.000% 10/1/30     2,775     2,892
  Florida Municipal Power Agency Revenue 5.000% 10/1/30     1,200     1,327
  Florida Municipal Power Agency Revenue 3.000% 10/1/33     1,000       934
  Florida State Board of Education Public Capital Outlay Bonds GO 4.000% 6/1/30     1,965     2,014
  Florida State Department of Transportation Right of Way Acquisition GO 5.000% 7/1/26     1,000     1,062
  Florida State Department of Transportation Right of Way Acquisition GO 5.000% 7/1/26     5,000     5,309
  Florida State Department of Transportation Turnpike Authority Revenue 4.000% 7/1/39     1,000     1,009
  Florida State Department of Transportation Turnpike Authority Revenue 4.000% 7/1/42     1,000     1,001
  Florida State Turnpike Authority Revenue 2.000% 7/1/41     1,470     1,037
5 Florida State Utility Authority Revenue (North Fort Myers Utility System) 4.000% 10/1/37     1,040     1,057
  Florida Turnpike Authority Revenue 4.000% 7/1/34     1,000     1,011
  Florida Turnpike Authority Revenue 4.000% 7/1/34     1,385     1,412
  Halifax Hospital Medical Center FL Hospital Revenue 3.750% 6/1/41       210       185
  Hillsborough County FL Aviation Authority Tampa International Airport Revenue 4.000% 10/1/42     1,000       987
  Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa General Hospital Projects) 3.600% 10/1/28       500       497
  Jacksonville FL Electric Authority Electric System Revenue 4.000% 10/1/37     1,955     1,959
  Jacksonville FL Electric Authority Electric System Revenue Prere. 5.000% 10/1/23     1,160     1,165
  Jacksonville FL Electric Authority Water & Sewer Revenue 5.000% 10/1/27     1,905     2,069
  Jacksonville FL Electric Authority Water & Sewer Revenue 5.000% 10/1/27     1,465     1,591
  Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group) 4.000% 8/15/37     1,250     1,255
 
19

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation) 5.000% 11/1/30     1,085     1,142
  Jacksonville FL Special Revenue 5.000% 10/1/24     1,200     1,226
  Jacksonville FL Special Revenue 5.000% 10/1/27     1,500     1,628
  Jacksonville FL Special Revenue 5.000% 10/1/28     1,640     1,817
  Jacksonville FL Special Revenue 5.000% 10/1/32     1,000     1,173
  Jacksonville FL Special Revenue 5.000% 10/1/38     1,410     1,525
  Jacksonville FL Transportation Authority Local Option Gas Tax Revenue 5.000% 8/1/34     1,000     1,027
  Jacksonville FL Transportation Revenue 5.000% 10/1/28     1,200     1,243
  Jacksonville FL Water & Sewer Revenue 4.000% 10/1/35     1,655     1,694
  JEA FL Electric System Revenue 4.000% 10/1/36     3,000     3,023
  JEA FL Electric System Revenue 5.000% 10/1/37     2,000     2,002
  Key West FL Utility Board Electricity Revenue 5.000% 10/1/37     1,030     1,102
  Lakeland FL Energy System Revenue 4.000% 10/1/37     1,000     1,010
  Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) 5.000% 11/15/26     1,475     1,543
  Lee County FL Industrial Development Authority Healthcare Facilities Revenue 4.000% 11/15/30       465       455
  Lee Memorial Health System Florida Hospital Revenue 5.000% 4/1/36     1,750     1,871
  Lee Memorial Health System Florida Hospital Revenue 5.000% 4/1/39     1,655     1,736
  Miami Beach FL Health Facilities Authority Revenue (Mount Sinai Medical Center) 5.000% 11/15/27     1,000     1,014
  Miami Beach FL Resort Tax Revenue 5.000% 9/1/34     1,020     1,053
  Miami Beach FL Water & Sewer Revenue 5.000% 10/1/30     1,500     1,548
  Miami Beach FL Water & Sewer Revenue 5.000% 10/1/38     1,000     1,078
5,6 Miami FL SO Street & Sidewalk Improvement Program Revenue 5.000% 1/1/30     1,325     1,453
5,6 Miami FL SO Street & Sidewalk Improvement Program Revenue 5.000% 1/1/35     1,000     1,074
  Miami-Dade County FL Aviation Revenue (Miami International Airport) 5.000% 10/1/33     1,850     1,944
  Miami-Dade County FL Aviation Revenue (Miami International Airport) 5.000% 10/1/34     1,000     1,049
  Miami-Dade County FL Aviation Revenue (Miami International Airport) 4.000% 10/1/36     1,000     1,020
  Miami-Dade County FL Building Better Communities GO 5.000% 7/1/36     1,160     1,210
  Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) 5.000% 4/1/34       705       723
  Miami-Dade County FL Expressway Authority Toll System Revenue 5.000% 7/1/24       860       875
  Miami-Dade County FL Expressway Authority Toll System Revenue 5.000% 7/1/25       830       840
  Miami-Dade County FL GO 5.000% 7/1/24     1,000     1,018
  Miami-Dade County FL Health Facilities Authority Hospital Revenue (Miami Children's Hospital) Prere. 5.000% 8/1/23     1,000     1,001
  Miami-Dade County FL Health Facilities Authority Hospital Revenue (Niklaus Children's Hospital Project) 4.000% 8/1/33     1,290     1,319
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Miami-Dade County FL Multi-Family Housing Revenue PUT 5.000% 9/1/25     1,500     1,531
  Miami-Dade County FL Public Facilities Revenue 5.000% 6/1/30     1,000     1,062
  Miami-Dade County FL School Board COP 5.000% 2/1/26     3,035     3,162
  Miami-Dade County FL Seaport Revenue 4.000% 10/1/39       395       397
  Miami-Dade County FL Seaport Revenue 4.000% 10/1/40     1,605     1,606
  Miami-Dade County FL Seaport Revenue Prere. 5.750% 10/1/23     1,500     1,509
  Miami-Dade County FL SO Revenue 0.000% 10/1/34     1,000       651
  Miami-Dade County FL SO Revenue 5.000% 4/1/37     1,255     1,362
  Miami-Dade County FL SO Revenue 0.000% 10/1/39     3,015     1,481
  Miami-Dade County FL Transit Sales Surtax Revenue 4.000% 7/1/31     1,400     1,445
  Miami-Dade County FL Transit System Sales Surtax Revenue 4.000% 7/1/38     2,155     2,174
  North Brevard County FL Hospital District Revenue 5.000% 1/1/34     1,000     1,050
  North Sumter County FL Utility Dependent District Solid Waste Revenue 4.000% 10/1/33     1,965     1,998
  North Sumter County FL Utility Dependent District Utility Revenue 4.000% 10/1/35     2,125     2,123
  North Sumter County FL Utility Dependent District Utility Revenue 5.000% 10/1/37     2,505     2,760
  Okaloosa County FL School Board COP 5.000% 10/1/26       785       834
  Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.) 5.000% 10/1/30     1,510     1,595
  Orange County FL School Board COP 5.000% 8/1/33     6,105     6,492
  Orange County FL Water & Wastewater Utility Revenue 5.000% 10/1/26     1,400     1,495
  Orange County FL Water & Wastewater Utility Revenue 5.000% 10/1/36       750       834
5 Orlando FL Tourist Development Tax Revenue 5.000% 11/1/28     1,535     1,653
  Orlando FL Utilities Commission System Revenue 5.000% 10/1/28     1,100     1,224
  Orlando FL Utilities Commission System Revenue PUT 1.250% 10/1/28     1,335     1,146
  Osceola County FL Transportation Revenue 5.000% 10/1/28       500       535
  Osceola County FL Transportation Revenue 0.000% 10/1/34     2,000     1,204
  Palm Beach County FL Health Facilities Authority Hospital Revenue (BRRH Corp. Obligated Group) Prere. 5.000% 12/1/24       560       574
  Palm Beach County FL Health Facilities Authority Hospital Revenue (Jupiter Medical Center Project) 5.000% 11/1/33       360       384
  Palm Beach County FL Public Improvement Revenue 5.000% 5/1/33     1,245     1,303
  Palm Beach County FL School Board COP 5.000% 8/1/29     1,540     1,589
  Palm Beach County FL School Board COP 5.000% 8/1/32     1,500     1,545
 
20

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Palm Beach County Health Facilities Authority Revenue (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion) 4.000% 6/1/36       260       222
  Panama City Beach FL Capital Improvement Revenue 5.000% 11/1/32       375       426
5 Pasco County FL Revenue 5.500% 9/1/41     2,500     2,825
  Reedy Creek FL Improvement District GO 4.000% 6/1/34     1,190     1,219
  Reedy Creek FL Improvement District GO 4.000% 6/1/35     1,000     1,012
  Sarasota County FL Utility System Revenue 5.000% 10/1/40     2,500     2,691
  Sarasota County FL Utility System Revenue 5.250% 10/1/42     1,685     1,916
  South Broward FL Hospital District Revenue 4.000% 5/1/33     1,020     1,035
  South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) 5.000% 8/15/30       500       531
  South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) 4.000% 8/15/33     1,180     1,196
  St. Johns County FL Industrial Development Authority Revenue (Vicars Landing Project) 4.000% 12/15/36     1,000       856
  St. Johns County FL Water & Sewer Revenue 0.000% 6/1/24     1,110     1,074
  Sunshine State Governmental Financing Commission Florida Revenue (Miami Dade County Program) Prere. 5.000% 9/1/23     1,000     1,003
  Tallahassee FL Energy System Revenue 5.000% 10/1/35     1,000     1,017
  Tallahassee FL Utility System Revenue 5.000% 10/1/29     1,015     1,037
  Tallahassee FL Utility System Revenue 5.000% 10/1/30       750       766
  Tallahassee FL Utility System Revenue 5.000% 10/1/34     1,265     1,288
  Tampa Bay FL Water Utility System Revenue 5.000% 10/1/37     2,040     2,130
  Tampa FL Non-AD Valorem Improvement Revenue (Sustainable Bonds) 3.000% 10/1/35     2,000     1,879
  Tampa-Hillsborough County FL Expressway Authority Revenue 5.000% 7/1/30       200       219
  Tampa-Hillsborough County FL Expressway Authority Revenue 5.000% 7/1/31       250       274
  Tohopekaliga FL Water Authority Utility System Revenue 4.000% 10/1/32     1,000     1,023
  Village Community FL Development District No. 13 Florida Assessment Revenue 2.850% 5/1/36     1,000       818
6,15 Village Community FL Development District No.15 Florida Assessment Revenue 4.850% 5/1/38       500       504
  Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) 5.000% 10/15/29       860       916
  Volusia County FL School Board COP 5.000% 8/1/25     1,025     1,043
  Volusia County FL School Board COP 5.000% 8/1/25     1,650     1,713
8 Wildwood FL Utility Dependent District Revenue (South Sumter Utility Project) 5.000% 10/1/34     1,410     1,615
                                     188,728
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Georgia (1.7%)
  Albany-Dougherty County GA Hospital Authority Revenue 5.000% 9/1/39     1,500     1,565
  Athens-Clarke County GA Unified Government Water & Sewerage Revenue 4.000% 1/1/32     1,000     1,009
  Atlanta GA Airport Passenger Facility Charge Subordinate Lien General Revenue 5.000% 7/1/40     1,500     1,663
  Atlanta GA Airport Revenue 5.000% 1/1/33     2,000     2,015
  Atlanta GA Airport Revenue 4.000% 7/1/41     2,015     2,009
  Atlanta GA GO 5.000% 12/1/40     5,500     6,219
  Atlanta GA Water & Wastewater Revenue 5.000% 11/1/25     1,290     1,335
  Atlanta GA Water & Wastewater Revenue 4.000% 11/1/36       500       508
  Atlanta GA Water & Wastewater Revenue 5.000% 11/1/36     1,320     1,415
  Bartow County GA Development Authority Pollution Control Revenue PUT 3.950% 3/8/28     1,000       998
  Bulloch County GA Development Authority Revenue (Georgia Southern University Housing Foundation) 5.000% 7/1/27       410       441
  Bulloch County GA Development Authority Revenue (Georgia Southern University Housing Foundation) ETM 5.000% 7/1/27       100       108
  Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT 3.875% 3/6/26       215       215
  Cobb County GA Kennestone Hospital Authority Revenue 5.000% 4/1/24       400       401
  Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) 5.000% 7/1/36     1,060     1,126
  Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC Project) 5.000% 7/1/31       810       862
  Dalton GA Utilities Revenue 4.000% 3/1/37     1,450     1,442
  Fulton County GA Development Authority Revenue (Children's Healthcare of Atlanta Obligated Group) 5.000% 7/1/38     1,500     1,619
6 Fulton County GA Residential Care Facilities for the Elderly Authority Revenue (Canterbury Court Project) 4.000% 4/1/41     1,050       790
  Gainesville & Hall County GA Hospital Authority Revenue (Northeast Georgia Health System Inc. Project) 4.000% 2/15/40     1,000       963
  Georgia GO 5.000% 7/1/24     1,500     1,529
  Georgia GO 5.000% 7/1/24     1,000     1,019
  Georgia GO 5.000% 7/1/25     1,100     1,143
  Georgia GO 5.000% 2/1/26     4,280     4,503
  Georgia GO 5.000% 7/1/28     1,080     1,199
15 Georgia GO 5.000% 7/1/28     5,000     5,551
  Georgia GO 5.000% 7/1/31     5,000     5,555
  Georgia Municipal Electric Power Authority Revenue 5.000% 1/1/33     1,335     1,484
  Georgia Ports Authority Revenue 5.000% 7/1/38     1,250     1,421
  Georgia State Ports Authority Revenue 4.000% 7/1/37     1,100     1,145
  Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) 5.000% 4/1/25       600       615
 
21

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) 5.000% 4/1/31       350       369
  Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) 5.000% 4/1/33     1,575     1,660
  Gwinnett County GA School District GO 5.000% 8/1/26     2,000     2,127
  Gwinnett County GA School District GO 5.000% 2/1/28       500       516
  Main Street Natural Gas Inc. GA Gas Supply Revenue 5.000% 5/15/36       250       259
  Main Street Natural Gas Inc. GA Gas Supply Revenue PUT 4.000% 12/1/29     3,125     3,067
  Main Street Natural Gas Inc. GA Gas Supply Revenue PUT 5.000% 3/1/30     9,220     9,633
  Main Street Natural Gas Inc. GA Gas Supply Revenue PUT 5.000% 6/1/30     4,745     4,913
  Main Street Natural Gas Inc. GA Gas Supply Revenue PUT 5.000% 9/1/30     6,700     7,034
  Main Street Natural Gas Inc. Georgia Gas Project Revenue 5.000% 5/15/38       500       513
  Main Street Natural Gas Inc. Georgia Gas Project Revenue 4.000% 5/15/39       350       319
3 Main Street Natural Gas Inc. Georgia Gas Project Revenue 4.000% 4/1/48     6,210     6,216
3 Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT 4.000% 12/1/23     6,245     6,246
  Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT 4.000% 12/2/24     1,225     1,229
  Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT 4.000% 9/1/26     3,195     3,176
  Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT 4.000% 12/1/28     3,675     3,619
  Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT 5.000% 6/1/29     2,490     2,569
  Main Street Natural Gas Inc. Georgia Gas Supply Revenue PUT 4.000% 9/1/27       650       648
  Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue 3.000% 7/1/41     2,665     2,302
  Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue 5.000% 7/1/31     1,410     1,499
  Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue 4.000% 7/1/33     1,835     1,895
  Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue 3.000% 7/1/39     2,050     1,818
  Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue 3.000% 7/1/40     2,500     2,186
  Milledgeville & Baldwin County GA Development Authority Revenue (Georgia College & State University Projects) 5.000% 6/15/31       600       684
  Monroe County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Scherer Project) PUT 3.875% 3/6/26     1,000     1,000
  Municipal Electric Authority Georgia Revenue 5.000% 1/1/26     1,510     1,563
  Municipal Electric Authority Georgia Revenue 5.000% 1/1/27     1,150     1,207
8 Municipal Electric Authority Georgia Revenue 5.000% 1/1/28     1,495     1,573
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Municipal Electric Authority Georgia Revenue 5.000% 1/1/29     1,795     1,919
  Municipal Electric Authority Georgia Revenue 5.000% 1/1/30     1,000     1,044
  Municipal Electric Authority Georgia Revenue 5.000% 1/1/35     1,715     1,742
  Municipal Electric Authority Georgia Revenue 5.000% 1/1/38     1,000     1,077
  Municipal Electric Authority Georgia Revenue 5.000% 1/1/39     1,215     1,263
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) 5.000% 1/1/34     1,100     1,165
5 Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) 5.000% 7/1/35       500       562
5 Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M) 5.000% 7/1/39       500       541
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) 5.000% 1/1/28       580       612
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) 5.000% 1/1/30       810       854
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) 5.000% 1/1/34       800       837
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) 5.000% 1/1/32       500       535
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) 5.000% 1/1/33       180       193
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) 5.000% 1/1/36       600       636
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) 5.000% 1/1/39     2,000     2,063
  Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) 5.000% 7/1/41     1,190     1,247
6 Private Colleges & University Authority of Georgia Revenue (Emory University) 5.000% 9/1/33     2,500     2,875
  Private Colleges & University Authority of Georgia Revenue (Emory University) 4.000% 9/1/36     2,000     2,114
  Private Colleges & University Authority of Georgia Revenue (Emory University) 5.000% 9/1/36       795       881
  Private Colleges & University Authority of Georgia Revenue (Savannah College of Art & Design Projects) 5.000% 4/1/30       550       615
  Walton County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) 4.000% 7/1/38     1,145     1,133
                                     145,615
Guam (0.1%)
  Guam Government Business Privilege Tax Revenue 5.000% 11/15/26       735       746
  Guam Government Business Privilege Tax Revenue 5.000% 11/15/29       865       881
  Guam Government Business Privilege Tax Revenue 4.000% 1/1/36       650       620
  Guam Government Business Privilege Tax Revenue 4.000% 1/1/42       500       442
 
22

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Guam Government Waterworks Authority Water & Waste Water System Revenue 5.250% 7/1/23     1,000     1,000
  Guam Government Waterworks Authority Water & Waste Water System Revenue Prere. 5.250% 7/1/23     1,305     1,305
  Guam Power Authority Revenue 5.000% 10/1/30     2,060     2,224
  Guam Power Authority Revenue 5.000% 10/1/32     1,000     1,092
                                       8,310
Hawaii (0.3%)
  Hawaii Airports System Revenue 5.000% 7/1/29     1,785     1,998
  Hawaii Airports System Revenue 5.000% 7/1/30     1,000     1,138
  Hawaii Airports System Revenue 4.000% 7/1/38     2,500     2,523
  Hawaii GO 5.000% 10/1/25     1,575     1,643
  Hawaii GO 5.000% 8/1/29       595       607
  Hawaii GO 5.000% 1/1/36     4,115     4,447
  Hawaii GO Prere. 5.000% 8/1/24     1,500     1,530
  Hawaii GO Prere. 5.000% 8/1/24       235       240
  Honolulu HI City & County GO 5.000% 7/1/24     2,000     2,037
  Honolulu HI City & County GO 5.000% 11/1/27     1,000     1,091
  Honolulu HI City & County GO 5.000% 10/1/28     1,000     1,042
  Honolulu HI City & County GO 5.000% 10/1/29     4,000     4,168
  Honolulu HI City & County Multifamily Revenue PUT 5.000% 6/1/26       245       254
  Honolulu HI City & County Wastewater System Revenue Prere. 5.000% 7/1/25     2,000     2,075
  Honolulu HI City & County Wastewater System Revenue Prere. 5.000% 7/1/25     1,000     1,037
  Kauai County HI Community Facilities District Special Tax Revenue 4.375% 5/15/42     1,100       986
  Maui County HI GO 2.000% 3/1/41     1,000       716
                                      27,532
Idaho (0.0%)
  Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) 5.000% 3/1/28     1,595     1,697
  Idaho Housing & Finance Association Sales Tax Revenue 5.000% 8/15/31       585       682
  Idaho Housing & Finance Association Sales Tax Revenue 5.000% 8/15/34       550       642
                                       3,021
Illinois (3.0%)
  Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue 5.250% 4/1/39     1,000     1,074
  Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue 5.000% 4/1/41       500       521
  Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue 5.500% 4/1/43     1,000     1,082
  Chicago IL Board of Education GO 5.000% 12/1/23     1,000     1,004
  Chicago IL Board of Education GO 5.000% 12/1/24       700       708
  Chicago IL Board of Education GO 5.000% 12/1/24     1,500     1,517
  Chicago IL Board of Education GO 7.000% 12/1/26       500       535
13 Chicago IL Board of Education GO 0.000% 12/1/28     1,000       803
  Chicago IL Board of Education GO 5.000% 12/1/28     1,150     1,206
13 Chicago IL Board of Education GO 0.000% 12/1/29       520       399
13 Chicago IL Board of Education GO 0.000% 12/1/30     1,350       990
5 Chicago IL Board of Education GO 5.000% 12/1/30     1,250     1,327
  Chicago IL Board of Education GO 5.000% 12/1/30       500       525
13 Chicago IL Board of Education GO 0.000% 12/1/31     1,550     1,082
  Chicago IL Board of Education GO 5.000% 12/1/32     1,000     1,054
  Chicago IL Board of Education GO 5.250% 12/1/35     1,225     1,229
  Chicago IL Board of Education GO 4.000% 12/1/37     1,000       932
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Chicago IL Board of Education GO 4.000% 12/1/38     1,000       925
  Chicago IL Board of Education GO 4.000% 12/1/42     2,000     1,805
  Chicago IL Board of Education Revenue 5.000% 4/1/36     1,270     1,314
  Chicago IL GO 5.000% 1/1/24       520       523
  Chicago IL GO 5.000% 1/1/26       120       122
  Chicago IL GO 5.000% 1/1/28       930       984
  Chicago IL GO 5.000% 1/1/29     1,500     1,602
  Chicago IL GO 5.000% 1/1/31     1,500     1,606
  Chicago IL GO 5.750% 1/1/34       390       416
  Chicago IL GO 4.000% 1/1/35       500       493
  Chicago IL GO 5.250% 1/1/38     1,000     1,082
  Chicago IL GO 6.000% 1/1/38       500       532
13 Chicago IL GO 0.000% 1/1/39     1,600       747
  Chicago IL GO 5.500% 1/1/39     1,000     1,098
  Chicago IL GO 5.500% 1/1/40     1,000     1,094
  Chicago IL GO ETM 5.000% 1/1/28       160       175
  Chicago IL GO Prere. 5.000% 1/1/25       215       221
  Chicago IL Housing Authority Revenue 5.000% 1/1/33     1,000     1,075
  Chicago IL Metropolitan Water Reclamation District GO 5.000% 12/1/26     2,500     2,665
  Chicago IL Metropolitan Water Reclamation District GO 5.000% 12/1/30       620       715
  Chicago IL Midway Airport Revenue 5.000% 1/1/26       240       240
  Chicago IL O'Hare International Airport Revenue 5.250% 1/1/24       200       200
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/25     1,010     1,035
  Chicago IL O'Hare International Airport Revenue 5.500% 1/1/26     1,000     1,001
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/29     3,330     3,405
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/29     1,140     1,189
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/30     1,000     1,043
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/31     1,060     1,085
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/32       500       500
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/33     1,000     1,023
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/34     2,430     2,712
  Chicago IL O'Hare International Airport Revenue 4.000% 1/1/35     3,000     3,103
  Chicago IL O'Hare International Airport Revenue 4.000% 1/1/35     3,500     3,620
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/35     1,855     1,928
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/35     2,835     3,143
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/35     2,000     2,115
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/36     1,000     1,124
  Chicago IL O'Hare International Airport Revenue 4.000% 1/1/38     1,000     1,006
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/38     1,080     1,156
  Chicago IL O'Hare International Airport Revenue 5.000% 1/1/39     1,000     1,067
  Chicago IL O'Hare International Airport Revenue 4.000% 1/1/43     1,000       980
8 Chicago IL Park District GO 5.000% 1/1/29     1,000     1,090
8 Chicago IL Park District GO 5.000% 1/1/32     1,225     1,274
8 Chicago IL Park District GO 5.000% 1/1/33     1,000     1,069
5 Chicago IL Revenue 5.000% 11/1/32     1,000     1,152
 
23

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Chicago IL Transit Authority Revenue (Sales Tax Receipts) 5.250% 12/1/49       750       761
  Chicago IL Wastewater Transmission Revenue 5.000% 1/1/28     1,000     1,040
  Chicago IL Wastewater Transmission Revenue 5.000% 1/1/29     1,580     1,589
13 Chicago IL Wastewater Transmission Revenue 5.500% 1/1/30     1,210     1,306
  Chicago IL Water Revenue 5.000% 11/1/39     1,000     1,011
  Chicago IL Waterworks Revenue 5.000% 11/1/30     1,000     1,020
  Chicago Park District GO 5.000% 1/1/31       460       463
  Chicago Park District GO Prere. 5.000% 1/1/24       540       544
  Cook County IL Community College District GO 5.250% 12/1/32     1,000     1,002
5 Cook County IL GO 5.000% 11/15/26     1,545     1,636
  Cook County IL Sales Tax Revenue 5.000% 11/15/38     1,665     1,786
5 Cook County IL School District No. 87 Berkeley GO 3.000% 12/1/37       500       432
  Cook Kane Lake & McHenry Counties IL Community College District No. 512 (William Rainey Harper College) GO 3.000% 12/15/35     2,500     2,389
  Illinois Finance Authority Revenue 5.000% 10/1/35     1,060     1,094
  Illinois Finance Authority Revenue (Advocate Health Care Network) Prere. 5.000% 8/1/24     1,550     1,577
  Illinois Finance Authority Revenue (Advocate Health Care Network) Prere. 5.000% 8/1/24     2,550     2,594
  Illinois Finance Authority Revenue (Advocate Health Care Network) Prere. 5.000% 8/1/24     2,000     2,034
  Illinois Finance Authority Revenue (Benedictine University) 4.000% 10/1/33       500       462
  Illinois Finance Authority Revenue (Centegra Health System) Prere. 5.000% 9/1/24     1,300     1,327
  Illinois Finance Authority Revenue (Clean Water Initiative) 5.000% 1/1/26     1,580     1,657
  Illinois Finance Authority Revenue (Clean Water Initiative) 5.000% 1/1/31     1,000     1,045
  Illinois Finance Authority Revenue (Clean Water Initiative) 5.000% 7/1/31     1,000     1,077
  Illinois Finance Authority Revenue (DePaul University) 5.000% 10/1/33     1,000     1,052
  Illinois Finance Authority Revenue (DePaul University) 5.000% 10/1/34     1,000     1,049
  Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) Prere. 5.000% 1/1/27     1,000     1,068
  Illinois Finance Authority Revenue (Franciscan Communities Inc.) 5.000% 5/15/37     1,000       991
  Illinois Finance Authority Revenue (Lake Forest College) 5.000% 10/1/35       500       498
  Illinois Finance Authority Revenue (Lake Zurick Community Unit School District No. 95 Project) 4.000% 1/15/27     1,745     1,808
  Illinois Finance Authority Revenue (Mercy Health System) 4.000% 12/1/28     1,000     1,017
3 Illinois Finance Authority Revenue (Northshore University Health System) VRDO 3.550% 7/3/23     1,805     1,805
  Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) 5.000% 8/15/41     4,000     4,298
3 Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) VRDO 3.550% 7/3/23       200       200
  Illinois Finance Authority Revenue (Northwest Community Hospital) Prere. 5.000% 7/1/26     1,000     1,058
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Illinois Finance Authority Revenue (Northwestern Memorial Healthcare) 3.000% 7/15/40     1,000       851
  Illinois Finance Authority Revenue (OSF Healthcare System) 4.000% 11/15/33     1,000     1,005
  Illinois Finance Authority Revenue (Presence Health Network) 5.000% 2/15/41     3,370     3,483
  Illinois Finance Authority Revenue (Rehabilitation Institute of Chicago) 5.500% 7/1/28     2,000     2,000
  Illinois Finance Authority Revenue (Rush University Medical Center) 5.000% 11/15/33     1,050     1,075
  Illinois Finance Authority Revenue (University of Chicago) 5.000% 10/1/33     1,500     1,789
  Illinois Finance Authority Revenue (University of Chicago) 5.000% 10/1/35     1,000     1,018
  Illinois GO 5.000% 11/1/23     1,000     1,004
  Illinois GO 4.000% 3/1/24       750       752
  Illinois GO 5.500% 7/1/24     1,100     1,100
  Illinois GO 5.000% 10/1/24     1,470     1,494
  Illinois GO 5.000% 11/1/24     1,785     1,816
  Illinois GO 5.000% 7/1/25     1,000     1,027
  Illinois GO 5.000% 7/1/26     1,000     1,044
  Illinois GO 5.000% 7/1/27     1,000     1,062
  Illinois GO 5.000% 10/1/27     1,640     1,747
  Illinois GO 5.000% 2/1/28     1,690     1,778
  Illinois GO 5.000% 7/1/28     1,000     1,078
  Illinois GO 5.000% 10/1/28     2,000     2,164
  Illinois GO 5.000% 11/1/28     1,050     1,118
  Illinois GO 5.000% 7/1/29     1,000     1,095
  Illinois GO 5.000% 11/1/29     1,105     1,179
  Illinois GO 5.250% 2/1/30     1,900     1,919
  Illinois GO 5.000% 5/1/30     1,000     1,107
  Illinois GO 5.000% 5/1/31     1,305     1,461
  Illinois GO 5.250% 7/1/31     1,000     1,000
  Illinois GO 5.000% 10/1/31       475       512
  Illinois GO 5.000% 5/1/32     1,500     1,694
  Illinois GO 5.000% 5/1/34     1,500     1,667
  Illinois GO 4.000% 11/1/34     1,250     1,264
  Illinois GO 5.000% 5/1/35       500       527
  Illinois GO 5.000% 5/1/35     2,150     2,368
  Illinois GO 4.125% 10/1/36       500       503
  Illinois GO 5.000% 5/1/37     1,085     1,172
  Illinois GO 4.000% 10/1/38     1,000       974
  Illinois GO 5.500% 5/1/39       500       546
  Illinois GO 5.250% 5/1/40     1,110     1,201
  Illinois GO 4.000% 10/1/40       700       671
  Illinois GO 5.250% 5/1/42     2,125     2,284
  Illinois GO 5.125% 10/1/43     1,000     1,065
6 Illinois Housing Development Authority Multifamily Revenue TOB 6.000% 10/5/40     1,000     1,000
  Illinois Housing Development Authority Revenue 3.000% 10/1/50     4,060     3,913
  Illinois Housing Development Authority Revenue 4.500% 10/1/52     1,960     1,985
  Illinois Housing Development Authority Revenue 5.250% 10/1/52     1,080     1,126
5,16 Illinois Regional Transportation Authority Revenue 6.250% 7/1/23       500       500
8 Illinois Sales Tax Revenue 5.000% 6/15/28     1,000     1,040
  Illinois Sales Tax Revenue 5.000% 6/15/36     1,000     1,035
  Illinois Sales Tax Revenue 5.000% 6/15/37     1,000     1,030
  Illinois Sports Facilities Authority Revenue (State Tax Supported) 5.000% 6/15/29     1,075     1,105
  Illinois State Toll Highway Authority Revenue 5.000% 1/1/42     1,180     1,296
  Illinois State Toll Highway Authority Revenue 5.000% 1/1/44     1,150     1,251
 
24

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Illinois Toll Highway Authority Revenue 5.000% 1/1/30     1,000     1,001
  Illinois Toll Highway Authority Revenue 5.000% 1/1/31     1,600     1,768
  Illinois Toll Highway Authority Revenue 5.000% 1/1/32       500       501
  Illinois Toll Highway Authority Revenue 5.000% 1/1/34     1,200     1,247
  Illinois Toll Highway Authority Revenue 5.000% 1/1/37     1,200     1,282
  Illinois Toll Highway Authority Revenue 5.000% 1/1/37     2,500     2,569
  Illinois Toll Highway Authority Revenue 5.000% 1/1/41     3,365     3,689
  Illinois Toll Highway Authority Revenue 4.000% 1/1/42     2,705     2,683
8 Joliet IL GO 5.250% 12/15/39     1,500     1,673
8 Joliet IL GO 5.500% 12/15/42     1,000     1,123
5 Kane County IL School District No. 131 (Aurora East Side) GO 4.000% 12/1/33       250       261
5 Kendall Kane & Will Counties IL Community Unit School District No. 308 GO 0.000% 2/1/28     5,090     4,331
  Lake County IL GO 4.000% 11/30/27     2,620     2,742
5 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue 0.000% 6/15/26       910       816
5 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue 0.000% 6/15/27     1,195     1,033
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue 5.500% 6/15/29     2,505     2,622
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue 0.000% 12/15/29     2,205     1,729
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue 0.000% 6/15/38     2,075     1,072
  Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 5.000% 12/15/27       710       745
5,10 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 5.500% 6/15/29       400       427
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 6/15/31     1,540     1,130
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 12/15/31       360       259
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 6/15/32     1,215       856
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 6/15/33     2,130     1,442
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 12/15/33     6,790     4,496
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 6/15/35     3,500     2,147
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
13 Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 12/15/37       830       441
  Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 12/15/37     1,000       520
  Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 0.000% 6/15/38     1,000       506
  Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) 4.000% 12/15/42     2,500     2,367
  Northern Illinois Municipal Power Agency Project Revenue 5.000% 12/1/26     1,070     1,137
8 Northern Illinois University Auxiliary Facilities System Revenue 4.000% 10/1/34       500       504
  Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue 5.000% 6/1/26     1,570     1,644
  Regional Transportation Authority IL Revenue 5.000% 6/1/40     1,525     1,612
  Regional Transportation Authority Illinois Revenue 5.000% 6/1/31     1,785     1,876
  Romeoville IL Revenue (Lewis University Project) 5.000% 10/1/28     1,000     1,009
  Sales Tax Securitization Corp. Illinois Revenue 5.000% 1/1/29     1,500     1,636
  Sales Tax Securitization Corp. Illinois Revenue 5.000% 1/1/33     3,000     3,392
15 Sales Tax Securitization Corp. Illinois Revenue 5.000% 1/1/34     1,340     1,495
8 Southern Illinois University Housing & Auxiliary Facilities System Revenue 5.000% 4/1/29       360       387
8 Southern Illinois University Housing & Auxiliary Facilities System Revenue 5.000% 4/1/30       425       461
8 Southern Illinois University Housing & Auxiliary Facilities System Revenue 5.000% 4/1/31       625       683
8 Southern Illinois University Housing & Auxiliary Facilities System Revenue 5.000% 4/1/32       550       602
  Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters Services Inc.) 5.000% 2/15/28     1,000     1,059
  Southwestern Illinois Development Authority Revenue 5.000% 4/15/30     1,275     1,440
8 Southwestern Illinois Development Authority Revenue 5.500% 12/1/37     2,850     3,248
  University of Illinois Auxiliary Facilities System Revenue 4.000% 4/1/31       120       121
  University of Illinois Auxiliary Facilities System Revenue 4.000% 4/1/33        10        10
8 University of Illinois Auxiliary Facilities System Revenue 3.000% 4/1/39     3,935     3,319
8 Will County IL Community High School District No. 210 (Lincoln-Way) GO 0.000% 1/1/29     1,000       815
8 Winnebago & Boone Counties IL School District No. 205 GO 5.000% 2/1/31     1,305     1,458
                                     258,413
Indiana (0.7%)
  Ball State University Student Fee Indiana Revenue 5.000% 7/1/32       425       458
 
25

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Ball State University Student Fee Indiana Revenue 5.000% 7/1/34     1,110     1,197
  Ball State University Student Fee Indiana Revenue 5.000% 7/1/35     1,450     1,557
  Carmel IN Local Public Improvement Bond Bank Revenue (Special Program Bonds) 4.000% 1/15/35     1,000     1,020
  Crown Point IN Multi School Building Corp. Revenue 5.000% 7/15/28       490       537
  Duneland IN School Building Corp. Ad Valorem Property Tax First Mortgage Bonds Revenue 5.000% 1/15/24       495       499
  Duneland IN School Building Corp. Ad Valorem Property Tax First Mortgage Bonds Revenue 5.000% 7/15/24       850       865
  Duneland IN School Building Corp. Ad Valorem Property Tax First Mortgage Bonds Revenue 5.000% 1/15/25       485       498
8 Evansville IN Waterworks District Revenue 5.000% 7/1/39     1,000     1,100
  Hammond IN Multi-School Building Corp. Revenue 5.000% 1/15/29       790       850
15 Indiana Finance Authority Health System Revenue (Indiana University Health) PUT 5.000% 7/1/28     1,420     1,545
  Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) 5.000% 12/1/33     1,390     1,439
  Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) 5.000% 5/1/27       700       749
  Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) 5.000% 5/1/30       450       508
  Indiana Finance Authority Midwestern Disaster Relief Revenue (Ohio Valley Electric Corp.) 4.250% 11/1/30       500       497
  Indiana Finance Authority Revenue (Butler University Project) 5.000% 2/1/29     1,020     1,105
  Indiana Finance Authority Revenue (Franciscan Alliance Inc.) 5.000% 11/1/29     1,175     1,275
  Indiana Finance Authority Revenue (Franciscan Alliance Inc.) 5.000% 11/1/30     1,520     1,650
  Indiana Finance Authority Revenue (Franciscan Alliance Inc.) 5.000% 11/1/31     1,130     1,220
  Indiana Finance Authority Revenue (Franciscan Alliance Inc.) 4.000% 11/1/35     1,685     1,688
  Indiana Finance Authority Revenue (Marquette Project) 5.000% 3/1/24     1,645     1,651
  Indiana Finance Authority Revenue (Marquette Project) 5.000% 3/1/25       650       655
  Indiana Finance Authority Revenue (Stadium Project) 5.250% 2/1/30     1,075     1,117
  Indiana Finance Authority Revenue (Stadium Project) 4.000% 2/1/34     1,000     1,060
  Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) 3.000% 10/1/41     1,000       851
3,6 Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) TOB VRDO 3.830% 7/3/23    10,080    10,080
  Indiana Municipal Power Agency Revenue 5.000% 1/1/34     1,415     1,471
  Indiana Municipal Power Agency Revenue 5.000% 1/1/36     1,000     1,075
  Indiana Municipal Power Agency Revenue 5.000% 1/1/39     4,575     4,696
3 Indiana Municipal Power Agency Supply System Revenue VRDO 4.000% 7/3/23     1,800     1,800
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Indianapolis Department of Public Utilities Water System Revenue 5.000% 10/1/35     1,460     1,592
  Indianapolis Local Public Improvement Bond Bank Revenue (Cityway 1 Project) 5.000% 2/1/32     1,345     1,353
  Indianapolis Local Public Improvement Bond Revenue 5.000% 6/1/31     2,500     2,827
  Indianapolis Public School GO 5.000% 1/15/27       500       536
  IPS Multi-School Building Corp. IN Revenue 5.000% 7/15/28     1,390     1,424
  Ivy IN Tech Community College Revenue 5.000% 7/1/32       870       939
  Ivy IN Tech Community College Revenue 5.000% 7/1/33       880       949
  Richmond IN Hospital Authority Revenue (Reid Hospital & Health Care Services Inc.) 5.000% 1/1/24       720       725
  Seymour IN Elementary School Building Corp. Ad Valorem Property Tax First Mortgage Bonds Revenue 5.000% 7/15/35       750       865
  Silver Creek IN School Building Corp. Revenue (Valorem Property) 3.000% 1/15/35     1,200     1,169
  Tippecanoe County IN School Building Corp. Revenue 4.000% 7/15/32     1,070     1,124
                                      58,216
Iowa (0.2%)
  Iowa Board of Regents Hospital Revenue (University of Iowa Hospitals and Clinics) 3.000% 9/1/39     2,000     1,736
  Iowa City IA Community School District GO 3.000% 6/1/30     3,725     3,604
  Iowa Finance Authority Health Facilities Revenue (Mercy Medical Center Project) 5.000% 8/15/27     1,435     1,436
  Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) PUT 4.000% 12/1/32     1,000       984
  Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) PUT 5.000% 12/1/42     2,500     2,556
  Iowa Higher Education Loan Authority Revenue (Des Moines University Projects) 5.000% 10/1/35     1,250     1,318
  Iowa Tobacco Settlement Authority Revenue 4.000% 6/1/36     1,000     1,000
  Iowa Tobacco Settlement Authority Revenue 4.000% 6/1/49     3,135     3,100
  Xenia IA Rural Water District Revenue 5.000% 12/1/28     1,000     1,054
                                      16,788
Kansas (0.2%)
  Johnson County KS Public Building Commission (Courthouse & Medical Examiners Facilities) Revenue 4.000% 9/1/27     1,000     1,030
  Johnson County KS Unified School District No. 512 (Shawnee Mission) GO 4.000% 10/1/42     5,115     5,055
  Johnson County KS Unified School District No. 512 (Shawnee Mission) GO 4.000% 10/1/43     1,475     1,459
  Kansas Department of Transportation Highway Revenue 5.000% 9/1/26       700       715
  Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) Prere. 5.000% 11/15/28        70        77
 
26

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) PUT 5.000% 11/15/28       505       548
  Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) PUT 5.000% 11/15/31     1,000     1,125
  Lyon County KS Unified School District No 253. GO 4.000% 9/1/32       350       362
  Shawnee County KS Unified School District No. 437 (Auburn - Washburn) GO 5.000% 9/1/39     1,500     1,682
  Wyandotte County KS Unified School District No. 500 GO Prere. 4.000% 9/1/26     4,000     4,127
                                      16,180
Kentucky (0.5%)
  Carroll County KY Pollution Control Revenue (Kentucky Utilities Co. Project) PUT 1.550% 9/1/26     1,000       908
  Kentucky Bond Development Corp. Educational Facilities Revenue (Centre College) 4.000% 6/1/34       225       228
  Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corp. Project) 5.000% 9/1/29     1,980     2,178
13 Kentucky Economic Development Finance Authority Health System Revenue (Norton Healthcare Inc. & Affiliates) 0.000% 10/1/25     1,220     1,117
  Kentucky Economic Development Finance Authority Hospital Revenue (Baptist Healthcare System Obligated Group) 5.000% 8/15/31     1,575     1,665
13 Kentucky Municipal Power Agency Power System Revenue 5.000% 9/1/29     1,000     1,025
8 Kentucky Property & Building Commission Revenue 5.000% 5/1/34     1,000     1,081
  Kentucky Public Energy Authority Gas Supply Revenue PUT 4.000% 4/1/24     9,220     9,212
  Kentucky Public Energy Authority Gas Supply Revenue PUT 4.000% 1/1/25     6,655     6,654
  Kentucky Public Energy Authority Gas Supply Revenue PUT 4.000% 6/1/25       895       891
  Kentucky Public Energy Authority Gas Supply Revenue PUT 4.000% 6/1/25     3,095     3,080
  Kentucky Public Energy Authority Gas Supply Revenue PUT 4.000% 6/1/26     1,895     1,891
  Kentucky Public Energy Authority Gas Supply Revenue PUT 4.000% 2/1/28     1,700     1,681
  Kentucky Public Energy Authority Gas Supply Revenue PUT 4.000% 8/1/30     5,065     4,968
4 Kentucky Public Energy Authority Gas Supply Revenue PUT, SOFR + 1.200% 4.590% 8/1/30     2,000     1,906
  Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization Project) Prere. 5.000% 7/1/23     1,000     1,000
  Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization Projects) 5.000% 7/1/31       250       288
  Louisville & Jefferson County KY Metropolitan Government Revenue (Gas & Electric Co. Project) 2.000% 10/1/33     1,500     1,207
  Owen County KY Revenue (American Water Capital Corp.) PUT 2.450% 10/1/29       500       461
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Owen County KY Revenue (American Water Capital Corp.) PUT 2.450% 10/1/29     1,000       921
  University of Kentucky Revenue 3.500% 4/1/30     1,380     1,420
                                      43,782
Louisiana (0.4%)
  Bossier City LA Utilities Revenue 5.000% 10/1/23       595       597
  East Baton Rouge LA Sewerage Commission Revenue PUT 1.300% 2/1/28     1,000       847
  Lafayette Parish LA School Board Sale Tax Revenue 5.000% 4/1/35       500       583
  Louisiana Gasoline & Fuel Tax Revenue 5.000% 5/1/35     1,065     1,146
  Louisiana Gasoline & Fuel Tax Revenue 3.000% 5/1/41       500       426
  Louisiana Gasoline & Fuel Tax Revenue Prere. 4.500% 5/1/25     2,000     2,050
4 Louisiana Gasoline & Fuel Tax Revenue PUT, SOFR + 0.500% 4.042% 5/1/26       490       481
  Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue 5.000% 8/15/32     2,315     2,453
6 Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue 4.250% 8/15/34     1,250     1,245
  Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue 5.000% 8/15/34     1,885     1,982
  Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue 5.000% 8/15/36     3,930     4,095
  Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue 5.000% 8/15/37     3,970     4,117
8 Louisiana Local Government Environmental Facilities & Community Development Authority Revenue 5.000% 10/1/29     1,315     1,424
  Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical Center) 5.000% 6/1/36     1,250     1,310
  Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) 5.000% 10/15/34       350       403
  Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) 5.000% 4/1/37     1,270     1,377
  Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) 5.000% 10/15/39       275       303
  Louisiana Public Facilities Authority Revenue (Ochsner Clinic Projects) PUT 5.000% 5/15/25       460       470
  Louisiana Stadium & Exposition District Revenue 5.000% 7/1/24     1,000     1,000
  Louisiana Stadium & Exposition District Revenue 5.000% 7/1/38     1,000     1,112
  Louisiana Stadium & Exposition District Revenue 5.000% 7/1/40     1,000     1,096
  Louisiana State University Revenue 5.000% 7/1/23       455       455
5 New Orleans LA Aviation Board Revenue 5.000% 10/1/27       875       945
 
27

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  St. John the Baptish Parish LA Revenue (Marathon Oil Corp. Project) PUT 2.125% 7/1/24       715       701
  St. John the Baptish Parish LA Revenue (Marathon Oil Corp. Project) PUT 2.375% 7/1/26       725       688
  St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT 4.050% 7/1/26       530       528
  St. John the Baptist Parish LA School District No. 1 GO 5.250% 3/1/33     3,170     3,549
  Tangipahoa Parish LA Hospital Service District No. 1 Revenue (North Oaks Health System Project) 4.000% 2/1/36     2,000     1,980
                                      37,363
Maine (0.1%)
  Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) 5.000% 7/1/29       445       478
  Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) 5.000% 7/1/30       600       641
5 Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) 4.000% 7/1/36       150       151
5 Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) 5.500% 7/1/38       500       564
5 Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) 5.500% 7/1/42       750       831
  Maine Municipal Bond Bank Revenue 4.000% 11/1/38       800       795
  Maine Turnpike Authority Revenue 4.000% 7/1/38     1,145     1,164
  Portland ME General Airport Revenue 4.000% 1/1/39       820       792
  Portland ME General Airport Revenue 4.000% 1/1/40     1,155     1,105
                                       6,521
Maryland (0.9%)
  Anne Arundel County MD GO 5.000% 4/1/25     3,145     3,250
  Anne Arundel County MD GO 5.000% 10/1/27     1,455     1,516
  Anne Arundel County MD GO 5.000% 4/1/28     1,075     1,184
  Baltimore County MD GO 4.000% 3/1/30     1,200     1,245
  Baltimore MD Project Revenue 5.000% 7/1/24     2,095     2,135
  Harford County MD GO 5.000% 10/1/25     2,000     2,089
  Harford County MD GO 5.000% 10/1/26     1,250     1,334
  Howard County MD Housing Commission General Revenue (Columbia Landing Apartments) 1.600% 6/1/29     1,000       883
  Maryland Community Development Administration Department of Housing & Community Development Residential Revenue 2.100% 9/1/41     1,350       952
  Maryland Community Development Administration Residential Revenue 5.000% 9/1/52     1,000     1,030
  Maryland Department of Transportation Revenue 5.000% 12/1/24        80        82
  Maryland Department of Transportation Revenue 5.000% 12/1/25        60        63
  Maryland Department of Transportation Revenue 5.000% 12/1/26        65        69
  Maryland Department of Transportation Revenue 5.000% 12/1/27        65        71
  Maryland Department of Transportation Revenue 5.000% 12/1/28        65        72
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Maryland Department of Transportation Revenue 5.000% 12/1/29        65        74
  Maryland Department of Transportation Revenue 4.000% 12/15/29     1,365     1,371
  Maryland Department of Transportation Revenue 3.000% 10/1/30     2,620     2,599
  Maryland Economic Development Corp. Student Housing Revenue 5.375% 7/1/38     1,250     1,365
  Maryland GO 5.000% 8/1/25     9,380     9,762
  Maryland GO 5.000% 3/15/26     1,235     1,302
  Maryland GO 4.000% 8/1/26     1,970     1,971
  Maryland GO 5.000% 8/1/26     2,110     2,243
  Maryland GO 5.000% 3/15/28     4,280     4,618
  Maryland GO 3.250% 8/1/30     1,000     1,000
  Maryland Health & Higher Educational Facilities Authority Revenue PUT 5.000% 7/1/27     1,000     1,049
  Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare Obligated Group) 5.500% 1/1/31     1,950     2,081
  Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare) 5.000% 1/1/28       165       173
  Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) 5.000% 7/1/31       750       789
  Maryland Health & Higher Educational Facilities Authority Revenue (Frederick Health System) 5.000% 7/1/27       500       529
4,6 Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Medical System) PUT, SIFMA Municipal Swap Index Yield + 0.540% 4.550% 12/8/27     3,505     3,505
  Maryland Health & Higher Educational Facilities Authority Revenue (Meritus Medical Center Inc.) 5.000% 7/1/33     1,215     1,244
  Maryland Health & Higher Educational Facilities Authority Revenue (Stevenson University) 5.000% 6/1/29       270       288
  Maryland Health & Higher Educational Facilities Authority Revenue (University of Pittsburgh Medical Center) 4.000% 4/15/38     1,000       994
  Maryland State Stadium Authority Built Learn Revenue 5.000% 6/1/32     1,000     1,167
  Maryland State Stadium Authority Built Learn Revenue 4.000% 6/1/36     1,000     1,024
  Maryland State Stadium Authority Built Learn Revenue 4.000% 6/1/40     1,200     1,206
  Maryland State Stadium Authority Hagerstown Multi-Use Sports & Events Facility Lease Revenue 5.000% 6/1/39     1,885     2,117
15 Maryland State Stadium Authority Revenue 5.000% 3/1/29     1,000     1,111
  Maryland State Stadium Authority Revenue Prere. 5.000% 5/1/26     3,390     3,583
  Maryland Transportation Authority Facilities Projects Revenue 2.000% 7/1/35     1,500     1,214
  Montgomery County MD GO 4.000% 11/1/28     2,390     2,516
  Montgomery County MD GO Prere. 4.000% 11/1/24     1,000     1,012
  Montgomery County MD GO Prere. 5.000% 11/1/24     1,000     1,024
  Prince Georges County MD Public Improvement Bonds GO 5.000% 7/1/23     3,375     3,375
  Washington MD Suburban Sanitary Commission Revenue 4.000% 6/15/33     1,000     1,038
                                      73,319
 
28

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Massachusetts (1.0%)
  Massachusetts Bay Transportation Authority Revenue 5.000% 7/1/27     2,635     2,802
  Massachusetts Bay Transportation Authority Revenue Prere. 5.000% 7/1/26       245       260
13 Massachusetts Bay Transportation Authority Sales Tax Revenue 5.500% 7/1/25     2,530     2,653
13 Massachusetts Bay Transportation Authority Sales Tax Revenue 5.500% 7/1/26       410       441
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000% 7/1/31       955     1,124
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.250% 7/1/34     1,285     1,600
  Massachusetts Bay Transportation Authority Sales Tax Revenue 4.000% 7/1/37     1,000     1,031
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000% 7/1/38     3,290     3,536
  Massachusetts Bay Transportation Authority Sales Tax Revenue 4.000% 7/1/40     1,915     1,935
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000% 7/1/40     1,125     1,203
17 Massachusetts Development Finance Agency Revenue (Agawam Village Issue) PUT 5.000% 11/1/25       500       512
  Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) 5.000% 7/1/31     1,500     1,632
  Massachusetts Development Finance Agency Revenue (Boston College) 5.000% 7/1/37     1,750     1,874
  Massachusetts Development Finance Agency Revenue (CareGroup Inc.) 5.000% 7/1/29     1,225     1,318
  Massachusetts Development Finance Agency Revenue (CareGroup Inc.) 5.000% 7/1/38     1,085     1,138
4,6 Massachusetts Development Finance Agency Revenue (General Brigham Inc.) PUT, SIFMA Municipal Swap Index Yield + 0.600% 4.610% 1/29/26     1,000       989
  Massachusetts Development Finance Agency Revenue (Green Bonds) 5.000% 11/15/32     1,625     1,963
  Massachusetts Development Finance Agency Revenue (Harvard University) 5.000% 10/15/29     5,000     5,729
  Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) 5.000% 7/1/34       500       541
  Massachusetts Development Finance Agency Revenue (Lesley University) 5.000% 7/1/38       385       390
  Massachusetts Development Finance Agency Revenue (Merrimack College) 5.000% 7/1/37       800       822
  Massachusetts Development Finance Agency Revenue (Simmons University) 5.000% 10/1/33     1,000     1,042
  Massachusetts Development Finance Agency Revenue (Southcoast Health System) 5.000% 7/1/28       200       214
  Massachusetts Development Finance Agency Revenue (UMass Memorial Medical Center) 5.000% 7/1/25     1,275     1,302
  Massachusetts Development Finance Agency Revenue (UMass Student Housing Project) 5.000% 10/1/32       525       528
  Massachusetts Development Finance Agency Revenue (Western New England University) 5.000% 9/1/32     1,105     1,115
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts GO 5.250% 8/1/23       525       526
  Massachusetts GO 5.000% 12/1/23     1,520     1,531
  Massachusetts GO 5.000% 9/1/25     3,850     4,014
  Massachusetts GO 5.000% 9/1/28     5,530     6,146
  Massachusetts GO 5.000% 10/1/30     6,000     6,912
  Massachusetts GO 5.000% 5/1/31     1,675     1,677
  Massachusetts GO 5.250% 1/1/34     2,665     2,997
  Massachusetts GO 5.000% 7/1/35     1,000     1,033
15 Massachusetts GO 5.000% 5/1/37     1,000     1,154
  Massachusetts GO 5.000% 5/1/40     2,275     2,460
  Massachusetts GO 2.000% 3/1/41     1,000       698
  Massachusetts GO 5.000% 11/1/43     2,500     2,775
  Massachusetts Port Authority Revenue 5.000% 7/1/35     2,400     2,668
  Massachusetts School Building Authority Dedicated Sales Tax Revenue 5.000% 8/15/31       610       633
  Massachusetts School Building Authority Dedicated Sales Tax Revenue 4.750% 8/15/32     1,335     1,377
  Massachusetts School Building Authority Dedicated Sales Tax Revenue 5.000% 8/15/37     1,860     1,914
  Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. 5.000% 2/15/24     1,500     1,518
  Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. 5.000% 8/15/25     1,010     1,052
  Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. 5.000% 8/15/25       355       369
  Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. 5.000% 8/15/25       890       927
13 Massachusetts SO Dedicated Tax Revenue 5.500% 1/1/26       510       538
  Massachusetts Transportation Fund Revenue 4.000% 6/1/35     1,040     1,072
13 Massachusetts Turnpike Authority Revenue (Metropolitan Highway System) 0.000% 1/1/29       890       729
  Massachusetts Water Resources Authority Revenue Prere. 4.000% 8/1/24     1,000     1,009
  Massachusetts Water Resources Authority Revenue Prere. 5.000% 8/1/26     3,000     3,194
                                      86,617
Michigan (1.2%)
18 Battle Creek MI School District GO 5.000% 5/1/25       535       553
  Bloomfield Hills MI School District GO 5.000% 5/1/41       500       548
18 Chippewa Valley MI Schools GO 5.000% 5/1/33     1,000     1,030
18 Dearborn MI School District GO Prere. 5.000% 11/1/23     1,200     1,207
5,18 Detroit MI City School District GO 5.250% 5/1/28       615       680
5 Detroit MI Downtown Development Authority Tax Allocation Revenue 5.000% 7/1/35     1,120     1,129
5 Downriver MI Utility Wastewater Authority Revenue 5.000% 4/1/34     1,050     1,133
  Great Lakes MI Water Authority Sewer Disposal System Revenue 5.000% 7/1/27     1,840     1,987
  Great Lakes MI Water Authority Sewer Disposal System Revenue 5.000% 7/1/28     1,205     1,328
  Great Lakes MI Water Authority Sewer Disposal System Revenue 5.000% 7/1/29     1,200     1,307
  Great Lakes MI Water Authority Sewer Disposal System Revenue 5.000% 7/1/31     1,645     1,725
  Great Lakes MI Water Authority Sewer Disposal System Revenue 5.000% 7/1/37     1,000     1,073
 
29

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Great Lakes MI Water Authority Sewer Disposal System Revenue 5.250% 7/1/41     2,400     2,641
  Great Lakes MI Water Authority Water Supply System Revenue 5.000% 7/1/28     1,030     1,094
  Great Lakes MI Water Authority Water Supply System Revenue 5.000% 7/1/29     1,420     1,568
5 Great Lakes MI Water Authority Water Supply System Revenue 4.000% 7/1/33     1,000     1,025
  Great Lakes MI Water Authority Water Supply System Revenue 5.000% 7/1/33     1,310     1,466
  Great Lakes MI Water Authority Water Supply System Revenue 5.000% 7/1/36     1,000     1,044
  Great Lakes MI Water Authority Water Supply System Revenue 5.000% 7/1/37     1,000     1,115
  Great Lakes MI Water Authority Water Supply System Revenue 5.000% 7/1/38     1,250     1,369
  Great Lakes MI Water Authority Water Supply System Revenue 5.000% 7/1/40       500       537
18 Hudsonville MI Public Schools GO 5.000% 5/1/31       420       452
  Ingham County MI Building Authority Revenue 3.000% 5/1/34     3,900     3,663
  Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) 5.000% 11/1/29       970     1,042
18 Lake Orion MI Community School District GO 5.000% 5/1/38     4,070     4,401
18 L'Anse Creuse MI Public Schools GO (Unlimited Tax) 5.000% 5/1/27       450       485
18 L'Anse Creuse MI Public Schools GO (Unlimited Tax) 5.000% 5/1/28       515       566
5,18 Lincoln MI Consolidated School District GO 5.000% 5/1/24     1,000     1,015
18 Marysville MI Public Schools District GO 5.000% 5/1/28     1,630     1,711
  Michigan Building Authority Revenue 5.000% 4/15/33     1,000     1,038
  Michigan Building Authority Revenue 5.000% 4/15/36     1,235     1,311
  Michigan Environmental Program GO 4.000% 5/1/28     1,000     1,031
  Michigan Finance Authority Hospital Revenue Bonds (Beaumontt Health Credit Group) Prere. 5.000% 8/1/24     1,500     1,530
  Michigan Finance Authority Hospital Revenue Bonds (Beaumontt-Spectrum Consolidation) 5.000% 4/15/29     1,000     1,104
  Michigan Finance Authority Hospital Revenue Bonds (Beaumontt-Spectrum Consolidation) 5.000% 4/15/31     2,000     2,271
  Michigan Finance Authority Hospital Revenue Bonds (Beaumontt-Spectrum Consolidation) 5.000% 4/15/36     1,000     1,121
  Michigan Finance Authority Hospital Revenue Bonds (Beaumontt-Spectrum Consolidation) 5.000% 4/15/37     1,000     1,110
  Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) 5.000% 12/1/31     1,000     1,068
  Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) 5.000% 12/1/35     2,250     2,471
4 Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) PUT, SIFMA Municipal Swap Index Yield + 0.850% 4.860% 12/1/24     1,500     1,502
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) PUT, SIFMA Municipal Swap Index Yield + 0.900% 4.910% 12/1/25       500       498
  Michigan Finance Authority Revenue 5.000% 11/1/28     1,055     1,162
  Michigan Finance Authority Revenue 4.000% 11/1/32     1,740     1,845
  Michigan Finance Authority Revenue 5.000% 10/1/34     2,565     2,837
  Michigan Finance Authority Revenue (Calvin University) 5.000% 9/1/35       605       655
5 Michigan Finance Authority Revenue (Detroit Water & Sewer) 5.000% 7/1/23     1,000     1,000
  Michigan Finance Authority Revenue (Detroit Water & Sewer) 5.000% 7/1/28       750       770
  Michigan Finance Authority Revenue (Detroit Water & Sewer) 5.000% 7/1/29     1,500     1,522
  Michigan Finance Authority Revenue (Detroit Water & Sewer) 5.000% 7/1/33     1,000     1,013
  Michigan Finance Authority Revenue (Henry Ford Health System Obligated Group) 5.000% 11/15/26     1,210     1,266
  Michigan Finance Authority Revenue (Kalamazoo College Project) 5.000% 12/1/26       850       891
  Michigan Finance Authority Revenue (Kalamazoo College Project) 5.000% 12/1/27       965     1,027
  Michigan Finance Authority Revenue (McLaren Health Care Corp.) 5.000% 2/15/34     1,700     1,844
  Michigan Finance Authority Revenue (State Clean Water Revolving Fund) 5.000% 10/1/36     2,000     2,189
  Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) 5.000% 6/1/33     1,000     1,084
  Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) 4.000% 6/1/37     1,000       985
  Michigan State Hospital Finance Authority Revenue (Ascension Health Credit Group) 4.000% 11/15/32     1,000     1,029
  Michigan State Housing Development Authority Revenue (Single-Family Mortgage) 3.500% 12/1/50     4,645     4,545
  Michigan State Housing Development Authority Revenue (Single-Family Mortgage) 5.000% 6/1/53       945       976
  Michigan State Housing Development Authority Revenue (Single-Family Mortgage) 5.500% 12/1/53     1,105     1,183
  Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) 4.000% 11/15/40     2,005     2,017
  Northville MI Public School GO 5.000% 5/1/39     1,025     1,132
  Northville MI Public Schools GO (Unlimited Tax) 4.000% 5/1/28       375       394
  Northville MI Public Schools Unlimited Tax GO 4.000% 5/1/26       500       514
  Northville MI Public Schools Unlimited Tax GO 4.000% 5/1/27       325       338
  Oakland University MI Revenue 5.000% 3/1/30     1,250     1,297
  Oakland University MI Revenue 5.000% 3/1/31     1,000     1,133
  Oakland University MI Revenue 5.000% 3/1/35     1,475     1,651
  Portage MI Public Schools GO 5.000% 11/1/34     1,250     1,297
18 Roseville MI School District GO Prere. 5.000% 5/1/25     1,665     1,722
 
30

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Royal Oak MI Hospital Finance Authority Hospital Revenue (William Beaumont Hospital) Prere. 5.000% 3/1/24     1,450     1,467
18 Saginaw City School District GO 4.000% 5/1/34     1,030     1,078
  University of Michigan Revenue 5.000% 4/1/25        35        36
  University of Michigan Revenue 5.000% 4/1/29        20        21
  University of Michigan Revenue 5.000% 4/1/29        20        22
  University of Michigan Revenue 5.000% 4/1/30        25        26
  University of Michigan Revenue 5.000% 4/1/31        30        32
  University of Michigan Revenue 5.000% 4/1/32     2,050     2,217
5 University of Michigan Revenue 5.000% 11/15/32       590       661
5 University of Michigan Revenue 5.000% 11/15/33       200       223
  University of Michigan Revenue Prere. 5.000% 4/1/26        25        26
  University of Michigan Revenue Prere. 5.000% 4/1/26        40        42
  University of Michigan Revenue Prere. 5.000% 4/1/26        30        32
  Wayne County MI Airport Authority Revenue 5.000% 12/1/25       870       905
  Wayne County MI Airport Authority Revenue 5.000% 12/1/30     1,300     1,353
                                     102,408
Minnesota (0.6%)
  Duluth MN Independent School District No. 709 COP 5.000% 2/1/27       365       387
  Duluth MN Independent School District No. 709 COP 5.000% 2/1/28       350       378
15 Gibbon MN Independent School District No. 2365 GO 5.000% 2/1/38       400       439
  Hennepin County MN GO Sales Tax GO 5.000% 12/15/37     2,000     2,189
  Hennepin County MN GO Sales Tax GO 5.000% 12/15/38     2,205     2,409
  Minneapolis & St. Paul MN Metropolitan Airports Commission Revenue 5.000% 1/1/26       450       470
  Minneapolis MN GO 5.000% 12/1/33     2,000     2,282
  Minneapolis MN Health Care System Revenue PUT 5.000% 11/15/30     1,785     1,970
  Minneapolis MN Healthcare System Revenue PUT 5.000% 11/15/28     1,085     1,170
  Minnesota GO 5.000% 8/1/24     1,615     1,648
  Minnesota GO 5.000% 8/1/25     1,500     1,562
  Minnesota GO 5.000% 8/1/25     2,170     2,260
  Minnesota GO 5.000% 8/1/27     1,005     1,045
  Minnesota GO 5.000% 9/1/30     5,000     5,773
  Minnesota Higher Education Facilities Authority Revenue (Hamline University) 5.000% 10/1/35       595       608
  Minnesota Higher Education Facilities Authority Revenue (University of St. Thomas) 4.000% 10/1/40     1,000       971
  Minnesota Housing Finance Agency Residential Housing Revenue 2.800% 12/1/47       651       581
  Minnesota Housing Finance Agency Residential Housing Revenue 3.500% 7/1/50       500       490
  Minnesota Housing Finance Agency Residential Housing Revenue 5.500% 7/1/53     1,800     1,910
  Minnesota Housing Finance Agency Revenue (Housing Infrastructure) 4.000% 8/1/36     1,500     1,539
3 Minnesota Municipal Gas Agency Commodity Supply Revenue PUT 4.000% 12/1/27     2,205     2,204
3,4 Minnesota Municipal Gas Agency Commodity Supply Revenue PUT, SOFR + 1.000% 4.390% 12/1/27     1,000       978
  Minnesota Public Facilities Authority Revolving Fund Revenue 5.000% 3/1/25     2,480     2,560
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Minnesota Public Facilities Authority Revolving Fund Revenue 5.000% 3/1/31     8,000     8,420
  Osseo MN Independent School District No. 279 GO 5.000% 2/1/28     1,000     1,078
  Owatonna MN Independent School District No. 761 GO 3.000% 2/1/32     1,190     1,180
  University of Minnesota Revenue 5.000% 4/1/38     2,000     2,180
  West St. Paul MN Independent School District No. 197 GO (Mendota Heights-Eagan) 4.000% 2/1/28     1,000     1,045
  White Bear Lake MN Independent School District No. 624 GO 3.000% 2/1/30     1,150     1,144
                                      50,870
Mississippi (0.2%)
  Lowndes County MS Solid Waste Disposal & Pollution Control Revenue PUT 2.650% 4/1/27     1,000       954
  Mississippi Development Bank SO Revenue (Marshall County Industrial Development Highway Refunding Project) 5.000% 1/1/26     1,335     1,386
  Mississippi Development Bank SO Revenue (Rankin County School District) 5.000% 6/1/27       500       531
  Mississippi Development Bank SO Revenue (Rankin County School District) 5.000% 6/1/30     1,765     1,884
  Mississippi Gaming Tax Revenue 5.000% 10/15/29     1,000     1,079
  Mississippi Gaming Tax Revenue 5.000% 10/15/36     1,500     1,588
  Mississippi GO Prere. 5.000% 11/1/25     1,000     1,045
  Mississippi GO Prere. 5.000% 11/1/26       115       123
  Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) 5.000% 1/1/29       830       889
  Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) 5.000% 1/1/30       625       674
  Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) 5.000% 1/1/30       260       280
  Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services) 5.000% 10/1/27     1,000     1,061
  Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical Center) 4.000% 6/1/34     1,000     1,020
  Mississippi State Gaming Tax Revenue 5.000% 10/15/32     2,000     2,152
  Mississippi State University Educational Building Corp. Revenue 5.000% 8/1/30       575       616
  Mississippi State University Educational Building Corp. Revenue 5.000% 8/1/31       515       552
  Mississippi State University Educational Building Corp. Revenue Prere. 5.000% 8/1/23     1,000     1,001
                                      16,835
Missouri (0.6%)
  Bi-State Development Agency MO Illinois Metropolitan District Sales Tax Appropriation Revenue 4.000% 10/1/35     1,790     1,826
  Cape Girardeau County MO Industrial Development Authority Health Care Facilities Revenue (St. Francis Healthcare System) 4.000% 6/1/37     1,680     1,672
  Clay County MO Public Schools District GO 5.000% 3/1/39     1,375     1,524
 
31

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Greene County Mo Reorganized School District No. 3 GO 4.000% 3/1/39     1,100     1,097
  Jackson County MO Reorganized School District No. 7 GO (Lee's Summit) 3.000% 3/1/40     3,000     2,575
  Jackson County MO School District No. 4 GO (Blue Springs) 6.000% 3/1/38     1,000     1,161
  Jackson County MO SO Revenue (Truman Sports Complex Project) 5.000% 12/1/26     1,215     1,237
  Jackson County MO SO Revenue (Truman Sports Complex Project) 5.000% 12/1/31     1,500     1,529
  Kansas City MO GO 4.000% 2/1/26       615       631
  Kansas City MO Sanitary Sewer System Revenue 5.000% 1/1/32     1,020     1,116
  Kansas City MO SO Bonds Revenue (Missouri Projects) 5.000% 9/1/35     3,215     3,630
  Little Blue Valley MO Sewer District Revenue 3.000% 9/1/33     1,505     1,442
  Metropolitan St. Louis MO Sewer District Wastewater System Revenue 5.000% 5/1/34       525       564
  Metropolitan St. Louis MO Sewer District Wastewater System Revenue 4.000% 5/1/41     4,145     4,202
  Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) 5.000% 5/1/30     1,000     1,005
  Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) 5.000% 5/1/34       880       885
  Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) Prere. 5.000% 6/1/24     1,480     1,498
  Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) PUT 5.000% 6/1/28     1,000     1,076
  Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) 5.000% 12/1/31     1,050     1,129
  Missouri Health & Educational Facilities Authority Revenue 4.000% 7/1/37     1,000       997
  Missouri Health & Educational Facilities Authority Revenue PUT 4.000% 5/1/26     1,500     1,525
  Missouri Health & Educational Facilities Authority Revenue PUT 5.000% 5/1/28     2,425     2,624
  Missouri Health & Educational Facilities Authority Revenue (BJC Health System) 4.500% 1/1/39     2,865     2,869
  Missouri Health & Educational Facilities Authority Revenue (Children's Mercy Hospital) 5.000% 5/15/36     1,100     1,133
  Missouri Health & Educational Facilities Authority Revenue (Mercy Health) 5.000% 11/15/34     1,500     1,531
  Missouri Housing Development Commission Revenue 3.500% 11/1/50       480       470
  Missouri Housing Development Commission Revenue 5.000% 5/1/53       995     1,028
  Missouri Housing Development Commission Revenue 5.750% 5/1/53       205       218
  Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Iatan 2 Project) 5.000% 12/1/34     1,425     1,459
  Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie Project) 5.000% 12/1/34     1,010     1,045
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie Project) 5.000% 12/1/40     1,655     1,686
  St. Louis County MO Industrial Development Authority Senior Living Facilities Revenue 5.000% 9/1/38     1,225     1,120
6,11 St. Louis MO Municipal Finance Corp. Leasehold Revenue 0.000% 7/15/26     1,260     1,124
6,11 St. Louis MO Municipal Finance Corp. Leasehold Revenue 0.000% 7/15/26     1,455     1,298
5 St. Louis MO Municipal Finance Corp. Leasehold Revenue 0.000% 7/15/33     1,000       683
5 St. Louis MO Parking Revenue 5.000% 12/15/23       715       720
  St. Louis MO Sewer & Wastewater Revenue 5.000% 5/1/36     1,000     1,030
                                      52,359
Montana (0.1%)
  Forsyth MT Pollution Control Revenue 3.875% 7/1/28     1,000     1,003
17 Montana Board of Housing Multifamily Revenue PUT 5.000% 5/1/25     2,444     2,484
  Montana Facility Finance Authority Hospital Revenue (Benefis Health System) 5.000% 2/15/32       825       859
                                       4,346
Multiple States (0.2%)
19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 2.650% 9/15/30     1,500     1,319
6,19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 2.600% 9/15/33     1,910     1,615
6,19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 2.625% 6/15/35     1,875     1,585
6,19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 2.650% 6/15/35     1,355     1,139
6,19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 2.750% 11/25/35     4,875     4,170
19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 3.400% 1/25/36       468       428
6,19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 2.650% 6/15/36     1,250     1,027
19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue 4.140% 1/25/40     1,499     1,393
3,6,19 Federal Home Loan Mortgage Corp. Multifamily Housing Revenue TOB VRDO 3.800% 7/3/23     1,700     1,700
                                      14,376
Nebraska (0.3%)
  Central Plains Energy Project Nebraska Gas Project Revenue PUT 5.000% 1/1/24       280       281
  Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) 5.000% 9/1/27     1,000     1,031
  Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) 5.000% 9/1/42     1,315     1,370
  Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 5) PUT 5.000% 10/1/29     1,235     1,280
3 Central Plains Energy Project Nebraska Gas Supply Revenue PUT 4.000% 8/1/25     8,015     8,017
  Nebraska Public Power District Revenue 5.000% 7/1/28     1,000     1,087
  Omaha NE Public Power District Electric Revenue 5.000% 2/1/29     1,420     1,492
  Omaha NE Sewer Revenue 5.000% 11/15/29     2,500     2,558
  Public Power Generation Agency Revenue (Whelan Energy Center Unit 2) 5.000% 1/1/35     1,000     1,041
 
32

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Sarpy County NE Schools District GO 5.000% 12/15/27     1,000     1,043
  Scotts Bluff County NE Hospital Authority Revenue (Regional West Medical Center) 5.000% 2/1/24     1,785     1,793
  University of Nebraska Facilities Corp. Revenue 5.000% 7/15/27     1,100     1,193
                                      22,186
Nevada (0.6%)
  Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) 5.000% 9/1/26       560       580
  Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) 5.000% 9/1/28     1,220     1,281
  Clark County NV Airport Improvement Revenue 5.000% 7/1/30     2,095     2,333
  Clark County NV Airport System Revenue 5.000% 7/1/42     1,000     1,067
  Clark County NV GO 4.000% 6/1/32     1,505     1,557
  Clark County NV GO 4.000% 7/1/32     2,190     2,263
  Clark County NV GO 4.000% 6/1/33     1,000     1,045
  Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue 5.000% 7/1/31     1,575     1,604
  Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue 5.000% 7/1/36     1,075     1,140
  Clark County NV Passenger Facility Charge Revenue 5.000% 7/1/32     1,000     1,109
  Clark County NV Pollution Control Refunding Revenue (Southern California Edison Co.) 2.100% 6/1/31     1,500     1,253
5 Clark County NV School District GO 5.000% 6/15/27     3,000     3,221
5 Clark County NV School District GO 4.000% 6/15/33     1,820     1,858
8 Clark County NV School District GO 3.000% 6/15/34     1,000       959
8 Clark County NV School District GO 3.000% 6/15/37     1,000       886
  Clark County NV School District GO 3.000% 6/15/38     1,000       859
  Clark County NV School District GO 3.000% 6/15/40     1,600     1,301
5 Clark County NV School District GO 4.000% 6/15/40       850       845
  Las Vegas Valley NV Water District GO 5.000% 6/1/26     1,000     1,058
  Las Vegas Valley NV Water District GO 4.000% 6/1/41     1,685     1,692
  Las Vegas Valley NV Water District GO 4.000% 6/1/42     1,815     1,822
  Las Vegas Valley Water District Nevada GO 5.000% 6/1/24     1,190     1,210
  Las Vegas Valley Water District Nevada GO 5.000% 12/1/27     1,990     2,063
  Las Vegas Valley Water District Nevada GO 5.000% 6/1/35     1,870     1,957
  Las Vegas Valley Water District Nevada GO 5.000% 6/1/38     1,000     1,088
  Las Vegas Valley Water District Nevada GO 5.000% 6/1/41     3,045     3,148
  Nevada GO 5.000% 11/1/23     1,465     1,473
  Nevada GO 5.000% 11/1/25     1,015     1,050
  Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) 4.000% 12/1/32     1,660     1,710
6 North Las Vegas NV Local Improvement Special Bonds 5.500% 6/1/37       750       754
  Reno NV Sales Tax Revenue (Reno Transportation Rail Access) 5.000% 6/1/27       250       262
  Reno NV Sales Tax Revenue (Reno Transportation Rail Access) 5.000% 6/1/28       250       266
  Reno NV Sales Tax Revenue (Reno Transportation Rail Access) 5.000% 6/1/32       250       268
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Reno NV Sales Tax Revenue (Reno Transportation Rail Access) 5.000% 6/1/33       250       268
  Truckee Meadows NV Water Authority Water Revenue 5.000% 7/1/34     1,510     1,585
                                      46,835
New Hampshire (0.1%)
  National Finance Authority NH Revenue 5.000% 8/15/30     1,500     1,647
  National Finance Authority NH Revenue 4.125% 1/20/34     5,320     5,189
  National Finance Authority NH Revenue (Dickinson College Project) 5.000% 11/1/42     1,475     1,584
  National NH Finance Authority Municipal Certificates Revenue 4.375% 9/20/36       988       967
  New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College) 4.000% 8/1/43     2,355     2,206
                                      11,593
New Jersey (1.9%)
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/27     1,400     1,407
  Cape May County NJ GO 2.000% 9/15/30     2,605     2,352
  Cherry Hill Township NJ School District Board of Education GO 3.000% 8/1/32     3,000     2,949
5 Clifton NJ Board of Education School Bonds GO 2.000% 8/15/34     1,500     1,245
  Hudson County NJ General Improvement Bonds GO 3.000% 11/15/31     2,615     2,583
  Hudson County NJ General Improvement Bonds GO 2.125% 11/15/36     1,000       782
  Hudson County NJ Improvement Authority Lease Revenue (Courthouse Projects) 4.000% 10/1/40     2,010     2,026
8 Lindenwold Boro NJ School District Bonds GO 3.125% 2/1/36     1,390     1,281
8 Montclair NJ Township Board of Education Schools GO 3.125% 1/15/35       965       928
  New Jersey Covid 19 Emergency Bonds GO 5.000% 6/1/25     1,000     1,035
  New Jersey Covid 19 Emergency Bonds GO 4.000% 6/1/30     4,115     4,369
  New Jersey Covid 19 Emergency Bonds GO 4.000% 6/1/31     3,500     3,740
  New Jersey Covid 19 Emergency Bonds GO 3.000% 6/1/32     3,000     2,862
6 New Jersey Economic Development Authority Revenue 5.250% 9/1/23     2,000     2,005
  New Jersey Economic Development Authority Revenue 5.250% 6/15/27       260       269
  New Jersey Economic Development Authority Revenue 5.000% 6/15/33     1,100     1,224
  New Jersey Economic Development Authority Revenue 4.000% 7/1/34     1,105     1,110
  New Jersey Economic Development Authority Revenue 4.000% 6/15/35       500       510
  New Jersey Economic Development Authority Revenue 5.000% 6/15/35     2,000     2,111
  New Jersey Economic Development Authority Revenue Prere. 5.250% 6/15/25       300       313
  New Jersey Economic Development Authority Revenue Prere. 5.500% 12/15/26     2,000     2,176
13 New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) 5.250% 7/1/26       405       424
 
33

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
13 New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) ETM 5.250% 7/1/26        95       101
  New Jersey Economic Development Authority Revenue (Portal North Bridge Project) 5.250% 11/1/40     4,000     4,406
  New Jersey Economic Development Authority Revenue (Portal North Bridge Project) 5.250% 11/1/41     5,000     5,484
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 3/1/25     1,725     1,768
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 3/1/26     1,325     1,378
13 New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/27     1,000     1,088
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 3/1/28     1,400     1,505
15 New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/34     1,000     1,089
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/35       700       760
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 3/1/25     5,000     5,167
  New Jersey Educational Facilities Authority Revenue (Princeton University) 2.000% 3/1/37     1,000       758
5 New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/35       400       456
  New Jersey GO 2.000% 6/1/31     1,295     1,131
  New Jersey GO 2.000% 6/1/32     1,230     1,051
  New Jersey GO 2.000% 6/1/35     1,000       800
  New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) 5.000% 9/15/24       500       501
  New Jersey Health Care Facilities Financing Authority Revenue 5.000% 7/1/34       500       528
  New Jersey Health Care Facilities Financing Authority Revenue (Atlanticare Health System) 3.000% 7/1/40       145       119
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) 4.000% 7/1/38     1,000     1,006
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph's Healthcare System) 5.000% 7/1/27     1,000     1,026
  New Jersey Health Care Facilities Financing Authority Revenue (St. Peter's University Hospitals) 5.000% 7/1/31     1,000     1,064
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/29     1,385     1,531
3 New Jersey Revenue VRDO 3.750% 7/3/23     4,100     4,100
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/25     1,300     1,337
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/28     2,380     2,492
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/28       620       649
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/29     1,400     1,466
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/30     1,000     1,046
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 5.000% 6/15/31     1,000     1,127
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 5.000% 6/15/33     1,000     1,132
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 5.000% 6/15/34       600       675
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 5.000% 6/15/35     1,000     1,119
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 4.000% 6/15/37     1,000     1,003
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 4.000% 6/15/37     1,000     1,003
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 5.000% 6/15/40     1,000     1,080
  New Jersey Transportation Trust Fund Authority Program Bonds Revenue 4.000% 6/15/42     1,750     1,690
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/27     1,000     1,074
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/28     1,000     1,083
5 New Jersey Transportation Trust Fund Authority Revenue 0.000% 12/15/29     1,700     1,354
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/30     1,285     1,395
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/31     1,000     1,083
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/33     1,115     1,204
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/34     1,115     1,201
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/35     1,015     1,082
  New Jersey Transportation Trust Fund Authority System Bonds Revenue 5.000% 6/15/30     2,000     2,231
13 New Jersey Transportation Trust Fund Authority System Bonds Revenue 0.000% 12/15/30     1,420     1,082
  New Jersey Transportation Trust Fund Authority System Bonds Revenue 5.000% 6/15/31     1,000     1,127
13,20 New Jersey Transportation Trust Fund Authority System Bonds Revenue 0.000% 12/15/31       265       201
  New Jersey Transportation Trust Fund Authority System Bonds Revenue 5.000% 6/15/32     1,000     1,123
5 New Jersey Transportation Trust Fund Authority System Bonds Revenue 0.000% 12/15/32     1,000       707
  New Jersey Transportation Trust Fund Authority System Bonds Revenue 5.000% 12/15/32     1,000     1,084
  New Jersey Transportation Trust Fund Authority System Bonds Revenue 0.000% 12/15/34     1,000       639
 
34

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority System Bonds Revenue 0.000% 12/15/34     1,310       837
  New Jersey Transportation Trust Fund Authority System Bonds Revenue 4.000% 6/15/35       500       511
11 New Jersey Transportation Trust Fund Authority System Bonds Revenue 0.000% 12/15/35     1,490       907
11 New Jersey Transportation Trust Fund Authority System Bonds Revenue 0.000% 12/15/36       500       288
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/33     1,500     1,548
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/36     2,125     2,125
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.500% 12/15/23       605       610
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 12/15/24     1,000     1,022
11 New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/26     2,000     1,771
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 12/15/27     5,260     5,648
13 New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/31     2,000     1,463
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/32       700       717
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/38     1,500     1,634
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/39     3,175     1,548
  New Jersey Turnpike Authority Revenue 5.000% 1/1/28       500       527
  New Jersey Turnpike Authority Revenue 5.000% 1/1/31     4,245     4,515
  New Jersey Turnpike Authority Revenue 5.000% 1/1/32     1,000     1,088
  New Jersey Turnpike Authority Revenue 4.000% 1/1/33     1,070     1,106
  New Jersey Turnpike Authority Revenue 4.000% 1/1/34     2,500     2,579
  New Jersey Turnpike Authority Revenue 5.000% 1/1/35     1,000     1,057
  New Jersey Turnpike Authority Revenue 5.000% 1/1/37     1,000     1,070
  New Jersey Turnpike Authority Revenue 4.000% 1/1/42     2,000     2,005
8 Newark NJ Board of Education School Energy Savings Obligation Refunding Bonds GO 5.000% 7/15/29       375       413
5 North Hudson Sewerage Authority Revenue ETM 5.000% 6/1/36     1,320     1,590
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/39       525       527
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/26     1,825     1,904
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/27     3,200     3,385
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/30     1,555     1,669
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/31     1,000     1,074
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/32     1,000     1,072
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/35     1,570     1,669
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/36     1,500     1,585
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/37     1,000     1,051
  Toms River NJ Board of Education GO 3.000% 7/15/30     3,000     2,966
  Toms River NJ General Improvement Bonds GO 4.000% 6/1/39     1,760     1,776
                                     163,264
New Mexico (0.2%)
  Albuquerque NM GO 5.000% 7/1/26     4,035     4,260
  Albuquerque NM Municipal School District No. 12 GO 5.000% 8/1/23       265       265
  Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project) 1.800% 4/1/29     1,000       859
  Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project) 1.800% 4/1/29     1,550     1,332
  Farmington NM Pollution Control Revenue (San Juan & Four Corners Projects) 2.150% 4/1/33     2,675     2,134
  Farmington NM Pollution Control Revenue (San Juan Project) PUT 3.900% 6/1/28       495       497
  Farmington NM Pollution Control Revenue (Southern California Edison Co.) 1.800% 4/1/29     1,000       859
  New Mexico Finance Authority Transportation Revenue 5.000% 6/15/27     1,045     1,063
  New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) Prere. 5.000% 8/1/25     1,520     1,572
  New Mexico Mortgage Finance Authority Revenue 3.000% 1/1/52     1,000       960
3 New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue PUT 5.000% 5/1/25       805       822
  New Mexico State Severance Tax Bonds Revenue 5.000% 7/1/24     1,000     1,018
  New Mexico State Severance Tax Bonds Revenue 5.000% 7/1/25     1,000     1,037
                                      16,678
New York (6.5%)
  Battery Park City NY Authority Revenue 5.000% 11/1/38       750       830
  Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) 5.000% 7/15/30       700       719
  Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) 0.000% 7/15/32     1,430       964
  Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) 0.000% 7/15/33     1,500       963
  Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) 0.000% 7/15/35       470       273
5 Broome County NY Local Development Corp. Revenue (United Health Services Hospitals Inc. Project) 5.000% 4/1/29     2,100     2,271
  Build NY Resource Corp. Revenue 5.000% 7/1/32       325       343
  Build NY Resource Corp. Revenue 5.000% 7/1/34       415       445
 
35

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Build NY Resource Corp. Revenue 5.000% 7/1/35       550       584
  Dutchess County NY Local Development Corp. Revenue 5.000% 7/1/32     1,110     1,179
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/31       425       453
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/33       200       205
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/34       240       246
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 4.000% 7/1/37       555       516
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 4.000% 7/1/41       650       578
  Erie County NY Fiscal Stability Authority Revenue 5.000% 9/1/30       500       543
  Genesee County NY Funding Corp. Revenue (Rochester Regional Health Project) 5.000% 12/1/35       700       730
5 Hempstead NY GO 4.000% 4/1/29     1,420     1,454
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/31     1,550     1,661
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/36     1,500     1,592
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/37       520       550
  Hudson Yards Infrastructure Corp. New York Revenue 4.000% 2/15/42     1,000       993
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/38     1,465     1,653
  Long Island Power Authority NY Electric System Revenue 0.000% 12/1/29     1,000       993
  Long Island Power Authority NY Electric System Revenue 5.000% 9/1/35     1,095     1,202
  Long Island Power Authority NY Electric System Revenue PUT 1.500% 9/1/26     1,360     1,260
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/27     1,000     1,041
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/28     2,075     2,136
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/29     1,115     1,159
  Metropolitan Transportation Authority NY Revenue 5.250% 11/15/30     3,440     3,687
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/33     1,500     1,647
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/34     2,500     2,712
  Metropolitan Transportation Authority NY Revenue 4.000% 11/15/40       810       786
5 Metropolitan Transportation Authority NY Revenue 5.000% 11/15/40     1,000     1,057
  Metropolitan Transportation Authority NY Revenue 4.000% 11/15/41     2,170     2,094
  Metropolitan Transportation Authority NY Revenue 4.000% 11/15/42     1,500     1,439
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/43       500       524
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/43     1,475     1,475
  Metropolitan Transportation Authority NY Revenue PUT 5.000% 5/15/24     7,000     7,069
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4,5 Metropolitan Transportation Authority NY Revenue PUT, SOFR + 0.550% 3.940% 4/1/24       500       498
  Monroe County NY Industrial Development Agency School Facility Revenue (Rochester Schools Modernization Project) 5.000% 5/1/31     1,970     2,133
  Monroe County NY Industrial Development Corp. Revenue (Rochester Regional Health) 4.000% 12/1/39     2,120     1,966
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/37     1,540     1,640
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Projects) 5.000% 12/1/28       555       585
3,6 Nassau County NY Revenue TOB VRDO 3.850% 7/3/23     1,000     1,000
  New York City NY GO 5.000% 8/1/23       400       401
  New York City NY GO 5.000% 8/1/24     1,000     1,020
  New York City NY GO 5.000% 8/1/25     1,245     1,293
  New York City NY GO 5.000% 8/1/25     1,310     1,360
  New York City NY GO 5.000% 8/1/25     1,000     1,038
  New York City NY GO 5.000% 6/1/26     2,450     2,535
  New York City NY GO 5.000% 8/1/27     1,000     1,082
  New York City NY GO 5.000% 8/1/28     5,000     5,518
  New York City NY GO 5.000% 8/1/32     1,000     1,176
  New York City NY GO 5.000% 12/1/32     1,755     1,860
  New York City NY GO 5.000% 12/1/32     1,000     1,104
  New York City NY GO 5.000% 10/1/34     1,940     2,161
  New York City NY GO 4.000% 8/1/35     1,000     1,048
  New York City NY GO 5.000% 12/1/35     1,120     1,184
  New York City NY GO 4.000% 8/1/36     1,000     1,035
  New York City NY GO 5.000% 10/1/36     3,875     4,153
  New York City NY GO 4.000% 8/1/37     2,000     2,034
  New York City NY GO 4.000% 10/1/37     6,640     6,749
  New York City NY GO 5.000% 4/1/39     1,000     1,128
  New York City NY GO 5.000% 4/1/39     5,000     5,335
  New York City NY GO 5.000% 9/1/39     5,000     5,610
  New York City NY GO 3.000% 3/1/41     1,210     1,019
  New York City NY GO 5.000% 4/1/41     3,000     3,360
  New York City NY GO 5.250% 5/1/41     1,250     1,415
  New York City NY GO 4.000% 4/1/42     3,000     2,989
  New York City NY GO 5.250% 10/1/42     1,000     1,133
  New York City NY GO 5.250% 4/1/43     1,000     1,138
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 3.700% 11/1/38     1,915     1,792
17 New York City NY Housing Development Corp. Multi-Family Housing Revenue 2.350% 11/1/40     2,000     1,452
  New York City NY Housing Development Corp. Multi-Family Housing Revenue Prere. 5.250% 7/3/23     1,000     1,000
17 New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT 0.700% 5/1/25       400       372
17 New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT 0.600% 7/1/25     2,000     1,851
17 New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT 0.900% 1/1/26       800       733
  New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT 2.950% 2/1/26     1,000       982
17 New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT 3.400% 12/22/26     1,000       985
 
36

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
17 New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT 3.400% 12/22/26     1,000       988
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT 3.700% 12/30/27     2,000     2,000
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT 3.730% 12/29/28     1,000     1,001
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood Bonds) 3.000% 11/1/39     1,000       850
5 New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) 4.000% 3/1/31     1,250     1,310
5 New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) 3.000% 3/1/38     2,000     1,722
5 New York City NY Industrial Development Agency Revenue (Yankee Stadium Projects) 3.000% 3/1/36     2,000     1,811
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/27     4,560     4,778
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.250% 6/15/33     1,000     1,086
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/36     2,000     2,077
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.250% 6/15/37     3,140     3,377
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/38     1,000     1,069
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/39     2,075     2,134
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/39     2,500     2,720
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue Prere. 5.000% 6/15/25     1,350     1,402
  New York City NY Transitional Finance Authority Building AID Revenue 5.000% 7/15/28     1,730     1,795
  New York City NY Transitional Finance Authority Building AID Revenue 5.000% 7/15/29     2,000     2,076
  New York City NY Transitional Finance Authority Building AID Revenue 5.000% 7/15/30     1,045     1,093
  New York City NY Transitional Finance Authority Building AID Revenue 5.000% 7/15/35     1,635     1,783
  New York City NY Transitional Finance Authority Building AID Revenue 5.250% 7/15/35     1,525     1,688
  New York City NY Transitional Finance Authority Building AID Revenue 4.000% 7/15/38     1,750     1,765
  New York City NY Transitional Finance Authority Building AID Revenue 5.000% 7/15/43     1,000     1,065
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City NY Transitional Finance Authority Building AID Revenue ETM 5.000% 7/15/24     3,430     3,497
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/28     1,325     1,384
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/31     2,445     2,554
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/32     1,370     1,393
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/32     1,500     1,561
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/34     1,450     1,473
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/34     1,710     1,802
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/34     1,565     1,625
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/35     4,000     4,093
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/35     1,525     1,636
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 11/1/35     2,500     2,614
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/35     1,745     1,807
  New York City NY Transitional Finance Authority Future Tax Revenue 5.250% 11/1/35     1,000     1,187
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 5/1/36     1,580     1,679
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 8/1/36     1,235     1,261
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 11/1/36     1,000     1,028
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/37     1,680     1,787
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/38     8,000     8,107
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 11/1/38     1,250     1,269
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/42     3,000     3,034
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 11/1/25     2,230     2,330
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 11/1/28     1,600     1,775
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 11/1/30     2,000     2,297
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 8/1/35     2,015     2,194
 
37

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 8/1/35     1,200     1,375
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 2/1/36       110       126
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 8/1/36     1,000     1,039
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 8/1/36     2,325     2,520
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 11/1/36     2,800     2,906
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 8/1/37       250       257
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 2/1/38       200       204
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 8/1/38     5,000     5,055
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 2/1/39     2,500     2,523
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 2/1/39     1,020     1,140
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 5/1/39     2,000     2,018
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 11/1/39     1,330     1,437
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 2/1/40       545       607
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 3.000% 8/1/40     1,500     1,275
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 8/1/40     3,500     3,701
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 11/1/40     1,540     1,647
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 2/1/41     1,545     1,712
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 3.000% 8/1/41     1,000       839
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.250% 11/1/41     8,000     9,102
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 2/1/42       510       563
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 5.000% 2/1/42     2,000     2,227
  New York City NY Transitional Finance Authority Future Tax Secured Revenue 4.000% 11/1/43     1,000       989
  New York City NY Transitional Finance Authority Revenue 5.000% 8/1/35     1,500     1,634
  New York City NY Transitional Finance Authority Revenue 5.000% 8/1/36     5,710     6,188
  New York City NY Transitional Finance Authority Revenue 5.000% 5/1/38     1,675     1,795
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City NY Transitional Finance Authority Revenue 5.000% 5/1/39     1,335     1,443
  New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) 5.000% 12/1/26     1,350     1,432
  New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) 4.000% 12/1/33     1,000     1,036
  New York Liberty Development Corp. Revenue (1 World Trade Center Project) 3.000% 2/15/42       500       400
8 New York Liberty Development Corp. Revenue (1 World Trade Center Project) 3.000% 2/15/42     2,000     1,613
  New York Liberty Development Corp. Revenue (1 World Trade Center Project) 4.000% 2/15/43     1,000       975
  New York Liberty Development Corp. Revenue (4 World Trade Center Project) 1.900% 11/15/31     1,500     1,280
  New York Liberty Development Corp. Revenue (4 World Trade Center Project) 2.100% 11/15/32     1,900     1,634
  New York Liberty Development Corp. Revenue (4 World Trade Center Project) 2.200% 11/15/33     1,440     1,232
  New York Liberty Development Corp. Revenue (4 World Trade Center Project) 2.300% 11/15/34     1,500     1,271
  New York Liberty Development Corp. Revenue (4 World Trade Center Project) 2.400% 11/15/35     1,400     1,169
  New York Liberty Development Corp. Revenue (4 World Trade Center Project) 2.500% 11/15/36       950       781
  New York Liberty Development Corp. Revenue (4 World Trade Center Project) 2.750% 11/15/41     3,050     2,377
  New York Liberty Development Corp. Revenue (7 World Trade Center Project) 3.000% 9/15/43       405       327
  New York Liberty Development Corp. Revenue (Bank of America Tower at One Bryant Park Project) 2.800% 9/15/69     1,815     1,653
  New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) 5.250% 10/1/35       760       868
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/24     2,180     2,221
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/25     1,135     1,169
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/28     1,675     1,742
  New York Metropolitan Transportation Authority Revenue 4.000% 11/15/31     1,445     1,450
  New York Metropolitan Transportation Authority Revenue PUT 5.000% 5/15/30     2,500     2,692
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 0.000% 11/15/32     1,000       716
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 4.000% 11/15/33     1,545     1,587
  New York Metropolitan Transportation Authority Revenue (Hudson Yards Development) 5.000% 11/15/51     4,250     4,250
5 New York Power Authority Green Transmission Revenue 4.000% 11/15/41     3,540     3,591
 
38

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
11 New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) 5.500% 5/15/24       500       510
11 New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) 5.500% 5/15/27       500       545
8 New York State Dormitory Authority Revenue 5.000% 10/1/31     1,000     1,143
  New York State Dormitory Authority Revenue 5.000% 7/1/32     2,000     2,157
  New York State Dormitory Authority Revenue 3.000% 10/1/32     1,000       955
  New York State Dormitory Authority Revenue 5.000% 7/1/33       730       827
5 New York State Dormitory Authority Revenue 5.000% 10/1/37     2,500     2,792
  New York State Dormitory Authority Revenue 4.000% 5/1/40     1,260     1,215
  New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) 5.000% 7/1/28     1,000     1,027
  New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) 5.000% 7/1/32     1,000     1,026
  New York State Dormitory Authority Revenue (Montefiore Obligated Group) 5.000% 9/1/27     1,895     1,903
  New York State Dormitory Authority Revenue (Montefiore Obligated Group) 5.000% 8/1/29       550       556
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/28     2,035     2,090
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/29     1,085     1,115
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/29     5,000     5,592
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/30     2,000     2,024
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/31     2,445     2,509
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 2/15/33     1,975     2,045
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 2/15/34     1,895     1,956
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/34     2,000     2,022
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/34     8,000     8,278
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 2/15/35     1,000     1,024
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/35     3,000     3,374
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/35     5,000     5,117
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/37     3,000     3,188
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/37     2,270     2,326
  New York State Dormitory Authority Revenue (Personal Income Tax) 3.000% 3/15/38     3,400     3,017
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/38     1,000     1,011
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/38     3,500     3,544
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 2/15/39     2,000     2,011
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/39     2,000     2,117
  New York State Dormitory Authority Revenue (Personal Income Tax) 3.000% 3/15/39     3,000     2,617
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/39     3,000     3,018
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/39     2,235     2,250
  New York State Dormitory Authority Revenue (Personal Income Tax) 3.000% 3/15/40     3,000     2,571
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/40     1,250     1,250
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/40     1,000     1,000
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/43     1,120     1,109
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/43     2,000     1,981
  New York State Dormitory Authority Revenue (Personal Income Tax) ETM 5.000% 2/15/25     1,500     1,549
  New York State Dormitory Authority Revenue (Personal Income Tax) Prere. 5.000% 2/15/25         5         5
  New York State Dormitory Authority Revenue (Personal Income Tax) Prere. 5.000% 2/15/25        10        10
  New York State Dormitory Authority Revenue (Personal Income Tax) Prere. 4.000% 9/15/25     1,700     1,742
  New York State Dormitory Authority Revenue (Personal Income Tax) Prere. 4.000% 2/15/27        10        10
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/29       195       218
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/30       205       233
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/31       225       260
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/32       235       269
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/33       255       292
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/32     1,230     1,281
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/32     1,480     1,581
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/33     1,795     1,905
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/35     1,420     1,472
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/35     2,000     2,114
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/36     1,500     1,623
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/37     2,160     2,326
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/41     2,970     3,129
  New York State Dormitory Authority Sales Tax Revenue ETM 5.000% 3/15/25     1,295     1,338
  New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) 3.500% 10/1/29     1,000       972
  New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) 4.000% 4/1/34     1,250     1,258
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/34     1,500     1,622
  New York State Homeowner Mortgage Agency Revenue 2.200% 4/1/36     1,550     1,214
 
39

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Housing Finance Agency Revenue 2.200% 11/1/36       875       689
  New York State Housing Finance Agency Revenue PUT 2.500% 5/1/27     1,510     1,440
  New York State Housing Finance Agency Revenue PUT 2.500% 5/1/27       900       858
17 New York State Housing Finance Agency Revenue PUT 3.100% 11/1/27     1,500     1,470
  New York State Housing Finance Agency Revenue PUT 3.800% 5/1/29     1,500     1,502
  New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) 2.450% 9/15/69     5,700     5,202
  New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) 2.625% 9/15/69     2,505     2,287
  New York State Mortgage Agency Homeowner Revenue 3.250% 10/1/50     2,095     2,038
  New York State Thruway Authority General Revenue 4.000% 1/1/41     1,000       996
  New York State Thruway Authority General Revenue 4.000% 1/1/42     2,000     1,984
  New York State Thruway Authority General Revenue 4.000% 1/1/42     1,000       992
  New York State Thruway Authority Revenue 5.000% 1/1/35     1,130     1,173
  New York State Thruway Authority Revenue 5.000% 1/1/36     1,045     1,160
  New York State Thruway Authority Revenue 5.000% 3/15/40     1,325     1,487
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/25     2,810     2,903
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/31     2,000     2,003
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/31     1,420     1,474
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/33     2,010     2,107
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/33     1,485     1,486
  New York State Urban Development Corp. Revenue (Personal Income Tax) 4.000% 3/15/34     5,000     5,308
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/36     2,000     2,126
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/37     2,000     2,119
  New York State Urban Development Corp. Revenue (Personal Income Tax) 4.000% 3/15/39     5,000     5,036
  New York State Urban Development Corp. Revenue (Personal Income Tax) 4.000% 3/15/40     1,590     1,591
  New York State Urban Development Corp. Revenue (Personal Income Tax) 4.000% 3/15/41     1,000       998
  New York State Urban Development Corp. Revenue (Personal Income Tax) 4.000% 3/15/42     1,490     1,481
  New York State Urban Development Corp. Revenue (Personal Income Tax) ETM 5.000% 3/15/25        20        21
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Urban Development Corp. Revenue (Personal Income Tax) Prere. 5.000% 3/15/24     1,930     1,956
  New York State Urban Development Corp. Sales Tax Revenue 4.000% 3/15/39     3,000     3,028
  New York State Urban Development Corp. Sales Tax Revenue 3.000% 3/15/41     3,000     2,526
  New York State Urban Development Corp. Sales Tax Revenue 3.000% 3/15/42     4,000     3,320
  New York State Urban Development Corp. Sales Tax Revenue 4.000% 3/15/43       225       223
  New York Transportation Development Corp. Special Facility Revenue (Terminal 4 John F. Kennedy International Airport Project) 4.000% 12/1/42     1,400     1,337
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 7/1/33       350       373
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/26     1,805     1,839
  Port Authority of New York & New Jersey Revenue 3.000% 12/1/32     2,000     1,998
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/36     1,230     1,343
  Port Authority of New York & New Jersey Revenue 5.000% 11/1/36     2,295     2,537
  Port Authority of New York & New Jersey Revenue 5.000% 7/15/40     1,000     1,125
  Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) 5.000% 7/1/27     1,370     1,390
  Suffolk County NY Refunding Bonds GO 5.000% 6/15/29       745       840
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/29     1,870     1,958
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/34     2,245     2,329
  Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) 4.000% 7/1/30       450       430
  Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) 4.000% 7/1/31       460       436
  Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) 4.000% 7/1/32       285       267
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 5.000% 5/15/27     5,000     5,402
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 5.000% 11/15/27     1,000     1,087
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 5.000% 5/15/29     2,000     2,255
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 5.000% 5/15/30     2,000     2,297
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 3.000% 5/15/32       490       488
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 5.000% 11/15/32     1,000     1,190
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 0.000% 11/15/36     1,000       585
 
40

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue 5.000% 5/15/40     1,000     1,117
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT 2.000% 5/15/26     1,000       929
  Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT 2.000% 5/15/28     1,500     1,370
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/29     1,000     1,137
  Triborough Bridge & Tunnel Authority New York Revenue 0.000% 11/15/32     1,130       805
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/34     2,000     2,078
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/34     1,900     2,041
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/36     1,000     1,065
4 Triborough Bridge & Tunnel Authority New York Revenue PUT, SOFR + 0.380% 3.770% 2/1/24       150       149
15 Triborough Bridge & Tunnel Authority NY Payroll Mobility Revenue 5.000% 11/15/28     2,000     2,204
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.000% 5/15/40     1,835     2,065
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 9/1/37     1,320     1,416
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 4.000% 9/1/40     1,000       923
  Utility Debt Securitization Authority NY Revenue 5.000% 12/15/31     1,000     1,009
  Utility Debt Securitization Authority NY Revenue 5.000% 12/15/35     1,945     2,031
  Utility Debt Securitization Authority NY Revenue 5.000% 12/15/36     2,450     2,552
  Utility Debt Securitization Authority NY Revenue 5.000% 12/15/38     5,000     5,779
6 Westchester County NY Local Development Corp. Revenue (Purchase Senior Learning Community Inc.) 3.200% 7/1/28       250       234
6 Westchester County NY Local Development Corp. Revenue (Purchase Senior Learning Community Inc.) 5.000% 7/1/36       700       639
  Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) 5.000% 11/1/31     1,085     1,092
  Westchester NY Tobacco Asset Securitization Revenue 5.000% 6/1/28     1,400     1,466
  Westchester NY Tobacco Asset Securitization Revenue 5.000% 6/1/33     1,500     1,559
5 Yonkers NY GO 5.000% 3/15/31       500       577
8 Yonkers NY GO 5.000% 11/15/38       500       563
                                     552,183
North Carolina (0.3%)
  Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue 5.000% 1/15/34     1,500     1,570
  Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT 1.950% 11/1/29     1,625     1,450
  Durham County NC GO 4.000% 6/1/25     2,460     2,504
  Mecklenburg County NC Public Improvement GO 5.000% 12/1/26     1,775     1,901
  North Carolina GAN Revenue 5.000% 3/1/25     1,055     1,087
  North Carolina GAN Revenue 5.000% 3/1/27     1,015     1,044
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  North Carolina Housing Finance Agency Homeownership Revenue 5.500% 1/1/54     1,000     1,071
  North Carolina Limited Obligation Revenue 3.000% 5/1/33     1,000       968
  North Carolina Medical Care Commission Health Care Facilities Revenue (Presbyterian Homes Obligated) 4.000% 10/1/40       800       685
  North Carolina State Limited Obligation Revenue 5.000% 5/1/25     3,590     3,716
5 North Carolina Turnpike Authority Revenue 5.000% 1/1/38        30        31
  North Carolina Turnpike Authority Revenue 4.000% 1/1/39     2,000     1,967
  Raleigh NC Combined Enterprise System Revenue 5.000% 9/1/28       325       362
  Union County NC GO 5.000% 9/1/28     1,520     1,693
  University of North Carolina at Charlotte Revenue 4.000% 10/1/35       400       411
  University of North Carolina at Charlotte Revenue 3.000% 10/1/36     1,600     1,468
  University of North Carolina at Charlotte Revenue 4.000% 10/1/37     1,000     1,014
  University of North Carolina at Charlotte Revenue 4.000% 10/1/40       325       327
  Wake County NC GO 5.000% 5/1/29     1,250     1,413
  Western California University General Revenue 3.000% 4/1/36     1,480     1,368
  Winston-Salem State University NC General Revenue 5.000% 4/1/29       440       478
  Winston-Salem State University NC General Revenue 4.000% 4/1/33       530       535
                                      27,063
North Dakota (0.0%)
  Grand Forks ND Health Care System Revenue (Altru Health System Obligated Group) 5.000% 12/1/25     1,210     1,222
  Grand Forks ND Health Care System Revenue (Altru Health System) 5.000% 12/1/29       445       464
5 Grand Forks ND Health Care System Revenue (Altru Health System) 3.000% 12/1/39     1,000       819
  North Dakota Housing Finance Agency Program Mortgage Bonds Revenue 5.750% 7/1/53     1,000     1,066
                                       3,571
Ohio (1.1%)
  Allen County OH Hospital Facilities Revenue (Mercy Health) 5.000% 8/1/29     1,300     1,407
  Allen County OH Hospital Facilities Revenue (Mercy Health) 4.000% 8/1/37     2,200     2,208
  Allen County OH Hospital Facilities Revenue (Mercy Health) 4.000% 12/1/40     1,200     1,174
  American Municipal Power Ohio Inc. Revenue (Fremont Energy Center Project) 5.000% 2/15/31     1,000     1,132
  American Municipal Power Ohio Inc. Revenue (Fremont Energy Center Project) 4.000% 2/15/38     1,045     1,029
  American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) 5.000% 2/15/26     1,025     1,070
  American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) PUT 1.000% 8/15/24       385       373
  Bowling Green State University Ohio Revenue 5.000% 6/1/26       400       420
 
41

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Bowling Green State University Ohio Revenue 5.000% 6/1/27       260       278
  Buckeye OH Tobacco Settlement Financing Authority Revenue 5.000% 6/1/35     1,150     1,237
  Buckeye OH Tobacco Settlement Financing Authority Revenue 4.000% 6/1/39     1,000       983
  Butler County OH Hospital Facilities Revenue 5.000% 11/15/32     2,015     2,108
  Centerville OH Health Care Revenue (Graceworks Lutheran Services) 5.000% 11/1/26       725       718
  Centerville OH Health Care Revenue (Graceworks Lutheran Services) 5.000% 11/1/27       380       373
  Cleveland Ohio Income Tax Revenue 3.000% 10/1/34       335       321
  Cleveland-Cuyahoga County OH Port Authority Cultural Facilities Revenue (Cleveland Museum of Natural History Project) 4.000% 7/1/38       365       367
  Cleveland-Cuyahoga County OH Port Authority Revenue (Euclid Avenue) 5.000% 8/1/37     1,000     1,065
5 Columbus OH City School District GO 0.000% 12/1/29     1,000       811
  Columbus OH GO 4.000% 8/15/26     1,730     1,761
  Columbus OH GO 5.000% 4/1/30     4,500     5,148
  Columbus OH Metropolitan Housing Authority Revenue 4.000% 8/1/36     1,000       976
  Columbus OH Metropolitan Housing Authority Revenue 4.625% 8/1/36     1,100     1,116
  Columbus OH Sewer Revenue Prere. 5.000% 12/1/24     4,000     4,104
  Copley Fairlawn OH City School District Facilities Construction Improvement Unlimited Tax GO 5.000% 12/1/37       300       322
  Cuyahoga County OH Excise Tax Revenue (Sports Facilities Improvement Project) Prere. 5.000% 12/1/23       510       514
  Cuyahoga County OH Hospital Revenue (Metro Health System) 5.000% 2/15/32     1,000     1,028
  Fairfield County OH Hospital Facilities Revenue (Fairfield Medical Center) 5.125% 6/15/33       615       586
  Franklin County OH Convention Facilities Authority Revenue 5.000% 12/1/28     1,680     1,714
  Franklin County OH Convention Facilities Authority Revenue 5.000% 12/1/30       680       694
  Franklin County OH Revenue (Trinity Health Corp.) 5.000% 12/1/31     1,100     1,215
  Franklin County OH Sales Tax Revenue 5.000% 6/1/28       830       917
  Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) 5.000% 8/15/36     1,000     1,044
  Hamilton County OH Hospital Facilities Revenue (UC Health) 5.000% 9/15/28       625       633
3 Lancaster OH Port Authority Gas Supply Revenue PUT 5.000% 2/1/25       400       406
  Miami Valley OH Career Technology Center GO 5.000% 12/1/25       880       921
  Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering Health Network) 3.000% 8/1/34       900       829
  Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) 4.000% 11/15/38     1,000       936
  Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) 4.000% 11/15/42     1,000       906
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Montgomery County OH Hospital Revenue (Premier Health Partners) 5.000% 11/15/31     2,290     2,410
  Montgomery County OH Hospital Revenue (Premier Health Partners) 5.000% 11/15/37     2,590     2,642
  North Royalton OH City School District GO 5.000% 12/1/26       300       310
  North Royalton OH City School District GO 5.000% 12/1/28     1,400     1,450
  Ohio Air Quality Development Authority Revenue PUT 4.000% 6/1/27       500       498
  Ohio Air Quality Development Authority Revenue (Duke Energy Corp.) PUT 4.000% 6/1/27       730       724
  Ohio Capital Facilities Lease-Appropriation Revenue (Adult Correctional Building Fund Projects) 5.000% 10/1/33     1,605     1,727
  Ohio Capital Facilities Lease-Appropriation Revenue (Transportation Building Fund Projects) 5.000% 4/1/30     1,155     1,190
  Ohio Community Learning Centers Income Tax Revenue 4.000% 12/1/26       375       386
  Ohio GO 5.000% 8/1/24       500       510
  Ohio GO 5.000% 11/1/24     1,675     1,717
  Ohio GO 5.000% 2/1/27     1,000     1,049
  Ohio GO 5.000% 5/1/33     1,010     1,113
  Ohio GO 5.000% 3/1/35     1,000     1,062
  Ohio GO 5.000% 5/1/35       770       896
  Ohio GO 5.000% 3/15/36     1,005     1,015
  Ohio GO 5.000% 5/1/36       600       693
  Ohio GO 5.000% 5/1/37       600       686
  Ohio GO 5.000% 3/1/38     2,000     2,103
  Ohio Higher Education GO 5.000% 5/1/30     5,015     5,183
  Ohio Housing Finance Agency Residential Mortgage Revenue 5.500% 3/1/53     1,000     1,059
  Ohio Major New State Infrastructure Project Revenue 5.000% 12/15/25     2,450     2,564
  Ohio Major New State Infrastructure Project Revenue 5.000% 12/15/28     1,020     1,078
  Ohio Parks & Recreation Capital Facilities Revenue 5.000% 12/1/35     1,320     1,451
  Ohio Parks & Recreation Capital Facilities Revenue 5.000% 12/1/37     2,240     2,435
  Ohio Revenue (Transportation Building Fund Projects) 5.000% 4/1/26       925       973
  Ohio State Higher Educational Facility Commission Revenue 5.000% 1/15/33     1,260     1,287
  Ohio State Hospital Revenue (Cleveland Clinic Health System Obligated Group) PUT 2.750% 5/1/28     1,000       977
  Ohio State Hospital Revenue (Premier Health Partners Obligated Group) 5.000% 11/15/33       105       111
  Ohio State Hospital Revenue (University Hospitals Health System) 5.000% 1/15/35       500       534
  Ohio Turnpike Commission Revenue 5.000% 2/15/43     2,500     2,651
  Ohio Turnpike Commission Turnpike Revenue 5.000% 2/15/35     1,310     1,428
  Ohio Turnpike Commission Turnpike Revenue 0.000% 2/15/43     1,000       409
  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue 5.000% 6/1/25     5,050     5,238
 
42

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue 5.000% 12/1/26     1,850     1,981
  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue 5.000% 6/1/27     1,485     1,607
                                      95,991
Oklahoma (0.2%)
  Edmond OK Public Works Authority Sales Tax & Utility System Revenue 4.000% 7/1/25     1,160     1,178
  Norman OK Regional Hospital Authority Revenue 5.000% 9/1/28     1,245     1,250
  Oklahoma Capitol Improvement Authority Facilities Revenue 5.000% 7/1/26     1,145     1,162
  Oklahoma Capitol Improvement Authority Facilities Revenue 4.000% 7/1/38     1,000       998
  Oklahoma City OK GO 5.000% 3/1/24       525       526
  Oklahoma City OK GO 4.000% 3/1/28     5,605     5,865
  Oklahoma Development Finance Authority Health System Revenue (OU Medicine) 5.000% 8/15/28     1,500     1,487
  Oklahoma Development Finance Authority Health System Revenue (OU Medicine) 5.000% 8/15/33     1,000       959
  Oklahoma State University Agricultural Mechanical Revenue 4.000% 9/1/35       460       469
  Oklahoma Turnpike Authority Revenue 5.000% 1/1/37     2,020     2,087
  Tulsa County OK Independent School District No. 4 Bixby GO 4.000% 7/1/23     2,000     2,000
  Tulsa County OK Industrial Authority Educational Facilities Lease Revenue 4.000% 9/1/31     1,500     1,566
  Tulsa County OK Industrial Authority Senior Living Community Revenue (Montereau Inc.) 5.000% 11/15/23       280       281
                                      19,828
Oregon (0.4%)
  Clatsop County OR School District No. 10 Seaside GO 5.000% 6/15/33     1,140     1,226
  Deschutes & Jefferson Counties OR School District No. 2J GO 0.000% 6/15/31       750       569
  Hospital Facilities Authority of Multnomah County Oregon Revenue 4.000% 12/1/36     1,000       817
  Multnomah County OR School District GO 5.000% 6/15/29     1,015     1,052
  Oregon Department of Transportation Highway User Tax Revenue 5.000% 11/15/40     1,050     1,159
  Oregon Department of Transportation Highway User Tax Revenue 5.000% 11/15/42     5,125     5,576
  Oregon Facilities Authority Revenue (Legacy Health Project) 5.000% 6/1/33     1,000     1,038
  Oregon Facilities Authority Revenue (Reed College Projects) Prere. 4.000% 7/1/27       450       470
  Oregon Facilities Authority Revenue (Reed College Projects) Prere. 4.000% 7/1/27       450       470
  Oregon Housing & Community Services Department Mortgage Revenue 4.000% 7/1/51       975       969
  Oregon Housing & Community Services Department Mortgage Revenue 5.500% 7/1/53     1,670     1,789
  Oregon State Department Administrative Services Lottery Revenue 5.000% 4/1/39     5,625     6,315
  Oregon State Facilities Authority Revenue (Legacy Health Project) 5.000% 6/1/30     1,535     1,687
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Port of Portland OR International Airport Passenger Facility Charge Revenue 5.000% 7/1/31       500       575
  Portland OR Tax GO (Portland Building Project) 5.000% 6/15/40     1,880     2,020
  Portland OR Water System Revenue 2.000% 5/1/42     2,000     1,339
  Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) 5.000% 5/15/33       540       546
  Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) 5.000% 5/15/38       500       494
  Tri-County Metropolitan Transportation District of Oregon Revenue Prere. 4.000% 9/1/25     2,750     2,802
  Union County OR Hospital Facility Authority Revenue 5.000% 7/1/38     1,580     1,624
  Washington County OR School District No. 48J Beaverton GO 5.000% 6/15/36     1,305     1,387
  Washington County OR School District No. 48J Beaverton GO 0.000% 6/15/37     2,443     1,335
                                      35,259
Pennsylvania (2.9%)
3,6 Abington PA School District GO TOB VRDO 3.810% 7/3/23       300       300
  Allegheny County PA GO 4.000% 11/1/30     1,025     1,060
4 Allegheny County PA Higher Education Building Authority Revenue (Carnegie Mellon University) PUT, SOFR + 0.290% 3.832% 8/1/27       500       486
  Allegheny County PA Higher Education Building Authority Revenue (Chatham University) 5.250% 9/1/34       550       561
  Allegheny County PA Hospital Development Authority Revenue 5.000% 4/1/27     1,010     1,064
  Allegheny County PA Hospital Development Authority Revenue 5.000% 4/1/32     1,000     1,058
  Allegheny County PA Hospital Development Authority Revenue 5.000% 4/1/33     1,000     1,057
  Allegheny County PA Hospital Development Authority Revenue 4.000% 4/1/38       500       482
4 Allegheny County PA Hospital Development Authority Revenue PUT, SIFMA Municipal Swap Index Yield + 0.700% 4.710% 5/15/27     3,630     3,545
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 5.000% 7/15/27     1,000     1,067
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh) 5.000% 10/15/29     1,470     1,621
  Allegheny County PA Sanitary Authority Sewer Revenue 4.000% 6/1/39       470       473
6 Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000% 5/1/27       250       255
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000% 5/1/29       300       315
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000% 5/1/30     1,260     1,331
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000% 5/1/31       500       531
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000% 5/1/32       450       480
 
43

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000% 5/1/35     1,035     1,089
6 Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.375% 5/1/42     2,000     2,013
8 Allentown PA School District GO 5.000% 6/1/31     1,000     1,045
8 Armstrong PA School District GO 5.000% 3/15/27       995     1,067
  Bethel Park PA School District GO 4.000% 8/1/34     1,100     1,150
4 Bethlehem PA Area School District Authority Revenue (Northampton & Lehigh Counties) PUT, SOFR + 0.350% 3.740% 11/1/25       100        98
4 Bethlehem PA Area School District Authority Revenue (Northampton & Lehigh Counties) PUT, SOFR + 0.350% 3.740% 11/1/25       100        98
4 Bethlehem PA Area School District Authority Revenue (Northampton & Lehigh Counties) PUT, SOFR + 0.350% 3.740% 11/1/25       100        98
  Bucks County PA Industrial Development Authority Revenue (Delaware Valley University Project) 5.000% 11/1/30     1,735     1,788
  Bucks County PA Industrial Development Authority Revenue (Grand View Hospital Project) 5.000% 7/1/30       750       735
  Centennial PA School District Bucks County GO 5.000% 12/15/29     1,450     1,633
  Chester County Industrial Development Authority Revenue 4.000% 12/1/39     3,000     3,019
8 Coatesville PA Area School District Building GO 0.000% 10/1/34       450       284
8 Coatesville PA School District Building Authority Lease Revenue 5.000% 12/1/26       335       335
8 Coatesville PA School District Building Authority Lease Revenue 5.000% 12/1/27       365       365
  Commonwealth Financing Authority Pennsylvania Revenue 5.000% 6/1/26       500       521
  Commonwealth of Pennsylvania GO 5.000% 10/1/34     3,000     3,522
  Commonwealth of Pennsylvania GO 5.000% 10/1/35     2,500     2,907
6 Dauphin County PA General Authority Revenue (Harrisburg University of Science & Technology) 5.000% 10/15/30       840       816
  Delaware River PA Joint Toll Bridge Commission System Revenue 5.000% 7/1/34       225       242
11 Delaware Valley PA Regional Finance Authority Revenue 5.500% 8/1/28     1,000     1,120
4 Delaware Valley PA Regional Finance Authority Revenue PUT, SIFMA Municipal Swap Index Yield + 0.400% 4.410% 3/1/26     1,000       987
4 Delaware Valley PA Regional Finance Authority Revenue PUT, SOFR + 0.490% 3.880% 3/1/27     1,000       974
  East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) Prere. 5.000% 7/1/24     1,000     1,017
8,11 Erie PA Sewer Authority Revenue 0.000% 12/1/25        85        78
8,11 Erie PA Sewer Authority Revenue ETM 0.000% 12/1/25     1,165     1,080
8 Gateway PA School District Alleghany County GO 3.000% 10/15/37     1,000       866
  Geisinger Authority PA Health System Revenue (Geisinger Health System) 5.000% 4/1/35     1,000     1,070
  Geisinger Authority PA Health System Revenue (Geisinger Health System) 4.000% 4/1/39     1,500     1,468
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Geisinger Authority PA Health System Revenue (Geisinger Health System) PUT 5.000% 2/15/27     1,000     1,045
5 Hempfield PA Area School District (Westmoreland Country) GO 5.000% 3/15/36     1,610     1,824
5 Hempfield PA Area School District (Westmoreland Country) GO 4.000% 3/15/37     3,400     3,475
  Lancaster County PA Hospital Authority Revenue (Penn State Health) 5.000% 11/1/41     1,000     1,051
  Lancaster County PA Hospital Authority Revenue (St. Anne's Retirement Community Incorporated Project) 5.000% 3/1/29     1,085     1,045
  Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) 5.000% 8/15/36       845       886
  Lancaster PA Higher Education Authority Revenue (Elizabethtown College Project) 5.000% 10/1/37     3,000     3,030
  Latrobe PA Industrial Development Authority University Revenue (Siton Hill University) 4.000% 3/1/40       225       192
  Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) 5.000% 7/1/29     1,220     1,280
  Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) 5.000% 7/1/29     2,400     2,632
5 Luzerne County PA Industrial Development Authority Lease Revenue 5.000% 12/15/25     1,000     1,042
  Manheim Township PA School District GO 4.000% 5/1/35       550       569
  Manheim Township PA School District GO Prere. 5.000% 8/1/25       830       861
  Monroeville PA Finance Authority Revenue (UPMC Health System) 4.000% 2/15/40     1,250     1,221
  Monroeville PA Finance Authority Revenue (UPMC Health System) 4.000% 2/15/41     2,000     1,945
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000% 9/1/32     1,515     1,633
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 4.000% 5/1/35       700       701
  Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) ETM 5.000% 1/15/25     1,000     1,026
  Montgomery County PA Industrial Development Authority Revenue PUT 4.100% 4/3/28     2,685     2,735
  Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) 5.000% 7/1/38     1,000     1,049
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke's Hospital Project) 5.000% 8/15/25     1,275     1,305
  Pennsylvania COP 5.000% 7/1/26       500       527
  Pennsylvania COP 5.000% 7/1/27       500       538
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000% 3/15/29     1,060     1,120
 
44

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000% 11/15/30     1,510     1,626
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000% 5/15/31       500       562
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000% 2/15/32       740       838
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 4.000% 4/15/37     1,400     1,397
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 4.000% 4/15/38     1,000       994
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 4.000% 5/15/42       775       750
4 Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) PUT, SIFMA Municipal Swap Index Yield + 0.700% 4.710% 5/15/27     1,000       982
  Pennsylvania Economic Development Financing Authority Revenue (Waste Management Project) PUT 0.950% 12/1/26     1,000       900
  Pennsylvania GO 5.000% 8/15/23     2,265     2,269
  Pennsylvania GO 5.000% 8/15/24       500       510
  Pennsylvania GO 5.000% 1/1/26     3,295     3,452
  Pennsylvania GO 5.000% 9/15/26     1,500     1,595
  Pennsylvania GO 5.000% 5/15/27     3,000     3,234
  Pennsylvania GO 4.000% 1/1/29     3,000     3,085
5 Pennsylvania GO 4.000% 8/15/30     1,000     1,015
  Pennsylvania GO 5.000% 3/15/32     8,000     8,259
  Pennsylvania GO 5.000% 10/15/32     1,000     1,005
5 Pennsylvania GO 4.000% 3/1/33     1,110     1,170
5 Pennsylvania GO 4.000% 3/1/34     1,670     1,750
  Pennsylvania GO 4.000% 3/1/36     1,000     1,026
  Pennsylvania GO 3.000% 5/15/36     1,000       919
  Pennsylvania GO 4.000% 3/1/37     1,000     1,019
8 Pennsylvania GO 4.000% 3/1/37     1,000     1,023
  Pennsylvania GO 2.000% 5/15/38     1,390     1,024
  Pennsylvania GO 2.000% 5/15/39     1,000       712
  Pennsylvania GO 2.000% 5/15/40     1,540     1,044
  Pennsylvania GO 2.000% 5/15/41     1,430       949
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 4.000% 8/15/38       650       651
  Pennsylvania Housing Finance Agency Revenue 4.000% 10/1/37     2,205     2,125
  Pennsylvania Housing Finance Agency Revenue 2.450% 10/1/41     1,500     1,098
  Pennsylvania Housing Finance Agency Revenue 4.250% 10/1/52     1,170     1,174
  Pennsylvania Housing Finance Agency Revenue 5.500% 10/1/53     2,125     2,259
  Pennsylvania Housing Finance Agency Revenue 5.750% 10/1/53     1,000     1,066
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000% 12/1/32     1,000     1,077
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000% 12/1/24     1,050     1,058
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000% 12/1/28       630       669
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 4.000% 12/1/41     1,000       994
3,5,6 Pennsylvania Turnpike Commission Registration Fee Revenue TOB VRDO 3.800% 7/3/23     8,100     8,100
3,5,6 Pennsylvania Turnpike Commission Registration Fee Revenue TOB VRDO 3.800% 7/3/23     5,525     5,525
  Pennsylvania Turnpike Commission Revenue 5.000% 6/1/24     1,980     2,008
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/25     1,690     1,764
  Pennsylvania Turnpike Commission Revenue 5.000% 6/1/26     1,960     2,039
5 Pennsylvania Turnpike Commission Revenue 5.000% 6/1/26     1,635     1,733
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/26       750       794
  Pennsylvania Turnpike Commission Revenue 5.000% 6/1/27     2,255     2,367
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/29     1,570     1,700
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/29     1,100     1,148
  Pennsylvania Turnpike Commission Revenue 5.000% 6/1/32     1,500     1,606
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/32     1,250     1,390
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/32     2,000     2,342
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/33     1,760     2,039
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/34     1,000     1,132
  Pennsylvania Turnpike Commission Revenue 5.000% 6/1/35     1,500     1,562
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/35     1,000     1,069
  Pennsylvania Turnpike Commission Revenue 4.000% 12/1/36     1,650     1,676
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/36     1,060     1,183
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/37     1,000     1,066
  Pennsylvania Turnpike Commission Revenue 4.000% 12/1/39     1,250     1,268
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/39     1,520     1,654
  Pennsylvania Turnpike Commission Revenue 5.000% 12/1/40     1,060     1,176
  Philadelphia PA Airport Revenue 5.000% 7/1/34     1,500     1,679
  Philadelphia PA Authority for Industrial Development City Service Agreement Revenue 5.000% 5/1/32     1,000     1,075
  Philadelphia PA Authority for Industrial Development Hospital Revenue 4.000% 7/1/35     2,000     2,041
  Philadelphia PA Authority for Industrial Development Revenue (Charter School Project) 4.000% 6/1/31       700       665
  Philadelphia PA Authority for Industrial Development Revenue (Science University) 5.000% 11/1/42     1,000     1,009
  Philadelphia PA Authority for Industrial Development Revenue (Temple University) 5.000% 4/1/24     1,015     1,027
  Philadelphia PA Authority for Industrial Development Revenue (Temple University) 5.000% 4/1/27     1,000     1,031
 
45

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) 5.000% 9/1/36     1,000     1,039
  Philadelphia PA Gas Works Revenue 5.000% 10/1/25     1,625     1,681
  Philadelphia PA Gas Works Revenue 5.000% 10/1/26     1,000     1,054
  Philadelphia PA Gas Works Revenue 5.000% 8/1/36     1,300     1,374
  Philadelphia PA GO 4.000% 5/1/39     3,000     2,989
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 5.000% 7/1/24     1,000     1,008
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 5.000% 7/1/25     1,000     1,016
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 5.000% 7/1/32     1,610     1,660
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 5.000% 7/1/34     1,000     1,028
5 Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 5.000% 7/1/37     1,000     1,076
5 Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 4.000% 7/1/39     1,000       956
  Philadelphia PA Redevelopment Authority Revenue 5.000% 9/1/42     1,000     1,079
  Philadelphia PA School District GO 5.000% 9/1/31       940       968
  Philadelphia PA Water & Wastewater Revenue 5.000% 7/1/26     1,000     1,019
  Philadelphia PA Water & Wastewater Revenue 4.000% 7/1/35     1,110     1,122
  Philadelphia PA Water & Wastewater Revenue 5.000% 6/1/38     1,500     1,639
  Philadelphia PA Water & Wastewater Revenue 5.000% 10/1/42     3,000     3,146
5 Pittsburgh & Allegheny County PA Sports & Exhibition Authority Hotel Room Excise Tax Revenue 5.000% 2/1/30     1,000     1,111
5 Pittsburgh & Allegheny County PA Sports & Exhibition Authority Sales Tax Revenue 5.000% 2/1/31     1,000     1,115
  Pittsburgh PA School District GO 4.000% 9/1/35     1,670     1,718
5 Pittsburgh PA Water & Sewer Authority Revenue 5.000% 9/1/33     1,000     1,119
4,5 Pittsburgh PA Water & Sewer Authority Revenue PUT, SIFMA Municipal Swap Index Yield + 0.650% 4.660% 12/1/23       350       350
5 Reading PA School District GO 5.000% 3/1/25       955       979
5 River Valley School District PA GO 4.000% 3/15/28     1,145     1,194
5 River Valley School District PA GO 4.000% 3/15/33     1,810     1,901
  Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) 5.000% 11/15/25       815       849
  Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) 5.000% 11/15/26       770       816
  School District of Philadelphia GO 5.000% 9/1/30     1,000     1,110
  School District of Philadelphia GO 5.000% 9/1/30     1,465     1,626
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Seneca Valley PA School District GO 3.000% 4/1/34     2,125     2,083
  Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) 5.000% 1/1/27     1,135     1,190
  Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) Prere. 5.000% 6/1/24     1,085     1,101
3 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) VRDO 4.000% 7/3/23     2,200     2,200
8 State Public School Building Authority PA College Revenue (Community College of Allegheny County Project) 4.000% 6/15/29     1,075     1,104
8 State Public School Building Authority PA Lease Revenue (School District of Philadelphia) 5.000% 6/1/24     1,535     1,555
5 State Public School Building Authority PA Lease Revenue (School District of Philadelphia) 5.000% 6/1/26     1,650     1,731
5 State Public School Building Authority PA Lease Revenue (School District of Philadelphia) 5.000% 6/1/32     1,105     1,160
  Westmoreland County PA Industrial Development Authority Revenue 4.000% 5/15/41     1,000       773
  Wilkes-Barre PA Finance Authority Revenue (University of Scranton) 4.000% 11/1/29     2,205     2,238
                                     242,928
Puerto Rico (0.7%)
6 Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue 5.000% 7/1/29       250       257
6 Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue 5.000% 7/1/30     1,565     1,609
6 Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue 5.000% 7/1/33     1,060     1,087
6 Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue 5.000% 7/1/33       500       513
6 Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue 5.000% 7/1/35       500       506
  Puerto Rico Commonwealth GO 4.000% 7/1/37       200       179
  Puerto Rico Commonwealth Highway & Transportation Restructured Toll Revenue 0.000% 7/1/32       492       313
  Puerto Rico GO 5.250% 7/1/23       269       269
  Puerto Rico GO 0.000% 7/1/24       747       716
  Puerto Rico GO 5.375% 7/1/25     5,217     5,346
  Puerto Rico GO 5.625% 7/1/27     6,312     6,646
  Puerto Rico GO 5.625% 7/1/29     6,627     7,097
  Puerto Rico GO 5.750% 7/1/31     4,631     5,058
  Puerto Rico GO 0.000% 7/1/33     2,668     1,631
  Puerto Rico GO 4.000% 7/1/33     3,074     2,921
  Puerto Rico GO 4.000% 7/1/35     1,135     1,055
  Puerto Rico Housing Finance Authority Capital Fund Modernization Program Revenue (Puerto Rico Public Housing Projects) 5.000% 12/1/27     1,000     1,068
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Revenue 5.000% 7/1/33       215       236
5,9 Puerto Rico Public Finance Corp. Revenue ETM 6.000% 8/1/26     1,000     1,082
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/24        95        91
 
46

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/27     1,763     1,497
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/29     1,853     1,440
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/31       682       486
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/33     1,969     1,280
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40    10,372     9,864
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40     1,786     1,698
  Puerto Rico Sales Tax Financing Corp. Revenue 4.550% 7/1/40     1,565     1,529
                                      55,474
Rhode Island (0.1%)
  Narragansett RI Commission Wastewater System Revenue Prere. 5.000% 2/1/25     1,950     2,008
  Rhode Island Commerce Corp. Airport Revenue 5.000% 7/1/30       500       525
  Rhode Island Health & Educational Building Corp. Higher Education Facilities Revenue 5.000% 11/1/29       200       223
  Rhode Island Health & Educational Building Corp. Higher Education Facilities Revenue (University of Rhode Island) 5.000% 9/15/25       500       519
  Rhode Island Health & Educational Building Corp. Public School Revenue (City of East Providence Issue) 4.000% 5/15/37     1,200     1,211
  Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Revenue 3.750% 10/1/49       885       873
                                       5,359
South Carolina (0.7%)
  Charleston County SC Airport District System Revenue 5.000% 7/1/34       250       276
  Charleston SC Educational Excellence Financing Corp. Revenue (Charleston County School District, South Carolina Project) 5.000% 12/1/23       590       594
  Charleston SC Hospitality Tax Revenue 5.000% 9/1/30       400       460
  Charleston SC Hospitality Tax Revenue 5.000% 9/1/35       825       942
  Columbia SC Waterworks & Sewer System Revenue 3.000% 2/1/35       875       837
  Georgetown County SC School District GO 3.000% 3/1/31     1,665     1,620
  Greenville County SC Special Source Revenue 4.000% 4/1/38       250       254
  Lancaster County SC School District GO 4.000% 3/1/32     1,000     1,031
  Lexington County SC Health Services District Inc. Hospital Revenue 5.000% 11/1/25     1,000     1,033
  Lexington County SC Health Services District Inc. Hospital Revenue 5.000% 11/1/34     1,500     1,548
  Myrtle Beach SC Hospitality Fee Revenue 5.000% 6/1/25     1,030     1,046
  Orangeburg County School District Revenue 5.000% 6/1/41     1,810     1,871
3 Patriots Energy Group Finance Authority SC Gas Supply Revenue PUT 4.000% 2/1/24     1,895     1,895
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Patriots Energy Group SC Gas System Improvement & Refunding Revenue 4.000% 6/1/36       825       821
13 Piedmont SC Municipal Power Agency Revenue 0.000% 1/1/24     1,600     1,571
  Piedmont SC Municipal Power Agency Revenue 5.000% 1/1/31     2,500     2,623
  Piedmont SC Municipal Power Agency Revenue 4.000% 1/1/33     2,000     2,030
  Richland County SC School District No.2 GO 5.000% 3/1/26     4,185     4,410
  South Carolina Association of Governmental Organizations Educational Facilities Corp. Revenue (Pickens School District) 5.000% 12/1/26     1,420     1,465
  South Carolina GO 5.000% 4/1/27     1,160     1,252
  South Carolina Jobs Economic Development Authority Hospital Revenue (Palmetto Health) Prere. 5.250% 8/1/23     1,000     1,001
  South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health) 5.000% 5/1/37     1,500     1,550
  South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue 5.000% 10/1/35     1,000     1,132
  South Carolina Jobs-Economic Development Authority Revenue 5.000% 10/1/37     1,000     1,103
  South Carolina Public Service Authority Revenue 5.000% 12/1/26     1,140     1,161
  South Carolina Public Service Authority Revenue 5.000% 12/1/31     1,200     1,311
  South Carolina Public Service Authority Revenue 5.000% 12/1/31       410       456
  South Carolina Public Service Authority Revenue 4.000% 12/1/33     1,000     1,005
  South Carolina Public Service Authority Revenue 4.000% 12/1/34     1,000     1,005
  South Carolina Public Service Authority Revenue 5.250% 12/1/34     1,500     1,700
  South Carolina Public Service Authority Revenue 4.000% 12/1/35     1,500     1,505
  South Carolina Public Service Authority Revenue 5.000% 12/1/35       805       874
  South Carolina Public Service Authority Revenue 4.000% 12/1/36     1,500     1,502
  South Carolina Public Service Authority Revenue 5.000% 12/1/36       815       877
  South Carolina Public Service Authority Revenue 4.000% 12/1/37     1,000       996
  South Carolina Public Service Authority Revenue 5.000% 12/1/37     2,430     2,478
  South Carolina Public Service Authority Revenue 5.000% 12/1/37     1,095     1,120
  South Carolina Public Service Authority Revenue 4.000% 12/1/38     1,000       991
  South Carolina Public Service Authority Revenue 4.000% 12/1/38     1,220     1,209
  South Carolina Public Service Authority Revenue 4.000% 12/1/39     1,000       986
  South Carolina Public Service Authority Revenue 4.000% 12/1/42     1,000       961
  South Carolina Public Service Authority Revenue 4.000% 12/1/42     6,465     6,214
  South Carolina Transportation Infrastructure Revenue 5.000% 10/1/32     1,290     1,420
5 Spartanburg SC Regional Health Services District Revenue 5.000% 4/15/34       510       559
 
47

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Spartanburg SC Regional Health Services District Revenue 5.000% 4/15/35     1,160     1,270
8 Sumter Two School Facilities Inc. South Carolina Installment Purchase Revenue 5.000% 12/1/26     1,000     1,042
                                      63,007
South Dakota (0.1%)
  Lincoln County SD Economic Development Revenue (Augustana College Association Project) 4.000% 8/1/41     2,660     2,327
  South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) 5.000% 9/1/32     2,915     3,076
  South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) 4.000% 9/1/34     2,125     2,122
  South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue 3.000% 11/1/51     1,000       964
  South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue 3.000% 11/1/52     1,500     1,439
  South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue 6.000% 5/1/54       190       204
                                      10,132
Tennessee (1.2%)
  Chattanooga TN Electric System Revenue 5.000% 9/1/31     1,000     1,040
  Chattanooga TN Health Educational & Housing Facility Board Revenue (Common Spirit Health) 5.000% 8/1/29     2,880     3,118
  Chattanooga-Hamilton County TN Hospital Authority Hospital Revenue 5.000% 10/1/27     1,035     1,052
3 Clarksville TN Public Building Authority Revenue VRDO 3.730% 7/3/23    11,065    11,065
  Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) 5.000% 7/1/27     1,590     1,679
  Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) 5.000% 7/1/35     1,000     1,053
  Jackson TN Hospital Project Revenue 5.000% 4/1/38     3,620     3,723
  Jackson TN Hospital Project Revenue Prere. 5.000% 10/1/28       190       210
  Knox County TN GO 3.000% 6/1/37     3,580     3,250
  Knox County TN GO 4.000% 6/1/38     3,645     3,736
  Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (Covenant Healthcare) 5.000% 1/1/36     1,000     1,038
  Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (University Health System Inc.) 5.000% 9/1/27       925       958
  Memphis TN GO 4.000% 6/1/31     1,000     1,021
  Memphis TN GO 4.000% 5/1/35     5,685     5,843
  Memphis-Shelby County TN Airport Authority Revenue 5.000% 7/1/34       500       560
  Memphis-Shelby County TN Industrial Development Board Revenue 5.000% 11/1/27     1,000     1,064
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Metropolitan Government of Nashville & Davidson County TN GO 4.000% 1/1/36     1,525     1,597
  Metropolitan Government of Nashville & Davidson County TN GO 4.000% 1/1/42     1,450     1,451
  Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue 4.000% 10/1/31       215       209
  Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Vanderbilt University Medical Center) 5.000% 7/1/31       280       311
  Metropolitan Government of Nashville & Davidson County TN Water And Sewer Revenue 3.000% 7/1/39     3,500     3,048
  Metropolitan Nashville TN Airport Authority Revenue 5.000% 7/1/39     1,430     1,553
  Metropolitan Nashville TN Airport Authority Revenue 5.000% 7/1/40       860       945
3 Montgomery County TN Public Building Authority Pooled Financing Revenue VRDO 3.730% 7/3/23     1,900     1,900
12 New Memphis Arena Public Building Authority of Memphis & Shelby County TN Local Government Public Improvement Bonds Revenue (City of Memphis Project), 4.000% coupon rate effective 4/1/2026 0.000% 4/1/31       300       267
3,5 Shelby County TN Health Educational & Housing Facilities Board Revenue VRDO 4.000% 7/3/23     9,160     9,160
3 Tennergy Corp. TN Gas Revenue PUT 5.000% 10/1/24     5,340     5,404
  Tennergy Corp. TN Gas Revenue PUT 4.000% 9/1/28     7,040     6,946
  Tennergy Corp. TN Gas Revenue PUT 5.500% 12/1/30     3,135     3,319
  Tennessee Energy Acquisition Corp. Commodity Project Revenue PUT 5.000% 11/1/31     4,295     4,456
  Tennessee Energy Acquisition Corp. Gas Revenue 5.000% 2/1/24     1,930     1,937
  Tennessee Energy Acquisition Corp. Gas Revenue 5.000% 2/1/25       915       923
  Tennessee Energy Acquisition Corp. Gas Revenue 5.250% 9/1/26     1,035     1,057
  Tennessee Energy Acquisition Corp. Gas Revenue 5.000% 2/1/27     1,185     1,194
  Tennessee Energy Acquisition Corp. Gas Revenue PUT 4.000% 11/1/25       520       517
  Tennessee Energy Acquisition Corp. Gas Revenue PUT 5.000% 5/1/28     2,865     2,964
  Tennessee GO 4.000% 8/1/28     4,850     4,945
  Tennessee GO Prere. 5.000% 8/1/25     1,000     1,040
  Tennessee Housing Development Agency Finance Program Revenue 3.750% 7/1/52     1,005       990
15 Tennessee Housing Development Agency Residential Finance Program Revenue 5.750% 1/1/54     1,000     1,072
  Tennessee School Bond Authority Higher Educational Facilities Revenue (2nd Program) Prere. 5.000% 11/1/25        10        10
                                      97,625
Texas (6.5%)
  Alamo TX Community College District Maintenance Tax Notes GO 5.000% 2/15/28     1,000     1,092
 
48

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Alamo TX Regional Mobility Authority Revenue 5.000% 6/15/27     1,280     1,330
21 Allen TX Independent School District GO 5.000% 2/15/26     1,035     1,085
21 Arlington TX Higher Education Finance Corp. Revenue (Riverwalk Education Foundation Inc.) 4.000% 8/15/33       600       616
21 Arlington TX Independent School District (Unlimited Tax) GO 5.000% 2/15/26     1,090     1,120
5 Arlington TX Special Tax Revenue 5.000% 2/15/27       420       448
5 Arlington TX Special Tax Revenue 5.000% 2/15/28       305       332
8 Arlington TX Special Tax Revenue 5.000% 2/15/32     1,160     1,254
  Atascosa County TX Industrial Development Corp. Pollution Control Refunding Revenue Bonds 5.000% 12/15/37     1,435     1,537
21 Aubrey TX Independent School District GO 5.000% 2/15/38     2,375     2,650
  Austin TX Airport System Revenue 5.000% 11/15/26     1,120     1,192
  Austin TX Airport System Revenue 5.000% 11/15/32     1,260     1,329
  Austin TX Community College District GO 4.000% 8/1/30     1,845     1,888
  Austin TX Community College District Public Facilities Corp. Lease Revenue 5.000% 8/1/27     1,000     1,034
  Austin TX Electric Utilities Systems Revenue 5.000% 11/15/29     5,000     5,238
3,6 Austin TX Electric Utilities Systems Revenue TOB VRDO 3.800% 7/3/23    25,345    25,345
  Austin TX Independent School District GO 5.000% 8/1/28     1,000     1,106
  Austin TX Water & Wastewater System Revenue 5.000% 11/15/36     1,000     1,161
  Austin TX Water & Wastewater System Revenue 5.000% 11/15/37     1,000     1,052
  Austin TX Water & Wastewater System Revenue 5.000% 11/15/38     1,675     1,909
21 Belton TX Independent School District GO 5.000% 2/15/35     1,000     1,139
  Bexar County TX GO 4.000% 6/15/36     3,070     3,124
  Bexar County TX GO Prere. 5.000% 6/15/24     1,145     1,164
15,21 Brock TX Independent School District GO 5.000% 8/15/39     1,000     1,116
  Brownsville TX Utility System Revenue Prere. 4.000% 9/1/23     1,000     1,001
21 Carrollton-Farmers TX Branch Independent School District GO 3.000% 2/15/39     1,000       854
  Celina TX Tax & Waterworks & Sewer System GO 5.000% 9/1/37       500       563
  Central Texas Regional Mobility Authority Revenue 5.000% 1/1/24     1,015     1,023
  Central Texas Regional Mobility Authority Revenue 0.000% 1/1/25       100        94
  Central Texas Regional Mobility Authority Revenue 5.000% 1/1/25       250       253
  Central Texas Regional Mobility Authority Revenue 0.000% 1/1/26       880       801
  Central Texas Regional Mobility Authority Revenue 5.000% 1/1/26     1,115     1,150
  Central Texas Regional Mobility Authority Revenue 5.000% 1/1/31     1,230     1,373
  Central Texas Regional Mobility Authority Revenue 5.000% 1/1/32     1,785     1,966
  Central Texas Regional Mobility Authority Revenue 4.000% 1/1/35     1,000     1,034
  Central Texas Regional Mobility Authority Revenue 4.000% 1/1/36     1,115     1,131
  Central Texas Regional Mobility Authority Revenue 3.375% 1/1/41       445       382
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Central Texas Regional Mobility Authority Revenue Prere. 5.000% 7/1/25       865       897
21 Clear Creek TX Independent School District GO 5.000% 2/15/34       910       979
21 Clear Creek TX Independent School District GO PUT 0.280% 8/15/24       500       478
  Clifton TX Higher Education Finance Corp. Revenue 5.000% 8/15/32     1,020     1,113
21 Clifton TX Higher Education Finance Corp. Revenue 5.000% 8/15/32       600       684
  Clifton TX Higher Education Finance Corp. Revenue 4.000% 8/15/36       750       727
21 Clifton TX Higher Education Finance Corp. Revenue 4.000% 8/15/36       700       714
  Collin County TX Community College District GO 4.000% 8/15/34     2,500     2,616
15 Collin County TX GO 5.000% 2/15/27     3,900     4,177
15 Collin County TX GO 5.000% 2/15/28     1,450     1,584
21 Comal TX Independent School District GO 3.000% 2/1/41     1,000       862
21 Community TX Independent School District Bonds GO 5.000% 2/15/38     1,370     1,523
  Conroe TX GO 5.000% 11/15/41       410       454
21 Conroe TX Independent School District Unlimited Tax Building Bonds GO 2.500% 2/15/38     3,000     2,426
  Conroe TX Local Government Corp. Hotel & Contract Revenue (Conroe Convention Center Hotel) 5.000% 10/1/34       260       293
  Corpus Christi TX General Improvement Refunding GO 5.000% 3/1/25     1,300     1,339
  Corpus Christi TX Utility System Junior Lien Revenue 5.000% 7/15/31       300       343
  Corpus Christi TX Utility System Junior Lien Revenue 5.000% 7/15/34       725       837
  Corpus Christi TX Utility System Revenue 5.000% 7/15/32       500       519
  Dallas College TX GO 5.000% 2/15/26       920       968
  Dallas College TX GO ETM 5.000% 2/15/26        80        84
  Dallas County TX Hospital District GO 4.000% 8/15/33     2,000     2,034
  Dallas TX Area Rapid Transit Sales Tax Revenue 5.000% 12/1/32     2,065     2,324
  Dallas TX Area Rapid Transit Sales Tax Revenue Prere. 5.000% 12/1/25     2,215     2,318
  Dallas TX Area Rapid Transit Sales Tax Revenue Prere. 5.000% 12/1/25     1,670     1,748
  Dallas TX Hotel Occupancy Revenue (Kaufman & Rockall Counties) 4.000% 8/15/30     1,000     1,011
21 Dallas TX Independent School District GO 5.000% 2/15/28     1,985     2,173
21 Dallas TX Independent School District GO Prere. 5.000% 2/15/25     2,200     2,261
  Dallas-Fort Worth TX International Airport Revenue 5.250% 11/1/29     1,000     1,006
  Dallas-Fort Worth TX International Airport Revenue 5.000% 11/1/30     3,725     4,260
  Dallas-Fort Worth TX International Airport Revenue 4.000% 11/1/34     1,000     1,043
  Dallas-Fort Worth TX International Airport Revenue 4.000% 11/1/35     2,020     2,083
  Denton County TX Housing Finance Corp. Multifamily Housing Revenue PUT 5.000% 2/1/25       250       255
21 Dickinson TX Independent School District GO PUT 0.250% 8/1/23     1,000       997
21 Eagle Mountain & Saginaw TX Independent School District GO PUT 2.000% 8/1/24     1,035     1,019
 
49

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
21 Eagle Pass TX Independent School District GO 4.000% 8/15/33     1,185     1,208
  El Paso TX Combination Tax GO 4.000% 8/15/33       455       478
  El Paso TX GO 5.000% 8/15/27     1,000     1,056
  El Paso TX GO 5.000% 8/15/28       750       825
  El Paso TX GO 4.000% 8/15/34     1,000     1,041
  El Paso TX GO 3.000% 8/15/37       765       679
21 El Paso TX Independent School District GO 5.000% 8/15/42     5,000     5,209
  El Paso TX Water & Sewer System Revenue 5.000% 3/1/36     7,000     7,756
8 Fort Bend County TX Municipal Utility District No. 58 (Unlimited Tax Refunding) GO 3.000% 4/1/35       435       409
  Fort Bend County TX Unlimited Tax Road GO 5.000% 3/1/34     1,650     1,718
  Fort Bend TX Grand Parkway Toll Road Authority Ltd. Revenue 5.000% 3/1/29       250       278
  Fort Worth TX GO 5.000% 3/1/25     1,115     1,149
  Fort Worth TX GO 4.000% 3/1/41     2,445     2,442
  Fort Worth TX GO 4.000% 3/1/43     2,445     2,440
21 Frisco TX Independent School District GO 3.000% 2/15/37     2,500     2,250
  Frisco TX Refunding & Improvement GO 5.000% 2/15/28     1,425     1,465
21 Galveston TX Independent School District GO 5.000% 2/1/36     1,500     1,665
  Garland TX Electric Utility System Revenue 5.000% 3/1/30       675       739
  Garland TX Water & Sewer System Revenue 5.000% 3/1/38     1,140     1,214
21 Georgetown TX Independent School District Unlimited Tax Building Bonds GO 3.000% 8/15/39     3,000     2,611
8 Georgetown TX Utility System Revenue 5.000% 8/15/27       635       682
8 Georgetown TX Utility System Revenue 5.000% 8/15/40     2,320     2,554
21 Goose Creek TX Consolidated Independent School District GO 5.000% 2/15/39     1,000     1,120
21 Goose Creek TX Consolidated Independent School District GO PUT 0.600% 8/17/26       400       369
  Grand Parkway Transportation Corp. Texas System Toll Revenue 5.000% 10/1/35     1,000     1,083
12 Grand Parkway Transportation Corp. Texas System Toll Revenue, 5.050% coupon rate effective 10/1/2023 0.000% 10/1/30     1,550     1,687
  Greater Texas Cultural Education Facilities Finance Corp. Revenue 5.000% 3/1/32       750       846
5 Greater Texoma TX Utility Authority Contract Revenue 5.000% 10/1/37     1,000     1,111
  Guadalupe-Blanco River Authority Revenue 4.000% 8/15/38       200       200
  Guadalupe-Blanco River Authority Revenue 4.000% 8/15/39       140       140
  Guadalupe-Blanco River Authority Revenue 4.000% 8/15/40       130       130
8 Harlandale TX Independent School District GO PUT 2.000% 8/15/24        90        89
15 Harris County Flood Control District GO 4.000% 9/15/41     1,000     1,009
  Harris County TX Cultural Education Facilities Finance Corp. Revenue 3.000% 10/1/40     1,000       861
4 Harris County TX Cultural Education Facilities Finance Corp. Revenue PUT, 1M USD LIBOR + 0.650% 4.269% 7/1/24       500       500
  Harris County TX Cultural Education Facilities Finance Corp. Thermal Utility Revenue (TECO Project) 5.000% 11/15/30     1,000     1,080
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Harris County TX Flood Control Improvement GO 3.000% 10/1/39     1,500     1,289
15 Harris County TX Flood Control Improvement GO 4.000% 9/15/42     3,500     3,515
  Harris County TX GO 5.000% 10/1/36     1,200     1,239
  Harris County TX GO 5.000% 10/1/40     2,470     2,536
  Harris County TX Industrial Development Corp. Marine Terminal Revenue (Energy Transfer LP Project) PUT 4.050% 6/1/33     3,625     3,647
  Harris County TX Toll Road Revenue 5.000% 8/15/41     1,695     1,744
13 Harris County-Houston TX Sports Authority Revenue 0.000% 11/15/28     2,950     2,387
13 Harris County-Houston TX Sports Authority Revenue 0.000% 11/15/31     2,500     1,769
  Hidalgo County TX Certificates GO 4.000% 8/15/37     1,000     1,012
  Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue 5.000% 12/1/35       840       863
  Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue 4.000% 12/1/39       850       788
  Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue 0.000% 12/1/44     1,000       311
  Houston TX Airport System Revenue 5.000% 7/1/26     1,160     1,225
  Houston TX Airport System Revenue 5.000% 7/1/37     1,720     1,837
  Houston TX GO 5.000% 3/1/27     1,000     1,072
  Houston TX GO 4.000% 3/1/35     1,500     1,530
  Houston TX Hotel Occupancy Tax & Special Convention & Entertainment Facilities Revenue 3.000% 9/1/32       500       478
  Houston TX Hotel Occupancy Tax & Special Revenue (Convention & Entertainment Facilities) 5.000% 9/1/24     1,070     1,088
17 Houston TX Housing Finance Corp. Revenue PUT 4.000% 10/1/24     1,000     1,003
21 Houston TX Independent School District GO 5.000% 2/15/27     1,750     1,833
21 Houston TX Independent School District GO PUT 3.000% 6/1/24       300       299
  Houston TX Public Improvement Refunding Bonds GO 4.000% 3/1/34       580       612
  Houston TX Public Improvement Refunding Bonds GO 4.000% 3/1/35       660       691
  Houston TX Refunding Public Improvement Bonds GO 3.000% 3/1/36     1,010       910
  Houston TX Utility System Revenue 5.000% 11/15/26     1,350     1,432
  Houston TX Utility System Revenue 5.000% 11/15/26       900       954
  Houston TX Utility System Revenue 5.000% 11/15/34     1,000     1,017
  Houston TX Utility System Revenue 5.000% 11/15/34     3,100     3,270
  Houston TX Utility System Revenue 5.000% 11/15/35       920     1,002
  Houston TX Utility System Revenue 5.000% 11/15/36     2,500     2,624
  Houston TX Utility System Revenue 3.000% 11/15/40     1,150       955
15 Irving TX GO 5.000% 9/15/27     1,425     1,544
21 Katy TX Independent School District GO 4.000% 2/15/27       275       275
21 Katy TX Independent School District GO 4.000% 2/15/28       375       375
21 Katy TX Independent School District GO 5.000% 2/15/28     2,355     2,580
21 Katy TX Independent School District GO 4.000% 2/15/42     1,020     1,031
21 Killeen TX Independent School District Unlimited Tax Building GO 5.000% 2/15/32     4,550     5,086
21 Klein TX Independent School District GO 5.000% 8/1/25     4,480     4,657
21 Klein TX Independent School District GO 5.000% 8/1/34     1,200     1,269
 
50

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Lake Houston Redevelopment Authority Tax Increment Contract Revenue 3.000% 9/1/37       525       422
21 Lamar TX Consolidated Independent School District GO 5.000% 2/15/26     1,360     1,399
  Laredo TX Community College District GO Prere. 5.000% 8/1/24     1,000     1,019
21 Laredo TX Independent School District GO 4.000% 8/1/28     1,635     1,649
  Lewisville TX GO 5.000% 2/15/27     3,140     3,367
21 Lewisville TX Independent School District (Unlimited Tax Building) GO 5.000% 8/15/25     3,820     3,972
21 Liberty Hill TX Independent School District GO (School Building Bonds) 5.000% 2/1/41     2,635     2,900
  Lone Star College System TX GO 5.000% 2/15/26     3,100     3,260
  Lone Star College System TX GO 5.000% 2/15/28     5,500     5,753
  Lone Star College System TX GO 5.000% 2/15/29     1,555     1,625
5 Lower Colorado River Authority Texas Revenue 5.000% 5/15/41     1,470     1,604
  Lower Colorado River Authority Texas Revenue PUT 5.000% 5/15/28     1,000     1,071
  Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) 5.000% 5/15/33     1,050     1,194
  Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) 5.000% 5/15/35     1,500     1,689
5 Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) 5.000% 5/15/39     1,250     1,390
  Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) 5.000% 5/15/41     3,095     3,353
5 Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) 4.000% 5/15/43     1,600     1,580
  Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) 5.000% 5/15/28     1,200     1,237
  Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) 5.000% 5/15/28     1,000     1,012
  Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) 5.000% 5/15/34     1,120     1,230
  Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) 5.000% 5/15/36     1,085     1,195
  Lower Colorado River Authority TX Transmission Contract Revenue (LCRA Transmission Services Corp. Project) 5.250% 5/15/41     1,000     1,109
5 Lubbock TX Electric Light & Power System Revenue 5.000% 4/15/38     1,750     1,917
  Lubbock TX Electric Light & Power System Revenue 4.000% 4/15/39     1,685     1,692
  Lubbock TX GO 4.000% 2/15/42     1,490     1,497
  McKinney TX GO 3.750% 8/15/36     1,090     1,096
  McKinney TX GO 3.875% 8/15/38       880       869
  McKinney TX Waterworks & Sewer System Revenue 5.000% 3/15/31       400       462
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  McKinney TX Waterworks & Sewer System Revenue 5.000% 3/15/41       700       778
7 Mesquite TX Health Facilities Development Corp. Retirement Facility Revenue (Christian Care Centers Inc. Project) 5.000% 2/15/24        83         3
21 Midlothian TX Independent School District GO PUT 2.000% 8/1/24     1,005       985
  Montgomery County TX Unlimited Tax GO 5.000% 3/1/35     5,730     6,238
  New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) 5.000% 11/1/26     1,060     1,079
  New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) 5.000% 11/1/27     1,000     1,016
  New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) 5.000% 11/1/28       870       883
  New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Windhaven Project) 4.500% 10/1/26       500       492
  New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) ETM 5.000% 4/1/24       210       213
  New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) ETM 5.000% 4/1/25       240       247
  North East TX Regional Mobility Authority Revenue 5.000% 1/1/30     2,390     2,462
8 North Fort Bend Authority TX Water System Revenue 4.000% 12/15/33       500       530
8 North Fort Bend Authority TX Water System Revenue 3.000% 12/15/35       750       692
8 North Fort Bend Authority TX Water System Revenue 3.000% 12/15/36       585       528
  North Texas Municipal Water District Regional Wastewater System Revenue 4.000% 6/1/31     1,500     1,559
  North Texas Municipal Water District Water System Revenue 5.000% 9/1/33     4,000     4,162
  North Texas Municipal Water District Water System Revenue 5.000% 9/1/34     4,000     4,155
9 North Texas Tollway Authority Revenue 0.000% 1/1/31     1,000       770
9 North Texas Tollway Authority Revenue 0.000% 1/1/32     3,055     2,260
9 North Texas Tollway Authority Revenue 0.000% 1/1/33     1,000       710
9 North Texas Tollway Authority Revenue 0.000% 1/1/34     1,500     1,020
9 North Texas Tollway Authority Revenue 0.000% 1/1/35     1,500       970
9 North Texas Tollway Authority Revenue 0.000% 1/1/36     1,000       612
  North Texas Tollway Authority System Revenue 5.000% 1/1/26       115       115
  North Texas Tollway Authority System Revenue 5.000% 1/1/27     2,625     2,645
9 North Texas Tollway Authority System Revenue 0.000% 1/1/28     1,000       860
  North Texas Tollway Authority System Revenue 5.000% 1/1/29     1,245     1,277
  North Texas Tollway Authority System Revenue 5.000% 1/1/30       575       579
 
51

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  North Texas Tollway Authority System Revenue 5.000% 1/1/30     1,000     1,025
  North Texas Tollway Authority System Revenue 5.000% 1/1/32     1,820     1,862
  North Texas Tollway Authority System Revenue 5.000% 1/1/33     1,500     1,534
  North Texas Tollway Authority System Revenue 5.000% 1/1/34     1,730     1,767
  North Texas Tollway Authority System Revenue 5.000% 1/1/35     1,060     1,081
  North Texas Tollway Authority System Revenue 4.000% 1/1/36     1,015     1,027
5 North Texas Tollway Authority System Revenue 4.000% 1/1/37     1,520     1,529
  North Texas Tollway Authority System Revenue 4.000% 1/1/37     1,030     1,038
  North Texas Tollway Authority System Revenue 4.000% 1/1/37     1,250     1,265
  North Texas Tollway Authority System Revenue 5.000% 1/1/38     1,005     1,056
  North Texas Tollway Authority System Revenue 4.000% 1/1/39     1,000       992
  North Texas Tollway Authority System Revenue 5.000% 1/1/39     1,000     1,083
  North Texas Tollway Authority System Revenue 4.125% 1/1/40     1,000     1,004
  North Texas Tollway Authority System Revenue 5.000% 1/1/40     1,000     1,078
  North Texas Tollway Authority System Revenue Prere. 0.000% 9/1/31     1,250       609
21 Northside TX Independent School District GO 5.000% 8/15/25     1,165     1,211
21 Northside TX Independent School District GO 4.000% 8/15/32     1,305     1,341
21 Northside TX Independent School District GO PUT 0.700% 6/1/25     1,000       944
21 Northside TX Independent School District GO PUT 3.000% 8/1/26     2,855     2,807
21 Northside TX Independent School District GO PUT 2.000% 6/1/27     2,000     1,884
21 Northwest Independent School District Texas GO 5.000% 2/15/26     1,000     1,028
21 Northwest Independent School District Texas GO 4.000% 2/15/38     2,400     2,419
21 Northwest Independent School District Texas GO Prere. 5.000% 2/15/25     1,760     1,810
  Odessa TX Combination Tax GO 3.000% 3/1/38     1,255     1,071
21 Palestine Independent School District GO 5.000% 2/15/29     1,860     1,956
  Pasadena TX GO 4.000% 2/15/28     1,000     1,015
  Pearland TX GO 4.000% 3/1/32     1,095     1,121
  Pearland TX GO 4.000% 3/1/33       910       930
  Pearland TX Waterworks & Sewer System Revenue 4.000% 9/1/32       240       244
  Pearland TX Waterworks & Sewer System Revenue 4.000% 9/1/33       340       345
  Pflugerville TX Combination Tax GO 4.000% 8/1/40     1,280     1,286
  Pflugerville TX GO 4.000% 8/1/35     1,250     1,270
21 Pflugerville TX Independent School District GO 5.000% 2/15/25     1,600     1,650
  Plano TX GO 5.000% 9/1/26     1,185     1,259
  Plano TX GO 5.000% 9/1/28     1,305     1,442
21 Prosper TX Independent School District GO 3.000% 2/15/40     3,940     3,413
21 Richardson Independent School District GO 5.000% 2/15/26     3,020     3,176
21 Richardson Independent School District GO 5.000% 2/15/36     1,590     1,828
21 Richardson Independent School District GO 5.000% 2/15/37     1,850     2,104
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
21 Richardson Independent School District GO 5.000% 2/15/39     4,500     5,031
  San Antonio TX Electric & Gas Systems Revenue 5.000% 2/1/24     1,000     1,010
  San Antonio TX Electric & Gas Systems Revenue 3.000% 2/1/30       535       536
  San Antonio TX Electric & Gas Systems Revenue 5.000% 2/1/30     1,000     1,055
  San Antonio TX Electric & Gas Systems Revenue 5.000% 2/1/30     2,500     2,810
  San Antonio TX Electric & Gas Systems Revenue 3.000% 2/1/31     1,280     1,277
  San Antonio TX Electric & Gas Systems Revenue 4.000% 2/1/34     1,255     1,270
  San Antonio TX Electric & Gas Systems Revenue 5.000% 2/1/34     2,000     2,238
  San Antonio TX Electric & Gas Systems Revenue 5.000% 2/1/36     1,000     1,059
  San Antonio TX Electric & Gas Systems Revenue 4.000% 2/1/43     1,000       987
  San Antonio TX Electric & Gas Systems Revenue PUT 1.125% 12/1/26       150       133
  San Antonio TX Electric & Gas Systems Revenue PUT 3.650% 12/1/26     1,000       998
  San Antonio TX Electric & Gas Systems Revenue PUT 2.000% 12/1/27     1,000       915
  San Antonio TX GO 5.000% 2/1/26     1,000     1,030
21 San Antonio TX Independent School District GO 5.000% 8/1/25     1,130     1,170
21 San Antonio TX Independent School District GO 5.000% 8/15/25     1,200     1,243
21 San Antonio TX Independent School District GO 5.000% 8/15/29     1,295     1,349
21 San Antonio TX Independent School District GO 5.000% 8/15/37     2,495     2,559
  San Antonio TX Municipal Facilities Corp. Lease Revenue 5.000% 9/15/35     3,000     3,408
  San Antonio TX Municipal Facilities Corp. Lease Revenue 5.000% 9/15/37     3,000     3,346
  San Antonio TX Municipal Facilities Corp. Lease Revenue (City Tower Renovation Project) 3.000% 8/1/34     2,305     2,274
  San Antonio TX Water Revenue 5.000% 5/15/34     1,000     1,051
  San Antonio TX Water Revenue 5.000% 5/15/37     1,680     1,783
  San Antonio TX Water Revenue 5.000% 5/15/38     1,440     1,543
21 Sanger TX Independent School District Unlimited Tax Building Bonds GO 5.000% 8/15/37     1,755     1,958
  Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University Project) 4.000% 10/1/34     1,350     1,379
21 Southwest TX Independent School District GO 3.000% 2/1/36     1,250     1,166
21 Spring TX Independent School District GO 5.000% 8/15/32     1,000     1,035
21 Spring TX Independent School District GO 5.000% 8/15/35     1,370     1,436
  Sugar Land TX GO 5.000% 2/15/26       510       534
  Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor Scott & White Health Project) PUT 5.000% 5/15/26     1,000     1,039
  Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor Scott & White Health Project) PUT 5.000% 11/15/30     1,000     1,106
  Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Cook Children's Medical Center) 5.000% 12/1/25       350       365
 
52

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Methodist Hospitals of Dallas) Prere. 5.250% 10/1/23     1,000     1,005
  Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT 5.000% 7/1/32     2,180     2,430
  Tarrant County TX GO 5.000% 7/15/33       600       692
  Tarrant County TX GO 4.000% 7/15/41     1,000       998
  Tarrant County TX Regional Water District Revenue (Water Control and Improvement District) 5.000% 3/1/25     1,785     1,839
  Texas A & M University Permanent Fund Revenue 5.000% 7/1/26     2,680     2,839
21 Texas City TX Independent School District GO 5.000% 8/15/26     3,365     3,496
  Texas Department of Housing & Community Affairs Residential Mortgage Revenue 5.750% 1/1/53       995     1,064
  Texas Department of Housing & Community Affairs Revenue 5.500% 9/1/52       995     1,055
  Texas GO 5.000% 10/1/36     3,000     3,099
  Texas GO Prere. 5.000% 4/1/24     1,330     1,348
  Texas Municipal Gas Acquisition & Supply Corp. I Revenue 5.250% 12/15/23       245       246
  Texas Municipal Gas Acquisition & Supply Corp. I Revenue 5.250% 12/15/24       580       590
  Texas Municipal Gas Acquisition & Supply Corp. I Revenue 6.250% 12/15/26       110       115
  Texas Municipal Gas Acquisition & Supply Corp. III Revenue 5.000% 12/15/28     2,475     2,542
  Texas Municipal Gas Acquisition & Supply Corp. III Revenue 5.000% 12/15/29     1,575     1,628
  Texas Municipal Gas Acquisition & Supply Corp. III Revenue 5.000% 12/15/31     3,260     3,397
5 Texas Municipal Power Agency Revenue 3.000% 9/1/31       950       912
  Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) 4.000% 12/31/31     3,000     3,000
  Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) 4.000% 6/30/32     2,000     1,997
  Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) 4.000% 12/31/35     1,000       975
  Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) 4.000% 6/30/40     2,000     1,858
  Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) 4.000% 6/30/38     1,200     1,134
  Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) 4.000% 12/31/38     1,000       944
  Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) 5.000% 12/31/31     1,000     1,062
  Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) 5.000% 12/31/34     1,000     1,056
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Texas State University System Financing System Revenue 5.000% 3/15/32     1,625     1,736
3 Texas State Veterans Bonds GO VRDO 4.200% 7/5/23     5,000     5,000
15 Texas State Water Financial Assistance GO 5.000% 8/1/29     3,695     3,977
  Texas Transportation Commission GO 5.000% 10/1/29     1,500     1,563
  Texas Transportation Commission GO 5.000% 4/1/32     2,000     2,105
  Texas Transportation Commission GO PUT 0.650% 4/1/26     1,575     1,428
  Texas Transportation Commission Mobility Fund GO 5.000% 10/1/34     1,705     1,833
  Texas Transportation Commission Turnpike System Revenue 5.000% 8/15/33       525       531
  Texas Transportation Commission Turnpike System Revenue 5.000% 8/15/37     2,460     2,494
  Texas Transportation Commission Turnpike System Revenue 5.000% 8/15/39     1,000     1,072
  Texas Water Development Board Revenue 5.000% 8/1/25     1,350     1,403
  Texas Water Development Board Revenue 5.000% 10/15/28     1,500     1,664
  Texas Water Development Board Revenue 4.000% 10/15/32     1,125     1,171
  Texas Water Development Board Revenue 4.000% 10/15/34     1,465     1,518
  Texas Water Development Board Revenue 4.000% 10/15/35     2,895     2,960
  Texas Water Development Board Revenue 4.000% 10/15/35     1,770     1,796
  Texas Water Development Board Revenue 5.000% 8/1/38     5,000     5,328
  Texas Water Development Board State Implementation Revenue Fund (Master Trust) 5.000% 10/15/32     2,070     2,290
  Texas Water Development Board State Implementation Revenue Fund (Master Trust) 4.000% 10/15/33     2,000     2,045
  Texas Water Development Board State Implementation Revenue Fund (Master Trust) 5.000% 10/15/34     2,500     2,653
  Texas Water Development Board State Implementation Revenue Fund (Master Trust) 4.450% 10/15/36     2,250     2,455
  Texas Water Development Board State Implementation Revenue Fund (Master Trust) 3.000% 10/15/39     1,755     1,552
21 Tomball TX Independent School District Unlimited Tax Building Bonds GO 3.875% 2/15/43     1,000       959
  Travis TX GO 5.000% 3/1/27     1,545     1,618
  Trinity River Authority of Texas Regional Wastewater System Revenue 5.000% 8/1/27     1,000     1,054
  Trinity River Authority of Texas Regional Wastewater System Revenue 4.000% 8/1/32       250       270
  Trinity River Authority of Texas Regional Wastewater System Revenue 5.000% 8/1/37     1,235     1,332
21 United TX Independent School District GO Prere. 5.000% 8/15/24     2,550     2,601
  University of Houston Texas Revenue 5.000% 2/15/28     5,000     5,231
  University of Houston Texas Revenue 3.000% 2/15/31     3,090     3,083
  University of Houston Texas Revenue 5.000% 2/15/31     1,810     2,087
 
53

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  University of Houston Texas Revenue 4.000% 2/15/33     1,840     1,874
  University of Houston Texas Revenue 5.000% 2/15/33     1,500     1,568
  University of Houston Texas Revenue 5.000% 2/15/35     4,500     4,702
  University of North Texas Revenue 4.000% 4/15/34     1,110     1,144
  University of North Texas Revenue 5.000% 4/15/36     1,275     1,358
  University of Texas Financing System Bonds Revenue 2.000% 8/15/36       750       579
  University of Texas Financing System Bonds Revenue 5.000% 8/15/40     1,500     1,767
  University of Texas Permanent University Fund Revenue 5.000% 7/1/40     3,200     3,634
8 West Travis County TX Public Utility Agency Revenue 5.000% 8/15/27     1,235     1,328
8 West Travis County TX Public Utility Agency Revenue 4.000% 8/15/32       270       277
21 Whitehouse TX Independent School District GO 5.000% 2/15/42     1,250     1,309
  Williamson County TX GO 5.000% 2/15/28     2,000     2,189
                                     554,736
Utah (0.3%)
  Alpine UT School District GO 5.000% 3/15/30     1,025     1,102
  Central Utah Water Conservancy District GO 5.000% 4/1/28     6,050     6,667
  Central Utah Water Conservancy District Revenue 4.000% 10/1/32     1,000     1,033
  Duchesne School District UT Municipal Building Authority Lease Revenue 5.000% 6/1/37     1,400     1,481
  Granite UT School District Salt Lake County GO 5.000% 6/1/28     2,490     2,684
  Intermountain UT Power Agency Revenue 4.000% 7/1/36     2,310     2,390
  Intermountain UT Power Agency Supply Revenue 5.000% 7/1/38     2,000     2,226
  Intermountain UT Power Agency Supply Revenue 5.000% 7/1/42     2,500     2,742
  Jordan Valley UT Water Conservancy District Revenue 4.000% 10/1/32       750       776
  Utah County UT Hospital Revenue (IHC Health Services) 5.000% 5/15/34       750       812
  Utah County UT Hospital Revenue (IHC Health Services) 5.000% 5/15/35       850       915
  Utah Transit Authority Sales Tax Revenue 5.000% 12/15/36     1,000     1,080
  Utah Transit Authority Sales Tax Revenue Prere. 5.000% 6/15/25     1,000     1,036
  Utah Transit Authority Sales Tax Revenue Prere. 5.000% 6/15/25     1,285     1,332
5 Vineyard UT Redevelopment Agency Tax Increment Revenue 4.000% 5/1/33       150       158
5 Vineyard UT Redevelopment Agency Tax Increment Revenue 4.000% 5/1/34       125       132
  Weber School District UT GO 5.000% 6/15/26     1,050     1,112
  Weber School District UT GO 5.000% 6/15/27     1,050     1,138
                                      28,816
Vermont (0.1%)
  University of Vermont & State Agricultural College Revenue 5.000% 10/1/38     1,000     1,153
  University of Vermont Educational & Health Buildings Financing Agency Revenue 5.000% 12/1/28     1,010     1,057
  Vermont Economic Development Authority Mortgage Revenue 4.000% 5/1/33     1,000       907
  Vermont GO 5.000% 8/15/24     2,020     2,063
                                       5,180
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Virgin Islands (0.0%)
  Matching Fund Special Purpose Securitization Corp. Revenue 5.000% 10/1/25        45        45
  Matching Fund Special Purpose Securitization Corp. Revenue 5.000% 10/1/26       115       116
  Matching Fund Special Purpose Securitization Corp. Revenue 5.000% 10/1/27       170       171
                                         332
Virginia (0.7%)
  Arlington County VA GO 5.000% 6/15/24     4,510     4,592
  Arlington County VA GO 4.000% 8/1/39     1,195     1,214
6 Cutalong II Community Development Authority VA Special Assessment (Cutalong II Project) 4.000% 3/1/32       817       736
  Danville VA GO 4.000% 9/1/27     1,540     1,610
  Fairfax County Industrial Development Authority Health Care Revenue 5.000% 5/15/36     1,000     1,129
  Fairfax County VA GO 4.000% 10/1/40     2,665     2,705
  Hampton Roads VA Transportation Accountability Commission Revenue ETM 5.000% 7/1/26     1,045     1,106
6 Hanover County VA Economic Development Authority Revenue (Covenant Woods) 4.000% 7/1/30       260       232
  James City County VA Economic Development Authority Revenue (Williamsburg Landing) 4.000% 12/1/35       225       204
  Mosaic VA District Community Development Authority Revenue 4.000% 3/1/33       750       776
  Norfolk VA GO Prere. 5.000% 9/1/24     1,090     1,114
  Norfolk VA GO Prere. 5.000% 9/1/24     1,345     1,375
  Norfolk VA Redevelopment & Housing Authority Multifamily Housing Revenue PUT 5.000% 5/1/26     1,500     1,544
  Norfolk VA Water Revenue 5.000% 11/1/34     1,155     1,256
  Richmond VA Public Utility Revenue 5.000% 1/15/28     1,000     1,045
  Stafford County VA Economic Development Authority Hospital Facilities Revenue (Mary Washington Healthcare Obligated Group) 5.000% 6/15/24     1,120     1,135
  Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) 5.000% 9/1/30       600       601
  Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) 5.000% 9/1/33       425       422
  Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) 5.000% 2/1/27     1,845     1,936
  Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) 3.000% 2/1/35     1,500     1,417
  Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) 5.000% 2/1/37     1,000     1,156
  Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) 5.000% 2/1/42     1,000     1,112
  Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) 5.000% 9/1/25     1,110     1,154
 
54

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) 4.000% 9/1/36     2,130     2,180
  Virginia Commonwealth Transportation Board Revenue 5.000% 5/15/26     1,405     1,486
  Virginia Commonwealth Transportation Board Revenue 4.000% 5/15/33     5,000     5,145
  Virginia Commonwealth Transportation Board Revenue 4.000% 5/15/35     1,280     1,308
  Virginia Commonwealth Transportation Board Revenue 4.000% 5/15/35     1,750     1,793
  Virginia Port Authority Commonwealth Port Fund Revenue 5.000% 7/1/43     1,000     1,130
  Virginia Public Building Authority Public Facilities Revenue 5.000% 8/1/36     5,035     5,835
  Virginia Public Building Authority Revenue 5.000% 11/1/31        95        95
  Virginia Public School Authority Revenue 5.000% 8/1/24     6,080     6,202
  Virginia Small Business Financing Authority Residential Care Facilities Revenue 4.000% 12/1/31       500       481
  Wise County VA Industrial development Authority Solid Waste & Sewage Disposal Revenue (Virginia Electric & Power Co. Project) PUT 0.750% 9/2/25       575       527
  York County VA Economic Development Authority Pollution Control Revenue PUT 3.650% 10/1/27       385       384
                                      56,137
Washington (1.8%)
  Bellingham WA Water & Sewer Revenue Refunding Bonds 5.000% 8/1/25       400       415
  Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue 5.000% 11/1/26       795       849
  Energy Northwest Washington Electric Revenue 5.000% 7/1/25     3,115     3,232
  Energy Northwest Washington Electric Revenue (Columbia Generating Station) 5.000% 7/1/31     1,225     1,267
  Energy Northwest Washington Electric Revenue (Columbia Generating Station) 5.000% 7/1/36     1,000     1,164
  Energy Northwest Washington Electric Revenue (Columbia Generating Station) 5.000% 7/1/38     5,895     6,525
  Energy Northwest Washington Electric Revenue (Columbia Generating Station) 4.000% 7/1/42     1,640     1,647
  Energy Northwest Washington Electric Revenue (Project No. 3) 5.000% 7/1/25     7,200     7,470
  Energy Northwest Washington Electric Revenue (Project No. 3) 5.000% 7/1/26     1,735     1,838
  Franklin County WA Pasco School District No. 1 GO 4.000% 12/1/27     1,000     1,045
15 Highline WA King County School District No. 401 GO 5.000% 12/1/37     1,250     1,430
  King & Pierce Counties WA Wash School District No. 408 Auburn Unlimited Tax GO 3.000% 12/1/38     1,230     1,092
  King County WA GO 4.000% 12/1/32     1,500     1,532
  King County WA GO 4.000% 12/1/34     2,150     2,191
  King County WA Housing Authority Revenue 3.000% 6/1/40     1,000       815
  King County WA School District No. 403 Renton GO 4.000% 12/1/40     1,000     1,007
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pierce County WA Puyallup School District No. 3 GO 5.000% 12/1/33     2,600     2,788
  Port of Seattle WA Revenue 4.000% 6/1/37     3,000     3,044
  Seattle WA Ltd Tax GO 5.000% 11/1/27     2,180     2,376
4 Seattle WA Municipal Light & Power Refunding Revenue PUT, SIFMA Municipal Swap Index Yield + 0.250% 4.260% 11/1/26     1,000       983
  Seattle WA Water System Improvement Revenue 4.000% 8/1/32     3,020     3,115
  Snohomish County WA School District No. 103 (Monroe) GO 5.000% 12/1/31     1,000     1,033
  Snoqualmie Valley WA King County School District No. 410 GO 5.000% 12/1/33     3,150     3,251
  University of Washington Revenue PUT 4.000% 8/1/27     2,435     2,501
  Washington (Motor Vehicle Fuel Tax) GO 4.000% 7/1/26     5,000     5,155
  Washington (Motor Vehicle Fuel Tax) GO 5.000% 6/1/27     1,000     1,081
  Washington (Motor Vehicle Fuel Tax) GO 5.000% 7/1/27     1,000     1,029
  Washington (Motor Vehicle Fuel Tax) GO 5.000% 7/1/27     1,245     1,349
  Washington (Motor Vehicle Fuel Tax) GO 4.000% 7/1/31     1,500     1,513
  Washington Economic Development Finance Authority Lease Revenue (Washington Biomedical Research Properties 2) 5.000% 6/1/25     1,090     1,115
  Washington GO 5.000% 7/1/25     1,500     1,527
  Washington GO 5.000% 8/1/26     5,105     5,422
  Washington GO 5.000% 8/1/27     1,000     1,039
  Washington GO 5.000% 8/1/27     2,745     2,979
  Washington GO 4.000% 7/1/28     5,000     5,285
  Washington GO 5.000% 7/1/28     2,000     2,055
  Washington GO 5.000% 8/1/28     2,185     2,420
  Washington GO 4.000% 7/1/29     2,720     2,722
  Washington GO 5.000% 7/1/30     1,100     1,131
  Washington GO 5.000% 7/1/32     1,250     1,284
  Washington GO 5.000% 8/1/34     1,750     1,813
  Washington GO 5.000% 2/1/35     5,000     5,320
  Washington GO 5.000% 8/1/35     1,000     1,072
  Washington GO 5.000% 8/1/36     2,150     2,342
  Washington GO 5.000% 8/1/37     3,685     3,741
  Washington GO 5.000% 8/1/38     2,070     2,235
  Washington GO 5.000% 2/1/39     2,000     2,168
  Washington GO 5.000% 8/1/42     5,015     5,596
  Washington GO 5.000% 8/1/43     2,000     2,136
  Washington Health Care Facilities Authority Revenue (Central Washington Health Services Association) 5.000% 7/1/30     1,760     1,808
  Washington Health Care Facilities Authority Revenue (CommonSpirit Health) 5.000% 8/1/32     1,750     1,882
  Washington Health Care Facilities Authority Revenue (CommonSpirit Health) 5.000% 8/1/36     1,690     1,786
  Washington Health Care Facilities Authority Revenue (CommonSpirit Health) PUT 5.000% 8/1/24     1,000     1,007
  Washington Health Care Facilities Authority Revenue (MultiCare Health System) 5.000% 8/15/31     2,505     2,561
  Washington Health Care Facilities Authority Revenue (MultiCare Health System) 5.000% 8/15/32     1,000     1,052
 
55

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Washington Health Care Facilities Authority Revenue (MultiCare Health System) 5.000% 8/15/32     3,000     3,057
  Washington Health Care Facilities Authority Revenue (Providence Health & Services) 5.000% 10/1/33       880       880
  Washington Higher Education Facilities Authority Revenue (Seattle University Project) 5.000% 10/1/35     1,000     1,019
  Washington Higher Education Facilities Authority Revenue (Whitman College Project) 4.000% 1/1/36     1,685     1,744
  Washington Higher Education Facilities Authority Revenue (Whitworth University Project) 4.000% 10/1/34       725       707
  Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) 4.000% 7/1/30       925       928
  Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) 4.000% 7/1/31     4,025     3,852
  Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) 3.000% 7/1/34       290       263
  Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) 5.000% 7/1/37       855       892
  Washington State Health Care Facilities Authority Revenue PUT 4.000% 10/1/30     5,000     5,017
  Washington State Housing Finance Commission Municipal Certificates Revenue 3.500% 12/20/35     6,010     5,550
  Washington State Motor Vehicle Fuel Tax Related Fees GO 5.000% 7/1/28     1,580     1,747
  Whitman County WA School District No. 267 Pullman GO 5.000% 12/1/29       715       813
                                     152,704
West Virginia (0.2%)
  West Virginia Commissioner of Highways Revenue (Surface Transportation Improvements) 5.000% 9/1/33     1,170     1,257
  West Virginia Economic Development Authority Lottery Revenue 4.000% 6/15/37     1,545     1,557
  West Virginia GO 5.000% 12/1/35     1,000     1,086
  West Virginia GO 5.000% 6/1/36     1,000     1,083
  West Virginia GO 5.000% 6/1/38     2,500     2,730
  West Virginia Higher Education Policy Commission Revenue 5.000% 7/1/37     1,315     1,382
  West Virginia Hospital Finance Authority Hospital Revenue 5.000% 6/1/39     1,300     1,404
  West Virginia Hospital Finance Authority Hospital Revenue (Cabell Huntington Hospital Inc.) 5.000% 1/1/29       765       798
  West Virginia Parkways Authority Turnpike Toll Revenue 5.000% 6/1/33       845       925
                                      12,222
Wisconsin (0.9%)
  Madison WI Area Technical College GO 4.000% 3/1/25     1,835     1,862
  Madison WI GO 4.000% 10/1/26     1,500     1,554
  Milwaukee WI GO 5.000% 4/1/26     1,935     1,999
  Milwaukee WI GO 5.000% 4/1/29     1,110     1,209
  Public Finance Authority Health Care Facilities Revenue (Appalachian Regional Healthcare System Obligated Group) 5.000% 7/1/35       300       320
  Public Finance Authority Health Care System Revenue (Cone Health) 5.000% 10/1/28     1,000     1,099
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
6 Public Finance Authority Revenue (Clover Garden School) 5.000% 6/15/32       360       352
  Public Finance Authority Revenue (Duke Energy Progress Project) PUT 3.300% 10/1/26     1,000       994
  Public Finance Authority Revenue (Duke Energy Progress Project) PUT 3.700% 10/1/30     1,160     1,169
8 Public Finance Authority Revenue (Eastern Michigan University Student Housing Project) 5.250% 7/1/34     1,000     1,157
  Public Finance Authority Revenue (Providence St. Joseph Health) PUT 4.000% 10/1/30     2,345     2,353
  Public Finance Authority Revenue (Texas Biomedical Research Institute Project) 5.000% 6/1/34       650       701
  Waunakee WI Community School District GO 3.250% 4/1/28     4,000     3,963
5 Wisconsin Center District Tax Revenue 0.000% 12/15/34     1,250       787
5 Wisconsin Center District Tax Revenue 0.000% 12/15/39     1,250       593
  Wisconsin GO 5.000% 5/1/24     1,000     1,015
  Wisconsin GO 4.000% 5/1/33     1,665     1,720
  Wisconsin GO 5.000% 5/1/34     3,880     4,272
  Wisconsin GO 5.000% 5/1/36     5,000     5,861
  Wisconsin GO 5.000% 5/1/38     1,740     1,850
6 Wisconsin Health & Educational Facilities Authority Revenue 5.000% 2/15/26     1,000     1,020
  Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health and Hospitals Corp.) PUT 5.000% 6/24/26     1,100     1,150
  Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health and Hospitals Corp.) PUT 5.000% 7/29/26     1,005     1,053
  Wisconsin Health & Educational Facilities Authority Revenue (Agnesian HealthCare Inc.) 5.000% 7/1/31     1,065     1,124
  Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) 4.000% 11/15/34     1,540     1,558
  Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) 5.000% 11/15/36     2,265     2,344
  Wisconsin Health & Educational Facilities Authority Revenue (Aspirus Inc. Obligated Group) 5.000% 8/15/25     1,670     1,672
  Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) 5.000% 12/1/37       600       644
  Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) 5.000% 12/1/41     1,875     1,965
  Wisconsin Health & Educational Facilities Authority Revenue (Children's Hospital of Wisconsin Inc.) 4.000% 8/15/31     1,010     1,029
3 Wisconsin Health & Educational Facilities Authority Revenue (Froedtert Health Inc.) VRDO 4.000% 7/3/23    13,400    13,400
3 Wisconsin Health & Educational Facilities Authority Revenue (Marshfield Clinic Health System) VRDO 3.750% 7/3/23       100       100
 
56

 

Tax-Managed Balanced Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Wisconsin Health & Educational Facilities Authority Revenue (Oakwood Lutheran Senior Ministries) 4.000% 1/1/29       390       362
  Wisconsin Health & Educational Facilities Authority Revenue (ThedaCare Inc. Obligated Group) 4.000% 12/15/39     1,595     1,541
  Wisconsin Housing & Economic Development Authority Housing Revenue PUT 3.750% 11/1/26     1,365     1,365
  Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University) 5.250% 10/1/32       740       761
  Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) 5.000% 6/1/28       750       792
  Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) 5.000% 6/1/30     1,085     1,119
  Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) 4.000% 6/1/39     1,000       922
  Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) 4.000% 10/1/34       390       350
  Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) 4.000% 10/1/35       285       252
  Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) 4.000% 10/1/36       435       380
  Wisconsin Public Power System Power Supply System Revenue 5.000% 7/1/32       500       500
  Wisconsin Transportation Revenue Prere. 5.000% 7/1/24     2,755     2,807
                                      73,040
Wyoming (0.0%)
  Laramie County WY Hospital Revenue (Cheyenne Regional Medical Center Project) 4.000% 5/1/29       130       136
  Wyoming Community Development Authority Housing Revenue 5.750% 6/1/53       185       197
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
8 Wyoming Municipal Power Agency Power Supply Revenue Prere. 5.000% 1/1/27     1,000     1,066
                                       1,399
Total Tax-Exempt Municipal Bonds (Cost $4,474,656) 4,338,281
Total Investments (99.8%) (Cost $6,080,434)   8,478,346
Other Assets and Liabilities—Net (0.2%)   13,774
Net Assets (100%)   8,492,120
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Security value determined using significant unobservable inputs.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Scheduled principal and interest payments are guaranteed by bank letter of credit.
4 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
5 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
6 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, the aggregate value was $130,629,000, representing 1.5% of net assets.
7 Non-income-producing security—security in default.
8 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
9 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
10 Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co.
11 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
12 Step bond.
13 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
14 Securities with a value of $515,000 have been segregated as initial margin for open futures contracts.
15 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2023.
16 Scheduled principal and interest payments are guaranteed by Municipal Bond Insurance Association.
17 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
18 Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund.
19 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
20 Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp.
21 Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund.
  1M—1-month.
  COP—Certificate of Participation.
  ETM—Escrowed to Maturity.
  GAN—Grant Anticipation Note.
  GO—General Obligation Bond.
  LIBOR—London Interbank Offered Rate.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  REIT—Real Estate Investment Trust.
  SIFMA—Securities Industry and Financial Markets Association.
  SO—Special Obligation.
  SOFR—Secured Overnight Financing Rate.
  TOB—Tender Option Bond.
  USD—U.S. dollar.
  VRDO—Variable Rate Demand Obligation.
 
57

 

Tax-Managed Balanced Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
2-Year U.S. Treasury Note September 2023 230 46,769 (693)
5-Year U.S. Treasury Note September 2023 130 13,922 (182)
E-mini S&P 500 Index September 2023 109 24,461 193
        (682)
 
Short Futures Contracts
Ultra Long U.S. Treasury Bond September 2023 (22) (2,997) 1
        (681)
  
See accompanying Notes, which are an integral part of the Financial Statements.
58

 

Tax-Managed Balanced Fund
Statement of Assets and Liabilities
As of June 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $6,049,623) 8,447,399
Affiliated Issuers (Cost $30,811) 30,947
Total Investments in Securities 8,478,346
Investment in Vanguard 289
Cash 370
Cash Collateral Pledged—Futures Contracts 1,700
Receivables for Accrued Income 51,957
Receivables for Capital Shares Issued 2,992
Variation Margin Receivable—Futures Contracts 393
Total Assets 8,536,047
Liabilities  
Payables for Investment Securities Purchased 41,597
Payables for Capital Shares Redeemed 1,983
Payables to Vanguard 312
Variation Margin Payable—Futures Contracts 35
Total Liabilities 43,927
Net Assets 8,492,120

 At June 30, 2023, net assets consisted of:

   
Paid-in Capital 6,307,666
Total Distributable Earnings (Loss) 2,184,454
Net Assets 8,492,120
   
Net Assets  
Applicable to 216,169,249 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		8,492,120
Net Asset Value Per Share $39.28
  
See accompanying Notes, which are an integral part of the Financial Statements.
59

 

Tax-Managed Balanced Fund
Statement of Operations
  Six Months Ended
June 30, 2023
  ($000)
Investment Income  
Income  
Dividends1,2 28,722
Interest 56,429
Total Income 85,151
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 79
Management and Administrative 3,250
Marketing and Distribution 220
Custodian Fees 13
Shareholders’ Reports 39
Trustees’ Fees and Expenses 2
Other Expenses 7
Total Expenses 3,610
Net Investment Income 81,541
Realized Net Gain (Loss)  
Investment Securities Sold1 (34,125)
Futures Contracts 4,705
Realized Net Gain (Loss) (29,420)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 649,231
Futures Contracts 354
Change in Unrealized Appreciation (Depreciation) 649,585
Net Increase (Decrease) in Net Assets Resulting from Operations 701,706
1 Dividend income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated company of the fund were $284,000, ($12,000), and ($41,000), respectively. Purchases and sales were $53,237,000 and $32,135,000, respectively.
2 Dividends are net of foreign withholding taxes of $1,000.
  
See accompanying Notes, which are an integral part of the Financial Statements.
60

 

Tax-Managed Balanced Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2023 		  Year Ended
December 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 81,541   142,431
Realized Net Gain (Loss) (29,420)   (111,796)
Change in Unrealized Appreciation (Depreciation) 649,585   (1,171,271)
Net Increase (Decrease) in Net Assets Resulting from Operations 701,706   (1,140,636)
Distributions      
Total Distributions (82,298)   (142,355)
Capital Share Transactions      
Issued 477,729   1,244,824
Issued in Lieu of Cash Distributions 67,806   116,995
Redeemed (401,737)   (1,165,577)
Net Increase (Decrease) from Capital Share Transactions 143,798   196,242
Total Increase (Decrease) 763,206   (1,086,749)
Net Assets      
Beginning of Period 7,728,914   8,815,663
End of Period 8,492,120   7,728,914
  
See accompanying Notes, which are an integral part of the Financial Statements.
61

 

Tax-Managed Balanced Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period 		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $36.39 $42.43 $38.06 $34.25 $29.65 $30.73
Investment Operations            
Net Investment Income1 .382 .673 .620 .658 .701 .688
Net Realized and Unrealized Gain (Loss) on Investments 2.893 (6.040) 4.335 3.808 4.603 (1.110)
Total from Investment Operations 3.275 (5.367) 4.955 4.466 5.304 (.422)
Distributions            
Dividends from Net Investment Income2 (.385) (.673) (.585) (.656) (.704) (.658)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.385) (.673) (.585) (.656) (.704) (.658)
Net Asset Value, End of Period $39.28 $36.39 $42.43 $38.06 $34.25 $29.65
Total Return3 9.04% -12.66% 13.10% 13.30% 18.01% -1.43%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $8,492 $7,729 $8,816 $6,859 $5,809 $4,370
Ratio of Total Expenses to Average Net Assets 0.09% 0.09% 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 2.04% 1.78% 1.53% 1.90% 2.16% 2.22%
Portfolio Turnover Rate 9% 22%4 6%4 20%4 12%4 11%4
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The tax character of distributions is determined at fiscal year-end. Tax-exempt dividends represent 63%, 63%, 62%, 61%, and 61% of dividends from net investment income for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.
3 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
62

 

Tax-Managed Balanced Fund
Notes to Financial Statements
Vanguard Tax-Managed Balanced Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of many municipal issuers; the issuers’ abilities to meet their obligations may be affected by economic and political developments in a specific state or region. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds.
A.  The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The fund also uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds or stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2023, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the
63

 

Tax-Managed Balanced Fund
committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2023, the fund had contributed to Vanguard capital in the amount of $289,000, representing less than 0.01% of the fund’s net assets and 0.12% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
64

 

Tax-Managed Balanced Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 4,140,065 — — 4,140,065
Tax-Exempt Municipal Bonds — 4,338,281 — 4,338,281
Total 4,140,065 4,338,281 — 8,478,346
Derivative Financial Instruments        
Assets        
Futures Contracts1 194 — — 194
Liabilities        
Futures Contracts1 875 — — 875
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D.  As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 6,080,243
Gross Unrealized Appreciation 2,563,888
Gross Unrealized Depreciation (166,466)
Net Unrealized Appreciation (Depreciation) 2,397,422
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2022, the fund had available capital losses totaling $185,790,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E.  During the six months ended June 30, 2023, the fund purchased $1,000,391,000 of investment securities and sold $743,905,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2023, such purchases were $42,315,000 and sales were $88,280,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F.  Capital shares issued and redeemed were:
  Six Months Ended
June 30, 2023 		  Year Ended
December 31, 2022
  Shares
(000) 		  Shares
(000)
Issued 12,598   32,460
Issued in Lieu of Cash Distributions 1,786   3,174
Redeemed (10,622)   (31,005)
Net Increase (Decrease) in Shares Outstanding 3,762   4,629
G.  Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental ‎disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
65

 

Tax-Managed Balanced Fund
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
H.  Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements.
66

 

Tax-Managed Capital Appreciation Fund
Fund Allocation
As of June 30, 2023
Basic Materials 1.9%
Consumer Discretionary 15.0
Consumer Staples 5.2
Energy 4.2
Financials 9.9
Health Care 12.5
Industrials 13.0
Real Estate 2.8
Technology 30.7
Telecommunications 2.1
Utilities 2.7
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
67

 

Tax-Managed Capital Appreciation Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value•

($000)
Common Stocks (99.8%)
Basic Materials (1.9%)
  Linde plc   205,547     78,330
  Freeport-McMoRan Inc.   587,143     23,486
  Albemarle Corp.    97,961     21,854
  Ecolab Inc.   113,298     21,152
  Air Products and Chemicals Inc.    63,253     18,946
  Fastenal Co.   261,986     15,455
  FMC Corp.   138,121     14,411
  Newmont Corp.   314,138     13,401
  Alcoa Corp.   363,851     12,345
  Reliance Steel & Aluminum Co.    44,502     12,086
  Nucor Corp.    73,100     11,987
  LyondellBasell Industries NV Class A   122,525     11,251
  Southern Copper Corp.   151,825     10,892
  Celanese Corp. Class A    91,133     10,553
  Mosaic Co.   259,163      9,071
  Steel Dynamics Inc.    61,902      6,743
  Dow Inc.   121,066      6,448
* Cleveland-Cliffs Inc.   214,392      3,593
  Element Solutions Inc.   178,298      3,423
  International Flavors & Fragrances Inc.    41,799      3,327
  CF Industries Holdings Inc.    45,426      3,153
  Scotts Miracle-Gro Co.    48,965      3,070
  Hexcel Corp.    34,752      2,642
* RBC Bearings Inc.    11,871      2,582
  Westlake Corp.    18,450      2,204
* Univar Solutions Inc.    46,786      1,677
  Eastman Chemical Co.    18,581      1,556
  Avery Dennison Corp.     7,027      1,207
  International Paper Co.    35,745      1,137
* MP Materials Corp.    37,534        859
  Royal Gold Inc.     7,388        848
  United States Steel Corp.    24,784        620
  Ashland Inc.     2,950        256
  Sylvamo Corp.     3,516        142
  Timken Co.       248         23
  Valvoline Inc.       549         21
  NewMarket Corp.        39         16
  Olin Corp.       307         16
  Chemours Co.       273         10
  Huntsman Corp.       376         10
                        330,803
Consumer Discretionary (14.9%)
* Amazon.com Inc. 3,787,195    493,699
* Tesla Inc. 1,159,817    303,605
  Home Depot Inc.   401,901    124,847
  Costco Wholesale Corp.   187,416    100,901
  Walmart Inc.   601,663     94,569
  McDonald's Corp.   277,959     82,946
* Netflix Inc.   185,125     81,546
* Walt Disney Co.   770,469     68,788
  Lowe's Cos. Inc.   289,102     65,250
  NIKE Inc. Class B   457,419     50,485
* Copart Inc.   527,264     48,092
  Starbucks Corp.   477,271     47,278
* O'Reilly Automotive Inc.    43,562     41,615
          Shares Market
Value•

($000)
* Booking Holdings Inc.    14,861     40,130
* AutoZone Inc.    15,302     38,153
  TJX Cos. Inc.   413,488     35,060
  Marriott International Inc. Class A   181,115     33,269
* Uber Technologies Inc.   765,166     33,032
* Activision Blizzard Inc.   322,821     27,214
  DR Horton Inc.   216,890     26,393
  Ford Motor Co. 1,603,761     24,265
  Estee Lauder Cos. Inc. Class A   120,274     23,619
  Ross Stores Inc.   206,421     23,146
* Chipotle Mexican Grill Inc. Class A    10,446     22,344
  General Motors Co.   576,445     22,228
* NVR Inc.     3,412     21,668
  Target Corp.   161,353     21,282
* Airbnb Inc. Class A   154,969     19,861
  Yum! Brands Inc.   140,313     19,440
* Dollar Tree Inc.   122,634     17,598
  PulteGroup Inc.   222,049     17,249
  Lennar Corp. Class A   133,883     16,777
  Dollar General Corp.    95,177     16,159
  eBay Inc.   348,246     15,563
  Tempur Sealy International Inc.   387,514     15,528
  Electronic Arts Inc.   113,009     14,657
* Delta Air Lines Inc.   307,256     14,607
* Trade Desk Inc. Class A   185,502     14,324
* Lululemon Athletica Inc.    35,930     13,600
  Hilton Worldwide Holdings Inc.    85,474     12,441
* Warner Bros Discovery Inc.   978,936     12,276
* AutoNation Inc.    73,516     12,101
* CarMax Inc.   141,087     11,809
  Darden Restaurants Inc.    69,471     11,607
  Southwest Airlines Co.   284,152     10,289
* Take-Two Interactive Software Inc.    69,744     10,264
* Aptiv plc   100,452     10,255
* Live Nation Entertainment Inc.   110,419     10,060
  Interpublic Group of Cos. Inc.   260,110     10,035
* Capri Holdings Ltd.   272,263      9,772
* Royal Caribbean Cruises Ltd.    92,760      9,623
  PVH Corp.   111,051      9,436
* Spotify Technology SA    58,081      9,325
  Hyatt Hotels Corp. Class A    77,726      8,906
  Gentex Corp.   304,013      8,895
  Omnicom Group Inc.    84,669      8,056
* Las Vegas Sands Corp.   137,692      7,986
  MGM Resorts International   173,356      7,614
* Coupang Inc. Class A   436,046      7,587
  Toll Brothers Inc.    95,872      7,581
* United Airlines Holdings Inc.   135,198      7,418
* Expedia Group Inc.    67,567      7,391
* ROBLOX Corp. Class A   182,268      7,345
* Ulta Beauty Inc.    14,835      6,981
* Liberty Media Corp.-Liberty Formula One Class C    91,472      6,886
* American Airlines Group Inc.   339,925      6,098
  BorgWarner Inc.   113,602      5,556
* Norwegian Cruise Line Holdings Ltd.   239,315      5,210
* Floor & Decor Holdings Inc. Class A    48,673      5,060
  Hasbro Inc.    77,134      4,996
  Tractor Supply Co.    22,460      4,966
68

 

Tax-Managed Capital Appreciation Fund
          Shares Market
Value•

($000)
  Wynn Resorts Ltd.    42,329      4,470
  Fox Corp. Class A   128,594      4,372
* BJ's Wholesale Club Holdings Inc.    67,123      4,229
  Vail Resorts Inc.    16,007      4,030
* Burlington Stores Inc.    24,710      3,889
* Rivian Automotive Inc. Class A   220,577      3,675
  Advance Auto Parts Inc.    51,534      3,623
  Best Buy Co. Inc.    43,840      3,593
  Lear Corp.    24,522      3,520
* Five Below Inc.    17,579      3,455
  LKQ Corp.    59,159      3,447
* Liberty Media Corp.-Liberty Formula One Class A    48,561      3,284
  News Corp. Class A   153,012      2,984
  Ralph Lauren Corp. Class A    24,166      2,980
* Skechers USA Inc. Class A    55,679      2,932
  Polaris Inc.    23,114      2,795
  Pool Corp.     7,246      2,715
  Genuine Parts Co.    15,989      2,706
  New York Times Co. Class A    68,276      2,689
  Nexstar Media Group Inc. Class A    15,477      2,578
* Bright Horizons Family Solutions Inc.    27,448      2,538
* Liberty Media Corp.-Liberty SiriusXM Class C    77,162      2,526
  Sirius XM Holdings Inc.   530,118      2,401
* GameStop Corp. Class A    98,684      2,393
  RB Global Inc.    38,717      2,323
* Mattel Inc.   118,231      2,310
  Paramount Global Class B   143,037      2,276
* Caesars Entertainment Inc.    44,463      2,266
* Planet Fitness Inc. Class A    32,390      2,184
* Carnival Corp.   108,650      2,046
* Coty Inc. Class A   165,907      2,039
  Aramark    46,461      2,000
  World Wrestling Entertainment Inc. Class A    17,870      1,938
  Harley-Davidson Inc.    54,931      1,934
  Fox Corp. Class B    59,280      1,890
* Alaska Air Group Inc.    35,228      1,873
  U-Haul Holding Co. (XNYS)    34,200      1,733
  Domino's Pizza Inc.     4,900      1,651
  VF Corp.    86,213      1,646
* Lucid Group Inc.   219,892      1,515
* Ollie's Bargain Outlet Holdings Inc.    25,862      1,498
* Grand Canyon Education Inc.    14,445      1,491
* SiteOne Landscape Supply Inc.     8,907      1,491
  Madison Square Garden Sports Corp.     7,890      1,484
* Etsy Inc.    16,913      1,431
  Thor Industries Inc.    13,531      1,400
* Hertz Global Holdings Inc.    69,735      1,282
  Lennar Corp. Class B    10,972      1,240
* JetBlue Airways Corp.   132,922      1,178
  Carter's Inc.    15,864      1,152
  Rollins Inc.    26,651      1,141
* TripAdvisor Inc.    65,674      1,083
* Liberty Media Corp.-Liberty SiriusXM Class A    31,993      1,050
  News Corp. Class B    50,143        989
  Williams-Sonoma Inc.     7,893        988
* AMC Entertainment Holdings Inc. Class A   213,761        941
  Hanesbrands Inc.   202,225        918
* Avis Budget Group Inc.     3,600        823
* DraftKings Inc. Class A    29,042        772
  Copa Holdings SA Class A     5,903        653
  Nordstrom Inc.    28,246        578
* Under Armour Inc. Class C    83,204        558
* Wayfair Inc. Class A     8,312        540
* Playtika Holding Corp.    42,885        497
  Kohl's Corp.    19,433        448
* Lyft Inc. Class A    43,861        421
* Leslie's Inc.    37,152        349
          Shares Market
Value•

($000)
  Garmin Ltd.     3,130        326
  Paramount Global Class A    16,937        314
* Carvana Co. Class A     8,455        219
* Under Armour Inc. Class A    30,184        218
  U-Haul Holding Co.     3,800        210
  Service Corp. International     3,239        209
  Wendy's Co.     9,127        199
* Petco Health & Wellness Co. Inc. Class A    17,166        153
* Deckers Outdoor Corp.       239        126
* Driven Brands Holdings Inc.     2,623         71
* Qurate Retail Inc. Class A    66,349         66
* YETI Holdings Inc.     1,583         62
* Mister Car Wash Inc.     6,310         61
* Six Flags Entertainment Corp.     2,181         57
* Figs Inc. Class A     6,157         51
  Boyd Gaming Corp.       720         50
  Churchill Downs Inc.       360         50
  Lithia Motors Inc. Class A       130         40
  Choice Hotels International Inc.       227         27
  Dick's Sporting Goods Inc.       200         26
* Victoria's Secret & Co.     1,402         24
  Penske Automotive Group Inc.       140         23
  Columbia Sportswear Co.       235         18
  Wyndham Hotels & Resorts Inc.       241         17
  Marriott Vacations Worldwide Corp.       109         13
  Tapestry Inc.       268         12
  Travel + Leisure Co.       213          9
  H&R Block Inc.       250          8
  Whirlpool Corp.        49          7
  Gap Inc.       674          6
  Leggett & Platt Inc.       188          6
  Newell Brands Inc.       352          3
                      2,603,137
Consumer Staples (5.2%)
  Procter & Gamble Co.   998,994    151,587
  PepsiCo Inc.   557,663    103,290
  Coca-Cola Co. 1,448,534     87,231
  Philip Morris International Inc.   553,688     54,051
  Mondelez International Inc. Class A   593,003     43,254
* Monster Beverage Corp.   593,894     34,113
  CVS Health Corp.   442,664     30,601
  McKesson Corp.    68,291     29,181
  Colgate-Palmolive Co.   371,028     28,584
  AmerisourceBergen Corp.   108,183     20,818
  Hershey Co.    78,828     19,683
  Constellation Brands Inc. Class A    79,903     19,667
  Kroger Co.   412,774     19,400
  Archer-Daniels-Midland Co.   236,468     17,868
  Church & Dwight Co. Inc.   170,662     17,106
  Altria Group Inc.   361,990     16,398
  Corteva Inc.   285,638     16,367
  McCormick & Co. Inc. (Non-Voting)   173,197     15,108
  Kimberly-Clark Corp.    98,134     13,548
  General Mills Inc.   175,548     13,465
  Sysco Corp.   180,105     13,364
  Brown-Forman Corp. Class B   186,683     12,467
  Keurig Dr Pepper Inc.   363,913     11,380
  Clorox Co.    69,726     11,089
  Hormel Foods Corp.   225,258      9,060
  Tyson Foods Inc. Class A   164,318      8,387
  Lamb Weston Holdings Inc.    71,576      8,228
  Walgreens Boots Alliance Inc.   267,713      7,627
  Spectrum Brands Holdings Inc.    94,610      7,384
  J M Smucker Co.    48,718      7,194
  Casey's General Stores Inc.    27,851      6,792
  Ingredion Inc.    55,014      5,829
  Bunge Ltd.    56,862      5,365
 
69

 

Tax-Managed Capital Appreciation Fund
          Shares Market
Value•

($000)
* Performance Food Group Co.    81,676      4,920
  Molson Coors Beverage Co. Class B    72,858      4,797
  Campbell Soup Co.   103,939      4,751
* Darling Ingredients Inc.    67,631      4,314
* US Foods Holding Corp.    96,293      4,237
* Post Holdings Inc.    36,003      3,120
  Kraft Heinz Co.    83,527      2,965
  Albertsons Cos. Inc. Class A   126,210      2,754
  Kellogg Co.    27,247      1,836
* Pilgrim's Pride Corp.    75,106      1,614
* Freshpet Inc.    24,373      1,604
  Brown-Forman Corp. Class A    18,956      1,290
  Seaboard Corp.       352      1,253
* Boston Beer Co. Inc. Class A     3,991      1,231
* Grocery Outlet Holding Corp.    36,693      1,123
* Olaplex Holdings Inc.   128,903        480
  Flowers Foods Inc.     8,974        223
  Conagra Brands Inc.     4,077        138
  Reynolds Consumer Products Inc.       413         12
                        908,148
Energy (4.2%)
  Exxon Mobil Corp. 1,621,417    173,897
  Chevron Corp.   733,703    115,448
  ConocoPhillips   518,073     53,678
  Occidental Petroleum Corp.   538,144     31,643
  Schlumberger NV   596,664     29,308
  EOG Resources Inc.   247,024     28,269
  Cheniere Energy Inc.   174,438     26,577
  Marathon Petroleum Corp.   219,731     25,621
  Devon Energy Corp.   503,073     24,319
  EQT Corp.   497,639     20,468
  Valero Energy Corp.   164,848     19,337
  Pioneer Natural Resources Co.    91,866     19,033
  Hess Corp.   118,201     16,069
  Phillips 66   160,889     15,346
  Halliburton Co.   396,957     13,096
  Baker Hughes Co. Class A   397,451     12,563
  Diamondback Energy Inc.    90,915     11,943
  NOV Inc.   695,715     11,159
  Coterra Energy Inc.   369,433      9,347
* First Solar Inc.    48,418      9,204
  Marathon Oil Corp.   396,765      9,134
  Williams Cos. Inc.   279,777      9,129
* Enphase Energy Inc.    53,459      8,953
  APA Corp.   206,479      7,055
  Targa Resources Corp.    91,406      6,956
  Range Resources Corp.   108,753      3,197
  Texas Pacific Land Corp.     2,411      3,174
* Antero Resources Corp.   121,578      2,800
* Southwestern Energy Co.   460,309      2,766
  Ovintiv Inc.    70,964      2,702
  HF Sinclair Corp.    56,712      2,530
  PDC Energy Inc.    30,692      2,183
  DT Midstream Inc.    40,621      2,014
* Plug Power Inc.   179,709      1,867
  ONEOK Inc.    18,367      1,134
  Antero Midstream Corp.    96,938      1,124
  New Fortress Energy Inc.    11,602        311
  Vitesse Energy Inc.    11,247        252
* Fluence Energy Inc. Class A     4,896        130
  Kinder Morgan Inc.       312          5
                        733,741
Financials (9.9%)
* Berkshire Hathaway Inc. Class B   772,469    263,412
  JPMorgan Chase & Co. 1,169,087    170,032
  Bank of America Corp. 3,107,121     89,143
          Shares Market
Value•

($000)
  Wells Fargo & Co. 1,571,233     67,060
  Morgan Stanley   780,182     66,628
  S&P Global Inc.   136,371     54,670
  Goldman Sachs Group Inc.   131,448     42,397
  Aon plc Class A   120,730     41,676
  Progressive Corp.   273,358     36,184
  Charles Schwab Corp.   633,859     35,927
  Citigroup Inc.   778,874     35,859
  MSCI Inc. Class A    74,052     34,752
  BlackRock Inc.    48,984     33,855
  Marsh & McLennan Cos. Inc.   173,872     32,702
  Intercontinental Exchange Inc.   255,235     28,862
  Moody's Corp.    76,633     26,647
  Ameriprise Financial Inc.    79,662     26,461
  Chubb Ltd.   137,378     26,454
  Brown & Brown Inc.   341,058     23,478
* Arch Capital Group Ltd.   303,617     22,726
  Aflac Inc.   306,417     21,388
  Discover Financial Services   178,147     20,816
  CME Group Inc.   109,349     20,261
  Arthur J Gallagher & Co.    89,279     19,603
  American International Group Inc.   314,391     18,090
  Travelers Cos. Inc.    94,766     16,457
  Nasdaq Inc.   319,797     15,942
  PNC Financial Services Group Inc.   116,652     14,692
  W R Berkley Corp.   244,930     14,588
  Raymond James Financial Inc.   132,707     13,771
  US Bancorp   389,971     12,885
  KKR & Co. Inc.   222,095     12,437
  Prudential Financial Inc.   140,884     12,429
  Allstate Corp.   108,743     11,857
  State Street Corp.   157,461     11,523
  Globe Life Inc.   102,186     11,202
  SLM Corp.   646,586     10,552
  Truist Financial Corp.   340,772     10,342
  T. Rowe Price Group Inc.    90,620     10,151
* Markel Group Inc.     7,076      9,787
  Apollo Global Management Inc.   125,719      9,656
  Assurant Inc.    76,527      9,621
  Broadridge Financial Solutions Inc.    57,129      9,462
  Popular Inc.   153,668      9,300
  MetLife Inc.   160,593      9,078
  M&T Bank Corp.    72,268      8,944
  Principal Financial Group Inc.   109,328      8,291
  Fifth Third Bancorp   314,536      8,244
  Reinsurance Group of America Inc.    59,104      8,197
  Blackstone Inc.    84,743      7,879
  Commerce Bancshares Inc.   158,595      7,724
  Willis Towers Watson plc    31,075      7,318
  SEI Investments Co.   122,255      7,289
  White Mountains Insurance Group Ltd.     5,215      7,243
  East West Bancorp Inc.   134,007      7,074
  Voya Financial Inc.    97,876      7,019
  Bank of New York Mellon Corp.   154,389      6,873
  FactSet Research Systems Inc.    16,164      6,476
  First Citizens BancShares Inc. Class A     4,710      6,045
  LPL Financial Holdings Inc.    27,341      5,945
  Loews Corp.    99,510      5,909
  OneMain Holdings Inc.   127,507      5,571
  Hanover Insurance Group Inc.    48,707      5,505
* Brighthouse Financial Inc.   112,962      5,349
  Citizens Financial Group Inc.   203,567      5,309
  Hartford Financial Services Group Inc.    71,498      5,149
  Cullen/Frost Bankers Inc.    46,483      4,998
  Interactive Brokers Group Inc. Class A    55,424      4,604
  Zions Bancorp NA   171,375      4,603
  Wintrust Financial Corp.    61,743      4,484
 
70

 

Tax-Managed Capital Appreciation Fund
          Shares Market
Value•

($000)
  Rithm Capital Corp.   426,170      3,985
  KeyCorp   411,095      3,799
  American Financial Group Inc.    29,602      3,515
  RenaissanceRe Holdings Ltd.    18,039      3,365
  MGIC Investment Corp.   202,775      3,202
  Huntington Bancshares Inc.   295,471      3,185
  Jefferies Financial Group Inc.    95,564      3,170
  BOK Financial Corp.    38,778      3,133
  Webster Financial Corp.    73,560      2,777
  CNA Financial Corp.    62,286      2,406
  MarketAxess Holdings Inc.     9,103      2,380
  Stifel Financial Corp.    37,286      2,225
  Northern Trust Corp.    29,195      2,165
  Starwood Property Trust Inc.   111,103      2,155
* Coinbase Global Inc. Class A    26,900      1,925
  Lincoln National Corp.    71,718      1,847
* Credit Acceptance Corp.     3,496      1,776
  Pinnacle Financial Partners Inc.    29,964      1,697
  Everest Re Group Ltd.     4,732      1,618
  FNB Corp.   141,348      1,617
  Cboe Global Markets Inc.    11,618      1,603
  First Horizon Corp.   139,824      1,576
  Primerica Inc.     6,531      1,292
  Fidelity National Financial Inc.    29,762      1,071
  Ally Financial Inc.    38,372      1,036
  Tradeweb Markets Inc. Class A    15,134      1,036
  Western Alliance Bancorp    22,469        819
  TFS Financial Corp.    60,552        761
  Assured Guaranty Ltd.    13,487        753
  Bank of Hawaii Corp.    15,884        655
  Lazard Ltd. Class A    18,791        601
  New York Community Bancorp Inc.    50,648        569
  Morningstar Inc.     2,283        448
  Affiliated Managers Group Inc.     2,288        343
* Rocket Cos. Inc. Class A    33,000        296
  Kemper Corp.     4,492        217
  Erie Indemnity Co. Class A       316         66
  F&G Annuities & Life Inc.     2,023         50
  Corebridge Financial Inc.     2,779         49
  Evercore Inc. Class A       113         14
  Ares Management Corp. Class A       140         14
  Unum Group       264         13
  Cincinnati Financial Corp.       125         12
  Bank OZK       264         11
  Axis Capital Holdings Ltd.       190         10
  First American Financial Corp.       166          9
  Old Republic International Corp.       371          9
  Prosperity Bancshares Inc.       163          9
  Carlyle Group Inc.       269          9
  Regions Financial Corp.       466          8
  Invesco Ltd.       453          8
  Franklin Resources Inc.       280          7
  Synovus Financial Corp.       234          7
  First Hawaiian Inc.       319          6
  Virtu Financial Inc. Class A       339          6
  Janus Henderson Group plc       213          6
  Columbia Banking System Inc.       232          5
  Comerica Inc.       114          5
  AGNC Investment Corp.       283          3
  PacWest Bancorp       319          3
  Annaly Capital Management Inc.       130          3
  Equitable Holdings Inc.         2         —
                      1,722,217
Health Care (12.5%)
  UnitedHealth Group Inc.   377,036    181,219
  Johnson & Johnson 1,037,615    171,746
  Eli Lilly & Co.   350,302    164,285
          Shares Market
Value•

($000)
  Merck & Co. Inc.   982,793    113,404
  AbbVie Inc.   626,702     84,436
  Thermo Fisher Scientific Inc.   152,047     79,331
  Pfizer Inc. 2,097,770     76,946
  Abbott Laboratories   636,917     69,437
  Danaher Corp.   259,597     62,303
  Bristol-Myers Squibb Co.   892,947     57,104
  Amgen Inc.   236,310     52,466
* Intuitive Surgical Inc.   144,524     49,419
  Elevance Health Inc.   101,440     45,069
  Cigna Group   156,932     44,035
  Zoetis Inc. Class A   245,784     42,326
  Medtronic plc   472,509     41,628
* Vertex Pharmaceuticals Inc.   115,911     40,790
* Boston Scientific Corp.   745,087     40,302
  Stryker Corp.   125,199     38,197
  Gilead Sciences Inc.   454,489     35,027
  Becton Dickinson & Co.   124,469     32,861
* Regeneron Pharmaceuticals Inc.    40,725     29,263
  Humana Inc.    63,083     28,206
  HCA Healthcare Inc.    87,355     26,511
  Agilent Technologies Inc.   203,098     24,423
* Edwards Lifesciences Corp.   247,248     23,323
* Biogen Inc.    68,088     19,395
* Dexcom Inc.   143,156     18,397
* IQVIA Holdings Inc.    74,231     16,685
* IDEXX Laboratories Inc.    32,934     16,540
  Laboratory Corp. of America Holdings    68,185     16,455
* Moderna Inc.   130,007     15,796
  Cooper Cos. Inc.    40,909     15,686
* Charles River Laboratories International Inc.    74,470     15,657
* Centene Corp.   231,661     15,626
  Bio-Techne Corp.   180,604     14,743
  Zimmer Biomet Holdings Inc.    95,477     13,901
  Cardinal Health Inc.   142,982     13,522
* Seagen Inc.    66,982     12,891
  Revvity Inc.   106,930     12,702
  GE HealthCare Technologies Inc.   151,457     12,304
  Bruker Corp.   164,181     12,136
* Illumina Inc.    60,634     11,368
* Veeva Systems Inc. Class A    53,563     10,591
* Hologic Inc.   130,395     10,558
* Alnylam Pharmaceuticals Inc.    55,289     10,502
* QIAGEN NV   227,726     10,255
  ResMed Inc.    45,887     10,026
  Quest Diagnostics Inc.    69,413      9,757
* Henry Schein Inc.   120,189      9,747
* Align Technology Inc.    27,285      9,649
  Universal Health Services Inc. Class B    59,942      9,457
* Horizon Therapeutics plc    90,775      9,336
  Teleflex Inc.    36,695      8,881
  Baxter International Inc.   180,128      8,207
* ICON plc    29,602      7,406
* Molina Healthcare Inc.    24,479      7,374
* Insulet Corp.    24,894      7,178
  STERIS plc    31,012      6,977
  West Pharmaceutical Services Inc.    17,994      6,882
* Exact Sciences Corp.    72,536      6,811
* BioMarin Pharmaceutical Inc.    70,394      6,102
* Penumbra Inc.    16,898      5,814
* Incyte Corp.    92,035      5,729
* Sarepta Therapeutics Inc.    46,100      5,279
* Avantor Inc.   249,262      5,120
* United Therapeutics Corp.    22,086      4,876
* Bio-Rad Laboratories Inc. Class A    11,752      4,455
* Acadia Healthcare Co. Inc.    46,732      3,722
* Tenet Healthcare Corp.    43,940      3,576
 
71

 

Tax-Managed Capital Appreciation Fund
          Shares Market
Value•

($000)
  DENTSPLY SIRONA Inc.    89,184      3,569
* Ionis Pharmaceuticals Inc.    86,428      3,546
* Shockwave Medical Inc.    11,600      3,311
* DaVita Inc.    31,396      3,154
* Repligen Corp.    20,703      2,929
* Inspire Medical Systems Inc.     8,599      2,792
* Neurocrine Biosciences Inc.    29,271      2,760
* Jazz Pharmaceuticals plc    21,746      2,696
* Apellis Pharmaceuticals Inc.    29,400      2,678
* Masimo Corp.    15,705      2,584
* Exelixis Inc.   131,511      2,513
* Catalent Inc.    57,307      2,485
* Karuna Therapeutics Inc.    10,300      2,234
* Envista Holdings Corp.    61,734      2,089
  Viatris Inc.   206,750      2,063
  Organon & Co.    98,840      2,057
* Syneos Health Inc.    43,760      1,844
* QuidelOrtho Corp.    20,474      1,696
* Teladoc Health Inc.    62,004      1,570
  Royalty Pharma plc Class A    49,228      1,513
  Encompass Health Corp.    21,067      1,426
* Globus Medical Inc. Class A    23,719      1,412
* Enovis Corp.    21,071      1,351
* Novocure Ltd.    32,388      1,344
* Elanco Animal Health Inc.   131,740      1,325
* Integra LifeSciences Holdings Corp.    31,728      1,305
* Amedisys Inc.    13,268      1,213
  Chemed Corp.     1,985      1,075
* agilon health Inc.    57,247        993
* ICU Medical Inc.     4,530        807
  Premier Inc. Class A    23,831        659
* Ginkgo Bioworks Holdings Inc. Class A   339,520        632
* Maravai LifeSciences Holdings Inc. Class A    44,546        554
* Novavax Inc.    46,500        346
* Tandem Diabetes Care Inc.    13,826        339
* Mirati Therapeutics Inc.     7,000        253
* Guardant Health Inc.     6,582        236
  Perrigo Co. plc     4,469        152
* Natera Inc.     2,900        141
* Zimvie Inc.     7,776         87
* Ultragenyx Pharmaceutical Inc.     1,517         70
* Sotera Health Co.     3,096         58
* Certara Inc.     3,035         55
* Enhabit Inc.     2,492         29
* Azenta Inc.       488         23
                      2,178,096
Industrials (13.0%)
  Visa Inc. Class A   683,104    162,224
  Mastercard Inc. Class A   357,470    140,593
  Accenture plc Class A   258,904     79,893
  Union Pacific Corp.   254,904     52,158
  General Electric Co.   454,373     49,913
* Boeing Co.   232,197     49,031
  Honeywell International Inc.   229,942     47,713
  American Express Co.   264,257     46,034
  Raytheon Technologies Corp.   457,310     44,798
  Caterpillar Inc.   169,239     41,641
  United Parcel Service Inc. Class B   230,234     41,269
* Fiserv Inc.   319,684     40,328
  Deere & Co.    97,500     39,506
  Old Dominion Freight Line Inc.   106,305     39,306
  TransDigm Group Inc.    40,774     36,459
  Illinois Tool Works Inc.   134,669     33,689
  CSX Corp.   964,551     32,891
  Sherwin-Williams Co.   123,801     32,872
* PayPal Holdings Inc.   491,690     32,810
  Cintas Corp.    65,348     32,483
          Shares Market
Value•

($000)
  Northrop Grumman Corp.    67,694     30,855
  Verisk Analytics Inc. Class A   132,233     29,889
* Mettler-Toledo International Inc.    21,427     28,104
  FedEx Corp.   107,576     26,668
  Norfolk Southern Corp.   116,015     26,308
  Lockheed Martin Corp.    56,668     26,089
  Eaton Corp. plc   129,381     26,019
  Automatic Data Processing Inc.   115,159     25,311
  Parker-Hannifin Corp.    64,817     25,281
  AMETEK Inc.   151,988     24,604
  General Dynamics Corp.   110,221     23,714
  Martin Marietta Materials Inc.    46,278     21,366
  Global Payments Inc.   214,821     21,164
* Keysight Technologies Inc.   123,516     20,683
  Vulcan Materials Co.    87,751     19,783
  3M Co.   192,318     19,249
  PACCAR Inc.   217,746     18,214
  WW Grainger Inc.    22,844     18,015
  Equifax Inc.    71,898     16,918
  Jacobs Solutions Inc.   140,836     16,744
  IDEX Corp.    76,994     16,574
* Waters Corp.    61,836     16,482
  Eagle Materials Inc.    87,864     16,380
  Expeditors International of Washington Inc.   132,919     16,100
  L3Harris Technologies Inc.    78,249     15,319
  Carrier Global Corp.   307,603     15,291
  Landstar System Inc.    77,810     14,982
  Carlisle Cos. Inc.    57,725     14,808
  Emerson Electric Co.   161,076     14,560
  Toro Co.   140,216     14,253
  JB Hunt Transport Services Inc.    78,035     14,127
  AGCO Corp.   104,696     13,759
  Otis Worldwide Corp.   154,499     13,752
  Fidelity National Information Services Inc.   244,766     13,389
  Owens Corning   100,139     13,068
  Cummins Inc.    51,256     12,566
  Lennox International Inc.    38,471     12,544
  Quanta Services Inc.    63,452     12,465
  Ball Corp.   211,487     12,311
  Crown Holdings Inc.   138,174     12,003
* Block Inc. Class A   179,560     11,953
  Capital One Financial Corp.   101,944     11,150
  Fortive Corp.   148,709     11,119
  United Rentals Inc.    24,859     11,071
  DuPont de Nemours Inc.   153,582     10,972
* Zebra Technologies Corp. Class A    36,966     10,936
  BWX Technologies Inc.   144,342     10,331
  Trane Technologies plc    53,740     10,278
  Xylem Inc.    89,582     10,089
  Huntington Ingalls Industries Inc.    42,737      9,727
  Textron Inc.   140,654      9,512
  Rockwell Automation Inc.    27,534      9,071
  Jack Henry & Associates Inc.    51,317      8,587
  Graco Inc.    99,359      8,580
* Teledyne Technologies Inc.    20,579      8,460
  Ingersoll Rand Inc.   127,975      8,364
  Westinghouse Air Brake Technologies Corp.    72,508      7,952
* NU Holdings Ltd. Class A   972,385      7,672
  Valmont Industries Inc.    26,229      7,634
  Johnson Controls International plc   110,027      7,497
* FleetCor Technologies Inc.    29,279      7,351
  Genpact Ltd.   194,732      7,316
* Builders FirstSource Inc.    52,228      7,103
  Synchrony Financial   208,945      7,087
  PPG Industries Inc.    46,985      6,968
  Oshkosh Corp.    79,990      6,926
  Robert Half International Inc.    91,429      6,877
 
72

 

Tax-Managed Capital Appreciation Fund
          Shares Market
Value•

($000)
  Armstrong World Industries Inc.    91,138      6,695
  ITT Inc.    69,239      6,454
  Donaldson Co. Inc.   101,876      6,368
  Dover Corp.    40,038      5,912
* Axon Enterprise Inc.    28,116      5,486
  Howmet Aerospace Inc.   108,701      5,387
* Fair Isaac Corp.     6,340      5,130
  HEICO Corp.    28,466      5,037
  Paychex Inc.    40,215      4,499
  ManpowerGroup Inc.    52,638      4,179
* WillScot Mobile Mini Holdings Corp.    86,113      4,115
  MSC Industrial Direct Co. Inc. Class A    41,833      3,986
* Generac Holdings Inc.    25,765      3,842
* Saia Inc.    11,157      3,820
  Sealed Air Corp.    92,139      3,686
  Packaging Corp. of America    27,608      3,649
  EMCOR Group Inc.    19,710      3,642
  Tetra Tech Inc.    22,037      3,608
  Allison Transmission Holdings Inc.    63,742      3,599
  AECOM    42,351      3,587
* BILL Holdings Inc.    29,578      3,456
* Trimble Inc.    64,624      3,421
  Berry Global Group Inc.    52,116      3,353
  WESCO International Inc.    18,606      3,332
  CH Robinson Worldwide Inc.    34,925      3,295
  Flowserve Corp.    88,132      3,274
* Mohawk Industries Inc.    29,588      3,052
* Axalta Coating Systems Ltd.    91,354      2,997
* Trex Co. Inc.    45,683      2,995
  Advanced Drainage Systems Inc.    26,160      2,976
  Woodward Inc.    24,846      2,954
  Curtiss-Wright Corp.    16,014      2,941
* MasTec Inc.    24,670      2,910
* GXO Logistics Inc.    43,966      2,762
  Stanley Black & Decker Inc.    29,402      2,755
  Nordson Corp.     9,571      2,375
* Euronet Worldwide Inc.    19,654      2,307
* FTI Consulting Inc.    11,497      2,187
  Sensata Technologies Holding plc    45,484      2,046
* Paylocity Holding Corp.    10,479      1,934
  Vontier Corp.    59,035      1,901
* Middleby Corp.    12,825      1,896
  Crane Co.    20,174      1,798
* WEX Inc.     9,801      1,784
  Hubbell Inc. Class B     5,281      1,751
  MDU Resources Group Inc.    80,878      1,694
  Cognex Corp.    29,135      1,632
  Allegion plc    12,560      1,507
* Kirby Corp.    19,315      1,486
  TransUnion    18,646      1,461
  Regal Rexnord Corp.     9,368      1,442
  Fortune Brands Innovations Inc.    19,846      1,428
  Acuity Brands Inc.     8,642      1,409
  Esab Corp.    21,096      1,404
  Pentair plc    21,676      1,400
  Lincoln Electric Holdings Inc.     6,990      1,388
* AZEK Co. Inc. Class A    44,473      1,347
  Spirit AeroSystems Holdings Inc. Class A    45,036      1,315
  nVent Electric plc    22,427      1,159
  MSA Safety Inc.     6,608      1,150
  Knight-Swift Transportation Holdings Inc. Class A    20,258      1,126
  A O Smith Corp.    15,254      1,110
* XPO Inc.    18,318      1,081
  Booz Allen Hamilton Holding Corp. Class A     8,916        995
* Knife River Corp.    20,219        880
  Graphic Packaging Holding Co.    33,842        813
* Mercury Systems Inc.    23,195        802
          Shares Market
Value•

($000)
  MKS Instruments Inc.     5,873        635
  Silgan Holdings Inc.    11,464        538
  Littelfuse Inc.     1,812        528
  RPM International Inc.     5,644        506
* Gates Industrial Corp. plc    31,536        425
* RXO Inc.    18,318        415
  AptarGroup Inc.     3,262        378
  Brunswick Corp.     3,917        339
  Sonoco Products Co.     2,778        164
  HEICO Corp. Class A       992        139
* Core & Main Inc. Class A     2,932         92
  Ardagh Metal Packaging SA    23,385         88
* TopBuild Corp.       321         85
* Shift4 Payments Inc. Class A     1,086         74
* Hayward Holdings Inc.     4,948         64
* Affirm Holdings Inc. Class A     2,812         43
  Schneider National Inc. Class B       995         29
  Louisiana-Pacific Corp.       303         23
  Air Lease Corp. Class A       423         18
  Watsco Inc.        47         18
  Snap-on Inc.        60         17
  Masco Corp.       287         16
  ADT Inc.     2,106         13
  Ryder System Inc.       128         11
  Westrock Co.       333         10
  Crane NXT Co.       164          9
  Amcor plc       685          7
  Western Union Co.       339          4
* Masterbrand Inc.       261          3
*,1 Godha Cabcon & Insulation Ltd.    58,613         —
                      2,257,758
Real Estate (2.8%)
  Prologis Inc.   390,088     47,836
  American Tower Corp.   196,690     38,146
  Equinix Inc.    39,078     30,635
  SBA Communications Corp. Class A   105,666     24,489
* CBRE Group Inc. Class A   263,149     21,239
  Public Storage    68,183     19,901
  Crown Castle Inc.   164,987     18,799
  Welltower Inc.   208,627     16,876
* CoStar Group Inc.   173,645     15,454
  Equity LifeStyle Properties Inc.   192,195     12,856
  Digital Realty Trust Inc.   110,826     12,620
  American Homes 4 Rent Class A   342,614     12,146
  Extra Space Storage Inc.    80,265     11,947
  AvalonBay Communities Inc.    62,823     11,890
  VICI Properties Inc. Class A   348,140     10,942
  Realty Income Corp.   177,321     10,602
  Weyerhaeuser Co.   311,122     10,426
  Equity Residential   146,175      9,643
  Simon Property Group Inc.    82,364      9,511
  Mid-America Apartment Communities Inc.    62,574      9,502
  Invitation Homes Inc.   261,545      8,997
  Alexandria Real Estate Equities Inc.    70,540      8,006
  Ventas Inc.   168,878      7,983
  Essex Property Trust Inc.    32,068      7,513
* Jones Lang LaSalle Inc.    47,645      7,423
  Sun Communities Inc.    51,430      6,709
  Host Hotels & Resorts Inc.   338,682      5,700
* Howard Hughes Corp.    71,084      5,610
* Zillow Group Inc. Class C   108,338      5,445
  UDR Inc.   116,501      5,005
  Camden Property Trust    45,420      4,945
  Lamar Advertising Co. Class A    49,778      4,940
  Life Storage Inc.    36,404      4,840
* Zillow Group Inc. Class A    91,767      4,515
  First Industrial Realty Trust Inc.    85,559      4,504
 
73

 

Tax-Managed Capital Appreciation Fund
          Shares Market
Value•

($000)
  Rexford Industrial Realty Inc.    82,646      4,316
  Americold Realty Trust Inc.   126,016      4,070
  Kimco Realty Corp.   183,756      3,624
  EastGroup Properties Inc.    19,802      3,438
  CubeSmart    76,750      3,428
  Healthcare Realty Trust Inc. Class A   170,557      3,217
  Rayonier Inc.    72,264      2,269
  Apartment Income REIT Corp. Class A    62,841      2,268
  Medical Properties Trust Inc.   227,761      2,109
  Park Hotels & Resorts Inc.   144,355      1,851
  EPR Properties    30,812      1,442
  Kilroy Realty Corp.    46,946      1,413
  Iron Mountain Inc.    23,721      1,348
  Cousins Properties Inc.    58,986      1,345
  Douglas Emmett Inc.    70,307        884
  Federal Realty Investment Trust     8,239        797
  JBG SMITH Properties    49,278        741
* WeWork Inc. Class A 1,316,956        336
  Hudson Pacific Properties Inc.    63,001        266
  SL Green Realty Corp.     7,810        235
  Brixmor Property Group Inc.       356          8
  Regency Centers Corp.       135          8
  NNN REIT Inc.       158          7
  Gaming & Leisure Properties Inc.       124          6
  Healthpeak Properties Inc.       291          6
  Spirit Realty Capital Inc.       144          6
  Boston Properties Inc.        87          5
  WP Carey Inc.        82          5
  Highwoods Properties Inc.       172          4
  Omega Healthcare Investors Inc.       127          4
  Vornado Realty Trust       165          3
                        487,054
Technology (30.6%)
  Apple Inc. 6,334,840  1,228,769
  Microsoft Corp. 3,139,392  1,069,089
  NVIDIA Corp. 1,000,320    423,155
* Alphabet Inc. Class A 2,512,460    300,741
* Meta Platforms Inc. Class A   941,688    270,246
* Alphabet Inc. Class C 2,207,014    266,982
  Broadcom Inc.   133,638    115,922
* Adobe Inc.   196,695     96,182
* Salesforce Inc.   400,958     84,706
  Oracle Corp.   657,786     78,336
* Advanced Micro Devices Inc.   646,926     73,691
  Applied Materials Inc.   484,963     70,097
  Texas Instruments Inc.   356,982     64,264
* Cadence Design Systems Inc.   271,655     63,709
* Synopsys Inc.   133,031     57,923
  Intuit Inc.   123,342     56,514
  Lam Research Corp.    85,570     55,010
  QUALCOMM Inc.   456,665     54,361
  Intel Corp. 1,551,541     51,884
* ServiceNow Inc.    80,391     45,177
  KLA Corp.    90,136     43,718
  International Business Machines Corp.   263,114     35,207
  Analog Devices Inc.   179,001     34,871
* Fortinet Inc.   441,595     33,380
* Palo Alto Networks Inc.   119,784     30,606
  Amphenol Corp. Class A   346,011     29,394
* Autodesk Inc.   133,680     27,352
  Micron Technology Inc.   414,454     26,156
  Roper Technologies Inc.    52,739     25,357
  Teradyne Inc.   219,429     24,429
* Snowflake Inc. Class A   127,284     22,399
* Workday Inc. Class A    79,539     17,967
* ON Semiconductor Corp.   180,561     17,077
  Corning Inc.   449,200     15,740
          Shares Market
Value•

($000)
* Gartner Inc.    44,914     15,734
  Cognizant Technology Solutions Corp. Class A   235,083     15,346
* Arrow Electronics Inc.   103,474     14,821
  Marvell Technology Inc.   218,502     13,062
* VMware Inc. Class A    86,975     12,497
* Crowdstrike Holdings Inc. Class A    82,421     12,105
  Hewlett Packard Enterprise Co.   712,810     11,975
  Microchip Technology Inc.   126,882     11,367
* MongoDB Inc. Class A    26,442     10,867
  NetApp Inc.   137,113     10,475
* Datadog Inc. Class A   105,235     10,353
* ANSYS Inc.    31,274     10,329
  Dolby Laboratories Inc. Class A   116,172      9,721
* HubSpot Inc.    18,185      9,676
  HP Inc.   314,733      9,665
* Palantir Technologies Inc. Class A   629,028      9,643
* VeriSign Inc.    41,429      9,362
* DoorDash Inc. Class A   121,045      9,250
* Atlassian Corp. Class A    54,443      9,136
* Pinterest Inc. Class A   251,046      6,864
* Manhattan Associates Inc.    33,371      6,670
  Paycom Software Inc.    20,709      6,653
* Splunk Inc.    58,261      6,181
* Black Knight Inc.    97,137      5,802
  SS&C Technologies Holdings Inc.    92,885      5,629
* Lattice Semiconductor Corp.    56,117      5,391
  Avnet Inc.   106,031      5,349
* Zoom Video Communications Inc. Class A    78,400      5,322
* Akamai Technologies Inc.    59,114      5,313
* Match Group Inc.   121,596      5,089
* Western Digital Corp.   131,077      4,972
  Gen Digital Inc.   267,673      4,965
* GoDaddy Inc. Class A    65,133      4,893
  Monolithic Power Systems Inc.     8,763      4,734
* Zscaler Inc.    31,649      4,630
* PTC Inc.    32,482      4,622
  Jabil Inc.    42,664      4,605
* Dynatrace Inc.    88,810      4,571
* Ceridian HCM Holding Inc.    62,043      4,155
* EPAM Systems Inc.    18,415      4,139
  Dell Technologies Inc. Class C    75,945      4,109
* Qorvo Inc.    38,017      3,879
* F5 Inc.    26,288      3,845
* Cloudflare Inc. Class A    58,700      3,837
* Tyler Technologies Inc.     9,077      3,780
  KBR Inc.    56,846      3,698
  Skyworks Solutions Inc.    31,988      3,541
  Vertiv Holdings Co. Class A   135,835      3,365
  CDW Corp.    17,522      3,215
* ZoomInfo Technologies Inc. Class A   114,204      2,900
* Teradata Corp.    52,950      2,828
* CACI International Inc. Class A     8,282      2,823
* IAC Inc.    44,781      2,812
* Guidewire Software Inc.    34,659      2,637
* NCR Corp.    99,313      2,503
* Twilio Inc. Class A    38,961      2,479
* Pure Storage Inc. Class A    63,380      2,334
* Wolfspeed Inc.    41,213      2,291
  Leidos Holdings Inc.    25,301      2,239
  Universal Display Corp.    15,466      2,229
* DXC Technology Co.    79,394      2,121
* Okta Inc. Class A    30,391      2,108
* Aspen Technology Inc.    11,948      2,003
* DocuSign Inc. Class A    37,710      1,927
* Unity Software Inc.    43,089      1,871
* Clarivate plc   190,230      1,813
* Globant SA     9,758      1,754
 
74

 

Tax-Managed Capital Appreciation Fund
          Shares Market
Value•

($000)
  Concentrix Corp.    18,459      1,491
* IPG Photonics Corp.    10,945      1,487
  Bentley Systems Inc. Class B    24,059      1,305
  Amdocs Ltd.    12,261      1,212
* DoubleVerify Holdings Inc.    31,041      1,208
  Dun & Bradstreet Holdings Inc.   104,194      1,205
* Nutanix Inc. Class A    42,407      1,189
* Toast Inc. Class A    50,678      1,144
  Science Applications International Corp.     9,890      1,112
* Alteryx Inc. Class A    24,065      1,093
* Allegro MicroSystems Inc.    23,935      1,080
* Five9 Inc.    12,094        997
* Kyndryl Holdings Inc.    63,602        845
  Entegris Inc.     4,789        531
* Dropbox Inc. Class A    17,999        480
* Coherent Corp.     9,230        471
* Elastic NV     4,330        278
* Smartsheet Inc. Class A     6,965        266
* RingCentral Inc. Class A     7,454        244
  Pegasystems Inc.     4,160        205
* Vimeo Inc.    38,120        157
* Cirrus Logic Inc.     1,137         92
* AppLovin Corp. Class A     3,354         86
* New Relic Inc.     1,139         75
* Procore Technologies Inc.     1,058         69
* GLOBALFOUNDRIES Inc.       864         56
* Paycor HCM Inc.     1,956         46
* Informatica Inc. Class A     2,356         44
* nCino Inc.     1,324         40
* Jamf Holding Corp.     1,915         37
* Definitive Healthcare Corp. Class A     2,711         30
  TD SYNNEX Corp.       281         26
* Thoughtworks Holding Inc.     3,110         23
  National Instruments Corp.       281         16
                      5,329,925
Telecommunications (2.1%)
  Cisco Systems Inc. 1,586,308     82,076
  Comcast Corp. Class A 1,770,252     73,554
  Verizon Communications Inc. 1,608,258     59,811
  AT&T Inc. 2,534,393     40,424
* T-Mobile US Inc.   274,307     38,101
* Charter Communications Inc. Class A    44,490     16,344
* Arista Networks Inc.   100,496     16,286
  Motorola Solutions Inc.    40,433     11,858
  Juniper Networks Inc.   274,434      8,598
* Liberty Broadband Corp. Class C    51,393      4,117
* Roku Inc. Class A    49,590      3,172
* Ciena Corp.    47,751      2,029
* Frontier Communications Parent Inc.   101,230      1,887
* Lumentum Holdings Inc.    28,695      1,628
  Cable One Inc.     2,422      1,592
* Viasat Inc.    31,710      1,308
* Liberty Broadband Corp. Class A    12,284        979
  Lumen Technologies Inc.   331,125        748
* DISH Network Corp. Class A   102,301        674
* Altice USA Inc. Class A    86,559        262
  Ubiquiti Inc.       102         18
                        365,466
Utilities (2.7%)
  NextEra Energy Inc.   845,261     62,718
  Waste Management Inc.   171,073     29,667
  Duke Energy Corp.   309,026     27,732
* PG&E Corp. 1,584,081     27,373
  Southern Co.   338,705     23,794
          Shares Market
Value•

($000)
  Sempra Energy   133,030     19,368
  WEC Energy Group Inc.   199,959     17,644
  American Water Works Co. Inc.   123,293     17,600
  Dominion Energy Inc.   324,271     16,794
  Exelon Corp.   386,906     15,763
  Atmos Energy Corp.   129,145     15,025
  Xcel Energy Inc.   237,060     14,738
  Constellation Energy Corp.   144,015     13,185
  Eversource Energy   181,883     12,899
  CMS Energy Corp.   212,061     12,459
  Consolidated Edison Inc.   133,236     12,045
  American Electric Power Co. Inc.   135,933     11,446
  Edison International   139,937      9,719
  Public Service Enterprise Group Inc.   151,716      9,499
  Ameren Corp.   113,985      9,309
  DTE Energy Co.    80,769      8,886
  FirstEnergy Corp.   215,613      8,383
  CenterPoint Energy Inc.   281,586      8,208
  AES Corp.   385,856      7,999
  Essential Utilities Inc.   194,378      7,758
  NiSource Inc.   277,058      7,578
  Republic Services Inc. Class A    32,062      4,911
  Alliant Energy Corp.    92,022      4,829
  Entergy Corp.    43,203      4,207
  Evergy Inc.    67,666      3,953
  NRG Energy Inc.    99,120      3,706
* Clean Harbors Inc.    20,775      3,416
  PPL Corp.   123,450      3,266
  IDACORP Inc.    25,521      2,618
  UGI Corp.    83,440      2,250
* Stericycle Inc.    47,965      2,228
  National Fuel Gas Co.    36,286      1,864
* Sunrun Inc.    48,098        859
  Vistra Corp.       465         12
  Hawaiian Electric Industries Inc.       253          9
  OGE Energy Corp.       211          8
  Pinnacle West Capital Corp.       103          8
  Brookfield Renewable Corp. Class A       262          8
  Avangrid Inc.       198          7
                        465,748
Total Common Stocks
(Cost $5,991,551) 		17,382,093
Preferred Stock (0.0%)
  Qurate Retail Inc. Pfd., 8.000%, 9/15/25
(Cost $293) 		    7,649           287
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
2 Vanguard Market Liquidity Fund, 5.150%
(Cost $14,293) 		  143,019           14,299
Total Investments (99.9%)
(Cost $6,006,137) 		17,396,679
Other Assets and Liabilities—Net (0.1%)   10,573
Net Assets (100%)   17,407,252
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Security value determined using significant unobservable inputs.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  REIT—Real Estate Investment Trust.
 
75

 

Tax-Managed Capital Appreciation Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index September 2023 105 23,563 638
  
See accompanying Notes, which are an integral part of the Financial Statements.
76

 

Tax-Managed Capital Appreciation Fund
Statement of Assets and Liabilities
As of June 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $5,991,844) 17,382,380
Affiliated Issuers (Cost $14,293) 14,299
Total Investments in Securities 17,396,679
Investment in Vanguard 579
Cash Collateral Pledged—Futures Contracts 1,182
Receivables for Accrued Income 9,546
Receivables for Capital Shares Issued 3,182
Variation Margin Receivable—Futures Contracts 276
Total Assets 17,411,444
Liabilities  
Payables for Investment Securities Purchased 119
Payables for Capital Shares Redeemed 3,468
Payables to Vanguard 605
Total Liabilities 4,192
Net Assets 17,407,252

 At June 30, 2023, net assets consisted of:

   
Paid-in Capital 6,362,988
Total Distributable Earnings (Loss) 11,044,264
Net Assets 17,407,252
 
Admiral Shares—Net Assets  
Applicable to 65,311,309 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		14,989,520
Net Asset Value Per Share—Admiral Shares $229.51
 
Institutional Shares—Net Assets  
Applicable to 21,203,296 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,417,732
Net Asset Value Per Share—Institutional Shares $114.03
  
See accompanying Notes, which are an integral part of the Financial Statements.
77

 

Tax-Managed Capital Appreciation Fund
Statement of Operations
  Six Months Ended
June 30, 2023
  ($000)
Investment Income  
Income  
Dividends1 117,661
Interest2 1,366
Total Income 119,027
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 173
Management and Administrative—Admiral Shares 5,657
Management and Administrative—Institutional Shares 616
Marketing and Distribution—Admiral Shares 301
Marketing and Distribution—Institutional Shares 20
Custodian Fees 7
Shareholders’ Reports—Admiral Shares 38
Shareholders’ Reports—Institutional Shares 1
Trustees’ Fees and Expenses 4
Other Expenses 7
Total Expenses 6,824
Net Investment Income 112,203
Realized Net Gain (Loss)  
Investment Securities Sold2,3 99,542
Futures Contracts 4,058
Realized Net Gain (Loss) 103,600
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 2,289,727
Futures Contracts 2,096
Change in Unrealized Appreciation (Depreciation) 2,291,823
Net Increase (Decrease) in Net Assets Resulting from Operations 2,507,626
1 Dividends are net of foreign withholding taxes of $19,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,276,000, ($12,000), and ($4,000), respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $118,828,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
78

 

Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2023 		  Year Ended
December 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 112,203   218,338
Realized Net Gain (Loss) 103,600   (121,291)
Change in Unrealized Appreciation (Depreciation) 2,291,823   (3,622,172)
Net Increase (Decrease) in Net Assets Resulting from Operations 2,507,626   (3,525,125)
Distributions      
Admiral Shares (94,989)   (188,047)
Institutional Shares (15,588)   (31,245)
Total Distributions (110,577)   (219,292)
Capital Share Transactions      
Admiral Shares 79,851   219,518
Institutional Shares 2,256   57,468
Net Increase (Decrease) from Capital Share Transactions 82,107   276,986
Total Increase (Decrease) 2,479,156   (3,467,431)
Net Assets      
Beginning of Period 14,928,096   18,395,527
End of Period 17,407,252   14,928,096
  
See accompanying Notes, which are an integral part of the Financial Statements.
79

 

Tax-Managed Capital Appreciation Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $197.82 $247.92 $197.63 $165.93 $128.29 $137.30
Investment Operations            
Net Investment Income1 1.478 2.900 2.542 2.666 2.557 2.385
Net Realized and Unrealized Gain (Loss) on Investments 31.663 (50.089) 50.328 31.640 37.603 (9.045)
Total from Investment Operations 33.141 (47.189) 52.870 34.306 40.160 (6.660)
Distributions            
Dividends from Net Investment Income (1.451) (2.911) (2.580) (2.606) (2.520) (2.350)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (1.451) (2.911) (2.580) (2.606) (2.520) (2.350)
Net Asset Value, End of Period $229.51 $197.82 $247.92 $197.63 $165.93 $128.29
Total Return2 16.81% -19.06% 26.87% 21.07% 31.46% -4.97%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $14,990 $12,846 $15,850 $12,543 $10,579 $7,951
Ratio of Total Expenses to Average Net Assets 0.09% 0.09%3 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 1.42% 1.37% 1.13% 1.60% 1.70% 1.69%
Portfolio Turnover Rate4 0% 2% 0% 6% 5% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
  
Institutional Shares            
For a Share Outstanding
Throughout Each Period 		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $98.28 $123.18 $98.19 $82.46 $63.75 $68.23
Investment Operations            
Net Investment Income1 .750 1.473 1.304 1.360 1.292 1.207
Net Realized and Unrealized Gain (Loss) on Investments 15.736 (24.895) 25.002 15.690 18.693 (4.499)
Total from Investment Operations 16.486 (23.422) 26.306 17.050 19.985 (3.292)
Distributions            
Dividends from Net Investment Income (.736) (1.478) (1.316) (1.320) (1.275) (1.188)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.736) (1.478) (1.316) (1.320) (1.275) (1.188)
Net Asset Value, End of Period $114.03 $98.28 $123.18 $98.19 $82.46 $63.75
Total Return 16.83% -19.04% 26.91% 21.08% 31.51% -4.95%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,418 $2,082 $2,546 $1,627 $1,223 $952
Ratio of Total Expenses to Average Net Assets 0.06% 0.06%2 0.06% 0.06% 0.06% 0.06%
Ratio of Net Investment Income to Average Net Assets 1.45% 1.40% 1.17% 1.63% 1.73% 1.72%
Portfolio Turnover Rate3 0% 2% 0% 6% 5% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
80

 

Tax-Managed Capital Appreciation Fund
Notes to Financial Statements
Vanguard Tax-Managed Capital Appreciation Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A.  The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2023, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the
81

 

Tax-Managed Capital Appreciation Fund
overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2023, the fund had contributed to Vanguard capital in the amount of $579,000, representing less than 0.01% of the fund’s net assets and 0.23% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
82

 

Tax-Managed Capital Appreciation Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 17,382,093 — — 17,382,093
Preferred Stock 287 — — 287
Temporary Cash Investments 14,299 — — 14,299
Total 17,396,679 — — 17,396,679
Derivative Financial Instruments        
Assets        
Futures Contracts1 638 — — 638
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D.  As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 6,006,188
Gross Unrealized Appreciation 11,692,597
Gross Unrealized Depreciation (301,468)
Net Unrealized Appreciation (Depreciation) 11,391,129
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2022, the fund had available capital losses totaling $455,181,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E.  During the six months ended June 30, 2023, the fund purchased $277,228,000 of investment securities and sold $174,383,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $135,909,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F.  Capital share transactions for each class of shares were:
  Six Months Ended
June 30, 2023 		  Year Ended
December 31, 2022
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Admiral Shares          
Issued 508,717 2,368   1,139,209 5,394
Issued in Lieu of Cash Distributions 65,920 308   129,200 638
Redeemed (494,786) (2,302)   (1,048,891) (5,025)
Net Increase (Decrease)—Admiral Shares 79,851 374   219,518 1,007
Institutional Shares          
Issued 11,898 114   121,221 1,138
Issued in Lieu of Cash Distributions 7,514 71   14,834 147
Redeemed (17,156) (166)   (78,587) (769)
Net Increase (Decrease)—Institutional Shares 2,256 19   57,468 516
G.  Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental ‎disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
83

 

Tax-Managed Capital Appreciation Fund
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
H.  Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements.
84

 

Tax-Managed Small-Cap Fund
Fund Allocation
As of June 30, 2023
Communication Services 2.5%
Consumer Discretionary 13.7
Consumer Staples 5.0
Energy 4.6
Financials 16.0
Health Care 10.8
Industrials 17.8
Information Technology 14.2
Materials 5.7
Real Estate 7.6
Utilities 2.1
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
85

 

Tax-Managed Small-Cap Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value•

($000)
Common Stocks (99.8%)
Communication Services (2.5%)
  Cogent Communications Holdings Inc.   374,416    25,194
* Yelp Inc. Class A   596,392    21,715
  Lumen Technologies Inc. 8,099,900    18,306
* Cinemark Holdings Inc.   944,111    15,578
* Cargurus Inc. Class A   635,000    14,370
* DISH Network Corp. Class A 1,815,000    11,961
* Cars.com Inc.   532,306    10,550
  Shutterstock Inc.   211,785    10,308
  Scholastic Corp.   257,103     9,999
  John Wiley & Sons Inc. Class A   290,000     9,869
* Gogo Inc.   571,355     9,719
  Shenandoah Telecommunications Co.   429,895     8,353
* TechTarget Inc.   234,244     7,292
  Telephone & Data Systems Inc.   874,394     7,196
* Thryv Holdings Inc.   269,268     6,624
* EW Scripps Co. Class A   508,996     4,657
* QuinStreet Inc.   448,207     3,958
  ATN International Inc.    94,658     3,464
  Marcus Corp.   213,173     3,161
* AMC Networks Inc. Class A   245,290     2,931
* Consolidated Communications Holdings Inc.   641,253     2,456
                       207,661
Consumer Discretionary (13.6%)
  Meritage Homes Corp.   316,052    44,965
* Asbury Automotive Group Inc.   185,746    44,657
  Academy Sports & Outdoors Inc.   659,995    35,673
  Group 1 Automotive Inc.   121,223    31,288
* Tri Pointe Homes Inc.   847,775    27,858
  Installed Building Products Inc.   197,607    27,697
  LCI Industries   215,459    27,225
  Signet Jewelers Ltd.   391,117    25,524
* Shake Shack Inc. Class A   320,260    24,891
* LGI Homes Inc.   180,360    24,329
  MDC Holdings Inc.   493,254    23,069
* Frontdoor Inc.   716,067    22,842
* Boot Barn Holdings Inc.   259,746    21,998
* M/I Homes Inc.   240,006    20,926
* Cavco Industries Inc.    68,926    20,333
  Steven Madden Ltd.   620,911    20,298
  Bloomin' Brands Inc.   747,216    20,093
* Dorman Products Inc.   242,124    19,087
  Century Communities Inc.   248,369    19,030
* Sonos Inc. 1,116,549    18,233
  American Eagle Outfitters Inc. 1,537,336    18,141
  Winnebago Industries Inc.   268,890    17,932
  Kontoor Brands Inc.   415,129    17,477
  Jack in the Box Inc.   176,583    17,222
* Urban Outfitters Inc.   517,406    17,142
* Six Flags Entertainment Corp.   652,772    16,959
  Cracker Barrel Old Country Store Inc.   179,000    16,679
* National Vision Holdings Inc.   682,514    16,578
* Gentherm Inc.   291,836    16,492
* Abercrombie & Fitch Co. Class A   432,519    16,297
* Dave & Buster's Entertainment Inc.   357,151    15,915
  Patrick Industries Inc.   190,752    15,260
          Shares Market
Value•

($000)
* Brinker International Inc.   387,811    14,194
  Hanesbrands Inc. 3,087,800    14,019
* XPEL Inc.   165,512    13,939
* ODP Corp.   294,039    13,767
  Cheesecake Factory Inc.   397,828    13,757
* Vista Outdoor Inc.   494,953    13,695
  Upbound Group Inc.   423,323    13,178
  Dana Inc.   775,000    13,175
  Strategic Education Inc.   192,927    13,088
* Stride Inc.   345,097    12,848
* Adtalem Global Education Inc.   369,389    12,685
  Oxford Industries Inc.   127,698    12,568
* Green Brick Partners Inc.   219,348    12,459
* Leslie's Inc. 1,312,103    12,321
* Sally Beauty Holdings Inc.   941,463    11,627
* Victoria's Secret & Co.   625,000    10,894
  La-Z-Boy Inc.   377,372    10,808
  Monro Inc.   258,784    10,514
* iRobot Corp.   226,175    10,234
  Wolverine World Wide Inc.   689,988    10,136
* Sabre Corp. 2,894,187     9,232
* American Axle & Manufacturing Holdings Inc. 1,014,139     8,387
  Buckle Inc.   238,243     8,243
* Golden Entertainment Inc.   191,763     8,016
  Sturm Ruger & Co. Inc.   149,393     7,912
  Dine Brands Global Inc.   130,353     7,564
  Caleres Inc.   314,735     7,532
* G-III Apparel Group Ltd.   376,632     7,258
  Monarch Casino & Resort Inc.   102,951     7,253
* Perdoceo Education Corp.   574,560     7,050
* Mister Car Wash Inc.   697,151     6,727
* MarineMax Inc.   192,556     6,578
  Sonic Automotive Inc. Class A   134,668     6,420
* BJ's Restaurants Inc.   200,723     6,383
  Standard Motor Products Inc.   159,276     5,976
* Chuy's Holdings Inc.   143,389     5,853
* Chico's FAS Inc. 1,083,846     5,799
* Sleep Number Corp.   193,908     5,290
* America's Car-Mart Inc.    51,400     5,129
  Ethan Allen Interiors Inc.   174,224     4,927
  Designer Brands Inc. Class A   442,309     4,467
  Hibbett Inc.   113,345     4,113
  Guess? Inc.   201,361     3,916
  Aaron's Co. Inc.   269,356     3,809
  Shoe Carnival Inc.   148,734     3,492
  Movado Group Inc.   123,945     3,325
  Haverty Furniture Cos. Inc.   108,981     3,293
  El Pollo Loco Holdings Inc.   150,684     1,321
                     1,137,281
Consumer Staples (4.9%)
* elf Beauty Inc.   425,457    48,600
* Hostess Brands Inc. Class A 1,110,510    28,118
* Simply Good Foods Co.   705,564    25,817
  WD-40 Co.   115,860    21,857
* TreeHouse Foods Inc.   418,249    21,071
  J & J Snack Foods Corp.   125,759    19,915
  Inter Parfums Inc.   147,098    19,892
  Edgewell Personal Care Co.   434,370    17,944
86

 

Tax-Managed Small-Cap Fund
          Shares Market
Value•

($000)
  PriceSmart Inc.   212,923    15,769
  Cal-Maine Foods Inc.   334,946    15,073
  Vector Group Ltd. 1,162,493    14,892
  Nu Skin Enterprises Inc. Class A   437,400    14,522
  MGP Ingredients Inc.   131,367    13,962
  Andersons Inc.   269,726    12,448
* Central Garden & Pet Co. Class A   330,825    12,062
* Chefs' Warehouse Inc.   301,735    10,790
  Universal Corp.   207,505    10,363
* United Natural Foods Inc.   528,367    10,330
* Hain Celestial Group Inc.   787,060     9,846
* National Beverage Corp.   194,600     9,409
  Medifast Inc.    95,737     8,823
  B&G Foods Inc.   632,562     8,805
  John B Sanfilippo & Son Inc.    71,053     8,332
  SpartanNash Co.   303,787     6,838
  Fresh Del Monte Produce Inc.   258,455     6,645
* USANA Health Sciences Inc.    93,184     5,874
  Tootsie Roll Industries Inc.   142,446     5,044
  Calavo Growers Inc.   149,996     4,353
* Central Garden & Pet Co.    96,530     3,742
* Seneca Foods Corp. Class A    44,475     1,453
                       412,589
Energy (4.6%)
  SM Energy Co. 1,075,066    34,004
  Helmerich & Payne Inc.   911,356    32,308
  Civitas Resources Inc.   454,923    31,558
  Northern Oil & Gas Inc.   654,715    22,470
  Patterson-UTI Energy Inc. 1,860,393    22,269
  California Resources Corp.   488,096    22,106
  CONSOL Energy Inc.   279,403    18,946
* Green Plains Inc.   517,141    16,673
* Oceaneering International Inc.   863,274    16,143
* Callon Petroleum Co.   452,784    15,879
* Par Pacific Holdings Inc.   498,079    13,254
* NexTier Oilfield Solutions Inc. 1,315,300    11,759
  World Kinect Corp.   549,441    11,362
  Archrock Inc.   969,412     9,936
* Talos Energy Inc.   698,898     9,694
  Comstock Resources Inc.   814,400     9,447
  Core Laboratories Inc.   404,153     9,397
* Helix Energy Solutions Group Inc. 1,190,436     8,785
* US Silica Holdings Inc.   666,828     8,089
* Nabors Industries Ltd.    79,516     7,397
  Dorian LPG Ltd.   280,194     7,187
* ProPetro Holding Corp.   847,373     6,982
* Dril-Quip Inc.   292,472     6,806
* Vital Energy Inc.   149,204     6,737
* Bristow Group Inc. Class A   197,182     5,665
  RPC Inc.   723,698     5,174
* REX American Resources Corp.   128,383     4,469
* Oil States International Inc.   569,324     4,253
  CVR Energy Inc.   126,756     3,798
                       382,547
Financials (16.0%)
  Radian Group Inc. 1,374,000    34,735
* Mr Cooper Group Inc.   606,431    30,710
  American Equity Investment Life Holding Co.   544,241    28,360
  Assured Guaranty Ltd.   506,073    28,239
  United Community Banks Inc. 1,015,700    25,382
  Arbor Realty Trust Inc. 1,488,096    22,054
  Community Bank System Inc.   457,988    21,470
  Walker & Dunlop Inc.   270,499    21,394
  EVERTEC Inc.   576,752    21,242
  Moelis & Co. Class A   460,309    20,870
* Genworth Financial Inc. Class A 4,093,910    20,470
          Shares Market
Value•

($000)
  First Hawaiian Inc. 1,113,732    20,058
  WSFS Financial Corp.   525,857    19,835
  Ameris Bancorp   569,887    19,496
  First Bancorp 1,592,362    19,459
  Simmons First National Corp. Class A 1,119,639    19,314
* NMI Holdings Inc. Class A   741,150    19,136
* Axos Financial Inc.   452,366    17,841
  Independent Bank Corp.   396,100    17,630
  Artisan Partners Asset Management Inc. Class A   445,943    17,530
  Pacific Premier Bancorp Inc.   840,234    17,376
  ServisFirst Bancshares Inc.   424,418    17,367
  Seacoast Banking Corp. of Florida   767,556    16,963
* Bancorp Inc.   496,731    16,218
  First Financial Bancorp   792,168    16,192
  Atlantic Union Bankshares Corp.   615,900    15,983
  Piper Sandler Cos.   121,664    15,726
  Washington Federal Inc.   579,500    15,368
  CVB Financial Corp. 1,122,821    14,911
* Enova International Inc.   277,676    14,750
  BankUnited Inc.   669,261    14,423
  Bread Financial Holdings Inc.   439,339    13,791
* StoneX Group Inc.   164,168    13,639
* PROG Holdings Inc.   411,133    13,206
  BancFirst Corp.   142,459    13,106
  Banner Corp.   298,783    13,048
  Apollo Commercial Real Estate Finance Inc. 1,149,442    13,012
  Fulton Financial Corp. 1,050,000    12,516
  Park National Corp.   121,567    12,439
  Hilltop Holdings Inc.   393,974    12,394
  Renasant Corp.   473,158    12,364
* Palomar Holdings Inc.   211,820    12,294
  Virtus Investment Partners Inc.    60,390    11,925
  Northwest Bancshares Inc. 1,115,439    11,824
  Ready Capital Corp. 1,027,769    11,593
* Triumph Financial Inc.   188,764    11,462
  NBT Bancorp Inc.   359,798    11,460
  Pathward Financial Inc.   240,946    11,170
  City Holding Co.   123,532    11,117
  Navient Corp.   588,947    10,943
  Trustmark Corp.   516,839    10,916
  Independent Bank Group Inc.   312,229    10,781
  Provident Financial Services Inc.   657,259    10,740
  First Commonwealth Financial Corp.   837,002    10,588
  PennyMac Mortgage Investment Trust   783,955    10,568
  First Bancorp (XNGS)   353,935    10,530
  OFG Bancorp   400,615    10,448
  Lakeland Financial Corp.   212,969    10,333
  Horace Mann Educators Corp.   339,195    10,060
* Encore Capital Group Inc.   206,286    10,030
  Bank of Hawaii Corp.   240,671     9,923
* Donnelley Financial Solutions Inc.   216,308     9,848
  Stewart Information Services Corp.   239,189     9,840
  National Bank Holdings Corp. Class A   329,172     9,559
  FB Financial Corp.   333,196     9,346
  Stellar Bancorp Inc.   403,612     9,239
  Two Harbors Investment Corp.   640,714     8,893
  Safety Insurance Group Inc.   123,727     8,874
  Hope Bancorp Inc. 1,046,141     8,808
  S&T Bancorp Inc.   321,782     8,749
  AMERISAFE Inc.   162,541     8,667
* Green Dot Corp. Class A   461,780     8,654
  Westamerica Bancorp   224,146     8,585
  Employers Holdings Inc.   228,242     8,539
  Veritex Holdings Inc.   474,668     8,511
* Payoneer Global Inc. 1,764,119     8,485
  PacWest Bancorp 1,037,100     8,452
* PRA Group Inc.   366,449     8,373
 
87

 

Tax-Managed Small-Cap Fund
          Shares Market
Value•

($000)
  Berkshire Hills Bancorp Inc.   400,361     8,299
  New York Mortgage Trust Inc.   814,877     8,084
* Customers Bancorp Inc.   263,186     7,964
  WisdomTree Inc. 1,142,379     7,837
* Avantax Inc.   341,664     7,646
* SiriusPoint Ltd.   795,045     7,179
  ProAssurance Corp.   475,419     7,174
  Mercury General Corp.   225,835     6,836
  Capitol Federal Financial Inc. 1,106,509     6,827
  Brookline Bancorp Inc.   763,121     6,670
  Southside Bancshares Inc.   247,377     6,471
  B. Riley Financial Inc.   140,654     6,467
  Franklin BSP Realty Trust Inc.   447,423     6,335
  Redwood Trust Inc.   993,588     6,329
  James River Group Holdings Ltd.   341,340     6,233
  KKR Real Estate Finance Trust Inc.   507,119     6,172
* Trupanion Inc.   310,221     6,105
  Brightsphere Investment Group Inc.   288,135     6,036
* Ambac Financial Group Inc.   419,105     5,968
  Preferred Bank   107,856     5,931
  Tompkins Financial Corp.   106,113     5,910
  Eagle Bancorp Inc.   274,988     5,819
  Banc of California Inc.   484,161     5,607
* EZCORP Inc. Class A   637,077     5,339
  United Fire Group Inc.   227,408     5,153
  Dime Community Bancshares Inc.   285,341     5,031
  Heritage Financial Corp.   289,807     4,686
  TrustCo Bank Corp.   160,471     4,591
* World Acceptance Corp.    33,258     4,457
  ARMOUR Residential REIT Inc.   817,985     4,360
  Northfield Bancorp Inc.   347,598     3,817
  Ellington Financial Inc.   272,824     3,765
  HCI Group Inc.    59,706     3,689
  Central Pacific Financial Corp.   234,714     3,687
  Universal Insurance Holdings Inc.   236,235     3,645
  Invesco Mortgage Capital Inc.   309,808     3,553
  Hanmi Financial Corp.   222,024     3,315
                     1,333,131
Health Care (10.8%)
  Ensign Group Inc.   471,441    45,004
* Merit Medical Systems Inc.   484,416    40,517
* AMN Healthcare Services Inc.   342,037    37,323
  CONMED Corp.   268,852    36,534
* Glaukos Corp.   418,274    29,785
  Select Medical Holdings Corp.   912,958    29,087
* Cytokinetics Inc.   827,832    27,004
* Integer Holdings Corp.   292,614    25,929
* Prestige Consumer Healthcare Inc.   417,628    24,820
* Schrodinger Inc.   398,500    19,893
* NuVasive Inc.   460,588    19,156
* Amphastar Pharmaceuticals Inc.   311,358    17,894
* NeoGenomics Inc. 1,093,008    17,565
* Privia Health Group Inc.   670,000    17,494
* Certara Inc.   926,664    16,875
* Corcept Therapeutics Inc.   755,929    16,819
* Myriad Genetics Inc.   696,345    16,141
* Pacira BioSciences Inc.   398,900    15,984
* Vir Biotechnology Inc.   648,257    15,902
* Vericel Corp.   403,328    15,153
* CorVel Corp.    77,072    14,913
* RadNet Inc.   429,897    14,023
  US Physical Therapy Inc.   114,600    13,911
* Tandem Diabetes Care Inc.   566,300    13,897
* Supernus Pharmaceuticals Inc.   444,726    13,368
* Dynavax Technologies Corp. 1,029,447    13,300
* Owens & Minor Inc.   669,908    12,755
* Addus HomeCare Corp.   137,032    12,703
          Shares Market
Value•

($000)
* Xencor Inc.   501,963    12,534
* Veradigm Inc.   970,088    12,223
* Ironwood Pharmaceuticals Inc. Class A 1,114,996    11,864
  Embecta Corp.   506,922    10,950
* Catalyst Pharmaceuticals Inc.   814,233    10,943
* Apollo Medical Holdings Inc.   346,225    10,941
  LeMaitre Vascular Inc.   161,981    10,898
* Avanos Medical Inc.   411,918    10,529
* Pediatrix Medical Group Inc.   719,849    10,229
* Ligand Pharmaceuticals Inc.   135,911     9,799
* Arcus Biosciences Inc.   458,469     9,312
* Harmony Biosciences Holdings Inc.   259,410     9,129
* Varex Imaging Corp.   353,296     8,327
* AdaptHealth Corp. Class A   679,441     8,269
* Cross Country Healthcare Inc.   293,275     8,235
* NextGen Healthcare Inc.   478,513     7,761
* Avid Bioservices Inc.   543,405     7,591
* BioLife Solutions Inc.   302,577     6,687
* REGENXBIO Inc.   330,773     6,612
* UFP Technologies Inc.    33,644     6,522
* Fulgent Genetics Inc.   172,587     6,391
* Innoviva Inc.   496,918     6,326
* Collegium Pharmaceutical Inc.   291,480     6,264
  Simulations Plus Inc.   141,596     6,135
* Artivion Inc.   354,053     6,086
* ANI Pharmaceuticals Inc.   108,566     5,844
  Mesa Laboratories Inc.    44,267     5,688
* Orthofix Medical Inc.   300,739     5,431
  HealthStream Inc.   208,616     5,124
* ModivCare Inc.   112,115     5,069
* Enhabit Inc.   435,661     5,010
* Community Health Systems Inc. 1,102,768     4,852
* Agiliti Inc.   289,021     4,769
* uniQure NV   357,304     4,095
* Cytek Biosciences Inc.   449,200     3,836
* Enanta Pharmaceuticals Inc.   172,358     3,688
* AngioDynamics Inc.   343,045     3,578
* OraSure Technologies Inc.   639,864     3,206
* Computer Programs & Systems Inc.   127,755     3,154
* Vanda Pharmaceuticals Inc.   463,471     3,054
* Anika Therapeutics Inc.   111,184     2,889
* Emergent BioSolutions Inc.   387,801     2,850
* iTeos Therapeutics Inc.   214,770     2,844
* Coherus Biosciences Inc.   566,307     2,418
  Phibro Animal Health Corp. Class A   175,867     2,409
* Zynex Inc.   196,709     1,886
*,1 OmniAb Inc. 12.5 Earnout    60,640        —
*,1 OmniAb Inc. 15 Earnout    60,640        —
                       896,000
Industrials (17.8%)
  Comfort Systems USA Inc.   302,256    49,630
  Applied Industrial Technologies Inc.   321,193    46,518
  Mueller Industries Inc.   482,813    42,140
  AAON Inc.   355,205    33,677
  Franklin Electric Co. Inc.   325,494    33,493
  John Bean Technologies Corp.   273,282    33,149
* Aerojet Rocketdyne Holdings Inc.   597,941    32,809
  Federal Signal Corp.   508,673    32,570
* SPX Technologies Inc.   381,552    32,421
  Arcosa Inc.   407,913    30,908
  Hillenbrand Inc.   597,526    30,641
  Boise Cascade Co.   335,013    30,268
  Encore Wire Corp.   156,533    29,104
* Dycom Industries Inc.   253,900    28,856
  Moog Inc. Class A   239,723    25,993
* GMS Inc.   350,450    24,251
  Matson Inc.   311,688    24,228
 
88

 

Tax-Managed Small-Cap Fund
          Shares Market
Value•

($000)
  Albany International Corp. Class A   259,061    24,165
* Verra Mobility Corp. Class A 1,218,822    24,035
  ABM Industries Inc.   560,238    23,894
  EnPro Industries Inc.   176,711    23,596
  Forward Air Corp.   221,202    23,472
  Korn Ferry   460,181    22,797
* Resideo Technologies Inc. 1,269,331    22,416
* RXO Inc.   988,120    22,401
* AeroVironment Inc.   217,718    22,268
* Hub Group Inc. Class A   276,844    22,236
  ESCO Technologies Inc.   210,912    21,857
  Kennametal Inc.   717,400    20,367
  ArcBest Corp.   204,272    20,182
  UniFirst Corp.   126,910    19,672
* MYR Group Inc.   137,561    19,030
  Trinity Industries Inc.   718,531    18,473
  Brady Corp. Class A   386,639    18,392
  Barnes Group Inc.   422,493    17,825
* Allegiant Travel Co.   137,887    17,412
  Griffon Corp.   409,490    16,503
* AAR Corp.   277,269    16,015
* Gibraltar Industries Inc.   254,037    15,984
* SkyWest Inc.   390,871    15,916
  Alamo Group Inc.    85,355    15,698
  Granite Construction Inc.   373,300    14,850
  Veritiv Corp.   117,812    14,798
* OPENLANE Inc.   961,809    14,639
* PGT Innovations Inc.   483,669    14,099
  CSG Systems International Inc.   263,326    13,888
  Standex International Corp.    97,578    13,804
* Masterbrand Inc. 1,108,600    12,893
  Tennant Co.   155,864    12,642
  Enerpac Tool Group Corp. Class A   465,883    12,579
  Greenbrier Cos. Inc.   289,464    12,476
* NV5 Global Inc.   110,247    12,212
* 3D Systems Corp. 1,161,373    11,532
  Lindsay Corp.    95,413    11,387
  Matthews International Corp. Class A   261,564    11,148
* American Woodmark Corp.   140,196    10,707
  Wabash National Corp.   406,259    10,417
  HNI Corp.   364,924    10,284
* CIRCOR International Inc.   176,131     9,943
  Healthcare Services Group Inc.   651,097     9,721
  AZZ Inc.   220,045     9,563
* NOW Inc.   922,952     9,562
  MillerKnoll Inc.   645,653     9,543
* CoreCivic Inc. 1,006,215     9,469
  Marten Transport Ltd.   437,905     9,415
  Astec Industries Inc.   197,166     8,959
  Apogee Enterprises Inc.   188,226     8,935
* Proto Labs Inc.   228,587     7,991
* GEO Group Inc. 1,100,488     7,880
  Quanex Building Products Corp.   286,744     7,699
* Triumph Group Inc.   575,591     7,120
* Enviri Corp.   699,792     6,907
  Deluxe Corp.   377,305     6,595
* Sun Country Airlines Holdings Inc.   272,100     6,117
  Kaman Corp.   249,112     6,061
  Heartland Express Inc.   357,842     5,872
  TTEC Holdings Inc.   166,334     5,629
  Kelly Services Inc. Class A   297,273     5,235
* Titan International Inc.   452,271     5,192
  Pitney Bowes Inc. 1,425,580     5,047
  Insteel Industries Inc.   160,083     4,982
* TrueBlue Inc.   277,269     4,910
* Viad Corp.   181,986     4,892
* Hawaiian Holdings Inc.   451,696     4,865
          Shares Market
Value•

($000)
* SunPower Corp.   479,029     4,695
  Powell Industries Inc.    77,276     4,682
  Heidrick & Struggles International Inc.   175,275     4,640
  Interface Inc. Class A   513,131     4,510
* DXP Enterprises Inc.   123,652     4,502
  Resources Connection Inc.   284,047     4,462
  National Presto Industries Inc.    45,793     3,352
* Liquidity Services Inc.   189,649     3,129
* Forrester Research Inc.    98,616     2,869
                     1,484,562
Information Technology (14.2%)
* SPS Commerce Inc.   311,297    59,788
* Rambus Inc.   917,679    58,888
* Axcelis Technologies Inc.   278,004    50,967
* Onto Innovation Inc.   417,896    48,672
* Fabrinet   310,772    40,363
* Diodes Inc.   391,020    36,165
  Advanced Energy Industries Inc.   323,714    36,078
  Badger Meter Inc.   243,894    35,989
* Insight Enterprises Inc.   243,806    35,679
* Sanmina Corp.   500,157    30,145
* DoubleVerify Holdings Inc.   759,735    29,569
  Kulicke & Soffa Industries Inc.   481,689    28,636
* Extreme Networks Inc. 1,093,391    28,483
* Itron Inc.   391,701    28,242
* Viasat Inc.   651,700    26,889
* Rogers Corp.   160,958    26,064
* Perficient Inc.   302,483    25,206
* Plexus Corp.   234,896    23,076
* FormFactor Inc.   662,553    22,673
* Alarm.com Holdings Inc.   435,639    22,514
  InterDigital Inc.   227,491    21,964
* Viavi Solutions Inc. 1,931,616    21,885
  Progress Software Corp.   370,998    21,555
* MaxLinear Inc. Class A   638,725    20,158
* NetScout Systems Inc.   564,036    17,457
* Cohu Inc.   400,203    16,632
* LiveRamp Holdings Inc.   569,580    16,267
* OSI Systems Inc.   129,340    15,240
* Harmonic Inc.   936,982    15,151
* Ultra Clean Holdings Inc.   389,836    14,993
* Knowles Corp.   795,441    14,366
* Semtech Corp.   563,508    14,347
* Photronics Inc.   539,654    13,918
* SiTime Corp.   117,032    13,806
* ePlus Inc.   235,988    13,286
* SMART Global Holdings Inc.   435,782    12,642
* TTM Technologies Inc.   902,981    12,551
* Digi International Inc.   303,050    11,937
* Veeco Instruments Inc.   456,516    11,723
* Agilysys Inc.   167,250    11,480
  CTS Corp.   262,627    11,196
* PDF Solutions Inc.   245,677    11,080
  Methode Electronics Inc.   308,437    10,339
* Cerence Inc.   350,204    10,237
  Adeia Inc.   891,986     9,821
* Ichor Holdings Ltd.   256,805     9,630
* Arlo Technologies Inc.   775,118     8,457
  A10 Networks Inc.   570,763     8,327
  Benchmark Electronics Inc.   293,180     7,573
* Avid Technology Inc.   293,600     7,487
* Digital Turbine Inc.   797,332     7,399
* Alpha & Omega Semiconductor Ltd.   197,667     6,484
* ScanSource Inc.   216,716     6,406
* Corsair Gaming Inc.   356,103     6,317
* N-able Inc.   418,400     6,029
  ADTRAN Holdings Inc.   563,289     5,931
 
89

 

Tax-Managed Small-Cap Fund
          Shares Market
Value•

($000)
* Clearfield Inc.   111,498     5,279
* CEVA Inc.   205,708     5,256
  Ebix Inc.   207,587     5,231
* Xperi Inc.   370,008     4,866
* Consensus Cloud Solutions Inc.   156,566     4,854
* OneSpan Inc.   312,683     4,640
* 8x8 Inc.   997,501     4,219
  PC Connection Inc.    91,749     4,138
* NETGEAR Inc.   253,279     3,586
                     1,180,226
Materials (5.7%)
* ATI Inc. 1,087,565    48,103
* Livent Corp. 1,551,407    42,555
  Balchem Corp.   275,364    37,122
  HB Fuller Co.   468,941    33,534
* O-I Glass Inc. 1,329,329    28,355
* Arconic Corp.   858,777    25,403
  Carpenter Technology Corp.   412,734    23,167
  Quaker Chemical Corp.   118,507    23,097
  Innospec Inc.   209,086    21,001
  Materion Corp.   171,482    19,583
  Stepan Co.   184,137    17,596
  Warrior Met Coal Inc.   439,408    17,115
  Minerals Technologies Inc.   287,897    16,609
* Ingevity Corp.   213,896    12,440
  Sylvamo Corp.   264,503    10,699
  Kaiser Aluminum Corp.   143,050    10,248
  Compass Minerals International Inc.   298,858    10,161
  AdvanSix Inc.   246,148     8,610
  Hawkins Inc.   156,122     7,445
  Mativ Holdings Inc.   481,122     7,274
* TimkenSteel Corp.   324,414     6,998
  Koppers Holdings Inc.   184,113     6,278
  Myers Industries Inc.   315,627     6,133
  SunCoke Energy Inc.   704,420     5,544
  Haynes International Inc.   102,083     5,188
  American Vanguard Corp.   238,629     4,264
* Clearwater Paper Corp.   135,057     4,230
* Century Aluminum Co.   455,777     3,974
  Olympic Steel Inc.    80,873     3,963
  Trinseo plc   308,711     3,911
  Mercer International Inc.   358,463     2,893
  FutureFuel Corp.   213,176     1,887
                       475,380
Real Estate (7.6%)
  Phillips Edison & Co. Inc.   850,000    28,968
  Essential Properties Realty Trust Inc. 1,228,910    28,929
  LXP Industrial Trust 2,435,017    23,741
  SITE Centers Corp. 1,603,887    21,203
  Sunstone Hotel Investors Inc. 2,038,123    20,626
  Tanger Factory Outlet Centers Inc.   904,917    19,972
  Four Corners Property Trust Inc.   735,833    18,690
  Innovative Industrial Properties Inc.   254,976    18,616
  Urban Edge Properties 1,201,318    18,536
  Pebblebrook Hotel Trust 1,291,475    18,003
  CareTrust REIT Inc.   879,882    17,474
  Outfront Media Inc. 1,076,294    16,919
  Macerich Co. 1,413,914    15,935
  St. Joe Co.   328,187    15,865
  Kennedy-Wilson Holdings Inc.   933,200    15,239
  Retail Opportunity Investments Corp. 1,103,118    14,903
  DiamondRock Hospitality Co. 1,833,047    14,683
  Alexander & Baldwin Inc.   745,903    13,859
  Elme Communities   822,539    13,523
  Douglas Emmett Inc. 1,070,000    13,450
          Shares Market
Value•

($000)
* Cushman & Wakefield plc 1,622,572    13,273
  Service Properties Trust 1,452,810    12,625
* Veris Residential Inc.   780,598    12,529
  SL Green Realty Corp.   412,200    12,387
  Xenia Hotels & Resorts Inc. 1,005,320    12,376
  Getty Realty Corp.   365,548    12,363
  Acadia Realty Trust   836,556    12,038
  LTC Properties Inc.   359,512    11,871
  Easterly Government Properties Inc. Class A   799,198    11,588
  eXp World Holdings Inc.   550,000    11,154
  Uniti Group Inc. 2,082,409     9,621
  Global Net Lease Inc.   918,382     9,441
  NexPoint Residential Trust Inc.   199,783     9,086
  American Assets Trust Inc.   459,973     8,831
  JBG SMITH Properties   561,400     8,443
  Centerspace   132,111     8,106
  Safehold Inc.   336,236     7,979
  RPT Realty   752,092     7,859
* Anywhere Real Estate Inc. 1,154,207     7,710
  Marcus & Millichap Inc.   226,990     7,152
  Community Healthcare Trust Inc.   209,639     6,922
  Armada Hoffler Properties Inc.   572,237     6,684
  Summit Hotel Properties Inc.   969,070     6,309
  Urstadt Biddle Properties Inc. Class A   258,048     5,486
  Universal Health Realty Income Trust   100,218     4,768
  Hudson Pacific Properties Inc. 1,120,465     4,728
  Chatham Lodging Trust   434,551     4,067
  Whitestone REIT   392,070     3,803
  Brandywine Realty Trust   816,862     3,798
  Saul Centers Inc.   102,349     3,770
  Office Properties Income Trust   423,458     3,261
  RE/MAX Holdings Inc. Class A   158,545     3,054
  Orion Office REIT Inc.   357,055     2,360
                       634,576
Utilities (2.1%)
  Otter Tail Corp.   359,642    28,397
  American States Water Co.   325,309    28,302
  Avista Corp.   641,779    25,203
  California Water Service Group   485,543    25,068
  Chesapeake Utilities Corp.   155,006    18,446
  SJW Group   241,339    16,920
  Northwest Natural Holding Co.   306,425    13,192
  Middlesex Water Co.   154,434    12,457
  Unitil Corp.   145,081     7,357
                       175,342
Total Common Stocks
(Cost $5,801,689) 		8,319,295
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
2 Vanguard Market Liquidity Fund, 5.150%
(Cost $5,122) 		   51,232          5,122
Total Investments (99.9%)
(Cost $5,806,811) 		  8,324,417
Other Assets and Liabilities—Net (0.1%)   8,526
Net Assets (100%)   8,332,943
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Security value determined using significant unobservable inputs.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  REIT—Real Estate Investment Trust.
 
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Tax-Managed Small-Cap Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index September 2023 128 12,184 171
  
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Statement of Assets and Liabilities
As of June 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $5,801,689) 8,319,295
Affiliated Issuers (Cost $5,122) 5,122
Total Investments in Securities 8,324,417
Investment in Vanguard 274
Cash Collateral Pledged—Futures Contracts 800
Receivables for Accrued Income 8,920
Receivables for Capital Shares Issued 1,317
Variation Margin Receivable—Futures Contracts 36
Total Assets 8,335,764
Liabilities  
Due to Custodian 965
Payables for Investment Securities Purchased 66
Payables for Capital Shares Redeemed 1,498
Payables to Vanguard 292
Total Liabilities 2,821
Net Assets 8,332,943

 At June 30, 2023, net assets consisted of:

   
Paid-in Capital 6,514,225
Total Distributable Earnings (Loss) 1,818,718
Net Assets 8,332,943
 
Admiral Shares—Net Assets  
Applicable to 92,949,989 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		7,531,651
Net Asset Value Per Share—Admiral Shares $81.03
 
Institutional Shares—Net Assets  
Applicable to 9,866,868 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		801,292
Net Asset Value Per Share—Institutional Shares $81.21
  
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Statement of Operations
  Six Months Ended
June 30, 2023
  ($000)
Investment Income  
Income  
Dividends 62,152
Interest1 879
Total Income 63,031
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 87
Management and Administrative—Admiral Shares 2,932
Management and Administrative—Institutional Shares 210
Marketing and Distribution—Admiral Shares 215
Marketing and Distribution—Institutional Shares 9
Custodian Fees 27
Shareholders’ Reports—Admiral Shares 39
Shareholders’ Reports—Institutional Shares 2
Trustees’ Fees and Expenses 2
Other Expenses 7
Total Expenses 3,530
Net Investment Income 59,501
Realized Net Gain (Loss)  
Investment Securities Sold1,2 117,482
Futures Contracts (4,019)
Realized Net Gain (Loss) 113,463
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 294,764
Futures Contracts 171
Change in Unrealized Appreciation (Depreciation) 294,935
Net Increase (Decrease) in Net Assets Resulting from Operations 467,899
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $820,000, ($3,000), and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $195,272,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2023 		  Year Ended
December 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 59,501   118,118
Realized Net Gain (Loss) 113,463   325,316
Change in Unrealized Appreciation (Depreciation) 294,935   (1,976,579)
Net Increase (Decrease) in Net Assets Resulting from Operations 467,899   (1,533,145)
Distributions      
Admiral Shares (55,510)   (107,517)
Institutional Shares (5,986)   (11,321)
Total Distributions (61,496)   (118,838)
Capital Share Transactions      
Admiral Shares 14,721   17,320
Institutional Shares 9,624   16,687
Net Increase (Decrease) from Capital Share Transactions 24,345   34,007
Total Increase (Decrease) 430,748   (1,617,976)
Net Assets      
Beginning of Period 7,902,195   9,520,171
End of Period 8,332,943   7,902,195
  
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $77.06 $93.29 $74.30 $67.84 $55.70 $61.63
Investment Operations            
Net Investment Income1 .577 1.153 1.090 .819 .772 .737
Net Realized and Unrealized Gain (Loss) on Investments 3.991 (16.221) 18.985 6.451 12.146 (5.965)
Total from Investment Operations 4.568 (15.068) 20.075 7.270 12.918 (5.228)
Distributions            
Dividends from Net Investment Income (.598) (1.162) (1.085) (.810) (.778) (.702)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.598) (1.162) (1.085) (.810) (.778) (.702)
Net Asset Value, End of Period $81.03 $77.06 $93.29 $74.30 $67.84 $55.70
Total Return2 5.97% -16.14% 27.08% 11.05% 23.28% -8.62%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $7,532 $7,150 $8,631 $6,689 $6,506 $5,304
Ratio of Total Expenses to Average Net Assets 0.09% 0.09%3 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 1.57% 1.41% 1.22% 1.39% 1.23% 1.13%
Portfolio Turnover Rate4 8% 10% 9% 31% 53% 29%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
  
Institutional Shares            
For a Share Outstanding
Throughout Each Period 		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $77.23 $93.50 $74.47 $67.99 $55.83 $61.77
Investment Operations            
Net Investment Income1 .591 1.180 1.126 .844 .794 .755
Net Realized and Unrealized Gain (Loss) on Investments 4.000 (16.261) 19.019 6.466 12.164 (5.972)
Total from Investment Operations 4.591 (15.081) 20.145 7.310 12.958 (5.217)
Distributions            
Dividends from Net Investment Income (.611) (1.189) (1.115) (.830) (.798) (.723)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.611) (1.189) (1.115) (.830) (.798) (.723)
Net Asset Value, End of Period $81.21 $77.23 $93.50 $74.47 $67.99 $55.83
Total Return 5.98% -16.12% 27.11% 11.10% 23.30% -8.59%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $801 $752 $889 $646 $593 $473
Ratio of Total Expenses to Average Net Assets 0.06% 0.06%2 0.06% 0.06% 0.06% 0.06%
Ratio of Net Investment Income to Average Net Assets 1.60% 1.44% 1.26% 1.42% 1.26% 1.16%
Portfolio Turnover Rate3 8% 10% 9% 31% 53% 29%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Notes to Financial Statements
Vanguard Tax-Managed Small-Cap Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A.  The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2023, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management
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Tax-Managed Small-Cap Fund
and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2023, the fund had contributed to Vanguard capital in the amount of $274,000, representing less than 0.01% of the fund’s net assets and 0.11% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
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Tax-Managed Small-Cap Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 8,319,295 — — 8,319,295
Temporary Cash Investments 5,122 — — 5,122
Total 8,324,417 — — 8,324,417
Derivative Financial Instruments        
Assets        
Futures Contracts1 171 — — 171
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D.  As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 5,813,552
Gross Unrealized Appreciation 3,153,406
Gross Unrealized Depreciation (642,370)
Net Unrealized Appreciation (Depreciation) 2,511,036
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2022, the fund had available capital losses totaling $804,789,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E.  During the six months ended June 30, 2023, the fund purchased $1,004,691,000 of investment securities and sold $985,038,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $335,840,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2023, such purchases were $120,459,000 and sales were $50,462,000, resulting in net realized loss of $410,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F.  Capital share transactions for each class of shares were:
  Six Months Ended
June 30, 2023 		  Year Ended
December 31, 2022
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Admiral Shares          
Issued 576,394 7,221   1,142,954 14,128
Issued in Lieu of Cash Distributions 38,714 500   75,203 977
Redeemed (600,387) (7,559)   (1,200,837) (14,836)
Net Increase (Decrease)—Admiral Shares 14,721 162   17,320 269
Institutional Shares          
Issued 31,572 398   63,464 795
Issued in Lieu of Cash Distributions 3,314 43   6,480 84
Redeemed (25,262) (316)   (53,257) (650)
Net Increase (Decrease)—Institutional Shares 9,624 125   16,687 229
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G.  Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental ‎disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
H.  Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements.
99

 

Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Tax-Managed Balanced Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index and Fixed Income Groups. The board of trustees of Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund has also renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the funds and their shareholders.
The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the portfolio’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department’s ongoing assessment of the advisor. 
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decisions.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. Both the Equity Index Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each group’s management team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
Cost
The board concluded that each fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also below the peer-group average.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that each fund’s arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Tax-Managed Funds approved the appointment of liquidity risk management program administrators responsible for administering the Program for Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund, and Vanguard Tax-Managed Small-Cap Fund, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program's operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds' liquidity risk.
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Q1032 082023
Semiannual Report   |   June 30, 2023
Vanguard Developed Markets Index Fund

 

Contents
About Your Fund’s Expenses
1
Financial Statements
4
Trustees Approve Advisory Arrangement
71
Liquidity Risk Management
73

 

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

 

Six Months Ended June 30, 2023      
  Beginning
Account Value
12/31/2022 		Ending
Account Value
6/30/2023 		Expenses
Paid During
Period
Based on Actual Fund Return      
Developed Markets Index Fund      
Investor Shares $1,000.00 $1,110.10 $0.89
FTSE Developed Markets ETF Shares 1,000.00 1,111.40 0.31
Admiral™ Shares 1,000.00 1,111.10 0.42
Institutional Shares 1,000.00 1,111.80 0.31
Institutional Plus Shares 1,000.00 1,111.70 0.26
Based on Hypothetical 5% Yearly Return      
Developed Markets Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
FTSE Developed Markets ETF Shares 1,000.00 1,024.50 0.30
Admiral Shares 1,000.00 1,024.40 0.40
Institutional Shares 1,000.00 1,024.50 0.30
Institutional Plus Shares 1,000.00 1,024.55 0.25
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.17% for Investor Shares, 0.06% for FTSE Developed Markets ETF Shares, 0.08% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Developed Markets Index Fund
Fund Allocation
As of June 30, 2023
Japan 21.1%
United Kingdom 13.1
Canada 9.6
France 9.3
Switzerland 7.8
Germany 6.8
Australia 6.7
South Korea 4.7
Netherlands 3.7
Sweden 2.8
Denmark 2.4
Italy 2.3
Hong Kong 2.2
Spain 2.1
Singapore 1.1
Finland 1.0
Other 3.3
The table reflects the fund’s investments, except for short-term investments and derivatives.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
3

 

Developed Markets Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value•

($000)
Common Stocks (98.9%)
Australia (6.7%)
  BHP Group Ltd.  39,881,300   1,198,910
  Commonwealth Bank of Australia  13,367,821     894,933
  CSL Ltd.   3,815,898     706,624
  National Australia Bank Ltd.  24,876,042     437,517
  Westpac Banking Corp.  27,659,707     393,836
  ANZ Group Holdings Ltd.  23,804,375     376,818
  Woodside Energy Group Ltd.  14,980,663     346,526
  Macquarie Group Ltd.   2,880,215     342,711
  Wesfarmers Ltd.   8,968,255     295,677
  Woolworths Group Ltd.   9,656,584     255,863
  Transurban Group  24,403,585     232,356
  Rio Tinto Ltd.   2,942,715     225,352
  Goodman Group  14,628,768     196,652
  Fortescue Metals Group Ltd.  12,602,377     187,003
  Aristocrat Leisure Ltd.   5,191,735     134,325
  Coles Group Ltd.  10,305,896     126,545
  Newcrest Mining Ltd. (XASX)   7,076,284     126,230
  QBE Insurance Group Ltd.  11,816,533     123,375
  Santos Ltd.  23,636,488     118,265
  Amcor plc GDR  11,783,147     116,943
  Brambles Ltd.  11,017,516     105,940
* James Hardie Industries plc GDR   3,519,495      93,886
  Telstra Group Ltd.  32,065,310      91,986
  South32 Ltd.  36,191,907      91,117
  Suncorp Group Ltd.  10,027,738      90,101
  Sonic Healthcare Ltd.   3,544,159      84,286
* Xero Ltd.   1,009,999      80,921
  Cochlear Ltd.     507,524      77,757
  Origin Energy Ltd.  13,617,370      76,537
  Pilbara Minerals Ltd.  22,754,953      74,788
  Insurance Australia Group Ltd.  19,415,049      73,833
  Scentre Group  41,134,131      72,746
  Northern Star Resources Ltd.   8,910,879      72,596
    Shares Market
Value•

($000)
  WiseTech Global Ltd.   1,272,089      68,233
  Computershare Ltd. (XASX)   4,261,311      66,502
  Mineral Resources Ltd.   1,354,532      64,872
  ASX Ltd.   1,532,877      64,508
  APA Group   9,357,067      60,540
  Lottery Corp. Ltd.  17,615,699      60,391
  Ramsay Health Care Ltd.   1,387,833      52,141
  Medibank Pvt Ltd.  21,823,044      51,262
  Stockland  18,864,002      50,712
  BlueScope Steel Ltd.   3,654,237      50,293
  IGO Ltd.   4,927,182      50,291
* Allkem Ltd.   4,609,446      49,570
  Atlas Arteria Ltd.  11,486,350      47,703
  Mirvac Group  31,166,596      47,065
  Endeavour Group Ltd.  10,836,536      45,608
  carsales.com Ltd.   2,851,483      45,600
  Washington H Soul Pattinson & Co. Ltd.   2,110,328      44,800
  Dexus   8,502,290      44,278
  Treasury Wine Estates Ltd.   5,747,413      43,101
  GPT Group  15,144,543      41,906
  SEEK Ltd.   2,782,942      40,655
  REA Group Ltd.     399,754      38,402
  Ampol Ltd.   1,889,636      37,748
  Vicinity Ltd.  29,919,299      36,846
  Aurizon Holdings Ltd.  13,960,136      36,523
  Orica Ltd.   3,612,098      35,784
* NEXTDC Ltd.   4,062,140      34,255
  AGL Energy Ltd.   4,733,249      34,185
* Lynas Rare Earths Ltd.   7,389,551      33,956
  IDP Education Ltd.   2,216,838      32,829
  Steadfast Group Ltd.   8,080,443      32,387
  Worley Ltd.   2,983,141      31,500
  Cleanaway Waste Management Ltd.  17,700,926      30,622
  Evolution Mining Ltd.  13,728,762      29,890
* Qantas Airways Ltd.   7,103,100      29,436
  ALS Ltd.   3,823,868      28,572
  Lendlease Corp. Ltd.   5,444,162      28,247
  Incitec Pivot Ltd.  15,395,146      28,171
  Charter Hall Group   3,743,621      26,837
4

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Whitehaven Coal Ltd.   5,904,932      26,471
* Liontown Resources Ltd.  13,659,168      26,011
  Bendigo & Adelaide Bank Ltd.   4,522,690      25,908
  Qube Holdings Ltd.  13,294,058      25,338
  JB Hi-Fi Ltd.     861,691      25,219
  Iluka Resources Ltd.   3,369,568      25,090
  Challenger Ltd.   5,471,885      23,691
  Technology One Ltd.   2,214,175      23,218
  Altium Ltd.     937,276      23,211
  nib holdings Ltd.   3,849,341      21,709
  Reece Ltd.   1,690,455      21,059
  Bank of Queensland Ltd.   5,278,223      19,344
  Metcash Ltd.   7,667,778      19,248
  Seven Group Holdings Ltd.   1,122,388      18,510
  Alumina Ltd.  19,814,428      18,378
  Ansell Ltd.   1,014,060      18,122
  AMP Ltd.  23,418,638      17,697
  Reliance Worldwide Corp. Ltd.   6,280,265      17,268
*,1 Flight Centre Travel Group Ltd.   1,257,991      16,037
  Domino's Pizza Enterprises Ltd.     497,738      15,473
  National Storage REIT   9,799,911      15,383
  Perpetual Ltd.     879,714      15,213
1 Breville Group Ltd.   1,137,394      15,203
  Nine Entertainment Co. Holdings Ltd.  11,447,990      15,061
  Champion Iron Ltd.   3,623,405      14,748
  Orora Ltd.   6,708,378      14,739
  Pro Medicus Ltd.     332,482      14,633
  Downer EDI Ltd.   5,275,194      14,484
* Sandfire Resources Ltd.   3,563,080      14,149
  Charter Hall Long Wale REIT   5,173,397      13,842
  Eagers Automotive Ltd.   1,529,427      13,835
  Region RE Ltd.   9,113,982      13,822
  New Hope Corp. Ltd.   4,238,312      13,730
* Webjet Ltd.   2,969,337      13,725
2 Viva Energy Group Ltd.   6,683,308      13,431
  Tabcorp Holdings Ltd.  18,077,343      13,409
  AUB Group Ltd.     679,002      13,355
  Sims Ltd.   1,262,614      13,319
  CSR Ltd.   3,746,909      12,996
  Beach Energy Ltd.  13,915,665      12,546
  Perseus Mining Ltd.  10,743,289      11,934
  ARB Corp. Ltd.     598,489      11,482
* Paladin Energy Ltd.  23,024,388      11,324
* Chalice Mining Ltd.   2,627,641      11,066
1 Harvey Norman Holdings Ltd.   4,679,525      10,884
  Corporate Travel Management Ltd.     903,503      10,849
  HomeCo Daily Needs REIT  13,634,899      10,711
  Bapcor Ltd.   2,662,901      10,586
  Nufarm Ltd.   2,989,069      10,178
    Shares Market
Value•

($000)
  Deterra Royalties Ltd.   3,297,756      10,131
  IRESS Ltd.   1,463,478      10,046
* Telix Pharmaceuticals Ltd.   1,323,357       9,971
  Super Retail Group Ltd.   1,280,400       9,797
  InvoCare Ltd.   1,150,825       9,689
  Insignia Financial Ltd.   5,095,505       9,615
  Charter Hall Retail REIT   3,944,744       9,516
* PEXA Group Ltd.   1,042,429       9,488
  TPG Telecom Ltd.   2,882,590       9,379
* De Grey Mining Ltd.  10,136,605       9,185
  BWP Trust   3,790,044       9,175
  GrainCorp Ltd. Class A   1,749,950       9,155
  Waypoint REIT Ltd.   5,267,709       9,111
* Star Entertainment Group Ltd.  11,637,261       8,990
  Healius Ltd.   4,181,524       8,905
*,1 Core Lithium Ltd.  14,541,871       8,811
1 Centuria Industrial REIT   4,227,822       8,756
  Premier Investments Ltd.     643,580       8,732
  Gold Road Resources Ltd.   8,467,429       8,483
  Brickworks Ltd.     474,785       8,454
  Ingenia Communities Group   2,944,764       7,841
  Lifestyle Communities Ltd.     744,176       7,808
1 Kelsian Group Ltd.   1,584,089       7,698
  HUB24 Ltd.     444,186       7,594
  IPH Ltd.   1,417,412       7,433
  Blackmores Ltd.     116,777       7,358
  Nickel Industries Ltd.  12,166,543       7,241
  Abacus Property Group   4,025,443       7,228
*,2 Life360 Inc. GDR   1,395,993       7,161
* Bellevue Gold Ltd.   8,360,281       7,152
* Boral Ltd.   2,615,065       7,045
  Ventia Services Group Pty. Ltd.   3,452,571       6,991
  EVT Ltd.     881,344       6,914
  Magellan Financial Group Ltd.   1,083,860       6,905
*,1 Sayona Mining Ltd.  58,480,549       6,896
* Neuren Pharmaceuticals Ltd.     843,302       6,895
1 HMC Capital Ltd.   1,984,771       6,760
  Regis Resources Ltd.   5,482,206       6,759
  Arena REIT   2,639,979       6,639
* Capricorn Metals Ltd.   2,399,982       6,518
1 GUD Holdings Ltd.   1,099,784       6,495
  Centuria Capital Group   5,756,437       6,371
  Ramelius Resources Ltd.   7,465,542       6,348
  Costa Group Holdings Ltd.   3,439,427       6,259
 
5

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
* United Malt Group Ltd.   2,114,184       6,217
  Credit Corp. Group Ltd.     467,990       6,216
  Netwealth Group Ltd.     661,869       6,146
  Helia Group Ltd.   2,643,173       6,099
2 Coronado Global Resources Inc.   5,734,195       5,884
1 Adbri Ltd.   3,655,186       5,841
* Nanosonics Ltd.   1,828,179       5,815
* Megaport Ltd.   1,190,794       5,802
  Monadelphous Group Ltd.     739,776       5,787
* Strike Energy Ltd.  19,599,045       5,760
  McMillan Shakespeare Ltd.     471,906       5,692
  NRW Holdings Ltd.   3,345,156       5,653
  Collins Foods Ltd.     852,451       5,606
  Lovisa Holdings Ltd.     424,926       5,500
* Boss Energy Ltd.   2,625,279       5,468
* Leo Lithium Ltd.   7,571,266       5,451
  Data#3 Ltd.   1,118,488       5,380
  Elders Ltd.   1,195,088       5,250
  Imdex Ltd.   4,131,862       5,222
* Karoon Energy Ltd.   3,927,260       5,178
  Charter Hall Social Infrastructure REIT   2,625,166       5,158
1 Pinnacle Investment Management Group Ltd.     767,061       5,156
  Codan Ltd.     951,534       5,117
*,1 PolyNovo Ltd.   4,891,939       5,063
  Domain Holdings Australia Ltd.   1,961,568       4,999
  Platinum Asset Management Ltd.   4,186,543       4,867
  Johns Lyng Group Ltd.   1,362,405       4,850
*,1 Weebit Nano Ltd.   1,397,709       4,742
  Hansen Technologies Ltd.   1,361,527       4,705
* West African Resources Ltd.   8,034,083       4,694
  GQG Partners Inc.   5,015,111       4,648
  Bega Cheese Ltd.   2,406,826       4,586
* Silver Lake Resources Ltd.   6,872,683       4,481
  G8 Education Ltd.   6,228,697       4,330
* Resolute Mining Ltd.  16,459,167       4,327
  Link Administration Holdings Ltd.   3,876,288       4,326
  Austal Ltd.   2,576,033       4,079
1 Vulcan Steel Ltd.     740,259       4,058
* Silex Systems Ltd.   1,510,095       3,993
* Mesoblast Ltd.   5,226,315       3,991
  Growthpoint Properties Australia Ltd.   2,114,075       3,946
1 Yancoal Australia Ltd.   1,284,777       3,929
  Cromwell Property Group  10,902,405       3,895
  Jumbo Interactive Ltd.     396,532       3,784
* ioneer Ltd.  16,526,891       3,774
* Perenti Ltd.   5,423,647       3,717
  Sigma Healthcare Ltd.   6,430,133       3,607
    Shares Market
Value•

($000)
1 SmartGroup Corp. Ltd.     675,412       3,578
1 Clinuvel Pharmaceuticals Ltd.     296,751       3,554
  Estia Health Ltd.   1,794,647       3,544
* Omni Bridgeway Ltd.   2,018,839       3,526
  Rural Funds Group   2,992,728       3,525
  Centuria Office REIT   3,850,451       3,522
* Fleetpartners Group Ltd.   2,034,352       3,507
* Temple & Webster Group Ltd.     882,572       3,486
*,1 Calix Ltd.   1,214,774       3,397
  APM Human Services International Ltd.   2,346,756       3,316
*,1 SiteMinder Ltd.   1,698,754       3,311
* Judo Capital Holdings Ltd.   4,179,950       3,308
* Macquarie Telecom Group Ltd.      71,796       3,272
* Audinate Group Ltd.     522,666       3,250
* Stanmore Resources Ltd.   1,851,980       3,197
  Hotel Property Investments Ltd.   1,523,451       3,193
* Syrah Resources Ltd.   5,057,461       3,074
* Westgold Resources Ltd.   3,155,793       3,063
  Infomedia Ltd.   2,801,821       2,989
  oOh!media Ltd.   3,748,033       2,956
*,1 Imugene Ltd.  47,962,022       2,943
  Accent Group Ltd.   2,576,925       2,886
1 Integral Diagnostics Ltd.   1,303,918       2,856
*,1 Aussie Broadband Ltd.   1,414,804       2,821
  PWR Holdings Ltd.     486,676       2,820
  Dexus Industria REIT   1,624,308       2,802
* Arafura Rare Earths Ltd.  13,678,880       2,795
* Argosy Minerals Ltd.   9,847,470       2,582
*,1 Mincor Resources NL   2,748,549       2,576
1 Select Harvests Ltd.     921,329       2,550
  Inghams Group Ltd.   1,453,779       2,546
  Myer Holdings Ltd.   6,407,008       2,530
*,1 Tietto Minerals Ltd.   7,797,969       2,430
*,3 AVZ Minerals Ltd.  18,520,485       2,406
  Service Stream Ltd.   4,438,308       2,397
  GWA Group Ltd.   1,983,048       2,315
1 Australian Clinical Labs Ltd.   1,001,538       2,301
* Vulcan Energy Resources Ltd.     814,861       2,290
* Australian Agricultural Co. Ltd.   2,344,991       2,284
* OFX Group Ltd.   1,724,162       2,276
  Dicker Data Ltd.     412,292       2,261
1 Nick Scali Ltd.     361,316       2,202
*,1 Lake Resources NL  10,707,296       2,168
* St Barbara Ltd.   6,363,871       2,067
* Cooper Energy Ltd.  20,475,611       2,049
* Tyro Payments Ltd.   2,617,002       2,000
 
6

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
*,1 PointsBet Holdings Ltd.   1,642,457       1,983
1 Mayne Pharma Group Ltd.     657,999       1,936
  Australian Ethical Investment Ltd.     852,169       1,912
  Australian Finance Group Ltd.   1,536,988       1,832
* Seven West Media Ltd.   7,289,604       1,830
  MyState Ltd.     865,011       1,830
* Kogan.com Ltd.     547,988       1,780
* Alkane Resources Ltd.   3,673,294       1,740
1 Emeco Holdings Ltd.   3,941,779       1,710
*,1 BrainChip Holdings Ltd.   6,871,365       1,691
*,1 Appen Ltd.   1,051,414       1,687
  Praemium Ltd.   3,716,078       1,681
* Mount Gibson Iron Ltd.   5,773,933       1,678
*,1 Fineos Corp. Ltd.   1,133,495       1,678
  Cedar Woods Properties Ltd.     460,080       1,542
  GDI Property Group Partnership   3,577,001       1,542
*,1 Zip Co. Ltd.   5,535,072       1,535
1 Regis Healthcare Ltd.   1,027,791       1,520
  Solvar Ltd.   1,338,328       1,382
* Opthea Ltd.   3,529,974       1,294
*,1 Paradigm Biopharmaceuticals Ltd.   1,947,877       1,288
  SG Fleet Group Ltd.     824,704       1,265
* Superloop Ltd.   3,218,749       1,245
*,1 Neometals Ltd.   3,746,652       1,243
  29Metals Ltd.   2,071,479       1,176
1 Navigator Global Investments Ltd.   1,329,992       1,175
*,1 Novonix Ltd.   1,768,371       1,170
*,1 Carnarvon Energy Ltd.  12,791,733       1,109
1 Southern Cross Media Group Ltd.   1,891,003       1,090
  Jupiter Mines Ltd.   7,668,459         996
*,1 EML Payments Ltd.   2,244,691         944
  Ardent Leisure Group Ltd.   3,044,531         914
  Baby Bunting Group Ltd.     980,042         901
  Bravura Solutions Ltd.   2,834,682         889
1 Humm Group Ltd.   2,670,191         831
*,1 Nuix Ltd.   1,430,279         813
*,1,3 Jervois Global Ltd.  15,724,162         703
*,1 Aurelia Metals Ltd.  10,966,322         688
*,1 Incannex Healthcare Ltd.  10,187,172         684
*,1 Australian Strategic Materials Ltd.     911,613         673
*,3 Abacus Storage King Mutual Fund Npv     693,365         651
  Pact Group Holdings Ltd.   1,420,127         626
*,1 Bubs Australia Ltd.   5,079,742         611
* Starpharma Holdings Ltd. Class A   2,934,757         606
    Shares Market
Value•

($000)
*,1 Andromeda Metals Ltd.  21,412,926         530
*,1 Betmakers Technology Group Ltd.   5,391,513         471
*,1 AMA Group Ltd.   5,663,807         379
*,3 Firefinch Ltd.   8,031,301         321
*,1 Dubber Corp. Ltd.   2,156,907         288
* PointsBet Holdings Ltd. Warrants Exp. 7/8/24      79,796          —
*,3 Abacus Property Group Rights Exp. 7/27/23     693,364          —
       11,182,086
Austria (0.3%)
  Erste Group Bank AG   2,608,386      91,497
  OMV AG   1,126,084      47,816
  Verbund AG     524,735      42,097
  voestalpine AG     902,933      32,448
  ANDRITZ AG     547,656      30,543
2 BAWAG Group AG     632,966      29,181
  Wienerberger AG     840,558      25,730
* Raiffeisen Bank International AG   1,027,015      16,298
  Mayr Melnhof Karton AG      67,693       9,924
  Oesterreichische Post AG     265,896       9,494
  CA Immobilien Anlagen AG     322,666       9,357
  Telekom Austria AG Class A   1,076,869       7,969
  Vienna Insurance Group AG Wiener Versicherung Gruppe     304,684       7,966
* DO & CO AG      54,512       7,448
  AT&S Austria Technologie & Systemtechnik AG     202,757       7,285
  UNIQA Insurance Group AG     868,342       6,967
  EVN AG     283,913       6,282
* Lenzing AG     105,049       5,147
  Schoeller-Bleckmann Oilfield Equipment AG      85,863       4,973
* IMMOFINANZ AG     247,699       4,587
  Strabag SE      97,707       3,975
  Palfinger AG     109,397       3,330
  Flughafen Wien AG      41,496       2,172
  Agrana Beteiligungs AG      83,748       1,586
  Porr AG      98,955       1,400
* Lenzing AG Rights Exp. 7/5/23     105,049         612
* S IMMO AG (XWBO)      41,656         556
*,3 S IMMO AG Rights Exp. 8/11/23     376,094          —
          416,640
Belgium (0.8%)
  Anheuser-Busch InBev SA   6,856,994     388,637
* Argenx SE     441,458     172,167
  KBC Group NV   1,946,061     135,837
  UCB SA     958,453      84,975
  Solvay SA     551,010      61,614
 
7

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Groupe Bruxelles Lambert NV     763,209      60,167
  Ageas SA   1,305,193      52,911
  Umicore SA   1,622,710      45,370
  Elia Group SA     298,062      37,870
  Warehouses De Pauw CVA   1,239,869      34,050
  D'ieteren Group     180,139      31,882
  Ackermans & van Haaren NV     176,974      29,138
  Lotus Bakeries NV Class B       3,179      25,242
  Sofina SA     119,679      24,812
  Aedifica SA     318,117      20,400
1 Cofinimmo SA     262,141      19,698
  Melexis NV     159,315      15,644
  Euronav NV     971,099      14,734
  Etablissements Franz Colruyt NV     383,123      14,288
  Barco NV     562,334      14,029
  KBC Ancora     276,228      12,629
  Bekaert SA     265,448      12,031
  Shurgard Self Storage Ltd. (XBRU)     198,463       9,066
  Montea NV     116,705       9,010
  Telenet Group Holding NV     366,032       8,248
  Proximus SADP   1,091,000       8,136
  VGP NV Class B      80,923       7,917
  Fagron     465,313       7,835
  Gimv NV     161,143       7,680
* Deme Group NV      54,178       7,402
  Xior Student Housing NV     247,802       7,370
  Retail Estates NV      89,452       5,791
  Tessenderlo Group SA     175,669       5,755
  Kinepolis Group NV     103,656       4,668
* Ontex Group NV     509,156       3,827
  bpost SA     803,846       3,532
* AGFA-Gevaert NV     972,016       2,388
  Econocom Group SA     802,699       2,325
  Van de Velde NV      45,226       1,630
  Wereldhave Belgium Comm VA      20,290       1,028
* Aedifica SA Rights Exp. 7/3/23     318,117         423
        1,412,156
Canada (9.5%)
  Royal Bank of Canada  10,984,691   1,049,091
  Toronto-Dominion Bank  14,410,244     893,169
  Enbridge Inc.  16,038,660     596,145
  Canadian Pacific Kansas City Ltd.   7,359,440     594,422
* Shopify Inc. Class A   8,825,474     570,400
  Canadian National Railway Co.   4,706,146     569,889
  Bank of Montreal   5,624,243     507,933
  Canadian Natural Resources Ltd.   8,608,034     483,960
  Bank of Nova Scotia   9,445,351     472,571
1 Brookfield Corp. Class A  11,900,081     400,637
1 TC Energy Corp.   8,000,832     323,355
    Shares Market
Value•

($000)
  Constellation Software Inc.     151,194     313,260
  Suncor Energy Inc.  10,480,499     307,433
  Alimentation Couche-Tard Inc.   5,944,704     304,830
  Canadian Imperial Bank of Commerce   6,992,416     298,540
  Waste Connections Inc.   2,034,996     290,837
1 Manulife Financial Corp.  14,784,488     279,452
  Sun Life Financial Inc.   4,644,132     242,101
  Nutrien Ltd.   3,961,946     233,904
  Intact Financial Corp.   1,394,125     215,251
  Franco-Nevada Corp.   1,508,709     215,029
  National Bank of Canada   2,659,242     198,126
  Restaurant Brands International Inc.   2,438,397     189,053
  Cenovus Energy Inc.  11,003,532     186,888
  Agnico Eagle Mines Ltd.   3,627,525     181,137
* CGI Inc.   1,671,566     176,273
  Barrick Gold Corp.  10,338,591     174,892
1 Thomson Reuters Corp.   1,284,335     173,403
1 Fortis Inc. (XTSE)   3,839,880     165,479
  Wheaton Precious Metals Corp.   3,577,826     154,726
  Teck Resources Ltd. Class B   3,544,102     149,121
  Dollarama Inc.   2,154,921     145,944
  Pembina Pipeline Corp.   4,358,035     137,016
  Fairfax Financial Holdings Ltd.     171,190     128,228
  WSP Global Inc.     929,379     122,785
  Magna International Inc.   2,108,917     119,061
1 Power Corp. of Canada   4,258,214     114,624
  Loblaw Cos. Ltd.   1,214,379     111,176
1 BCE Inc.   2,407,953     109,787
  Cameco Corp.   3,418,780     107,073
  Tourmaline Oil Corp.   2,268,104     106,869
  Metro Inc.   1,848,071     104,376
  First Quantum Minerals Ltd.   4,403,379     104,172
  Emera Inc.   2,149,673      88,535
1 Open Text Corp.   2,117,669      88,080
  RB Global Inc.   1,432,396      85,960
  TFI International Inc.     652,708      74,364
  TELUS Corp.   3,769,106      73,348
1 Imperial Oil Ltd.   1,407,576      72,018
2 Hydro One Ltd.   2,504,004      71,543
  Brookfield Asset Management Ltd. Class A   2,144,356      69,992
  ARC Resources Ltd.   4,881,708      65,114
  George Weston Ltd.     533,316      63,052
  Great-West Lifeco Inc.   2,152,308      62,502
  GFL Environmental Inc.   1,557,375      60,473
  Barrick Gold Corp. (XLON)   3,561,990      59,863
 
8

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Stantec Inc.     879,492      57,420
1 Canadian Tire Corp. Ltd. Class A     416,575      56,954
  iA Financial Corp. Inc.     825,731      56,254
* Descartes Systems Group Inc.     670,040      53,674
  Toromont Industries Ltd.     640,505      52,618
  West Fraser Timber Co. Ltd.     611,329      52,520
* CAE Inc.   2,327,259      52,088
1 Canadian Apartment Properties REIT   1,320,648      50,702
  TMX Group Ltd.   2,193,078      49,349
  Element Fleet Management Corp.   3,108,900      47,358
1 FirstService Corp.     302,648      46,610
  Kinross Gold Corp.   9,722,465      46,383
  Gildan Activewear Inc.   1,401,319      45,179
1 Algonquin Power & Utilities Corp.   5,418,097      44,784
  Saputo Inc.   1,933,877      43,327
  Lundin Mining Corp.   5,409,468      42,386
1 Keyera Corp.   1,807,656      41,686
1 Pan American Silver Corp.   2,856,386      41,614
  Northland Power Inc.   1,980,414      41,305
*,1 Ivanhoe Mines Ltd. Class A   4,467,421      40,804
1 AltaGas Ltd.   2,211,990      39,740
  Alamos Gold Inc. Class A   3,100,843      36,936
  Finning International Inc.   1,196,635      36,809
1 SNC-Lavalin Group Inc.   1,391,866      36,510
* MEG Energy Corp.   2,260,843      35,839
1 Brookfield Infrastructure Corp. Class A     772,119      35,209
1 RioCan REIT   2,369,836      34,490
* Bombardier Inc. Class B     675,228      33,289
  Boyd Group Services Inc.     168,681      32,183
  Brookfield Renewable Corp. Class A (XTSE)   1,013,318      31,966
* Kinaxis Inc.     221,469      31,647
  B2Gold Corp.   8,464,887      30,160
  Onex Corp.     540,852      29,873
  PrairieSky Royalty Ltd.   1,674,595      29,276
1 Capital Power Corp.     915,547      29,096
  Granite REIT     473,530      28,017
  Parkland Corp.   1,081,788      26,948
* ATS Corp.     583,903      26,865
  Crescent Point Energy Corp.   3,943,643      26,554
* Air Canada   1,384,608      26,119
  Enerplus Corp.   1,725,018      25,001
  Colliers International Group Inc.     247,437      24,281
  Stella-Jones Inc.     462,111      23,797
  BRP Inc.     281,116      23,765
    Shares Market
Value•

($000)
1 Premium Brands Holdings Corp. Class A     294,493      23,237
  SSR Mining Inc.   1,631,777      23,145
* BlackBerry Ltd.   4,119,596      22,825
  Osisko Gold Royalties Ltd.   1,455,465      22,369
1 Dream Industrial REIT   1,967,494      20,956
1 Choice Properties REIT   2,029,531      20,789
* Bausch Health Cos. Inc.   2,519,183      20,157
1 IGM Financial Inc.     649,738      19,780
* Aritzia Inc.     706,026      19,602
1 SmartCentres REIT   1,018,457      18,674
1 First Capital REIT   1,684,368      18,589
  Methanex Corp.     440,439      18,199
*,1 Lightspeed Commerce Inc.   1,073,285      18,156
1 Gibson Energy Inc.   1,134,382      17,837
  Atco Ltd. Class I     593,163      17,659
* Baytex Energy Corp.   5,405,257      17,626
  Linamar Corp.     334,903      17,600
  Boralex Inc. Class A     638,314      17,380
  TransAlta Corp.   1,829,176      17,121
  Tricon Residential Inc.   1,938,634      17,092
  Parex Resources Inc.     833,357      16,708
  Allied Properties REIT     994,256      16,301
  Whitecap Resources Inc.   2,326,105      16,277
  H&R REIT   2,070,635      16,021
* Capstone Mining Corp.   3,479,485      15,785
  Vermilion Energy Inc.   1,263,688      15,758
*,1 Lithium Americas Corp.     776,223      15,709
  Definity Financial Corp.     580,684      15,407
  Primo Water Corp.   1,229,107      15,401
1 CI Financial Corp.   1,336,550      15,174
* Eldorado Gold Corp.   1,457,810      14,757
*,2 Nuvei Corp.     489,206      14,446
  Canadian Western Bank     744,260      13,888
1 Boardwalk REIT     292,301      13,722
  Russel Metals Inc.     493,536      13,673
  Chartwell Retirement Residences   1,875,159      13,405
* Shopify Inc. Class A (XTSE)     204,980      13,242
1 Paramount Resources Ltd. Class A     601,427      13,075
1 First Majestic Silver Corp.   2,160,926      12,218
  Lundin Gold Inc.   1,018,567      12,187
* Celestica Inc.     816,214      11,848
  Maple Leaf Foods Inc.     590,609      11,538
  Innergex Renewable Energy Inc.   1,215,428      11,322
  Topaz Energy Corp.     722,133      11,246
  Hudbay Minerals Inc.   2,338,823      11,211
  Stelco Holdings Inc.     336,397      10,975
 
9

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  OceanaGold Corp.   5,492,382      10,821
  Centerra Gold Inc.   1,726,619      10,349
  Quebecor Inc. Class B     411,507      10,142
* IAMGOLD Corp.   3,777,900      10,010
1 Home Capital Group, Inc. Class B     302,058       9,830
* Torex Gold Resources Inc.     674,480       9,582
* Equinox Gold Corp.   2,079,726       9,529
1 Superior Plus Corp.   1,324,005       9,485
  North West Co. Inc.     373,651       8,856
*,1 Ballard Power Systems Inc.   1,981,132       8,674
  Laurentian Bank of Canada     341,803       8,530
* Canfor Corp.     466,940       8,382
  Enghouse Systems Ltd.     343,281       8,341
  Mullen Group Ltd.     695,078       7,965
1 NorthWest Healthcare Properties REIT   1,668,286       7,908
1 Primaris REIT     752,083       7,647
  Winpak Ltd.     243,417       7,572
* Novagold Resources Inc.   1,890,637       7,493
1 Westshore Terminals Investment Corp.     305,773       7,211
1 TransAlta Renewables Inc.     836,153       7,183
*,1 Canada Goose Holdings Inc.     376,376       6,699
1 Cascades Inc.     737,969       6,512
  Transcontinental Inc. Class A     566,057       6,264
1 Cargojet Inc.      66,089       4,800
  Cogeco Communications Inc.      76,544       4,084
1 First National Financial Corp.     135,781       3,892
1 Artis REIT     635,078       3,466
  Dye & Durham Ltd.     251,216       3,434
*,1 Cronos Group Inc.   1,535,803       3,026
*,1 Canopy Growth Corp.   2,752,557       1,060
       15,923,481
Denmark (2.4%)
  Novo Nordisk A/S Class B  12,397,247   2,002,649
  DSV A/S   1,404,846     295,076
* Vestas Wind Systems A/S   7,972,048     211,956
* Genmab A/S     517,111     195,963
2 Orsted A/S   1,492,958     141,536
* Danske Bank A/S   5,248,556     127,836
  Carlsberg A/S Class B     727,029     116,420
  Coloplast A/S Class B     925,274     115,785
  Novozymes A/S Class B   1,577,243      73,593
  AP Moller - Maersk A/S Class B      36,248      63,733
  Pandora A/S     667,428      59,656
  Tryg A/S   2,721,943      58,946
    Shares Market
Value•

($000)
  Chr Hansen Holding A/S     813,582      56,559
  AP Moller - Maersk A/S Class A      22,150      38,623
  Royal Unibrew A/S     394,479      35,311
  SimCorp A/S     311,085      32,957
* Demant A/S     756,466      32,019
  Ringkjoebing Landbobank A/S     214,740      30,782
*,1 GN Store Nord A/S   1,153,878      28,857
* Jyske Bank A/S (Registered)     364,853      27,755
  ISS A/S   1,218,070      25,768
*,1 Ambu A/S Class B   1,460,948      23,950
1 FLSmidth & Co. A/S     448,275      21,716
* NKT A/S (XCSE)     340,983      20,691
  Sydbank A/S     447,474      20,690
  ROCKWOOL A/S Class B      69,434      17,956
* Bavarian Nordic A/S     618,645      17,623
* Zealand Pharma A/S     463,999      16,656
  Topdanmark A/S     337,952      16,613
* ALK-Abello A/S   1,050,322      11,476
  Alm Brand A/S   6,817,171      10,679
*,2 Netcompany Group A/S     257,688      10,676
  Spar Nord Bank AS Class B     631,187       9,878
  H Lundbeck A/S   2,019,408       9,613
  D/S Norden A/S     178,782       8,927
* Chemometec A/S     123,293       8,438
  Dfds A/S     228,901       8,340
  Schouw & Co. A/S     100,627       7,954
* NTG Nordic Transport Group A/S Class A     115,353       7,298
2 Scandinavian Tobacco Group A/S     437,160       7,282
  Torm plc Class A     234,855       5,659
* NKT A/S      84,956       5,152
  H Lundbeck A/S Class A     448,123       1,993
        4,041,040
Finland (1.0%)
  Nordea Bank Abp (XHEL)  27,058,429     294,746
  Nokia OYJ  41,675,538     174,615
  Sampo OYJ Class A   3,765,597     169,122
  Kone OYJ Class B   2,584,510     135,027
  Neste OYJ   3,296,709     126,934
  UPM-Kymmene OYJ   4,223,248     125,839
  Metso Outotec OYJ   5,062,408      61,087
  Elisa OYJ   1,129,657      60,306
  Stora Enso OYJ Class R   4,548,773      52,775
  Fortum OYJ   3,452,932      46,209
  Wartsila OYJ Abp   3,835,296      43,247
  Kesko OYJ Class B   2,143,799      40,373
  Valmet OYJ   1,306,616      36,372
  Orion OYJ Class B     828,720      34,393
  Huhtamaki OYJ     732,548      24,041
  Konecranes OYJ Class A     561,254      22,605
  TietoEVRY OYJ (XHEL)     790,437      21,823
  Cargotec OYJ Class B     387,738      21,337
  Outokumpu OYJ   2,884,584      15,441
 
10

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Kojamo OYJ   1,538,061      14,458
  Kemira OYJ     904,266      14,425
  Uponor OYJ     424,973      13,300
*,1 QT Group OYJ     153,930      12,834
1 Metsa Board OYJ Class B   1,363,973      10,063
  Nokian Renkaat OYJ     996,894       8,694
  Revenio Group OYJ Class B     179,346       6,208
2 Terveystalo OYJ     593,337       5,351
  Tokmanni Group Corp.     379,231       4,958
  Sanoma OYJ     583,834       4,229
  Citycon OYJ     569,775       3,621
* Finnair OYJ   4,808,803       2,969
  YIT OYJ   1,242,744       2,892
  F-Secure OYJ     848,223       2,165
  Raisio OYJ Class V     911,665       2,037
  Oriola OYJ Class B     992,213       1,392
*,3 Ahlstrom-Munksjo Oyj Rights      70,191       1,366
        1,617,254
France (9.2%)
  LVMH Moet Hennessy Louis Vuitton SE   1,959,967   1,848,078
  TotalEnergies SE  17,934,789   1,029,540
  Sanofi   8,623,532     928,373
  Schneider Electric SE   4,226,836     767,918
  Airbus SE   4,638,356     670,622
  Hermes International     270,800     588,643
  BNP Paribas SA   8,734,036     551,170
  L'Oreal SA Loyalty Shares   1,077,995     502,859
  Vinci SA   3,881,548     451,018
  EssilorLuxottica SA   2,380,922     448,971
  Safran SA   2,742,737     429,814
  AXA SA  14,081,699     416,133
  Air Liquide SA Loyalty Shares   2,317,116     415,540
  Pernod Ricard SA   1,623,942     358,850
  Kering SA     568,634     313,999
  Danone SA   4,940,169     302,751
  STMicroelectronics NV   5,158,311     257,263
  L'Oreal SA (XPAR)     522,921     243,930
  Air Liquide SA (XPAR)   1,351,420     242,357
  Capgemini SE   1,275,935     241,589
  Dassault Systemes SE   5,300,103     234,853
  Cie de Saint-Gobain   3,698,128     225,166
  Legrand SA   2,112,357     209,554
  Orange SA  15,180,589     177,407
  Cie Generale des Etablissements Michelin SCA   5,549,146     164,151
  Veolia Environnement SA   5,036,116     159,421
  Publicis Groupe SA   1,812,776     145,487
  Societe Generale SA   5,494,280     142,886
  Edenred   1,973,226     132,175
  Engie SA Loyalty Shares   7,440,768     123,911
  Thales SA     784,723     117,574
  Credit Agricole SA   8,700,651     103,310
    Shares Market
Value•

($000)
  Carrefour SA   4,678,939      88,669
  Teleperformance     458,560      76,925
  Alstom SA   2,440,353      72,846
  Engie SA (XPAR)   4,325,104      72,026
*,2 Worldline SA   1,938,754      70,997
  L'Oreal SA PF25     148,958      69,485
  Renault SA   1,515,596      63,948
  Bureau Veritas SA   2,258,570      61,964
  Eurofins Scientific SE     970,406      61,667
  Eiffage SA     577,555      60,302
  Bouygues SA   1,650,925      55,460
  Accor SA   1,458,785      54,284
  Vivendi SE   5,514,145      50,623
  Bollore SE   7,842,116      48,906
  Getlink SE   2,789,260      47,467
  Sartorius Stedim Biotech     189,540      47,338
  Rexel SA   1,886,700      46,628
  L Air Liquide Prime Fidelite     256,252      45,955
2 Euronext NV     645,116      43,878
  Gecina SA     409,032      43,635
  Arkema SA     458,754      43,259
* Unibail-Rodamco-Westfield     817,498      43,118
  Klepierre SA   1,631,011      40,521
  L'Oreal SA Loyalty Line 2024      82,735      38,594
  Dassault Aviation SA     183,335      36,731
  Aeroports de Paris     254,876      36,624
* Alten SA     229,064      36,124
  BioMerieux     340,053      35,705
  Valeo   1,653,073      35,523
  SCOR SE   1,196,014      35,160
* SOITEC     196,455      33,235
  SPIE SA   1,012,591      32,746
  Ipsen SA     271,660      32,701
2 La Francaise des Jeux SAEM     792,161      31,178
  Remy Cointreau SA     193,862      31,119
* Forvia (XPAR)   1,249,379      29,487
  Elis SA   1,472,595      28,647
  Sodexo SA ACT Loyalty Shares     247,865      27,294
  Sodexo SA (XPAR)     244,189      26,889
2 Amundi SA     452,287      26,721
  Gaztransport Et Technigaz SA Class B     261,179      26,588
  Air Liquide SA     143,409      25,718
  Technip Energies NV   1,072,837      24,714
  Nexans SA     266,856      23,142
  Sopra Steria Group SACA     113,209      22,602
  Wendel SE     217,047      22,292
* Ubisoft Entertainment SA     761,627      21,528
2 Verallia SA     553,214      20,780
  Covivio SA     391,646      18,501
  Rubis SCA     736,004      17,880
  SES SA Class A   2,962,665      17,454
2 Neoen SA     542,706      17,204
  IPSOS     304,039      16,918
* Air France-KLM   8,941,499      16,847
* Vallourec SA   1,280,470      15,158
  SEB SA Loyalty Shares     134,815      13,942
 
11

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Engie S/A     834,909      13,904
  Sodexo SA Loyalty Shares 2023     124,704      13,732
  Eurazeo Prime De Fidelite     193,320      13,611
  Imerys SA     309,667      12,070
  Coface SA     835,702      11,528
* JCDecaux SE     578,073      11,523
2 ALD SA   1,071,652      11,475
  Rothschild & Co.     220,232      11,191
  Societe BIC SA     193,776      11,107
* Atos SE     763,075      10,918
  ICADE     257,143      10,732
  Interparfums SA     149,895      10,689
  Virbac SA      34,353      10,149
  Engie SA     553,090       9,211
  Trigano SA      62,495       8,963
  Eurazeo SE (XPAR)     119,264       8,397
  Cie Plastic Omnium SA     429,488       7,554
  Metropole Television SA     503,620       7,134
1 Eutelsat Communications SA   1,083,644       7,070
  Nexity SA     345,436       6,984
  Carmila SA     446,055       6,938
  Eramet SA      75,087       6,868
*,1 SES-imagotag SA      61,147       6,274
  Mercialys SA     690,260       6,238
1 Mersen SA     132,987       6,028
  ARGAN SA      80,044       5,942
  Television Francaise 1     834,306       5,732
* ID Logistics Group      19,189       5,657
*,1 Valneva SE     771,370       5,621
  Quadient SA     268,493       5,529
  Cie de L'Odet SE       3,086       5,243
*,1 Voltalia SA (Registered)     311,414       4,955
  PEUGEOT Investment      43,061       4,805
  Beneteau SA     282,877       4,785
*,2 X-Fab Silicon Foundries SE     411,875       4,462
  Sodexo SA Loyalty Shares 2026      39,000       4,295
* CGG SA   5,642,760       4,282
* Euroapi SA     372,744       4,272
  Derichebourg SA     753,479       4,192
  Vicat SA     122,025       3,878
  Korian SA     514,501       3,742
  Altarea SCA      32,343       3,592
  Eurazeo SE      49,881       3,512
  Antin Infrastructure Partners SA     214,007       3,475
*,2 Maisons du Monde SA     330,371       3,327
  Fnac Darty SA      87,396       3,272
  Vilmorin & Cie SA      47,470       3,244
  Vetoquinol SA      30,609       3,053
*,2 SMCP SA     329,050       2,868
  Lagardere SA     113,486       2,657
  Equasens      28,095       2,599
  Manitou BF SA      95,088       2,541
*,2 Elior Group SA     866,632       2,482
  Sodexo Inc.      22,289       2,454
* GL Events      99,788       2,150
    Shares Market
Value•

($000)
  Lisi SA      73,787       2,120
  SEB SA (XPAR)      20,327       2,102
  Jacquet Metals SACA      92,407       1,916
  Etablissements Maurel et Prom SA     427,935       1,824
*,1 OVH Groupe SAS     169,635       1,753
  LISI      51,695       1,485
  SEB SA PF25      13,702       1,417
*,1 Casino Guichard Perrachon SA     301,325       1,339
  Bonduelle SCA     105,888       1,284
* Believe SA Class B     102,436       1,273
  Sodexo SA Loyalty Shares 2025      11,102       1,223
  Eurazeo SE Prime Fidelite 2024      16,261       1,145
  SEB Prime De Fidelite 2024      10,361       1,072
  Boiron SA      22,376         957
1,2 Aramis Group SAS     146,609         822
*,1 Orpea SA     365,908         754
  Lisi SA Prime De Fidelite       3,549         102
       15,512,454
Germany (6.7%)
  SAP SE   8,690,061   1,187,127
  Siemens AG (Registered)   5,532,586     922,287
  Allianz SE (Registered)   3,147,700     733,174
  Deutsche Telekom AG (Registered)  26,813,972     585,041
  Mercedes-Benz Group AG   6,808,338     548,012
  Bayer AG (Registered)   7,788,386     431,127
  Infineon Technologies AG  10,323,073     425,128
  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)   1,090,682     409,456
  Deutsche Post AG (Registered)   7,463,870     364,702
  BASF SE   7,045,400     342,288
  Bayerische Motoren Werke AG (XETR)   2,496,992     307,148
  Deutsche Boerse AG   1,456,500     268,891
  adidas AG   1,307,762     253,873
  RWE AG   5,639,545     245,751
  E.ON SE  17,543,324     224,106
  Volkswagen AG Preference Shares   1,594,471     214,413
  Merck KGaA   1,024,318     169,555
  Deutsche Bank AG (Registered)  15,968,379     167,872
  Daimler Truck Holding AG   3,816,727     137,563
2 Siemens Healthineers AG   2,192,959     124,287
  MTU Aero Engines AG     425,759     110,429
  Symrise AG Class A   1,031,236     108,128
  Vonovia SE   5,391,852     105,301
  Beiersdorf AG     789,757     104,582
 
12

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Henkel AG & Co. KGaA Preference Shares   1,305,673     104,423
  Hannover Rueck SE Class A     475,090     100,861
  Brenntag SE   1,223,828      95,481
  Rheinmetall AG     343,892      94,210
  Commerzbank AG   8,232,704      91,267
  HeidelbergCement AG   1,105,715      90,932
  Fresenius SE & Co. KGaA   3,261,134      90,453
* QIAGEN NV   1,743,195      78,357
  Fresenius Medical Care AG & Co. KGaA   1,610,317      76,959
*,2 Covestro AG   1,402,933      72,998
  Sartorius AG Preference Shares     194,356      67,336
* Siemens Energy AG   3,760,606      66,494
*,2 Delivery Hero SE   1,493,329      65,886
  Continental AG     855,449      64,630
  Henkel AG & Co. KGaA (XTER)     797,131      56,113
  GEA Group AG   1,277,157      53,470
  Bayerische Motoren Werke AG Preference Shares     442,046      50,373
*,2 Zalando SE   1,732,503      49,964
* Deutsche Lufthansa AG (Registered)   4,741,182      48,614
  Puma SE     791,609      47,703
  Knorr-Bremse AG     523,599      40,026
  Volkswagen AG     226,894      37,925
2 Scout24 SE     583,378      36,966
  HUGO BOSS AG     449,515      35,135
* LEG Immobilien SE (XETR)     587,770      33,914
  Nemetschek SE     428,733      32,008
* HelloFresh SE   1,289,684      31,897
  Carl Zeiss Meditec AG (Bearer)     290,553      31,422
  Evonik Industries AG   1,630,129      31,062
1 Gerresheimer AG     273,968      30,842
  thyssenkrupp AG   3,909,442      30,620
  CTS Eventim AG & Co. KGaA     466,546      29,507
  AIXTRON SE     844,852      28,689
* Evotec SE   1,244,892      28,043
  Rational AG      37,626      27,245
  K&S AG (Registered)   1,521,032      26,523
  Bechtle AG     648,853      25,768
  Talanx AG     420,799      24,158
  Freenet AG     934,837      23,476
  KION Group AG     567,921      22,893
  FUCHS PETROLUB SE Preference Shares     539,001      21,325
  Aurubis AG     240,365      20,638
  LANXESS AG Class B     681,960      20,575
  Telefonica Deutschland Holding AG   7,107,556      20,004
*,2 TeamViewer SE   1,101,251      17,701
  Wacker Chemie AG     119,507      16,417
    Shares Market
Value•

($000)
* Fraport AG Frankfurt Airport Services Worldwide     281,987      15,052
  HOCHTIEF AG     168,428      14,572
* Encavis AG     876,663      14,400
  Hella GmbH & Co. KGaA     180,238      14,184
  Krones AG     115,104      13,974
  Jenoptik AG     403,985      13,879
  Hensoldt AG     413,281      13,574
  Siltronic AG     165,097      12,632
  Duerr AG     388,891      12,595
*,1 ProSiebenSat.1 Media SE   1,321,963      12,335
  Sixt SE (XETR)     102,889      12,333
1 RTL Group SA     303,949      12,167
2 Befesa SA     315,005      12,038
*,1 Nordex SE Class B     986,534      11,998
* Vitesco Technologies Group AG Class A     144,119      11,886
  Stabilus SE     192,316      11,561
* Software AG     328,294      11,392
* TAG Immobilien AG   1,203,631      11,382
1 Salzgitter AG     306,251      11,096
  Suedzucker AG     618,722      11,025
  Sixt SE Preference Shares     133,242      10,421
  Fielmann AG     192,450      10,255
* Stroeer SE & Co. KGaA     195,053       9,476
  CompuGroup Medical SE & Co. KGaA     191,739       9,446
  Deutsche Wohnen SE     397,376       9,168
  United Internet AG (Registered)     646,421       9,102
* METRO AG   1,065,875       8,659
  Traton SE     397,812       8,521
*,1 SMA Solar Technology AG      69,081       8,450
2 DWS Group GmbH & Co. KGaA     274,318       8,401
  FUCHS PETROLUB SE     261,124       8,370
  CANCOM SE     272,459       8,256
*,1 MorphoSys AG     274,752       8,177
  Bilfinger SE     208,788       8,122
  Kontron AG     377,341       7,464
1,2 Deutsche Pfandbriefbank AG     972,392       7,118
  Atoss Software AG      30,865       6,989
1,2 Auto1 Group SE     731,989       6,800
  Dermapharm Holding SE     136,724       6,761
* flatexDEGIRO AG     657,383       6,523
1 VERBIO Vereinigte BioEnergie AG     158,982       6,400
* Hypoport SE      34,326       6,273
  Grand City Properties SA     794,707       6,247
1 GRENKE AG     209,023       6,097
*,2 Shop Apotheke Europe NV      58,762       6,086
  Synlab AG     613,769       6,061
1 Aroundtown SA   5,182,065       5,976
  Deutz AG     960,306       5,650
 
13

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Kloeckner & Co. SE Preference Shares     576,033       5,613
  Hornbach Holding AG & Co. KGaA      68,587       5,411
*,1 Nagarro SE      61,468       5,346
  Sartorius AG      18,847       5,307
  PNE AG     341,534       5,282
  KWS Saat SE & Co. KGaA      82,882       5,096
  BayWa AG     117,853       4,857
  Norma Group SE     255,481       4,728
  Wacker Neuson SE     194,684       4,723
*,1 SUSE SA     318,091       4,484
  Indus Holding AG     158,554       4,467
  Eckert & Ziegler Strahlen- und Medizintechnik AG Class B     110,239       4,380
  1&1 AG     369,405       4,065
  STRATEC SE      57,344       3,967
  Takkt AG     260,970       3,964
  PATRIZIA SE     320,064       3,808
1 Adesso SE      27,761       3,752
  GFT Technologies SE     129,886       3,664
*,1 CECONOMY AG   1,422,599       3,576
  Energiekontor AG      46,358       3,550
*,1 SGL Carbon SE     380,421       3,507
  Deutsche Beteiligungs AG     110,988       3,502
  Draegerwerk AG & Co. KGaA Preference Shares      67,390       3,203
* ADVA Optical Networking SE     147,038       3,173
  Vossloh AG      67,543       3,024
  New Work SE      21,461       2,897
1 Secunet Security Networks AG      10,672       2,536
  Wuestenrot & Wuerttembergische AG     145,247       2,486
  Hamburger Hafen und Logistik AG Class B     189,075       2,343
*,1 Varta AG     112,137       2,300
1 DIC Asset AG     410,937       2,282
1 Deutsche EuroShop AG      91,692       2,094
  ElringKlinger AG     229,017       2,063
1 Software AG (XETR)      57,934       2,014
  Bertrandt AG      37,572       2,008
  CropEnergies AG     152,269       1,667
1 Basler AG      89,131       1,665
2 Instone Real Estate Group SE     247,586       1,487
*,1 About You Holding SE     245,573       1,283
  Draegerwerk AG & Co. KGaA (XETR)      24,155         992
       11,287,454
Hong Kong (2.2%)
  AIA Group Ltd.  92,316,756     937,615
  Hong Kong Exchanges & Clearing Ltd.  10,049,699     380,773
  Sun Hung Kai Properties Ltd.  11,254,503     142,196
    Shares Market
Value•

($000)
  CK Hutchison Holdings Ltd.  21,061,014     128,543
  Techtronic Industries Co. Ltd.  10,387,712     113,596
  Link REIT  20,212,737     112,527
* Galaxy Entertainment Group Ltd.  17,082,879     108,830
  CLP Holdings Ltd.  13,001,221     101,261
  BOC Hong Kong Holdings Ltd.  28,386,939      86,959
  CK Asset Holdings Ltd.  15,416,301      85,665
  Hang Seng Bank Ltd.   5,734,015      81,742
  Jardine Matheson Holdings Ltd.   1,556,124      78,911
  Hong Kong & China Gas Co. Ltd.  86,097,076      74,559
* Sands China Ltd.  19,017,342      65,129
  Lenovo Group Ltd.  59,646,312      62,502
  Wharf Real Estate Investment Co. Ltd.  12,268,940      61,558
  Power Assets Holdings Ltd.  10,787,573      56,629
  MTR Corp. Ltd.  11,420,836      52,577
2 ESR Group Ltd.  22,275,754      38,364
2 Budweiser Brewing Co. APAC Ltd.  13,421,363      34,730
  Hongkong Land Holdings Ltd.   8,730,908      34,140
2 WH Group Ltd.  61,915,417      32,975
  Sino Land Co. Ltd.  26,703,785      32,875
  Henderson Land Development Co. Ltd.  10,311,969      30,709
*,2 Samsonite International SA  10,355,099      29,282
  New World Development Co. Ltd.  11,110,367      27,460
  PRADA SpA   4,042,049      27,196
  Swire Pacific Ltd. Class A   3,360,894      25,821
  Xinyi Glass Holdings Ltd.  16,406,536      25,649
  Chow Tai Fook Jewellery Group Ltd.  13,808,512      24,900
  CK Infrastructure Holdings Ltd.   4,653,059      24,680
  ASMPT Ltd.   2,449,501      24,200
  Want Want China Holdings Ltd.  33,995,658      22,610
  Hang Lung Properties Ltd.  14,312,093      22,148
  Swire Properties Ltd.   8,389,800      20,671
  SITC International Holdings Co. Ltd.  10,146,736      18,580
  Wharf Holdings Ltd.   7,580,898      18,014
  PCCW Ltd.  32,898,641      17,067
  Orient Overseas International Ltd.   1,032,027      13,863
2 BOC Aviation Ltd.   1,652,767      13,396
1 AAC Technologies Holdings Inc.   5,408,331      12,783
  NWS Holdings Ltd.  11,107,458      12,620
  Hysan Development Co. Ltd.   4,822,079      11,784
 
14

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Pacific Basin Shipping Ltd.  37,314,261      11,385
  Hang Lung Group Ltd.   7,188,993      10,921
* Wynn Macau Ltd.  11,546,316      10,545
  Bank of East Asia Ltd.   7,527,104      10,412
  Kerry Properties Ltd.   4,735,779       9,852
  Swire Pacific Ltd. Class B   7,324,458       9,242
* HUTCHMED China Ltd.   3,897,545       9,242
  VTech Holdings Ltd.   1,298,419       8,527
*,1 Cathay Pacific Airways Ltd.   7,925,453       8,121
  Man Wah Holdings Ltd.  12,097,103       8,099
  Fortune REIT  11,082,182       7,983
*,1 SJM Holdings Ltd.  18,632,247       7,972
  Vitasoy International Holdings Ltd.   6,385,174       7,959
  L'Occitane International SA   3,205,067       7,738
  Yue Yuen Industrial Holdings Ltd.   5,576,366       7,300
  Luk Fook Holdings International Ltd.   2,730,653       7,011
* MGM China Holdings Ltd.   5,878,009       6,875
* Shangri-La Asia Ltd.   8,792,314       6,741
  DFI Retail Group Holdings Ltd.   2,369,505       6,527
  First Pacific Co. Ltd.  18,426,433       6,388
* NagaCorp Ltd.  11,073,490       5,852
* United Energy Group Ltd.  58,907,098       5,723
* Melco International Development Ltd.   6,080,627       5,668
* MMG Ltd.  19,203,153       5,604
  Champion REIT  14,649,036       5,322
  CITIC Telecom International Holdings Ltd.  11,578,932       4,439
*,1 Theme International Holdings Ltd.  39,278,893       4,421
*,1 Cowell e Holdings Inc.   2,375,722       4,407
* China Travel International Investment Hong Kong Ltd.  19,918,609       3,899
*,1,2 Sirnaomics Ltd.     547,787       3,874
*,1 Vobile Group Ltd.  12,422,230       3,810
  Dah Sing Financial Holdings Ltd.   1,480,507       3,708
  Johnson Electric Holdings Ltd.   2,847,627       3,652
  Beijing Tong Ren Tang Chinese Medicine Co. Ltd.   1,883,616       3,457
  United Laboratories International Holdings Ltd.   4,127,064       3,450
  Cafe de Coral Holdings Ltd.   2,676,597       3,434
  HKBN Ltd.   6,112,993       3,297
  Nexteer Automotive Group Ltd.   6,273,777       3,288
    Shares Market
Value•

($000)
  Stella International Holdings Ltd.   3,427,448       3,238
* IGG Inc.   6,372,344       3,167
  K Wah International Holdings Ltd.   9,839,489       3,154
  Sunlight REIT   8,244,663       3,036
1 Huabao International Holdings Ltd.   7,719,172       2,832
  Giordano International Ltd.   9,013,774       2,822
  LK Technology Holdings Ltd.   3,012,966       2,741
* Super Hi International Holding Ltd.   1,318,000       2,569
*,1 Haitong International Securities Group Ltd.  29,843,295       2,557
  Kerry Logistics Network Ltd.   2,136,005       2,526
  VSTECS Holdings Ltd.   4,842,750       2,497
1,2 Everest Medicines Ltd.     816,509       2,491
  SUNeVision Holdings Ltd.   4,649,962       2,378
  Hong Kong Technology Venture Co. Ltd.   4,101,959       2,341
  Value Partners Group Ltd.   7,254,044       2,294
*,1 Realord Group Holdings Ltd.   2,813,595       2,230
*,1,2 Jacobio Pharmaceuticals Group Co. Ltd.   2,918,512       2,204
  Far East Consortium International Ltd.   9,219,460       2,193
  Dah Sing Banking Group Ltd.   2,900,823       2,165
  Chow Sang Sang Holdings International Ltd.   1,848,991       2,066
  Prosperity REIT   9,098,983       2,048
  Jinchuan Group International Resources Co. Ltd.  38,724,802       1,985
  SmarTone Telecommunications Holdings Ltd.   2,943,409       1,820
  Asia Cement China Holdings Corp.   3,484,794       1,720
2 Js Global Lifestyle Co. Ltd.   9,656,125       1,684
  Sun Hung Kai & Co. Ltd.   4,226,130       1,646
  Hutchison Telecommunications Hong Kong Holdings Ltd.  10,340,014       1,640
*,1 C-Mer Eye Care Holdings Ltd.   3,381,601       1,636
  EC Healthcare   3,003,207       1,601
* Shun Tak Holdings Ltd.  10,039,763       1,581
* Sa Sa International Holdings Ltd.   8,676,035       1,567
* Esprit Holdings Ltd.  20,374,718       1,566
 
15

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
*,2 Hua Medicine   6,976,533       1,473
  Texhong International Group Ltd.   2,224,858       1,466
*,2 Fosun Tourism Group   1,540,200       1,456
1,2 FIT Hon Teng Ltd.   8,137,481       1,450
  Guotai Junan International Holdings Ltd.  19,081,503       1,443
*,1 Television Broadcasts Ltd.   2,268,705       1,422
  Truly International Holdings Ltd.  11,368,294       1,342
*,1 Powerlong Real Estate Holdings Ltd.  11,003,943       1,312
1,2 Frontage Holdings Corp.   4,596,348       1,175
* Vesync Co. Ltd.   2,899,865       1,122
  CITIC Resources Holdings Ltd.  19,533,284         986
*,1 Apollo Future Mobility Group Ltd.  43,175,237         861
  Singamas Container Holdings Ltd.  10,297,574         842
  Texwinca Holdings Ltd.   5,272,702         803
2 IMAX China Holding Inc.     830,321         740
* Chinese Estates Holdings Ltd.   2,412,940         729
1 Powerlong Commercial Management Holdings Ltd.   1,266,184         630
*,1 OCI International Holdings Ltd.   7,242,566         590
  Dynam Japan Holdings Co. Ltd.     956,529         564
1,2 JW Cayman Therapeutics Co. Ltd.   1,542,426         509
1 CMBC Capital Holdings Ltd.   2,532,178         441
1,2 Antengene Corp. Ltd.   2,121,569         421
*,1 Glory Sun Financial Group Ltd.   9,784,196         358
* Digital Domain Holdings Ltd.   9,734,262         295
*,2 VPower Group International Holdings Ltd.   1,243,279          51
*,3 Brightoil Petroleum Holdings Ltd.  10,098,301          —
*,3 Convoy Inc.  62,200,399          —
*,3 MH Development NPV   2,274,000          —
*,3 Agritrade Resources Ltd.  14,695,000          —
        3,668,710
Ireland (0.2%)
  Kerry Group plc Class A   1,220,575     119,132
  Bank of Ireland Group plc   8,484,253      81,003
  Kingspan Group plc   1,199,377      79,835
  AIB Group plc   9,997,201      42,074
    Shares Market
Value•

($000)
  Glanbia plc (XDUB)   1,426,377      21,351
* Dalata Hotel Group plc   1,761,862       8,934
*,3 Irish Bank Resolution Corp.     257,065          —
          352,329
Israel (0.6%)
* Nice Ltd.     503,753     103,681
  Bank Leumi Le-Israel BM  12,177,559      91,254
  Bank Hapoalim BM  10,584,814      87,289
* Teva Pharmaceutical Industries Ltd.   8,825,592      66,835
  Israel Discount Bank Ltd. Class A   9,782,140      48,870
  Elbit Systems Ltd.     194,142      40,636
  Mizrahi Tefahot Bank Ltd.   1,087,328      36,360
* Tower Semiconductor Ltd.     873,495      32,266
  ICL Group Ltd.   5,728,002      31,440
* Nova Ltd.     227,769      26,042
  Bezeq The Israeli Telecommunication Corp. Ltd.  16,208,534      19,803
* Enlight Renewable Energy Ltd.     920,381      16,233
  Azrieli Group Ltd.     286,901      16,209
  First International Bank of Israel Ltd.     408,947      15,991
  Phoenix Holdings Ltd.   1,306,029      13,152
  Melisron Ltd.     200,331      13,030
  Mivne Real Estate KD Ltd.   4,971,220      12,149
* Shufersal Ltd.   2,092,891      10,974
* Perion Network Ltd.     332,604      10,454
  Alony Hetz Properties & Investments Ltd.   1,231,091       9,662
* Big Shopping Centers Ltd.     104,866       9,475
  Amot Investments Ltd.   1,730,618       9,095
* Clal Insurance Enterprises Holdings Ltd.     543,449       8,475
* Paz Oil Co. Ltd.      76,740       8,256
  Shapir Engineering and Industry Ltd.   1,144,084       7,899
  Israel Corp. Ltd.      29,329       7,754
* Camtek Ltd.     211,632       7,380
* Strauss Group Ltd.     325,349       7,341
* Airport City Ltd.     554,950       7,323
  Delek Group Ltd.      60,169       6,904
  Energix-Renewable Energies Ltd.   2,102,633       6,835
  Harel Insurance Investments & Financial Services Ltd.     872,286       6,821
  REIT 1 Ltd.   1,510,395       6,639
  Sapiens International Corp. NV     240,616       6,392
  Isracard Ltd.   1,460,187       6,104
  Electra Ltd.      13,982       5,782
  FIBI Holdings Ltd.     136,722       5,527
 
16

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Hilan Ltd.     108,806       5,398
  Matrix IT Ltd.     264,072       5,391
* Fattal Holdings 1998 Ltd.      51,296       4,994
  Maytronics Ltd.     340,349       4,664
  Fox Wizel Ltd.      55,354       4,553
* OPC Energy Ltd.     665,875       4,402
  One Software Technologies Ltd.     326,328       4,400
  Formula Systems 1985 Ltd.      58,697       4,323
  Kenon Holdings Ltd.     175,645       4,109
  Ashtrom Group Ltd.     291,075       4,039
* Equital Ltd.     142,932       4,023
* Shikun & Binui Ltd.   1,851,106       3,967
  Summit Real Estate Holdings Ltd.     304,868       3,936
  Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.      61,602       3,654
  Menora Mivtachim Holdings Ltd.     170,392       3,618
  Sella Capital Real Estate Ltd.   1,789,491       3,576
  Oil Refineries Ltd.  12,250,623       3,512
* Partner Communications Co. Ltd.     849,749       3,348
  Mega Or Holdings Ltd.     157,136       3,275
  Delek Automotive Systems Ltd.     410,728       3,152
  Migdal Insurance & Financial Holdings Ltd.   2,391,206       2,907
  Delta Galil Ltd.      71,442       2,805
  Israel Canada T.R Ltd.   1,148,917       2,663
  Danel Adir Yeoshua Ltd.      37,223       2,641
* Cellcom Israel Ltd.     730,759       2,536
  Elco Ltd.      71,825       2,469
  G City Ltd.     609,030       2,016
  AudioCodes Ltd.     205,002       1,899
* AFI Properties Ltd.      48,960       1,829
  Gav-Yam Lands Corp. Ltd.     206,161       1,457
* Kamada Ltd.     257,394       1,360
  IDI Insurance Co. Ltd.      56,572       1,282
* Gilat Satellite Networks Ltd.     205,065       1,251
  Naphtha Israel Petroleum Corp. Ltd.     231,761         965
* Allot Ltd.     231,923         707
          937,453
Italy (2.2%)
  Enel SpA  61,531,450     414,871
  UniCredit SpA  14,659,991     340,897
  Intesa Sanpaolo SpA 122,401,466     320,906
  Ferrari NV     937,250     306,432
  Stellantis NV  15,752,106     276,935
  Eni SpA  17,428,204     250,903
  Assicurazioni Generali SpA Class A  10,649,166     216,561
    Shares Market
Value•

($000)
  Moncler SpA   1,619,030     112,017
  CNH Industrial NV   7,706,254     111,144
  Terna - Rete Elettrica Nazionale  11,144,149      95,050
  Snam SpA  17,557,486      91,762
  Prysmian SpA   2,084,257      87,171
  FinecoBank Banca Fineco SpA   4,841,905      65,175
  Mediobanca Banca di Credito Finanziario SpA   4,995,792      59,812
  Tenaris SA   3,702,327      55,383
  Davide Campari-Milano NV   3,935,395      54,542
  Banco BPM SpA  10,851,832      50,405
2 Poste Italiane SpA   3,590,275      38,893
  Amplifon SpA   1,019,116      37,381
2 Infrastrutture Wireless Italiane SpA   2,805,877      37,038
  Recordati Industria Chimica e Farmaceutica SpA     770,453      36,807
  Leonardo SpA   3,170,007      35,995
  Interpump Group SpA     628,398      34,950
*,2 Nexi SpA   4,420,765      34,684
  BPER Banca   8,391,893      25,515
*,1 Telecom Italia SpA (MTAA)  85,692,267      24,159
  Brunello Cucinelli SpA     269,416      23,721
  Italgas SpA   3,893,996      23,086
  A2A SpA  11,866,425      21,710
  Reply SpA     178,933      20,343
*,2 Pirelli & C SpA   3,855,247      19,059
1 Hera SpA   6,189,079      18,419
  Azimut Holding SpA     841,382      18,155
  Unipol Gruppo SpA   3,375,886      18,041
  DiaSorin SpA     170,122      17,721
  Banca Mediolanum SpA   1,941,659      17,563
  Buzzi SpA     679,647      17,029
  Brembo SpA   1,146,889      17,021
2 BFF Bank SpA   1,469,508      16,106
  Banca Generali SpA     434,109      14,935
* Iveco Group NV   1,572,466      14,181
* Telecom Italia SpA  47,445,331      12,950
  ERG SpA     436,442      12,872
  Banca Popolare di Sondrio SpA   3,054,732      12,731
  De' Longhi SpA     543,337      11,878
* Saipem SpA   8,460,038      11,780
2 Carel Industries SpA     346,638      10,445
2 Technogym SpA   1,061,117       9,824
  Iren SpA   5,120,641       9,532
2 Enav SpA   1,999,468       8,520
  Salvatore Ferragamo SpA     509,105       8,383
  SOL SpA     290,122       8,380
  UnipolSai Assicurazioni SpA   3,343,032       8,289
* Banca Monte dei Paschi di Siena SpA   3,232,059       8,131
  Tamburi Investment Partners SpA     802,827       8,093
 
17

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Sesa SpA      56,417       7,047
2 Anima Holding SpA   1,763,283       6,564
1 Saras SpA   4,759,913       5,904
  Danieli & C Officine Meccaniche SpA     320,951       5,896
  Piaggio & C SpA   1,285,557       5,334
  El.En. SpA     414,863       4,980
1 Maire Tecnimont SpA   1,238,934       4,791
  Sanlorenzo SpA Class B     111,083       4,778
  Credito Emiliano SpA     607,457       4,731
1 Webuild SpA (MTAA)   2,470,508       4,661
  ACEA SpA     334,388       4,374
* Gruppo MutuiOnline SpA     129,783       4,372
  Salcef Group SpA     168,895       4,242
2 RAI Way SpA     702,835       4,227
  Zignago Vetro SpA     247,508       4,223
  MARR SpA     261,766       4,019
  MFE-MediaForEurope NV Class A   6,479,139       3,614
*,2 GVS SpA     538,123       3,253
  Italmobiliare SpA     109,819       3,002
  Banca IFIS SpA     186,827       2,993
  Cementir Holding NV     360,165       2,917
1 Tinexta SpA     149,401       2,747
* Tod's SpA      65,424       2,746
*,1 Juventus Football Club SpA   7,129,589       2,670
  Danieli & C Officine Meccaniche SpA (MTAA)      90,460       2,168
* Fincantieri SpA   3,772,544       2,098
2 doValue SpA     445,272       2,060
  Arnoldo Mondadori Editore SpA     904,217       1,978
1 MFE-MediaForEurope NV Class B   2,065,556       1,584
1 Alerion Cleanpower SpA      46,878       1,463
  Immobiliare Grande Distribuzione SIIQ SpA     519,346       1,372
  Biesse SpA     101,247       1,334
  Datalogic SpA     134,038       1,018
  Rizzoli Corriere Della Sera Mediagroup SpA     899,703         716
*,1 Webuild SpA Rights Exp. 2/8/30     196,679         128
        3,754,290
Japan (20.8%)
  Toyota Motor Corp.  94,627,678   1,520,864
  Sony Group Corp.   9,771,148     882,044
  Keyence Corp.   1,542,845     733,093
  Mitsubishi UFJ Financial Group Inc.  91,922,778     677,570
  Shin-Etsu Chemical Co. Ltd.  15,263,020     510,059
  Tokyo Electron Ltd.   3,521,181     507,150
  Daiichi Sankyo Co. Ltd.  14,889,409     473,100
  Mitsui & Co. Ltd.  11,742,465     444,427
  Mitsubishi Corp.   9,171,518     443,415
  Hitachi Ltd.   7,106,537     441,860
    Shares Market
Value•

($000)
  Sumitomo Mitsui Financial Group Inc.  10,084,298     432,207
  Daikin Industries Ltd.   2,100,165     430,335
  ITOCHU Corp.  10,497,319     416,970
  Honda Motor Co. Ltd.  13,012,910     394,211
  KDDI Corp.  12,612,913     389,526
  Takeda Pharmaceutical Co. Ltd.  12,009,232     377,361
  Nintendo Co. Ltd.   8,249,590     376,085
  SoftBank Group Corp.   7,668,956     361,665
  Tokio Marine Holdings Inc.  14,679,761     338,421
  Recruit Holdings Co. Ltd.  10,562,907     337,119
  Hoya Corp.   2,708,828     324,155
  Fast Retailing Co. Ltd.   1,220,932     313,138
  Mizuho Financial Group Inc.  20,089,978     307,085
  Oriental Land Co. Ltd.   7,423,490     289,412
  Nippon Telegraph & Telephone Corp. 225,217,475     266,501
  FANUC Corp.   7,554,990     265,223
  Seven & i Holdings Co. Ltd.   6,095,218     263,327
  Murata Manufacturing Co. Ltd.   4,440,905     255,090
  SMC Corp.     440,312     244,709
  Denso Corp.   3,478,490     234,632
  Softbank Corp.  21,762,891     232,543
  Nidec Corp.   4,095,226     225,669
  Mitsubishi Electric Corp.  15,390,914     217,579
  Astellas Pharma Inc.  14,248,238     212,192
  Panasonic Holdings Corp.  16,887,404     207,072
  Marubeni Corp.  12,099,003     206,216
1 Japan Tobacco Inc.   9,373,896     205,344
1 Canon Inc.   7,650,747     201,112
  Advantest Corp.   1,458,496     196,436
  Komatsu Ltd.   7,253,543     196,194
  Sumitomo Corp.   8,764,378     185,936
1 Bridgestone Corp.   4,439,530     182,383
  Fujitsu Ltd.   1,408,339     182,356
  Central Japan Railway Co.   1,435,126     179,809
* Renesas Electronics Corp.   9,464,487     178,617
  ORIX Corp.   9,301,388     169,622
  FUJIFILM Holdings Corp.   2,805,682     167,171
  Terumo Corp.   5,135,736     163,571
  East Japan Railway Co.   2,855,607     158,353
  Olympus Corp.   9,780,577     154,781
  Asahi Group Holdings Ltd.   3,843,915     149,143
  Ajinomoto Co. Inc.   3,734,351     148,765
  Chugai Pharmaceutical Co. Ltd.   5,151,752     146,717
  Eisai Co. Ltd.   2,094,362     141,943
 
18

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Dai-ichi Life Holdings Inc.   7,440,050     141,509
  Mitsui Fudosan Co. Ltd.   7,070,665     140,928
  Otsuka Holdings Co. Ltd.   3,802,501     139,482
  Shiseido Co. Ltd.   3,075,002     139,389
  Nippon Steel Corp.   6,463,101     135,268
  Daiwa House Industry Co. Ltd.   5,102,019     134,805
  Kyocera Corp.   2,409,428     130,982
  Kao Corp.   3,595,143     130,467
  Suzuki Motor Corp.   3,581,859     129,888
  MS&AD Insurance Group Holdings Inc.   3,563,464     126,190
  Kubota Corp.   8,483,450     124,188
  Japan Post Holdings Co. Ltd.  16,461,630     118,314
  Aeon Co. Ltd.   5,623,998     115,160
  Unicharm Corp.   3,057,462     113,691
  TDK Corp.   2,846,870     111,042
  Sompo Holdings Inc.   2,446,121     109,756
  Bandai Namco Holdings Inc.   4,638,746     107,421
  Mitsubishi Heavy Industries Ltd.   2,263,299     105,708
  Disco Corp.     661,169     104,826
  Toshiba Corp.   3,335,471     104,665
  Mitsubishi Estate Co. Ltd.   8,734,016     103,763
  Sysmex Corp.   1,502,690     102,930
  Secom Co. Ltd.   1,506,902     101,985
  Shimano Inc.     602,562     100,873
  Sumitomo Mitsui Trust Holdings Inc.   2,804,930      99,507
  NEC Corp.   2,030,522      98,506
  Yaskawa Electric Corp.   2,038,809      93,995
  Nomura Research Institute Ltd.   3,387,637      93,592
  Subaru Corp.   4,824,479      90,863
  Lasertec Corp.     600,461      90,740
  Toyota Industries Corp.   1,265,643      90,676
  Nomura Holdings Inc.  23,609,524      90,012
  Japan Post Bank Co. Ltd.  11,442,129      89,228
  Sekisui House Ltd.   4,398,482      88,848
  Shionogi & Co. Ltd.   2,100,797      88,610
  Omron Corp.   1,435,925      88,168
  Toyota Tsusho Corp.   1,763,013      88,109
  Kirin Holdings Co. Ltd.   5,875,700      85,801
  Nitto Denko Corp.   1,144,824      84,975
1 Nippon Yusen KK   3,821,699      84,875
  Obic Co. Ltd.     527,421      84,656
  Kikkoman Corp.   1,441,700      82,334
  Inpex Corp.   7,389,463      81,184
  Resona Holdings Inc.  16,816,017      80,515
  Sumitomo Realty & Development Co. Ltd.   3,122,288      77,373
  ENEOS Holdings Inc.  22,249,324      76,476
  West Japan Railway Co.   1,825,555      75,929
    Shares Market
Value•

($000)
  Sumitomo Electric Industries Ltd.   5,965,139      73,086
  M3 Inc.   3,339,907      72,825
  Japan Exchange Group Inc.   4,132,852      72,319
  Kansai Electric Power Co. Inc.   5,749,399      72,134
  Tokyo Gas Co. Ltd.   3,295,178      71,893
  NTT Data Corp.   4,982,592      69,860
1 Yamaha Motor Co. Ltd.   2,409,803      69,278
  Chubu Electric Power Co. Inc.   5,529,881      67,462
  Toray Industries Inc.  12,012,807      66,976
  Nippon Paint Holdings Co. Ltd.   8,029,581      66,453
  Nitori Holdings Co. Ltd.     591,237      66,393
  Asahi Kasei Corp.   9,781,008      66,228
  Shimadzu Corp.   2,125,454      65,695
  Yakult Honsha Co. Ltd.   1,027,325      64,974
1 Mitsui OSK Lines Ltd.   2,642,610      63,579
  Nissan Motor Co. Ltd.  15,303,429      62,807
  Rohm Co. Ltd.     649,820      61,554
  MINEBEA MITSUMI Inc.   3,238,198      61,418
  Mitsubishi Chemical Group Corp.  10,101,394      60,756
  Sumitomo Metal Mining Co. Ltd.   1,871,095      60,403
  Ono Pharmaceutical Co. Ltd.   3,319,306      59,892
  Nexon Co. Ltd.   3,107,615      59,594
  JFE Holdings Inc.   4,097,711      58,583
  Daiwa Securities Group Inc.  11,313,516      58,299
  Tokyu Corp.   4,821,457      58,151
  T&D Holdings Inc.   3,940,434      57,790
  Dai Nippon Printing Co. Ltd.   2,023,129      57,468
  Hankyu Hanshin Holdings Inc.   1,719,541      56,855
  Pan Pacific International Holdings Corp.   3,166,438      56,710
  Capcom Co. Ltd.   1,400,417      55,513
  Makita Corp.   1,930,437      54,566
  MatsukiyoCocokara & Co.     956,791      53,744
  Dentsu Group Inc.   1,633,592      53,724
1 AGC Inc.   1,447,173      52,063
  Daito Trust Construction Co. Ltd.     512,050      51,874
  Kajima Corp.   3,384,669      51,104
  Z Holdings Corp.  20,649,710      49,768
  Isuzu Motors Ltd.   4,092,555      49,648
  Hamamatsu Photonics KK   1,009,197      49,545
  Kintetsu Group Holdings Co. Ltd.   1,421,110      49,216
  Ibiden Co. Ltd.     853,783      48,578
  Taisei Corp.   1,374,761      48,032
  Osaka Gas Co. Ltd.   3,125,176      47,902
1 Nippon Building Fund Inc.      12,078      47,493
 
19

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  SG Holdings Co. Ltd.   3,328,471      47,478
  Daifuku Co. Ltd.   2,296,363      47,295
  Yamato Holdings Co. Ltd.   2,590,781      46,960
  Yamaha Corp.   1,195,818      46,064
  Obayashi Corp.   5,310,134      45,924
  TOPPAN Inc.   2,116,572      45,743
  MEIJI Holdings Co. Ltd.   2,041,474      45,588
  Keisei Electric Railway Co. Ltd.   1,097,158      45,476
  TIS Inc.   1,806,803      45,270
* Tokyo Electric Power Co. Holdings Inc.  12,322,057      45,195
  MISUMI Group Inc.   2,208,850      44,471
  Nissan Chemical Corp.   1,030,802      44,448
  Trend Micro Inc.     909,892      44,045
  Nissin Foods Holdings Co. Ltd.     530,879      43,896
  Mazda Motor Corp.   4,536,228      43,839
  Fuji Electric Co. Ltd.     992,211      43,682
  Tobu Railway Co. Ltd.   1,591,227      42,666
  Kawasaki Kisen Kaisha Ltd.   1,728,238      42,376
  Aisin Corp.   1,370,247      42,315
  Asics Corp.   1,351,940      41,837
  Nomura Real Estate Master Fund Inc.      35,531      40,981
  Sojitz Corp.   1,830,722      40,514
  Japan Real Estate Investment Corp.      10,561      40,191
  BayCurrent Consulting Inc.   1,066,176      40,090
  JSR Corp.   1,382,450      39,726
  Konami Group Corp.     752,847      39,480
  Mitsui Chemicals Inc.   1,336,384      39,391
  Ricoh Co. Ltd.   4,526,106      38,571
  Nippon Prologis REIT Inc.      18,885      37,955
  SUMCO Corp.   2,654,621      37,662
  Sekisui Chemical Co. Ltd.   2,592,035      37,448
  SBI Holdings Inc.   1,920,306      37,035
  Kyowa Kirin Co. Ltd.   1,974,901      36,605
  Idemitsu Kosan Co. Ltd.   1,823,045      36,579
  Japan Metropolitan Fund Investment      54,286      36,322
  Sumitomo Chemical Co. Ltd.  11,939,211      36,288
  Suntory Beverage & Food Ltd.     994,117      36,038
  SCREEN Holdings Co. Ltd.     314,172      35,784
  Yokogawa Electric Corp.   1,915,989      35,467
  GLP J-REIT      35,276      34,794
  Ebara Corp.     723,840      34,729
  Rohto Pharmaceutical Co. Ltd.   1,536,414      34,635
  TOTO Ltd.   1,141,025      34,500
  Zensho Holdings Co. Ltd.     759,356      33,760
    Shares Market
Value•

($000)
  Concordia Financial Group Ltd.   8,589,735      33,585
  Hirose Electric Co. Ltd.     251,304      33,457
  Kurita Water Industries Ltd.     868,884      33,359
  Toho Co. Ltd.     868,371      33,076
  Koito Manufacturing Co. Ltd.   1,817,274      32,978
  Odakyu Electric Railway Co. Ltd.   2,448,481      32,809
  Daiwa House REIT Investment Corp.      16,828      32,265
  Hoshizaki Corp.     898,225      32,249
  Toyo Suisan Kaisha Ltd.     713,037      32,166
  Seiko Epson Corp.   2,057,085      32,116
  Otsuka Corp.     810,539      31,572
  Azbil Corp.     994,708      31,482
  Nikon Corp.   2,397,298      31,124
  Niterra Co. Ltd.   1,539,276      30,883
  Asahi Intecc Co. Ltd.   1,550,995      30,536
  NIPPON EXPRESS HOLDINGS Inc.     535,997      30,235
  Mitsubishi HC Capital Inc. (XTKS)   5,036,741      29,905
  Kawasaki Heavy Industries Ltd.   1,153,807      29,540
* ANA Holdings Inc.   1,238,588      29,504
  Rakuten Group Inc.   8,404,910      29,287
  Kobe Bussan Co. Ltd.   1,112,574      28,877
  Square Enix Holdings Co. Ltd.     613,314      28,536
  Chiba Bank Ltd.   4,703,314      28,522
  Keio Corp.     906,427      28,513
  Bank of Kyoto Ltd.     563,040      28,172
  Isetan Mitsukoshi Holdings Ltd.   2,769,840      28,159
  Hulic Co. Ltd.   3,282,502      28,126
  Shizuoka Financial Group Inc.   3,872,763      27,979
  Taiyo Yuden Co. Ltd.     972,848      27,849
  IHI Corp.   1,011,090      27,423
  Tokyu Fudosan Holdings Corp.   4,781,297      27,405
  USS Co. Ltd.   1,636,031      27,086
  Brother Industries Ltd.   1,840,680      26,941
  Sega Sammy Holdings Inc.   1,254,319      26,871
  Shimizu Corp.   4,240,331      26,847
  Kyushu Railway Co.   1,247,077      26,812
  McDonald's Holdings Co. Japan Ltd.     679,200      26,412
  Lixil Corp.   2,060,768      26,230
1 Sumitomo Forestry Co. Ltd.   1,079,321      26,216
  Oji Holdings Corp.   6,999,481      26,172
  Tosoh Corp.   2,208,011      26,117
  Fukuoka Financial Group Inc.   1,263,442      26,113
  Kuraray Co. Ltd.   2,643,970      25,741
  Kobayashi Pharmaceutical Co. Ltd.     471,104      25,616
  Orix JREIT Inc.      20,774      25,573
 
20

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  GMO Payment Gateway Inc.     323,750      25,395
  Marui Group Co. Ltd.   1,436,528      25,107
  Nisshin Seifun Group Inc.   2,028,719      25,077
  Persol Holdings Co. Ltd.   1,382,737      25,025
  Haseko Corp.   2,028,762      24,999
  Japan Airlines Co. Ltd.   1,148,748      24,909
  Nagoya Railroad Co. Ltd.   1,538,032      24,710
  Nippon Sanso Holdings Corp.   1,131,701      24,587
  Advance Residence Investment Corp.      10,278      24,545
  Socionext Inc.     167,200      24,532
  Hikari Tsushin Inc.     170,679      24,498
  CyberAgent Inc.   3,311,437      24,207
  Amada Co. Ltd.   2,448,357      24,155
  Kobe Steel Ltd.   2,612,654      24,065
  Stanley Electric Co. Ltd.   1,178,801      23,890
  NGK Insulators Ltd.   1,993,287      23,815
  Goldwin Inc.     278,926      23,748
  MonotaRO Co. Ltd.   1,858,515      23,734
* Kyushu Electric Power Co. Inc.   3,683,389      23,554
  United Urban Investment Corp.      23,319      23,538
  Hitachi Construction Machinery Co. Ltd.     836,718      23,526
  Resonac Holdings Corp.   1,418,468      23,045
* Tohoku Electric Power Co. Inc.   3,723,158      23,023
  Yokohama Rubber Co. Ltd.   1,035,419      22,748
  Santen Pharmaceutical Co. Ltd.   2,664,302      22,693
  Japan Post Insurance Co. Ltd.   1,501,122      22,560
  NSK Ltd.   3,489,679      22,335
  NOF Corp.     516,501      22,188
  Kansai Paint Co. Ltd.   1,498,473      22,102
  Kose Corp.     228,046      21,922
  JGC Holdings Corp.   1,665,257      21,652
*,1 Skylark Holdings Co. Ltd.   1,730,578      21,642
  Sumitomo Heavy Industries Ltd.     898,408      21,518
  Tsuruha Holdings Inc.     287,354      21,402
  Shinko Electric Industries Co. Ltd.     519,759      21,372
* Mercari Inc.     900,730      21,200
  Iwatani Corp.     398,982      21,134
  NH Foods Ltd.     775,222      20,988
  Mitsubishi Gas Chemical Co. Inc.   1,396,710      20,346
  Open House Group Co. Ltd.     562,937      20,323
  Keihan Holdings Co. Ltd.     768,329      20,257
  Nomura Real Estate Holdings Inc.     851,217      20,237
    Shares Market
Value•

($000)
  Tokyo Tatemono Co. Ltd.   1,569,132      20,207
  Miura Co. Ltd.     772,764      20,199
  Sanwa Holdings Corp.   1,541,931      20,075
  Koei Tecmo Holdings Co. Ltd.   1,149,948      19,919
  Alfresa Holdings Corp.   1,325,740      19,832
  Nabtesco Corp.     890,422      19,680
  Hakuhodo DY Holdings Inc.   1,862,829      19,664
  THK Co. Ltd.     950,186      19,557
  Air Water Inc.   1,408,695      19,556
  Nifco Inc.     651,067      19,357
  Itochu Techno-Solutions Corp.     758,407      19,218
  Oracle Corp. Japan     257,570      19,156
  Nankai Electric Railway Co. Ltd.     856,165      19,153
  Electric Power Development Co. Ltd.   1,297,023      19,092
  Japan Airport Terminal Co. Ltd.     421,696      19,074
  Sekisui House REIT Inc.      32,572      18,969
  Medipal Holdings Corp.   1,158,656      18,946
  Sanrio Co. Ltd.     439,622      18,865
  J Front Retailing Co. Ltd.   1,956,408      18,765
  Ryohin Keikaku Co. Ltd.   1,881,081      18,649
  Mebuki Financial Group Inc.   7,856,031      18,639
  Iida Group Holdings Co. Ltd.   1,100,538      18,598
  TechnoPro Holdings Inc.     851,830      18,531
  Credit Saison Co. Ltd.   1,204,453      18,523
  Lion Corp.   1,969,654      18,364
  Rinnai Corp.     830,081      18,108
  Japan Hotel REIT Investment Corp.      35,371      18,044
  Taiheiyo Cement Corp.     907,903      17,950
  ZOZO Inc.     858,129      17,802
  Tokyo Century Corp.     492,424      17,783
1 Tokyo Ohka Kogyo Co. Ltd.     288,449      17,690
  Mitsubishi Materials Corp.     981,011      17,662
  Keikyu Corp.   1,991,064      17,591
  Fujikura Ltd.   2,094,666      17,587
1 Japan Prime Realty Investment Corp.       7,258      17,565
  Cosmo Energy Holdings Co. Ltd.     642,123      17,550
  Kadokawa Corp.     729,944      17,509
  Horiba Ltd.     304,235      17,498
  Daicel Corp.   1,945,099      17,408
  Nichirei Corp.     812,540      17,376
1 Aozora Bank Ltd.     929,700      17,287
  Mitsubishi Motors Corp.   4,928,747      17,235
  Lawson Inc.     381,738      16,926
 
21

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Kamigumi Co. Ltd.     739,005      16,756
  Seibu Holdings Inc.   1,626,552      16,756
  COMSYS Holdings Corp.     840,244      16,643
  Welcia Holdings Co. Ltd.     795,984      16,580
  Nippon Shinyaku Co. Ltd.     403,612      16,513
  Toyo Seikan Group Holdings Ltd.   1,120,442      16,509
  Nippon Accommodations Fund Inc.       3,648      16,442
  Tokyo Seimitsu Co. Ltd.     295,899      16,385
  INFRONEER Holdings Inc.   1,735,591      16,367
  Shimamura Co. Ltd.     172,298      16,291
  JTEKT Corp.   1,783,031      16,249
  Internet Initiative Japan Inc.     860,824      16,227
  Industrial & Infrastructure Fund Investment Corp.      15,411      16,224
  Ulvac Inc.     379,638      16,191
* Chugoku Electric Power Co. Inc.   2,372,481      16,063
  Activia Properties Inc.       5,730      16,024
  Nihon M&A Center Holdings Inc.   2,071,084      15,935
* SHIFT Inc.      85,646      15,700
  SCSK Corp.     996,508      15,682
  EXEO Group Inc.     777,944      15,626
  Food & Life Cos. Ltd.     797,489      15,591
  Nihon Kohden Corp.     580,903      15,530
  Invincible Investment Corp.      38,930      15,475
  Sundrug Co. Ltd.     521,437      15,467
  Seino Holdings Co. Ltd.   1,079,190      15,366
  Japan Logistics Fund Inc.       7,040      15,280
  Hachijuni Bank Ltd.   3,486,949      15,147
  AEON REIT Investment Corp.      13,992      15,095
  Sohgo Security Services Co. Ltd.   2,650,735      15,010
  Fujitec Co. Ltd.     586,234      15,009
  Macnica Holdings Inc.     359,033      14,920
  ADEKA Corp.     777,640      14,855
  LaSalle Logiport REIT      14,149      14,845
  Takashimaya Co. Ltd.   1,058,737      14,800
  Suzuken Co. Ltd.     543,156      14,773
  Teijin Ltd.   1,465,266      14,700
  Kakaku.com Inc.   1,012,906      14,591
  Mitsui Fudosan Logistics Park Inc.       4,199      14,583
  Sanken Electric Co. Ltd.     154,038      14,532
1 Tokai Carbon Co. Ltd.   1,554,314      14,307
  Kenedix Office Investment Corp.       5,942      14,298
  DMG Mori Co. Ltd.     820,381      14,262
  SHO-BOND Holdings Co. Ltd.     358,434      14,255
    Shares Market
Value•

($000)
* Money Forward Inc.     355,823      14,189
  Cosmos Pharmaceutical Corp.     136,954      13,887
  NET One Systems Co. Ltd.     631,552      13,874
  Sumitomo Rubber Industries Ltd.   1,424,258      13,844
  Hisamitsu Pharmaceutical Co. Inc.     526,763      13,823
  Zenkoku Hosho Co. Ltd.     396,743      13,795
  Yamada Holdings Co. Ltd.   4,676,600      13,766
  Alps Alpine Co. Ltd.   1,564,537      13,736
  Casio Computer Co. Ltd.   1,662,866      13,705
* Park24 Co. Ltd.   1,008,042      13,702
  Kenedix Residential Next Investment Corp.       8,349      13,579
  Sankyo Co. Ltd.     334,554      13,532
  Nagase & Co. Ltd.     812,089      13,523
  Kewpie Corp.     821,471      13,430
  Taisho Pharmaceutical Holdings Co. Ltd.     356,401      13,407
  Daiwabo Holdings Co. Ltd.     691,331      13,387
  Kaneka Corp.     476,044      13,342
  Hirogin Holdings Inc.   2,316,992      13,143
  Kinden Corp.     968,572      13,104
  Kagome Co. Ltd.     597,546      13,062
  UBE Corp.     756,474      13,005
  Daiwa Securities Living Investments Corp.      16,360      12,983
  NOK Corp.     881,218      12,925
  Denka Co. Ltd.     683,997      12,924
  Yamazaki Baking Co. Ltd.     948,755      12,843
  Mori Hills REIT Investment Corp.      12,515      12,802
  Sapporo Holdings Ltd.     494,999      12,747
  Comforia Residential REIT Inc.       5,311      12,717
  Rakus Co. Ltd.     743,765      12,679
  Sankyu Inc.     380,806      12,604
1 Workman Co. Ltd.     348,000      12,604
  House Foods Group Inc.     557,748      12,425
  BIPROGY Inc.     504,578      12,414
  Toho Gas Co. Ltd.     714,353      12,393
  OKUMA Corp.     230,101      12,354
  Konica Minolta Inc.   3,553,437      12,340
1 Mitsui High-Tec Inc.     180,135      12,325
  Ito En Ltd.     445,312      12,315
1 Frontier Real Estate Investment Corp.       3,777      12,272
  Harmonic Drive Systems Inc.     380,108      12,250
  Kyushu Financial Group Inc.   2,886,928      12,196
  Sugi Holdings Co. Ltd.     271,880      12,148
  Nakanishi Inc.     546,102      12,093
 
22

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Penta-Ocean Construction Co. Ltd.   2,239,551      12,038
  Aeon Mall Co. Ltd.     929,341      12,027
  Topcon Corp.     812,123      11,966
  Jeol Ltd.     333,136      11,893
  Iyogin Holdings Inc.   2,110,860      11,867
  Pigeon Corp.     858,182      11,847
  Fuji Corp.     660,400      11,713
  DIC Corp.     641,747      11,676
  GS Yuasa Corp.     593,895      11,651
  Coca-Cola Bottlers Japan Holdings Inc.   1,098,120      11,649
  Mitsubishi Logistics Corp.     470,476      11,626
  Gunma Bank Ltd.   3,159,497      11,590
  Nippon Gas Co. Ltd.     822,411      11,577
  Ushio Inc.     854,580      11,554
  Daido Steel Co. Ltd.     276,051      11,512
  Relo Group Inc.     838,481      11,449
  Dowa Holdings Co. Ltd.     359,747      11,423
  Fuyo General Lease Co. Ltd.     148,315      11,399
  Fujimi Inc.     457,905      11,317
  Hulic REIT Inc.      10,004      11,180
  Yamato Kogyo Co. Ltd.     261,154      11,159
  Takara Holdings Inc.   1,368,396      11,141
  ABC-Mart Inc.     204,785      11,129
  Toyoda Gosei Co. Ltd.     579,174      11,003
  Yamaguchi Financial Group Inc.   1,638,410      11,002
  Daiichikosho Co. Ltd.     620,886      10,954
  Amano Corp.     518,348      10,941
  Mitsubishi Estate Logistics REIT Investment Corp.       3,805      10,914
  Kotobuki Spirits Co. Ltd.     148,709      10,900
  Mabuchi Motor Co. Ltd.     388,184      10,832
  NSD Co. Ltd.     537,805      10,813
  Nippon Electric Glass Co. Ltd.     612,670      10,799
  Zeon Corp.   1,108,841      10,751
  Fuji Soft Inc.     332,874      10,730
  Nippon Kayaku Co. Ltd.   1,253,698      10,727
  Sotetsu Holdings Inc.     606,825      10,698
  Toyo Tire Corp.     804,467      10,683
  Maruichi Steel Tube Ltd.     464,927      10,680
  Calbee Inc.     562,121      10,636
* PeptiDream Inc.     708,543      10,636
  Mizuho Leasing Co. Ltd.     325,540      10,635
  Sumitomo Bakelite Co. Ltd.     254,277      10,600
  Japan Steel Works Ltd.     493,073      10,583
  Citizen Watch Co. Ltd.   1,725,917      10,405
  Ezaki Glico Co. Ltd.     395,716      10,354
  Meitec Corp.     600,049      10,354
    Shares Market
Value•

($000)
  Toda Corp.   1,836,010      10,319
  Nissui Corp.   2,288,101      10,276
  Rengo Co. Ltd.   1,666,670      10,270
  Ship Healthcare Holdings Inc.     614,445      10,165
  Nishi-Nippon Railroad Co. Ltd.     594,660      10,118
  Seven Bank Ltd.   5,126,223      10,069
  K's Holdings Corp.   1,152,943      10,046
  Mori Trust REIT Inc.      20,053      10,021
  NTT UD REIT Investment Corp.      10,637       9,959
  Tokyu REIT Inc.       7,397       9,883
  Daiseki Co. Ltd.     349,339       9,876
  Mitsui Mining & Smelting Co. Ltd.     427,720       9,875
  Maruwa Co. Ltd.      63,529       9,866
  Nishi-Nippon Financial Holdings Inc.   1,105,827       9,822
  77 Bank Ltd.     551,344       9,819
  TS Tech Co. Ltd.     772,790       9,773
  JMDC Inc.     242,200       9,674
  Kenedix Retail REIT Corp.       4,792       9,659
  Tsumura & Co.     516,042       9,555
  Fujitsu General Ltd.     435,301       9,508
1 SBI Shinsei Bank Ltd.     486,134       9,499
  Morinaga Milk Industry Co. Ltd.     288,825       9,457
  Inaba Denki Sangyo Co. Ltd.     409,208       9,336
  Daiwa Office Investment Corp.       2,138       9,296
  Ferrotec Holdings Corp.     362,742       9,235
* Sharp Corp.   1,645,894       9,229
  Morinaga & Co. Ltd.     293,952       9,200
  Hazama Ando Corp.   1,229,501       9,196
  Tokuyama Corp.     555,729       9,172
  Hanwa Co. Ltd.     289,822       9,154
  Nippon Shokubai Co. Ltd.     244,373       9,137
  Nichias Corp.     437,674       9,122
  Kanematsu Corp.     652,506       9,118
  Fancl Corp.     541,989       9,050
* Hino Motors Ltd.   2,128,607       9,047
  Canon Marketing Japan Inc.     360,238       8,971
1 Yoshinoya Holdings Co. Ltd.     505,751       8,968
  Anritsu Corp.   1,044,228       8,919
  Aica Kogyo Co. Ltd.     403,075       8,865
  Pilot Corp.     279,324       8,859
  Kokuyo Co. Ltd.     643,154       8,837
  NHK Spring Co. Ltd.   1,209,038       8,837
  GMO internet group Inc.     459,656       8,829
  OSG Corp.     605,989       8,699
  Descente Ltd.     303,772       8,685
  Hoshino Resorts REIT Inc.       2,024       8,685
  DeNA Co. Ltd.     663,805       8,644
  Tomy Co. Ltd.     684,204       8,619
  Toyota Boshoku Corp.     479,495       8,582
  Hitachi Zosen Corp.   1,296,045       8,576
 
23

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Nisshinbo Holdings Inc.   1,032,291       8,561
  Furukawa Electric Co. Ltd.     483,337       8,548
1 Pola Orbis Holdings Inc.     585,987       8,544
1 Japan Excellent Inc.       9,758       8,491
  OBIC Business Consultants Co. Ltd.     230,156       8,433
1 Yaoko Co. Ltd.     167,378       8,396
  Bic Camera Inc.   1,130,559       8,389
  Takeuchi Manufacturing Co. Ltd.     270,498       8,357
  Kureha Corp.     145,404       8,330
  Kyudenko Corp.     307,901       8,267
  Wacoal Holdings Corp.     409,771       8,243
  Colowide Co. Ltd.     581,844       8,242
  Mirait One Corp.     652,072       8,208
  AEON Financial Service Co. Ltd.     916,849       8,190
  PALTAC Corp.     246,219       8,186
* Shikoku Electric Power Co. Inc.   1,196,923       8,157
  NIPPON REIT Investment Corp.       3,401       8,069
  Toagosei Co. Ltd.     887,196       7,960
  SMS Co. Ltd.     395,789       7,960
  Dexerials Corp.     361,247       7,936
  Nikkon Holdings Co. Ltd.     396,978       7,934
  CKD Corp.     483,552       7,932
  H.U. Group Holdings Inc.     412,553       7,889
  Hokuhoku Financial Group Inc.     984,295       7,880
  Okumura Corp.     276,977       7,840
  Chugin Financial Group Inc.   1,302,682       7,840
  Sawai Group Holdings Co. Ltd.     306,701       7,731
  Outsourcing Inc.     808,724       7,716
  Heiwa Real Estate REIT Inc.       7,591       7,702
  Takasago Thermal Engineering Co. Ltd.     458,901       7,699
  Ain Holdings Inc.     216,665       7,652
  Glory Ltd.     381,172       7,648
  Tadano Ltd.     951,667       7,603
  Asahi Holdings Inc.     561,626       7,589
  Japan Material Co. Ltd.     453,588       7,581
  Resorttrust Inc.     510,520       7,577
  Sangetsu Corp.     433,941       7,496
  As One Corp.     188,653       7,486
  Izumi Co. Ltd.     313,781       7,483
  NEC Networks & System Integration Corp.     540,244       7,468
  Japan Aviation Electronics Industry Ltd.     353,466       7,398
  Justsystems Corp.     262,760       7,369
  Toridoll Holdings Corp.     336,676       7,338
  Okamura Corp.     551,939       7,327
    Shares Market
Value•

($000)
  Kyoritsu Maintenance Co. Ltd.     192,394       7,315
* Sansan Inc.     619,495       7,308
  Toho Holdings Co. Ltd.     395,635       7,278
  Benesse Holdings Inc.     566,684       7,248
* Hokuriku Electric Power Co.   1,345,513       7,248
  Japan Elevator Service Holdings Co. Ltd.     549,757       7,233
  Daishi Hokuetsu Financial Group Inc.     334,542       7,225
  FP Corp.     353,838       7,215
  Sakata Seed Corp.     247,593       7,175
  Nippon Soda Co. Ltd.     199,175       7,170
  Acom Co. Ltd.   2,949,925       7,161
  NS Solutions Corp.     255,340       7,135
  DTS Corp.     302,102       7,132
  Heiwa Corp.     409,118       7,115
  Kusuri no Aoki Holdings Co. Ltd.     125,402       7,068
  NTN Corp.   3,322,039       7,037
  Duskin Co. Ltd.     312,594       6,989
  Inabata & Co. Ltd.     309,735       6,961
  Japan Petroleum Exploration Co. Ltd.     231,065       6,918
  Fuji Kyuko Co. Ltd.     179,758       6,908
  Shoei Co. Ltd.     371,772       6,896
  Menicon Co. Ltd.     392,077       6,879
  Jaccs Co. Ltd.     196,023       6,857
  Shiga Bank Ltd.     361,711       6,800
  Katitas Co. Ltd.     385,563       6,675
  Sumitomo Osaka Cement Co. Ltd.     251,162       6,644
  Digital Garage Inc.     247,452       6,633
  Tsubakimoto Chain Co.     259,286       6,619
  Toei Co. Ltd.      51,846       6,618
  Kandenko Co. Ltd.     816,672       6,565
  San-In Godo Bank Ltd.   1,169,112       6,554
  Open Up Group Inc.     446,646       6,554
  Sumitomo Warehouse Co. Ltd.     397,758       6,549
  Fukuoka REIT Corp.       5,673       6,534
  Heiwa Real Estate Co. Ltd.     246,105       6,504
  Kaken Pharmaceutical Co. Ltd.     258,906       6,488
  Hokuetsu Corp.   1,074,454       6,478
  H2O Retailing Corp.     630,684       6,447
  EDION Corp.     636,668       6,432
  Nipro Corp.     906,633       6,429
  Information Services International-Dentsu Ltd.     181,690       6,379
  Osaka Soda Co. Ltd.     168,173       6,366
  Seria Co. Ltd.     397,852       6,356
  Global One Real Estate Investment Corp.       7,960       6,299
 
24

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Fukuyama Transporting Co. Ltd.     224,731       6,271
  Organo Corp.     210,388       6,219
  DCM Holdings Co. Ltd.     730,439       6,190
  Shibaura Machine Co. Ltd.     182,248       6,178
  TKC Corp.     228,112       6,172
  Makino Milling Machine Co. Ltd.     157,633       6,128
  Rorze Corp.      75,072       6,121
1 Royal Holdings Co. Ltd.     333,180       6,112
  Taikisha Ltd.     213,624       6,097
1 CRE Logistics REIT Inc.       4,913       6,080
* Nippon Paper Industries Co. Ltd.     735,847       6,061
  Round One Corp.   1,518,841       6,017
  Shochiku Co. Ltd.      78,514       5,989
* Hokkaido Electric Power Co. Inc.   1,444,236       5,951
  Lintec Corp.     376,012       5,943
  Mixi Inc.     318,083       5,921
  Daihen Corp.     152,734       5,910
  Takuma Co. Ltd.     570,639       5,874
  Sumitomo Pharma Co. Ltd.   1,319,201       5,864
  Kaga Electronics Co. Ltd.     131,707       5,862
  Juroku Financial Group Inc.     269,194       5,816
  Ichigo Office REIT Investment Corp.       9,367       5,812
  Aichi Financial Group Inc.     359,285       5,806
  Tokai Rika Co. Ltd.     388,941       5,773
  TOKAI Holdings Corp.     922,487       5,772
  Senko Group Holdings Co. Ltd.     798,265       5,746
  Kumiai Chemical Industry Co. Ltd.     730,516       5,706
1 Seiren Co. Ltd.     331,369       5,687
  Mani Inc.     477,892       5,661
  Ryosan Co. Ltd.     185,137       5,627
  Tsuburaya Fields Holdings Inc.     268,558       5,602
  Suruga Bank Ltd.   1,394,604       5,596
  Star Asia Investment Corp.      13,565       5,586
  Toshiba TEC Corp.     193,988       5,575
  Kumagai Gumi Co. Ltd.     260,050       5,566
1 Nextage Co. Ltd.     285,783       5,553
  Tokyo Steel Manufacturing Co. Ltd.     584,315       5,530
*,1 Atom Corp.     932,140       5,517
  Monogatari Corp.     223,262       5,419
  Max Co. Ltd.     291,484       5,364
  Nihon Parkerizing Co. Ltd.     716,926       5,346
  KYB Corp.     151,666       5,331
  Riken Keiki Co. Ltd.     132,759       5,330
  Aiful Corp.   2,285,347       5,324
    Shares Market
Value•

($000)
  Create Restaurants Holdings Inc.     783,418       5,310
  Monex Group Inc.   1,367,941       5,292
  Hankyu Hanshin REIT Inc.       5,235       5,259
  Joyful Honda Co. Ltd.     445,249       5,256
  Daiei Kankyo Co. Ltd.     297,200       5,248
  Nishimatsu Construction Co. Ltd.     215,298       5,233
  Paramount Bed Holdings Co. Ltd.     313,738       5,227
  Itoham Yonekyu Holdings Inc.   1,023,013       5,148
  Okasan Securities Group Inc.   1,546,948       5,143
  Daio Paper Corp.     650,627       5,124
  Ichibanya Co. Ltd.     134,846       5,106
  Ariake Japan Co. Ltd.     138,130       5,092
  Nichicon Corp.     476,115       5,077
  Base Co. Ltd.     127,506       5,072
  C Uyemura & Co. Ltd.      88,600       5,062
  SOSiLA Logistics REIT Inc.       5,535       5,026
  GungHo Online Entertainment Inc.     255,118       5,024
  Japan Securities Finance Co. Ltd.     646,038       5,019
  Trusco Nakayama Corp.     316,084       5,012
  JAFCO Group Co. Ltd.     388,613       4,988
  Yodogawa Steel Works Ltd.     210,871       4,982
  Autobacs Seven Co. Ltd.     468,563       4,980
  Kiyo Bank Ltd.     483,427       4,973
  Hosiden Corp.     394,490       4,945
  Saizeriya Co. Ltd.     193,327       4,914
  Kissei Pharmaceutical Co. Ltd.     245,258       4,912
  Nitto Kogyo Corp.     198,601       4,909
  Nippn Corp.     383,319       4,908
  Milbon Co. Ltd.     142,919       4,892
  Taiyo Holdings Co. Ltd.     262,759       4,886
  Toyobo Co. Ltd.     679,815       4,873
  Fuji Oil Holdings Inc.     351,665       4,866
  Advance Logistics Investment Corp.       5,213       4,855
  TBS Holdings Inc.     264,862       4,832
  ZERIA Pharmaceutical Co. Ltd.     282,318       4,801
  Eizo Corp.     145,277       4,788
  KOMEDA Holdings Co. Ltd.     253,906       4,782
  Nojima Corp.     499,684       4,754
  UT Group Co. Ltd.     224,366       4,744
  Mitsuboshi Belting Ltd.     154,761       4,743
  Nippon Light Metal Holdings Co. Ltd.     469,998       4,743
  Benefit One Inc.     459,055       4,715
 
25

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Hokkoku Financial Holdings Inc.     161,953       4,677
  Nichiha Corp.     217,643       4,668
  Mitsubishi Logisnext Co. Ltd.     502,913       4,665
  Kitz Corp.     614,961       4,655
  Fuso Chemical Co. Ltd.     147,874       4,651
  Noevir Holdings Co. Ltd.     122,184       4,651
  Raito Kogyo Co. Ltd.     336,805       4,642
  Idec Corp.     201,371       4,636
  Hyakugo Bank Ltd.   1,594,974       4,634
* HIS Co. Ltd.     324,944       4,604
  Transcosmos Inc.     184,661       4,595
  Tokai Tokyo Financial Holdings Inc.   1,727,304       4,587
  Iriso Electronics Co. Ltd.     157,133       4,574
  Starts Corp. Inc.     222,637       4,568
  Arcs Co. Ltd.     266,468       4,556
  PAL GROUP Holdings Co. Ltd.     167,690       4,539
  Maruha Nichiro Corp.     268,788       4,523
1 Hioki EE Corp.      69,312       4,520
  Ai Holdings Corp.     280,382       4,518
  Megmilk Snow Brand Co. Ltd.     332,494       4,512
  Takara Standard Co. Ltd.     352,937       4,510
  KH Neochem Co. Ltd.     275,345       4,496
  Matsui Securities Co. Ltd.     810,472       4,475
  Wacom Co. Ltd.   1,078,135       4,432
  San-Ai Obbli Co. Ltd.     412,687       4,368
  Kohnan Shoji Co. Ltd.     179,147       4,362
  Valor Holdings Co. Ltd.     314,035       4,361
  San-A Co. Ltd.     137,735       4,357
  Systena Corp.   2,134,798       4,354
  Adastria Co. Ltd.     203,797       4,348
  Create SD Holdings Co. Ltd.     174,004       4,297
  Tokyo Kiraboshi Financial Group Inc.     197,440       4,289
  JVCKenwood Corp.   1,243,973       4,288
  Kato Sangyo Co. Ltd.     156,021       4,287
  Musashi Seimitsu Industry Co. Ltd.     347,367       4,283
  AZ-COM Maruwa Holdings Inc.     317,082       4,270
  Tocalo Co. Ltd.     406,203       4,263
  UACJ Corp.     224,098       4,261
  Simplex Holdings Inc.     232,305       4,258
  Meidensha Corp.     304,939       4,248
  MOS Food Services Inc.     189,169       4,244
  Mochida Pharmaceutical Co. Ltd.     185,262       4,243
  Nomura Co. Ltd.     616,557       4,238
  Nanto Bank Ltd.     249,131       4,223
  Mitsui-Soko Holdings Co. Ltd.     173,367       4,221
    Shares Market
Value•

($000)
  Komeri Co. Ltd.     206,703       4,214
  ASKUL Corp.     301,502       4,196
  North Pacific Bank Ltd.   2,113,842       4,181
1 Funai Soken Holdings Inc.     235,232       4,171
  en japan Inc.     241,004       4,168
  Takara Bio Inc.     362,523       4,164
  Toyo Construction Co. Ltd.     550,740       4,163
* euglena Co. Ltd.     669,925       4,153
* RENOVA Inc.     366,079       4,140
  Shinmaywa Industries Ltd.     440,711       4,138
  Tri Chemical Laboratories Inc.     210,959       4,135
  Sanki Engineering Co. Ltd.     392,966       4,134
  Ohsho Food Service Corp.      88,688       4,128
  Nisshin Oillio Group Ltd.     173,573       4,127
  Zojirushi Corp.     334,353       4,127
  T Hasegawa Co. Ltd.     172,126       4,123
  Amvis Holdings Inc.     180,715       4,114
  Nishimatsuya Chain Co. Ltd.     346,975       4,108
  Toyo Ink SC Holdings Co. Ltd.     271,115       4,101
  Earth Corp.     115,435       4,063
  Yokogawa Bridge Holdings Corp.     231,171       4,060
  Oki Electric Industry Co. Ltd.     647,497       4,057
  Totetsu Kogyo Co. Ltd.     216,539       4,028
  Financial Partners Group Co. Ltd.     451,808       3,991
  Toyo Tanso Co. Ltd.     111,278       3,981
  Mirai Corp.      12,399       3,977
  Dip Corp.     159,089       3,974
  Nippon Pillar Packing Co. Ltd.     122,349       3,974
  Change Holdings Inc.     249,489       3,967
  Hirata Corp.      66,174       3,944
  JCR Pharmaceuticals Co. Ltd.     441,349       3,912
  Toei Animation Co. Ltd.      42,300       3,911
1 Maeda Kosen Co. Ltd.     174,677       3,894
  Noritake Co. Ltd.     101,848       3,870
1 Mitsubishi Pencil Co. Ltd.     330,276       3,852
  Iino Kaiun Kaisha Ltd.     651,679       3,850
  Infomart Corp.   1,673,412       3,849
  Okinawa Cellular Telephone Co.     184,663       3,845
  Yamazen Corp.     499,644       3,844
1 Toyo Gosei Co. Ltd.      53,094       3,838
  Mizuno Corp.     148,361       3,837
  Ogaki Kyoritsu Bank Ltd.     298,240       3,821
  Musashino Bank Ltd.     251,563       3,809
  Exedy Corp.     225,960       3,806
  Seiko Group Corp.     210,065       3,806
 
26

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Nachi-Fujikoshi Corp.     133,526       3,797
  SKY Perfect JSAT Holdings Inc.     953,976       3,790
  JCU Corp.     158,136       3,760
  Gunze Ltd.     121,406       3,746
  Fuji Media Holdings Inc.     356,233       3,736
  Central Glass Co. Ltd.     174,190       3,735
  Kyorin Pharmaceutical Co. Ltd.     306,706       3,733
  Optex Group Co. Ltd.     263,587       3,718
  Awa Bank Ltd.     267,699       3,701
  Nippon Densetsu Kogyo Co. Ltd.     268,655       3,695
  Sanyo Denki Co. Ltd.      68,196       3,686
  Showa Sangyo Co. Ltd.     197,957       3,685
  Shibaura Mechatronics Corp.      23,600       3,678
  United Arrows Ltd.     211,136       3,653
  Japan Lifeline Co. Ltd.     508,419       3,649
  Shizuoka Gas Co. Ltd.     446,172       3,630
*,1 W-Scope Corp.     397,880       3,621
  Topre Corp.     324,608       3,595
  Yuasa Trading Co. Ltd.     117,711       3,595
  FCC Co. Ltd.     275,847       3,592
  Raiznext Corp.     348,000       3,582
  Takara Leben Real Estate Investment Corp.       5,337       3,579
  Premium Group Co. Ltd.     296,300       3,579
  Orient Corp.     455,869       3,577
  Nissha Co. Ltd.     304,332       3,567
  Micronics Japan Co. Ltd.     254,605       3,565
  Taihei Dengyo Kaisha Ltd.     120,003       3,552
  Heiwado Co. Ltd.     237,492       3,550
  MCJ Co. Ltd.     508,526       3,544
  Japan Wool Textile Co. Ltd.     488,227       3,535
  Nagawa Co. Ltd.      73,453       3,521
* Raksul Inc.     370,392       3,493
  eGuarantee Inc.     260,575       3,476
  Arata Corp.     105,293       3,442
1 Kisoji Co. Ltd.     203,619       3,435
  Prima Meat Packers Ltd.     227,379       3,429
  Management Solutions Co. Ltd.     119,365       3,408
* Leopalace21 Corp.   1,825,040       3,394
  Sanyo Special Steel Co. Ltd.     170,283       3,375
* Ringer Hut Co. Ltd.     193,141       3,360
  Fukushima Galilei Co. Ltd.      89,843       3,350
  Elecom Co. Ltd.     330,048       3,347
  Tokyo Electron Device Ltd.      45,389       3,341
  Star Micronics Co. Ltd.     266,620       3,336
    Shares Market
Value•

($000)
  Aoyama Trading Co. Ltd.     362,272       3,330
  Senshu Ikeda Holdings Inc.   2,051,968       3,323
  One REIT Inc.       1,917       3,316
  United Super Markets Holdings Inc.     428,201       3,309
  Megachips Corp.     127,065       3,307
1 Hiday Hidaka Corp.     202,285       3,301
  Future Corp.     276,676       3,299
  Life Corp.     155,202       3,298
  Nippon Signal Company Ltd.     441,441       3,294
  Towa Corp.     183,315       3,293
  Mitsubishi Shokuhin Co. Ltd.     127,612       3,292
  Fuji Seal International Inc.     310,830       3,291
  Restar Holdings Corp.     193,327       3,287
  Maruzen Showa Unyu Co. Ltd.     120,246       3,285
* Nippon Sheet Glass Co. Ltd.     700,243       3,285
  Keiyo Bank Ltd.     884,978       3,277
  SAMTY Co. Ltd.     209,785       3,265
  Nitto Boseki Co. Ltd.     204,023       3,261
  Cybozu Inc.     199,532       3,260
  Tsugami Corp.     337,407       3,252
  Pacific Industrial Co. Ltd.     357,341       3,233
  Maxell Ltd.     290,091       3,232
  Kanamoto Co. Ltd.     211,337       3,224
  Konishi Co. Ltd.     201,194       3,210
  Belc Co. Ltd.      71,902       3,207
  Morita Holdings Corp.     296,246       3,205
*,1 Oisix ra daichi Inc.     186,059       3,200
  Mitsuuroko Group Holdings Co. Ltd.     329,914       3,183
  Valqua Ltd.     116,273       3,178
1 Toho Titanium Co. Ltd.     260,844       3,178
1 Kura Sushi Inc.     149,530       3,171
  Health Care & Medical Investment Corp.       2,801       3,164
  Hakuto Co. Ltd.      81,557       3,157
  Sekisui Jushi Corp.     198,523       3,157
  S Foods Inc.     144,388       3,155
  Argo Graphics Inc.     116,001       3,154
  Chudenko Corp.     196,146       3,135
  Sakata INX Corp.     370,748       3,135
  KeePer Technical Laboratory Co. Ltd.      91,733       3,127
  Nippon Yakin Kogyo Co. Ltd.     110,137       3,126
  Tokyotokeiba Co. Ltd.     114,182       3,119
  TSI Holdings Co. Ltd.     568,349       3,116
  Fuji Co. Ltd.     246,118       3,114
  Hamakyorex Co. Ltd.     116,709       3,112
  Noritz Corp.     251,490       3,110
  Bando Chemical Industries Ltd.     309,185       3,102
  Itochu Enex Co. Ltd.     348,674       3,073
 
27

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Kameda Seika Co. Ltd.     102,230       3,070
  Hogy Medical Co. Ltd.     138,908       3,069
1 OSAKA Titanium Technologies Co. Ltd.     148,280       3,047
  BML Inc.     150,830       3,042
  I'll Inc.     145,985       3,035
  Starts Proceed Investment Corp.       1,875       3,033
  Nittetsu Mining Co. Ltd.      97,176       3,030
  Koshidaka Holdings Co. Ltd.     361,716       3,029
  Prestige International Inc.     713,611       3,028
  Nitta Corp.     142,358       3,023
  Shibuya Corp.     164,721       3,021
  Digital Arts Inc.      73,985       3,019
1 Snow Peak Inc.     230,946       3,014
  Nishio Holdings Co. Ltd.     127,685       3,013
  Shoei Foods Corp.     101,264       3,013
  SBS Holdings Inc.     135,093       3,002
  Oiles Corp.     216,166       2,996
* Universal Entertainment Corp.     175,726       2,994
  Shin-Etsu Polymer Co. Ltd.     281,625       2,991
  Ricoh Leasing Co. Ltd.     102,253       2,990
  Riso Kagaku Corp.     176,878       2,990
  Zuken Inc.     109,866       2,990
  Tachibana Eletech Co. Ltd.     144,106       2,977
  Siix Corp.     271,574       2,971
  Retail Partners Co. Ltd.     268,335       2,970
  Usen-Next Holdings Co. Ltd.     126,044       2,970
  Token Corp.      57,356       2,969
  West Holdings Corp.     170,100       2,964
  Altech Corp.     142,500       2,962
  Aeon Delight Co. Ltd.     138,462       2,956
* Okinawa Electric Power Co. Inc.     369,863       2,954
  Procrea Holdings Inc.     207,636       2,941
  Sumitomo Mitsui Construction Co. Ltd.   1,135,816       2,922
  Doutor Nichires Holdings Co. Ltd.     198,776       2,912
* Chiyoda Corp.   1,178,664       2,911
  Wakita & Co. Ltd.     323,168       2,910
  Ryoyo Electro Corp.     116,053       2,900
  ASAHI YUKIZAI Corp.      95,087       2,897
  TOMONY Holdings Inc.   1,139,704       2,897
  Nagaileben Co. Ltd.     191,081       2,894
  Nissan Shatai Co. Ltd.     493,797       2,886
  Tamron Co. Ltd.     102,841       2,880
1 Intage Holdings Inc.     252,576       2,878
    Shares Market
Value•

($000)
  Tsurumi Manufacturing Co. Ltd.     158,840       2,878
  Ryobi Ltd.     201,511       2,874
  Daiichi Jitsugyo Co. Ltd.      72,723       2,872
  Fujimori Kogyo Co. Ltd.     115,120       2,870
  Ichigo Inc.   1,493,116       2,862
  Toa Corp.     132,341       2,859
  Samty Residential Investment Corp.       3,449       2,857
  Bank of Nagoya Ltd.     123,744       2,852
  YAMABIKO Corp.     262,354       2,845
  Aida Engineering Ltd.     431,540       2,826
  Shima Seiki Manufacturing Ltd.     218,507       2,825
  Koa Corp.     224,807       2,823
  Uchida Yoko Co. Ltd.      69,665       2,822
1 Furuya Metal Co. Ltd.      33,900       2,818
  Anicom Holdings Inc.     644,480       2,817
  Yellow Hat Ltd.     218,133       2,809
  Yonex Co. Ltd.     290,159       2,808
  Chugoku Marine Paints Ltd.     332,774       2,807
  Mandom Corp.     278,641       2,806
  Okamoto Industries Inc.     103,278       2,802
  Meiko Electronics Co. Ltd.     148,005       2,798
  Chofu Seisakusho Co. Ltd.     160,062       2,778
  Axial Retailing Inc.     110,319       2,776
  Nikkiso Co. Ltd.     438,186       2,771
  Tamura Corp.     593,561       2,766
  Bunka Shutter Co. Ltd.     358,378       2,761
  Doshisha Co. Ltd.     170,936       2,752
  Pharma Foods International Co. Ltd.     189,650       2,751
  PHC Holdings Corp.     254,298       2,733
  Furukawa Co. Ltd.     250,116       2,730
3 Nippon Koei Co. Ltd.     108,304       2,730
  Sintokogio Ltd.     357,746       2,729
  Roland Corp.      94,318       2,719
  Tokyu Construction Co. Ltd.     525,366       2,715
  Mitani Sekisan Co. Ltd.      79,337       2,712
*,1 PKSHA Technology Inc.     125,666       2,709
  Kyokuto Kaihatsu Kogyo Co. Ltd.     223,067       2,691
  ARTERIA Networks Corp.     195,833       2,682
  Noritsu Koki Co. Ltd.     165,179       2,671
  Press Kogyo Co. Ltd.     625,039       2,671
  Japan Pulp & Paper Co. Ltd.      78,863       2,666
  Avex Inc.     252,491       2,650
  Yokorei Co. Ltd.     323,168       2,629
* Vision Inc.     204,607       2,623
  Piolax Inc.     173,681       2,621
 
28

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Senshu Electric Co. Ltd.     102,518       2,619
  Strike Co. Ltd.     107,406       2,601
  Hyakujushi Bank Ltd.     200,998       2,589
  Nippon Seiki Co. Ltd.     377,950       2,578
  Comture Corp.     178,149       2,572
1 MEC Co. Ltd.     103,894       2,565
  Eiken Chemical Co. Ltd.     239,134       2,561
  Insource Co. Ltd.     309,480       2,555
  VT Holdings Co. Ltd.     670,377       2,551
  Saibu Gas Holdings Co. Ltd.     176,637       2,544
  Tosei Corp.     208,402       2,531
  Infocom Corp.     159,965       2,529
  Gree Inc.     568,194       2,528
  Kanto Denka Kogyo Co. Ltd.     364,372       2,500
  Ishihara Sangyo Kaisha Ltd.     272,197       2,486
  Konoike Transport Co. Ltd.     216,160       2,485
  Towa Pharmaceutical Co. Ltd.     201,562       2,483
  gremz Inc.     120,155       2,477
  Meisei Industrial Co. Ltd.     361,023       2,473
  Geo Holdings Corp.     194,348       2,472
  Nippon Ceramic Co. Ltd.     129,415       2,465
  Shikoku Kasei Holdings Corp.     234,615       2,460
  Kyoei Steel Ltd.     173,832       2,457
  GLOBERIDE Inc.     155,431       2,452
  IDOM Inc.     401,195       2,450
  Torii Pharmaceutical Co. Ltd.      96,984       2,443
  Nippon Kanzai Holdings Co. Ltd.     135,441       2,443
  Sumitomo Densetsu Co. Ltd.     113,058       2,437
  Sato Holdings Corp.     179,358       2,436
  Bell System24 Holdings Inc.     256,903       2,431
  Eagle Industry Co. Ltd.     199,149       2,425
  Matsuya Co. Ltd.     305,147       2,417
  Tosei REIT Investment Corp.       2,604       2,411
  RS Technologies Co. Ltd.     107,530       2,401
  Nippon Carbon Co. Ltd.      79,388       2,398
  Computer Engineering & Consulting Ltd.     191,104       2,394
  Sanyo Chemical Industries Ltd.      81,020       2,391
  Hosokawa Micron Corp.      97,586       2,380
1 Tama Home Co. Ltd.     103,433       2,379
  Mimasu Semiconductor Industry Co. Ltd.     109,173       2,376
  Sinfonia Technology Co. Ltd.     197,175       2,362
  Okinawa Financial Group Inc.     163,698       2,362
    Shares Market
Value•

($000)
  Sakai Moving Service Co. Ltd.      67,906       2,360
  Curves Holdings Co. Ltd.     449,345       2,350
1 Aeon Hokkaido Corp.     387,722       2,347
  Asahi Diamond Industrial Co. Ltd.     387,374       2,339
  Mitsui DM Sugar Holdings Co. Ltd.     122,184       2,338
  SWCC Corp.     175,251       2,336
  Teikoku Electric Manufacturing Co. Ltd.     123,368       2,332
  Tachi-S Co. Ltd.     216,032       2,328
  Daikyonishikawa Corp.     421,988       2,326
  Tsukishima Holdings Co. Ltd.     273,806       2,303
  JINS Holdings Inc.     111,134       2,302
  Osaka Organic Chemical Industry Ltd.     113,362       2,295
  ZIGExN Co. Ltd.     417,130       2,294
  ARCLANDS Corp.     208,762       2,285
  WingArc1st Inc.     137,848       2,281
  Toho Bank Ltd.   1,452,082       2,280
  TechMatrix Corp.     175,758       2,280
  Onward Holdings Co. Ltd.     819,070       2,274
  Sankei Real Estate Inc.       3,606       2,272
  FULLCAST Holdings Co. Ltd.     148,718       2,268
  Nichireki Co. Ltd.     177,202       2,264
  DyDo Group Holdings Inc.      64,399       2,256
1 Obara Group Inc.      77,792       2,253
  Yokowo Co. Ltd.     174,224       2,248
  Nittoku Co. Ltd.     121,700       2,243
  TPR Co. Ltd.     189,275       2,233
  Canon Electronics Inc.     158,603       2,228
  KFC Holdings Japan Ltd.     112,981       2,227
  LITALICO Inc.     137,552       2,227
  METAWATER Co. Ltd.     173,835       2,223
* M&A Capital Partners Co. Ltd.      95,070       2,219
*,1 Fujio Food Group Inc.     216,873       2,211
  Unipres Corp.     273,805       2,209
  Asanuma Corp.      97,400       2,208
  Shin Nippon Biomedical Laboratories Ltd.     148,621       2,207
1 Arcland Service Holdings Co. Ltd.     108,744       2,206
  Komori Corp.     335,650       2,196
1 Septeni Holdings Co. Ltd.     787,300       2,195
  ESPEC Corp.     137,372       2,186
  Roland DG Corp.      86,406       2,182
  TRE Holdings Corp.     252,681       2,182
  Topy Industries Ltd.     137,851       2,175
  Aisan Industry Co. Ltd.     265,483       2,167
1 J Trust Co. Ltd.     721,485       2,166
  Sala Corp.     396,500       2,163
 
29

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Qol Holdings Co. Ltd.     178,671       2,154
  ESCON Japan REIT Investment Corp.       2,523       2,143
  CTI Engineering Co. Ltd.      83,800       2,140
  Oyo Corp.     152,303       2,127
  Sun Frontier Fudousan Co. Ltd.     214,357       2,127
  eRex Co. Ltd.     269,621       2,125
*,1 giftee Inc.     162,630       2,123
  Daiki Aluminium Industry Co. Ltd.     216,180       2,108
  Mitsui E&S Co. Ltd.     613,569       2,107
  Torishima Pump Manufacturing Co. Ltd.     159,594       2,107
  Sinko Industries Ltd.     144,838       2,105
  Keihanshin Building Co. Ltd.     261,962       2,104
  Kosaido Holdings Co. Ltd.     143,700       2,103
  Fujicco Co. Ltd.     160,744       2,101
  Trancom Co. Ltd.      45,799       2,095
  Enplas Corp.      51,090       2,082
  Kurabo Industries Ltd.     131,638       2,081
  Ki-Star Real Estate Co. Ltd.      60,371       2,078
  Hibiya Engineering Ltd.     134,652       2,072
  Takasago International Corp.     109,991       2,068
  Yondoshi Holdings Inc.     165,159       2,064
  Totech Corp.      61,800       2,059
  Nippon Fine Chemical Co. Ltd.     101,901       2,055
  Alconix Corp.     214,329       2,049
  Sumitomo Seika Chemicals Co. Ltd.      65,978       2,047
  Weathernews Inc.      44,084       2,041
  Nippon Thompson Co. Ltd.     494,192       2,041
  Bank of the Ryukyus Ltd.     321,305       2,040
  Mirarth Holdings Inc.     659,545       2,033
  G-Tekt Corp.     169,201       2,029
*,1 Kappa Create Co. Ltd.     189,239       2,016
  Anest Iwata Corp.     244,865       2,014
  Nohmi Bosai Ltd.     159,981       2,012
  Miyazaki Bank Ltd.     123,729       2,005
  Takamatsu Construction Group Co. Ltd.     111,382       2,003
1 Genky DrugStores Co. Ltd.      65,060       1,995
  JAC Recruitment Co. Ltd.     109,739       1,986
  Broadleaf Co. Ltd.     618,928       1,986
* SRE Holdings Corp.      73,964       1,985
  Daiwa Industries Ltd.     205,518       1,977
  Krosaki Harima Corp.      31,890       1,967
  Inageya Co. Ltd.     188,634       1,960
  Kyokuyo Co. Ltd.      78,016       1,959
  Daiken Corp.     122,719       1,954
  T-Gaia Corp.     162,311       1,953
    Shares Market
Value•

($000)
  Hokuto Corp.     152,712       1,943
  Pressance Corp.     137,970       1,943
  Joshin Denki Co. Ltd.     142,208       1,939
  TV Asahi Holdings Corp.     169,603       1,937
  Sanyo Electric Railway Co. Ltd.     126,920       1,932
  Halows Co. Ltd.      71,294       1,928
  Pack Corp.      91,967       1,916
  Dai-Dan Co. Ltd.     100,496       1,904
  MARUKA FURUSATO Corp.     119,379       1,901
  San ju San Financial Group Inc.     173,147       1,900
  Tanseisha Co. Ltd.     344,879       1,892
1 Takatori Corp.      39,671       1,885
  Nafco Co. Ltd.     142,900       1,883
  Kamei Corp.     182,592       1,879
  Aichi Steel Corp.      86,985       1,852
  Belluna Co. Ltd.     373,488       1,847
  Fukui Bank Ltd.     183,695       1,844
  Riken Vitamin Co. Ltd.     124,218       1,844
  Yamanashi Chuo Bank Ltd.     210,627       1,821
  Fujibo Holdings Inc.      82,148       1,820
  Teikoku Sen-I Co. Ltd.     159,631       1,819
  France Bed Holdings Co. Ltd.     226,175       1,818
  Shin Nippon Air Technologies Co. Ltd.     113,853       1,814
*,1 Istyle Inc.     468,567       1,812
  Oita Bank Ltd.     119,222       1,795
  Yamagata Bank Ltd.     247,206       1,795
  Bank of Iwate Ltd.     125,573       1,786
  Riken Technos Corp.     391,919       1,786
  Sinanen Holdings Co. Ltd.      67,306       1,781
  Godo Steel Ltd.      69,951       1,778
  Shinko Shoji Co. Ltd.     216,046       1,770
  Ines Corp.     169,350       1,769
  Katakura Industries Co. Ltd.     156,210       1,769
  Sodick Co. Ltd.     356,787       1,769
  Starzen Co. Ltd.     111,460       1,769
  Shinnihon Corp.     199,948       1,765
1 Tsubaki Nakashima Co. Ltd.     313,676       1,763
  Futaba Industrial Co. Ltd.     479,228       1,762
  Sumitomo Riko Co. Ltd.     295,709       1,759
  Mie Kotsu Group Holdings Inc.     442,137       1,759
  Nichiden Corp.     105,183       1,757
  Key Coffee Inc.     122,419       1,756
  Nippon Parking Development Co. Ltd.   1,126,331       1,754
  NS United Kaiun Kaisha Ltd.      73,127       1,743
  Happinet Corp.     112,920       1,739
  Sun Corp.     140,200       1,737
  Matsuyafoods Holdings Co. Ltd.      60,483       1,733
 
30

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Tenma Corp.      95,161       1,729
  Denyo Co. Ltd.     120,017       1,722
  Fixstars Corp.     163,650       1,722
  Tokai Corp.     131,068       1,719
  AOKI Holdings Inc.     281,025       1,718
  HI-LEX Corp.     205,491       1,717
  Dai Nippon Toryo Co. Ltd.     268,505       1,713
1 Nippon Denko Co. Ltd.     873,427       1,713
  Mitsubishi Research Institute Inc.      44,479       1,700
  Yurtec Corp.     282,857       1,696
  Nissei ASB Machine Co. Ltd.      59,420       1,694
  Pasona Group Inc.     145,892       1,694
  Oriental Shiraishi Corp.     790,176       1,691
  Chori Co. Ltd.      82,072       1,689
  Union Tool Co.      75,041       1,686
  Vector Inc.     180,190       1,685
  COLOPL Inc.     371,626       1,682
  Sumida Corp.     164,373       1,678
  Marudai Food Co. Ltd.     162,443       1,675
  Neturen Co. Ltd.     246,419       1,669
  Tekken Corp.     115,988       1,660
  Solasto Corp.     357,442       1,656
  Airtrip Corp.      85,009       1,654
  Ichikoh Industries Ltd.     434,694       1,652
  ES-Con Japan Ltd.     287,751       1,649
  J-Oil Mills Inc.     148,119       1,647
  Nippon Road Co. Ltd.      25,092       1,631
  Keiyo Co. Ltd.     291,683       1,625
  K&O Energy Group Inc.     102,552       1,622
  Warabeya Nichiyo Holdings Co. Ltd.     105,096       1,620
*,1 Demae-Can Co. Ltd.     573,600       1,619
  Avant Group Corp.     164,400       1,618
  Ryoden Corp.     105,576       1,616
  Yahagi Construction Co. Ltd.     186,629       1,607
  S-Pool Inc.     436,825       1,607
  Arisawa Manufacturing Co. Ltd.     207,500       1,602
  Giken Ltd.     112,789       1,599
  Tonami Holdings Co. Ltd.      49,874       1,599
  World Co. Ltd.     138,847       1,596
  Mitsuba Corp.     280,625       1,589
  Elematec Corp.     124,883       1,586
  Japan Transcity Corp.     366,088       1,581
  Relia Inc.     155,079       1,579
  Macromill Inc.     269,181       1,579
  Zenrin Co. Ltd.     246,063       1,577
  TOC Co. Ltd.     356,412       1,567
1 Alpen Co. Ltd.     113,991       1,567
  Miroku Jyoho Service Co. Ltd.     143,048       1,564
  KPP Group Holdings Co. Ltd.     353,200       1,562
  Vital KSK Holdings Inc.     252,315       1,561
  Daiho Corp.      57,965       1,560
    Shares Market
Value•

($000)
  ASKA Pharmaceutical Holdings Co. Ltd.     155,205       1,558
  Okabe Co. Ltd.     303,587       1,551
  Riken Corp.      71,263       1,549
  Shikoku Bank Ltd.     260,392       1,549
  Ehime Bank Ltd.     275,670       1,545
  Gakken Holdings Co. Ltd.     256,474       1,541
1 Rock Field Co. Ltd.     148,605       1,541
  Stella Chemifa Corp.      70,695       1,539
  Toyo Corp.     153,649       1,537
  Itochu-Shokuhin Co. Ltd.      42,613       1,534
  Icom Inc.      75,868       1,530
  Daito Pharmaceutical Co. Ltd.      95,819       1,526
  Hokkaido Gas Co. Ltd.      92,386       1,510
  Wellneo Sugar Co. Ltd.     109,647       1,507
  Rheon Automatic Machinery Co. Ltd.     152,242       1,505
  Kurimoto Ltd.      96,444       1,495
  Cosel Co. Ltd.     170,165       1,482
  Elan Corp.     243,586       1,482
  Daikokutenbussan Co. Ltd.      39,968       1,480
  Shinwa Co. Ltd.      90,412       1,476
* Modec Inc.     151,717       1,473
  Seikagaku Corp.     280,759       1,472
  Onoken Co. Ltd.     131,959       1,468
  EM Systems Co. Ltd.     265,349       1,468
  Akita Bank Ltd.     126,125       1,467
  Aiphone Co. Ltd.      87,345       1,463
  YAKUODO Holdings Co. Ltd.      82,672       1,460
  Sakai Chemical Industry Co. Ltd.     112,092       1,459
  FIDEA Holdings Co. Ltd.     153,055       1,456
  Sagami Holdings Corp.     166,467       1,454
  Fujiya Co. Ltd.      84,299       1,445
  Sparx Group Co. Ltd.     135,587       1,445
  SB Technology Corp.      78,834       1,434
  Nihon Nohyaku Co. Ltd.     287,263       1,431
  Mars Group Holdings Corp.      72,096       1,431
  Dainichiseika Color & Chemicals Manufacturing Co. Ltd.      97,940       1,427
  Tatsuta Electric Wire & Cable Co. Ltd.     288,163       1,426
  SRA Holdings      62,823       1,418
  Matsuda Sangyo Co. Ltd.      89,337       1,413
  Toyo Kanetsu KK      59,571       1,413
  Chiyoda Integre Co. Ltd.      83,747       1,402
  Chilled & Frozen Logistics Holdings Co. Ltd.     159,384       1,401
 
31

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Shibusawa Warehouse Co. Ltd.      71,880       1,396
  Osaki Electric Co. Ltd.     363,430       1,387
  Goldcrest Co. Ltd.     110,753       1,384
  Riso Kyoiku Co. Ltd.     754,122       1,380
  NEC Capital Solutions Ltd.      61,730       1,380
  Nissin Corp.      78,854       1,379
  Hoosiers Holdings Co. Ltd.     198,137       1,378
  JM Holdings Co. Ltd.      99,219       1,376
1 YA-MAN Ltd.     194,248       1,360
  Hochiki Corp.     109,276       1,358
  Honeys Holdings Co. Ltd.     110,690       1,358
  CMK Corp.     349,339       1,357
*,1 Fujita Kanko Inc.      57,327       1,355
* Japan Display Inc.   4,984,772       1,355
1 Remixpoint Inc.     915,438       1,347
  Fukuda Corp.      39,735       1,345
  Hodogaya Chemical Co. Ltd.      56,018       1,345
*,1 PIA Corp.      57,053       1,345
  Marusan Securities Co. Ltd.     438,619       1,345
1 BRONCO BILLY Co. Ltd.      69,362       1,345
  Shindengen Electric Manufacturing Co. Ltd.      59,058       1,343
  Optorun Co. Ltd.      79,205       1,341
  Chubu Shiryo Co. Ltd.     181,710       1,334
  Tochigi Bank Ltd.     766,033       1,334
  Softcreate Holdings Corp.     107,766       1,330
* Nippon Chemi-Con Corp.     152,072       1,329
  m-up Holdings Inc.     169,100       1,326
  World Holdings Co. Ltd.      70,135       1,322
  Furuno Electric Co. Ltd.     178,538       1,321
  Kintetsu Department Store Co. Ltd.      74,618       1,316
  Nichiban Co. Ltd.     100,009       1,316
  Xebio Holdings Co. Ltd.     173,333       1,311
1 Takeda Pharmaceutical Co. Ltd. ADR      83,354       1,309
  Nagatanien Holdings Co. Ltd.      88,086       1,307
  Koatsu Gas Kogyo Co. Ltd.     248,189       1,292
  Toho Zinc Co. Ltd.     108,446       1,278
  Proto Corp.     161,332       1,275
  Toenec Corp.      50,923       1,273
  Kawada Technologies Inc.      31,567       1,271
  Marvelous Inc.     271,295       1,268
  Kyosan Electric Manufacturing Co. Ltd.     363,004       1,266
  SIGMAXYZ Holdings Inc.     130,292       1,260
  Cawachi Ltd.      81,931       1,252
    Shares Market
Value•

($000)
  Kyodo Printing Co. Ltd.      56,296       1,238
1 Carta Holdings Inc.     143,789       1,234
  Tokushu Tokai Paper Co. Ltd.      55,106       1,233
  G-7 Holdings Inc.     134,959       1,233
  DKK Co. Ltd.      79,428       1,227
  Ebase Co. Ltd.     228,612       1,215
  St. Marc Holdings Co. Ltd.      92,569       1,212
  Alpha Systems Inc.      49,538       1,211
  Takaoka Toko Co. Ltd.      79,640       1,191
  Bank of Saga Ltd.     102,957       1,189
  Studio Alice Co. Ltd.      77,134       1,189
  Nitto Kohki Co. Ltd.      86,600       1,189
* Pacific Metals Co. Ltd.     111,658       1,188
  LEC Inc.     195,753       1,179
  Aeon Fantasy Co. Ltd.      52,673       1,172
  Towa Bank Ltd.     314,177       1,163
  Pole To Win Holdings Inc.     211,751       1,158
1 Okuwa Co. Ltd.     198,244       1,152
  JDC Corp.     288,219       1,145
  Tayca Corp.     118,254       1,131
  Moriroku Holdings Co. Ltd.      78,303       1,130
* TerraSky Co. Ltd.      57,646       1,128
  CI Takiron Corp.     279,000       1,115
  JP-Holdings Inc.     466,003       1,113
  Tomoku Co. Ltd.      77,305       1,113
  Kansai Food Market Ltd.     106,166       1,112
  V Technology Co. Ltd.      65,653       1,108
  Toa Corp. (XTKS)     170,991       1,098
  Aichi Corp.     179,484       1,090
  Daido Metal Co. Ltd.     319,056       1,090
  ValueCommerce Co. Ltd.     115,611       1,088
  Taki Chemical Co. Ltd.      36,067       1,087
  Fudo Tetra Corp.      85,007       1,083
  Komatsu Matere Co. Ltd.     228,964       1,076
  Nippon Beet Sugar Manufacturing Co. Ltd.      82,970       1,074
  Tosho Co. Ltd.     121,563       1,072
  Iseki & Co. Ltd.     123,029       1,071
1 Link & Motivation Inc.     354,959       1,063
  Tv Tokyo Holdings Corp.      45,183       1,058
  JSP Corp.      81,224       1,056
  Fuji Pharma Co. Ltd.     129,413       1,045
  Kanagawa Chuo Kotsu Co. Ltd.      47,971       1,044
  Nippon Rietec Co. Ltd.     108,697       1,044
* Optim Corp.     146,893       1,043
  Sankyo Tateyama Inc.     205,761       1,041
  Chiyoda Co. Ltd.     167,035       1,035
  Kanaden Corp.     114,806       1,035
 
32

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Okura Industrial Co. Ltd.      66,897       1,028
  Ichiyoshi Securities Co. Ltd.     243,646       1,025
  Sanoh Industrial Co. Ltd.     170,665       1,023
  Direct Marketing MiX Inc.     170,483       1,020
  Achilles Corp.     101,446       1,018
  Maezawa Kyuso Industries Co. Ltd.     131,454       1,018
  Ministop Co. Ltd.     101,283       1,016
  Yukiguni Maitake Co. Ltd.     149,269       1,010
  CAC Holdings Corp.      84,413       1,008
  Nisso Corp.     157,507       1,007
  Feed One Co. Ltd.     200,035       1,003
  Kitanotatsujin Corp.     496,610       1,002
  Yorozu Corp.     149,914         995
  Tokyo Energy & Systems Inc.     145,980         990
  LIFULL Co. Ltd.     487,803         973
  Central Security Patrols Co. Ltd.      49,415         972
  Hisaka Works Ltd.     152,459         968
  CTS Co. Ltd.     188,028         966
  Seika Corp.      70,164         962
  Fukui Computer Holdings Inc.      49,444         961
  Maxvalu Tokai Co. Ltd.      50,265         960
1 Futaba Corp.     285,311         957
  Midac Holdings Co. Ltd.      88,256         940
* Gurunavi Inc.     385,339         938
  Advan Group Co. Ltd.     145,032         933
  CMIC Holdings Co. Ltd.      69,261         929
  Sankyo Seiko Co. Ltd.     236,436         926
  Taisei Lamick Co. Ltd.      45,721         924
  Hito Communications Holdings Inc.      85,380         923
  Nihon Tokushu Toryo Co. Ltd.     123,720         920
  Tsutsumi Jewelry Co. Ltd.      56,370         920
  Asahi Co. Ltd.      99,910         902
1 Inui Global Logistics Co. Ltd.      98,653         897
  Amuse Inc.      71,194         893
  Nihon Trim Co. Ltd.      37,019         892
* Sourcenext Corp.     623,888         865
  Osaka Steel Co. Ltd.      88,526         862
  Kenko Mayonnaise Co. Ltd.      93,001         855
*,1 Open Door Inc.      94,896         852
* KNT-CT Holdings Co. Ltd.      84,869         850
  Nihon Chouzai Co. Ltd.     103,730         850
  Rokko Butter Co. Ltd.      91,786         834
  Melco Holdings Inc.      37,690         833
  GMO GlobalSign Holdings KK      37,641         826
    Shares Market
Value•

($000)
  ST Corp.      78,318         821
  WATAMI Co. Ltd.     131,258         821
* Nippon Coke & Engineering Co. Ltd.   1,013,050         817
  MTI Ltd.     194,175         810
* MedPeer Inc.     113,695         803
1 Kojima Co. Ltd.     193,855         801
1 Sanei Architecture Planning Co. Ltd.      82,063         799
  Nippon Sharyo Ltd.      57,131         798
  Arakawa Chemical Industries Ltd.     114,549         795
  Sanshin Electronics Co. Ltd.      52,811         789
* Jamco Corp.      71,580         782
  WDB Holdings Co. Ltd.      52,962         782
  Furukawa Battery Co. Ltd.     107,297         779
  Aruhi Corp.     113,295         778
  Yushin Precision Equipment Co. Ltd.     156,000         777
  Oro Co. Ltd.      53,222         772
* Unitika Ltd.     472,862         771
  Shimizu Bank Ltd.      75,898         769
1 Kyokuto Securities Co. Ltd.     171,859         762
  Pronexus Inc.     107,244         745
  Airport Facilities Co. Ltd.     195,162         745
* Net Protections Holdings Inc.     322,800         745
1 Hokkan Holdings Ltd.      77,129         742
  Shimojima Co. Ltd.      95,372         739
1 Central Sports Co. Ltd.      44,229         736
  Fibergate Inc.      70,741         735
  Fuso Pharmaceutical Industries Ltd.      51,742         721
  Digital Holdings Inc.      99,939         721
1 Tokyo Rakutenchi Co. Ltd.      25,050         717
  Artnature Inc.     135,500         717
  IR Japan Holdings Ltd.      62,874         715
1 Tess Holdings Co. Ltd.     111,761         714
  FAN Communications Inc.     253,644         706
  Cleanup Corp.     135,488         696
  Kamakura Shinsho Ltd.     133,163         672
1 BrainPad Inc.      98,930         672
  DKS Co. Ltd.      54,542         670
* FDK Corp.     109,288         669
* Atrae Inc.     125,093         647
  Yamashin-Filter Corp.     300,744         636
  Taiho Kogyo Co. Ltd.      96,611         628
1 Ohara Inc.      61,097         628
  Japan Medical Dynamic Marketing Inc.      88,564         628
  Corona Corp. Class A      97,486         613
 
33

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Nakayama Steel Works Ltd.     103,963         610
  Akatsuki Inc.      42,802         607
  Medical Data Vision Co. Ltd.     116,903         593
  Inaba Seisakusho Co. Ltd.      51,413         584
  Gecoss Corp.      95,935         583
*,1 Kourakuen Holdings Corp.      82,063         580
  Japan Best Rescue System Co. Ltd.     114,186         556
* RPA Holdings Inc.     191,370         556
* Daisyo Corp.      67,791         543
* Akebono Brake Industry Co. Ltd.     542,566         533
  I-PEX Inc.      56,442         527
  Chuo Spring Co. Ltd.     107,880         526
  Ubicom Holdings Inc.      47,071         525
  Sekisui Kasei Co. Ltd.     166,741         510
  Takamiya Co. Ltd.     136,908         510
  Tokyo Individualized Educational Institute Inc.     140,337         503
1 V-Cube Inc.     149,442         493
*,1 CHIMNEY Co. Ltd.      53,904         492
* KLab Inc.     217,750         473
  Enigmo Inc.     171,056         469
*,1 Gunosy Inc.     102,774         434
* Taiko Pharmaceutical Co. Ltd.     181,125         431
  Kanamic Network Co. Ltd.     129,606         427
* Media Do Co. Ltd.      42,088         418
  Tokyo Base Co. Ltd.     168,771         416
* Tess Holdings Co. Ltd. Rights Exp. 8/24/23     111,761         399
  Raccoon Holdings Inc.      82,790         394
  Linical Co. Ltd.      68,678         390
* COOKPAD Inc.     271,541         323
  Robot Home Inc.     224,508         305
  Wowow Inc.      35,634         283
* Right On Co. Ltd.      65,911         270
       35,016,530
Netherlands (3.6%)
  ASML Holding NV   3,124,355   2,266,184
  Prosus NV   5,610,230     410,861
*,2 Adyen NV     233,259     403,927
  ING Groep NV  27,841,719     375,351
  Koninklijke Ahold Delhaize NV Class B   7,601,374     259,154
  Wolters Kluwer NV   1,971,192     250,289
  Heineken NV   2,218,083     228,100
* Koninklijke Philips NV   7,301,052     158,197
  ASM International NV     370,108     157,149
* DSM-Firmenich AG   1,375,885     148,065
  Universal Music Group NV   5,938,725     131,928
  Akzo Nobel NV   1,348,834     110,271
  ArcelorMittal SA   3,691,367     100,716
    Shares Market
Value•

($000)
  Heineken Holding NV   1,050,590      91,425
  Koninklijke KPN NV  25,177,147      89,882
  NN Group NV   2,231,210      82,594
  EXOR NV     827,389      73,865
  Aegon NV  13,932,647      70,727
  BE Semiconductor Industries NV     608,736      66,020
  IMCD NV     450,156      64,782
  ASR Nederland NV   1,154,657      52,079
1,2 ABN AMRO Bank NV GDR   3,130,828      48,663
  Randstad NV     870,656      45,918
  Aalberts NV     762,926      32,128
  JDE Peet's NV     957,761      28,498
2 Signify NV     990,382      27,764
*,2 Just Eat Takeaway.com NV   1,620,401      24,838
  Arcadis NV     574,007      24,007
  OCI NV     767,815      18,442
  Koninklijke Vopak NV Class B     514,454      18,363
* InPost SA   1,613,485      17,511
  SBM Offshore NV   1,226,365      16,811
  Allfunds Group plc   2,661,690      16,255
  TKH Group NV     324,259      16,094
1,2 Basic-Fit NV     412,626      15,776
*,1 Galapagos NV     384,989      15,664
* Fugro NV     882,913      13,756
  AMG Advanced Metallurgical Group NV     248,667      12,902
1,2 Alfen NV     169,939      11,427
  Corbion NV     463,599      11,073
  APERAM SA     342,343      10,690
2 CTP NV     815,473      10,609
  Eurocommercial Properties NV     411,515       9,558
  Majorel Group Luxembourg SA Class B     164,415       5,136
1 PostNL NV   2,859,704       4,988
  Wereldhave NV     319,751       4,887
  Sligro Food Group NV     268,090       4,612
  Flow Traders Ltd.     206,768       4,561
* TomTom NV     534,389       4,154
  Koninklijke BAM Groep NV   1,931,650       3,723
  NSI NV     138,374       3,085
  Vastned Retail NV     130,205       2,775
1 Brunel International NV     161,212       2,102
2 B&S Group Sarl     204,477         875
*,1 Ebusco Holding NV      71,776         606
        6,079,817
New Zealand (0.3%)
  Fisher & Paykel Healthcare Corp. Ltd. Class C   4,523,469      68,113
* Auckland International Airport Ltd.   9,387,777      49,337
  Spark New Zealand Ltd.  14,739,241      46,124
  Infratil Ltd.   6,434,425      40,149
  Meridian Energy Ltd.   9,856,685      33,942
  Contact Energy Ltd.   6,237,076      31,043
 
34

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  EBOS Group Ltd.   1,269,695      28,688
  Mainfreight Ltd.     635,962      28,148
  Mercury NZ Ltd.   5,469,518      21,861
  Fletcher Building Ltd.   6,221,659      20,738
  Ryman Healthcare Ltd.   4,735,479      19,171
* a2 Milk Co. Ltd.   5,694,760      18,692
  Chorus Ltd.   3,460,338      17,902
  Goodman Property Trust   8,636,076      11,784
  Summerset Group Holdings Ltd.   1,835,171      10,815
  SKYCITY Entertainment Group Ltd.   6,044,634       8,467
  Precinct Properties New Zealand Ltd.  10,338,757       8,191
  Kiwi Property Group Ltd.  12,269,767       6,875
  Genesis Energy Ltd.   4,090,712       6,867
  Freightways Group Ltd.   1,323,632       6,767
* Air New Zealand Ltd.  12,311,716       5,910
  Vital Healthcare Property Trust   4,033,950       5,799
  Heartland Group Holdings Ltd.   4,762,132       4,976
  Vector Ltd.   2,007,207       4,941
  Argosy Property Ltd.   6,819,358       4,666
  Skellerup Holdings Ltd.   1,379,925       3,893
  Stride Property Group   3,716,252       3,192
  KMD Brands Ltd.   4,429,482       2,721
  Oceania Healthcare Ltd.   5,565,484       2,633
  Scales Corp. Ltd.     924,236       1,788
  SKY Network Television Ltd.   1,159,530       1,739
* Synlait Milk Ltd.     824,176         841
* Pacific Edge Ltd.   5,735,384         306
          527,079
Norway (0.7%)
  Equinor ASA   7,289,402     212,259
  DNB Bank ASA   8,112,102     151,702
  Norsk Hydro ASA  10,496,263      62,571
  Aker BP ASA   2,424,757      56,888
  Mowi ASA   3,503,814      55,592
  Telenor ASA   4,960,894      50,301
  Yara International ASA   1,289,061      45,545
  Orkla ASA   6,015,615      43,255
  TOMRA Systems ASA   1,854,632      29,836
  Storebrand ASA   3,680,746      28,708
  Kongsberg Gruppen ASA     587,626      26,710
  Bakkafrost P/F     401,902      24,042
  Subsea 7 SA   1,888,496      23,522
  Gjensidige Forsikring ASA   1,343,411      21,521
  Salmar ASA     504,963      20,349
* Nordic Semiconductor ASA   1,500,018      18,300
  SpareBank 1 SR-Bank ASA   1,393,071      16,884
* NEL ASA  12,604,177      14,809
    Shares Market
Value•

($000)
* Adevinta ASA   2,170,981      14,266
  TGS ASA     936,244      13,951
  SpareBank 1 SMN   1,029,172      13,531
*,1 Borr Drilling Ltd.   1,803,170      13,223
  Schibsted ASA Class A     750,205      13,175
*,2 AutoStore Holdings Ltd.   5,670,221      12,412
  Borregaard ASA     789,581      11,700
  Aker ASA Class A     189,078      10,717
  Schibsted ASA Class B     591,605       9,816
  Hafnia Ltd.   1,952,211       9,540
  Atea ASA     654,388       9,501
  Veidekke ASA     877,270       9,406
  Var Energi ASA   3,213,284       8,736
2 Europris ASA   1,272,827       8,487
*,1 Kahoot! ASA   3,002,479       8,190
  Leroy Seafood Group ASA   2,018,084       7,658
  Aker Solutions ASA   2,098,675       7,600
  FLEX LNG Ltd.     239,486       7,318
*,2 Crayon Group Holding ASA     643,766       6,299
2 BW LPG Ltd.     611,293       6,100
2 Scatec ASA     925,106       6,056
  Wallenius Wilhelmsen ASA     804,322       5,575
  MPC Container Ships ASA   2,936,110       5,022
  Austevoll Seafood ASA     704,341       4,865
2 Elkem ASA   2,056,726       4,761
  Stolt-Nielsen Ltd.     173,766       4,428
2 Entra ASA     424,609       3,856
  Bonheur ASA     157,700       3,826
  DNO ASA   4,288,350       3,777
* Aker Carbon Capture ASA   2,683,301       3,522
  Sparebank 1 Oestlandet     257,571       3,120
  Hoegh Autoliners ASA     507,175       2,874
  Grieg Seafood ASA     428,806       2,683
  Wilh Wilhelmsen Holding ASA Class A     100,468       2,637
* Hexagon Composites ASA     849,457       2,159
  BW Offshore Ltd.     702,984       1,711
  Arendals Fossekompani ASA      85,723       1,451
* BW Energy Ltd.     568,294       1,364
*,1 Aker Horizons ASA   1,705,248       1,079
        1,169,186
Poland (0.3%)
  Polski Koncern Naftowy ORLEN SA   4,564,508      72,346
  Powszechna Kasa Oszczednosci Bank Polski SA   6,766,308      60,220
*,2 Dino Polska SA     380,336      44,436
  Powszechny Zaklad Ubezpieczen SA   4,428,409      42,954
  Bank Polska Kasa Opieki SA   1,240,764      33,844
 
35

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
* LPP SA       8,788      30,293
  KGHM Polska Miedz SA   1,082,535      29,974
*,2 Allegro.eu SA   3,587,543      28,269
* Santander Bank Polska SA     233,439      22,354
1 CD Projekt SA     514,247      19,599
* KRUK SA     140,674      14,124
* PGE Polska Grupa Energetyczna SA   7,072,653      12,629
* Pepco Group NV   1,167,899      10,583
* mBank SA     101,995      10,196
* Orange Polska SA   5,245,424       9,021
* Alior Bank SA     737,864       8,784
  Asseco Poland SA     439,975       8,688
  Cyfrowy Polsat SA   1,908,820       7,754
* Bank Millennium SA   4,850,656       6,878
  Bank Handlowy w Warszawie SA     260,134       5,528
* Tauron Polska Energia SA   7,560,344       5,117
* Jastrzebska Spolka Weglowa SA     396,627       3,911
* CCC SA     311,791       3,235
* AmRest Holdings SE     554,093       3,136
* Enea SA   1,961,514       3,086
*,1 Grupa Azoty SA     372,022       2,400
  Warsaw Stock Exchange     201,037       1,883
  Ciech SA     126,167       1,660
* Kernel Holding SA     139,082         486
          503,388
Portugal (0.2%)
  EDP - Energias de Portugal SA  23,810,480     116,378
  Jeronimo Martins SGPS SA   2,177,673      59,992
  Galp Energia SGPS SA   3,964,344      46,327
  EDP Renovaveis SA   1,968,293      39,333
* Banco Comercial Portugues SA Class R  61,767,066      14,810
  REN - Redes Energeticas Nacionais SGPS SA   3,058,228       8,328
  Sonae SGPS SA   7,109,635       6,990
  Navigator Co. SA   1,981,203       6,712
  NOS SGPS SA   1,546,214       5,495
  CTT-Correios de Portugal SA   1,171,956       4,456
*,1 Greenvolt-Energias Renovaveis SA     501,681       3,347
  Corticeira Amorim SGPS SA     263,596       2,782
1 Altri SGPS SA     561,374       2,551
  Semapa-Sociedade de Investimento e Gestao     116,733       1,658
          319,159
Singapore (1.1%)
  DBS Group Holdings Ltd.  14,362,238     335,398
  Oversea-Chinese Banking Corp. Ltd.  27,797,131     252,870
  United Overseas Bank Ltd.   9,611,449     199,450
    Shares Market
Value•

($000)
  Singapore Telecommunications Ltd.  59,563,893     110,322
  CapitaLand Integrated Commercial Trust  40,125,337      56,863
  Keppel Corp. Ltd.  10,989,273      54,691
  CapitaLand Ascendas REIT  26,957,228      54,410
  Singapore Airlines Ltd.  10,114,053      53,585
  Capitaland Investment Ltd.  20,060,030      49,286
  Wilmar International Ltd.  16,487,600      46,449
  Singapore Exchange Ltd.   6,491,369      46,226
  Singapore Technologies Engineering Ltd.  12,060,480      32,909
  Genting Singapore Ltd.  45,921,128      32,020
  Mapletree Logistics Trust  26,273,402      31,600
  Sembcorp Industries Ltd.   7,173,813      30,568
* Seatrium Ltd. 322,085,907      29,873
  Mapletree Industrial Trust  15,075,249      24,663
  Venture Corp. Ltd.   2,122,936      23,178
  Mapletree Pan Asia Commercial Trust  18,225,182      21,925
  Frasers Logistics & Commercial Trust  22,679,834      21,000
  Jardine Cycle & Carriage Ltd.     779,818      20,108
  UOL Group Ltd.   3,933,458      18,748
  City Developments Ltd.   3,688,789      18,400
  Keppel DC REIT  10,159,172      16,269
  Suntec REIT  16,884,981      16,139
  NetLink NBN Trust  23,327,244      14,764
  ComfortDelGro Corp. Ltd.  16,183,459      13,906
  Frasers Centrepoint Trust   8,487,483      13,781
  CapitaLand Ascott Trust  16,728,486      13,407
*,1 SATS Ltd.   6,701,703      12,820
  ESR-LOGOS REIT  49,175,757      12,224
  Keppel REIT  16,977,818      11,331
1 Keppel Infrastructure Trust  29,419,781      11,112
  Olam Group Ltd.   9,209,310       9,500
  Parkway Life REIT   3,023,166       8,732
  Hutchison Port Holdings Trust Class U  40,403,024       7,812
  Lendlease Global Commercial REIT  15,143,267       7,405
  Raffles Medical Group Ltd.   7,299,094       7,352
  CapitaLand China Trust   9,139,248       6,906
  CDL Hospitality Trusts   6,806,812       6,170
  AEM Holdings Ltd.   2,177,330       6,008
  PARAGON REIT   8,482,293       6,001
  Capitaland India Trust   6,771,130       5,719
 
36

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Cromwell European REIT   2,640,526       4,501
1 AIMS APAC REIT   4,742,814       4,362
  Starhill Global REIT  11,207,670       4,274
  First Resources Ltd.   4,088,332       4,218
1 iFAST Corp. Ltd.   1,230,969       4,200
  Sheng Siong Group Ltd.   3,378,173       4,099
  OUE Commercial REIT  16,662,635       4,073
  Singapore Post Ltd.  11,873,268       3,962
  Far East Hospitality Trust   7,540,759       3,519
* SIA Engineering Co. Ltd.   1,849,016       3,411
  StarHub Ltd.   4,409,174       3,394
  UMS Holdings Ltd.   3,553,992       2,798
  Digital Core REIT Management Pte. Ltd.   5,268,670       2,511
  Hour Glass Ltd.   1,666,900       2,468
  Manulife US REIT  13,166,219       2,286
  Keppel Pacific Oak US REIT   6,390,657       2,015
  Riverstone Holdings Ltd.   4,146,873       1,905
  First REIT   9,128,516       1,757
1 Nanofilm Technologies International Ltd.   1,506,479       1,513
  Silverlake Axis Ltd.   5,429,426       1,227
  Prime US REIT   4,667,086         982
*,1 COSCO Shipping International Singapore Co. Ltd.   7,561,216         885
  Bumitama Agri Ltd.   2,160,408         880
  Golden Energy & Resources Ltd.   4,866,600         649
* Yoma Strategic Holdings Ltd.   8,964,090         592
*,1,3 Ezra Holdings Ltd.  10,329,900          84
* Capitaland India Trust Manage Rights Exp. 7/10/23     805,764          48
*,3 Eagle Hospitality Trust   4,532,200          —
        1,838,513
South Korea (4.6%)
  Samsung Electronics Co. Ltd. (XKRX)  37,629,738   2,072,017
  SK Hynix Inc.   4,265,093     374,750
  Samsung Electronics Co. Ltd. Preference Shares   6,344,824     287,924
  Samsung SDI Co. Ltd. (XKRX)     409,599     209,155
  LG Chem Ltd. (XKRX)     371,951     189,346
  POSCO Holdings Inc.     591,535     175,066
  Hyundai Motor Co.   1,081,342     170,089
  NAVER Corp.   1,134,788     158,853
  Kia Corp.   1,973,402     132,930
* LG Energy Solution Ltd.     273,556     115,329
  KB Financial Group Inc.   3,062,966     111,169
1 Celltrion Inc.     869,611     101,502
    Shares Market
Value•

($000)
  Shinhan Financial Group Co. Ltd.   3,797,971      98,186
  Kakao Corp.   2,394,340      89,931
1 Ecopro Co. Ltd.     151,210      87,343
  Hyundai Mobis Co. Ltd.     489,755      86,710
  LG Electronics Inc. (XKRX)     840,387      81,340
*,2 Samsung Biologics Co. Ltd.     139,756      79,127
1 Ecopro BM Co. Ltd.     360,892      68,652
  Hana Financial Group Inc.   2,272,783      67,848
  POSCO Future M Co. Ltd.     224,358      60,531
  Samsung C&T Corp.     661,393      53,232
  KT&G Corp.     814,045      51,135
* SK Innovation Co. Ltd.     415,491      50,372
  Samsung Electro-Mechanics Co. Ltd.     437,677      48,321
  LG Corp.     710,080      47,618
* Doosan Enerbility Co. Ltd.   3,355,746      46,368
  Woori Financial Group Inc.   4,997,514      44,892
  Samsung Fire & Marine Insurance Co. Ltd.     246,702      43,051
  Celltrion Healthcare Co. Ltd.     778,382      38,970
1 L&F Co. Ltd.     195,544      36,394
* Krafton Inc.     232,918      34,689
1 HMM Co. Ltd.   2,308,727      33,198
* Korea Electric Power Corp.   2,011,122      31,475
1 SK Inc.     276,434      31,357
* HYBE Co. Ltd.     144,053      31,067
1 KakaoBank Corp.   1,691,414      30,749
* Korea Shipbuilding & Offshore Engineering Co. Ltd.     339,884      30,214
  Samsung Life Insurance Co. Ltd.     587,560      30,050
1 Korea Zinc Co. Ltd.      80,814      30,017
  NCSoft Corp.     125,124      28,177
  Korean Air Lines Co. Ltd.   1,461,225      27,107
* Samsung Engineering Co. Ltd.   1,247,955      26,912
  Samsung SDS Co. Ltd.     286,524      26,858
  Hanwha Aerospace Co. Ltd.     272,547      26,396
* Hanwha Solutions Corp.     818,336      26,390
* SK Square Co. Ltd.     780,882      26,376
  LG Innotek Co. Ltd.     111,112      26,321
* Samsung Heavy Industries Co. Ltd.   5,145,861      26,182
  Meritz Financial Group Inc.     795,328      25,217
  LG H&H Co. Ltd. (XKRX)      71,016      24,818
 
37

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Hyundai Motor Co. Preference Shares (XKRX)     275,209      22,986
* CosmoAM&T Co. Ltd.     159,005      22,709
1 Korea Aerospace Industries Ltd.     554,604      22,524
1 Hyundai Glovis Co. Ltd.     145,538      21,911
1 JYP Entertainment Corp.     214,853      21,443
  LG Display Co. Ltd.   1,763,560      21,196
*,1 HLB Inc.     808,595      20,075
  DB Insurance Co. Ltd.     350,743      19,921
  Yuhan Corp.     414,782      19,040
  Doosan Bobcat Inc.     389,704      17,420
  Hyundai Steel Co.     667,417      17,198
  LG Chem Ltd. Preference Shares      63,026      16,932
1 Amorepacific Corp.     226,373      16,850
1 Lotte Chemical Corp.     142,861      16,814
  Industrial Bank of Korea   2,131,046      16,764
  Hyundai Engineering & Construction Co. Ltd.     569,025      16,541
  S-Oil Corp.     323,774      16,451
* Hyundai Rotem Co. Ltd.     568,811      15,838
  Orion Corp.Republic of Korea     171,361      15,628
  Hyundai Motor Co. Preference Shares     185,393      15,344
  HD Hyundai Co. Ltd.     332,381      15,170
  Hankook Tire & Technology Co. Ltd.     576,852      15,134
*,1 Hyundai Heavy Industries Co. Ltd.     147,665      14,840
1,2 SK IE Technology Co. Ltd.     199,664      14,792
  Coway Co. Ltd.     441,518      14,754
  Hanmi Pharm Co. Ltd.      59,614      14,007
*,1 SK Biopharmaceuticals Co. Ltd.     226,420      13,953
  Samsung Securities Co. Ltd.     501,741      13,771
1 Hotel Shilla Co. Ltd.     245,142      13,719
  Kumho Petrochemical Co. Ltd.     135,081      13,659
  LG Uplus Corp.   1,658,465      13,532
1 DB HiTek Co. Ltd.     276,622      13,336
  Fila Holdings Corp.     410,164      12,492
  Korea Investment Holdings Co. Ltd.     303,674      11,977
1 Hansol Chemical Co. Ltd.      64,735      11,862
1 CJ CheilJedang Corp. (XKRX)      56,717      11,622
  Youngone Corp.     235,853      11,582
*,1 SK Bioscience Co. Ltd.     190,046      11,528
  BNK Financial Group Inc.   2,182,757      11,522
1 Kangwon Land Inc.     856,671      11,345
    Shares Market
Value•

($000)
1 F&F Co. Ltd.     123,769      11,282
  Mirae Asset Securities Co. Ltd.   2,014,666      11,112
1 Posco International Corp.     358,470      10,911
  HL Mando Co. Ltd.     265,029      10,902
  SKC Co. Ltd.     145,344      10,841
  Hyundai Marine & Fire Insurance Co. Ltd.     459,071      10,832
*,1 Daewoo Shipbuilding & Marine Engineering Co. Ltd.     376,487      10,829
* Pearl Abyss Corp.     265,095      10,667
*,1 Hyundai Mipo Dockyard Co. Ltd.     160,270      10,265
  Hanwha Corp. (XKRX)     445,061      10,160
  CS Wind Corp.     153,228      10,093
1 Hyundai Doosan Infracore Co. Ltd.   1,096,423       9,998
  GS Holdings Corp.     356,891       9,947
* W Scope Chungju Plant Co. Ltd.     173,997       9,704
*,1 Kum Yang Co. Ltd.     233,852       9,526
1 LS Corp.     134,373       9,524
*,1 Celltrion Pharm Inc.     160,282       9,349
1 Hanjin Kal Corp.     251,755       8,981
  E-MART Inc.     151,862       8,892
1 Hanon Systems   1,257,715       8,770
1 Hyosung Advanced Materials Corp.      24,893       8,742
*,1 Alteogen Inc.     265,642       8,740
  HD Hyundai Electric Co Ltd.     174,759       8,667
  BGF retail Co. Ltd.      64,638       8,586
1 OCI Co. Ltd.      98,471       8,511
1 LEENO Industrial Inc.      72,753       8,175
*,1 Kakao Games Corp.     324,157       8,158
  Hanmi Semiconductor Co. Ltd.     344,679       7,954
  NH Investment & Securities Co. Ltd.   1,056,760       7,687
1 Pan Ocean Co. Ltd.   1,941,974       7,677
  NongShim Co. Ltd.      24,795       7,487
1 Dongjin Semichem Co. Ltd.     232,091       7,479
1 Shinsegae Inc.      55,107       7,475
  Cheil Worldwide Inc.     539,806       7,452
  LX Semicon Co. Ltd.      84,962       7,395
1 LS Electric Co. Ltd.     121,134       7,326
  JB Financial Group Co. Ltd.   1,129,985       7,273
1 SM Entertainment Co. Ltd.      89,092       7,254
1 Medytox Inc.      39,470       7,084
  GS Engineering & Construction Corp.     487,858       6,948
1 Hyosung TNC Corp.      23,887       6,938
1 WONIK IPS Co. Ltd.     274,310       6,873
*,1 Cosmochemical Co. Ltd.     191,476       6,870
  KIWOOM Securities Co. Ltd.     100,894       6,818
 
38

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  LG Electronics Inc. Preference Shares     159,940       6,645
  DGB Financial Group Inc.   1,191,676       6,594
1,2 Netmarble Corp.     172,944       6,495
  Hyundai Wia Corp.     125,988       6,435
  Daeduck Electronics Co. Ltd.     257,984       6,365
*,1 Bioneer Corp.     170,935       6,349
1 Soulbrain Co. Ltd.      32,821       6,301
1 Lotte Energy Materials Corp.     170,754       6,295
  LOTTE Fine Chemical Co. Ltd.     118,230       6,249
  DL E&C Co. Ltd.     235,535       6,245
* SOLUM Co. Ltd.     275,530       6,166
*,1 Kakaopay Corp.     170,687       6,137
  Hyundai Construction Equipment Co. Ltd.      93,498       6,108
  S-1 Corp.     148,528       6,027
1 People & Technology Inc.     142,473       5,887
1 Hyundai Elevator Co. Ltd.     190,813       5,848
*,1 Hyundai Bioscience Co. Ltd.     287,868       5,832
  Dentium Co. Ltd.      52,329       5,787
* Hanwha Life Insurance Co. Ltd.   2,861,975       5,622
1 Daejoo Electronic Materials Co. Ltd.      75,797       5,591
  Kolon Industries Inc.     145,435       5,543
  Hyundai Autoever Corp.      51,800       5,538
  Samsung SDI Co. Ltd. Preference Shares      22,492       5,515
  Samsung Card Co. Ltd.     244,167       5,502
  Advanced Nano Products Co. Ltd.      57,864       5,468
1 Eo Technics Co. Ltd.      63,763       5,463
1 Koh Young Technology Inc.     459,033       5,407
  GS Retail Co. Ltd.     305,183       5,317
1 Hanwha Systems Co. Ltd.     474,148       5,276
1 KEPCO Engineering & Construction Co. Inc.      99,167       5,254
1 S&S Tech Corp.     123,278       5,220
1 PharmaResearch Co. Ltd.      47,384       5,190
*,1 HLB Life Science Co. Ltd.     668,125       5,185
  CJ Corp.      99,898       5,184
1 LIG Nex1 Co. Ltd.      83,839       5,168
1 YG Entertainment Inc.      86,996       5,115
*,1 Doosan Fuel Cell Co. Ltd.     232,981       5,110
  LX International Corp.     185,031       5,091
*,1 Daewoo Engineering & Construction Co. Ltd.   1,636,794       5,076
1 Park Systems Corp.      34,840       4,994
    Shares Market
Value•

($000)
1 Chunbo Co. Ltd.      32,978       4,858
1 Hanmi Science Co. Ltd.     191,416       4,834
  KCC Corp.      32,222       4,829
1 Posco DX Co. Ltd.     413,325       4,808
  Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares      36,820       4,795
1 Poongsan Corp.     144,413       4,773
1 Hana Micron Inc.     282,088       4,722
  Lotte Shopping Co. Ltd.      88,012       4,593
* Hanall Biopharma Co. Ltd.     283,686       4,492
1 Hyundai Department Store Co. Ltd.     119,482       4,480
* Hyosung Heavy Industries Corp.      49,927       4,375
*,1 Sam Chun Dang Pharm Co. Ltd.     104,291       4,366
*,1 Oscotec Inc.     245,667       4,348
*,1 STCUBE     354,654       4,289
1 Cosmax Inc.      60,099       4,256
  Lutronic Corp.     152,277       4,224
1 AMOREPACIFIC Group     207,673       4,162
  SK Chemicals Co. Ltd.      77,717       4,154
  KEPCO Plant Service & Engineering Co. Ltd.     162,861       4,137
1 BH Co. Ltd.     199,511       4,120
*,1 LegoChem Biosciences Inc.     147,349       4,107
*,1 Creative & Innovative System     390,812       4,107
1 ST Pharm Co. Ltd.      69,859       4,097
*,1 Sungeel Hitech Co. Ltd.      39,447       4,063
1 Chong Kun Dang Pharmaceutical Corp.      64,769       4,042
  Korean Reinsurance Co.     758,776       4,040
* Oci Co. Ltd.      43,637       4,040
  HAESUNG DS Co. Ltd.      87,196       4,037
1 Foosung Co. Ltd.     409,714       3,982
1 Jusung Engineering Co. Ltd.     272,969       3,968
*,1 Eoflow Co. Ltd.     183,560       3,968
1 SK Networks Co. Ltd.   1,023,654       3,962
1 Ecopro HN Co. Ltd.      83,764       3,955
1 Wemade Co. Ltd.     132,006       3,954
  Korea Gas Corp.     198,516       3,879
1 Hite Jinro Co. Ltd.     234,108       3,849
1 SFA Engineering Corp.     140,200       3,845
  CJ ENM Co. Ltd.      80,385       3,840
1 Kolmar Korea Co. Ltd.     114,515       3,839
  Lotte Corp.     201,605       3,836
*,1 Kumho Tire Co. Inc.   1,055,733       3,813
*,1 Paradise Co. Ltd.     353,824       3,809
1 SIMMTECH Co. Ltd.     144,695       3,779
  CJ Logistics Corp.      64,819       3,772
 
39

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
*,1 Hugel Inc.      44,882       3,766
*,1 Myoung Shin Industrial Co. Ltd.     208,429       3,737
* Chabiotech Co. Ltd.     343,656       3,731
  Dongsuh Cos. Inc.     254,360       3,679
1 Green Cross Corp.      41,499       3,630
  LG H&H Co. Ltd. Preference Shares      24,513       3,496
1 SSANGYONG C&E Co. Ltd.     863,092       3,472
  Com2uSCorp      74,763       3,469
*,1 Mezzion Pharma Co. Ltd.     121,804       3,420
1 SL Corp.     120,972       3,394
1 Ottogi Corp.      11,387       3,394
1 Seegene Inc.     213,655       3,347
  Douzone Bizon Co. Ltd.     140,873       3,323
  SK REITs Co. Ltd.     850,586       3,305
*,1 Duk San Neolux Co. Ltd.      93,600       3,284
  Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares   1,150,093       3,251
*,1 Hana Tour Service Inc.      83,382       3,243
*,1 Taihan Electric Wire Co. Ltd.     299,118       3,240
1 HK inno N Corp.     141,309       3,239
*,1 Enchem Co. Ltd.      59,402       3,231
  Hyosung Corp.      66,180       3,179
1 HDC Hyundai Development Co-Engineering & Construction Class E     366,125       3,178
*,1 Shin Poong Pharmaceutical Co. Ltd.     252,401       3,066
1 Innox Advanced Materials Co. Ltd.     102,772       3,045
1 Doosan Co. Ltd.      43,946       3,037
*,1 SK oceanplant Co. Ltd.     195,747       3,011
1 Tokai Carbon Korea Co. Ltd.      34,135       3,001
1 DL Holdings Co. Ltd.      95,288       2,998
  AfreecaTV Co. Ltd.      53,383       2,989
1 PI Advanced Materials Co. Ltd.     102,816       2,980
  JR Global REIT     907,788       2,956
*,1 GemVax & Kael Co. Ltd.     273,794       2,945
  Solus Advanced Materials Co. Ltd.     103,123       2,920
* Jeju Air Co. Ltd.     257,856       2,920
*,1 ABLBio Inc.     193,768       2,873
1 Lotte Chilsung Beverage Co. Ltd.      29,711       2,866
1 Seoul Semiconductor Co. Ltd.     291,480       2,846
  ESR Kendall Square REIT Co. Ltd.     917,086       2,798
  Partron Co. Ltd.     400,050       2,793
  Eugene Technology Co. Ltd.     105,937       2,753
    Shares Market
Value•

($000)
* Sambu Engineering & Construction Co. Ltd.   1,169,627       2,753
1 Intellian Technologies Inc.      49,014       2,748
* Neowiz      90,712       2,727
1 Sungwoo Hitech Co. Ltd.     354,206       2,681
1 TKG Huchems Co. Ltd.     159,281       2,681
*,1 NKMax Co. Ltd.     240,315       2,638
  IS Dongseo Co. Ltd.     103,633       2,634
  LOTTE REIT Co. Ltd.     944,160       2,623
  i-SENS Inc.     139,123       2,611
1 Samyang Foods Co. Ltd.      32,003       2,606
1 Daewoong Pharmaceutical Co. Ltd.      35,512       2,601
1 Doosan Tesna Inc.      79,967       2,541
  Innocean Worldwide Inc.      84,630       2,532
1 DongKook Pharmaceutical Co. Ltd.     231,494       2,525
  Youngone Holdings Co. Ltd.      42,817       2,518
*,1 KMW Co. Ltd.     222,355       2,514
  Shinhan Alpha REIT Co. Ltd.     533,710       2,514
*,1 Shinsung E&G Co. Ltd.   1,409,841       2,512
1 L&C Bio Co. Ltd.      95,248       2,509
  Korea Electric Terminal Co. Ltd.      54,279       2,505
  KCC Glass Corp.      74,109       2,504
  Daou Technology Inc.     187,082       2,498
  Samyang Holdings Corp.      44,789       2,474
  CJ CheilJedang Corp. Preference Shares      23,742       2,447
* Asiana Airlines Inc.     260,204       2,428
  SD Biosensor Inc.     260,822       2,428
* NHN Corp.     128,990       2,418
1 Korea Petrochemical Ind Co. Ltd.      21,999       2,345
* Pharmicell Co. Ltd.     411,857       2,342
* DIO Corp.      89,992       2,335
*,1 SFA Semicon Co. Ltd.     557,436       2,310
1 Sebang Global Battery Co. Ltd.      62,788       2,307
1 MegaStudyEdu Co. Ltd.      58,007       2,291
1 Ahnlab Inc.      47,034       2,290
  Amorepacific Corp. (XKRX) Preference Shares      95,007       2,278
  Seojin System Co. Ltd.     151,543       2,267
1 Green Cross Holdings Corp.     207,933       2,257
1 Youlchon Chemical Co. Ltd.      98,181       2,254
1 Mcnex Co. Ltd.      98,169       2,254
*,1 Amicogen Inc.     155,984       2,252
  Han Kuk Carbon Co. Ltd.     252,105       2,238
 
40

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
*,1 Naturecell Co. Ltd.     353,134       2,223
  DoubleUGames Co. Ltd.      69,164       2,219
  SNT Motiv Co. Ltd.      55,100       2,218
1 Dawonsys Co. Ltd.     206,806       2,183
1 RFHIC Corp.     129,772       2,174
1 INTOPS Co. Ltd.      83,809       2,165
*,1 Vaxcell-Bio Therapeutics Co. Ltd.      80,354       2,159
  SK Discovery Co. Ltd.      78,691       2,148
1 Taekwang Industrial Co. Ltd.       4,459       2,144
1 KH Vatec Co. Ltd.     127,475       2,095
  LX Holdings Corp.     347,614       2,092
* HLB Therapeutics Co. Ltd.     519,776       2,089
*,1 Lotte Tour Development Co. Ltd.     258,269       2,063
*,1 NEPES Corp.     134,920       2,030
*,1 Studio Dragon Corp.      49,538       2,029
1 ENF Technology Co. Ltd.      99,109       2,028
1 Daesang Corp.     153,429       2,004
  JW Pharmaceutical Corp.     112,261       1,988
1 GOLFZON Co. Ltd.      22,441       1,982
  Daishin Securities Co. Ltd. Preference Shares     196,338       1,969
1 NICE Information Service Co. Ltd.     248,476       1,935
*,1 Ananti Inc.     356,731       1,913
  Hanjin Transportation Co. Ltd.     125,610       1,903
* Dongkuk Steel Mill Co. Ltd.     231,032       1,897
1 Harim Holdings Co. Ltd.     318,604       1,885
1 GC Cell Corp.      62,467       1,871
  Daishin Securities Co. Ltd.     181,965       1,867
  Lotte Rental Co. Ltd.      87,338       1,853
1 Humasis Co. Ltd.     945,724       1,850
*,1 Grand Korea Leisure Co. Ltd.     148,062       1,842
1 Hankook & Co. Co. Ltd.     201,680       1,826
1 Zinus Inc.      87,601       1,826
1 Songwon Industrial Co. Ltd.     116,644       1,801
  LF Corp.     139,267       1,800
*,1 Eubiologics Co. Ltd.     316,254       1,796
  Hanwha Investment & Securities Co. Ltd.     884,332       1,795
* Hanwha General Insurance Co. Ltd.     582,013       1,790
  Samwha Capacitor Co. Ltd.      54,799       1,776
*,1 Genexine Inc.     226,492       1,765
  Handsome Co. Ltd.      99,619       1,764
  InBody Co. Ltd.      79,017       1,764
1 Hanssem Co. Ltd.      53,073       1,749
  SK Gas Ltd.      17,923       1,742
*,1 Insun ENT Co. Ltd.     262,165       1,732
    Shares Market
Value•

($000)
  Seah Besteel Holdings Corp.      88,195       1,730
* Korea Line Corp.   1,113,049       1,718
  Hansae Co. Ltd.     103,851       1,699
*,1 Wysiwyg Studios Co. Ltd.     698,692       1,669
1 Orion Holdings Corp.     149,295       1,668
  Nexen Tire Corp.     264,890       1,664
* GeneOne Life Science Inc.     549,945       1,635
1 Young Poong Corp.       3,717       1,618
  LX Hausys Ltd.      46,419       1,614
  Solid Inc.     380,681       1,609
* Peptron Inc.     152,699       1,594
  TK Corp.     113,213       1,590
  Dong-A ST Co. Ltd.      35,735       1,556
  Advanced Process Systems Corp.      95,643       1,549
1 TES Co. Ltd.      94,344       1,537
  Bukwang Pharmaceutical Co. Ltd.     278,657       1,523
  Daewoong Co. Ltd.     159,037       1,516
* CrystalGenomics Inc.     453,286       1,509
  Namyang Dairy Products Co. Ltd.       3,679       1,496
  Dong-A Socio Holdings Co. Ltd.      23,035       1,487
  Sung Kwang Bend Co. Ltd.     129,374       1,480
  HDC Holdings Co. Ltd.     302,226       1,480
  HL Holdings Corp.      52,319       1,473
  Vieworks Co. Ltd.      52,535       1,457
* Namsun Aluminum Co. Ltd.     723,447       1,448
  Hyundai Home Shopping Network Corp.      41,524       1,445
*,1 MedPacto Inc.      98,351       1,444
* AbClon Inc.     109,361       1,436
* Il Dong Pharmaceutical Co. Ltd.     118,827       1,429
*,1 Modetour Network Inc.     109,425       1,417
  Namhae Chemical Corp.     216,068       1,416
*,1 Komipharm International Co. Ltd.     269,799       1,413
  Ilyang Pharmaceutical Co. Ltd.     107,724       1,409
  Unid Co. Ltd.      27,440       1,406
*,1 Helixmith Co. Ltd.     279,365       1,399
*,1 Danal Co. Ltd.     453,967       1,394
  Samchully Co. Ltd.      16,920       1,392
  SK Securities Co. Ltd.   2,674,850       1,380
*,1 UniTest Inc.     120,023       1,378
  Binggrae Co. Ltd.      37,780       1,366
1 Lotte Confectionery Co. Ltd.      17,533       1,351
  Webzen Inc.     128,051       1,350
*,1 CJ CGV Co. Ltd.     190,723       1,350
*,1 Binex Co. Ltd.     169,163       1,340
 
41

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
* CMG Pharmaceutical Co. Ltd.     793,520       1,312
  Huons Co. Ltd.      53,584       1,295
1 Boryung     207,195       1,295
  Eugene Investment & Securities Co. Ltd.     421,551       1,271
  Hansol Technics Co. Ltd.     205,189       1,266
* Hyosung Chemical Corp.      17,591       1,260
* Hyundai Green Food     129,288       1,252
  iMarketKorea Inc.     166,520       1,251
  Korea United Pharm Inc.      68,666       1,250
*,1 Hancom Inc.     122,353       1,247
1 Nature Holdings Co. Ltd.      67,977       1,243
*,1 BNC Korea Co. Ltd.     497,713       1,241
  NICE Holdings Co. Ltd.     139,018       1,238
1 Dongwon Industries Co. Ltd.      41,589       1,227
* Daea TI Co. Ltd.     445,632       1,218
1 NHN KCP Corp.     158,788       1,216
1 Hanil Cement Co. Ltd.     128,948       1,214
* HLB Global Co. Ltd.     318,524       1,214
  Yuanta Securities Korea Co. Ltd.     588,778       1,202
  Seobu T&D     210,787       1,197
* Com2uS Holdings Corp.      41,091       1,188
* Yungjin Pharmaceutical Co. Ltd.     628,483       1,181
  KC Tech Co. Ltd.      72,604       1,179
* Samsung Pharmaceutical Co. Ltd.     494,527       1,174
* Medipost Co. Ltd.     107,192       1,173
* Dongkuk CM Co. Ltd.     139,242       1,166
  Tongyang Inc.   1,450,596       1,156
1 Kwang Dong Pharmaceutical Co. Ltd.     229,423       1,155
  KISWIRE Ltd.      79,825       1,153
  Korea Real Estate Investment & Trust Co. Ltd.   1,080,367       1,136
1 Gradiant Corp.      84,141       1,132
1 Shinsegae International Inc.      83,670       1,086
1 Sangsangin Co. Ltd.     288,645       1,060
  Humedix Co. Ltd.      39,149       1,060
* Cafe24 Corp.      99,161       1,056
  Hansol Paper Co. Ltd.     122,002       1,039
  Korea Asset In Trust Co. Ltd.     429,889       1,037
  Daol Investment & Securities Co. Ltd.     384,150       1,032
* Hanwha Galleria Co. Ltd.     880,756       1,014
  KUMHOE&C Co. Ltd.     211,991         988
  Hyundai Corp.      58,136         987
    Shares Market
Value•

($000)
*,1 OliX Pharmaceuticals Inc.      75,981         987
1 Dongkuk Steel Mill Co. Ltd. (XKRX)      74,169         985
*,1 iNtRON Biotechnology Inc.     201,678         980
*,1,3 Cellivery Therapeutics Inc.     189,478         961
  Jeil Pharmaceutical Co. Ltd.      66,665         956
  Toptec Co. Ltd.     146,200         952
  TY Holdings Co. Ltd.     150,277         935
  SPC Samlip Co. Ltd.      18,028         934
1 Dongwon F&B Co. Ltd.      43,782         930
  HS Industries Co. Ltd.     313,182         925
* Homecast Co. Ltd.     243,243         921
  Hankook Shell Oil Co. Ltd.       5,336         914
* Inscobee Inc.     756,988         881
1 ITM Semiconductor Co. Ltd.      48,634         824
*,1 Wonik Holdings Co. Ltd.     282,074         816
  KC Co. Ltd.      55,206         814
  Daeduck Co. Ltd.     163,705         813
1 Soulbrain Holdings Co. Ltd.      37,780         803
  Aekyung Industrial Co. Ltd.      43,349         798
  Samyang Corp.      24,474         786
  Woongjin Thinkbig Co. Ltd.     374,697         772
  Kolon Corp.      50,498         762
  Chongkundang Holdings Corp.      21,069         759
  Dae Han Flour Mills Co. Ltd.       7,283         744
1 Cuckoo Homesys Co. Ltd.      41,570         744
  KISCO Corp.     148,646         742
* Able C&C Co. Ltd.     130,186         739
  CJ Freshway Corp.      33,406         733
1 Maeil Dairies Co. Ltd.      21,677         732
  Sindoh Co. Ltd.      27,107         724
  DB Financial Investment Co. Ltd.     231,124         711
  Eusu Holdings Co. Ltd.     150,259         702
  E1 Corp.      18,014         700
1 OptoElectronics Solutions Co. Ltd.      58,194         700
* Interflex Co. Ltd.      72,569         696
*,1 Telcon RF Pharmaceutical Inc.     786,783         694
  Hanil Holdings Co. Ltd.      74,880         691
  Hansol Holdings Co. Ltd.     292,976         680
*,1 Ace Technologies Corp.     259,446         677
1 Hyundai GF Holdings     243,549         674
  BGF Co. Ltd.     229,646         668
* Eutilex Co. Ltd.     212,756         667
* Giantstep Inc.      56,889         667
 
42

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  ICD Co. Ltd.      78,844         661
* Enzychem Lifesciences Corp.     466,542         660
* HJ Shipbuilding & Construction Co. Ltd.     211,327         656
  Hyundai Bioland Co. Ltd.      71,668         652
  LG HelloVision Co. Ltd.     193,176         634
  Tongyang Life Insurance Co. Ltd.     231,140         629
  LOTTE Himart Co. Ltd.      82,729         627
1 Huons Global Co. Ltd.      39,208         625
  Sam Young Electronics Co. Ltd.      83,967         614
  KT Skylife Co. Ltd.     121,208         591
* Dongsung Pharmaceutical Co. Ltd.     128,195         585
* Aprogen Biologics   1,990,433         584
  Kolmar Korea Holdings Co. Ltd.      52,623         560
  Cuckoo Holdings Co. Ltd.      44,020         550
  Taeyoung Engineering & Construction Co. Ltd.     170,103         521
  Lock&Lock Co. Ltd.     105,522         479
*,1,3 Kuk-il Paper Manufacturing Co. Ltd.     665,811         404
  Daesung Holdings Co. Ltd.      33,940         380
  Hanwha Corp. Preference Shares      17,705         200
* Intellian Technologies Inc. Rights       8,171          94
*,1 Korea Electric Power Corp. ADR       3,675          28
        7,762,510
Spain (2.1%)
  Iberdrola SA (XMAD)  46,771,475     610,780
  Banco Santander SA 126,873,570     469,704
  Banco Bilbao Vizcaya Argentaria SA  47,359,517     363,849
  Industria de Diseno Textil SA   8,315,408     322,537
* Amadeus IT Group SA   3,565,995     271,552
2 Cellnex Telecom SA   4,435,613     179,216
  Telefonica SA  39,697,424     161,170
  Repsol SA  10,173,872     147,969
  CaixaBank SA  29,940,121     124,021
  Ferrovial SE   3,736,205     118,109
2 Aena SME SA     556,862      90,126
  Red Electrica Corp. SA   3,420,034      57,515
  ACS Actividades de Construccion y Servicios SA   1,605,982      56,473
  Endesa SA   2,507,052      53,871
  Banco de Sabadell SA  44,646,845      51,476
    Shares Market
Value•

($000)
  Enagas SA   1,972,616      38,769
  Bankinter SA   5,423,796      33,382
  Naturgy Energy Group SA   1,089,505      32,479
  Acciona SA     181,296      30,782
* Grifols SA   2,292,956      29,416
  Merlin Properties Socimi SA   2,647,982      22,681
* Grifols SA (XMAD) Preference Shares   2,464,682      22,440
  Viscofan SA     308,425      21,318
  Fluidra SA     872,185      17,006
  Acerinox SA   1,558,863      16,568
  Inmobiliaria Colonial Socimi SA   2,666,733      16,169
  Mapfre SA   7,897,360      15,700
  Corp. ACCIONA Energias Renovables SA     446,627      14,942
  Vidrala SA     146,451      13,845
  Cia de Distribucion Integral Logista Holdings SA     491,980      13,267
  Indra Sistemas SA     986,667      12,482
  CIE Automotive SA     391,772      11,987
  Applus Services SA   1,032,173      11,093
  Ebro Foods SA     600,855      10,594
  Sacyr SA   3,075,013      10,522
2 Unicaja Banco SA   9,878,207      10,395
  Faes Farma SA   2,517,247       8,746
  Laboratorios Farmaceuticos Rovi SA     169,903       7,868
* Solaria Energia y Medio Ambiente SA     474,295       7,290
* Melia Hotels International SA     842,132       5,854
2 Gestamp Automocion SA   1,215,221       5,704
  Construcciones y Auxiliar de Ferrocarriles SA     146,507       4,922
  Linea Directa Aseguradora SA Cia de Seguros y Reaseguros   5,466,404       4,920
  Almirall SA     582,546       4,816
* Fomento de Construcciones y Contratas SA     328,696       4,239
2 Global Dominion Access SA     825,572       3,535
  Pharma Mar SA     104,785       3,486
  Prosegur Cia de Seguridad SA   1,859,826       3,303
2 Neinor Homes SA     313,999       3,161
*,1 Tecnicas Reunidas SA     343,120       3,129
1 Ence Energia y Celulosa SA     974,227       3,075
  Lar Espana Real Estate Socimi SA     469,769       2,804
  Atresmedia Corp. de Medios de Comunicacion SA     629,388       2,401
2 Prosegur Cash SA   3,086,262       2,006
 
43

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
* Distribuidora Internacional de Alimentacion SA 102,880,236       1,607
*,1 NH Hotel Group SA     198,590         957
* Sacyr SA Rights Exp. 7/7/23   3,075,013         275
        3,568,303
Sweden (2.8%)
  Atlas Copco AB Class A  19,829,410     286,275
  Investor AB  13,186,503     263,797
  Volvo AB Class B  11,949,743     247,300
  Hexagon AB Class B  16,728,487     205,766
  Assa Abloy AB Class B   7,699,962     185,084
2 Evolution AB   1,454,418     184,309
  Sandvik AB   8,525,011     166,444
  Atlas Copco AB Class B  12,179,557     151,861
  Skandinaviska Enskilda Banken AB Class A  12,885,935     142,522
  Swedbank AB Class A   7,978,373     134,644
  Essity AB Class B   4,829,014     128,605
  Telefonaktiebolaget LM Ericsson Class B  23,094,111     125,477
  Nibe Industrier AB Class B  11,514,834     109,487
  Svenska Handelsbanken AB Class A  11,753,608      98,404
  Epiroc AB Class A   4,970,751      94,155
  H & M Hennes & Mauritz AB Class B   5,221,867      89,802
  Alfa Laval AB   2,450,654      89,394
  Investor AB (XSTO)   3,720,135      74,452
  Boliden AB   2,168,043      62,826
  Svenska Cellulosa AB SCA Class B   4,672,973      59,650
  SKF AB Class B   3,054,019      53,218
  EQT AB   2,687,573      51,740
  Indutrade AB   2,224,172      50,201
  Epiroc AB Class B   2,948,985      47,731
  Trelleborg AB Class B   1,784,874      43,318
  Telia Co. AB  19,625,122      43,055
  Skanska AB Class B   2,829,840      39,704
  Saab AB Class B     730,890      39,567
  Lifco AB Class B   1,805,162      39,312
  Beijer Ref AB Class B   2,948,714      37,665
  Tele2 AB Class B   4,357,131      36,035
  Industrivarden AB Class A   1,261,489      34,986
  Volvo AB Class A   1,627,481      34,687
1 Castellum AB   3,416,396      32,704
  AddTech AB Class B   1,488,587      32,464
  Securitas AB Class B   3,843,904      31,573
  SSAB AB Class B   4,534,208      31,441
  Getinge AB Class B   1,768,374      31,024
  Husqvarna AB Class B   3,228,892      29,298
  Holmen AB Class B     759,891      27,311
  Sagax AB Class B   1,368,779      27,068
* Kinnevik AB Class B   1,899,924      26,355
    Shares Market
Value•

($000)
  AAK AB   1,380,429      25,969
  L E Lundbergforetagen AB Class B     579,834      24,692
1 Industrivarden AB Class C     893,482      24,655
* Swedish Orphan Biovitrum AB   1,251,621      24,463
2 Thule Group AB     829,964      24,420
  Electrolux AB Class B   1,710,414      23,374
  Fortnox AB   3,930,506      23,209
  Investment AB Latour Class B   1,133,717      22,508
  Elekta AB Class B   2,827,804      21,877
  Hexpol AB   1,959,956      20,811
1 Avanza Bank Holding AB     996,101      20,299
  Lagercrantz Group AB   1,525,889      19,680
  SSAB AB Class A   2,562,793      18,236
* Fastighets AB Balder Class B   4,974,970      18,216
  Axfood AB     853,091      18,055
  Nordnet AB publ   1,344,289      18,010
  Sweco AB Class B   1,596,963      17,596
* Sectra AB   1,027,830      17,245
*,1 Volvo Car AB Class B   4,255,456      16,931
2 Dometic Group AB   2,524,956      16,651
  Loomis AB Class B     562,283      16,420
2 Bravida Holding AB   1,589,642      15,291
  Wihlborgs Fastigheter AB   2,084,942      15,091
  Fabege AB   1,978,027      14,250
  Mycronic AB     540,588      13,387
  Billerud AB   1,671,218      12,719
1 Hexatronic Group AB   1,586,838      11,840
  AFRY AB     781,411      11,552
  HMS Networks AB Class B     223,483      10,943
1,2 Sinch AB   4,826,218      10,898
  Hemnet Group AB     616,170      10,783
  Vitec Software Group AB Class B Class B     206,313      10,367
  Vitrolife AB     522,596      10,157
  Bure Equity AB     434,896      10,113
* Betsson AB     942,116      10,033
  Hufvudstaden AB Class A     839,013       9,969
  Storskogen Group AB Class B  10,757,193       9,832
  AddLife AB Class A     865,710       9,774
  Electrolux Professional AB Class B   1,785,435       9,690
  Catena AB     261,663       9,593
2 Munters Group AB     836,252       9,496
  Instalco AB   1,871,103       9,351
  Wallenstam AB Class B   2,666,982       9,045
  Mips AB     170,834       8,467
  Granges AB     848,981       8,102
* OX2 AB   1,188,849       8,047
  Pandox AB Class B     690,425       8,043
  Bufab AB     230,839       7,908
  Nyfosa AB   1,422,313       7,873
 
44

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Medicover AB Class B     507,361       7,703
  Lindab International AB     538,938       7,672
  Beijer Alma AB     345,676       7,224
  AddNode Group AB Class B     921,519       7,118
*,2 BioArctic AB Class B     266,229       6,965
  JM AB     511,490       6,825
  Alleima AB   1,474,291       6,715
  Nolato AB Class B   1,397,842       6,579
  Biotage AB     514,214       6,414
  Arjo AB Class B   1,750,460       6,346
  Peab AB Class B   1,561,268       6,211
  Bilia AB Class A     584,676       6,101
* Modern Times Group MTG AB Shares B Class B     951,981       6,070
  Atrium Ljungberg AB Class B     350,046       6,069
* Stillfront Group AB   3,600,022       6,018
  NCC AB Class B     681,313       5,957
* Sdiptech AB Class B     231,564       5,741
  Concentric AB     297,727       5,683
  INVISIO AB     263,607       5,631
*,2 Boozt AB     495,019       5,531
  Troax Group AB     273,759       5,412
  Cibus Nordic Real Estate AB     466,455       4,536
  Dios Fastigheter AB     695,917       4,449
  Ratos AB Class B   1,561,182       4,379
  Systemair AB     581,659       4,242
* Camurus AB     164,071       4,241
*,1 Truecaller AB Class B   1,534,695       4,205
1,2 Scandic Hotels Group AB   1,020,906       4,142
1 Intrum AB     607,845       3,945
  NP3 Fastigheter AB     242,734       3,668
  SkiStar AB     327,008       3,499
  Fagerhult AB     545,548       3,462
* Viaplay Group AB Class B     599,778       3,441
  Platzer Fastigheter Holding AB Class B     452,402       3,353
1 Samhallsbyggnadsbolaget i Norden AB   8,634,564       3,310
  MEKO AB     318,977       3,298
  Corem Property Group AB Class B   6,832,241       3,208
  Cloetta AB Class B   1,628,089       2,962
1 Svenska Handelsbanken AB Class B     281,794       2,809
  Skandinaviska Enskilda Banken AB Class C     232,368       2,714
  Investment AB Oresund     272,312       2,597
*,2 Attendo AB     832,069       2,437
  Clas Ohlson AB Class B     315,801       2,369
2 Resurs Holding AB   1,180,554       2,194
  Sagax AB Class D     849,759       2,056
  Telefonaktiebolaget LM Ericsson Class A     357,062       2,031
  Volati AB     158,191       1,653
    Shares Market
Value•

($000)
* Collector Bank AB     601,002       1,626
*,1 BICO Group AB Class B     352,201       1,275
* Cint Group AB   1,415,659       1,148
* Nobia AB     852,151       1,082
  Corem Property Group AB Preference Shares      35,329         508
1 Samhallsbyggnadsbolaget i Norden AB Class D   1,186,975         489
  Svenska Cellulosa AB SCA Class A      31,965         408
  NCC AB Class A      27,527         246
        4,672,609
Switzerland (7.7%)
  Nestle SA (Registered)  21,166,087   2,546,103
  Roche Holding AG   5,489,605   1,676,910
  Novartis AG (Registered)  15,975,449   1,610,636
  Cie Financiere Richemont SA Class A (Registered)   4,061,789     689,968
  Zurich Insurance Group AG   1,175,378     559,114
  UBS Group AG (Registered)  23,859,982     483,610
  ABB Ltd. (Registered)  11,845,000     465,992
  Lonza Group AG (Registered)     587,467     351,137
  Sika AG (Registered) Class A   1,151,024     329,654
  Alcon Inc.   3,896,928     323,298
  Holcim AG   4,153,770     279,994
  Swiss Re AG   2,287,282     230,473
  Givaudan SA (Registered)      62,927     208,725
  Partners Group Holding AG     174,430     164,460
  Swiss Life Holding AG (Registered)     240,668     140,956
  Geberit AG (Registered)     262,826     137,743
  Straumann Holding AG (Registered)     845,640     137,506
  Swisscom AG (Registered)     201,550     125,796
  Kuehne & Nagel International AG (Registered)     399,222     118,260
  SGS SA (Registered)   1,165,478     110,255
  Sonova Holding AG (Registered)     401,347     107,094
  Julius Baer Group Ltd.   1,671,136     105,461
  Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf.       8,321     104,620
  Chocoladefabriken Lindt & Spruengli AG (Registered)         809     100,412
2 VAT Group AG     203,272      84,198
  Schindler Holding AG (XSWX)     323,057      75,856
 
45

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Logitech International SA (Registered)   1,264,821      75,491
  Roche Holding AG (Bearer)     229,219      75,271
  SIG Group AG   2,611,510      72,147
  Swatch Group AG (Bearer)     236,842      69,251
  Barry Callebaut AG (Registered)      28,235      54,552
  Baloise Holding AG (Registered)     358,606      52,748
  Swiss Prime Site AG (Registered)     598,785      52,014
  Georg Fischer AG (Registered)     653,708      49,166
  EMS-Chemie Holding AG (Registered)      56,179      42,573
  Adecco Group AG (Registered)   1,268,372      41,541
  PSP Swiss Property AG (Registered)     356,885      39,877
  Tecan Group AG (Registered)     100,614      38,663
  Temenos AG (Registered)     479,999      38,220
* Dufry AG (Registered)     836,617      38,160
  Helvetia Holding AG (Registered)     275,448      37,333
  Belimo Holding AG (Registered)      73,268      36,620
  Schindler Holding AG (Registered)     149,744      33,708
  Flughafen Zurich AG (Registered)     150,216      31,246
2 Galenica AG     386,075      31,212
  Siegfried Holding AG (Registered)      32,295      26,705
  Clariant AG (Registered)   1,786,574      25,846
  BKW AG     142,570      25,206
1 Banque Cantonale Vaudoise (Registered)     222,776      23,531
  Bucher Industries AG (Registered)      51,175      22,647
  Bachem Holding AG     248,258      21,677
  DKSH Holding AG     282,738      21,045
  Swatch Group AG (Registered)     369,000      20,293
  Allreal Holding AG (Registered)     116,263      19,681
*,1 Meyer Burger Technology AG  28,524,417      19,253
  Cembra Money Bank AG Class B     230,754      19,172
  Inficon Holding AG (Registered)      15,268      18,449
  SFS Group AG     139,358      18,362
  Accelleron Industries AG     742,062      17,828
  Softwareone Holding AG     863,882      17,147
  Landis & Gyr Group AG     193,026      16,601
1 Stadler Rail AG     418,530      16,352
    Shares Market
Value•

($000)
  Emmi AG (Registered)      16,624      16,032
  Mobimo Holding AG (Registered)      56,848      15,335
  Comet Holding AG (Registered)      58,458      14,942
  Burckhardt Compression Holding AG      24,766      14,543
  Swissquote Group Holding SA (Registered)      69,247      14,412
* ams-OSRAM AG   1,951,158      14,062
  Vontobel Holding AG (Registered)     213,163      13,524
  Interroll Holding AG (Registered)       4,275      13,230
  Valiant Holding AG (Registered)     124,838      13,016
  Daetwyler Holding AG      57,914      12,354
* Aryzta AG   7,399,335      12,280
  St Galler Kantonalbank AG (Registered)      22,046      11,952
  Sulzer AG (Registered)     136,570      11,764
  Huber & Suhner AG (Registered)     133,342      11,015
  dormakaba Holding AG      24,140      10,861
  Forbo Holding AG (Registered)       7,288      10,466
  Kardex Holding AG (Registered)      46,267      10,406
  VZ Holding AG     105,543       9,717
* Dottikon Es Holding AG (Registered)      34,994       9,614
  Komax Holding AG (Registered)      36,990       9,613
  LEM Holding SA (Registered)       3,735       9,351
*,2 Sensirion Holding AG      80,798       8,849
  Ypsomed Holding AG (Registered)      27,193       8,208
  OC Oerlikon Corp. AG (Registered)   1,464,109       7,303
  SKAN Group AG      84,330       7,281
*,1 Idorsia Ltd.     958,060       6,928
  Bystronic AG      10,229       6,801
2 Medacta Group SA      48,818       6,648
  EFG International AG     617,896       6,284
  PIERER Mobility AG      71,061       6,069
  Zehnder Group AG      72,696       5,886
  u-blox Holding AG      52,712       5,786
  Intershop Holding AG       8,445       5,634
  Implenia AG (Registered)     114,401       5,556
  Schweiter Technologies AG       7,277       5,254
2 Medmix AG     189,000       5,003
  ALSO Holding AG (Registered)      21,588       4,661
* Basilea Pharmaceutica AG (Registered)      98,200       4,643
 
46

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Vetropack Holding AG (Registered) Class A      95,942       4,455
  Bossard Holding AG (Registered) Class A      19,955       4,436
  Bell Food Group AG (Registered)      15,453       4,402
1 COSMO Pharmaceuticals NV      75,309       3,809
  Arbonia AG     334,425       3,783
  Leonteq AG      80,579       3,697
* Autoneum Holding AG      21,825       3,577
*,2 Medartis Holding AG      38,976       3,347
  TX Group AG      25,025       2,996
*,2 Montana Aerospace AG     175,699       2,837
*,1 Zur Rose Group AG      64,806       2,831
1 Rieter Holding AG (Registered)      23,372       2,428
*,2 PolyPeptide Group AG     114,780       2,410
  Hiag Immobilien Holding AG      28,076       2,385
  APG SGA SA       8,401       1,755
  VP Bank AG Class A      18,301       1,726
       12,943,976
United Kingdom (12.9%)
  AstraZeneca plc  11,707,382   1,678,302
  Shell plc (XLON)  54,186,708   1,616,480
  HSBC Holdings plc 158,344,365   1,253,745
  Unilever plc (XLON)  19,862,406   1,034,319
  BP plc 136,779,926     796,384
  Diageo plc  17,512,473     752,878
  British American Tobacco plc  17,623,157     585,537
  GSK plc  31,873,630     564,882
  Glencore plc  98,755,635     559,933
  Rio Tinto plc   8,629,669     548,413
  RELX plc  15,016,780     500,970
  Reckitt Benckiser Group plc   5,675,284     426,502
  Compass Group plc  13,802,672     386,518
1 National Grid plc  29,109,482     385,944
  London Stock Exchange Group plc   3,388,298     360,628
  CRH plc (SGMX)   5,841,253     323,105
  Prudential plc (XLON)  21,805,345     307,965
  Lloyds Banking Group plc 521,936,394     289,335
  BAE Systems plc  24,144,990     284,699
* Flutter Entertainment plc (XDUB)   1,397,092     280,797
  Experian plc   7,258,012     278,570
  Anglo American plc   9,561,601     272,252
  Ferguson plc   1,624,207     256,546
  Barclays plc 122,779,624     239,861
  Ashtead Group plc   3,456,279     239,627
  SSE plc   8,637,379     202,547
  3i Group plc   7,544,290     187,000
  Tesco plc  57,221,143     180,507
  Haleon plc  41,480,092     170,254
  Vodafone Group plc 173,219,009     163,316
    Shares Market
Value•

($000)
  Imperial Brands plc   7,273,388     160,992
  Standard Chartered plc  18,335,157     159,517
  Rentokil Initial plc  19,962,551     156,081
  Legal & General Group plc  46,995,332     136,066
  NatWest Group plc  43,874,109     134,101
* Rolls-Royce Holdings plc  66,334,732     127,562
  Smith & Nephew plc   6,911,996     111,513
  Aviva plc Class B  21,900,998     110,189
  Informa plc  11,143,238     102,887
  Bunzl plc   2,671,119     101,791
  Sage Group plc   8,105,849      95,219
  InterContinental Hotels Group plc   1,359,305      93,964
  Segro plc   9,552,524      87,117
  Halma plc   3,001,423      86,877
  WPP plc   8,244,213      86,414
  BT Group plc  55,064,675      85,688
  Next plc     974,420      85,443
  Entain plc   5,025,870      81,267
  Burberry Group plc   2,968,636      80,104
  Croda International plc   1,105,057      78,994
  Spirax-Sarco Engineering plc     582,750      76,809
  Centrica plc  44,814,614      70,661
  Intertek Group plc   1,275,697      69,153
  Smurfit Kappa Group plc   2,060,833      68,968
  Whitbread plc   1,596,817      68,738
  Associated British Foods plc   2,705,707      68,516
  Melrose Industries plc (XLON)  10,601,134      68,304
  United Utilities Group plc   5,406,370      66,106
  Severn Trent plc   1,994,989      65,037
  Admiral Group plc   2,287,705      60,587
  Pearson plc   5,663,913      59,379
  St. James's Place plc   4,286,919      59,286
  Mondi plc (XLON)   3,841,772      58,612
  Smiths Group plc   2,787,978      58,329
2 Auto Trader Group plc   7,105,591      55,172
  B&M European Value Retail SA   7,396,513      52,385
  Antofagasta plc   2,743,094      51,012
  J Sainsbury plc  13,716,778      46,890
* Wise plc Class A   5,590,880      46,732
  Coca-Cola HBC AG   1,557,347      46,455
  Weir Group plc   2,055,177      45,883
  Kingfisher plc  15,391,044      45,361
  DCC plc     780,131      43,642
1 Abrdn plc  15,594,365      43,305
  Rightmove plc   6,451,762      42,861
  Land Securities Group plc Class B   5,846,310      42,747
  IMI plc   2,036,310      42,478
  M&G plc  17,300,309      42,103
  Berkeley Group Holdings plc     834,081      41,579
  Dechra Pharmaceuticals plc     872,554      40,860
  Barratt Developments plc   7,759,038      40,779
 
47

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Phoenix Group Holdings plc   5,837,113      39,494
  Beazley plc   5,231,589      39,222
  Diploma plc   1,032,325      39,184
  Intermediate Capital Group plc   2,207,187      38,689
* Marks & Spencer Group plc  15,585,505      38,204
  Spectris plc     827,327      37,801
  Schroders plc   6,706,799      37,314
  Hiscox Ltd.   2,653,906      36,794
  Taylor Wimpey plc  27,825,776      36,351
  JD Sports Fashion plc  19,537,950      36,294
  RS Group plc   3,747,420      36,260
  Games Workshop Group plc     259,231      35,973
  DS Smith plc  10,152,051      35,130
  Endeavour Mining plc   1,449,573      34,812
* Ocado Group plc   4,800,668      34,740
  Howden Joinery Group plc   4,188,946      34,225
2 ConvaTec Group plc  12,946,475      33,765
  Persimmon plc   2,523,419      32,879
  Johnson Matthey plc   1,420,003      31,524
  Hargreaves Lansdown plc   2,998,403      31,082
  Hikma Pharmaceuticals plc   1,279,589      30,793
  Tate & Lyle plc   3,182,004      29,370
  Inchcape plc   2,965,640      29,349
  British Land Co. plc   7,371,987      28,429
  UNITE Group plc   2,543,248      28,172
  Investec plc   4,945,281      27,709
  Rotork plc   6,807,644      26,377
  Greggs plc     800,159      25,993
  Man Group plc   9,350,537      25,967
  IG Group Holdings plc   3,016,936      25,957
  ITV plc  29,587,583      25,721
*,1 TUI AG   3,549,215      25,179
  Bellway plc     973,323      24,610
  Tritax Big Box REIT plc  14,840,051      23,618
  Drax Group plc   3,165,091      23,322
  Derwent London plc     886,642      23,079
  Vistry Group plc   2,736,594      22,982
* Indivior plc     988,257      22,882
  Britvic plc   2,035,191      22,151
  OSB Group plc   3,346,379      20,482
* SSP Group plc   6,275,116      20,025
  WH Smith plc     995,582      19,630
  Balfour Beatty plc   4,477,892      19,391
* Carnival plc   1,156,700      19,327
  Pennon Group plc   2,068,375      18,689
  QinetiQ Group plc   4,093,316      18,450
  Big Yellow Group plc   1,349,172      18,411
* International Consolidated Airlines Group SA   8,824,165      18,209
* easyJet plc   2,946,571      18,106
* Playtech plc   2,415,103      18,091
  Direct Line Insurance Group plc  10,458,151      18,082
    Shares Market
Value•

($000)
  Safestore Holdings plc   1,668,605      18,061
  Virgin Money UK plc   9,338,293      17,782
  Cranswick plc     428,424      17,674
  Travis Perkins plc   1,703,966      17,648
  Softcat plc     976,613      17,596
  Serco Group plc   8,786,382      17,383
  Pets at Home Group plc   3,604,446      17,283
*,2 Network International Holdings plc   3,535,332      17,255
* Dowlais Group plc  10,649,307      17,176
  Grainger plc   5,725,176      16,508
  Hays plc  12,560,239      16,311
  Shaftesbury Capital plc  10,858,811      15,878
  LondonMetric Property plc   7,521,385      15,876
  Harbour Energy plc   5,443,775      15,824
  Grafton Group plc   1,578,748      15,678
*,2 Deliveroo plc Class A  10,426,025      15,176
  Computacenter plc     517,513      15,018
  International Distributions Services plc   5,315,878      14,943
  Oxford Instruments plc     420,458      14,557
*,2 Watches of Switzerland Group plc   1,846,932      14,351
  Genus plc     516,427      14,232
  Lancashire Holdings Ltd.   1,934,500      14,218
  Energean plc   1,084,091      14,126
  Moneysupermarket.com Group plc   4,098,086      14,098
* Oxford Nanopore Technologies plc   5,029,550      13,638
  Renishaw plc     270,382      13,417
  4imprint Group plc     218,330      13,308
  Close Brothers Group plc   1,184,669      13,291
  Assura plc  22,936,488      13,232
  Mitie Group plc  10,675,812      13,084
  LXI REIT plc  11,803,531      12,930
  Plus500 Ltd.     691,135      12,861
  Dunelm Group plc     897,453      12,813
  Primary Health Properties plc  10,567,131      12,800
  Pagegroup plc   2,470,643      12,595
* Darktrace plc   3,218,277      12,593
  TBC Bank Group plc     400,698      12,570
  Victrex plc     691,078      12,233
  Bodycote plc   1,496,691      12,208
  Hill & Smith plc     632,816      12,101
*,2 Trainline plc   3,648,068      12,076
  Paragon Banking Group plc   1,776,495      12,002
  TP ICAP Group plc   6,225,250      11,969
  Redrow plc   2,114,166      11,869
2 Airtel Africa plc   8,599,347      11,775
  Telecom Plus plc     547,741      11,746
  Kainos Group plc     748,295      11,746
  Fresnillo plc   1,465,112      11,369
  Savills plc   1,050,998      11,360
  Rathbones Group plc     477,068      11,289
  Coats Group plc  12,646,920      11,189
 
48

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
2 Quilter plc  10,757,602      10,840
  Bytes Technology Group plc (XLON)   1,579,836      10,611
  Centamin plc   9,073,426      10,527
  Bank of Georgia Group plc     282,862      10,519
  Domino's Pizza Group plc   2,985,967      10,471
  Firstgroup plc   5,582,424      10,343
  Sirius Real Estate Ltd.   9,145,528       9,925
* IWG plc   5,643,367       9,896
  Spirent Communications plc   4,736,938       9,843
* Ascential plc   3,434,875       9,674
  Ashmore Group plc   3,637,716       9,628
1 Hammerson plc  30,421,157       9,618
  Supermarket Income REIT plc  10,049,421       9,338
  AJ Bell plc   2,282,200       9,307
2 JTC plc   1,028,311       9,267
*,2 Aston Martin Lagonda Global Holdings plc   2,029,318       9,166
* John Wood Group plc   5,290,578       9,115
* Frasers Group plc   1,020,490       9,109
  Great Portland Estates plc   1,714,401       9,067
  Redde Northgate plc   1,816,356       8,648
  Vesuvius plc   1,684,039       8,532
  Diversified Energy Co. plc   7,555,772       8,492
  Premier Foods plc   5,116,141       8,291
  Chemring Group plc   2,264,847       8,158
  Future plc     946,424       8,107
  Just Group plc   8,168,657       8,071
*,1 THG plc Class B   7,684,016       7,951
  Morgan Sindall Group plc     339,784       7,923
  Morgan Advanced Materials plc   2,237,647       7,799
  Rhi Magnesita NV     218,811       7,374
  Senior plc   3,292,002       7,361
* Helios Towers plc   6,198,888       7,357
  Clarkson plc     195,362       7,347
* Babcock International Group plc   2,018,186       7,250
  Volution Group plc   1,474,617       7,087
* S4 Capital plc   4,393,686       7,040
  Genuit Group plc   1,875,640       6,989
  Dr. Martens plc   4,424,572       6,889
  IntegraFin Holdings plc   2,261,271       6,810
  Workspace Group plc   1,117,267       6,723
* Auction Technology Group plc     693,985       6,601
* J D Wetherspoon plc     749,180       6,391
* Elementis plc   4,788,381       6,208
2 Spire Healthcare Group plc   2,229,507       6,017
  Ninety One plc   2,626,235       5,619
  IP Group plc   7,712,151       5,549
* PureTech Health plc   1,999,108       5,519
  Marshalls plc   1,783,184       5,464
    Shares Market
Value•

($000)
  National Express Group plc   4,306,880       5,329
* Mitchells & Butlers plc   2,033,076       5,282
2 Ibstock plc   2,909,306       5,174
  Hilton Food Group plc     646,676       5,135
2 Bridgepoint Group plc (Registered)   1,993,774       5,130
  Currys plc   7,621,835       5,072
  Keller Group plc     567,160       5,034
  Essentra plc   2,372,899       4,892
  C&C Group plc   3,056,375       4,867
  Vanquis Banking Group plc   1,972,247       4,767
  Crest Nicholson Holdings plc   1,973,711       4,735
2 Petershill Partners plc   2,225,749       4,730
  FDM Group Holdings plc     660,423       4,710
  Halfords Group plc   1,709,959       4,684
  Jupiter Fund Management plc   3,412,918       4,674
  Liontrust Asset Management plc     506,397       4,618
* Capita plc  13,081,925       4,568
2 TI Fluid Systems plc   2,528,664       4,389
* Alphawave IP Group plc   2,207,735       4,032
* Molten Ventures plc   1,173,651       3,994
  AG Barr plc     664,554       3,972
* Moonpig Group plc   2,156,614       3,952
  Picton Property Income Ltd.   4,339,282       3,869
  PZ Cussons plc Class A   1,826,916       3,761
  XP Power Ltd.     148,197       3,715
* Oxford Biomedica plc     686,632       3,674
* Greencore Group plc   3,951,911       3,668
  Balanced Commercial Property Trust Ltd.   4,189,112       3,528
* 888 Holdings plc   2,811,728       3,509
  UK Commercial Property REIT Ltd.   5,689,578       3,503
*,1 AO World plc   3,441,945       3,462
*,1 Petrofac Ltd.   3,314,166       3,331
  Wickes Group plc   2,014,270       3,142
*,1 Tullow Oil plc   8,721,016       3,124
3 Home REIT plc   5,987,549       2,893
  NCC Group plc   2,291,571       2,824
  Capricorn Energy plc   1,163,411       2,764
  Helical plc     813,782       2,695
  Ferrexpo plc   2,277,340       2,595
* Synthomer plc   2,719,879       2,520
  Avon Protection plc     229,468       2,488
*,1 ASOS plc     509,228       2,480
* SIG plc   5,268,575       2,324
  CLS Holdings plc   1,288,380       2,215
*,2 Trustpilot Group plc   2,560,586       2,212
  Hochschild Mining plc   2,393,010       2,157
* Rank Group plc Class B   1,648,482       1,857
  Ithaca Energy plc     897,248       1,721
2 CMC Markets plc     810,499       1,585
 
49

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
1,2 Bakkavor Group plc   1,168,733       1,411
*,3 Evraz plc   4,134,463          —
*,3 NMC Health plc     510,606          —
*,2,3 Finablr plc   1,120,022          —
*,3 Carillion plc   2,500,529          —
       21,711,935
United States (0.0%)
  Gen Digital Inc.          91           2
Total Common Stocks (Cost $143,385,322) 166,218,354
Temporary Cash Investments (2.0%)
Money Market Fund (2.0%)
4,5 Vanguard Market Liquidity Fund, 5.150% (Cost $3,317,689)  33,187,891            3,318,125
Total Investments (100.9%) (Cost $146,703,011) 169,536,479
Other Assets and Liabilities—Net (-0.9%) (1,489,354)
Net Assets (100%) 168,047,125
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,158,062,000.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, the aggregate value was $3,014,806,000, representing 1.8% of net assets.
3 Security value determined using significant unobservable inputs.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Collateral of $2,307,683,000 was received for securities on loan.
  ADR—American Depositary Receipt.
  GDR—Global Depositary Receipt.
  Ptg. Ctf.—Participating Certificates.
  REIT—Real Estate Investment Trust.
50

 

Developed Markets Index Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index September 2023 288 64,631 2,000
Euro Stoxx 50 Index September 2023 12,095 584,278 8,367
FTSE 100 Index September 2023 3,139 300,644 (2,030)
S&P ASX 200 Index September 2023 1,809 215,737 2,349
S&P TSX 60 Index September 2023 1,187 218,378 3,501
Topix Index September 2023 2,698 427,806 14,447
        28,634
    
Forward Currency Contracts
  Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
Depreciation
($000)
Counterparty Receive Deliver
Morgan Stanley Capital Services Inc. 9/20/23 AUD 393,116 USD 263,138 — (664)
Morgan Stanley Capital Services Inc. 9/20/23 AUD 34,968 USD 23,329 19 —
Bank of America, N.A. 9/20/23 CAD 320,654 USD 239,000 3,357 —
Morgan Stanley Capital Services Inc. 9/20/23 CHF 38,375 USD 43,174 71 —
Barclays Bank plc 9/20/23 CHF 35,000 USD 39,451 — (9)
State Street Bank & Trust Co. 9/20/23 EUR 371,635 USD 400,566 6,616 —
BNP Paribas 9/20/23 EUR 284,767 USD 306,963 5,041 —
Royal Bank of Canada 9/20/23 GBP 281,248 USD 349,975 7,282 —
BNP Paribas 9/20/23 JPY 49,173,742 USD 356,950 — (11,802)
State Street Bank & Trust Co. 9/20/23 JPY 19,000,000 USD 133,821 — (461)
Standard Chartered Bank 9/20/23 KRW 52,292,528 USD 41,110 — (1,249)
Bank of America, N.A. 9/20/23 USD 86,120 AUD 130,188 — (804)
BNP Paribas 9/20/23 USD 41,425 AUD 60,153 1,262 —
BNP Paribas 9/20/23 USD 48,554 CAD 64,014 170 —
State Street Bank & Trust Co. 9/20/23 USD 148,074 CHF 132,986 — (1,787)
UBS AG 9/20/23 USD 147,943 CHF 132,986 — (1,918)
Bank of America, N.A. 9/20/23 USD 11,714 DKK 81,202 — (247)
Toronto-Dominion Bank 9/20/23 USD 69,049 EUR 62,849 189 —
JPMorgan Chase Bank, N.A. 9/20/23 USD 65,553 EUR 59,814 18 —
Royal Bank of Canada 9/20/23 USD 43,055 EUR 39,163 146 —
State Street Bank & Trust Co. 9/20/23 USD 23,022 EUR 20,950 68 —
Toronto-Dominion Bank 9/20/23 USD 58,126 GBP 45,289 598 —
Morgan Stanley Capital Services Inc. 9/20/23 USD 30,014 GBP 23,738 — (140)
HSBC Bank plc 9/20/23 USD 3,653 HKD 28,545 3 —
BNP Paribas 9/20/23 USD 83,759 JPY 11,945,040 — (83)
Toronto-Dominion Bank 9/20/23 USD 52,962 JPY 7,406,512 976 —
51

 

Developed Markets Index Fund
Forward Currency Contracts (continued)
  Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
Depreciation
($000)
Counterparty Receive Deliver
JPMorgan Chase Bank, N.A. 9/20/23 USD 23,510 KRW 30,418,883 322 —
State Street Bank & Trust Co. 9/20/23 USD 23,504 KRW 30,418,883 317 —
BNP Paribas 9/20/23 USD 14,920 NOK 157,024 250 —
State Street Bank & Trust Co. 9/20/23 USD 21,504 SEK 233,284 — (210)
Toronto-Dominion Bank 9/20/23 USD 6,135 SGD 8,251 15 —
            26,720 (19,374)
AUD—Australian dollar.
CAD—Canadian dollar.
CHF—Swiss franc.
DKK—Danish krone.
EUR—euro.
GBP—British pound.
HKD—Hong Kong dollar.
JPY—Japanese yen.
KRW—Korean won.
NOK—Norwegian krone.
SEK—Swedish krona.
SGD—Singapore dollar.
USD—U.S. dollar.
At June 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $15,033,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
52

 

Developed Markets Index Fund
Statement of Assets and Liabilities
As of June 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $143,385,322) 166,218,354
Affiliated Issuers (Cost $3,317,689) 3,318,125
Total Investments in Securities 169,536,479
Investment in Vanguard 5,709
Cash 14,081
Cash Collateral Pledged—Futures Contracts 109,802
Cash Collateral Pledged—Forward Currency Contracts 12,173
Foreign Currency, at Value (Cost $40,887) 40,824
Receivables for Investment Securities Sold 5,813
Receivables for Accrued Income 633,549
Receivables for Capital Shares Issued 51,648
Variation Margin Receivable—Futures Contracts 23,036
Unrealized Appreciation—Forward Currency Contracts 26,720
Total Assets 170,459,834
Liabilities  
Payables for Investment Securities Purchased 35,094
Collateral for Securities on Loan 2,307,683
Payables for Capital Shares Redeemed 39,678
Payables to Vanguard 10,880
Unrealized Depreciation—Forward Currency Contracts 19,374
Total Liabilities 2,412,709
Net Assets 168,047,125
1 Includes $2,158,062,000 of securities on loan.  
53

 

Developed Markets Index Fund
Statement of Assets and Liabilities (continued)
At June 30, 2023, net assets consisted of:  
($000s, except shares, footnotes, and per-share amounts) Amount
Paid-in Capital 151,191,319
Total Distributable Earnings (Loss) 16,855,806
Net Assets 168,047,125
 
Investor Shares—Net Assets  
Applicable to 2,072,849 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		23,802
Net Asset Value Per Share—Investor Shares $11.48
 
ETF Shares—Net Assets  
Applicable to 2,464,101,694 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		113,637,537
Net Asset Value Per Share—ETF Shares $46.12
 
Admiral Shares—Net Assets  
Applicable to 1,674,614,185 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		24,828,827
Net Asset Value Per Share—Admiral Shares $14.83
 
Institutional Shares—Net Assets  
Applicable to 944,102,927 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		14,016,975
Net Asset Value Per Share—Institutional Shares $14.85
 
Institutional Plus Shares—Net Assets  
Applicable to 669,664,256 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		15,539,984
Net Asset Value Per Share—Institutional Plus Shares $23.21
  
See accompanying Notes, which are an integral part of the Financial Statements.
54

 

Developed Markets Index Fund
Statement of Operations
  Six Months Ended
June 30, 2023
  ($000)
Investment Income  
Income  
Dividends1 3,138,414
Interest2 30,071
Securities Lending—Net 25,411
Total Income 3,193,896
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 5,636
Management and Administrative—Investor Shares 8
Management and Administrative—ETF Shares 18,211
Management and Administrative—Admiral Shares 6,229
Management and Administrative—Institutional Shares 2,463
Management and Administrative—Institutional Plus Shares 1,789
Marketing and Distribution—Investor Shares 1
Marketing and Distribution—ETF Shares 2,006
Marketing and Distribution—Admiral Shares 778
Marketing and Distribution—Institutional Shares 264
Marketing and Distribution—Institutional Plus Shares 259
Custodian Fees 2,500
Shareholders’ Reports—Investor Shares —
Shareholders’ Reports—ETF Shares 1,269
Shareholders’ Reports—Admiral Shares 152
Shareholders’ Reports—Institutional Shares 51
Shareholders’ Reports—Institutional Plus Shares 64
Trustees’ Fees and Expenses 42
Professional Services 10,485
Other Expenses 71
Total Expenses 52,278
Expenses Paid Indirectly (48)
Net Expenses 52,230
Net Investment Income 3,141,666
Realized Net Gain (Loss)  
Investment Securities Sold2,3,4 (337,040)
Futures Contracts 161,139
Forward Currency Contracts (14,656)
Foreign Currencies (3,690)
Realized Net Gain (Loss) (194,247)
55

 

Developed Markets Index Fund
Statement of Operations (continued)
  Six Months Ended
June 30, 2023
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 13,580,302
Futures Contracts 83,812
Forward Currency Contracts (6,356)
Foreign Currencies (3,893)
Change in Unrealized Appreciation (Depreciation) 13,653,865
Net Increase (Decrease) in Net Assets Resulting from Operations 16,601,284
1 Dividends are net of foreign withholding taxes of $290,103,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $27,017,000, ($262,000), and ($315,000), respectively. Purchases and sales are for temporary cash investment purposes.
3 Realized gain (loss) is net of foreign capital gain taxes of $8,000.
4 Includes $395,207,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
56

 

Developed Markets Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2023 		  Year Ended
December 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 3,141,666   4,788,626
Realized Net Gain (Loss) (194,247)   (1,615,903)
Change in Unrealized Appreciation (Depreciation) 13,653,865   (29,202,426)
Net Increase (Decrease) in Net Assets Resulting from Operations 16,601,284   (26,029,703)
Distributions      
Investor Shares (290)   (603)
ETF Shares (1,450,424)   (2,812,982)
Admiral Shares (312,939)   (623,390)
Institutional Shares (181,992)   (377,819)
Institutional Plus Shares (191,628)   (394,354)
Total Distributions (2,137,273)   (4,209,148)
Capital Share Transactions      
Investor Shares (415)   (9,832)
ETF Shares 3,397,241   10,385,991
Admiral Shares 458,421   1,899,137
Institutional Shares (239,217)   501,738
Institutional Plus Shares 937,527   (515,210)
Net Increase (Decrease) from Capital Share Transactions 4,553,557   12,261,824
Total Increase (Decrease) 19,017,568   (17,977,027)
Net Assets      
Beginning of Period 149,029,557   167,006,584
End of Period 168,047,125   149,029,557
  
See accompanying Notes, which are an integral part of the Financial Statements.
57

 

Developed Markets Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $10.47 $12.73 $11.79 $10.95 $9.26 $11.16
Investment Operations            
Net Investment Income1 .212 .333 .331 .235 .361 .312
Net Realized and Unrealized Gain (Loss) on Investments .939 (2.302) .996 .834 1.651 (1.914)
Total from Investment Operations 1.151 (1.969) 1.327 1.069 2.012 (1.602)
Distributions            
Dividends from Net Investment Income (.141) (.291) (.387) (.229) (.322) (.298)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.141) (.291) (.387) (.229) (.322) (.298)
Net Asset Value, End of Period $11.48 $10.47 $12.73 $11.79 $10.95 $9.26
Total Return2 11.01% -15.39% 11.35% 10.11% 21.96% -14.56%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $24 $22 $37 $49 $59 $731
Ratio of Total Expenses to Average Net Assets 0.17%3 0.16%3 0.16% 0.16% 0.16% 0.16%
Ratio of Net Investment Income to Average Net Assets 3.75% 3.06% 2.61% 2.34% 3.56% 2.89%
Portfolio Turnover Rate4 1% 4% 3% 3% 2% 3%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17% and 0.16%, respectively.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
  
See accompanying Notes, which are an integral part of the Financial Statements.
58

 

Developed Markets Index Fund
Financial Highlights
FTSE Developed Markets ETF Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $42.04 $51.14 $47.36 $43.98 $37.20 $44.83
Investment Operations            
Net Investment Income1 .879 1.403 1.370 .982 1.289 1.291
Net Realized and Unrealized Gain (Loss) on Investments 3.793 (9.281) 4.024 3.363 6.831 (7.677)
Total from Investment Operations 4.672 (7.878) 5.394 4.345 8.120 (6.386)
Distributions            
Dividends from Net Investment Income (.592) (1.222) (1.614) (.965) (1.340) (1.244)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.592) (1.222) (1.614) (.965) (1.340) (1.244)
Net Asset Value, End of Period $46.12 $42.04 $51.14 $47.36 $43.98 $37.20
Total Return 11.14% -15.35% 11.49% 10.29% 22.08% -14.47%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $113,638 $100,471 $110,103 $87,578 $78,752 $65,139
Ratio of Total Expenses to Average Net Assets 0.06%2 0.05%2 0.05% 0.05% 0.05% 0.05%
Ratio of Net Investment Income to Average Net Assets 3.87% 3.22% 2.69% 2.43% 3.13% 3.00%
Portfolio Turnover Rate3 1% 4% 3% 3% 2% 3%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06% and 0.05%, respectively.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
  
See accompanying Notes, which are an integral part of the Financial Statements.
59

 

Developed Markets Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $13.52 $16.44 $15.23 $14.14 $11.96 $14.41
Investment Operations            
Net Investment Income1 .281 .448 .438 .313 .410 .412
Net Realized and Unrealized Gain (Loss) on Investments 1.218 (2.978) 1.287 1.085 2.198 (2.464)
Total from Investment Operations 1.499 (2.530) 1.725 1.398 2.608 (2.052)
Distributions            
Dividends from Net Investment Income (.189) (.390) (.515) (.308) (.428) (.398)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.189) (.390) (.515) (.308) (.428) (.398)
Net Asset Value, End of Period $14.83 $13.52 $16.44 $15.23 $14.14 $11.96
Total Return2 11.11% -15.32% 11.43% 10.26% 22.05% -14.46%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $24,829 $22,214 $24,782 $21,207 $20,143 $15,209
Ratio of Total Expenses to Average Net Assets 0.08%3 0.07%3 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 3.85% 3.21% 2.68% 2.41% 3.10% 2.98%
Portfolio Turnover Rate4 1% 4% 3% 3% 2% 3%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08% and 0.07%, respectively.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
  
See accompanying Notes, which are an integral part of the Financial Statements.
60

 

Developed Markets Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $13.53 $16.46 $15.25 $14.16 $11.97 $14.43
Investment Operations            
Net Investment Income1 .283 .452 .442 .315 .417 .416
Net Realized and Unrealized Gain (Loss) on Investments 1.227 (2.989) 1.287 1.086 2.205 (2.475)
Total from Investment Operations 1.510 (2.537) 1.729 1.401 2.622 (2.059)
Distributions            
Dividends from Net Investment Income (.190) (.393) (.519) (.311) (.432) (.401)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.190) (.393) (.519) (.311) (.432) (.401)
Net Asset Value, End of Period $14.85 $13.53 $16.46 $15.25 $14.16 $11.97
Total Return 11.18% -15.34% 11.44% 10.27% 22.14% -14.49%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $14,017 $12,983 $15,219 $14,020 $12,449 $10,361
Ratio of Total Expenses to Average Net Assets 0.06%2 0.05%2 0.05% 0.05% 0.05% 0.05%
Ratio of Net Investment Income to Average Net Assets 3.87% 3.23% 2.70% 2.42% 3.15% 3.00%
Portfolio Turnover Rate3 1% 4% 3% 3% 2% 3%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06% and 0.05%, respectively.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
  
See accompanying Notes, which are an integral part of the Financial Statements.
61

 

Developed Markets Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $21.15 $25.73 $23.83 $22.13 $18.72 $22.56
Investment Operations            
Net Investment Income1 .446 .717 .693 .495 .647 .643
Net Realized and Unrealized Gain (Loss) on Investments 1.913 (4.680) 2.022 1.693 3.439 (3.855)
Total from Investment Operations 2.359 (3.963) 2.715 2.188 4.086 (3.212)
Distributions            
Dividends from Net Investment Income (.299) (.617) (.815) (.488) (.676) (.628)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.299) (.617) (.815) (.488) (.676) (.628)
Net Asset Value, End of Period $23.21 $21.15 $25.73 $23.83 $22.13 $18.72
Total Return 11.17% -15.33% 11.49% 10.27% 22.07% -14.45%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $15,540 $13,339 $16,866 $15,531 $13,790 $9,265
Ratio of Total Expenses to Average Net Assets 0.05%2 0.04%2 0.04% 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 3.91% 3.26% 2.71% 2.43% 3.12% 3.01%
Portfolio Turnover Rate3 1% 4% 3% 3% 2% 3%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05% and 0.04%, respectively.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
  
See accompanying Notes, which are an integral part of the Financial Statements.
62

 

Developed Markets Index Fund
Notes to Financial Statements
Vanguard Developed Markets Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares, known as Vanguard FTSE Developed Markets ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The
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Developed Markets Index Fund
clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2023, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the six months ended June 30, 2023, the fund’s average investment in forward currency contracts represented 2% of net assets, based on the average of the notional amounts at each quarter-end during the period.
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Developed Markets Index Fund
5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow
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Developed Markets Index Fund
money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program. 
For the six months ended June 30, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and professional services, respectively.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2023, the fund had contributed to Vanguard capital in the amount of $5,709,000, representing less than 0.01% of the fund’s net assets and 2.28% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended June 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $48,000 (an annual rate of less than 0.01% of average net assets).
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Developed Markets Index Fund
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of June 30, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Common Stocks 15,864,957 150,340,878 12,519 166,218,354
Temporary Cash Investments 3,318,125 — — 3,318,125
Total 19,183,082 150,340,878 12,519 169,536,479
Derivative Financial Instruments         
Assets        
Futures Contracts1 30,664 — — 30,664
Forward Currency Contracts — 26,720 — 26,720
Total 30,664 26,720 — 57,384
Liabilities        
Futures Contracts1 2,030 — — 2,030
Forward Currency Contracts — 19,374 — 19,374
Total 2,030 19,374 — 21,404
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
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Developed Markets Index Fund
E. At June 30, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
    
Statement of Assets and Liabilities Equity
Contracts
($000) 		Foreign
Exchange
Contracts
($000) 		Total
($000)
Unrealized Appreciation—Futures Contracts1 30,664 — 30,664
Unrealized Appreciation—Forward Currency Contracts — 26,720 26,720
Total Assets 30,664 26,720 57,384
       
Unrealized Depreciation—Futures Contracts1 2,030 — 2,030
Unrealized Depreciation—Forward Currency Contracts — 19,374 19,374
Total Liabilities 2,030 19,374 21,404
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended June 30, 2023, were:
Realized Net Gain (Loss) on Derivatives Equity
Contracts
($000) 		Foreign
Exchange
Contracts
($000) 		Total
($000)
Futures Contracts 161,139 — 161,139
Forward Currency Contracts — (14,656) (14,656)
Realized Net Gain (Loss) on Derivatives 161,139 (14,656) 146,483
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts 83,812 — 83,812
Forward Currency Contracts — (6,356) (6,356)
Change in Unrealized Appreciation (Depreciation) on Derivatives 83,812 (6,356) 77,456
F. As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 147,846,969
Gross Unrealized Appreciation 38,120,085
Gross Unrealized Depreciation (16,394,595)
Net Unrealized Appreciation (Depreciation) 21,725,490
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2022, the fund had available capital losses totaling $5,982,185,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
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Developed Markets Index Fund
G. During the six months ended June 30, 2023, the fund purchased $8,798,118,000 of investment securities and sold $2,923,406,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,025,595,000 and $778,794,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
H. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2023 		  Year Ended
December 31, 2022
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 1,594 140   2,895 268
Issued in Lieu of Cash Distributions 290 25   603 59
Redeemed (2,299) (203)   (13,330) (1,097)
Net Increase (Decrease)—Investor Shares (415) (38)   (9,832) (770)
ETF Shares          
Issued 3,397,241 74,293   10,385,991 236,804
Issued in Lieu of Cash Distributions — —   — —
Redeemed — —   — —
Net Increase (Decrease)—ETF Shares 3,397,241 74,293   10,385,991 236,804
Admiral Shares          
Issued 2,398,699 165,166   6,520,144 468,045
Issued in Lieu of Cash Distributions 249,912 17,060   492,120 37,132
Redeemed (2,190,190) (151,117)   (5,113,127) (369,023)
Net Increase (Decrease)—Admiral Shares 458,421 31,109   1,899,137 136,154
Institutional Shares          
Issued 1,744,378 120,560   3,590,404 251,178
Issued in Lieu of Cash Distributions 165,284 11,274   344,369 25,951
Redeemed (2,148,879) (146,942)   (3,433,035) (242,312)
Net Increase (Decrease)—Institutional Shares (239,217) (15,108)   501,738 34,817
Institutional Plus Shares          
Issued 2,870,320 124,348   3,667,744 161,793
Issued in Lieu of Cash Distributions 177,652 7,734   365,438 17,602
Redeemed (2,110,445) (92,979)   (4,548,392) (204,261)
Net Increase (Decrease)—Institutional Plus Shares 937,527 39,103   (515,210) (24,866)
I. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
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Developed Markets Index Fund
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
J. Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements.
70

 

Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Developed Markets Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the portfolio’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department’s ongoing assessment of the advisor.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.
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The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
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Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Tax-Managed Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Developed Markets Index Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
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London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies’ index values and the use of their indexes to create financial products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.
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You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q1272 082023

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11: Controls and Procedures.

 

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Exhibits.

 

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(b) Certifications filed herewith.

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  VANGUARD TAX-MANAGED FUNDS  
   
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: August 17, 2023

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  VANGUARD TAX-MANAGED FUNDS  
   
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: August 17, 2023

 

  VANGUARD TAX-MANAGED FUNDS  
   
BY: /s/ CHRISTINE BUCHANAN*  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: August 17, 2023

 

* By: /s/ Anne E. Robinson  

 

Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.