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: Natalie Lamarque, 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, 2026—June 30, 2026

 

 

 

 

 

 

 

Item 1: Reports to Shareholders.

 

 

 

 

 

TABLE OF CONTENTS

 

Vanguard Tax-Managed Balanced Fund
Admiral™ Shares - VTMFX

   

Vanguard Tax-Managed Capital Appreciation Fund
Admiral™ Shares - VTCLX

   

Vanguard Tax-Managed Capital Appreciation Fund
Institutional Shares - VTCIX

   

Vanguard Tax-Managed Small-Cap Fund
Admiral™ Shares - VTMSX

   

Vanguard Tax-Managed Small-Cap Fund
Institutional Shares - VTSIX

   

 

Logo
Vanguard Tax-Managed Balanced Fund
Admiral™ Shares (VTMFX)
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about Vanguard Tax-Managed Balanced Fund (the "Fund") for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Admiral Shares $3 0.06%1
​1
Annualized.
Fund Statistics
(as of June 30, 2026)
Fund Net Assets
(in millions)		 $12,251
Number of Portfolio Holdings 4,776
Portfolio Turnover Rate 4%
Portfolio Composition % of Net Assets
(as of June 30, 2026)
Consumer Discretionary 6.1%
Consumer Staples 1.7%
Energy 1.5%
Financials 4.5%
Health Care 4.0%
Industrials 5.8%
Technology 19.8%
Utilities 1.1%
Tax-Exempt Municipal Bonds 52.8%
Other Assets and Liabilities—Net 2.7%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR103
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Vanguard Tax-Managed Capital Appreciation Fund
Admiral™ Shares (VTCLX)
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about Vanguard Tax-Managed Capital Appreciation Fund (the "Fund") for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Admiral Shares $3 0.06%1
​1
Annualized.
Fund Statistics
(as of June 30, 2026)
Fund Net Assets
(in millions)		 $29,877
Number of Portfolio Holdings 902
Portfolio Turnover Rate 4%
Portfolio Composition % of Net Assets
(as of June 30, 2026)
Basic Materials 1.5%
Consumer Discretionary 12.7%
Consumer Staples 3.6%
Energy 3.2%
Financials 9.6%
Health Care 8.5%
Industrials 12.1%
Real Estate 2.0%
Technology 42.0%
Telecommunications 2.1%
Utilities 2.3%
Other Assets and Liabilities—Net 0.4%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR5102
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Vanguard Tax-Managed Capital Appreciation Fund
Institutional Shares (VTCIX)
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about Vanguard Tax-Managed Capital Appreciation Fund (the "Fund") for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Institutional Shares $2 0.04%1
​1
Annualized.
Fund Statistics
(as of June 30, 2026)
Fund Net Assets
(in millions)		 $29,877
Number of Portfolio Holdings 902
Portfolio Turnover Rate 4%
Portfolio Composition % of Net Assets
(as of June 30, 2026)
Basic Materials 1.5%
Consumer Discretionary 12.7%
Consumer Staples 3.6%
Energy 3.2%
Financials 9.6%
Health Care 8.5%
Industrials 12.1%
Real Estate 2.0%
Technology 42.0%
Telecommunications 2.1%
Utilities 2.3%
Other Assets and Liabilities—Net 0.4%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR135
Logo
Vanguard Tax-Managed Small-Cap Fund
Admiral™ Shares (VTMSX)
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about Vanguard Tax-Managed Small-Cap Fund (the "Fund") for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Admiral Shares $3 0.06%1
​1
Annualized.
Fund Statistics
(as of June 30, 2026)
Fund Net Assets
(in millions)		 $11,475
Number of Portfolio Holdings 604
Portfolio Turnover Rate 12%
Portfolio Composition % of Net Assets
(as of June 30, 2026)
Communication Services 3.6%
Consumer Discretionary 13.7%
Consumer Staples 3.2%
Energy 4.9%
Financials 18.2%
Health Care 12.0%
Industrials 17.1%
Information Technology 14.0%
Materials 4.4%
Real Estate 6.5%
Utilities 1.9%
Other Assets and Liabilities—Net 0.5%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR116
Logo
Vanguard Tax-Managed Small-Cap Fund
Institutional Shares (VTSIX)
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about Vanguard Tax-Managed Small-Cap Fund (the "Fund") for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Institutional Shares $2 0.03%1
​1
Annualized.
Fund Statistics
(as of June 30, 2026)
Fund Net Assets
(in millions)		 $11,475
Number of Portfolio Holdings 604
Portfolio Turnover Rate 12%
Portfolio Composition % of Net Assets
(as of June 30, 2026)
Communication Services 3.6%
Consumer Discretionary 13.7%
Consumer Staples 3.2%
Energy 4.9%
Financials 18.2%
Health Care 12.0%
Industrials 17.1%
Information Technology 14.0%
Materials 4.4%
Real Estate 6.5%
Utilities 1.9%
Other Assets and Liabilities—Net 0.5%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR118

 

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 in the financial statements filed under Item 7 of this Form.

 

 

 

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

 

 

 
Financial Statements
For the six-months ended June 30, 2026
Vanguard Tax-Managed Balanced Fund
Tax-Managed Balanced Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2026
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 (47.2%)
Basic Materials (0.7%)
 
Linde plc
44,362
23,021
 
Newmont Corp.
89,362
8,346
 
Freeport-McMoRan Inc.
129,326
8,133
 
Ecolab Inc.
22,499
6,268
 
Air Products and Chemicals Inc.
17,123
5,020
 
Nucor Corp.
21,362
4,758
 
Steel Dynamics Inc.
12,513
2,871
 
Reliance Inc.
6,313
2,359
 
Carpenter Technology Corp.
3,627
2,237
 
Fastenal Co.
44,937
2,158
 
Anglogold Ashanti plc
24,040
1,945
*
RBC Bearings Inc.
2,924
1,883
 
CF Industries Holdings Inc.
15,530
1,681
 
LyondellBasell Industries NV Class A
31,614
1,665
 
Royal Gold Inc.
7,539
1,505
 
FMC Corp.
120,995
1,391
 
Albemarle Corp.
10,006
1,351
 
Solstice Advanced Materials Inc.
14,926
1,322
 
Alcoa Corp.
25,316
1,320
 
Element Solutions Inc.
24,010
1,147
 
Avery Dennison Corp.
6,651
1,080
 
International Flavors & Fragrances Inc.
13,622
1,079
 
Timken Co.
6,177
898
*
MP Materials Corp.
15,764
883
 
Celanese Corp.
16,826
774
 
Huntsman Corp.
68,414
727
 
Mueller Industries Inc.
5,540
681
*
Cleveland-Cliffs Inc.
70,691
664
 
Southern Copper Corp.
3,108
542
 
Mosaic Co.
19,108
405
 
Westlake Corp.
4,381
320
 
Hexcel Corp.
2,432
243
 
International Paper Co.
4,764
182
 
NewMarket Corp.
162
128
 
 
 
 
 
88,987
Consumer Discretionary (6.1%)
*
Amazon.com Inc.
809,334
192,896
*
Tesla Inc.
239,018
100,531
 
Walmart Inc.
377,845
42,795
 
Costco Wholesale Corp.
39,795
37,227
 
Home Depot Inc.
76,865
27,109
*
Netflix Inc.
364,935
26,056
 
McDonald's Corp.
55,329
14,956
 
Walt Disney Co.
143,743
13,835
 
TJX Cos. Inc.
86,399
13,089
*
Uber Technologies Inc.
176,605
12,744
 
Booking Holdings Inc.
71,068
12,667
 
Lowe's Cos. Inc.
46,479
10,248
 
Starbucks Corp.
90,658
9,264
 
Hilton Worldwide Holdings Inc.
27,714
9,158
*
O'Reilly Automotive Inc.
92,339
8,504
 
Marriott International Inc. Class A
21,678
8,034
 
Ross Stores Inc.
30,469
6,485
 
General Motors Co.
80,237
6,185
*
AutoZone Inc.
1,910
6,104
 
Royal Caribbean Cruises Ltd.
18,515
5,879
*
Spotify Technology SA
12,719
5,840
*
Airbnb Inc. Class A
40,573
5,806
*
United Airlines Holdings Inc.
41,396
5,629
1
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
Warner Bros Discovery Inc.
198,041
5,280
*
Chipotle Mexican Grill Inc.
136,529
4,642
 
Electronic Arts Inc.
22,496
4,613
 
Delta Air Lines Inc.
48,013
4,497
 
DR Horton Inc.
25,822
4,206
*
Take-Two Interactive Software Inc.
16,327
4,081
*
Copart Inc.
144,118
4,063
 
Yum! Brands Inc.
25,070
4,008
 
PulteGroup Inc.
26,755
3,671
*
Carvana Co.
54,245
3,570
 
eBay Inc.
30,117
3,366
*
Live Nation Entertainment Inc.
18,093
3,313
 
NIKE Inc. Class B
80,707
3,313
*
Aptiv plc
52,378
3,215
*
ROBLOX Corp. Class A
51,878
2,821
*
NVR Inc.
412
2,807
*
MGM Resorts International
55,676
2,662
 
Toll Brothers Inc.
15,790
2,601
 
Expedia Group Inc.
9,944
2,544
 
Garmin Ltd.
10,444
2,481
*
Dollar Tree Inc.
18,654
2,256
 
Dollar General Corp.
19,540
2,249
 
Williams-Sonoma Inc.
9,419
2,196
*
AutoNation Inc.
11,806
2,193
*
Liberty Media Corp.-Liberty Formula One Class C
23,030
2,191
*
Ulta Beauty Inc.
4,743
2,139
 
Tapestry Inc.
13,510
1,978
 
Target Corp.
14,951
1,953
 
Ford Motor Co.
140,380
1,951
 
Southwest Airlines Co.
37,386
1,922
*
Burlington Stores Inc.
6,011
1,904
*
BJ's Wholesale Club Holdings Inc.
21,299
1,858
 
Lennar Corp. Class A
19,426
1,758
 
BorgWarner Inc.
25,408
1,687
 
Carnival Corp. Ltd.
58,135
1,661
 
News Corp. Class A
65,851
1,635
 
Fox Corp. Class A
30,124
1,571
*
Coupang Inc.
88,239
1,533
*
Deckers Outdoor Corp.
15,347
1,524
*
Flutter Entertainment plc
14,730
1,505
 
Estee Lauder Cos. Inc. Class A
17,377
1,372
*
Valvoline Inc.
33,483
1,324
 
Tractor Supply Co.
41,730
1,319
 
Somnigroup International Inc.
15,519
1,217
 
PVH Corp.
15,908
1,181
*
Lululemon Athletica Inc.
10,086
1,152
*
CarMax Inc.
21,650
1,145
 
Pool Corp.
5,209
1,119
*
DraftKings Inc. Class A
42,105
1,064
 
Gentex Corp.
41,942
1,060
*
Madison Square Garden Sports Corp.
2,587
1,040
 
Hyatt Hotels Corp. Class A
5,339
1,035
*
Rivian Automotive Inc. Class A
59,161
1,026
 
U-Haul Holding Co. (XNYS)
17,775
1,026
 
Lear Corp.
7,270
975
 
Omnicom Group Inc.
13,314
970
 
Murphy USA Inc.
1,796
968
*
GameStop Corp. Class A
42,344
935
 
Aramark
16,347
930
 
Lithia Motors Inc. Class A
3,144
913
*
Crocs Inc.
7,392
892
*
Alaska Air Group Inc.
16,942
884
 
Ralph Lauren Corp.
2,192
880
*
Floor & Decor Holdings Inc. Class A
14,565
865
 
RB Global Inc.
7,428
865
 
New York Times Co. Class A
11,770
824
*
SiteOne Landscape Supply Inc.
7,155
819
*
Norwegian Cruise Line Holdings Ltd.
37,345
788
*
Viking Holdings Ltd.
7,170
750
*
Grand Canyon Education Inc.
5,181
741
2
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
Trade Desk Inc. Class A
40,697
736
*
Caesars Entertainment Inc.
24,368
735
 
Churchill Downs Inc.
8,017
719
*
Penn Entertainment Inc.
33,644
719
 
Versant Media Group Inc.
19,333
696
*
SharkNinja Inc.
4,411
672
*
Mattel Inc.
47,407
658
*
American Airlines Group Inc.
36,371
657
*
Planet Fitness Inc. Class A
12,066
629
*
Bright Horizons Family Solutions Inc.
8,575
608
*
Cava Group Inc.
7,645
600
*
Dutch Bros Inc. Class A
8,135
584
 
Boyd Gaming Corp.
6,154
544
 
Wynn Resorts Ltd.
5,569
541
*
On Holding AG Class A
15,190
538
 
Las Vegas Sands Corp.
11,451
529
*
RH
3,195
526
*
Lyft Inc. Class A
35,267
515
*
Liberty Media Corp.-Liberty Formula One Class A
5,883
515
 
Domino's Pizza Inc.
1,708
506
 
Rollins Inc.
12,015
502
*
Five Below Inc.
2,682
482
 
Dick's Sporting Goods Inc.
2,059
467
*
YETI Holdings Inc.
9,143
453
 
Genuine Parts Co.
3,590
424
*
Wayfair Inc. Class A
4,556
421
*
Ollie's Bargain Outlet Holdings Inc.
5,464
420
*
QuantumScape Corp. Class A
54,846
415
 
Choice Hotels International Inc.
3,650
402
*
Chewy Inc. Class A
19,490
383
 
Wingstop Inc.
2,104
365
*
Coty Inc. Class A
167,335
361
*
Liberty Live Holdings Inc. Class A
3,224
326
*
Etsy Inc.
3,903
294
*
Birkenstock Holding plc
6,668
287
 
Darden Restaurants Inc.
1,347
277
*
elf Beauty Inc.
3,421
253
*
Avis Budget Group Inc.
1,374
203
*
Under Armour Inc. Class C
32,039
199
*
U-Haul Holding Co.
2,887
189
 
LKQ Corp.
6,917
182
*
Amer Sports Inc.
4,922
167
 
TKO Group Holdings Inc. Class A
794
160
*
Duolingo Inc. Class A
1,355
156
 
Dillard's Inc. Class A
194
103
*
Liberty Live Holdings Inc. Class C
932
98
 
Wyndham Hotels & Resorts Inc.
1,038
87
*
Lucid Group Inc.
4,911
33
 
 
 
 
 
740,874
Consumer Staples (1.7%)
 
Procter & Gamble Co.
213,645
31,329
 
Coca-Cola Co.
329,017
26,739
 
Philip Morris International Inc.
116,982
21,163
 
PepsiCo Inc.
110,486
14,960
 
CVS Health Corp.
84,253
8,716
*
Monster Beverage Corp.
89,843
8,636
 
McKesson Corp.
10,746
8,120
 
Altria Group Inc.
103,602
7,454
 
Mondelez International Inc. Class A
120,435
6,966
 
Corteva Inc.
79,587
6,740
 
Colgate-Palmolive Co.
68,018
6,236
 
Cencora Inc.
15,751
4,457
 
Cardinal Health Inc.
15,961
3,792
 
Archer-Daniels-Midland Co.
47,074
3,596
 
Church & Dwight Co. Inc.
36,142
3,501
 
Casey's General Stores Inc.
3,785
3,008
*
US Foods Holding Corp.
27,268
2,788
 
Keurig Dr Pepper Inc.
83,986
2,749
 
Kroger Co.
49,323
2,739
3
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Hershey Co.
14,696
2,578
*
Post Holdings Inc.
28,840
2,545
 
Sysco Corp.
24,202
2,023
*
Performance Food Group Co.
15,841
1,771
*
Darling Ingredients Inc.
31,174
1,703
 
Constellation Brands Inc. Class A
12,199
1,697
 
Tyson Foods Inc. Class A
28,567
1,636
*
Boston Beer Co. Inc. Class A
9,034
1,599
 
Coca-Cola Consolidated Inc.
7,764
1,482
 
Kenvue Inc.
69,247
1,323
 
McCormick & Co. Inc. (Non-Voting)
26,184
1,320
 
Pilgrim's Pride Corp.
46,831
1,316
 
Seaboard Corp.
291
1,299
*
Sprouts Farmers Market Inc.
12,683
1,073
 
Bunge Global SA
10,012
1,069
 
J M Smucker Co.
7,033
791
 
Ingredion Inc.
6,705
635
 
Kimberly-Clark Corp.
5,255
577
*
Freshpet Inc.
8,871
524
*
Celsius Holdings Inc.
15,253
447
 
Brown-Forman Corp. Class B
14,317
382
 
Lamb Weston Holdings Inc.
5,600
242
 
Primo Brands Corp. Class A
9,025
221
*
BellRing Brands Inc.
15,938
206
 
 
 
 
 
202,148
Energy (1.5%)
 
Exxon Mobil Corp.
349,893
47,837
 
Chevron Corp.
143,541
23,793
 
ConocoPhillips
106,771
11,100
 
Marathon Petroleum Corp.
28,533
7,295
 
Cheniere Energy Inc.
29,196
6,978
 
Valero Energy Corp.
26,702
6,954
 
Williams Cos. Inc.
85,211
6,335
 
SLB Ltd.
132,390
6,155
 
Baker Hughes Co.
104,609
5,806
 
Devon Energy Corp.
137,879
5,697
 
EOG Resources Inc.
43,419
5,633
 
Phillips 66
29,777
5,034
 
Occidental Petroleum Corp.
89,855
4,364
 
Targa Resources Corp.
14,760
3,958
 
Diamondback Energy Inc.
20,830
3,661
 
EQT Corp.
68,283
3,631
 
TechnipFMC plc
52,620
3,489
 
Halliburton Co.
98,428
3,342
 
Kinder Morgan Inc.
93,900
3,002
 
Texas Pacific Land Corp.
5,303
2,321
*
First Solar Inc.
9,601
2,265
 
Expand Energy Corp.
24,052
2,193
 
Range Resources Corp.
51,953
1,932
*
Antero Resources Corp.
54,732
1,923
 
ONEOK Inc.
20,557
1,787
 
NOV Inc.
53,967
1,001
 
Weatherford International plc
10,095
823
 
Ovintiv Inc.
15,329
807
 
APA Corp.
24,711
805
*
Enphase Energy Inc.
12,319
607
 
DT Midstream Inc.
3,899
572
 
Matador Resources Co.
2,648
132
 
 
 
 
 
181,232
Financials (4.5%)
*
Berkshire Hathaway Inc. Class B
160,556
80,341
 
JPMorgan Chase & Co.
218,799
71,619
 
Bank of America Corp.
605,033
34,475
 
Goldman Sachs Group Inc.
26,495
26,796
 
Wells Fargo & Co.
287,004
23,718
 
Citigroup Inc.
148,376
20,767
 
Morgan Stanley
89,128
18,631
 
Progressive Corp.
61,760
13,491
 
Chubb Ltd.
38,559
13,139
4
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Charles Schwab Corp.
134,113
12,375
 
S&P Global Inc.
27,609
11,244
 
Blackrock Inc.
11,168
10,739
 
Aon plc Class A
23,847
7,910
 
Marsh & McLennan Cos. Inc.
42,870
7,145
 
Travelers Cos. Inc.
21,342
7,045
 
Moody's Corp.
14,936
6,765
*
Robinhood Markets Inc. Class A
64,233
6,441
 
CME Group Inc.
29,081
6,422
 
Blackstone Inc.
52,936
6,229
 
Bank of New York Mellon Corp.
42,978
6,215
 
Intercontinental Exchange Inc.
49,797
6,130
 
PNC Financial Services Group Inc.
23,693
5,834
 
KKR & Co. Inc.
60,644
5,566
 
Allstate Corp.
23,141
5,506
*
Arch Capital Group Ltd.
56,144
5,449
 
US Bancorp
82,962
5,011
 
Arthur J Gallagher & Co.
20,846
4,786
*
Markel Group Inc.
2,327
4,545
 
First Citizens BancShares Inc. Class A
2,135
4,442
 
Loews Corp.
38,303
4,336
*
NU Holdings Ltd. Class A
320,672
4,284
 
Ameriprise Financial Inc.
9,124
4,186
 
Apollo Global Management Inc.
33,699
3,987
 
Wintrust Financial Corp.
23,195
3,728
 
MSCI Inc.
6,562
3,675
 
Webster Financial Corp.
46,915
3,585
 
American International Group Inc.
47,648
3,551
 
W R Berkley Corp.
45,801
3,230
 
Janus Henderson Group plc
61,262
3,183
*
Coinbase Global Inc. Class A
20,932
3,060
 
Globe Life Inc.
16,581
2,963
 
Nasdaq Inc.
36,797
2,900
 
Willis Towers Watson plc
10,809
2,825
 
Fifth Third Bancorp
48,645
2,742
 
Raymond James Financial Inc.
17,863
2,716
 
Truist Financial Corp.
52,535
2,617
 
Interactive Brokers Group Inc. Class A
29,595
2,576
 
Aflac Inc.
21,194
2,485
 
M&T Bank Corp.
9,780
2,328
 
Popular Inc.
13,713
2,251
 
Cboe Global Markets Inc.
9,155
2,222
 
RenaissanceRe Holdings Ltd.
6,944
2,200
 
Assured Guaranty Ltd.
26,233
2,103
 
LPL Financial Holdings Inc.
7,227
2,036
 
Brown & Brown Inc.
29,503
1,893
 
Commerce Bancshares Inc.
32,689
1,888
*
SoFi Technologies Inc.
96,769
1,735
 
State Street Corp.
9,005
1,527
*
Rocket Cos. Inc. Class A
95,841
1,509
 
Northern Trust Corp.
8,195
1,425
 
Affiliated Managers Group Inc.
4,060
1,374
 
Assurant Inc.
4,505
1,210
 
Hartford Insurance Group Inc.
8,498
1,126
 
Zions Bancorp NA
15,985
1,106
 
White Mountains Insurance Group Ltd.
526
1,091
 
Tradeweb Markets Inc. Class A
10,816
1,078
 
Western Alliance Bancorp
12,916
1,062
 
Everest Group Ltd.
2,855
1,020
 
Broadridge Financial Solutions Inc.
7,419
1,016
 
Reinsurance Group of America Inc.
4,611
980
 
BOK Financial Corp.
6,899
958
*
Credit Acceptance Corp.
1,498
954
 
Pinnacle Financial Partners Inc.
9,288
937
 
SEI Investments Co.
10,482
919
*
Brighthouse Financial Inc.
14,024
888
 
FactSet Research Systems Inc.
3,778
869
 
MetLife Inc.
10,032
849
 
MGIC Investment Corp.
29,053
819
 
Regions Financial Corp.
25,253
763
5
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Huntington Bancshares Inc.
41,006
727
 
Kinsale Capital Group Inc.
2,189
722
 
Unum Group
6,295
563
*
Circle Internet Group Inc. Class A
8,817
552
 
XP Inc. Class A
32,853
534
 
RLI Corp.
6,959
411
 
SouthState Bank Corp.
3,680
368
*
Freedom Holding Corp.
2,521
329
 
Prudential Financial Inc.
2,378
257
 
Cincinnati Financial Corp.
1,337
247
 
MarketAxess Holdings Inc.
1,760
200
 
Morningstar Inc.
965
150
 
East West Bancorp Inc.
1,085
140
*
Bullish
3,698
87
 
First Horizon Corp.
1,405
36
 
SLM Corp.
259
7
 
 
 
 
 
548,871
Health Care (4.0%)
 
Eli Lilly & Co.
68,253
81,865
 
Johnson & Johnson
200,860
51,012
 
AbbVie Inc.
138,013
34,730
 
UnitedHealth Group Inc.
75,824
31,515
 
Merck & Co. Inc.
205,609
26,421
 
Thermo Fisher Scientific Inc.
35,164
17,630
 
Amgen Inc.
43,095
15,606
 
Abbott Laboratories
142,292
12,912
*
Intuitive Surgical Inc.
31,453
12,508
 
Gilead Sciences Inc.
95,463
12,061
*
Vertex Pharmaceuticals Inc.
23,595
11,720
 
Danaher Corp.
56,312
10,726
 
Stryker Corp.
32,625
10,272
 
Pfizer Inc.
382,381
9,208
 
Bristol-Myers Squibb Co.
133,147
7,672
 
Elevance Health Inc.
18,759
7,255
 
Medtronic plc
80,808
6,322
 
HCA Healthcare Inc.
15,566
6,069
 
Cigna Group
21,665
5,973
*
Boston Scientific Corp.
139,446
5,952
 
Regeneron Pharmaceuticals Inc.
8,975
5,596
*
Edwards Lifesciences Corp.
57,483
5,200
 
Humana Inc.
10,838
4,305
*
IDEXX Laboratories Inc.
7,412
3,902
*
Biogen Inc.
15,987
3,454
*
Waters Corp.
8,978
3,367
*
IQVIA Holdings Inc.
16,898
3,265
*
Alnylam Pharmaceuticals Inc.
10,660
3,209
*
Revolution Medicines Inc.
17,113
3,205
 
Zoetis Inc.
42,862
3,080
*
Centene Corp.
47,471
3,047
 
GE HealthCare Technologies Inc.
45,714
2,926
*
Natera Inc.
10,755
2,919
 
Labcorp Holdings Inc.
10,080
2,822
 
Agilent Technologies Inc.
19,177
2,547
 
ResMed Inc.
12,511
2,438
*
Moderna Inc.
34,366
2,407
*
United Therapeutics Corp.
4,389
2,378
*
Dexcom Inc.
34,392
2,316
 
Quest Diagnostics Inc.
10,122
2,145
*
Illumina Inc.
11,672
2,052
*
Cooper Cos. Inc.
28,542
2,047
*
Insmed Inc.
18,388
1,961
 
Becton Dickinson & Co.
11,931
1,805
*
Jazz Pharmaceuticals plc
7,225
1,741
*
Neurocrine Biosciences Inc.
10,216
1,722
*
Tenet Healthcare Corp.
9,094
1,701
*
Solventum Corp.
21,739
1,677
*
Ionis Pharmaceuticals Inc.
21,032
1,668
*
Elanco Animal Health Inc.
65,405
1,610
 
West Pharmaceutical Services Inc.
4,443
1,595
6
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
Exelixis Inc.
29,024
1,579
 
Baxter International Inc.
73,530
1,568
 
Revvity Inc.
13,984
1,556
*
Molina Healthcare Inc.
6,720
1,537
*
DaVita Inc.
6,570
1,462
*
Incyte Corp.
12,646
1,434
*
Penumbra Inc.
4,022
1,270
*
Henry Schein Inc.
15,059
1,258
*
Charles River Laboratories International Inc.
5,517
1,251
*
Roivant Sciences Ltd.
34,680
1,227
 
Universal Health Services Inc. Class B
7,647
1,137
 
Organon & Co.
83,200
1,126
 
STERIS plc
5,344
1,125
 
Zimmer Biomet Holdings Inc.
12,762
1,099
*
Align Technology Inc.
6,037
1,018
*
Veeva Systems Inc. Class A
5,479
972
*
BioMarin Pharmaceutical Inc.
16,600
950
*
Corcept Therapeutics Inc.
9,801
852
*
Insulet Corp.
5,516
840
*
Medline Inc. Class A
20,749
818
*
Halozyme Therapeutics Inc.
10,071
788
 
Viatris Inc.
45,985
730
 
Royalty Pharma plc Class A
12,847
720
 
Bio-Techne Corp.
9,136
645
 
Chemed Corp.
1,374
640
 
Encompass Health Corp.
6,194
626
*
Viking Therapeutics Inc.
15,506
605
*
Bio-Rad Laboratories Inc. Class A
1,974
580
*
Avantor Inc.
54,660
541
*
Globus Medical Inc. Class A
6,186
489
*
Medpace Holdings Inc.
767
406
*
Envista Holdings Corp.
14,725
388
 
Teleflex Inc.
2,458
312
*
Acadia Healthcare Co. Inc.
10,497
310
*
Ultragenyx Pharmaceutical Inc.
9,283
310
*
Summit Therapeutics Inc.
19,524
284
 
Bruker Corp.
4,614
278
*
Sotera Health Co.
12,696
225
*
Sarepta Therapeutics Inc.
10,402
187
*
Repligen Corp.
1,326
181
*
Inspire Medical Systems Inc.
1,832
82
 
QIAGEN NV
1
—
 
 
 
 
 
494,942
Industrials (5.8%)
 
Visa Inc. Class A
149,531
51,303
 
Caterpillar Inc.
39,998
42,594
 
Mastercard Inc. Class A
71,271
36,605
 
GE Aerospace
90,809
33,938
 
GE Vernova Inc.
23,044
27,073
 
RTX Corp.
108,552
20,596
 
American Express Co.
50,918
17,223
 
Eaton Corp. plc
34,322
14,625
*
Boeing Co.
65,844
14,253
 
Deere & Co.
22,451
14,241
 
Union Pacific Corp.
45,166
12,285
 
Capital One Financial Corp.
54,018
10,837
 
Parker-Hannifin Corp.
10,981
10,741
 
Quanta Services Inc.
14,521
10,456
 
Trane Technologies plc
20,463
10,051
 
Howmet Aerospace Inc.
36,854
9,909
 
Sherwin-Williams Co.
25,049
8,625
 
Lockheed Martin Corp.
16,109
8,207
 
TransDigm Group Inc.
5,712
7,609
 
CSX Corp.
157,752
7,498
 
AMETEK Inc.
30,489
7,376
 
Johnson Controls International plc
50,242
7,341
 
Emerson Electric Co.
50,855
7,280
 
Cummins Inc.
10,031
7,154
 
PACCAR Inc.
54,589
6,557
7
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
United Rentals Inc.
5,741
6,504
 
FedEx Corp.
20,432
6,398
 
3M Co.
39,217
6,350
 
Northrop Grumman Corp.
11,382
5,797
 
Honeywell International Inc.
25,805
5,778
 
General Dynamics Corp.
16,208
5,742
 
Accenture plc Class A
46,048
5,730
*
Keysight Technologies Inc.
16,321
5,713
*
Honeywell Aerospace Inc.
25,804
5,705
 
Carrier Global Corp.
77,631
5,694
 
Rockwell Automation Inc.
10,673
5,284
 
Cintas Corp.
29,689
5,049
 
Norfolk Southern Corp.
16,031
5,043
 
Automatic Data Processing Inc.
21,574
4,831
 
WW Grainger Inc.
3,535
4,809
 
CRH plc
41,474
4,438
 
Westinghouse Air Brake Technologies Corp.
15,923
4,293
 
Ingersoll Rand Inc.
51,272
4,204
 
United Parcel Service Inc. Class B
38,918
4,184
 
Illinois Tool Works Inc.
15,266
4,129
 
Old Dominion Freight Line Inc.
18,687
4,048
*
Rocket Lab Corp.
38,799
3,944
 
Comfort Systems USA Inc.
1,914
3,793
 
L3Harris Technologies Inc.
12,997
3,777
*
Axon Enterprise Inc.
6,617
3,710
 
Synchrony Financial
47,822
3,637
*
Block Inc. Class A
47,848
3,636
 
HEICO Corp. Class A
13,818
3,564
*
Teledyne Technologies Inc.
4,988
3,326
 
PayPal Holdings Inc.
76,253
3,293
 
Dover Corp.
14,067
3,155
 
Textron Inc.
33,830
3,103
 
Ferguson Enterprises Inc.
13,020
3,090
*
Mettler-Toledo International Inc.
2,378
3,038
*
Fiserv Inc.
60,969
2,991
 
Ball Corp.
47,229
2,947
 
Martin Marietta Materials Inc.
4,951
2,855
 
Fortive Corp.
44,143
2,697
 
Nordson Corp.
8,936
2,696
 
Xylem Inc.
22,352
2,642
*
Fair Isaac Corp.
2,169
2,591
 
Crown Holdings Inc.
22,983
2,570
 
Verisk Analytics Inc.
14,220
2,553
 
IDEX Corp.
11,064
2,511
 
Vulcan Materials Co.
8,494
2,506
 
DuPont de Nemours Inc.
17,596
2,387
 
Expeditors International of Washington Inc.
14,534
2,369
*
Affirm Holdings Inc. Class A
28,627
2,335
 
Veralto Corp.
26,232
2,326
*
Corpay Inc.
6,963
2,321
 
nVent Electric plc
12,892
2,187
*
XPO Inc.
10,598
2,176
 
EMCOR Group Inc.
2,603
2,160
 
Packaging Corp. of America
8,925
2,127
 
Otis Worldwide Corp.
29,266
2,095
 
FTAI Aviation Ltd.
7,733
2,092
 
Curtiss-Wright Corp.
2,757
2,089
 
Lennox International Inc.
3,576
2,049
*
Middleby Corp.
11,881
2,044
 
JB Hunt Transport Services Inc.
7,022
2,032
*
ATI Inc.
9,919
1,955
*
Gates Industrial Corp. plc
69,761
1,951
 
ITT Inc.
9,759
1,930
 
Equifax Inc.
11,958
1,898
*
Axalta Coating Systems Ltd.
54,512
1,865
 
WESCO International Inc.
5,346
1,847
 
Hubbell Inc. Class B
3,524
1,844
 
MKS Inc.
4,044
1,799
 
Woodward Inc.
4,171
1,774
 
CH Robinson Worldwide Inc.
9,410
1,772
8
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
AGCO Corp.
14,498
1,735
*
Generac Holdings Inc.
5,812
1,702
*
Euronet Worldwide Inc.
23,121
1,692
 
Global Payments Inc.
22,278
1,616
*
Zebra Technologies Corp. Class A
6,061
1,596
 
Acuity Inc.
4,207
1,585
*
Fedex Freight Holding Co. Inc.
10,216
1,543
 
BWX Technologies Inc.
7,886
1,535
*
Builders FirstSource Inc.
16,097
1,440
*
Mohawk Industries Inc.
11,835
1,436
 
Regal Rexnord Corp.
5,938
1,414
 
Esab Corp.
13,888
1,370
 
Jacobs Solutions Inc.
10,659
1,343
 
Toro Co.
13,760
1,340
 
TransUnion
17,813
1,285
 
Carlisle Cos. Inc.
3,524
1,278
*
Hayward Holdings Inc.
71,483
1,237
 
AptarGroup Inc.
9,816
1,229
 
Smurfit Westrock plc
25,933
1,200
*
FTI Consulting Inc.
7,909
1,179
 
Crane Co.
5,157
1,150
 
Valmont Industries Inc.
1,980
1,144
*
Trimble Inc.
22,107
1,131
 
Masco Corp.
13,585
1,105
*
Core & Main Inc. Class A
22,029
1,063
 
Lincoln Electric Holdings Inc.
3,981
1,057
*
WEX Inc.
7,414
1,046
 
Silgan Holdings Inc.
22,259
1,033
 
Allegion plc
7,189
1,010
*
GXO Logistics Inc.
19,708
999
*
Saia Inc.
2,271
956
*
Trex Co. Inc.
18,307
916
 
Pentair plc
11,931
915
 
Littelfuse Inc.
1,984
903
 
Huntington Ingalls Industries Inc.
3,184
891
 
Cognex Corp.
12,190
883
 
Advanced Drainage Systems Inc.
5,549
871
 
Knight-Swift Transportation Holdings Inc. Class A
11,139
867
*
Aurora Innovation Inc. Class A
126,419
862
*
Paylocity Holding Corp.
8,186
856
 
Donaldson Co. Inc.
9,210
827
 
Armstrong World Industries Inc.
5,049
810
 
Flowserve Corp.
10,895
808
*
QXO Inc.
44,940
777
 
RPM International Inc.
6,967
774
 
Allison Transmission Holdings Inc.
6,752
761
*
Versigent plc
17,458
733
 
Ralliant Corp.
9,919
730
*
Kirby Corp.
5,327
724
*
Everus Construction Group Inc.
4,307
715
 
AECOM
9,952
695
 
Landstar System Inc.
3,337
690
 
Oshkosh Corp.
4,463
685
 
CNH Industrial NV
60,047
674
 
Eagle Materials Inc.
2,982
671
*
ExlService Holdings Inc.
24,828
642
 
Tetra Tech Inc.
22,111
639
*
TopBuild Corp.
1,668
591
 
Vontier Corp.
19,509
566
*
API Group Corp.
13,123
556
*
MasTec Inc.
1,290
537
 
Fortune Brands Innovations Inc.
9,650
530
 
AAON Inc.
3,893
494
 
Simpson Manufacturing Co. Inc.
2,246
470
 
Sensata Technologies Holding plc
9,769
466
 
Fidelity National Information Services Inc.
11,382
443
*
Amentum Holdings Inc.
18,969
392
*
Shift4 Payments Inc. Class A
8,041
391
 
HEICO Corp.
1,087
387
 
Dow Inc.
14,004
383
9
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Graco Inc.
4,912
371
*
StandardAero Inc.
11,746
351
 
Louisiana-Pacific Corp.
3,921
308
 
PPG Industries Inc.
2,214
269
 
Applied Industrial Technologies Inc.
758
256
*
James Hardie Industries plc ADR
9,679
253
 
Jack Henry & Associates Inc.
1,822
251
*
Loar Holdings Inc.
2,516
203
 
Snap-on Inc.
455
183
 
Graphic Packaging Holding Co.
14,921
158
 
MSA Safety Inc.
715
125
*
BILL Holdings Inc.
3,082
111
 
A O Smith Corp.
584
37
 
Genpact Ltd.
601
17
 
 
 
 
 
710,016
Other (0.2%)
1
Vanguard Tax-Exempt Bond Index ETF
513,500
25,972
Real Estate (0.9%)
 
Welltower Inc.
70,708
16,049
 
Prologis Inc.
96,714
13,102
 
Equinix Inc.
9,868
10,286
 
American Tower Corp.
44,507
7,280
 
Digital Realty Trust Inc.
36,235
6,507
 
Simon Property Group Inc.
20,533
4,592
 
Ventas Inc.
50,095
4,448
 
Public Storage
13,726
4,369
*
CBRE Group Inc. Class A
31,638
4,261
 
Iron Mountain Inc.
28,959
3,658
 
Extra Space Storage Inc.
21,983
3,194
 
AvalonBay Communities Inc.
16,537
3,120
 
Crown Castle Inc.
37,334
2,827
 
SBA Communications Corp.
15,777
2,784
 
Weyerhaeuser Co.
97,257
2,328
 
Realty Income Corp.
37,494
2,323
 
Sun Communities Inc.
18,590
2,229
 
Essex Property Trust Inc.
7,157
2,087
 
Equity LifeStyle Properties Inc.
27,918
1,799
*
Jones Lang LaSalle Inc.
5,703
1,768
 
Vornado Realty Trust
40,440
1,589
 
Host Hotels & Resorts Inc.
65,523
1,554
 
Alexandria Real Estate Equities Inc.
27,969
1,478
 
Mid-America Apartment Communities Inc.
9,828
1,366
 
Camden Property Trust
11,315
1,296
*
CoStar Group Inc.
42,604
1,207
 
Equity Residential
13,548
920
 
American Homes 4 Rent Class A
23,758
796
 
First Industrial Realty Trust Inc.
11,803
724
 
Invitation Homes Inc.
23,156
700
 
EastGroup Properties Inc.
2,887
585
 
Federal Realty Investment Trust
4,541
561
*
Howard Hughes Holdings Inc.
7,825
559
*
Zillow Group Inc. Class C
16,064
506
*
Zillow Group Inc. Class A
11,314
355
 
Brixmor Property Group Inc.
5,563
175
*
Fermi Inc.
17,128
157
 
Kimco Realty Corp.
5,895
149
 
STAG Industrial Inc.
3,461
132
 
BXP Inc.
1,892
126
 
UDR Inc.
2,100
84
 
VICI Properties Inc. Class A
3,026
80
 
 
 
 
 
114,110
Technology (19.8%)
 
NVIDIA Corp.
1,971,271
394,432
 
Apple Inc.
1,219,654
352,919
 
Microsoft Corp.
624,917
233,106
 
Alphabet Inc. Class C
497,904
175,924
 
Broadcom Inc.
388,619
146,801
 
Alphabet Inc. Class A
391,665
139,969
10
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Micron Technology Inc.
94,125
108,647
 
Meta Platforms Inc. Class A
184,273
103,799
*
Advanced Micro Devices Inc.
136,222
79,133
*
Intel Corp.
376,991
52,639
 
Applied Materials Inc.
67,935
49,117
 
Lam Research Corp.
105,339
45,647
 
KLA Corp.
112,090
33,819
*
Sandisk Corp.
12,103
27,519
*
Palo Alto Networks Inc.
66,280
22,603
 
Texas Instruments Inc.
74,205
22,118
*
Palantir Technologies Inc. Class A
181,915
21,224
 
Marvell Technology Inc.
70,070
20,873
 
Oracle Corp.
141,087
20,676
 
International Business Machines Corp.
72,604
20,417
 
Western Digital Corp.
29,836
19,057
 
Amphenol Corp. Class A
101,123
17,830
 
Corning Inc.
65,379
16,700
 
QUALCOMM Inc.
87,528
16,174
 
Analog Devices Inc.
39,252
15,590
*
Crowdstrike Holdings Inc. Class A
19,192
14,646
 
Salesforce Inc.
77,670
12,168
 
Dell Technologies Inc. Class C
28,067
12,110
 
Vertiv Holdings Co. Class A
32,423
10,856
*
AppLovin Corp. Class A
19,440
10,016
*
ServiceNow Inc.
93,319
9,265
*
Cadence Design Systems Inc.
24,381
9,151
*
Fortinet Inc.
56,332
8,654
*
Adobe Inc.
40,116
8,225
*
Synopsys Inc.
16,673
7,437
*
Snowflake Inc. Class A
28,619
7,284
*
Cloudflare Inc. Class A
27,388
6,718
 
Teradyne Inc.
13,483
6,524
*
Datadog Inc. Class A
24,202
6,301
 
Intuit Inc.
22,878
5,971
*
Coherent Corp.
14,930
5,889
*
DoorDash Inc. Class A
30,824
5,688
*
Flex Ltd.
35,063
5,683
 
Hewlett Packard Enterprise Co.
106,508
4,805
*
ON Semiconductor Corp.
48,508
4,586
*
Astera Labs Inc.
9,495
4,586
 
Monolithic Power Systems Inc.
3,210
4,437
 
Jabil Inc.
10,796
4,162
*
Autodesk Inc.
20,476
3,981
*
Guidewire Software Inc.
28,268
3,478
 
Roper Technologies Inc.
10,022
3,391
 
Microchip Technology Inc.
36,773
3,354
*
Arrow Electronics Inc.
14,663
3,129
 
Qnity Electronics Inc.
16,910
2,762
*
F5 Inc.
6,212
2,584
*
Everpure Inc. Class A
31,833
2,508
*
Twilio Inc. Class A
11,901
2,456
*
Strategy Inc.
27,407
2,383
 
Entegris Inc.
12,913
2,323
*
Okta Inc.
16,588
2,263
*
Workday Inc. Class A
18,267
2,236
*
MongoDB Inc.
6,278
2,109
*
Zoom Communications Inc.
23,391
2,019
 
NetApp Inc.
12,674
1,961
 
VeriSign Inc.
7,784
1,958
*
MACOM Technology Solutions Holdings Inc.
4,983
1,895
*
Lattice Semiconductor Corp.
11,702
1,790
*
Akamai Technologies Inc.
14,653
1,732
*
GoDaddy Inc. Class A
18,884
1,603
*
Qorvo Inc.
16,094
1,501
*
Onto Innovation Inc.
3,935
1,489
*
Reddit Inc. Class A
8,539
1,482
*
Super Micro Computer Inc.
49,172
1,442
*
CACI International Inc. Class A
3,082
1,428
 
Cognizant Technology Solutions Corp. Class A
34,471
1,335
*
PTC Inc.
11,283
1,282
11
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
Zscaler Inc.
8,849
1,249
 
GLOBALFOUNDRIES Inc.
14,525
1,197
*
Gartner Inc.
9,090
1,178
 
TD SYNNEX Corp.
4,303
1,150
*
Cirrus Logic Inc.
6,999
1,040
*
Atlassian Corp. Class A
13,354
1,039
*
Tyler Technologies Inc.
3,509
1,026
*
Maplebear Inc.
21,579
1,022
*
People Inc.
21,965
1,014
*
Allegro MicroSystems Inc.
14,478
1,008
 
CDW Corp.
7,145
1,005
*
DXC Technology Co.
113,593
1,005
*
Nutanix Inc. Class A
19,236
980
*
Toast Inc. Class A
34,906
971
*
Pinterest Inc. Class A
42,311
890
*
Manhattan Associates Inc.
6,205
864
 
Leidos Holdings Inc.
8,000
824
 
Amkor Technology Inc.
9,036
779
*
Rubrik Inc. Class A
9,702
779
*
Dropbox Inc. Class A
26,606
731
*
Unity Software Inc.
24,472
699
*
HubSpot Inc.
3,331
608
*
Dynatrace Inc.
12,735
559
*
Docusign Inc.
12,342
548
*
IPG Photonics Corp.
4,545
533
*
EPAM Systems Inc.
6,464
513
*
Kyndryl Holdings Inc.
38,802
439
*
DoubleVerify Holdings Inc.
39,335
426
*
Samsara Inc. Class A
12,006
389
 
Paycom Software Inc.
2,547
320
*
Globant SA
10,834
314
*
Elastic NV
4,710
269
*
Teradata Corp.
7,736
268
*
Parsons Corp.
5,001
262
*
Clarivate plc
106,600
230
*
UiPath Inc. Class A
18,254
198
*
CCC Intelligent Solutions Holdings Inc.
32,589
168
 
Science Applications International Corp.
1,451
160
*
nCino Inc.
9,711
159
 
Bentley Systems Inc. Class B
5,295
158
 
SS&C Technologies Holdings Inc.
2,531
157
*
Gitlab Inc. Class A
4,766
146
*
Procore Technologies Inc.
3,547
144
*
NIQ Global Intelligence plc
13,958
131
*
SentinelOne Inc. Class A
7,621
129
*
Figure Technology Solutions Inc. Class A
3,955
122
*
Trump Media & Technology Group Corp.
12,462
96
 
Pegasystems Inc.
2,812
84
*
ZoomInfo Technologies Inc. Class A
13,782
40
 
 
 
 
 
2,421,789
Telecommunications (0.9%)
 
Cisco Systems Inc.
321,071
37,713
*
Arista Networks Inc.
87,928
14,937
 
Verizon Communications Inc.
302,698
12,816
 
AT&T Inc.
498,915
10,328
 
T-Mobile US Inc.
52,796
8,855
 
Comcast Corp. Class A
258,728
6,352
 
Motorola Solutions Inc.
14,873
6,177
*
Ciena Corp.
10,613
5,206
*
Lumentum Holdings Inc.
5,771
4,952
*
AST SpaceMobile Inc. Class A
18,307
1,627
*
Roku Inc.
11,620
1,605
*
Liberty Global Ltd. Class C
145,314
1,598
*
Charter Communications Inc. Class A
10,575
1,504
*
Liberty Capital Corp.
24,570
538
 
Millicom International Cellular SA
2,927
266
*
Liberty Broadband Corp. Class C
7,579
252
*
Liberty Broadband Corp. Class A
4,479
149
12
Tax-Managed Balanced Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
Liberty Capital Corp. Class C
2,301
50
 
 
 
 
 
114,925
Utilities (1.1%)
 
NextEra Energy Inc.
184,731
16,214
 
Southern Co.
104,088
9,962
 
Constellation Energy Corp.
31,646
7,860
 
Waste Management Inc.
33,237
7,408
 
Duke Energy Corp.
52,806
6,684
 
American Electric Power Co. Inc.
43,994
6,019
 
Vistra Corp.
37,605
5,965
 
Consolidated Edison Inc.
53,732
5,944
 
CenterPoint Energy Inc.
115,859
5,102
 
Sempra
54,777
5,078
 
DTE Energy Co.
33,170
5,054
 
Entergy Corp.
43,337
4,978
 
PG&E Corp.
271,964
4,574
 
American Water Works Co. Inc.
33,835
4,452
 
Republic Services Inc.
18,457
3,933
 
Xcel Energy Inc.
44,654
3,586
 
Public Service Enterprise Group Inc.
42,589
3,457
 
WEC Energy Group Inc.
27,982
3,268
 
Exelon Corp.
69,587
3,244
 
NRG Energy Inc.
21,982
3,211
*
Clean Harbors Inc.
9,952
2,973
*
Talen Energy Corp.
6,261
2,406
 
NiSource Inc.
45,111
2,145
 
Dominion Energy Inc.
29,835
2,037
 
Alliant Energy Corp.
25,620
1,955
 
CMS Energy Corp.
21,390
1,636
 
Ameren Corp.
10,361
1,171
 
PPL Corp.
30,862
1,122
 
Edison International
14,846
1,105
 
Atmos Energy Corp.
5,837
1,006
 
OGE Energy Corp.
16,906
823
 
FirstEnergy Corp.
11,419
543
 
Eversource Energy
5,558
402
 
National Fuel Gas Co.
4,027
311
 
AES Corp.
10,850
159
 
Essential Utilities Inc.
3,663
140
 
IDACORP Inc.
694
105
 
MDU Resources Group Inc.
4,734
100
 
 
 
 
 
136,132
Total Common Stocks (Cost $1,712,633)
5,779,998
Rights (0.0%)
*,2
Hologic Inc. CVR (Cost $—)
29,853
—
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)

Tax-Exempt Municipal Bonds (52.8%)
Alabama (2.7%)
 
Alabama State Corrections Institution Finance Authority Revenue
5.000%
7/1/2031
1,100
1,208
3
Alabama State Highway Authority SO Revenue
5.000%
9/1/2042
1,610
1,791
 
Alabama State Public School & College Authority Tax-Exempt Capital Improvement &
Refunding Bonds Revenue
4.000%
11/1/2040
1,465
1,469
3
Alabama State University General Tuition Revenue
5.000%
9/1/2037
1,000
1,111
 
Auburn AL GO
5.000%
8/1/2038
1,000
1,088
 
Auburn AL University General Fee Revenue
5.000%
6/1/2036
3,315
3,799
 
Birmingham-Jefferson AL Civic Center Authority Special Tax Bonds
5.000%
7/1/2031
1,125
1,169
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
11/1/2028
500
518
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
12/1/2031
1,500
1,573
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
7/1/2033
6,260
6,556
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
8/1/2033
1,000
1,059
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
10/1/2033
3,580
3,817
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
1/1/2034
2,700
2,830
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
5/1/2034
1,600
1,697
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
12/1/2034
4,485
4,816
13
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
12/1/2034
10,250
10,848
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
5/1/2035
1,000
1,059
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
10/1/2035
8,890
8,965
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
6/1/2036
6,000
6,303
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.250%
6/1/2036
8,000
8,620
 
Black Belt Energy Gas District Alabama Gas Project Revenue
5.000%
11/1/2036
1,675
1,762
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
4.000%
10/1/2027
3,000
3,031
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.000%
6/1/2028
6,705
6,933
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.500%
12/1/2028
1,250
1,308
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.500%
2/1/2029
4,530
4,755
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.250%
6/1/2029
14,265
14,991
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.250%
10/1/2030
1,660
1,762
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.000%
7/1/2031
10,710
11,400
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.500%
6/1/2032
3,610
3,894
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.000%
9/1/2032
11,415
11,998
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.250%
9/1/2032
5,430
5,619
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.000%
11/1/2034
9,715
10,356
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.000%
5/1/2035
6,050
6,443
 
Black Belt Energy Gas District Alabama Gas Project Revenue PUT
5.000%
8/1/2035
5,400
5,705
4
Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 7), SIFMA
Municipal Swap Index Yield + 0.350%
3.020%
10/1/2052
3,750
3,740
 
Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 8) PUT
4.000%
12/1/2029
3,490
3,524
5
Black Belt Energy Gas District Alabama Gas Supply Revenue PUT
4.000%
6/1/2027
3,845
3,880
 
Black Belt Energy Gas District Alabama Gas Supply Revenue PUT
4.000%
12/1/2031
2,180
2,228
 
Energy Southeast AL Cooperative District Energy Supply Revenue
5.000%
9/1/2033
10,325
10,577
 
Energy Southeast AL Cooperative District Energy Supply Revenue
5.000%
11/1/2033
5,190
5,530
 
Energy Southeast AL Cooperative District Energy Supply Revenue
5.000%
11/1/2035
3,975
4,196
 
Energy Southeast AL Cooperative District Energy Supply Revenue PUT
5.500%
1/1/2031
635
684
 
Energy Southeast AL Cooperative District Energy Supply Revenue PUT
5.750%
11/1/2031
3,145
3,458
 
Energy Southeast AL Cooperative District Energy Supply Revenue PUT
5.250%
6/1/2032
5,470
5,890
 
Homewood AL Educational Building Authority Lease Revenue (Samford University)
5.500%
10/1/2041
1,500
1,601
 
Huntsville AL GO
5.000%
5/1/2035
1,125
1,156
 
Huntsville AL GO
5.000%
3/1/2042
1,620
1,765
 
Huntsville AL Health Care Authority Revenue
5.000%
6/1/2035
2,895
3,249
 
Huntsville AL Health Care Authority Revenue
4.000%
6/1/2045
1,500
1,438
 
Huntsville AL Health Care Authority Revenue PUT
5.000%
6/1/2030
1,170
1,247
 
Jefferson County AL Revenue
5.000%
10/1/2031
1,000
1,094
 
Jefferson County AL Revenue
5.000%
9/15/2033
1,000
1,014
 
Jefferson County AL Revenue
5.000%
10/1/2035
1,300
1,436
 
Jefferson County AL Revenue
5.000%
10/1/2038
1,375
1,494
 
Jefferson County AL Revenue
5.250%
10/1/2043
1,500
1,629
 
Jefferson County AL Revenue
5.250%
10/1/2045
2,000
2,147
 
Lower AL Gas District Gas Project Revenue
5.000%
12/1/2033
8,500
8,910
 
Lower AL Gas District Gas Project Revenue
5.000%
9/1/2034
2,520
2,644
 
Mobile AL Industrial Development Board Pollution Control Revenue (Barry Plant Project)
PUT
3.375%
6/26/2029
500
506
 
Orange Beach AL Water Sewer & Fire Protection Authority Revenue
4.000%
5/15/2038
3,500
3,534
 
Pell City AL Special Care Facilities Financing Authority Revenue (Noland Health
Services Inc.)
4.000%
12/1/2034
1,000
1,021
 
Selma AL Industrial Development Board Revenue (International Paper Co. Project)
4.200%
5/1/2034
770
805
 
Selma AL Industrial Development Board Revenue (International Paper Co. Project) PUT
3.450%
10/1/2031
280
281
 
Southeast Alabama Gas Supply District Revenue
5.000%
5/1/2029
350
365
 
Southeast Alabama Gas Supply District Revenue
5.000%
5/1/2031
1,000
1,052
 
Southeast Alabama Gas Supply District Revenue PUT
5.000%
4/1/2032
7,860
8,369
 
Southeast Alabama Gas Supply District Revenue PUT
5.000%
5/1/2032
3,760
3,964
 
Southeast Energy Authority AL Commodity Supply Revenue (Project No. 3) PUT
5.500%
12/1/2029
1,440
1,533
 
Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project
No. 1) PUT
4.000%
10/1/2028
4,970
5,049
 
Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project
No. 4) PUT
5.000%
8/1/2028
5,600
5,793
 
Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project
No. 5) PUT
5.250%
7/1/2029
9,730
10,211
5
Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project
No. 6) PUT
5.000%
6/1/2030
1,615
1,706
 
Southeast Energy Authority AL Cooperative District Energy Supply Revenue
5.000%
10/1/2030
13,000
13,886
 
Southeast Energy Authority AL Cooperative District Energy Supply Revenue
5.000%
6/1/2032
850
867
 
Southeast Energy Authority AL Cooperative District Energy Supply Revenue
5.000%
9/1/2035
6,545
7,123
 
Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT
5.000%
2/1/2031
985
1,049
 
Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT
5.000%
11/1/2032
890
945
 
Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT
5.250%
1/1/2033
5,345
5,537
14
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT
5.000%
6/1/2035
8,495
8,668
 
Southeast Energy Authority AL Cooperative District Gas Supply Revenue PUT
5.250%
11/1/2035
8,215
8,889
 
Tuscaloosa AL City Board of Education School Tax Warrants Revenue
5.000%
8/1/2028
1,090
1,092
 
University of Alabama at Birmingham General Revenue
3.000%
10/1/2047
1,810
1,378
 
University of Alabama General Revenue
3.000%
7/1/2036
1,085
1,015
3
University of South Alabama University Facilities Revenue
5.000%
11/1/2034
2,265
2,282
3
Walker County AL Board of Education School Special Tax
5.000%
3/1/2043
750
808
 
West Jefferson AL Industrial Development Board Pollution Control Revenue
3.650%
6/1/2028
550
556
 
 
 
 
 
333,068
Alaska (0.1%)
 
Alaska GO
5.000%
8/1/2027
1,000
1,028
 
Alaska GO
5.000%
8/1/2029
1,000
1,072
 
Alaska Housing Finance Corp. Revenue
5.000%
12/1/2035
1,500
1,607
 
Alaska Housing Finance Corp. State Capital Project Revenue
5.000%
6/1/2031
1,095
1,203
 
Alaska Municipal Bond Bank Authority Revenue
5.000%
12/1/2037
3,000
3,258
 
Alaska State International Airports System Revenue
5.000%
10/1/2034
1,750
1,976
 
Municipality of Anchorage GO
4.000%
9/1/2043
2,470
2,474
 
North Slope Borough Alaska GO
5.000%
6/30/2029
1,405
1,503
 
Northern Tobacco Securitization Corp. AK Revenue
4.000%
6/1/2037
1,000
1,013
 
Northern Tobacco Securitization Corp. AK Revenue
4.000%
6/1/2038
1,000
1,010
 
 
 
 
 
16,144
American Samoa (0.0%)
6
American Samoa Economic Development Authority General Revenue
5.000%
9/1/2028
110
113
6
American Samoa Economic Development Authority General Revenue
5.000%
9/1/2029
105
108
 
 
 
 
 
221
Arizona (0.8%)
 
Arizona Board of Regents Arizona State University System Revenue
5.000%
8/1/2043
1,060
1,162
 
Arizona Board of Regents Arizona State University System Revenue
5.000%
8/1/2045
1,080
1,167
 
Arizona COP ETM
5.000%
10/1/2026
2,000
2,012
 
Arizona Excise Taxes Obligations Revenue
1.500%
7/1/2029
600
567
 
Arizona Excise Taxes Obligations Revenue
2.100%
7/1/2036
1,000
856
 
Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue
5.000%
11/1/2028
1,000
1,038
 
Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue
5.000%
11/1/2029
1,000
1,056
 
Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue
5.000%
11/1/2043
750
806
6
Arizona Industrial Development Authority Hospital Revenue (Navajo Health)
7.125%
5/1/2044
500
527
 
Arizona Industrial Development Authority Multifamily Revenue (Hacienda Del Rio Project)
4.500%
6/1/2041
985
1,012
 
Arizona Industrial Development Authority Municipal Certificates Revenue (High Point LLC)
3.625%
5/20/2033
2,323
2,325
6,7
Arizona Industrial Development Authority Revenue (Economic Legacy Cares)
6.375%
7/1/2025
180
—
6,7
Arizona Industrial Development Authority Revenue (Economic Legacy Cares)
6.500%
7/1/2026
100
—
6,7
Arizona Industrial Development Authority Revenue (Economic Legacy Cares)
6.625%
7/1/2027
265
—
6,7
Arizona Industrial Development Authority Revenue (Economic Legacy Cares)
6.750%
7/1/2028
305
—
 
Arizona Industrial Development Authority Revenue (Greathearts Arizona Projects)
3.000%
7/1/2037
695
627
8
Arizona Industrial Development Authority Student Housing Revenue
5.000%
6/1/2037
1,000
1,041
8
Arizona Sports & Tourism Authority Revenue (Multipurpose Stadium Facility Project)
5.000%
7/1/2031
3,000
3,300
 
Arizona State University Revenue
5.000%
7/1/2039
2,000
2,105
 
Arizona State University Revenue
5.000%
7/1/2040
1,000
1,050
 
Arizona State University Revenue (McAllister Academic Village LLC)
5.000%
7/1/2036
1,620
1,622
 
Glendale AZ Industrial Development Authority Revenue (Midwestern University)
5.000%
5/15/2032
1,185
1,271
 
La Paz County AZ Industrial Development Authority Education Facility Lease Revenue
(Harmony Public Schools Project)
5.000%
2/15/2031
100
105
 
Marana AZ Pledged Excise Tax Revenue
5.000%
7/1/2037
275
289
6
Maricopa County AZ Industrial Development Authority Education Revenue (Legacy
Traditional Schools Projects)
3.000%
7/1/2031
650
618
 
Maricopa County AZ Industrial Development Authority Hospital Revenue (Banner Health)
PUT
5.000%
11/1/2030
1,000
1,074
 
Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health)
5.000%
9/1/2033
830
860
 
Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health)
5.000%
12/1/2036
3,335
3,687
5
Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health)
VRDO
3.050%
7/1/2026
21,030
21,030
9
Maricopa County AZ Industrial Development Authority Revenue (Banner Health)
5.000%
1/1/2032
1,000
1,088
 
Maricopa County AZ Industrial Development Authority Revenue (Banner Health)
5.000%
1/1/2034
1,500
1,516
9
Maricopa County AZ Industrial Development Authority Revenue (Banner Health)
5.000%
1/1/2035
1,000
1,117
 
Maricopa County AZ Pollution Control Corp. Revenue (Southern California Edison Co.)
2.400%
6/1/2035
1,000
885
 
Maricopa County AZ Pollution Control Corp. Revenue (Verde Project) PUT
3.875%
6/1/2029
55
56
 
Maricopa County AZ School District No. 3 Tempe Elementary Improvement Project GO
5.000%
7/1/2045
3,400
3,701
 
Maricopa County AZ School District No. 83 Revenue
3.000%
10/1/2039
1,000
875
 
Mesa AZ GO
5.000%
7/1/2027
2,565
2,629
3
Mesa AZ Utility Systems Revenue
5.000%
7/1/2042
1,810
1,995
 
Mesa AZ Utility Systems Revenue
2.000%
7/1/2047
2,000
1,346
15
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Peoria AZ Pledged Excise Tax/State Shared Revenue
5.000%
7/15/2042
880
943
 
Phoenix AZ Civic Improvement Corp. Airport Revenue
5.000%
7/1/2033
1,010
1,031
10
Phoenix AZ Civic Improvement Corp. Distribution Revenue
5.500%
7/1/2042
1,000
1,225
10
Phoenix AZ Civic Improvement Corp. Distribution Revenue
5.500%
7/1/2043
1,250
1,533
 
Phoenix AZ Civic Improvement Corp. Excise Tax Revenue
5.000%
7/1/2044
2,000
2,186
 
Phoenix AZ Civic Improvement Corp. Wastewater System Revenue
4.000%
7/1/2028
2,015
2,020
 
Phoenix AZ Civic Improvement Corp. Water System Revenue
5.000%
7/1/2035
1,900
1,908
 
Phoenix AZ GO
5.000%
7/1/2031
1,500
1,665
6
Phoenix AZ Industrial Development Authority Education Revenue (Legacy Traditional
Schools Project)
5.000%
7/1/2036
1,000
1,000
 
Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student
Housing LLC)
5.000%
7/1/2027
300
304
 
Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student
Housing LLC)
5.000%
7/1/2028
275
283
6
Pima County AZ Industrial Development Authority Revenue (American Leadership
Academy Project)
4.000%
6/15/2031
1,595
1,565
 
Pima County AZ Industrial Development Authority Revenue (Tucson Medical Center)
4.000%
4/1/2038
1,040
1,036
3
Pima County AZ Unified School District GO
5.000%
7/1/2026
1,200
1,200
3
Pima County AZ Unified School District GO
5.000%
7/1/2028
1,000
1,048
3
Pima County AZ Unified School District GO
5.000%
7/1/2037
750
838
 
Pima County AZ Unified School District GO
5.000%
7/1/2039
1,700
1,911
8
Pinal County AZ Pledged Obligations Revenue
5.000%
8/1/2036
650
744
 
Salt River Projects Arizona Agricultural Improvement & Power District Revenue
5.000%
1/1/2036
1,540
1,555
 
Salt River Projects Arizona Agricultural Improvement & Power District Revenue
5.000%
1/1/2039
1,370
1,408
 
Salt River Projects Arizona Agricultural Improvement & Power District Revenue
5.000%
1/1/2043
1,000
1,087
 
Salt Verde AZ Financial Corp. Gas Revenue
5.250%
12/1/2026
2,500
2,521
 
Salt Verde AZ Financial Corp. Gas Revenue
5.250%
12/1/2028
640
667
6
Sierra Vista AZ Industrial Development Authority Education Facility Revenue (American
Leadership Academy)
5.500%
6/15/2036
750
738
 
Sierra Vista AZ Industrial Development Authority Education Facility Revenue (Wake
Preparatory Academy)
5.250%
6/15/2035
1,000
1,030
 
Tempe AZ GO
5.000%
7/1/2045
1,000
1,103
 
Tempe AZ Industrial Development Authority Revenue (Friendship Village Project)
3.500%
12/1/2030
450
449
 
Tucson AZ Industrial Development Authority Multifamily Housing Revenue (Lariat Village
Project) PUT
3.050%
10/1/2028
750
750
 
 
 
 
 
100,163
Arkansas (0.1%)
 
Arkansas Development Finance Authority Health Care Revenue Baptist Memorial Health
Care Corp.
5.000%
9/1/2032
2,000
2,111
 
Arkansas Development Finance Authority Hospital Revenue (Washington Regional
Medical Center)
5.000%
2/1/2033
500
518
 
Bentonville AR Sales & Use Tax Revenue
4.000%
11/1/2045
795
807
 
El Dorado AR School District No. 15 GO
5.000%
2/1/2043
1,385
1,434
 
El Dorado AR School District No. 15 GO
5.000%
2/1/2045
2,920
3,008
3
Fort Smith AR Sales & Use Tax Revenue
5.000%
11/1/2036
500
565
3
Fort Smith AR Sales & Use Tax Revenue
5.000%
11/1/2041
1,000
1,100
 
Pulaski County AR Hospital Revenue (Arkansas Children's Hospital)
5.000%
3/1/2029
1,075
1,079
 
Pulaski County AR Hospital Revenue (Arkansas Children's Hospital)
5.000%
3/1/2038
500
541
 
Springdale AR School District No. 50 GO
3.000%
6/1/2032
495
485
 
 
 
 
 
11,648
California (5.1%)
 
Alameda CA Corridor Transportation Authority Revenue
5.000%
10/1/2037
1,000
1,004
3
Alhambra CA Unified School District Elementary Improvement District GO
0.000%
8/1/2038
1,000
665
 
Anaheim CA Housing & Public Improvements Authority Revenue
5.000%
10/1/2032
250
274
 
Antelope Valley CA Community College District Election GO
0.000%
8/1/2035
650
457
 
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)
5.000%
4/1/2042
1,000
1,198
 
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT
5.000%
10/1/2033
1,045
1,182
11
Brea CA Redevelopment Agency Tax Allocation Bonds (Redevelopment Project AB)
0.000%
8/1/2029
1,000
916
 
California Community Choice Financing Authority Revenue
5.000%
2/1/2031
7,500
7,970
 
California Community Choice Financing Authority Revenue
5.000%
11/1/2033
6,250
6,777
 
California Community Choice Financing Authority Revenue
5.000%
7/1/2034
100
110
 
California Community Choice Financing Authority Revenue
5.000%
7/1/2035
4,925
5,421
 
California Community Choice Financing Authority Revenue
5.000%
12/1/2035
5,580
6,065
 
California Community Choice Financing Authority Revenue
5.250%
2/1/2036
9,000
9,854
 
California Community Choice Financing Authority Revenue
5.000%
3/1/2036
3,620
3,775
9
California Community Choice Financing Authority Revenue
5.000%
6/1/2036
8,505
9,221
 
California Community Choice Financing Authority Revenue PUT
4.000%
12/1/2027
500
507
 
California Community Choice Financing Authority Revenue PUT
4.000%
8/1/2028
3,745
3,790
 
California Community Choice Financing Authority Revenue PUT
5.500%
11/1/2028
7,330
7,659
 
California Community Choice Financing Authority Revenue PUT
5.000%
8/1/2029
1,385
1,449
16
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
California Community Choice Financing Authority Revenue PUT
5.000%
8/1/2029
4,890
5,107
 
California Community Choice Financing Authority Revenue PUT
5.250%
4/1/2030
7,000
7,402
 
California Community Choice Financing Authority Revenue PUT
5.500%
11/1/2030
3,630
3,962
 
California Community Choice Financing Authority Revenue PUT
5.000%
3/1/2031
5,575
5,914
 
California Community Choice Financing Authority Revenue PUT
4.000%
8/1/2031
2,810
2,853
 
California Community Choice Financing Authority Revenue PUT
5.000%
4/1/2032
6,575
6,997
 
California Community Choice Financing Authority Revenue PUT
5.000%
8/1/2032
5,195
5,339
 
California Community Choice Financing Authority Revenue PUT
5.000%
9/1/2032
10,000
10,826
 
California Community Choice Financing Authority Revenue PUT
5.000%
9/1/2032
3,125
3,330
 
California Community Choice Financing Authority Revenue PUT
5.000%
10/1/2032
7,095
7,410
 
California Community Choice Financing Authority Revenue PUT
5.000%
11/1/2032
4,340
4,609
 
California Community Choice Financing Authority Revenue PUT
5.000%
12/1/2032
12,665
13,032
 
California Community Choice Financing Authority Revenue PUT
5.000%
8/1/2033
9,430
10,177
 
California Community Choice Financing Authority Revenue PUT
5.000%
10/1/2033
2,935
3,078
 
California Community Choice Financing Authority Revenue PUT
5.000%
7/1/2034
11,840
12,171
 
California Community Choice Financing Authority Revenue PUT
5.000%
5/1/2035
4,470
4,609
 
California Community Choice Financing Authority Revenue PUT
5.000%
5/1/2035
4,705
5,090
 
California Community Choice Financing Authority Revenue PUT
5.000%
11/1/2035
7,205
7,718
 
California Community Choice Financing Authority Revenue PUT
5.000%
2/1/2036
2,870
3,085
 
California Educational Facilities Authority Revenue
5.250%
10/1/2034
1,000
1,065
 
California GO
5.000%
10/1/2026
1,000
1,006
 
California GO
5.000%
10/1/2027
1,000
1,034
 
California GO
5.000%
8/1/2028
1,000
1,055
 
California GO
5.000%
8/1/2028
1,710
1,804
 
California GO
5.000%
10/1/2029
1,395
1,506
 
California GO
5.000%
9/1/2030
5,000
5,488
 
California GO
4.000%
8/1/2031
1,675
1,676
 
California GO
5.000%
8/1/2031
1,000
1,115
 
California GO
5.000%
8/1/2031
1,500
1,672
 
California GO
5.000%
4/1/2032
2,500
2,662
 
California GO
5.000%
8/1/2032
1,635
1,851
 
California GO
5.000%
8/1/2032
1,560
1,766
 
California GO
5.000%
10/1/2032
20
20
 
California GO
4.000%
9/1/2033
2,000
2,002
 
California GO
5.000%
8/1/2034
2,010
2,332
 
California GO
5.000%
3/1/2035
1,960
2,115
 
California GO
5.000%
8/1/2035
355
416
 
California GO
4.000%
3/1/2036
980
1,009
 
California GO
5.000%
4/1/2036
5,000
5,299
 
California GO
5.000%
8/1/2036
435
506
 
California GO
5.000%
10/1/2039
1,000
1,093
 
California GO
5.000%
9/1/2041
1,000
1,117
 
California GO
5.000%
9/1/2043
2,500
2,753
 
California GO
5.000%
9/1/2043
3,455
3,826
 
California GO
5.000%
10/1/2043
1,000
1,132
 
California GO
5.000%
3/1/2044
1,000
1,112
 
California GO
5.000%
8/1/2044
1,000
1,106
 
California GO
5.000%
9/1/2044
2,045
2,251
 
California GO Prere.
4.000%
3/1/2030
20
21
 
California GO Prere.
5.000%
3/1/2030
40
43
 
California Health Facilities Financing Authority Revenue PUT
5.000%
11/1/2029
5,000
5,364
 
California Health Facilities Financing Authority Revenue (Adventist Health System/West)
5.000%
12/1/2028
1,000
1,046
 
California Health Facilities Financing Authority Revenue (Adventist Health System/West)
5.000%
12/1/2031
2,000
2,175
 
California Health Facilities Financing Authority Revenue (Adventist Health System/West)
5.000%
12/1/2032
1,045
1,145
 
California Health Facilities Financing Authority Revenue (Adventist Health System/West)
PUT
5.000%
9/1/2028
1,000
1,030
 
California Health Facilities Financing Authority Revenue (Common Spirit Health)
4.000%
4/1/2037
1,000
1,012
 
California Health Facilities Financing Authority Revenue (Providence St. Joseph Health)
PUT
5.000%
10/1/2030
1,415
1,521
 
California Health Facilities Financing Authority Revenue (Providence St. Joseph Health)
PUT
5.000%
10/1/2032
1,690
1,881
 
California Health Facilities Financing Authority Revenue (Rady Children's Health) PUT
5.000%
5/1/2034
500
570
 
California Health Facilities Financing Authority Revenue (Rady Children's Health) PUT
5.000%
8/15/2036
1,000
1,166
 
California Health Facilities Financing Authority Revenue (Sutter Health)
5.000%
11/15/2036
1,000
1,025
 
California Housing Finance Agency Ltd. Multifamily Revenue
4.100%
9/1/2040
1,000
1,004
 
California Housing Finance Agency Ltd. Multifamily Revenue
4.100%
9/1/2040
1,000
1,005
 
California Housing Finance Agency Municipal Certificates Revenue
4.000%
3/20/2033
4,132
4,210
 
California Housing Finance Agency Municipal Certificates Revenue
4.250%
1/15/2035
896
929
 
California Housing Finance Agency Municipal Certificates Revenue
3.750%
3/25/2035
2,423
2,453
 
California Housing Finance Agency Municipal Certificates Revenue
3.500%
11/20/2035
4,819
4,781
17
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
California Housing Finance Agency Municipal Certificates Revenue
3.250%
8/20/2036
3,055
2,982
 
California Housing Finance Agency Municipal Certificates Revenue
4.375%
9/20/2036
485
496
12
California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges
Seismic Retrofit) Prere.
5.000%
1/1/2028
500
519
 
California Infrastructure & Economic Development Bank Revenue (Clinical & Life Sciences
Building)
5.000%
5/15/2038
1,305
1,511
 
California Infrastructure & Economic Development Bank Revenue (County Museum of Art
Project) PUT
1.200%
6/1/2028
1,000
956
 
California Municipal Finance Authority Certificates Revenue
4.216%
11/20/2040
3,214
3,203
 
California Municipal Finance Authority Certificates Revenue
4.216%
11/20/2040
1,111
1,056
 
California Municipal Finance Authority Certificates Revenue
3.439%
2/20/2041
1,233
1,159
 
California Municipal Finance Authority Certificates Revenue
4.050%
7/20/2041
2,095
2,075
 
California Municipal Finance Authority Certificates Revenue
4.050%
7/20/2041
183
172
 
California Municipal Finance Authority Multifamily Tax-Exempt Bonds Revenue (Terry
Manor Apartments)
4.200%
8/1/2040
985
1,003
 
California Municipal Finance Authority Revenue (SFMTA Potrero Yard Project)
5.000%
6/30/2032
1,620
1,744
 
California Municipal Finance Authority Revenue (SFMTA Potrero Yard Project)
5.000%
3/1/2038
850
961
6
California Public Finance Authority Senior Living Revenue
5.875%
6/1/2039
250
250
6
California Public Finance Authority Senior Living Revenue
6.200%
6/1/2044
1,600
1,602
6
California Public Finance Authority Senior Living Revenue PUT
5.100%
4/1/2033
1,145
1,157
 
California State Public Works Board Lease Revenue (May Lee State Office Complex)
5.000%
4/1/2042
1,000
1,112
 
California State Public Works Board Lease Revenue (Various Capital Projects)
5.000%
12/1/2026
1,000
1,011
 
California State Public Works Board Lease Revenue (Various Capital Projects)
5.000%
12/1/2028
1,000
1,060
 
California State Public Works Board Lease Revenue (Various Capital Projects)
5.000%
8/1/2030
1,000
1,095
 
California State Public Works Board Lease Revenue (Various Capital Projects)
5.000%
9/1/2031
500
558
 
California State Public Works Board Lease Revenue (Various Capital Projects)
5.000%
9/1/2038
1,730
1,984
 
California State Public Works Board Lease Revenue (Various Capital Projects)
5.000%
9/1/2039
1,670
1,906
 
California State University Systemwide Revenue
5.000%
11/1/2037
1,000
1,165
 
California State University Systemwide Revenue
5.000%
11/1/2038
1,840
2,132
 
California State University Systemwide Revenue
5.000%
11/1/2039
1,295
1,489
 
California State University Systemwide Revenue
5.000%
11/1/2041
1,000
1,140
 
California State University Systemwide Revenue
5.000%
11/1/2043
1,000
1,128
 
California Statewide Communities Development Authority Pollution Control Revenue
(Southern Edison Co.)
1.750%
9/1/2029
1,000
944
 
California Statewide Communities Development Authority Pollution Control Revenue
(Southern Edison Co.)
4.500%
11/1/2033
500
520
6
California Statewide Communities Development Authority Revenue (Kaiser Foundation
Hospitals)
5.000%
10/1/2030
1,000
1,081
6
California Statewide Communities Development Authority Revenue (Kaiser Foundation
Hospitals)
5.000%
10/1/2032
2,500
2,771
6
California Statewide Communities Development Authority Revenue (Kaiser Foundation
Hospitals)
5.000%
10/1/2035
5,500
6,270
6
California Statewide Communities Development Authority Revenue (Loma Linda
University Medical Center)
5.000%
12/1/2028
400
400
9
Campbell CA Union High School District GO
5.000%
8/1/2031
580
640
3
Centinela Valley CA Union High School District GO
5.000%
8/1/2028
1,000
1,055
3
Centinela Valley CA Union High School District GO
5.000%
8/1/2029
1,000
1,078
3
Centinela Valley CA Union High School District GO
5.000%
8/1/2030
1,000
1,100
 
Central CA Valley Energy Authority Commodity Supply Revenue
5.000%
8/1/2034
2,245
2,406
 
Central CA Valley Energy Authority Commodity Supply Revenue PUT
5.000%
8/1/2035
5,405
5,788
 
Chabot-Las Positas CA Community College District GO
5.000%
8/1/2034
1,245
1,454
 
Chabot-Las Positas CA Community College District GO
5.000%
8/1/2034
1,560
1,822
 
Chabot-Las Positas CA Community College District GO
5.000%
8/1/2035
1,200
1,416
 
Chabot-Las Positas CA Community College District GO
5.000%
8/1/2046
495
547
 
Chino Valley Unified School District GO
0.000%
8/1/2031
600
516
6
CSCDA Community Improvement Authority Revenue
2.650%
12/1/2046
1,420
1,255
6
CSCDA Community Improvement Authority Revenue
2.450%
2/1/2047
800
711
6
CSCDA Community Improvement Authority Revenue
3.500%
5/1/2047
500
439
 
East Bay CA Municipal Utility District Water System Revenue
5.000%
6/1/2037
1,000
1,169
 
East Bay CA Municipal Utility District Water System Revenue
5.000%
6/1/2038
1,365
1,609
 
East Bay CA Municipal Utility District Water System Revenue
5.000%
6/1/2039
1,880
2,202
 
Fairfield-Suisun CA Unified School District GO
0.000%
2/1/2029
2,000
1,872
 
Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue
6.200%
1/15/2029
1,390
1,522
 
Fremont CA Unified School District GO
5.000%
8/1/2028
980
1,036
 
Fremont CA Unified School District GO
5.000%
8/1/2031
1,705
1,921
11
Golden State Tobacco Securitization Corp. California Revenue ETM
0.000%
6/1/2027
2,070
2,026
 
Inglewood CA Unified School District GO
5.000%
8/1/2033
630
714
 
Los Angeles CA Department of Airports International Airport Revenue
5.000%
5/15/2033
500
575
 
Los Angeles CA Department of Airports International Airport Revenue
5.000%
5/15/2042
1,000
1,130
 
Los Angeles CA Department of Water & Power Revenue
4.000%
7/1/2027
110
112
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
615
630
18
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
55
56
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
375
384
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
45
46
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
50
51
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
115
118
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
155
159
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2027
60
61
 
Los Angeles CA Department of Water & Power Revenue
4.000%
7/1/2028
85
87
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
260
269
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
700
732
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
65
66
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
90
94
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
60
63
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
180
188
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
2,230
2,331
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
45
47
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
430
445
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2028
285
298
 
Los Angeles CA Department of Water & Power Revenue
4.000%
7/1/2029
300
309
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
670
710
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
125
128
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
500
516
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
55
57
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
305
320
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
280
294
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
70
71
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
45
48
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
30
32
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
40
42
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
80
85
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
395
419
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
165
175
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2029
265
281
 
Los Angeles CA Department of Water & Power Revenue
5.000%
1/1/2030
2,455
2,602
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
735
758
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
155
163
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
405
436
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
1,120
1,206
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
250
262
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
165
178
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
85
88
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
135
145
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2030
3,520
3,773
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
50
55
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
65
69
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
195
204
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
1,515
1,657
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
855
880
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
265
290
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
10
11
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
60
66
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
115
126
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
1,500
1,640
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2031
2,600
2,843
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
265
280
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
155
162
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
30
32
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
75
77
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
70
74
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
140
155
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
240
266
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
450
498
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
1,610
1,783
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
1,885
2,088
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
1,040
1,152
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2032
695
770
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
1,440
1,454
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
250
252
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
30
33
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
95
106
19
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
320
358
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
195
215
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
30
33
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
130
145
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
85
95
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
230
257
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
2,040
2,282
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2033
230
257
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
760
787
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
120
125
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
35
39
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
80
83
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
1,000
1,098
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
55
61
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
65
72
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
940
1,059
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2034
2,190
2,467
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
1,330
1,375
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
95
99
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
155
174
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
160
178
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
145
156
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
45
49
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
175
194
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
1,000
1,133
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2035
1,570
1,779
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
1,695
1,750
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
100
108
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
1,000
1,088
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
300
332
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
30
33
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
170
180
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
50
56
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
300
334
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
1,000
1,113
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2036
1,730
1,947
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
1,000
1,008
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
1,145
1,180
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
1,400
1,480
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
270
287
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
25
27
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
40
44
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
305
336
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
55
61
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
80
85
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
120
128
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
240
261
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
505
553
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2037
95
105
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
500
504
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
2,550
2,624
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
120
128
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
105
112
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
440
474
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
170
183
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
175
192
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
160
172
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
60
66
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2038
1,020
1,132
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
405
426
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
1,220
1,304
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
270
293
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
550
603
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
110
119
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
85
93
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
115
125
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
245
267
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
55
60
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2039
1,000
1,111
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2040
330
346
20
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2040
25
27
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2040
160
170
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2040
120
130
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2040
1,380
1,519
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2040
1,980
2,179
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
325
342
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
10
11
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
1,000
1,077
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
1,000
1,082
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
10
11
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
50
54
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
535
581
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2041
70
73
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2042
20
21
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2042
1,000
1,005
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2042
80
85
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2042
40
43
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2042
20
22
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2042
195
210
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2042
1,230
1,342
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2043
1,000
1,070
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2043
165
175
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2043
60
64
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2043
70
75
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2043
295
318
8
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2043
345
375
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2044
1,150
1,236
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2044
1,000
1,086
 
Los Angeles CA Department of Water & Power Revenue
5.000%
7/1/2046
1,540
1,602
 
Los Angeles CA Department of Water & Power System Revenue
5.000%
7/1/2042
1,000
1,091
 
Los Angeles CA Department of Water & Power System Revenue
5.000%
7/1/2046
1,000
1,067
 
Los Angeles CA Unified School District GO
5.000%
7/1/2031
2,000
2,238
 
Los Angeles CA Unified School District GO
5.000%
7/1/2032
705
800
 
Los Angeles CA Unified School District GO
5.000%
7/1/2033
2,000
2,295
 
Los Angeles CA Unified School District GO
5.000%
7/1/2043
2,000
2,251
 
Los Angeles CA Wastewater System Revenue
5.000%
6/1/2037
1,595
1,858
 
Los Angeles CA Wastewater System Revenue
5.000%
6/1/2038
1,000
1,157
 
Los Angeles CA Wastewater System Revenue
5.000%
6/1/2043
1,000
1,032
 
Los Angeles County CA Community Facilities District No. 2021-01
5.000%
9/1/2042
2,100
2,192
 
Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue
5.000%
6/1/2036
925
1,072
 
Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue
5.000%
6/1/2039
315
358
8
Los Angeles County CA School District GO
5.000%
7/1/2036
1,000
1,032
 
Manteca CA Unified School District GO
5.000%
8/1/2036
575
677
 
Milpitas CA Redevelopment Agency Successor Tax Allocation Refunding Bonds
(Redevelopment Project Area No. 1 2015)
5.000%
9/1/2031
1,130
1,132
 
Mount Diablo CA Unified School District GO
5.000%
8/1/2036
530
619
 
Mount Diablo CA Unified School District GO
5.000%
8/1/2037
585
679
 
M-S-R CA Energy Authority Gas Revenue
6.500%
11/1/2039
555
686
 
Newport Mesa CA Unified School District GO
0.000%
8/1/2030
630
564
 
Northern California Energy Authority Commodity Supply Revenue PUT
5.000%
8/1/2030
8,555
9,060
8
Oakland CA Unified School District GO
5.000%
8/1/2032
1,485
1,674
8
Oakland CA Unified School District GO
5.000%
8/1/2038
3,465
3,989
 
Oceanside CA Unified School District GO
5.000%
8/1/2039
470
540
 
Oceanside CA Unified School District GO
5.000%
8/1/2040
500
571
 
Ontario CA Public Financing Authority Lease Revenue
5.000%
11/1/2036
585
680
 
Oxnard CA School District GO
0.000%
2/1/2031
115
100
3
Palomar Pomerado Health California GO
0.000%
8/1/2026
1,040
1,037
3
Palomar Pomerado Health California GO
0.000%
8/1/2030
2,000
1,721
3
Palomar Pomerado Health California GO
0.000%
8/1/2032
740
586
 
Peralta CA Community College District Election GO
5.250%
8/1/2042
1,000
1,106
 
Peralta CA Community College District GO
5.000%
8/1/2032
1,000
1,145
3
Poway CA Unified School District Public Financing Authority Special Tax Revenue
5.000%
9/1/2031
1,370
1,375
 
Regents of the University of California Medical Center Pooled Revenue
5.000%
5/15/2037
2,000
2,215
 
Regents of the University of California Medical Center Pooled Revenue
5.000%
5/15/2039
2,000
2,193
 
Riverside CA Electric Revenue
5.000%
10/1/2032
1,830
1,950
 
Riverside County CA Transportation Commission Toll Revenue
0.000%
6/1/2030
2,415
2,118
10
Sacramento CA City Financing Authority Tax Allocation Revenue
0.000%
12/1/2030
1,815
1,603
 
San Diego CA Housing Authority Multi Family Housing Revenue (Sea Breeze Gardens)
4.200%
6/1/2040
920
924
 
San Diego CA Public Facilities Financing Authority Lease Revenue
5.000%
10/15/2043
775
871
 
San Diego CA Public Facilities Financing Authority Sewer Revenue
5.000%
5/15/2037
1,365
1,610
21
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
3
San Diego CA Unified School District GO
5.500%
7/1/2027
520
538
 
San Diego CA Unified School District GO
0.000%
7/1/2030
250
224
 
San Diego CA Unified School District GO
0.000%
7/1/2044
1,000
505
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2027
320
312
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2027
80
78
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2027
100
97
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2028
70
66
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2028
60
57
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2028
150
142
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2028
220
209
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2029
60
55
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2029
200
184
 
San Diego CA Unified School District GO ETM
0.000%
7/1/2029
240
221
 
San Diego County CA Regional Airport Authority Revenue
5.000%
7/1/2037
800
929
 
San Diego County CA Regional Airport Authority Revenue
5.000%
7/1/2041
320
364
 
San Francisco CA Bay Area Rapid Transit District GO
5.000%
8/1/2042
1,000
1,143
 
San Francisco CA City & County International Airport Revenue
5.000%
5/1/2043
1,000
1,101
 
San Francisco CA City & County International Airport Revenue
5.000%
5/1/2044
1,500
1,660
 
San Francisco CA City & County Public Utilities Commission Wastewater Revenue PUT
4.000%
10/1/2029
1,000
1,036
 
San Francisco CA City & County Public Utilities Commission Water Revenue
5.000%
11/1/2036
1,540
1,840
 
San Francisco CA City & County Public Utilities Commission Water Revenue
5.000%
11/1/2037
2,055
2,465
 
San Francisco CA City & County Unified School District GO
5.000%
6/15/2032
1,000
1,130
 
San Joaquin Valley CA Clean Energy Authority Project Revenue PUT
5.500%
7/1/2035
4,740
5,269
11
San Ramon CA Public Financing Authority Tax Allocation Revenue
0.000%
2/1/2033
1,475
1,193
 
Santa Barbara County CA Housing Authority Revenue (Heritage Ridge Family
Apartments)
4.000%
12/1/2038
145
146
 
Santa Clara CA Financing Authority Revenue
3.000%
5/1/2039
1,155
1,067
 
Santa Paula CA Special Tax Harvest Community Facilities Bonds
4.000%
9/1/2042
600
571
 
South San Francisco CA Unified School District GO
5.000%
9/1/2033
1,150
1,340
 
Southern California Public Power Authority Revenue (Apex Power Project)
5.000%
7/1/2030
250
269
 
Southern California Public Power Authority Revenue (Apex Power Project)
5.000%
7/1/2033
275
308
 
Southern California Public Power Authority Revenue (Canyon Power Project) PUT
3.700%
7/1/2027
1,000
1,001
 
Southern California Public Power Authority Revenue (Clean Energy II Project)
5.000%
11/1/2033
3,925
4,187
 
Southern California Public Power Authority Revenue (Clean Energy Project) PUT
5.000%
9/1/2030
7,725
8,109
 
Southern California Public Power Authority Revenue (Transmission System Renewal
Project)
5.000%
7/1/2036
1,190
1,368
 
Southern California Public Power Authority Revenue (Transmission System Renewal
Project)
5.000%
7/1/2039
675
756
 
Southern California Public Power Authority Revenue (Transmission System Renewal
Project)
5.000%
7/1/2047
1,120
1,188
 
Southern California Public Power Authority Revenue (Transmission System Renewal
Project) PUT
5.000%
7/1/2029
1,480
1,554
 
Southern California Public Power Authority Revenue (Windy Flats Project)
5.000%
7/1/2029
45
48
 
Southern California Public Power Authority Transmission System Renewal Project
Revenue
5.000%
7/1/2027
55
56
 
Southern California Public Power Authority Transmission System Renewal Project
Revenue
5.000%
7/1/2029
65
69
 
Southern California Public Power Authority Transmission System Renewal Project
Revenue
5.000%
7/1/2044
100
108
8
Stockton CA Unified School District GO
5.000%
8/1/2035
605
715
3
Sutter Butte Flood Control Agency CA Assessment Revenue
5.000%
10/1/2030
500
547
10
Union CA Elementary School District GO
0.000%
9/1/2028
1,080
1,024
 
University of California Revenue
5.000%
11/15/2027
2,025
2,098
 
University of California Revenue
5.000%
11/15/2029
1,485
1,606
 
University of California Revenue
5.000%
5/15/2030
6,140
6,698
 
University of California Revenue
5.000%
11/15/2030
1,735
1,910
 
University of California Revenue
5.000%
5/15/2031
1,400
1,553
 
University of California Revenue
5.000%
5/15/2031
1,000
1,109
 
University of California Revenue
5.000%
11/15/2031
1,385
1,549
 
University of California Revenue
5.000%
5/15/2033
1,235
1,410
 
University of California Revenue
4.000%
5/15/2034
1,000
1,009
 
University of California Revenue
4.000%
5/15/2035
2,000
2,016
 
University of California Revenue
5.000%
5/15/2035
1,620
1,686
 
University of California Revenue
5.000%
5/15/2035
1,165
1,212
 
University of California Revenue
5.000%
5/15/2036
8,990
10,551
 
University of California Revenue
5.000%
5/15/2037
1,005
1,153
 
University of California Revenue
5.000%
5/15/2037
2,340
2,684
 
University of California Revenue
5.000%
5/15/2038
1,975
2,253
 
University of California Revenue
5.000%
5/15/2038
1,670
1,905
 
University of California Revenue
5.250%
5/15/2038
1,835
2,204
22
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
University of California Revenue
5.000%
11/15/2038
1,400
1,611
 
University of California Revenue
5.000%
5/15/2039
2,135
2,416
 
University of California Revenue
5.000%
11/15/2039
4,965
5,863
 
University of California Revenue
5.250%
5/15/2040
1,980
2,393
 
University of California Revenue
4.000%
5/15/2041
1,740
1,766
 
University of California Revenue
4.000%
5/15/2041
3,475
3,524
 
University of California Revenue
5.000%
5/15/2041
2,000
2,196
 
University of California Revenue
5.000%
5/15/2041
1,000
1,110
 
University of California Revenue
5.000%
11/15/2041
1,430
1,620
 
University of California Revenue
5.000%
5/15/2042
1,000
1,108
 
University of California Revenue
5.000%
5/15/2042
1,000
1,108
 
University of California Revenue
5.000%
5/15/2042
1,590
1,781
 
University of California Revenue
5.000%
5/15/2043
1,000
1,105
 
University of California Revenue
5.000%
11/15/2045
1,290
1,432
3,12
West Contra Costa CA Unified School District GO
0.000%
8/1/2032
1,155
951
8,10
West Contra Costa CA Unified School District GO
0.000%
8/1/2032
500
412
10
West Contra Costa CA Unified School District GO
0.000%
8/1/2034
1,225
924
 
 
 
 
 
630,574
Colorado (0.6%)
 
Adams County CO COP
5.000%
12/1/2031
650
651
 
Arapahoe County CO School District No. 5 Cherry Creek GO
5.250%
12/15/2042
1,575
1,783
 
Arapahoe County CO School District No. 5 Cherry Creek GO
5.250%
12/15/2045
1,000
1,130
 
Arapahoe County CO School District No. 5 Cherry Creek GO
5.250%
12/15/2046
1,000
1,119
 
Arapahoe County CO School District No. 6 Littleton GO
5.500%
12/1/2043
1,000
1,048
 
Aurora CO Water Revenue Prere.
5.000%
8/1/2026
1,645
1,648
3
Baseline Metropolitan District No. 1 GO
5.000%
12/1/2033
1,000
1,087
 
Board of Governors of the Colorado State University System Enterprise Revenue
5.000%
3/1/2036
410
469
 
Board of Governors of the Colorado State University System Enterprise Revenue
5.000%
3/1/2043
1,500
1,727
8
Canyons Metropolitan District No. 5 CO Ltd. Tax GO
5.000%
12/1/2033
250
279
 
Colorado COP
4.000%
12/15/2033
1,235
1,260
 
Colorado COP
4.000%
12/15/2034
1,800
1,834
 
Colorado COP
6.000%
12/15/2036
1,000
1,172
 
Colorado Educational & Cultural Facilities Authority Revenue (Aspen View Academy
Project)
4.000%
5/1/2036
175
172
 
Colorado Educational & Cultural Facilities Authority Revenue (University of Denver)
4.000%
3/1/2030
500
503
5
Colorado Health Facilities Authority Hospital Revenue VRDO
2.900%
7/1/2026
1,900
1,900
 
Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group)
5.000%
11/15/2039
1,000
1,098
 
Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group)
PUT
5.000%
11/15/2030
1,075
1,159
 
Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group)
PUT
5.000%
11/15/2033
1,000
1,114
 
Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/Sunbelt
Obligated Group)
4.000%
11/15/2046
1,860
1,735
 
Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West
Obligated Group)
5.000%
11/15/2037
1,000
1,053
 
Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West
Obligated Group)
4.000%
11/15/2038
1,000
1,002
 
Colorado Health Facilities Authority Hospital Revenue (Frasier Project)
4.000%
5/15/2036
1,515
1,521
 
Colorado Health Facilities Authority Revenue
4.000%
1/1/2035
1,000
1,016
 
Colorado Health Facilities Authority Revenue
5.125%
12/1/2045
1,000
1,044
 
Colorado Health Facilities Authority Revenue Prere.
5.000%
11/19/2026
95
96
 
Colorado Health Facilities Authority Revenue (CommonSpirit Health)
5.000%
9/1/2029
1,330
1,409
 
Colorado Health Facilities Authority Revenue (CommonSpirit Health)
5.000%
9/1/2032
1,000
1,095
 
Colorado Health Facilities Authority Revenue (CommonSpirit Health)
5.000%
12/1/2039
1,000
1,081
 
Colorado Health Facilities Authority Revenue (CommonSpirit Health)
4.000%
8/1/2044
1,625
1,557
 
Colorado Health Facilities Authority Revenue (Intermountain Health)
5.000%
5/15/2033
1,000
1,112
 
Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT
5.000%
8/17/2026
1,500
1,504
 
Colorado Housing & Finance Authority Multifamily Revenue
3.150%
4/1/2029
1,060
1,060
 
Colorado Housing & Finance Authority Single Family Mortgage Revenue
6.000%
11/1/2055
460
508
 
Colorado School of Mines Institutional Enterprise Revenue
5.000%
12/1/2042
4,000
4,408
3
Colorado Science & Technology Park Metropolitan District No. 1 Special Revenue
5.000%
12/1/2033
1,000
1,079
3
Colorado Science & Technology Park Metropolitan District No. 1 Special Revenue
5.000%
12/1/2034
750
807
 
Colorado Springs Multifamily Housing Revenue (Bradley Ridge Apartments Project) PUT
3.150%
12/1/2029
500
501
6
CSU Strata CO Student Housing Revenue (Prospect Project)
5.000%
3/1/2040
500
516
 
Denver CO City & County Airport Revenue
5.000%
12/1/2026
775
782
 
Denver CO City & County Airport Revenue
5.000%
11/15/2040
575
623
 
Denver CO City & County COP
5.000%
6/1/2037
1,685
1,687
 
Denver CO City & County Dedicated Tax Revenue
0.000%
8/1/2029
500
445
 
Denver CO City & County Housing Authority Multifamily Revenue
5.000%
6/1/2029
180
187
 
Denver CO City & County Housing Authority Multifamily Revenue
5.000%
12/1/2045
320
331
23
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Denver CO City & County School District No. 1 GO
5.000%
12/1/2034
1,125
1,308
 
Denver CO City & County School District No. 1 GO
5.000%
12/1/2036
2,000
2,018
 
Denver CO City & County School District No. 1 GO
5.250%
12/1/2042
3,000
3,417
10
E-470 Public Highway Authority Colorado Revenue
0.000%
9/1/2029
2,000
1,836
10
E-470 Public Highway Authority Colorado Revenue
0.000%
9/1/2032
1,000
831
9
E-470 Public Highway Authority Colorado Revenue
0.000%
9/1/2035
400
291
9
E-470 Public Highway Authority Colorado Revenue
0.000%
9/1/2039
400
238
 
E-470 Public Highway Authority Colorado Revenue
0.000%
9/1/2040
1,000
579
 
E-470 Public Highway Authority Colorado Revenue
5.000%
9/1/2040
500
554
3
Grand River Hospital District CO GO
6.000%
12/1/2039
1,000
1,183
 
Jefferson County CO School District No. R-1 GO
5.000%
12/15/2036
3,015
3,155
 
Jefferson County CO School District No. R-1 GO Prere.
5.000%
12/15/2028
380
402
 
Larimer Weld & Boulder County CO School District R-2J Thompson GO
5.500%
12/15/2042
635
746
3
Midcities Metropolitan District No. 2 Revenue Refunding Bonds
4.000%
12/1/2046
780
745
3
Park Creek Metropolitan District CO Ltd. Property Tax Revenue
5.000%
12/1/2040
1,750
1,883
 
Pitkin County CO School District No. 1 Aspen GO
5.500%
12/1/2045
725
829
 
Prairie Point CO Community Authority Board Special Improvement District No. 1 Revenue
5.375%
12/1/2040
100
102
 
Prairie Point CO Community Authority Board Special Improvement District No. 1 Revenue
5.750%
12/1/2045
110
113
 
Public Authority for Colorado Energy Natural Gas Revenue
6.500%
11/15/2038
2,240
2,698
 
Regional Transportation District of Colorado Private Activity Revenue
4.000%
7/15/2039
1,325
1,306
 
Sterling Ranch CO Community Authority Board Supported Revenue
6.500%
12/1/2042
1,000
1,056
 
University of Colorado Enterprise System Revenue
5.000%
6/1/2042
570
634
 
Weld County CO School District No. RE 002 GO
5.000%
12/1/2036
2,325
2,466
 
 
 
 
 
77,702
Connecticut (0.6%)
 
Connecticut GO
5.000%
4/15/2028
1,000
1,045
 
Connecticut GO
5.000%
11/15/2031
865
962
 
Connecticut GO
5.000%
11/15/2032
1,705
1,922
 
Connecticut GO
5.000%
8/15/2034
1,220
1,400
 
Connecticut GO
5.000%
11/15/2034
1,500
1,725
 
Connecticut GO
5.000%
8/15/2035
1,085
1,254
 
Connecticut GO
3.000%
1/15/2038
2,345
2,180
 
Connecticut GO
5.000%
4/15/2039
1,650
1,724
 
Connecticut GO
5.000%
8/15/2041
1,150
1,285
 
Connecticut GO
5.000%
8/15/2042
1,190
1,325
 
Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement
Communities)
5.000%
12/1/2031
1,000
1,025
 
Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health)
5.000%
7/1/2029
1,255
1,309
 
Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health)
5.000%
7/1/2032
1,600
1,661
 
Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital)
4.000%
7/1/2035
650
658
 
Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital)
4.000%
7/1/2036
800
806
 
Connecticut Health & Educational Facilities Authority Revenue (University of Hartford)
5.000%
7/1/2031
575
584
 
Connecticut Health & Educational Facilities Authority Revenue (Yale New Haven)
5.000%
7/1/2032
1,000
1,123
 
Connecticut Health & Educational Facilities Authority Revenue (Yale New Haven) PUT
5.000%
7/1/2029
1,000
1,061
 
Connecticut Health & Educational Facilities Authority Revenue (Yale University)
5.000%
7/1/2035
2,000
2,328
 
Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT
2.000%
7/1/2026
500
500
5,6
Connecticut Health & Educational Facilities Authority Revenue (Yale University) TOB
VRDO
2.950%
7/1/2026
600
600
 
Connecticut Housing Finance Authority Revenue
6.000%
11/15/2054
915
1,005
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
1/1/2028
1,805
1,876
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
10/1/2034
1,000
1,045
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
5/1/2035
1,000
1,073
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
1/1/2036
5,000
5,145
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
7/1/2038
1,000
1,115
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
7/1/2041
2,000
2,177
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
7/1/2042
3,205
3,548
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
7/1/2043
2,000
2,205
 
Connecticut Special Tax Revenue (Transportation Infrastructure)
5.000%
7/1/2043
5,000
5,563
 
Connecticut State Health & Educational Facilities Authority Revenue
5.000%
7/1/2031
1,440
1,570
9
Connecticut State Health & Educational Facilities Authority Revenue
5.875%
12/15/2046
265
269
 
Connecticut State Health & Educational Facilities Authority Revenue VRDO
2.750%
7/1/2026
9,275
9,275
 
Connecticut Transmission Municipal Electric Energy Cooperative Revenue
5.000%
1/1/2038
680
735
6
Harbor Point CT Infrastructure Improvement District SO Revenue
5.000%
4/1/2030
710
716
6
New Canaan CT Housing Authority Multifamily Housing Revenue
6.000%
6/1/2035
1,000
1,000
8
New Haven Connecticut GO
5.000%
8/1/2028
500
524
8
New Haven Connecticut GO
5.000%
8/1/2037
1,000
1,097
 
Norwalk CT Housing Authority Multifamily Revenue (Monterey Village Apartments)
4.400%
9/1/2042
1,000
1,005
 
Stamford CT Housing Authority Revenue (Mozaic Concierge Living Project)
4.750%
10/1/2032
560
582
24
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Stamford CT Housing Authority Revenue (Mozaic Concierge Living Project)
6.000%
10/1/2040
200
214
 
 
 
 
 
68,216
Delaware (0.1%)
6
Affordable Housing Opportunities Trust Revenue
3.528%
5/1/2039
2,445
2,080
 
Delaware GO
5.000%
5/1/2028
2,000
2,095
 
Delaware GO
4.000%
5/1/2042
2,500
2,524
 
Delaware Health Facilities Authority Revenue (Beebe Medical Center Project)
5.000%
6/1/2030
600
618
 
Delaware Health Facilities Authority Revenue (Christiana Care Health System)
5.000%
10/1/2037
1,000
1,055
 
Delaware River & Bay Authority Delaware Revenue
3.000%
1/1/2038
1,495
1,381
 
Delaware State Economic Development Authority Revenue (Delmarva Power & Light Co.
Project)
3.600%
1/1/2031
500
517
 
Delaware State Economic Development Authority Revenue (NRG Energy Project) PUT
4.000%
10/1/2035
1,350
1,364
 
University of Delaware Bonds Revenue
5.000%
11/1/2040
500
583
 
 
 
 
 
12,217
District of Columbia (0.4%)
 
District of Columbia GO
5.000%
6/1/2027
1,000
1,024
 
District of Columbia GO
5.000%
12/1/2031
2,180
2,427
 
District of Columbia GO
5.000%
1/1/2039
1,000
1,097
 
District of Columbia GO
5.000%
6/1/2043
1,845
2,064
 
District of Columbia GO
5.000%
8/1/2044
1,145
1,250
 
District of Columbia GO
5.000%
8/1/2045
4,500
4,876
 
District of Columbia Hospital Revenue (Children's Hospital Obligated Group)
5.000%
7/15/2035
1,000
1,002
 
District of Columbia Housing Finance Agency Multifamily Revenue
4.800%
6/1/2045
260
265
 
District of Columbia Housing Finance Agency Multifamily Revenue PUT
3.150%
2/1/2029
130
131
13
District of Columbia Housing Finance Agency Multifamily Revenue PUT
3.600%
9/1/2030
500
505
13
District of Columbia Housing Finance Agency Multifamily Revenue PUT
3.125%
3/1/2031
140
139
 
District of Columbia Income Tax Revenue (Tax-Exempt)
5.000%
10/1/2030
1,355
1,483
 
District of Columbia Income Tax Revenue (Tax-Exempt)
5.000%
10/1/2036
1,000
1,135
 
District of Columbia Income Tax Revenue (Tax-Exempt)
5.000%
6/1/2038
1,810
2,050
 
District of Columbia Income Tax Revenue (Tax-Exempt)
5.000%
5/1/2039
1,000
1,100
 
District of Columbia Income Tax Revenue (Tax-Exempt)
5.000%
7/1/2040
3,000
3,257
 
District of Columbia Income Tax Revenue (Tax-Exempt)
5.000%
3/1/2044
3,000
3,128
 
District of Columbia Revenue Bonds (Gallaudet University Project)
3.000%
4/1/2039
1,460
1,282
 
District of Columbia Revenue Bonds (Latin American Montessori Bilingual Public Charter
School)
5.000%
6/1/2040
1,000
1,000
 
District of Columbia University Revenue PUT
5.000%
4/3/2035
2,295
2,531
 
District of Columbia Water & Sewer Authority Public Utility Revenue
5.000%
10/1/2037
2,610
2,978
 
District of Columbia Water & Sewer Authority Public Utility Revenue
5.000%
10/1/2039
3,750
4,248
3
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Capital
Appreciation Bonds)
0.000%
10/1/2036
525
356
 
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles
Metrorail & Capital Improvement Projects)
0.000%
10/1/2037
1,300
772
8
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles
Metrorail & Capital Improvement Projects)
0.000%
10/1/2037
1,915
1,239
8
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles
Metrorail & Capital Improvement Projects)
0.000%
10/1/2037
1,000
600
3
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles
Metrorail & Capital Improvement Projects)
0.000%
10/1/2040
500
278
 
Washington Convention & Sports Authority Revenue
5.000%
10/1/2026
1,090
1,096
 
Washington DC Convention & Sports Authority Dedicated Tax Revenue
4.000%
10/1/2034
1,115
1,143
 
Washington DC Metropolitan Area Transit Authority Dedicated Revenue
5.000%
7/15/2027
100
103
 
Washington DC Metropolitan Area Transit Authority Dedicated Revenue
5.000%
7/15/2028
100
105
 
Washington DC Metropolitan Area Transit Authority Dedicated Revenue
5.000%
7/15/2039
685
748
 
Washington DC Metropolitan Area Transit Authority Dedicated Revenue
5.000%
7/15/2041
805
871
5,6
Washington DC Metropolitan Area Transit Authority Dedicated Revenue TOB VRDO
3.080%
7/1/2026
5,500
5,500
 
 
 
 
 
51,783
Florida (1.8%)
 
Alachua County FL Health Facilities Authority Revenue (Oak Hammock)
4.000%
10/1/2031
305
310
 
Alachua County FL Health Facilities Authority Revenue (Oak Hammock)
4.000%
10/1/2031
615
626
3
Bay County FL School Board COP
4.000%
7/1/2038
1,285
1,293
 
Bay County FL School Board COP
5.500%
7/1/2041
1,450
1,597
 
Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group)
5.000%
4/1/2031
1,415
1,531
 
Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group)
5.000%
7/1/2031
1,675
1,817
 
Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group)
5.000%
7/1/2034
1,525
1,705
 
Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group)
5.000%
4/1/2040
715
757
 
Broward County FL Convention Center Hotel First Tier Revenue
5.000%
1/1/2038
3,460
3,758
 
Broward County FL School COP
5.000%
7/1/2036
1,000
1,090
 
Broward County FL Water & Sewer Utility Revenue
5.000%
10/1/2039
1,000
1,050
 
Cape Coral FL Water & Sewer Revenue
4.000%
10/1/2035
2,250
2,257
25
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program)
5.000%
10/1/2030
500
527
 
Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program)
5.000%
10/1/2033
540
564
6
Capital Trust Agency Florida Educational Facilities Revenue (Academir Charter Schools
Project)
2.500%
7/1/2031
495
456
 
Capital Trust Agency Florida Educational Facilities Revenue (Advantage Academy of
Hillsborough Projects)
5.000%
12/15/2029
325
325
 
Capital Trust Authority FL Health Care Facilities Revenue (UF Health Projects)
5.000%
12/1/2032
1,000
1,103
 
Capital Trust Authority FL Health Care Facilities Revenue (UF Health Projects)
5.000%
12/1/2035
1,000
1,120
6,9
Capital Trust Authority FL Revenue (Marie Selby Botanial Gardens Inc. Project)
4.500%
6/15/2033
125
126
3
Central FL Expressway Authority Revenue
2.500%
7/1/2040
1,000
787
 
Central FL Expressway Authority Revenue Prere.
4.000%
7/1/2026
1,015
1,015
3
Central Florida Expressway Authority Revenue
5.000%
7/1/2032
1,000
1,123
3
Central Florida Expressway Authority Revenue
5.000%
7/1/2033
1,000
1,137
3
Central Florida Expressway Authority Revenue
5.000%
7/1/2034
1,000
1,148
 
Davie FL Educational Facilities Revenue
5.000%
4/1/2038
1,000
1,024
 
East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue
5.000%
10/1/2034
925
946
 
East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue
5.000%
10/1/2035
1,075
1,098
 
Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp.
Obligated Group)
5.000%
8/15/2034
1,980
2,060
 
Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp.
Obligated Group)
5.000%
8/15/2039
1,525
1,563
6
Florida Development Finance Corp. Educational Facilities Revenue (Cornerstone Classical
Academy Inc. Project)
5.250%
6/1/2044
155
155
6
Florida Development Finance Corp. Educational Facilities Revenue (Global Outreach
Charter Academy Projects)
4.000%
6/30/2029
410
400
 
Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy
Projects)
5.000%
6/15/2029
400
406
 
Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy
Projects)
5.000%
6/15/2030
850
862
6
Florida Development Finance Corp. Educational Facilities Revenue (Renaissance Charter
School Projects)
5.500%
6/15/2040
605
639
 
Florida Development Finance Corp. Educational Facilities Revenue (River City Science
Academy Projects)
4.000%
7/1/2030
435
435
 
Florida Development Finance Corp. Healthcare Facilities Revenue (Tampa General
Hospital Project)
5.000%
8/1/2039
2,500
2,668
 
Florida Development Finance Corp. Healthcare Facilities Revenue (Tampa General
Hospital Project)
5.000%
8/1/2039
1,020
1,137
 
Florida Development Finance Corp. Healthcare Facilities Revenue (Tampa General
Hospital Project) PUT
5.000%
10/1/2031
470
508
 
Florida Development Finance Corp. Healthcare Facilities Revenue (UF Health Jacksonville
Project)
5.000%
2/1/2036
1,105
1,157
 
Florida Gulf Coast University Financing Corp. Capital Improvement Revenue
4.000%
2/1/2038
770
775
 
Florida Housing Finance Corp. Homeowner Mortgage Revenue
6.000%
1/1/2057
320
358
6
Florida Local Government Finance Commission Senior Living Revenue (Nocatee Project)
4.200%
11/15/2030
520
523
6
Florida Local Government Finance Commission Senior Living Revenue (Nocatee Project)
6.625%
11/15/2045
500
545
 
Florida Municipal Power Agency Revenue
3.000%
10/1/2033
1,000
961
 
Florida State Department of Transportation Right of Way Acquisition GO
5.000%
7/1/2026
5,000
5,000
 
Florida State Department of Transportation Turnpike Authority Revenue
5.000%
7/1/2030
5,500
5,998
 
Florida State Department of Transportation Turnpike Authority Revenue
4.000%
7/1/2041
2,000
2,041
 
Florida State Turnpike Authority Revenue
4.000%
7/1/2034
1,385
1,385
 
Florida State Turnpike Authority Revenue
3.000%
7/1/2035
150
144
 
Fort Lauderdale FL Water & Sewer Revenue (Enabling Works Project)
5.000%
9/1/2040
1,900
2,094
 
Halifax Hospital Medical Center FL Hospital Revenue
3.750%
6/1/2041
210
194
5
Highlands County FA Health Facilities Authority Revenue (Adventhealth Obligated Group)
VRDO
2.850%
7/1/2026
300
300
 
Hillsborough County FL Industrial Development Authority Health System Revenue
(Baycare Health System)
5.000%
11/15/2029
1,545
1,659
 
Hillsborough County FL Industrial Development Authority Health System Revenue
(Baycare Health System)
5.000%
11/15/2034
1,610
1,828
 
Hillsborough County FL Industrial Development Authority Health System Revenue
(Baycare Health System)
5.000%
11/15/2043
1,860
2,028
5
Hillsborough County FL Industrial Development Authority Health System Revenue
(Baycare Health System) VRDO
2.850%
7/1/2026
1,100
1,100
 
Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa
General Hospital Projects)
3.600%
10/1/2028
385
386
 
Jacksonville FL Electric Authority Water & Sewer Revenue
5.000%
10/1/2027
1,905
1,964
 
Jacksonville FL Electric Authority Water & Sewer Revenue
5.000%
10/1/2027
1,465
1,511
 
Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group)
4.000%
8/15/2037
1,250
1,251
 
Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation)
5.000%
11/1/2030
1,085
1,112
 
Jacksonville FL Special Revenue
5.000%
10/1/2027
1,500
1,548
 
Jacksonville FL Special Revenue
5.000%
10/1/2038
1,410
1,486
 
JEA FL Electric System Revenue
4.000%
10/1/2036
300
302
26
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
JEA FL Water & Sewer System Revenue
5.000%
10/1/2043
1,000
1,087
 
Kissimmee FL Capital Improvement Revenue
5.000%
10/1/2043
1,565
1,699
 
Lakeland FL Capital Improvement Revenue
5.000%
10/1/2037
1,185
1,330
 
Lakeland FL Hospital Revenue (Lakeland Regional Health Systems)
5.000%
11/15/2026
1,475
1,486
 
Lakeland FL Hospital Revenue (Lakeland Regional Health Systems)
5.000%
11/15/2042
1,525
1,647
 
Lee County FL Housing Finance Authority Multifamily Revenue
4.550%
1/1/2040
985
1,028
 
Lee County FL Industrial Development Authority Healthcare Facilities Revenue
4.000%
11/15/2030
465
471
6,9
Lee County FL Industrial Development Authority Healthcare Facilities Revenue
4.500%
10/1/2036
840
846
6,9
Lee County FL Industrial Development Authority Healthcare Facilities Revenue
5.250%
10/1/2044
305
312
 
Lee County FL Industrial Development Authority Healthcare Facilities Revenue
5.000%
11/15/2044
1,375
1,444
 
Lee County FL Industrial Development Authority Hospital Revenue
5.000%
4/1/2036
1,750
1,819
 
Lee County FL Industrial Development Authority Hospital Revenue PUT
5.000%
4/1/2033
1,260
1,384
4
Lee County FL Industrial Development Authority Hospital Revenue, SOFR + 0.850%
5.000%
4/1/2039
1,655
1,704
3
Marion County FL School Board COP
5.250%
6/1/2044
3,000
3,271
3
Miami Beach FL Redevelopment Agency Tax Increment Revenue (City Center/Historic
Convention Village)
5.000%
2/1/2037
1,275
1,420
 
Miami Beach FL Resort Tax Revenue
5.000%
9/1/2034
1,020
1,022
 
Miami FL SO Non-AD Valorem Revenue (New Administrative Building)
5.000%
3/1/2039
3,500
3,842
3,6
Miami FL SO Street & Sidewalk Improvement Program Revenue
5.000%
1/1/2030
1,325
1,367
3,6
Miami FL SO Street & Sidewalk Improvement Program Revenue
5.000%
1/1/2035
1,000
1,026
 
Miami-Dade County FL Aviation Revenue
5.000%
10/1/2029
475
509
 
Miami-Dade County FL Aviation Revenue (Miami International Airport)
5.000%
10/1/2033
1,850
1,860
 
Miami-Dade County FL Aviation Revenue (Miami International Airport)
5.000%
10/1/2034
1,000
1,005
 
Miami-Dade County FL Aviation Revenue (Miami International Airport)
4.000%
10/1/2036
1,000
1,009
 
Miami-Dade County FL Building Better Communities GO
5.000%
7/1/2036
1,160
1,162
 
Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami
Issue)
5.000%
4/1/2033
1,000
1,117
 
Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami
Issue)
5.000%
4/1/2034
1,440
1,623
 
Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami
Issue)
5.000%
4/1/2035
1,500
1,703
 
Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami
Issue)
5.250%
4/1/2041
1,500
1,672
 
Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami
Issue)
5.250%
4/1/2044
1,500
1,646
 
Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami
Issue)
5.000%
4/1/2045
1,000
1,070
 
Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami
Issue)
5.000%
4/1/2045
1,000
1,077
 
Miami-Dade County FL Health Facilities Authority Hospital Revenue (Niklaus Children's
Hospital Project)
4.000%
8/1/2033
1,290
1,330
 
Miami-Dade County FL Housing Finance Authority Multifamily Revenue PUT
3.400%
1/1/2028
450
452
6
Miami-Dade County FL Industrial Development Authority Student Housing Revenue PUT
5.375%
7/1/2036
3,980
4,164
3
Miami-Dade County FL Professional Sports Franchise Facilities TAX Revenue
0.000%
10/1/2045
4,000
1,652
 
Miami-Dade County FL Public Facilities Revenue
5.000%
6/1/2030
1,000
1,019
 
Miami-Dade County FL SO Revenue
0.000%
10/1/2034
1,000
751
 
Miami-Dade County FL SO Revenue
5.000%
4/1/2037
1,255
1,318
 
Miami-Dade County FL SO Revenue
0.000%
10/1/2038
2,265
1,421
 
Miami-Dade County FL SO Revenue
0.000%
10/1/2039
1,750
1,047
 
Miami-Dade County FL SO Revenue
4.000%
4/1/2042
1,000
997
8
Miami-Dade County FL SO Revenue
0.000%
10/1/2042
5,205
2,694
 
Miami-Dade County FL SO Revenue
5.000%
4/1/2043
3,855
4,151
 
Miami-Dade County FL Transit System Sales Surtax Revenue
4.000%
7/1/2031
1,400
1,401
 
Miami-Dade County FL Transit System Sales Surtax Revenue
4.000%
7/1/2038
2,155
2,151
 
Miami-Dade County FL Water & Sewer Revenue
5.000%
10/1/2046
1,000
1,024
 
North Brevard County FL Hospital District Revenue
5.000%
1/1/2034
1,000
1,024
 
North Miami Beach FL Bonds GO
5.000%
11/1/2042
1,265
1,385
 
North Sumter County FL Utility Dependent District Solid Waste Revenue
4.000%
10/1/2033
1,965
2,035
 
North Sumter County FL Utility Dependent District Utility Revenue
4.000%
10/1/2035
2,125
2,171
 
North Sumter County FL Utility Dependent District Utility Revenue
5.000%
10/1/2043
1,000
1,050
6
Okaloosa County FL Industrial Development Revenue (Air Force Enlisted Village Project)
5.500%
5/15/2045
325
340
 
Okaloosa County FL School Board COP
5.000%
10/1/2026
785
789
 
Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.)
5.000%
10/1/2030
1,510
1,517
 
Orange County FL Health Facilities Authority Revenue (Orlando Health Obligated Group)
5.000%
10/1/2046
1,165
1,235
 
Orange County FL Housing Finance Authority Multifamily Revenue PUT
3.350%
7/1/2028
1,470
1,474
9
Orange County FL Tourist Development Tax Revenue
5.000%
10/1/2044
2,000
2,203
 
Orange County FL Water & Wastewater Utility Revenue
5.000%
10/1/2026
1,400
1,408
 
Orange County FL Water & Wastewater Utility Revenue
5.000%
10/1/2036
750
821
3
Orlando FL Contract Tourist Development Tax Revenue (Camping World Stadium)
5.000%
11/1/2037
1,500
1,674
 
Orlando FL Utilities Commission System Revenue
5.000%
10/1/2028
1,100
1,160
 
Orlando FL Utilities Commission System Revenue
5.000%
10/1/2043
1,000
1,099
27
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Orlando FL Utilities Commission System Revenue PUT
1.250%
10/1/2028
1,335
1,261
 
Osceola County FL Transportation Revenue
5.000%
10/1/2028
500
517
 
Osceola County FL Transportation Revenue
0.000%
10/1/2034
2,000
1,427
 
Palm Beach County FL Educational Facilities Authority Revenue (Atlantic University Inc.)
5.000%
10/1/2043
500
510
 
Palm Beach County FL Health Facilities Authority Hospital Revenue (Jupiter Medical
Center Project)
5.000%
11/1/2033
420
451
 
Palm Beach County FL Health Facilities Authority Revenue (Lifespace Communities Inc.)
5.000%
5/15/2041
600
623
 
Palm Beach County Health Facilities Authority Revenue (Toby & Leon Cooperman Sinai
Residences of Boca Raton Expansion)
4.000%
6/1/2036
260
252
 
Parrish Lakes FL Community Development District Revenue
5.000%
5/1/2031
115
117
6
Pasco County FL Revenue
5.000%
7/1/2030
2,500
2,661
3
Pasco County FL Revenue
5.500%
9/1/2041
2,500
2,744
 
Pinery Community Development District FL Capital Improvement Revenue
4.500%
5/1/2036
570
563
 
Reedy Creek FL Improvement District GO
4.000%
6/1/2035
1,000
1,003
 
Sarasota County FL Utility System Revenue
5.250%
10/1/2042
1,685
1,842
 
South Broward FL Hospital District Revenue
4.000%
5/1/2033
1,020
1,020
 
South Broward FL Hospital District Revenue
3.000%
5/1/2040
1,960
1,712
 
South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida
Obligated Group)
4.000%
8/15/2033
1,180
1,186
 
South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida
Obligated Group)
5.000%
8/15/2035
2,635
3,006
 
South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida
Obligated Group)
4.000%
8/15/2036
2,945
2,950
 
South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida
Obligated Group) PUT
5.000%
8/15/2030
1,435
1,549
 
St. Johns County FL Industrial Development Authority Revenue (Vicars Landing Project)
4.000%
12/15/2036
1,000
964
3
St. Johns County FL School Board COP
5.000%
7/1/2041
1,810
1,976
 
Tallahassee FL Energy System Revenue
5.000%
10/1/2032
5,000
5,640
 
Tallahassee FL Energy System Revenue
5.000%
10/1/2037
1,000
1,142
 
Tampa Bay FL Water Utility System Revenue
5.000%
10/1/2037
2,040
2,049
 
Tampa FL Non-AD Valorem Improvement Revenue (Sustainable Bonds)
3.000%
10/1/2035
15
14
 
Tampa FL Non-AD Valorem Revenue
5.000%
10/1/2036
1,000
1,143
 
Tampa FL Non-AD Valorem Revenue
5.000%
10/1/2037
2,215
2,510
 
Tampa FL Non-AD Valorem Revenue
5.000%
10/1/2041
2,105
2,310
 
Tampa FL Non-AD Valorem Revenue
5.000%
10/1/2042
2,475
2,756
 
Tampa FL Non-AD Valorem Revenue
5.000%
10/1/2043
2,660
2,949
 
Tampa FL Water & Wastewater System Revenue
5.000%
10/1/2040
1,625
1,820
 
Tohopekaliga FL Water Authority Utility System Revenue
4.000%
10/1/2032
1,000
1,001
 
Village Community FL Development District No. 13 Florida Special Assessment Revenue
2.850%
5/1/2036
855
769
6
Village Community FL Development District No. 15 Florida Special Assessment Revenue
4.000%
5/1/2034
990
1,003
6
Village Community FL Development District No. 15 Florida Special Assessment Revenue
4.850%
5/1/2038
415
431
 
Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical
University Inc.)
5.000%
10/15/2037
1,040
1,164
 
 
 
 
 
224,423
Georgia (1.7%)
 
Albany-Dougherty County GA Hospital Authority Revenue
5.000%
9/1/2039
1,500
1,613
 
Atlanta GA Airport Passenger Facility Charge Subordinate Lien General Revenue
5.000%
7/1/2040
1,500
1,627
 
Atlanta GA Airport Revenue
5.000%
7/1/2040
1,015
1,114
 
Atlanta GA GO
5.000%
12/1/2040
5,500
6,080
13
Atlanta GA Urban Residential Finance Authority Multifamily Housing Revenue PUT
3.200%
2/1/2029
380
382
 
Atlanta GA Water & Wastewater Revenue
5.000%
11/1/2044
1,170
1,299
 
Atlanta GA Water & Wastewater Revenue Prere.
5.000%
11/1/2027
1,320
1,362
 
Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia
Power Co. Plant Vogtle Project) PUT
3.375%
3/12/2027
500
501
 
Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia
Power Co. Plant Vogtle Project) PUT
3.300%
8/21/2029
415
419
 
Burke County GA Development Authority Pollution Control Revenue Bonds (Oglethorpe
Power Corp. Vogtle Project) PUT
3.600%
2/1/2030
1,235
1,254
 
Cartersville GA Water & Sewer Revenue
5.000%
6/1/2044
715
795
6
Cobb County GA Development Authority Educational Facilities Revenue (Bethel Christian
Academy Project)
6.000%
6/1/2045
535
564
 
Cobb County GA Development Authority Student Housing Revenue (KSU Housing Real
Estate Foundations Projects)
5.000%
6/15/2037
1,500
1,694
 
Cobb County GA Kennestone Hospital Authority Revenue
5.000%
4/1/2042
1,000
1,071
 
Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project)
5.000%
7/1/2036
1,060
1,110
 
Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project)
5.000%
7/1/2044
1,440
1,482
 
Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC
Project)
5.000%
7/1/2031
810
825
 
Dalton GA Utilities Revenue
4.000%
3/1/2037
1,450
1,461
 
DeKalb County GA Housing Authority Multi Family Revenue (Avenues of North Decatur)
4.125%
12/1/2034
575
575
 
DeKalb County GA Housing Authority Multi Family Revenue (Kensington Station Project)
4.000%
12/1/2033
815
826
28
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
DeKalb County GA Housing Authority Multi Family Revenue (Montreal Project)
4.000%
3/1/2034
2,000
2,009
 
DeKalb County GA Housing Authority Multi Family Revenue (Park 500 Project)
4.000%
3/1/2034
2,760
2,768
 
DeKalb County GA Housing Authority Multi Family Revenue (Summit Pointe LLC)
4.000%
12/1/2035
420
421
 
DeKalb County GA Housing Authority Multi Family Revenue (Windmont Pointe Project)
4.000%
7/1/2036
315
313
 
DeKalb County GA Water & Sewer Revenue
5.000%
10/1/2031
3,815
4,251
 
DeKalb County GA Water & Sewer Revenue
5.000%
10/1/2038
3,500
3,966
 
Fayette County GA Development Authority Revenue
5.000%
10/1/2032
750
811
 
Fayette County GA Development Authority Revenue
5.000%
10/1/2039
1,000
1,064
 
Fulton County GA Development Authority Revenue (Children's Healthcare of Atlanta
Obligated Group)
5.000%
7/1/2038
1,500
1,576
 
Fulton County GA Development Authority Revenue (Robert W. Woodruff Arts Center Inc.
Project)
5.000%
3/15/2035
1,575
1,778
 
Fulton County GA Development Authority Revenue (Robert W. Woodruff Arts Center Inc.
Project)
5.000%
3/15/2039
375
417
6,9
Fulton County GA Development Authority Revenue (Student Housing LLC)
5.250%
7/1/2046
290
293
6
Fulton County GA Residential Care Facilities for the Elderly Authority Revenue
(Canterbury Court Project)
4.000%
4/1/2041
1,050
1,000
 
Gainesville & Hall County GA Hospital Authority Revenue (Northeast Georgia Health
System Inc. Project)
5.000%
10/15/2030
1,000
1,082
 
Georgia GO
5.000%
7/1/2026
1,340
1,340
 
Georgia GO
5.000%
7/1/2028
5,000
5,266
 
Georgia GO
3.000%
2/1/2034
1,535
1,521
9
Georgia GO
5.000%
7/1/2039
2,500
2,873
9
Georgia GO
5.000%
7/1/2044
3,000
3,371
9
Georgia GO
5.000%
7/1/2045
3,000
3,339
 
Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System
Obligated Group)
5.000%
4/1/2031
350
355
 
Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System
Obligated Group)
5.000%
4/1/2033
1,575
1,598
 
Jackson County GA School District GO
5.000%
3/1/2037
1,885
2,160
 
Macon-Bibb County GA Housing Authority Multifamily Revenue PUT
3.150%
2/1/2028
405
406
 
Main Street Energy Inc. GA Energy Project Revenue
5.000%
10/1/2033
3,480
3,706
 
Main Street Energy Inc. GA Energy Project Revenue
5.000%
12/1/2033
2,500
2,643
 
Main Street Natural Gas Inc. GA Gas Supply Revenue
5.000%
3/1/2029
175
183
 
Main Street Natural Gas Inc. GA Gas Supply Revenue
5.000%
5/15/2036
250
271
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
4.000%
12/1/2029
6,440
6,562
14
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
3/1/2030
12,740
13,444
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
9/1/2030
8,145
8,663
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
12/1/2030
5,785
6,116
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
4/1/2031
545
582
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
6/1/2031
7,575
8,085
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
9/1/2031
3,945
4,217
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
12/1/2031
14,815
15,682
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
3/1/2032
4,620
4,968
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
6/1/2032
6,900
7,455
 
Main Street Natural Gas Inc. GA Gas Supply Revenue PUT
5.000%
12/1/2032
6,490
6,922
 
Main Street Natural Gas Inc. Georgia Gas Project Revenue
5.000%
5/15/2038
675
730
 
Main Street Natural Gas Inc. Georgia Gas Project Revenue
4.000%
5/15/2039
350
343
 
Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT
4.000%
9/1/2026
295
295
 
Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT
4.000%
12/1/2028
3,890
3,951
 
Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT
5.000%
6/1/2029
5,015
5,232
 
Main Street Natural Gas Inc. Georgia Gas Supply Revenue PUT
4.000%
9/1/2027
2,225
2,254
 
Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue
3.000%
7/1/2037
1,000
937
 
Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue
3.000%
7/1/2041
2,665
2,355
 
Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue
3.000%
7/1/2039
2,050
1,868
 
Municipal Electric Authority Georgia Revenue
5.000%
1/1/2027
1,150
1,163
 
Municipal Electric Authority Georgia Revenue
5.000%
1/1/2030
1,000
1,001
 
Municipal Electric Authority Georgia Revenue
5.000%
1/1/2033
1,130
1,184
 
Municipal Electric Authority Georgia Revenue
5.000%
1/1/2038
1,000
1,081
 
Municipal Electric Authority Georgia Revenue
5.000%
1/1/2039
1,215
1,257
 
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J)
5.000%
1/1/2034
1,100
1,139
3
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J)
5.000%
7/1/2035
500
555
3
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M)
5.000%
7/1/2039
500
545
 
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P)
5.000%
1/1/2028
580
595
 
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P)
5.000%
1/1/2030
810
840
 
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P)
5.000%
1/1/2034
800
826
 
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project)
5.000%
1/1/2036
600
620
 
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project)
5.000%
7/1/2041
1,190
1,270
 
Paulding County GA Hospital Authority Revenue (Wellstar Health System Inc.)
5.000%
4/1/2036
1,000
1,133
 
Paulding County GA Hospital Authority Revenue (Wellstar Health System Inc.)
5.000%
4/1/2042
1,700
1,796
29
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.000%
9/1/2032
1,000
1,123
6
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.000%
9/1/2033
2,500
2,823
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.000%
9/1/2033
1,035
1,176
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.000%
9/1/2036
795
843
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.000%
9/1/2036
1,090
1,255
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.000%
9/1/2037
1,000
1,144
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.250%
9/1/2040
1,455
1,667
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.250%
9/1/2042
1,180
1,340
 
Private Colleges & University Authority of Georgia Revenue (Emory University)
5.250%
9/1/2045
1,690
1,880
 
Rockdale County GA Public Facilities Authority Revenue
5.000%
1/1/2043
1,000
1,091
 
Rockdale County GA Public Facilities Authority Revenue
5.000%
1/1/2044
1,000
1,084
 
Savannah GA Economic Development Authority Revenue (International Paper Co. Project)
PUT
3.450%
10/1/2031
100
100
6
Savannah GA Hospital Authority Revenue (St. Joseph's/Candler Health System Inc.)
5.500%
7/1/2027
1,000
1,025
 
Valdosta & Lowndes County GA Hospital Authority Revenue (South Georgia Medical
Center Project)
5.000%
10/1/2043
2,500
2,746
 
Walton County GA Development Authority Revenue (Piedmont Healthcare Inc. Project)
4.000%
7/1/2038
1,145
1,142
 
 
 
 
 
212,940
Guam (0.1%)
 
Guam Government Business Privilege Tax Revenue
5.000%
1/1/2033
205
222
 
Guam Government Business Privilege Tax Revenue
5.000%
1/1/2034
295
322
 
Guam Government Business Privilege Tax Revenue
4.000%
1/1/2036
900
898
 
Guam Government Business Privilege Tax Revenue
5.000%
1/1/2036
280
305
 
Guam Government Business Privilege Tax Revenue
5.250%
1/1/2037
135
149
 
Guam Government Business Privilege Tax Revenue
5.250%
1/1/2038
150
164
 
Guam Government Business Privilege Tax Revenue
4.000%
1/1/2042
805
786
 
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.000%
7/1/2032
1,000
1,089
 
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.000%
7/1/2033
105
115
 
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.000%
7/1/2034
700
774
 
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.000%
7/1/2036
130
143
 
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.250%
7/1/2042
480
519
 
Guam Power Authority Revenue
5.000%
10/1/2030
2,060
2,181
 
Guam Power Authority Revenue
5.000%
10/1/2032
1,000
1,077
 
Guam Power Authority Revenue
5.000%
10/1/2035
150
161
 
Guam Power Authority Revenue
5.000%
10/1/2038
405
410
 
Guam Power Authority Revenue
5.000%
10/1/2039
270
289
 
Guam Power Authority Revenue
5.000%
10/1/2040
250
266
 
Guam Power Authority Revenue
5.000%
10/1/2041
380
398
 
Guam Power Authority Revenue
5.000%
10/1/2044
120
125
 
 
 
 
 
10,393
Hawaii (0.2%)
 
Hawaii Department of Budget & Finance Special Purpose Revenue (Queens Health
Systems)
5.000%
7/1/2038
1,055
1,176
 
Hawaii Department of Budget & Finance Special Purpose Revenue (Queens Health
Systems)
5.000%
7/1/2040
1,680
1,852
 
Hawaii GO
5.000%
8/1/2029
595
602
 
Hawaii GO
5.000%
1/1/2036
4,115
4,236
 
Hawaii State Airports System Revenue
5.000%
7/1/2041
1,700
1,891
 
Honolulu HI City & County GO
5.000%
7/1/2028
895
941
 
Honolulu HI City & County GO
5.000%
7/1/2043
3,960
4,257
 
Honolulu HI City & County Wastewater System Revenue
5.000%
7/1/2033
895
1,021
 
Honolulu HI City & County Wastewater System Revenue
5.000%
7/1/2036
1,725
1,993
 
Kauai County HI Community Facilities District Special Tax Revenue
4.375%
5/15/2042
1,100
1,098
 
Maui County HI GO
2.000%
3/1/2041
1,000
757
 
 
 
 
 
19,824
Idaho (0.1%)
 
Canyon County School District No. 139 Vallivue GO
5.000%
9/15/2041
2,000
2,186
 
Idaho Health Facilities Authority Revenue (St. Luke's Health System Project)
5.000%
3/1/2028
1,595
1,655
 
Idaho Health Facilities Authority Revenue (St. Luke's Health System Project)
5.000%
3/1/2043
1,045
1,122
 
Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) PUT
5.000%
3/1/2032
1,000
1,088
 
Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) PUT
5.000%
3/1/2035
1,000
1,109
5
Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) VRDO
3.250%
7/1/2026
400
400
 
Idaho Housing & Finance Association Sales Tax Revenue
5.000%
8/15/2042
1,450
1,618
 
Idaho Housing & Finance Association Single Family Mortgage Revenue
6.000%
7/1/2054
1,465
1,603
 
Idaho Housing & Finance Association Single Family Mortgage Revenue
6.250%
1/1/2056
470
528
 
Idaho State Building Authority Sales Tax Revenue
5.000%
6/1/2033
1,290
1,467
3
University of Idaho Revenue
5.000%
4/1/2038
775
873
3
University of Idaho Revenue
5.500%
4/1/2043
1,375
1,559
 
 
 
 
 
15,208
30
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
Illinois (3.0%)
 
Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue
6.100%
4/1/2036
500
507
 
Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue
5.250%
4/1/2039
1,000
1,068
 
Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue
5.000%
4/1/2041
500
518
 
Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue
5.500%
4/1/2043
1,000
1,060
10
Chicago IL Board of Education GO
0.000%
12/1/2028
1,000
919
 
Chicago IL Board of Education GO
5.000%
12/1/2028
1,150
1,172
3
Chicago IL Board of Education GO
5.000%
12/1/2028
100
104
10
Chicago IL Board of Education GO
0.000%
12/1/2029
520
460
10
Chicago IL Board of Education GO
0.000%
12/1/2030
1,475
1,253
3
Chicago IL Board of Education GO
5.000%
12/1/2030
1,350
1,403
 
Chicago IL Board of Education GO
5.000%
12/1/2030
500
511
10
Chicago IL Board of Education GO
0.000%
12/1/2031
1,550
1,263
 
Chicago IL Board of Education GO
5.500%
12/1/2031
1,600
1,703
 
Chicago IL Board of Education GO
5.000%
12/1/2032
1,000
1,023
 
Chicago IL Board of Education GO
5.500%
12/1/2032
1,000
1,071
 
Chicago IL Board of Education GO
5.000%
12/1/2033
1,000
1,031
 
Chicago IL Board of Education GO
5.000%
12/1/2034
100
100
 
Chicago IL Board of Education GO
5.000%
12/1/2034
1,000
1,017
 
Chicago IL Board of Education GO
5.000%
12/1/2034
385
395
 
Chicago IL Board of Education GO
5.500%
12/1/2034
1,000
1,079
 
Chicago IL Board of Education GO
5.250%
12/1/2035
415
414
 
Chicago IL Board of Education GO
5.250%
12/1/2035
1,500
1,556
 
Chicago IL Board of Education GO
5.500%
12/1/2035
1,000
1,080
 
Chicago IL Board of Education GO
5.250%
12/1/2036
3,000
3,094
 
Chicago IL Board of Education GO
5.500%
12/1/2036
2,000
2,145
 
Chicago IL Board of Education GO
4.000%
12/1/2037
1,000
928
 
Chicago IL Board of Education GO
5.500%
12/1/2037
1,200
1,265
 
Chicago IL Board of Education GO
4.000%
12/1/2038
1,000
921
 
Chicago IL Board of Education GO
5.500%
12/1/2038
1,400
1,469
 
Chicago IL Board of Education GO
4.000%
12/1/2039
1,000
915
 
Chicago IL Board of Education GO
6.000%
12/1/2039
1,425
1,557
 
Chicago IL Board of Education GO
4.000%
12/1/2042
2,000
1,788
 
Chicago IL Board of Education GO
6.000%
12/1/2042
1,520
1,644
 
Chicago IL Board of Education GO
6.000%
12/1/2043
1,755
1,891
 
Chicago IL Board of Education Revenue
5.000%
4/1/2036
1,270
1,286
 
Chicago IL GO
5.000%
1/1/2028
930
948
 
Chicago IL GO
5.000%
1/1/2029
1,500
1,542
 
Chicago IL GO
5.000%
1/1/2031
1,500
1,546
 
Chicago IL GO
5.000%
1/1/2031
1,170
1,215
 
Chicago IL GO
4.000%
1/1/2032
445
442
 
Chicago IL GO
5.000%
1/1/2033
2,790
2,918
 
Chicago IL GO
5.000%
1/1/2034
1,535
1,608
 
Chicago IL GO
4.000%
1/1/2035
500
486
 
Chicago IL GO
5.500%
1/1/2035
1,000
1,030
 
Chicago IL GO
5.250%
1/1/2038
1,000
1,032
10
Chicago IL GO
0.000%
1/1/2039
1,600
927
 
Chicago IL GO
5.500%
1/1/2039
1,000
1,045
 
Chicago IL GO
5.500%
1/1/2039
1,000
1,045
 
Chicago IL GO
5.500%
1/1/2040
1,000
1,042
 
Chicago IL GO
5.500%
1/1/2041
1,290
1,358
 
Chicago IL GO
5.500%
1/1/2041
1,400
1,474
 
Chicago IL GO
5.000%
1/1/2043
2,495
2,508
 
Chicago IL GO
5.000%
1/1/2045
4,895
4,822
8
Chicago IL GO
6.000%
1/1/2046
1,000
1,100
 
Chicago IL GO ETM
5.000%
1/1/2028
160
166
 
Chicago IL Housing Authority Revenue
5.000%
1/1/2033
1,000
1,023
 
Chicago IL Metropolitan Water Reclamation District GO
5.000%
12/1/2026
2,500
2,523
 
Chicago IL Midway Airport Revenue
5.000%
1/1/2037
1,000
1,121
 
Chicago IL Midway Airport Revenue
5.000%
1/1/2043
1,570
1,700
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2029
1,000
1,058
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2031
665
727
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2032
735
815
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2033
630
707
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2034
610
691
 
Chicago IL O'Hare International Airport Revenue
4.000%
1/1/2035
3,000
3,047
 
Chicago IL O'Hare International Airport Revenue
4.000%
1/1/2035
3,500
3,554
 
Chicago IL O'Hare International Airport Revenue
4.000%
1/1/2036
2,500
2,528
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2036
1,000
1,091
8
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2036
1,000
1,095
31
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Chicago IL O'Hare International Airport Revenue
4.000%
1/1/2038
1,000
1,004
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2038
1,080
1,126
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2039
1,000
1,040
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2041
1,280
1,415
 
Chicago IL O'Hare International Airport Revenue
4.000%
1/1/2043
1,000
986
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2043
1,410
1,520
 
Chicago IL O'Hare International Airport Revenue
4.000%
1/1/2044
1,000
981
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2044
1,290
1,397
 
Chicago IL O'Hare International Airport Revenue
5.000%
1/1/2048
1,500
1,565
 
Chicago IL Park District GO
4.000%
1/1/2035
2,005
2,020
3
Chicago IL Revenue
5.000%
11/1/2032
1,000
1,107
 
Chicago IL Transit Authority Sales Tax Receipts Revenue
5.000%
12/1/2042
1,000
1,088
 
Chicago IL Transit Authority Sales Tax Receipts Revenue
5.000%
12/1/2043
1,455
1,576
 
Chicago IL Transit Authority Sales Tax Receipts Revenue
5.000%
12/1/2044
1,550
1,671
 
Chicago IL Transit Authority Sales Tax Receipts Revenue
5.000%
12/1/2044
1,375
1,484
10
Chicago IL Wastewater Transmission Revenue
5.500%
1/1/2030
980
1,030
8
Chicago IL Wastewater Transmission Revenue
5.000%
1/1/2038
1,000
1,094
 
Chicago IL Water Revenue
5.000%
11/1/2033
1,000
1,116
 
Chicago IL Water Revenue
5.000%
11/1/2037
1,000
1,100
3
Chicago IL Water Revenue
4.000%
11/1/2040
1,000
1,003
 
Chicago IL Water Revenue
5.000%
11/1/2040
1,000
1,087
 
Chicago IL Water Revenue
5.000%
11/1/2041
1,000
1,085
 
Chicago IL Water Revenue
5.000%
11/1/2042
1,000
1,085
 
Chicago IL Water Revenue
5.000%
11/1/2044
1,000
1,076
 
Chicago IL Water Revenue
5.000%
11/1/2046
1,240
1,318
8
Cook County IL Community College District GO
5.000%
12/1/2032
1,000
1,103
8
Cook County IL Community College District GO
5.000%
12/1/2037
1,000
1,089
8
Cook County IL Community College District GO
5.000%
12/1/2042
1,340
1,430
3
Cook County IL GO
5.000%
11/15/2026
1,545
1,559
 
Cook County IL GO
5.000%
11/15/2030
1,635
1,648
 
Cook County IL Sales Tax Revenue
5.000%
11/15/2038
1,665
1,767
 
Cook County IL Sales Tax Revenue
5.000%
11/15/2042
1,000
1,066
 
Cook County IL Sales Tax Revenue
5.000%
11/15/2045
1,000
1,063
8
Cook County IL School District No. 102 La Grange GO
5.000%
12/15/2037
450
497
8
Cook County IL School District No. 102 La Grange GO
5.000%
12/15/2043
1,000
1,069
 
Cook County IL School District No. 57 Mount Prospect GO
5.000%
12/1/2042
2,190
2,359
 
Cook County IL School District No. 57 Mount Prospect GO
5.000%
12/1/2043
2,295
2,458
3
Cook County IL School District No. 87 Berkeley GO
3.000%
12/1/2037
500
459
 
Cook Kane Lake & McHenry Counties IL Community College District No. 512 (William
Rainey Harper College) GO
3.000%
12/15/2035
2,500
2,368
 
Du Page & Will Counties IL Community School District No. 204 Indian Prairie GO
5.000%
1/15/2042
1,675
1,813
 
Du Page & Will Counties IL Community School District No. 204 Indian Prairie GO
5.000%
1/15/2043
1,210
1,303
 
DuPage County IL School District No. 58 Downers Grove GO
5.500%
12/15/2043
1,465
1,653
6
Elwood IL GO
6.250%
3/1/2044
1,000
1,086
 
Illinois Finance Authority Revenue
5.000%
2/15/2034
1,410
1,424
 
Illinois Finance Authority Revenue
5.000%
11/15/2034
1,180
1,298
 
Illinois Finance Authority Revenue
4.000%
7/1/2037
2,040
2,040
 
Illinois Finance Authority Revenue
5.000%
2/15/2041
1,515
1,525
 
Illinois Finance Authority Revenue
4.000%
7/1/2042
2,350
2,309
 
Illinois Finance Authority Revenue Prere.
5.000%
2/15/2027
290
294
 
Illinois Finance Authority Revenue PUT
5.000%
8/15/2032
1,065
1,163
 
Illinois Finance Authority Revenue PUT
5.000%
8/15/2035
1,720
1,924
 
Illinois Finance Authority Revenue (Arlington Heights LLC)
3.650%
5/1/2031
100
100
 
Illinois Finance Authority Revenue (Arlington Heights LLC)
5.125%
11/1/2046
145
148
 
Illinois Finance Authority Revenue (Benedictine University)
4.000%
10/1/2033
500
450
 
Illinois Finance Authority Revenue (DePaul University)
5.000%
10/1/2033
1,000
1,003
 
Illinois Finance Authority Revenue (DePaul University)
5.000%
10/1/2034
1,000
1,002
 
Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) Prere.
5.000%
1/1/2027
1,000
1,011
 
Illinois Finance Authority Revenue (Franciscan Communities Inc.)
5.000%
5/15/2037
1,000
1,007
 
Illinois Finance Authority Revenue (Green Bonds)
5.000%
1/1/2028
500
520
 
Illinois Finance Authority Revenue (Green Bonds)
5.000%
1/1/2033
1,025
1,156
 
Illinois Finance Authority Revenue (Green Bonds)
5.000%
1/1/2033
1,000
1,128
 
Illinois Finance Authority Revenue (Green Bonds)
5.000%
1/1/2034
1,060
1,209
 
Illinois Finance Authority Revenue (Green Bonds)
5.000%
1/1/2034
655
740
 
Illinois Finance Authority Revenue (Green Bonds)
5.000%
1/1/2035
750
863
 
Illinois Finance Authority Revenue (Green Bonds)
5.000%
7/1/2042
1,015
1,128
 
Illinois Finance Authority Revenue (Lake Forest College)
5.000%
10/1/2035
500
521
5
Illinois Finance Authority Revenue (Northshore University Health System) VRDO
2.900%
7/1/2026
1,900
1,900
5
Illinois Finance Authority Revenue (Northshore University Health System) VRDO
3.050%
7/1/2026
3,145
3,145
 
Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group)
5.000%
8/15/2041
4,000
4,232
32
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Illinois Finance Authority Revenue (Northwest Community Hospital) Prere.
5.000%
7/1/2026
1,000
1,000
 
Illinois Finance Authority Revenue (OSF Healthcare System)
4.000%
11/15/2033
1,000
980
 
Illinois Finance Authority Revenue (OSF Healthcare System) PUT
5.000%
11/15/2026
1,500
1,501
9
Illinois Finance Authority Revenue (Presbyterian Living)
5.000%
11/1/2027
350
358
9
Illinois Finance Authority Revenue (Presbyterian Living)
5.000%
5/1/2029
465
487
9
Illinois Finance Authority Revenue (Presbyterian Living)
5.000%
11/1/2029
445
469
 
Illinois Finance Authority Revenue (Rush University System Health)
5.000%
11/15/2030
1,235
1,315
 
Illinois Finance Authority Revenue (Silver Cross Hospital)
5.000%
8/15/2040
1,825
1,970
 
Illinois Finance Authority Revenue (Silver Cross Hospital) PUT
5.000%
8/15/2030
170
181
 
Illinois Finance Authority Revenue (Silver Cross Hospital) PUT
5.000%
8/15/2035
405
458
 
Illinois Finance Authority Revenue (University of Chicago)
5.000%
4/1/2032
1,000
1,110
 
Illinois GO
5.000%
6/1/2027
1,070
1,072
 
Illinois GO
5.000%
7/1/2027
1,000
1,022
 
Illinois GO
5.000%
10/1/2027
1,640
1,685
 
Illinois GO
5.000%
2/1/2028
1,690
1,714
 
Illinois GO
5.000%
10/1/2028
2,000
2,096
 
Illinois GO
5.000%
11/1/2028
1,050
1,082
 
Illinois GO
5.000%
2/1/2030
1,000
1,070
 
Illinois GO
5.000%
5/1/2030
1,000
1,074
 
Illinois GO
5.000%
5/1/2031
1,305
1,418
 
Illinois GO
5.000%
5/1/2031
1,000
1,087
 
Illinois GO
5.000%
10/1/2031
475
496
 
Illinois GO
5.000%
10/1/2031
2,000
2,183
 
Illinois GO
5.000%
2/1/2032
1,000
1,095
 
Illinois GO
5.000%
5/1/2032
1,500
1,646
 
Illinois GO
5.000%
3/1/2034
1,000
1,071
 
Illinois GO
5.000%
5/1/2034
1,500
1,630
 
Illinois GO
4.000%
11/1/2034
1,250
1,259
 
Illinois GO
5.000%
5/1/2035
500
515
 
Illinois GO
5.000%
5/1/2035
1,150
1,243
 
Illinois GO
4.000%
12/1/2035
1,000
1,006
 
Illinois GO
4.125%
10/1/2036
500
503
 
Illinois GO
4.000%
7/1/2037
1,000
999
 
Illinois GO
4.000%
10/1/2037
1,000
997
 
Illinois GO
4.000%
10/1/2038
1,000
991
 
Illinois GO
4.000%
10/1/2038
2,000
1,981
 
Illinois GO
5.500%
5/1/2039
500
531
 
Illinois GO
4.000%
10/1/2039
1,780
1,746
 
Illinois GO
5.250%
5/1/2040
1,110
1,189
 
Illinois GO
4.000%
10/1/2040
1,825
1,775
 
Illinois GO
5.250%
5/1/2042
2,125
2,257
 
Illinois GO
4.000%
10/1/2042
1,500
1,439
 
Illinois GO
5.000%
9/1/2043
2,000
2,114
8
Illinois GO
4.000%
10/1/2043
1,000
972
 
Illinois GO
5.125%
10/1/2043
1,000
1,053
 
Illinois GO
4.000%
11/1/2043
1,000
953
8
Illinois GO
4.000%
10/1/2045
1,415
1,339
 
Illinois Housing Development Authority Multifamily Revenue PUT
3.150%
7/1/2028
360
361
 
Illinois Housing Development Authority Revenue
3.000%
10/1/2050
15
15
 
Illinois Housing Development Authority Revenue
5.250%
10/1/2052
695
726
 
Illinois Housing Development Authority Revenue
6.250%
10/1/2056
570
645
3
Illinois Municipal Electric Agency Power Supply System Revenue
5.000%
2/1/2032
1,170
1,297
3
Illinois Municipal Electric Agency Power Supply System Revenue
5.000%
2/1/2033
1,665
1,868
8
Illinois Sales Tax Revenue
5.000%
6/15/2028
1,000
1,001
 
Illinois Sales Tax Revenue
5.000%
6/15/2028
1,000
1,046
 
Illinois Sales Tax Revenue
5.000%
6/15/2029
1,000
1,062
 
Illinois Sales Tax Revenue
5.000%
6/15/2035
4,440
4,985
 
Illinois Sales Tax Revenue
5.000%
6/15/2036
1,000
1,028
 
Illinois Sales Tax Revenue
5.000%
6/15/2037
1,000
1,027
 
Illinois Sales Tax Revenue
5.000%
6/15/2037
1,275
1,413
 
Illinois Sales Tax Revenue
5.000%
6/15/2037
1,125
1,235
 
Illinois Sales Tax Revenue
5.000%
6/15/2043
1,675
1,794
 
Illinois Sales Tax Revenue
5.000%
6/15/2043
1,000
1,088
 
Illinois Sales Tax Revenue
5.000%
6/15/2044
4,000
4,288
 
Illinois Sports Facilities Authority Revenue (State Tax Supported)
5.000%
6/15/2029
2,075
2,161
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2031
1,600
1,688
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2034
1,200
1,202
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2037
1,200
1,232
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2037
2,500
2,503
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2041
3,040
3,232
33
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Illinois State Toll Highway Authority Revenue
4.000%
1/1/2042
2,800
2,774
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2042
1,180
1,285
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2043
8,000
8,823
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2044
1,150
1,241
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2044
1,500
1,642
 
Illinois State Toll Highway Authority Revenue
5.000%
1/1/2045
325
341
 
Illinois State Toll Highway Authority Revenue
5.250%
1/1/2045
2,000
2,181
8
Joliet IL GO
5.250%
12/15/2039
1,500
1,636
8
Joliet IL GO
5.500%
12/15/2042
1,000
1,094
 
Kane County IL Forest Preserve District GO
5.000%
12/15/2037
1,985
2,179
3
Kane County IL School District No. 131 (Aurora East Side) GO
4.000%
12/1/2033
250
254
3
Kankakee County IL Community High School District No. 307 Bradley-Bourbonnais GO
5.000%
12/1/2038
1,000
1,103
3
Kendall Kane & Will Counties IL Community Unit School District No. 308 GO
0.000%
2/1/2028
5,090
4,833
3
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue
0.000%
6/15/2027
1,195
1,163
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue
5.500%
6/15/2029
1,350
1,407
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue
0.000%
12/15/2029
2,205
1,973
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue
0.000%
6/15/2036
1,000
691
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue
0.000%
6/15/2038
2,075
1,304
 
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
5.000%
12/15/2027
710
729
3,12
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
5.500%
6/15/2029
200
202
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
0.000%
6/15/2031
1,540
1,306
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
0.000%
12/15/2031
420
350
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
0.000%
6/15/2032
1,215
993
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
0.000%
6/15/2033
2,130
1,672
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
0.000%
12/15/2033
6,790
5,225
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
0.000%
6/15/2035
3,500
2,528
10
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick
Place Expansion Project)
0.000%
12/15/2037
4,000
2,574
 
Metropolitan Pier & Exposition Authority Illinois Revenue
5.250%
6/15/2039
1,100
1,103
8
Metropolitan Pier & Exposition Authority Illinois Revenue
4.000%
12/15/2042
1,000
991
 
Metropolitan Pier & Exposition Authority Illinois Revenue
5.250%
6/15/2044
1,000
1,003
 
Metropolitan Pier & Exposition Authority Illinois Revenue (McCormick Place Expansion
Project)
5.000%
6/15/2029
1,000
1,025
 
Metropolitan Pier & Exposition Authority Illinois Revenue (McCormick Place Expansion
Project)
5.000%
12/15/2031
1,620
1,755
 
Northern Illinois Municipal Power Agency Project Revenue
5.000%
12/1/2026
1,070
1,079
8
Northern Illinois University Auxiliary Facilities System Revenue
4.000%
10/1/2034
500
504
3
Regional Transportation Authority IL Revenue
5.750%
6/1/2034
1,000
1,137
 
Regional Transportation Authority IL Revenue
5.000%
6/1/2040
1,525
1,573
 
Regional Transportation Authority IL Revenue
4.000%
6/1/2045
1,000
943
 
Romeoville IL Revenue (Lewis University Project)
5.000%
10/1/2028
1,000
1,000
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2033
1,500
1,659
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2034
1,340
1,476
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2035
1,000
1,123
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2035
2,000
2,246
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2036
3,000
3,350
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2037
1,000
1,110
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2038
1,000
1,103
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2038
1,075
1,197
8
Sales Tax Securitization Corp. Illinois Revenue
4.000%
1/1/2040
1,245
1,242
 
Sales Tax Securitization Corp. Illinois Revenue
5.000%
1/1/2044
3,425
3,529
8
Sangamon County IL School District GO
5.000%
2/1/2044
2,150
2,309
8
Southern Illinois University Housing & Auxiliary Facilities System Revenue
5.000%
4/1/2029
360
378
8
Southern Illinois University Housing & Auxiliary Facilities System Revenue
5.000%
4/1/2030
425
452
8
Southern Illinois University Housing & Auxiliary Facilities System Revenue
5.000%
4/1/2031
625
673
8
Southern Illinois University Housing & Auxiliary Facilities System Revenue
5.000%
4/1/2032
550
598
 
Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters
Services Inc.)
5.000%
2/15/2028
1,000
1,035
8
Southwestern Illinois Development Authority Revenue
5.500%
12/1/2037
2,850
3,156
8
Southwestern Illinois Development Authority Revenue
5.000%
1/1/2043
160
172
8
Tazewell County IL School District No. 52 GO
6.500%
12/1/2045
500
582
 
University of Illinois Auxiliary Facilities System Revenue
5.000%
4/1/2038
1,000
1,110
8
University of Illinois Auxiliary Facilities System Revenue
3.000%
4/1/2039
3,935
3,529
34
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
University of Illinois Auxiliary Facilities System Revenue
5.250%
4/1/2044
1,000
1,095
8
Will County IL Community High School District No. 210 (Lincoln-Way) GO
0.000%
1/1/2029
1,000
920
 
 
 
 
 
370,237
Indiana (0.5%)
 
Ball State University Student Fee Indiana Revenue
5.000%
7/1/2032
425
432
 
Ball State University Student Fee Indiana Revenue
5.000%
7/1/2034
1,110
1,127
 
Ball State University Student Fee Indiana Revenue
5.000%
7/1/2035
1,450
1,471
8
Evansville IN Waterworks District Revenue
5.000%
7/1/2039
1,000
1,077
 
Hammond IN Multi-School Building Corp. Revenue
5.000%
1/15/2029
790
816
 
Indiana Finance Authority Health System Revenue (Franciscan Alliance Inc.)
4.000%
11/1/2036
615
618
 
Indiana Finance Authority Health System Revenue (Indiana University Health) PUT
5.000%
7/1/2032
1,500
1,650
 
Indiana Finance Authority Health System Revenue (Indiana University Health) PUT
5.000%
10/1/2033
1,380
1,532
 
Indiana Finance Authority Health System Revenue (Indiana University Health) PUT
5.000%
10/1/2035
2,060
2,303
 
Indiana Finance Authority Health System Revenue (Indiana University Health) PUT
5.000%
10/1/2037
1,000
1,091
 
Indiana Finance Authority Hospital Revenue (Methodist Hospitals Inc.)
5.500%
9/15/2039
1,000
1,067
 
Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group)
5.000%
5/1/2027
700
713
 
Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group)
5.000%
5/1/2030
450
483
 
Indiana Finance Authority Midwestern Disaster Relief Revenue (Ohio Valley Electric
Corp.)
4.250%
11/1/2030
1,725
1,781
 
Indiana Finance Authority Revenue (Ascension Health Senior Credit Group)
5.000%
11/15/2040
2,265
2,505
 
Indiana Finance Authority Revenue (Ascension Health Senior Credit Group)
5.000%
11/15/2041
1,965
2,164
 
Indiana Finance Authority Revenue (Ascension Health Senior Credit Group)
5.000%
11/15/2042
1,140
1,249
 
Indiana Finance Authority Revenue (Ascension Health Senior Credit Group)
5.000%
11/15/2043
1,000
1,090
 
Indiana Finance Authority Revenue (Butler University Project)
5.000%
2/1/2029
1,020
1,067
 
Indiana Finance Authority Revenue (Franciscan Alliance Inc.)
4.000%
11/1/2035
1,685
1,694
 
Indiana Finance Authority Revenue (Marquette Project)
5.000%
3/1/2033
1,550
1,679
 
Indiana Finance Authority Student Housing Revenue (Uindy Properties LLC)
5.250%
7/1/2045
250
247
 
Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project)
5.000%
10/1/2039
1,270
1,412
 
Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project)
3.000%
10/1/2041
1,000
866
 
Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project)
5.000%
10/1/2041
250
276
 
Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project)
5.000%
10/1/2044
3,000
3,105
 
Indiana Municipal Power Agency Revenue
5.000%
1/1/2036
1,000
1,026
 
Indianapolis IN Local Public Improvement Bond Bank Community Justice Campus
Revenue (Courthouse & Jail Project)
5.000%
2/1/2037
500
522
 
Indianapolis IN Local Public Improvement Bond Bank Revenue (Airport Authority Project)
5.000%
1/1/2043
750
817
 
Indianapolis IN Local Public Improvement Bond Bank Revenue (Airport Authority Project)
5.000%
1/1/2044
1,175
1,271
 
IPS Multi-School Building Corp. IN Revenue
5.000%
7/15/2037
1,050
1,125
 
IPS Multi-School Building Corp. Revenue (Valorem Property Tax)
5.000%
1/15/2030
100
107
 
IPS Multi-School Building Corp. Revenue (Valorem Property Tax)
5.000%
1/15/2031
300
327
 
IPS Multi-School Building Corp. Revenue (Valorem Property Tax)
5.000%
1/15/2032
350
386
 
IPS Multi-School Building Corp. Revenue (Valorem Property Tax)
5.000%
1/15/2033
400
446
 
Ivy IN Tech Community College Revenue
5.000%
7/1/2032
870
905
 
Merrillville Multi School Building Corp. Revenue
5.000%
1/15/2042
3,890
4,163
 
Northern Indiana Commuter Transportation District Revenue
5.000%
1/1/2040
1,000
1,091
 
Northwest Allen IN School Building Corp. Revenue
5.000%
7/15/2041
1,800
1,951
 
Northwestern School Building Corp. Revenue (Valorem Property Tax)
6.000%
7/15/2037
1,100
1,238
 
Rockport IN Pollution Control Revenue (Indiana Power Co. Project) PUT
3.700%
6/1/2029
1,000
1,017
 
Silver Creek IN School Building Corp. Revenue (Valorem Property)
3.000%
1/15/2035
1,050
1,006
 
Tippecanoe County IN School Building Corp. Revenue
4.000%
7/15/2032
1,070
1,097
 
Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County)
5.000%
7/15/2029
400
425
 
Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County)
5.000%
7/15/2029
275
292
8
Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County)
5.000%
1/15/2033
1,150
1,287
8
Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County)
5.250%
7/15/2040
1,650
1,843
 
Whiting IN Environmental Facilities Revenue (BP Products North America Inc. Project)
PUT
4.200%
6/21/2035
1,145
1,185
 
 
 
 
 
57,042
Iowa (0.3%)
8
Cedar Rapids IA Community School District Infrastructure Sales Services & Use Tax
Revenue
5.000%
7/1/2038
620
685
8
Davenport IA Community School District Infrastructure Sales Services & Use Tax
Revenue
4.000%
6/1/2042
1,850
1,844
 
Iowa Board of Regents Hospital Revenue (University of Iowa Hospitals & Clinics)
3.000%
9/1/2039
2,000
1,829
 
Iowa City IA Community School District GO
3.000%
6/1/2030
3,725
3,610
 
Iowa Finance Authority Health Facilities Revenue (Pella Regional Health Center)
5.250%
12/1/2038
500
540
 
Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company
Project) Prere.
4.000%
12/1/2032
1,000
1,072
 
Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company
Project) Prere.
5.000%
12/1/2032
2,500
2,826
 
Iowa Finance Authority Multifamily Housing Revenue (Union Bluffs Run Project)
4.650%
7/1/2043
500
518
 
Iowa Finance Authority Revenue (Lifespace Communities Inc.)
5.000%
5/15/2039
290
303
35
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Iowa Finance Authority Revenue (Lifespace Communities Inc.)
5.000%
5/15/2044
250
255
 
Iowa Finance Authority Revenue (Lifespace Communities Inc.) PUT
3.950%
5/15/2031
195
195
 
Iowa Finance Authority State Revolving Fund Revenue (Green Bonds)
5.000%
8/1/2037
1,315
1,504
 
Iowa Finance Authority State Revolving Fund Revenue (Green Bonds)
5.000%
8/1/2040
1,060
1,130
 
Iowa Finance Authority State Revolving Fund Revenue (Green Bonds)
5.000%
8/1/2042
2,540
2,826
 
Iowa Higher Education Loan Authority Revenue (Des Moines University Projects)
5.000%
10/1/2035
1,300
1,361
 
Iowa Tobacco Settlement Authority Revenue
4.000%
6/1/2036
1,000
1,005
3
Muscatine IA Power and Water Electric Revenue
5.000%
12/1/2037
600
668
 
Pefa Inc. IA Gas Project Revenue
5.000%
4/1/2035
5,420
5,779
8
Waterloo IA Community School District Infrastructure Sales & Services Tax Revenue
5.000%
7/1/2037
1,110
1,205
8
Waterloo IA Community School District Infrastructure Sales & Services Tax Revenue
5.000%
7/1/2038
1,065
1,151
 
Xenia IA Rural Water District Revenue
5.000%
12/1/2028
765
771
 
 
 
 
 
31,077
Kansas (0.3%)
 
Burlington KS Environmental Improvement Revenue (Evergy Metro Inc. Project) PUT
3.375%
6/2/2031
1,000
999
3
Ellis County KS Unified School District No. 489 Hays GO
5.000%
9/1/2042
1,500
1,597
8
Finney County KS GO
5.250%
10/1/2046
315
344
3
Johnson & Miami KS County Unified School District No. 230 GO (Spring Hill)
6.000%
9/1/2041
2,000
2,342
 
Johnson County KS Unified School District No. 512 (Shawnee Mission) GO
4.000%
10/1/2042
5,115
5,174
 
Johnson County KS Unified School District No. 512 (Shawnee Mission) GO
4.000%
10/1/2043
1,475
1,486
 
Kansas Department of Transportation Highway Revenue
5.000%
9/1/2030
3,650
3,987
 
Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group)
Prere.
5.000%
11/15/2028
70
74
 
Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group)
PUT
5.000%
11/15/2031
1,000
1,092
 
Kansas Development Finance Authority Revenue (University of Kansas Projects)
4.000%
5/1/2042
1,635
1,639
 
Lyon County KS Unified School District No 253. GO
4.000%
9/1/2032
350
354
8
McPherson County KS Unified School District No. 418 GO
5.000%
9/1/2044
500
537
3
Sedgwick County KS Unified School District No. 261 GO (Haysville)
5.000%
11/1/2044
4,485
4,780
3
Sedgwick County KS Unified School District No. 262 GO (Valley Center)
5.000%
9/1/2036
1,230
1,323
 
Shawnee County KS Unified School District No. 437 (Auburn - Washburn) GO
5.000%
9/1/2039
1,500
1,630
 
University of Kansas Hospital Authority Health Facilities Revenue
5.000%
3/1/2034
1,000
1,058
8
Wyandotte County KS Unified School District No. 500 GO
5.000%
9/1/2043
2,935
3,150
6
Wyandotte County-Kansas City Unified Government Special Obligation Sales Tax
Revenue (Northwest Speedway Project)
4.750%
3/1/2041
645
641
6
Wyandotte County-Kansas City Unified Government Special Obligation Sales Tax
Revenue (Northwest Speedway Project)
5.500%
3/1/2046
280
283
 
 
 
 
 
32,490
Kentucky (1.0%)
 
Barren County KY Public Properties Corp. First Mortgage Revenue (Judicial Center
Project)
4.000%
12/1/2045
3,280
3,121
 
Carroll County KY Pollution Control Revenue (Kentucky Utilities Co. Project) PUT
1.550%
9/1/2026
1,000
996
 
Henderson County KY School District Finance Corp. Revenue
4.000%
3/1/2042
2,095
2,052
 
Kentucky Bond Development Corp. Educational Facilities Revenue (Centre College)
4.000%
6/1/2034
225
228
 
Kentucky Bond Development Corp. Hospital Revenue (Centurion Foundation)
5.250%
12/15/2035
1,530
1,544
 
Kentucky Bond Development Corp. Hospital Revenue (Healthcare System Obligated
Group) PUT
5.000%
8/15/2035
2,205
2,446
 
Kentucky Bond Development Corp. Revenue (Central Utility Plant Project)
5.000%
10/31/2035
1,600
1,804
 
Kentucky Bond Development Corp. Revenue (Central Utility Plant Project)
5.000%
4/30/2039
850
944
 
Kentucky Bond Development Corp. Revenue (Central Utility Plant Project)
5.000%
10/31/2044
130
140
 
Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corp.
Project)
5.000%
9/1/2029
1,980
2,071
 
Kentucky Economic Development Finance Authority Hospital Revenue (Baptist Healthcare
System Obligated Group)
5.000%
8/15/2031
1,575
1,609
 
Kentucky Housing Corp. Multifamily Housing Revenue (Meadows Mcneely Lake
Apartments) PUT
3.150%
5/1/2029
400
401
10
Kentucky Municipal Power Agency Power System Revenue
5.000%
9/1/2028
2,870
2,875
10
Kentucky Municipal Power Agency Power System Revenue
5.000%
9/1/2029
1,000
1,002
8
Kentucky Property & Building Commission Revenue
5.000%
5/1/2034
1,000
1,037
 
Kentucky Public Energy Authority Gas Supply Revenue
5.000%
12/1/2033
9,000
9,261
 
Kentucky Public Energy Authority Gas Supply Revenue
5.000%
6/1/2034
5,865
6,096
 
Kentucky Public Energy Authority Gas Supply Revenue PUT
4.000%
2/1/2028
8,880
8,988
 
Kentucky Public Energy Authority Gas Supply Revenue PUT
5.250%
12/1/2029
10,235
10,844
 
Kentucky Public Energy Authority Gas Supply Revenue PUT
5.000%
7/1/2030
8,095
8,500
 
Kentucky Public Energy Authority Gas Supply Revenue PUT
4.000%
8/1/2030
6,660
6,758
 
Kentucky Public Energy Authority Gas Supply Revenue PUT
5.250%
2/1/2032
5,480
5,865
 
Kentucky Public Energy Authority Gas Supply Revenue PUT
5.000%
8/1/2032
6,520
6,893
 
Kentucky State Property & Building Commission Revenue
5.000%
11/1/2027
155
160
 
Kentucky State Property & Building Commission Revenue
5.000%
11/1/2028
215
227
 
Kentucky State Property & Building Commission Revenue
5.000%
10/1/2033
1,420
1,606
36
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
9
Kentucky State Property & Building Commission Revenue
5.000%
3/1/2037
1,110
1,267
 
Kentucky State Property & Building Commission Revenue
5.000%
5/1/2037
2,000
2,059
9
Kentucky State Property & Building Commission Revenue
5.000%
3/1/2043
1,000
1,106
9
Kentucky State Property & Building Commission Revenue
5.000%
3/1/2044
1,230
1,351
9
Kentucky State Property & Building Commission Revenue
5.000%
3/1/2045
1,000
1,089
 
Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization
Projects)
5.000%
7/1/2038
1,000
1,072
 
Louisville & Jefferson County KY Metropolitan Government GO
4.000%
12/1/2041
1,710
1,718
 
Louisville & Jefferson County KY Metropolitan Government Health System Revenue
(Norton Healthcare Inc.)
5.000%
10/1/2041
1,000
1,070
 
Louisville & Jefferson County KY Metropolitan Government Health System Revenue
(Norton Healthcare Inc.)
5.000%
10/1/2042
1,000
1,063
 
Louisville & Jefferson County KY Metropolitan Government Health System Revenue
(Norton Healthcare Inc.) PUT
5.000%
10/1/2029
2,180
2,299
 
Louisville & Jefferson County KY Metropolitan Government Revenue (Gas & Electric Co.
Project)
2.000%
10/1/2033
1,500
1,301
 
Louisville & Jefferson County KY Metropolitan Government Revenue (Gas & Electric Co.
Project)
3.800%
2/1/2035
220
220
 
Louisville & Jefferson County KY Metropolitan Sewer District Sewer & Drainage System
Revenue
3.000%
5/15/2044
2,000
1,683
 
Madison County KY School District Finance Corp. Revenue
4.000%
2/1/2042
1,670
1,676
 
Montgomery County KY School District Finance Corp. Building Revenue
4.125%
8/1/2045
1,430
1,382
 
Oldham County KY School District GO
5.000%
2/1/2036
3,300
3,720
 
Oldham County KY School District GO
5.000%
2/1/2037
1,625
1,819
 
Owen County KY Revenue (American Water Capital Corp.) PUT
2.450%
10/1/2029
500
486
 
Owen County KY Revenue (American Water Capital Corp.) PUT
2.450%
10/1/2029
1,000
971
 
University of Kentucky Revenue
4.000%
4/1/2042
2,075
2,080
 
Warren County KY Hospital Revenue (Bowling Green-Warren Community Corp.)
5.000%
4/1/2040
1,000
1,081
 
Warren County KY Hospital Revenue (Bowling Green-Warren Community Corp.)
5.000%
4/1/2042
2,540
2,720
 
 
 
 
 
120,701
Louisiana (0.6%)
 
East Baton Rouge LA Sewerage Commission Revenue PUT
1.300%
2/1/2028
1,000
957
 
East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project)
VRDO
3.050%
7/1/2026
4,700
4,700
 
Ernest N Morial New Orleans LA Exhibition Hall Authority Special Tax Revenue
5.000%
7/15/2038
460
511
 
Ernest N Morial New Orleans LA Exhibition Hall Authority Special Tax Revenue
5.000%
7/15/2039
275
304
3
Greater New Orleans Expressway Commission LA Toll Revenue
5.000%
11/1/2040
1,075
1,177
 
Louisiana Gasoline & Fuels Tax Revenue
5.000%
5/1/2032
1,195
1,334
 
Louisiana GO
5.000%
2/1/2027
2,000
2,029
 
Louisiana GO
5.000%
2/1/2028
1,500
1,560
 
Louisiana GO
5.000%
6/1/2034
1,630
1,866
 
Louisiana GO
5.000%
6/1/2041
1,805
2,015
 
Louisiana GO
5.000%
5/1/2044
2,000
2,214
13
Louisiana Housing Corp. Multifamily Housing Revenue (NSA East Bank Apartments
Project) PUT
3.150%
4/1/2029
535
535
 
Louisiana Housing Corp. Multifamily Tax-Exempt Mortgage-Backed Revenue (Ridge
Commons Project)
4.500%
7/1/2042
1,500
1,520
 
Louisiana Local Government Environmental Facilities & Community Development
Authority Insurance Assessment Revenue
5.000%
8/15/2032
2,315
2,362
6
Louisiana Local Government Environmental Facilities & Community Development
Authority Insurance Assessment Revenue
4.250%
8/15/2034
1,152
1,158
 
Louisiana Local Government Environmental Facilities & Community Development
Authority Insurance Assessment Revenue
5.000%
8/15/2034
1,885
1,921
 
Louisiana Local Government Environmental Facilities & Community Development
Authority Insurance Assessment Revenue
5.000%
8/15/2036
3,930
3,998
 
Louisiana Local Government Environmental Facilities & Community Development
Authority Insurance Assessment Revenue
5.000%
8/15/2037
3,970
4,033
 
Louisiana Local Government Environmental Facilities & Community Development
Authority Revenue (Westlake Chemical Corp. Projects)
3.500%
11/1/2032
2,570
2,523
3
Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project)
5.000%
7/1/2037
375
420
3
Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project)
5.000%
7/1/2038
325
362
3
Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project)
5.000%
7/1/2041
850
925
3
Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project)
5.000%
7/1/2042
1,720
1,856
3
Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project)
5.000%
7/1/2043
2,485
2,670
 
Louisiana Offshore Terminal Authority Deepwater Port Revenue PUT
4.200%
9/1/2028
1,000
1,015
 
Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical
Center)
5.000%
6/1/2036
1,250
1,292
 
Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical
Center) PUT
5.250%
6/1/2033
1,500
1,636
 
Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana)
5.000%
4/1/2037
1,270
1,351
 
Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana)
5.000%
10/15/2039
275
299
37
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
6
Louisiana Public Facilities Authority Revenue (Acadiana Renaissance Charter Academy
Project)
5.500%
6/15/2040
1,685
1,764
6
Louisiana Public Facilities Authority Revenue (Lafayette Renaissance Charter Academy
Project)
5.250%
6/15/2035
1,000
1,042
 
Louisiana Public Facilities Authority Revenue (Ochsner Clinic Foundation Project)
5.000%
5/15/2030
1,230
1,316
 
Louisiana Public Facilities Authority Revenue (Ochsner Clinic Foundation Project)
5.000%
5/15/2035
1,000
1,117
 
Louisiana Stadium & Exposition District Revenue
5.000%
7/1/2038
1,000
1,090
 
Louisiana Stadium & Exposition District Revenue
5.000%
7/1/2040
1,000
1,082
3
New Orleans LA Aviation Board Revenue
5.000%
10/1/2027
875
900
 
New Orleans LA Public Improvement GO
5.000%
12/1/2036
1,000
1,082
3
Shreveport LA Water & Sewer Revenue
5.000%
12/1/2027
335
344
3
Shreveport LA Water & Sewer Revenue
5.000%
12/1/2029
480
512
3
Shreveport LA Water & Sewer Revenue
5.000%
12/1/2038
1,600
1,776
 
St. James Parish LA Revenue (Nustar Logistics Project) PUT
3.700%
6/1/2030
500
507
 
St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT
2.375%
7/1/2026
725
725
 
St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT
4.050%
7/1/2026
1,060
1,060
 
St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT
3.300%
7/3/2028
2,415
2,463
 
St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT
3.000%
7/2/2029
2,465
2,470
 
St. John the Baptist Parish LA School District No. 1 GO
5.250%
3/1/2033
3,170
3,537
 
Tangipahoa Parish LA Hospital Service District No. 1 Revenue (North Oaks Health System
Project)
4.000%
2/1/2036
2,000
2,014
 
Terrebonne Parish LA Hospital Service District No. 1 Revenue (General Medical Center
Project)
5.000%
4/1/2042
1,505
1,618
 
 
 
 
 
74,962
Maine (0.1%)
 
Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth)
5.000%
7/1/2029
445
464
3
Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth)
4.000%
7/1/2036
150
153
3
Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth)
5.500%
7/1/2038
500
554
3
Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth)
5.500%
7/1/2042
750
819
 
Maine State Housing Authority Mortgage Purchase Revenue
6.000%
11/15/2056
240
265
 
Portland ME General Airport Revenue
4.000%
1/1/2039
820
822
 
Portland ME General Airport Revenue
4.000%
1/1/2040
1,155
1,150
 
Regional School ME Unit No. 14 GO
5.000%
11/1/2036
1,500
1,717
 
Regional School ME Unit No. 14 GO
5.000%
11/1/2041
1,000
1,115
 
 
 
 
 
7,059
Maryland (0.4%)
 
Baltimore County MD GO
5.000%
2/1/2044
1,835
2,011
 
Howard County MD Housing Commission General Revenue (Columbia Landing
Apartments)
1.600%
6/1/2029
1,000
949
 
Maryland Community Development Administration Department of Housing & Community
Development Residential Revenue
2.100%
9/1/2041
1,350
1,038
 
Maryland Community Development Administration Department of Housing & Community
Development Residential Revenue
5.000%
9/1/2052
625
647
 
Maryland Community Development Administration Department of Housing & Community
Development Residential Revenue
6.250%
9/1/2056
560
619
 
Maryland Community Development Administration Department of Housing & Community
Development Residential Revenue
6.250%
9/1/2056
500
565
 
Maryland Economic Development Corp. Revenue
5.000%
6/1/2035
1,000
1,073
 
Maryland Economic Development Corp. Student Housing Revenue
5.375%
7/1/2038
1,250
1,344
3
Maryland Economic Development Corp. Student Housing Revenue
5.000%
7/1/2045
300
318
 
Maryland GO
5.000%
8/1/2026
2,110
2,114
 
Maryland GO
3.250%
8/1/2030
1,000
1,000
 
Maryland GO
5.000%
8/1/2035
3,975
4,285
 
Maryland GO
5.000%
6/1/2039
5,000
5,726
 
Maryland Health & Higher Educational Facilities Authority Revenue PUT
5.000%
7/1/2027
1,000
1,010
 
Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare
Obligated Group)
5.500%
1/1/2031
1,950
1,968
 
Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare)
5.000%
1/1/2028
165
169
 
Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health
System)
5.000%
7/1/2031
750
759
 
Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Medical
Center)
5.000%
7/1/2032
665
730
 
Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Medical
Center)
5.000%
7/1/2042
1,000
1,094
 
Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Medical
Center)
5.000%
7/1/2043
1,715
1,870
 
Maryland Health & Higher Educational Facilities Authority Revenue (Frederick Health
System)
5.000%
7/1/2027
500
509
 
Maryland Health & Higher Educational Facilities Authority Revenue (Johns Hopkins Health
System)
5.000%
5/15/2032
1,000
1,117
38
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
5
Maryland Health & Higher Educational Facilities Authority Revenue (Johns Hopkins Health
System) VRDO
2.850%
7/6/2026
1,705
1,705
 
Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Medical
System) PUT
5.000%
7/1/2031
500
538
4,6
Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Medical
System) PUT, SIFMA Municipal Swap Index Yield + 0.540%
3.210%
12/8/2027
3,350
3,350
 
Maryland Health & Higher Educational Facilities Authority Revenue (Medstar Health Inc.)
5.000%
8/15/2038
620
691
 
Maryland Health & Higher Educational Facilities Authority Revenue (Medstar Health Inc.)
PUT
5.000%
8/15/2033
705
776
 
Maryland Health & Higher Educational Facilities Authority Revenue (Medstar Health Inc.)
PUT
5.000%
8/15/2036
660
737
 
Maryland Health & Higher Educational Facilities Authority Revenue (Stevenson University)
5.000%
6/1/2029
270
281
 
Maryland Health & Higher Educational Facilities Authority Revenue (University of
Pittsburgh Medical Center)
4.000%
4/15/2038
1,000
992
 
Maryland State Stadium Authority Revenue
5.000%
3/1/2029
1,000
1,061
 
Maryland State Transportation Authority Facilities Projects Revenue
2.000%
7/1/2035
1,500
1,276
 
Maryland State Transportation Authority Facilities Projects Revenue
5.000%
7/1/2043
1,000
1,098
5,13
Montgomery County MD Housing Opportunities Commission Multifamily Revenue VRDO
2.900%
7/1/2026
1,600
1,600
 
Washington MD Suburban Sanitary Commission Revenue
4.000%
6/15/2033
1,000
1,009
 
 
 
 
 
46,029
Massachusetts (1.0%)
 
Central Berkshire MA Regional School District GO
3.000%
6/1/2039
1,440
1,324
 
Commonwealth of Massachusetts GO
5.000%
12/1/2042
1,785
1,978
 
Commonwealth of Massachusetts GO
5.250%
9/1/2043
2,000
2,077
 
Commonwealth of Massachusetts GO
5.000%
4/1/2044
500
550
 
Commonwealth of Massachusetts GO
5.000%
7/1/2045
3,000
3,153
 
Commonwealth of Massachusetts GO
5.000%
2/1/2046
2,500
2,720
10
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.500%
7/1/2026
410
410
 
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.000%
7/1/2031
955
1,064
 
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.000%
7/1/2032
1,000
1,130
 
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.000%
7/1/2033
1,000
1,145
 
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.000%
7/1/2035
2,000
2,333
 
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.000%
7/1/2038
3,290
3,409
 
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.000%
7/1/2040
1,125
1,163
 
Massachusetts Bay Transportation Authority Sales Tax Revenue
5.000%
7/1/2045
1,000
1,087
 
Massachusetts Clean Water Trust Revolving Fund Refunding Revenue
5.000%
2/1/2027
1,000
1,015
 
Massachusetts Development Finance Agency Revenue (Amherst College) PUT
5.000%
11/1/2035
1,000
1,163
 
Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.)
5.000%
7/1/2031
1,500
1,587
 
Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.)
5.000%
7/1/2032
1,665
1,842
3
Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.)
5.000%
7/1/2033
500
562
 
Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.)
5.000%
7/1/2034
1,415
1,585
 
Massachusetts Development Finance Agency Revenue (Boston College)
5.000%
7/1/2037
1,750
1,780
 
Massachusetts Development Finance Agency Revenue (Boston University)
5.000%
10/1/2036
1,000
1,166
9
Massachusetts Development Finance Agency Revenue (Boston University) PUT
5.000%
10/1/2031
1,000
1,099
 
Massachusetts Development Finance Agency Revenue (Boston University) PUT
5.000%
10/1/2033
1,000
1,132
5
Massachusetts Development Finance Agency Revenue (Brigham Inc.) VRDO
2.800%
7/1/2026
300
300
 
Massachusetts Development Finance Agency Revenue (Brown University)
5.250%
8/15/2043
1,000
1,082
 
Massachusetts Development Finance Agency Revenue (Brown University) PUT
5.000%
8/15/2031
500
535
6
Massachusetts Development Finance Agency Revenue (Cape Cod Health Care)
5.000%
12/15/2030
2,390
2,589
 
Massachusetts Development Finance Agency Revenue (CareGroup Inc.)
5.000%
7/1/2029
1,225
1,274
 
Massachusetts Development Finance Agency Revenue (CareGroup Inc.)
5.000%
7/1/2038
1,085
1,111
 
Massachusetts Development Finance Agency Revenue (Dana-Farber Cancer
Institute Inc.)
5.000%
12/1/2036
2,610
2,959
 
Massachusetts Development Finance Agency Revenue (Dana-Farber Cancer
Institute Inc.)
5.000%
12/1/2039
600
668
9
Massachusetts Development Finance Agency Revenue (Dana-Farber Cancer
Institute Inc.)
5.000%
12/1/2044
500
532
 
Massachusetts Development Finance Agency Revenue (Dana-Farber Cancer
Institute Inc.)
5.000%
12/1/2047
525
551
 
Massachusetts Development Finance Agency Revenue (Emerson College)
5.000%
1/1/2034
600
656
 
Massachusetts Development Finance Agency Revenue (Emerson College)
5.250%
1/1/2041
615
656
 
Massachusetts Development Finance Agency Revenue (Emerson Hospital)
5.750%
2/1/2041
2,075
2,027
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2031
515
568
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2032
910
1,017
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2034
730
833
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2035
830
955
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2036
775
892
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2042
355
394
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2043
360
398
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2044
135
148
39
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2045
160
174
 
Massachusetts Development Finance Agency Revenue (General Brigham Inc.)
5.000%
7/1/2046
250
269
 
Massachusetts Development Finance Agency Revenue (Harvard University)
5.000%
2/15/2029
1,000
1,065
 
Massachusetts Development Finance Agency Revenue (Harvard University)
5.000%
2/15/2033
1,000
1,135
 
Massachusetts Development Finance Agency Revenue (Harvard University)
4.000%
2/15/2036
2,000
2,168
 
Massachusetts Development Finance Agency Revenue (Harvard University) PUT
5.000%
5/13/2032
1,170
1,303
 
Massachusetts Development Finance Agency Revenue (Harvard University) PUT
5.000%
11/15/2035
1,730
2,014
 
Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group)
5.000%
7/1/2034
500
527
 
Massachusetts Development Finance Agency Revenue (Lasell Village Inc.)
5.250%
7/1/2045
500
528
 
Massachusetts Development Finance Agency Revenue (Lesley University)
5.000%
7/1/2038
385
389
 
Massachusetts Development Finance Agency Revenue (Merrimack College)
5.000%
7/1/2037
800
833
6
Massachusetts Development Finance Agency Revenue (Merrimack College)
5.000%
7/1/2044
100
102
 
Massachusetts Development Finance Agency Revenue (Middlesex Sustainable Energy
Partners)
5.500%
10/1/2039
1,530
1,719
 
Massachusetts Development Finance Agency Revenue (Middlesex Sustainable Energy
Partners)
5.500%
10/1/2040
1,000
1,119
 
Massachusetts Development Finance Agency Revenue (Seven Hills)
5.250%
9/1/2034
605
677
 
Massachusetts Development Finance Agency Revenue (Seven Hills)
5.250%
9/1/2038
640
706
 
Massachusetts Development Finance Agency Revenue (Simmons University)
5.000%
10/1/2033
1,000
974
 
Massachusetts Development Finance Agency Revenue (Southcoast Health System)
5.000%
7/1/2028
200
208
 
Massachusetts Development Finance Agency Revenue (UMass Memorial Health Care)
5.000%
7/1/2035
500
554
 
Massachusetts Development Finance Agency Revenue (UMass Student Housing Project)
5.000%
10/1/2032
525
526
 
Massachusetts Development Finance Agency Revenue (University Student Housing
Project)
5.000%
6/1/2040
1,000
1,090
 
Massachusetts Development Finance Agency Revenue (Wellforce Inc.)
5.000%
7/1/2034
2,000
2,034
 
Massachusetts Development Finance Agency Revenue (Western New England University)
5.000%
9/1/2032
1,105
1,122
 
Massachusetts GO
5.000%
9/1/2028
5,530
5,833
 
Massachusetts GO
5.000%
10/1/2030
6,000
6,587
 
Massachusetts GO
5.250%
1/1/2034
2,665
2,829
 
Massachusetts GO
5.000%
5/1/2040
2,255
2,358
 
Massachusetts GO
2.000%
3/1/2041
1,000
734
 
Massachusetts GO
5.000%
11/1/2043
2,500
2,702
 
Massachusetts GO
5.000%
11/1/2043
1,000
1,097
5
Massachusetts Health & Educational Facilities Authority Revenue (Museum of Fine Arts)
VRDO
3.100%
7/1/2026
15,700
15,700
 
Massachusetts Housing Finance Agency Revenue
4.000%
12/1/2027
800
803
 
Massachusetts Housing Finance Agency Revenue
4.050%
12/1/2028
1,000
1,013
 
Massachusetts Housing Finance Agency Revenue
3.500%
6/1/2029
800
808
 
Massachusetts Housing Finance Agency Revenue
3.150%
6/1/2030
1,000
1,002
 
Massachusetts Housing Finance Agency Revenue
6.250%
12/1/2056
415
466
 
Massachusetts School Building Authority Dedicated Sales Tax Revenue
5.000%
2/15/2037
425
500
 
Massachusetts School Building Authority Dedicated Sales Tax Revenue
5.000%
2/15/2042
450
502
10
Massachusetts Turnpike Authority Revenue (Metropolitan Highway System)
0.000%
1/1/2029
1,180
1,097
 
University of Massachusetts Building Authority Revenue
5.000%
5/1/2039
2,000
2,100
 
 
 
 
 
123,986
Michigan (1.0%)
15
Clarkston MI Community School Building GO
5.000%
5/1/2037
300
339
 
Detroit MI Downtown Development Authority Tax Increment Revenue (Catalyst
Development Project)
5.000%
7/1/2033
2,500
2,795
 
Detroit MI Downtown Development Authority Tax Increment Revenue (Catalyst
Development Project)
5.000%
7/1/2042
1,000
1,072
 
Detroit MI Regional Convention Facility Authority Revenue
5.000%
10/1/2031
500
549
 
Detroit MI Regional Convention Facility Authority Revenue
5.000%
10/1/2036
1,000
1,100
 
Detroit MI Unlimited Tax GO
5.000%
4/1/2033
1,450
1,489
 
Detroit MI Unlimited Tax GO
6.000%
5/1/2043
25
28
3
Downriver MI Utility Wastewater Authority Revenue
5.000%
4/1/2034
1,050
1,085
3,15
Fenton MI Area Public Schools Unlimited Tax GO
4.000%
5/1/2041
1,315
1,320
 
Grand Rapids MI Tax GO
5.000%
4/1/2041
750
828
3
Grand Rapids Public Schools GO
5.000%
11/1/2036
1,000
1,043
 
Great Lakes MI Water Authority Sewage Disposal System Revenue
5.000%
7/1/2035
1,945
2,214
 
Great Lakes MI Water Authority Sewage Disposal System Revenue
5.000%
7/1/2037
1,000
1,118
 
Great Lakes MI Water Authority Sewer Disposal System Revenue
5.000%
7/1/2027
1,840
1,886
 
Great Lakes MI Water Authority Sewer Disposal System Revenue
5.000%
7/1/2028
1,205
1,264
 
Great Lakes MI Water Authority Sewer Disposal System Revenue
5.000%
7/1/2029
1,200
1,256
 
Great Lakes MI Water Authority Sewer Disposal System Revenue
5.000%
7/1/2037
1,000
1,034
 
Great Lakes MI Water Authority Sewer Disposal System Revenue
5.250%
7/1/2041
2,400
2,635
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2029
1,420
1,515
3
Great Lakes MI Water Authority Water Supply System Revenue
4.000%
7/1/2033
1,000
1,000
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2033
1,310
1,410
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2036
4,000
4,000
40
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2037
1,000
1,097
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2038
1,250
1,366
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2038
1,775
1,991
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2040
500
529
 
Great Lakes MI Water Authority Water Supply System Revenue
5.000%
7/1/2044
1,000
1,099
 
Great Lakes MI Water Authority Water Supply System Revenue PUT
3.450%
7/1/2030
500
506
15
Howell MI Public Schools GO
5.000%
5/1/2033
800
902
 
Ingham County MI Building Authority Revenue
3.000%
5/1/2034
3,900
3,770
6
Kalamazoo MI Economic Development Corp. Revenue
3.900%
8/15/2031
210
209
 
Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water
Pipeline)
5.000%
11/1/2036
1,300
1,329
15
Lanse Creuse MI Public Schools Building Site Unlimited Tax GO
5.000%
5/1/2044
1,000
1,088
 
Lansing MI Board of Water & Light Utility System Revenue PUT
5.000%
7/1/2031
160
176
3
Lansing MI GO
4.000%
6/1/2039
1,000
1,026
3
Livonia MI Public School District GO
5.000%
5/1/2040
3,765
4,064
 
Michigan Building Authority Revenue
5.000%
4/15/2036
1,235
1,242
 
Michigan Finance Authority Act 38 Facilities Senior Revenue
5.000%
2/28/2035
815
898
 
Michigan Finance Authority Act 38 Facilities Senior Revenue
5.000%
8/31/2035
1,000
1,097
 
Michigan Finance Authority Act 38 Facilities Senior Revenue
4.125%
2/29/2044
700
681
 
Michigan Finance Authority Hospital Revenue (Mckenzie Health System Project)
4.000%
1/1/2028
500
501
 
Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation)
5.000%
4/15/2029
1,000
1,061
 
Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation)
5.000%
4/15/2031
2,000
2,189
 
Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation)
5.000%
4/15/2036
1,000
1,086
 
Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation)
5.000%
4/15/2037
1,000
1,081
 
Michigan Finance Authority Revenue (Calvin University)
5.000%
9/1/2035
605
646
 
Michigan Finance Authority Revenue (Henry Ford Health System Obligated Group)
5.000%
11/15/2026
1,210
1,219
 
Michigan Finance Authority Revenue (Kalamazoo College Project)
5.000%
12/1/2026
850
856
 
Michigan Finance Authority Revenue (Kalamazoo College Project)
5.000%
12/1/2027
965
990
 
Michigan Finance Authority Revenue (McLaren Health Care Corp.)
5.000%
2/15/2034
1,700
1,784
 
Michigan Finance Authority Revenue (McLaren Health Care Corp.)
4.000%
2/15/2044
2,000
1,916
 
Michigan Finance Authority Revenue (Revolving Fund Programs)
5.000%
10/1/2042
2,065
2,295
 
Michigan Finance Authority Revenue (State Clean Water Revolving Fund)
5.000%
10/1/2036
2,000
2,084
 
Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed)
5.000%
6/1/2033
1,000
1,074
 
Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed)
4.000%
6/1/2037
1,000
1,008
6
Michigan Finance Authority Revenue (Trinity Health) PUT
3.875%
2/1/2028
2,000
2,001
 
Michigan State Building Authority Revenue
5.000%
10/15/2034
8,000
8,047
 
Michigan State Hospital Finance Authority Revenue Prere.
4.000%
5/15/2028
260
267
 
Michigan State Hospital Finance Authority Revenue (Ascension Health Group)
4.000%
11/15/2032
260
263
 
Michigan State Hospital Finance Authority Revenue (Ascension Health Group) Prere.
4.000%
5/15/2028
480
492
 
Michigan State Hospital Finance Authority Revenue (Bronson Healthcare Group Inc.)
5.000%
11/15/2029
500
531
 
Michigan State Hospital Finance Authority Revenue (Bronson Healthcare Group Inc.)
5.000%
5/15/2033
540
599
 
Michigan State Hospital Finance Authority Revenue (Corewell Health)
5.000%
8/15/2042
1,295
1,399
 
Michigan State Hospital Finance Authority Revenue (Corewell Health)
5.000%
8/15/2043
1,305
1,405
 
Michigan State Hospital Finance Authority Revenue (Corewell Health) PUT
5.000%
6/1/2032
1,000
1,097
 
Michigan State Hospital Finance Authority Revenue (Corewell Health) PUT
5.000%
6/1/2035
1,380
1,545
 
Michigan State Housing Development Authority Multifamily Revenue PUT
3.625%
4/1/2027
3,875
3,882
 
Michigan State Housing Development Authority Revenue (Single-Family Mortgage)
3.500%
12/1/2050
2,090
2,090
 
Michigan State Housing Development Authority Revenue (Single-Family Mortgage)
5.000%
6/1/2053
580
604
 
Michigan State Housing Development Authority Revenue (Single-Family Mortgage)
5.500%
12/1/2053
830
892
 
Michigan State Housing Development Authority Revenue (Single-Family Mortgage)
6.250%
6/1/2055
475
518
 
Michigan State Housing Development Authority Revenue (Single-Family Mortgage)
6.250%
12/1/2055
990
1,090
 
Michigan State Housing Development Authority Revenue (Single-Family Mortgage)
6.000%
6/1/2056
6,955
7,630
 
Michigan State Housing Development Authority Revenue (Single-Family Mortgage)
6.000%
12/1/2056
1,040
1,151
6
Michigan Strategic Fund Ltd. Obligation Revenue
4.625%
10/1/2041
140
142
 
Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program)
5.000%
11/15/2041
1,695
1,874
 
Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program)
5.000%
11/15/2043
2,210
2,418
 
Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program)
5.000%
11/15/2045
3,180
3,335
 
Northville MI Public School GO
5.000%
5/1/2039
1,025
1,120
 
Northville MI Public Schools GO (Unlimited Tax)
4.000%
5/1/2028
375
385
 
Northville MI Public Schools Unlimited Tax GO
4.000%
5/1/2027
325
329
 
Oakland University MI Revenue
5.000%
3/1/2031
1,000
1,091
 
Oakland University MI Revenue
5.000%
3/1/2035
1,475
1,604
 
Oakland University MI Revenue
5.000%
3/1/2044
1,640
1,683
15
Roseville MI Community Schools Unlimited Tax GO
5.000%
5/1/2038
3,700
3,814
 
University of Michigan Revenue
5.000%
4/1/2029
20
20
 
University of Michigan Revenue
5.000%
4/1/2030
25
25
 
 
 
 
 
127,183
Minnesota (0.7%)
 
Duluth MN Independent School District No. 709 GO
0.000%
2/1/2031
285
246
41
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Duluth MN Independent School District No. 709 GO
0.000%
2/1/2032
285
237
 
Hennepin County MN GO
5.000%
12/15/2036
1,365
1,433
 
Hennepin County MN GO
5.000%
12/1/2043
2,410
2,646
 
Hennepin County MN Housing & Redevelopment Authority Multifamily Revenue (South
Haven Summit Point Apartments Project) PUT
3.150%
8/1/2028
485
486
 
Hennepin County MN Sales Tax GO
5.000%
12/15/2038
2,205
2,306
 
Minneapolis GO
3.000%
12/1/2043
2,500
2,128
 
Minneapolis MN Health Care System Revenue
4.000%
11/15/2036
1,000
1,011
 
Minneapolis MN Health Care System Revenue PUT
5.000%
11/15/2028
1,085
1,134
 
Minneapolis MN Health Care System Revenue PUT
5.000%
11/15/2030
1,785
1,918
 
Minnesota Agricultural & Economic Development Board Health Care Facilities Revenue
5.000%
1/1/2042
1,165
1,248
 
Minnesota Agricultural & Economic Development Board Health Care System Revenue
5.000%
11/15/2036
1,000
1,108
 
Minnesota Agricultural & Economic Development Board Health Care System Revenue
5.000%
11/15/2043
1,000
1,068
 
Minnesota GO
5.000%
8/1/2029
5,000
5,364
 
Minnesota GO
5.000%
9/1/2030
5,000
5,475
 
Minnesota GO
5.000%
8/1/2033
1,440
1,506
 
Minnesota GO
5.000%
10/1/2033
3,235
3,324
 
Minnesota GO
5.000%
8/1/2035
1,000
1,062
 
Minnesota GO
5.000%
10/1/2037
5,000
5,116
 
Minnesota GO
4.000%
8/1/2041
2,000
2,038
 
Minnesota GO
4.000%
8/1/2042
5,800
5,914
 
Minnesota Higher Education Facilities Authority Revenue (Hamline University)
5.000%
10/1/2035
595
596
 
Minnesota Housing Finance Agency Residential Bonds Revenue
6.250%
1/1/2055
500
554
 
Minnesota Housing Finance Agency Residential Bonds Revenue
6.500%
1/1/2055
3,845
4,284
 
Minnesota Housing Finance Agency Residential Bonds Revenue
6.250%
7/1/2055
760
850
 
Minnesota Housing Finance Agency Residential Bonds Revenue
6.000%
7/1/2056
1,315
1,444
 
Minnesota Housing Finance Agency Residential Bonds Revenue
6.000%
7/1/2056
555
622
 
Minnesota Housing Finance Agency Residential Housing Revenue
3.500%
7/1/2050
295
295
5
Minnesota Municipal Gas Agency Commodity Supply Revenue PUT
4.000%
12/1/2027
6,245
6,329
4,5
Minnesota Municipal Gas Agency Commodity Supply Revenue PUT, SOFR + 1.000%
3.425%
12/1/2027
1,000
1,000
 
Minnesota Municipal Gas Agency Project Revenue
5.000%
9/1/2035
4,000
4,174
 
Minnesota Public Facilities Authority Revolving Fund Revenue
5.000%
3/1/2031
8,000
8,013
 
Rochester MN Health Care Facilities Revenue (Mayo Clinic)
5.000%
11/15/2036
630
723
 
Rochester MN Health Care Facilities Revenue (Mayo Clinic)
5.000%
11/15/2038
765
869
 
Rochester MN Health Care Facilities Revenue (Mayo Clinic)
5.000%
11/15/2042
500
561
 
St. Cloud MN Health Care Revenue (Centracare Health System)
5.000%
5/1/2036
1,000
1,133
 
St. Cloud MN Independent School District No. 742 GO
0.000%
2/1/2034
315
241
 
St. Cloud MN Independent School District No. 742 GO
0.000%
2/1/2036
650
451
 
St. Cloud MN Independent School District No. 742 GO
0.000%
2/1/2038
405
252
 
St. Paul MN Housing & Redevelopment Authority Health Care facilities Revenue (Health
Partners Obligated Group)
5.000%
7/1/2032
1,000
1,099
 
Washington County MN Community Development Agency Multifamily Housing Revenue
(Red Rock Manor Project) PUT
3.150%
8/1/2028
825
827
 
 
 
 
 
81,085
Mississippi (0.3%)
 
Lowndes County MS Solid Waste Disposal & Pollution Control Revenue PUT
2.650%
4/1/2027
1,000
997
 
Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development
Revenue (Chevron Corp.) VRDO
3.050%
7/1/2026
5,500
5,500
 
Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development
Revenue (Chevron U.S.A Inc. Project) VRDO
3.000%
7/1/2026
8,345
8,345
 
Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development
Revenue (Chevron U.S.A Inc. Project) VRDO
3.000%
7/1/2026
500
500
 
Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development
Revenue (Chevron U.S.A Inc. Project) VRDO
3.000%
7/1/2026
5,920
5,920
 
Mississippi Gaming Tax Revenue
5.000%
10/15/2034
2,500
2,591
 
Mississippi Gaming Tax Revenue
5.000%
10/15/2036
1,500
1,549
 
Mississippi GO
4.000%
10/1/2036
2,185
2,200
 
Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General
Hospital Inc.)
5.000%
1/1/2029
830
867
 
Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General
Hospital Inc.)
5.000%
1/1/2030
625
662
 
Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General
Hospital Inc.)
5.000%
1/1/2030
260
275
 
Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health
Services)
5.000%
10/1/2027
1,000
1,023
 
Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health
Services)
5.000%
10/1/2039
1,000
1,029
 
Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical
Center)
4.000%
6/1/2034
1,000
1,004
 
Mississippi State Alcoholic Beverage Control Revenue (ABC Warehouse Construction
Project)
5.000%
10/1/2033
300
338
42
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Mississippi State Alcoholic Beverage Control Revenue (ABC Warehouse Construction
Project)
5.000%
10/1/2041
1,000
1,092
 
Mississippi State Gaming Tax Revenue
5.000%
10/15/2032
2,800
2,916
 
 
 
 
 
36,808
Missouri (0.7%)
 
Bi-State Development Agency MO Illinois Metropolitan District Sales Tax Appropriation
Revenue
4.000%
10/1/2035
1,790
1,827
 
Clay County MO Public Schools District GO
5.000%
3/1/2039
1,375
1,483
 
Curators University MO System Facilities Revenue
5.000%
11/1/2031
1,245
1,389
 
Curators University MO System Facilities Revenue
5.000%
11/1/2034
1,055
1,220
 
Jackson County MO Reorganized School District No. 7 GO (Lee's Summit)
3.000%
3/1/2040
3,000
2,654
 
Jackson County MO School District No. 4 GO (Blue Springs)
6.000%
3/1/2038
1,000
1,085
 
Jackson County MO School District No. 4 GO (Blue Springs)
5.500%
3/1/2043
1,500
1,692
 
Jackson County MO SO Revenue (Truman Sports Complex Project)
5.000%
12/1/2026
1,215
1,221
 
Jackson County MO SO Revenue (Truman Sports Complex Project)
5.000%
12/1/2031
1,500
1,505
 
Kansas City MO GO
5.000%
2/1/2034
325
371
 
Kansas City MO GO
4.000%
2/1/2041
1,665
1,683
 
Kansas City MO GO
5.000%
2/1/2043
750
824
 
Kansas City MO Industrial Development Authority Multifamily Revenue
4.390%
9/1/2042
987
991
 
Kansas City MO SO Bonds Revenue (Missouri Projects)
5.000%
9/1/2035
3,215
3,532
 
Kansas City MO SO Revenue (Downtown Arena Project)
5.000%
4/1/2039
1,000
1,108
 
Kansas City MO Water Revenue
5.000%
12/1/2035
2,000
2,294
 
Kansas City MO Water Revenue
5.000%
12/1/2042
1,500
1,655
 
Metropolitan St. Louis MO Sewer District Wastewater System Revenue
5.000%
5/1/2028
1,000
1,047
 
Missouri Health & Educational Facilities Authority Health Facilities Revenue (BJC Health
System)
5.000%
4/1/2033
1,500
1,678
 
Missouri Health & Educational Facilities Authority Health Facilities Revenue (BJC Health
System)
5.000%
4/1/2036
1,500
1,712
 
Missouri Health & Educational Facilities Authority Health Facilities Revenue (Cox Health)
5.000%
11/15/2032
1,000
1,099
 
Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's
Health System)
5.000%
11/15/2031
1,295
1,297
 
Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's
Health System)
5.000%
12/1/2031
1,050
1,105
 
Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's
Health System)
5.000%
11/15/2043
1,000
1,026
5,6
Missouri Health & Educational Facilities Authority Health Revenue (Mercy Health) TOB
VRDO
3.050%
7/1/2026
11,655
11,655
 
Missouri Health & Educational Facilities Authority Revenue (Children's Mercy Hospital)
5.000%
5/15/2036
1,100
1,100
 
Missouri Health & Educational Facilities Authority Revenue (Lutheran Senior Services
Projects)
5.000%
2/1/2034
2,400
2,451
 
Missouri Health & Educational Facilities Authority Revenue (Lutheran Senior Services
Projects)
5.000%
2/1/2035
3,755
4,059
 
Missouri Health & Educational Facilities Authority Revenue (Mercy Health)
5.000%
11/15/2034
1,500
1,502
 
Missouri Health & Educational Facilities Authority Revenue (Mercy Health)
5.500%
12/1/2041
2,000
2,238
 
Missouri Health & Educational Facilities Authority Revenue (SSM Health) VRDO
3.050%
7/1/2026
8,085
8,085
 
Missouri Highway & Transportation Commission Revenue
5.000%
5/1/2028
5,000
5,235
 
Missouri Housing Development Commission Revenue
3.500%
11/1/2050
225
225
 
Missouri Housing Development Commission Revenue
5.000%
5/1/2053
640
664
 
Missouri Housing Development Commission Revenue
5.750%
5/1/2053
140
149
 
Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie State
Project)
5.000%
12/1/2037
640
719
 
Poplar Bluff MO Tax Increment Revenue (Eight Points Redevelopment Project)
4.500%
11/1/2035
100
100
 
Springfield MO Public Utilities Board COP
4.000%
11/1/2045
2,285
2,242
 
St. Louis County Industrial Development Authority Revenue
4.910%
1/1/2042
2,000
2,127
 
St. Louis County MO Industrial Development Authority Senior Living Facilities Revenue
5.000%
9/1/2038
1,500
1,528
3
St. Louis MO Airport Revenue
5.000%
7/1/2043
1,000
1,082
6,11
St. Louis MO Municipal Finance Corp. Leasehold Revenue
0.000%
7/15/2026
1,260
1,258
6,11
St. Louis MO Municipal Finance Corp. Leasehold Revenue
0.000%
7/15/2026
1,455
1,453
3
St. Louis MO Municipal Finance Corp. Leasehold Revenue
0.000%
7/15/2033
1,000
779
 
 
 
 
 
84,149
Montana (0.1%)
 
Flathead County MT GO
5.000%
7/1/2039
1,300
1,474
 
Flathead County MT GO
5.000%
7/1/2042
2,800
3,133
 
Forsyth Mont Pollution Control Revenue (Avista Corp. Colstrip Project)
3.875%
10/1/2032
1,050
1,074
 
Forsyth MT Pollution Control Revenue
3.875%
7/1/2028
1,000
1,015
8
Lewis & Clark County MT High School District No. 1 Helena GO
5.000%
7/1/2042
325
362
 
Montana Facility Finance Authority Hospital Revenue (Benefis Health System)
5.000%
2/15/2032
825
834
 
Montana Facility Finance Authority Revenue (Benefis Health System) PUT
5.000%
2/15/2030
500
532
9
Montana Facility Finance Authority Revenue (St. John's United Project)
5.500%
11/15/2046
180
180
43
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Montana State Board of Regents Higher Education Revenue
5.000%
11/15/2039
1,250
1,416
 
 
 
 
 
10,020
Multiple States (0.5%)
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
2.650%
9/15/2030
1,390
1,270
6,16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
2.600%
9/15/2033
1,810
1,578
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
3.700%
1/1/2034
989
961
6,16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
2.625%
6/15/2035
1,790
1,552
6,16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
2.650%
6/15/2035
1,290
1,135
6,16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
2.750%
11/25/2035
4,617
4,261
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
3.400%
1/25/2036
884
846
6,16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
2.650%
6/15/2036
1,185
1,027
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.033%
12/25/2036
4,804
4,807
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
3.157%
12/25/2038
1,969
1,814
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.004%
1/25/2040
3,392
3,316
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.556%
8/25/2040
1,962
2,026
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.683%
10/25/2040
3,931
4,095
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.300%
1/1/2041
1,700
1,697
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.155%
5/25/2041
1,470
1,474
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.518%
8/25/2041
13,373
13,875
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.691%
3/25/2042
3,329
3,480
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.567%
4/25/2042
1,155
1,212
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.604%
6/25/2042
996
1,008
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.300%
8/1/2042
2,489
2,476
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
4.095%
11/25/2042
2,131
2,111
16
Federal Home Loan Mortgage Corp. Multifamily Housing Revenue
2.990%
4/25/2043
2,922
2,615
16,17
FHLMC Multifamily ML Certificates 2019-ML05
3.350%
11/25/2033
36
35
16,17
Freddie Mac Gold Pool
3.850%
1/1/2040
475
450
16,17
Freddie Mac Gold Pool
3.860%
5/1/2040
2,979
2,844
16,17
Freddie Mac Gold Pool
3.720%
1/1/2041
1,142
1,070
16,17
Freddie Mac Gold Pool
4.250%
9/1/2041
1,095
1,072
 
 
 
 
 
64,107
Nebraska (0.3%)
 
Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3)
5.000%
9/1/2027
1,000
1,020
 
Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3)
5.000%
9/1/2042
785
807
 
Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 4) PUT
5.000%
11/1/2029
10,260
10,760
 
Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 5) PUT
5.000%
10/1/2029
2,030
2,126
 
Central Plains Energy Project Nebraska Gas Supply Revenue PUT
5.000%
8/1/2031
4,990
5,334
 
Douglas County NB Hospital Authority No. 2 Facilities Revenue (Methodist Healthy
System)
5.250%
11/1/2042
600
667
 
Douglas County NB Hospital Authority No. 3 Facilities Revenue (Methodist Healthy
System)
5.250%
11/1/2043
350
386
 
Douglas County NE Educational Facilities Revenue (Creighton University Projects)
5.000%
7/1/2036
1,000
1,117
 
Lincoln NB Electric System Revenue
5.000%
9/1/2038
305
350
 
Metropolitan Utilities District of Omaha NE Water System Revenue
5.000%
12/1/2032
1,425
1,606
 
Nebraska Investment Finance Authority Single Family Housing Revenue
6.250%
3/1/2055
260
290
 
Nebraska Public Power District Revenue
5.000%
1/1/2040
1,000
1,127
 
Nebraska Public Power District Revenue
5.000%
1/1/2046
1,000
1,087
 
Omaha NE GO
5.000%
4/15/2042
1,190
1,321
 
Omaha NE GO
5.000%
4/15/2043
1,000
1,103
 
Omaha NE Sewer Revenue
5.000%
11/15/2029
2,500
2,508
 
Omaha Public Power District NE Electric System Revenue
5.000%
2/1/2042
1,600
1,768
 
Omaha Public Power District NE Electric System Revenue
5.000%
2/1/2044
1,000
1,094
 
Omaha Public Power District NE Electric System Revenue
5.000%
2/1/2045
1,135
1,242
 
Omaha Public Power District NE Electric System Revenue
5.000%
2/1/2046
580
629
 
Omaha Public Power District NE Electric System Revenue
5.000%
2/1/2047
455
489
 
Papillion-La Vista NE School District No. 27 GO
5.000%
12/1/2039
1,540
1,720
 
Sarpy County NE School District GO
5.000%
12/15/2037
330
353
 
 
 
 
 
38,904
Nevada (0.3%)
 
Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center)
5.000%
9/1/2026
560
561
 
Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center)
5.000%
9/1/2028
1,220
1,243
 
Clark County NV Airport System Revenue
5.000%
7/1/2042
1,000
1,042
 
Clark County NV GO
4.000%
6/1/2032
1,505
1,517
 
Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue
5.000%
7/1/2036
1,075
1,094
3
Clark County NV Highway Improvement Revenue
4.000%
7/1/2040
1,000
1,005
 
Clark County NV Highway Improvement Revenue
3.000%
7/1/2042
2,000
1,810
 
Clark County NV Pollution Control Refunding Revenue (Southern California Edison Co.)
2.100%
6/1/2031
1,500
1,382
 
Clark County NV School District GO
5.000%
6/15/2031
1,000
1,099
 
Clark County NV School District GO
5.000%
6/15/2032
1,070
1,192
44
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Clark County NV School District GO
5.000%
6/15/2033
1,065
1,198
8
Clark County NV School District GO
3.000%
6/15/2034
1,000
957
8
Clark County NV School District GO
3.000%
6/15/2037
1,000
907
 
Clark County NV School District GO
3.000%
6/15/2038
1,000
887
 
Clark County NV School District GO
3.000%
6/15/2040
1,600
1,378
3
Clark County NV School District GO
3.000%
6/15/2041
2,680
2,386
 
Las Vegas NV Convention & Visitors Authority Revenue
5.000%
7/1/2037
1,100
1,213
 
Las Vegas Valley Water District Nevada GO
5.000%
6/1/2038
1,000
1,050
 
Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax)
4.000%
12/1/2032
1,660
1,669
 
Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax)
5.000%
12/1/2038
1,695
1,909
 
Nevada Housing Division Multi-Unit Revenue (Prospector Apartments) PUT
3.150%
7/1/2029
3,650
3,660
6
North Las Vegas NV Local Improvement Special Bonds
5.500%
6/1/2037
755
795
 
Reno NV Sales Tax Revenue (Reno Transportation Rail Access)
5.000%
6/1/2027
250
255
 
Reno NV Sales Tax Revenue (Reno Transportation Rail Access)
5.000%
6/1/2028
250
261
 
Reno NV Sales Tax Revenue (Reno Transportation Rail Access)
5.000%
6/1/2032
250
263
 
Reno NV Sales Tax Revenue (Reno Transportation Rail Access)
5.000%
6/1/2033
250
262
 
Reno-Tahoe NV Airport Authority Revenue
5.000%
7/1/2038
500
553
 
Truckee Meadows NV Water Authority Water Revenue Prere.
5.000%
7/1/2026
1,510
1,510
 
Washoe County NV School District GO
3.000%
6/1/2040
1,500
1,359
 
Washoe County NV School District GO
3.000%
6/1/2042
1,500
1,321
 
 
 
 
 
35,738
New Hampshire (0.6%)
 
Manchester NH Sewer Revenue (Green Bonds)
4.000%
6/1/2046
915
883
 
Nashua NH GO
3.000%
10/1/2041
1,490
1,355
 
National Finance Authority NH Affordable Housing Revenue PUT
4.125%
3/1/2036
2,232
2,183
 
National Finance Authority NH Affordable Housing Revenue PUT
4.500%
3/1/2036
398
395
 
National Finance Authority NH Multifamily Affordable Housing Certificates Revenue PUT
5.125%
3/1/2036
1,598
1,617
 
National Finance Authority NH Municipal Certificates Revenue
5.150%
9/28/2037
1,000
1,003
 
National Finance Authority NH Municipal Certificates Revenue
3.625%
8/20/2039
1,965
1,886
 
National Finance Authority NH Municipal Certificates Revenue
4.085%
1/20/2041
1,235
1,215
 
National Finance Authority NH Municipal Certificates Revenue
4.168%
1/20/2041
494
480
 
National Finance Authority NH Municipal Certificates Revenue
4.250%
7/20/2041
3,012
2,952
 
National Finance Authority NH Municipal Certificates Revenue
4.250%
7/20/2041
260
244
 
National Finance Authority NH Municipal Certificates Revenue
4.088%
11/20/2042
3,471
3,402
 
National Finance Authority NH Municipal Certificates Revenue
4.088%
11/20/2042
991
930
 
National Finance Authority NH Municipal Certificates Revenue
4.033%
10/1/2051
1,086
1,072
6
National Finance Authority NH Revenue
4.875%
12/1/2033
400
400
 
National Finance Authority NH Revenue
4.125%
1/20/2034
7,136
7,253
6
National Finance Authority NH Revenue
5.375%
12/15/2035
1,100
1,100
 
National Finance Authority NH Revenue
3.875%
1/20/2038
2,525
2,449
 
National Finance Authority NH Revenue
4.250%
7/20/2041
4,863
4,882
 
National Finance Authority NH Revenue PUT
4.150%
10/1/2034
1,494
1,496
 
National Finance Authority NH Revenue PUT
4.750%
6/1/2035
1,994
2,055
 
National Finance Authority NH Revenue PUT
5.150%
6/1/2035
499
514
6
National Finance Authority NH Revenue (Astro Sunterra Projects)
0.000%
12/15/2034
450
262
 
National Finance Authority NH Revenue (Centurion Foundation)
4.000%
10/15/2035
2,989
2,968
9
National Finance Authority NH Revenue (Centurion Foundation)
4.375%
6/15/2036
5,000
5,000
 
National Finance Authority NH Revenue (Dickinson College Project)
5.000%
11/1/2042
1,475
1,576
 
National Finance Authority NH Revenue (Medical Center Hospital Projects)
5.875%
11/1/2045
3,000
3,036
6
National Finance Authority NH Revenue (Mirador Project)
6.000%
12/1/2031
1,000
1,001
6
National Finance Authority NH Revenue (Princeton Area Projects)
5.500%
12/1/2030
824
824
6
National Finance Authority NH Revenue (Tamarron Project)
5.250%
12/1/2035
1,252
1,252
6
National Finance Authority NH Revenue (Valencia Project)
5.300%
12/1/2032
724
724
6
National Finance Authority NH Revenue (Wildflower Project)
0.000%
12/15/2033
603
386
 
National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners)
5.000%
12/1/2035
1,615
1,780
 
National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners)
5.250%
6/1/2042
1,650
1,794
 
National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners)
5.250%
6/1/2044
1,235
1,334
6
National Finance Authority NH Special Revenue (Forestar Group Houston Area Project))
6.500%
12/1/2034
1,743
1,750
6
National Finance Authority NH Special Revenue (Grand Pines Project)
5.625%
6/1/2039
700
702
6
National Finance Authority NH Specialty Pharmacy Ltd. Obligation Revenue
5.625%
12/15/2033
405
414
 
National NH Finance Authority Municipal Certificates Revenue
4.375%
9/20/2036
946
963
 
New Hampshire Business Finance Authority Pollution Control Refunding Revenue
4.500%
10/1/2033
1,000
1,042
 
New Hampshire Health & Education Facilities Authority Revenue
5.000%
10/1/2034
1,000
1,099
 
New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College)
PUT
3.300%
8/3/2027
1,000
1,002
 
New Hampshire Health & Education Facilities Authority Revenue (Dartmouth Health)
5.000%
8/1/2042
1,000
1,094
 
New Hampshire Health & Education Facilities Authority Revenue (Dartmouth Health)
5.000%
8/1/2044
1,500
1,620
45
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
New Hampshire Health & Education Facilities Authority Revenue (Dartmouth-Hitchcock
Health)
5.000%
8/1/2034
850
874
 
 
 
 
 
72,263
New Jersey (1.0%)
 
Cape May County NJ GO
2.000%
9/15/2030
2,405
2,258
3
Casino NJ Reinvestment Development Authority Luxury Tax Revenue
5.000%
11/1/2032
1,000
1,110
3
Casino NJ Reinvestment Development Authority Luxury Tax Revenue
5.000%
11/1/2035
1,000
1,123
 
Cherry Hill Township NJ School District Board of Education GO
3.000%
8/1/2032
667
666
3
Clifton NJ Board of Education School Bonds GO
2.000%
8/15/2034
1,500
1,312
 
Hudson County NJ General Improvement Bonds GO
2.125%
11/15/2036
1,000
826
8
Lindenwold Boro NJ School District Bonds GO
3.125%
2/1/2036
1,390
1,354
8
Montclair NJ Township Board of Education Schools GO
3.125%
1/15/2035
965
951
 
New Jersey Economic Development Authority Revenue
5.250%
6/15/2027
260
260
 
New Jersey Economic Development Authority Revenue
4.000%
7/1/2034
1,105
1,108
 
New Jersey Economic Development Authority Revenue
4.000%
6/15/2035
500
509
 
New Jersey Economic Development Authority Revenue
5.000%
6/15/2035
2,000
2,055
 
New Jersey Economic Development Authority Revenue Prere.
5.500%
12/15/2026
2,000
2,026
10
New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge)
5.250%
7/1/2026
405
405
 
New Jersey Economic Development Authority Revenue (Portal North Bridge Project)
5.250%
11/1/2040
4,000
4,382
 
New Jersey Economic Development Authority Revenue (Portal North Bridge Project)
5.250%
11/1/2041
5,000
5,458
 
New Jersey Economic Development Authority Revenue (School Facilities Construction)
5.000%
3/1/2028
1,400
1,458
 
New Jersey Economic Development Authority Revenue (School Facilities Construction)
5.000%
6/15/2034
1,000
1,134
 
New Jersey Economic Development Authority Revenue (School Facilities Construction)
5.000%
6/15/2035
700
743
 
New Jersey Educational Facilities Authority Revenue (Princeton University)
2.000%
3/1/2037
1,000
829
 
New Jersey Educational Facilities Authority Revenue (Princeton University) PUT
5.000%
7/1/2031
1,370
1,500
 
New Jersey Educational Facilities Authority Revenue (Princeton University) PUT
5.000%
7/1/2035
1,000
1,149
 
New Jersey GO
2.000%
6/1/2031
1,295
1,205
 
New Jersey GO
2.000%
6/1/2032
1,230
1,121
 
New Jersey GO
2.000%
6/1/2035
1,000
849
 
New Jersey Health Care Facilities Financing Authority Revenue
5.000%
7/1/2034
500
536
 
New Jersey Health Care Facilities Financing Authority Revenue (Atlanticare Health
System)
3.000%
7/1/2040
145
130
 
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health Inc.)
5.000%
7/1/2029
3,500
3,730
 
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health Inc.)
5.000%
7/1/2035
1,395
1,597
 
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health Inc.)
5.500%
7/1/2037
1,000
1,196
 
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health Inc.)
5.500%
7/1/2038
1,155
1,373
 
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph's Healthcare
System)
5.000%
7/1/2027
1,000
1,001
 
New Jersey Health Care Facilities Financing Authority Revenue (St. Peter's University
Hospitals)
5.000%
7/1/2031
1,000
1,071
 
New Jersey Housing & Mortgage Finance Agency Multifamily Revenue
3.375%
11/1/2027
280
281
 
New Jersey Housing & Mortgage Finance Agency Multifamily Revenue
3.050%
11/1/2029
1,220
1,222
 
New Jersey Housing & Mortgage Finance Agency Single Family Revenue
6.500%
4/1/2056
555
619
 
New Jersey State Turnpike Authority Revenue
5.000%
1/1/2043
2,000
2,194
 
New Jersey State Turnpike Authority Revenue
5.000%
1/1/2044
1,000
1,092
 
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement
Revenue
5.000%
6/15/2030
1,000
1,001
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
5.000%
6/15/2032
1,200
1,338
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
5.000%
6/15/2033
1,000
1,127
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
5.000%
6/15/2035
1,000
1,110
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
5.000%
6/15/2040
1,000
1,083
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
5.000%
6/15/2040
565
615
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
5.000%
6/15/2041
1,000
1,087
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
4.000%
6/15/2042
1,750
1,724
 
New Jersey Transportation Trust Fund Authority Program Bonds Revenue
5.000%
6/15/2042
1,000
1,082
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
12/15/2027
1,000
1,036
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
6/15/2028
1,000
1,049
3
New Jersey Transportation Trust Fund Authority Revenue
0.000%
12/15/2029
1,700
1,534
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
12/15/2030
1,285
1,353
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
6/15/2032
2,360
2,631
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
6/15/2033
3,000
3,382
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
12/15/2033
1,115
1,167
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
6/15/2034
2,500
2,845
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
12/15/2034
1,640
1,715
 
New Jersey Transportation Trust Fund Authority Revenue
5.000%
6/15/2037
1,250
1,405
10
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2030
1,365
1,189
10,18
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2031
265
223
 
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2034
1,000
750
 
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2034
1,310
982
11
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2035
1,490
1,068
46
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
11
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2036
2,905
1,986
 
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2036
1,000
684
 
New Jersey Transportation Trust Fund Authority System Bonds Revenue
0.000%
12/15/2038
3,000
1,861
11
New Jersey Transportation Trust Fund Authority Transportation System Revenue
0.000%
12/15/2026
1,455
1,436
10
New Jersey Transportation Trust Fund Authority Transportation System Revenue
0.000%
12/15/2031
2,000
1,681
 
New Jersey Transportation Trust Fund Authority Transportation System Revenue
5.000%
6/15/2038
1,500
1,645
 
New Jersey Transportation Trust Fund Authority Transportation System Revenue
0.000%
12/15/2039
3,175
1,879
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2027
1,000
1,012
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2028
200
204
9
New Jersey Turnpike Authority Revenue
5.000%
1/1/2031
1,065
1,147
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2033
1,000
1,127
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2033
1,500
1,691
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2034
3,080
3,510
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2034
1,000
1,140
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2036
1,300
1,492
 
New Jersey Turnpike Authority Revenue
5.000%
1/1/2044
1,000
1,105
 
Paterson NJ Tax Anticipation GO
4.750%
3/1/2027
2,500
2,500
 
Tobacco Settlement Financing Corp. New Jersey Revenue
5.000%
6/1/2027
3,200
3,264
 
Tobacco Settlement Financing Corp. New Jersey Revenue
5.000%
6/1/2030
1,950
2,024
 
Tobacco Settlement Financing Corp. New Jersey Revenue
5.000%
6/1/2031
1,000
1,037
 
Tobacco Settlement Financing Corp. New Jersey Revenue
5.000%
6/1/2032
1,000
1,036
 
Tobacco Settlement Financing Corp. New Jersey Revenue
5.000%
6/1/2035
1,570
1,620
 
Tobacco Settlement Financing Corp. New Jersey Revenue
5.000%
6/1/2036
1,500
1,546
 
Tobacco Settlement Financing Corp. New Jersey Revenue
5.000%
6/1/2037
1,000
1,029
 
 
 
 
 
121,985
New Mexico (0.2%)
 
Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project)
1.800%
4/1/2029
1,000
942
 
Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project)
1.800%
4/1/2029
1,550
1,460
 
Farmington NM Pollution Control Revenue (San Juan & Four Corners Projects)
2.150%
4/1/2033
2,675
2,322
 
Farmington NM Pollution Control Revenue (San Juan Project) PUT
3.900%
6/1/2028
875
889
 
Farmington NM Pollution Control Revenue (San Juan Project) PUT
3.875%
6/1/2029
780
797
 
Farmington NM Pollution Control Revenue (San Juan Project) PUT
3.875%
6/1/2029
110
112
 
Farmington NM Pollution Control Revenue (San Juan Project) PUT
3.875%
6/1/2029
465
475
 
Farmington NM Pollution Control Revenue (Southern California Edison Co.)
1.800%
4/1/2029
1,000
942
5
New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian
Healthcare Services) VRDO
2.900%
7/1/2026
2,940
2,940
 
New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue PUT
5.000%
11/1/2030
7,380
7,848
 
New Mexico State Severance Tax Revenue
5.000%
7/1/2035
3,000
3,263
 
 
 
 
 
21,990
New York (7.2%)
 
Albany NY Capital Resource Corp. Revenue (Medical Center Hospital Project)
5.000%
5/1/2036
1,250
1,413
 
Battery Park City NY Authority Revenue
5.000%
11/1/2038
750
790
 
Battery Park City NY Authority Revenue
5.000%
11/1/2043
770
870
 
Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project)
5.000%
7/15/2030
700
705
 
Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project)
0.000%
7/15/2032
1,430
1,143
 
Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project)
0.000%
7/15/2033
1,500
1,150
 
Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project)
0.000%
7/15/2035
470
330
 
Build NY Resource Corp. Revenue
5.000%
12/15/2031
460
460
6
Build NY Resource Corp. Revenue
5.250%
12/15/2031
785
785
 
Build NY Resource Corp. Revenue
5.000%
7/1/2032
325
340
 
Build NY Resource Corp. Revenue
5.000%
7/1/2034
415
445
 
Build NY Resource Corp. Revenue
5.000%
7/1/2035
550
588
6
Build NY Resource Corp. Revenue
5.875%
12/15/2040
1,810
1,835
 
Build NY Resource Corp. Revenue
5.250%
6/15/2045
330
335
 
Dutchess County NY Local Development Corp. Revenue
5.000%
7/1/2032
1,110
1,149
 
Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America
Project)
5.000%
7/1/2031
425
459
 
Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America
Project)
5.000%
7/1/2033
200
200
 
Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America
Project)
5.000%
7/1/2034
240
240
 
Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America
Project)
4.000%
7/1/2037
555
557
 
Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America
Project)
4.000%
7/1/2041
650
626
 
Genesee County NY Funding Corp. Revenue (Rochester Regional Health Project)
5.000%
12/1/2035
700
747
 
Genesee County NY Funding Corp. Revenue (Rochester Regional Health Project)
5.000%
12/1/2042
500
525
 
Hudson Yards Infrastructure Corp. New York Revenue
5.000%
2/15/2035
10,000
10,122
 
Hudson Yards Infrastructure Corp. New York Revenue
5.000%
2/15/2036
1,500
1,518
 
Hudson Yards Infrastructure Corp. New York Revenue
5.000%
2/15/2037
520
526
47
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Hudson Yards Infrastructure Corp. New York Revenue
4.000%
2/15/2042
1,000
1,001
 
Hudson Yards Infrastructure Corp. New York Revenue
5.000%
2/15/2042
2,000
2,020
 
Long Island Power Authority NY Electric System Revenue
5.000%
9/1/2035
1,095
1,141
 
Long Island Power Authority NY Electric System Revenue PUT
1.500%
9/1/2026
1,360
1,355
 
Long Island Power Authority NY Electric System Revenue PUT
3.000%
9/1/2028
3,155
3,161
 
Long Island Power Authority NY Electric System Revenue PUT
3.000%
9/1/2029
1,000
999
 
Metropolitan Transportation Authority NY Dedicated Tax Green Bonds
5.000%
11/15/2043
1,000
1,097
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2029
4,070
4,378
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2030
1,675
1,742
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2030
1,935
2,114
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2031
300
332
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2031
1,710
1,895
 
Metropolitan Transportation Authority NY Revenue
0.000%
11/15/2032
1,000
809
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2032
1,000
1,016
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2032
555
623
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2033
2,500
2,835
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2033
1,645
1,865
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2034
2,685
3,068
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2034
1,105
1,262
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2035
2,275
2,336
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2035
4,915
5,074
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2035
1,000
1,017
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2035
1,565
1,779
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2038
2,000
2,008
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2039
1,100
1,217
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2040
810
800
3
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2040
1,000
1,047
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2040
500
550
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2041
920
1,006
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2041
3,090
3,393
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2042
1,500
1,448
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2042
800
782
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2042
2,435
2,381
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2042
625
680
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2042
910
994
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2043
1,000
973
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2043
500
520
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2043
100
108
8
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2044
1,700
1,648
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2044
1,800
1,924
 
Metropolitan Transportation Authority NY Revenue
5.000%
11/15/2044
405
436
 
Metropolitan Transportation Authority NY Revenue
4.000%
11/15/2045
3,000
2,868
5
Metropolitan Transportation Authority NY Revenue VRDO
3.050%
7/1/2026
900
900
5
Metropolitan Transportation Authority NY Revenue VRDO
3.050%
7/1/2026
10,200
10,200
5
Metropolitan Transportation Authority NY Revenue VRDO
2.850%
7/6/2026
3,900
3,900
 
Monroe County NY Industrial Development Corp. Revenue (Rochester Regional Health)
4.000%
12/1/2039
2,120
2,063
 
Monroe County NY Industrial Development Corp. Revenue (University of Rochester
Projects)
5.000%
12/1/2028
555
579
3
Nassau County NY General Improvement GO
5.000%
7/1/2040
7,110
7,355
 
New York City NY GO
5.000%
8/1/2027
1,000
1,028
 
New York City NY GO
5.000%
8/1/2029
1,140
1,219
 
New York City NY GO
5.000%
8/1/2030
1,000
1,085
 
New York City NY GO
5.000%
8/1/2030
1,015
1,101
 
New York City NY GO
5.000%
8/1/2031
1,000
1,100
 
New York City NY GO
5.000%
8/1/2031
100
110
 
New York City NY GO
5.000%
8/1/2031
1,625
1,788
 
New York City NY GO
5.000%
8/1/2032
1,000
1,114
 
New York City NY GO
5.000%
8/1/2032
1,000
1,002
 
New York City NY GO
5.000%
8/1/2032
1,925
2,145
 
New York City NY GO
5.000%
8/1/2032
1,000
1,114
 
New York City NY GO
5.000%
12/1/2032
1,755
1,772
 
New York City NY GO
5.000%
8/1/2033
1,020
1,149
 
New York City NY GO
5.000%
10/1/2034
2,975
3,143
 
New York City NY GO
5.000%
12/1/2035
1,120
1,129
 
New York City NY GO
5.000%
8/1/2036
1,370
1,575
 
New York City NY GO
5.000%
10/1/2036
3,875
3,962
 
New York City NY GO
5.000%
8/1/2037
1,035
1,170
 
New York City NY GO
5.000%
9/1/2037
1,250
1,392
 
New York City NY GO
4.000%
10/1/2037
6,640
6,669
 
New York City NY GO
5.000%
2/1/2038
1,000
1,120
48
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
New York City NY GO
5.000%
8/1/2038
2,000
2,245
 
New York City NY GO
5.000%
2/1/2039
1,455
1,622
 
New York City NY GO
5.000%
4/1/2039
2,260
2,322
 
New York City NY GO
5.000%
8/1/2039
1,625
1,693
 
New York City NY GO
5.000%
8/1/2039
2,000
2,181
 
New York City NY GO
5.000%
8/1/2039
2,000
2,234
 
New York City NY GO
4.000%
3/1/2040
1,000
996
 
New York City NY GO
5.000%
4/1/2040
3,095
3,390
 
New York City NY GO
5.000%
8/1/2040
875
951
 
New York City NY GO
5.000%
8/1/2040
1,810
2,013
 
New York City NY GO
5.250%
9/1/2040
6,000
6,567
 
New York City NY GO
5.000%
10/1/2040
1,000
1,108
 
New York City NY GO
3.000%
3/1/2041
1,210
1,034
 
New York City NY GO
4.000%
3/1/2041
1,000
988
 
New York City NY GO
4.000%
4/1/2041
2,715
2,681
 
New York City NY GO
5.000%
4/1/2041
3,000
3,238
 
New York City NY GO
5.250%
5/1/2041
1,250
1,357
 
New York City NY GO
5.000%
8/1/2041
1,250
1,353
 
New York City NY GO
5.000%
8/1/2041
1,370
1,517
 
New York City NY GO
5.000%
2/1/2042
1,000
1,096
 
New York City NY GO
4.000%
4/1/2042
3,000
2,962
 
New York City NY GO
5.250%
5/1/2042
3,550
3,840
 
New York City NY GO
5.000%
8/1/2042
2,000
2,090
 
New York City NY GO
5.000%
9/1/2042
1,955
2,127
 
New York City NY GO
5.000%
10/1/2042
1,000
1,098
 
New York City NY GO
5.250%
10/1/2042
1,000
1,087
 
New York City NY GO
5.000%
4/1/2043
1,000
1,080
 
New York City NY GO
5.250%
4/1/2043
1,000
1,088
 
New York City NY GO
5.000%
3/1/2044
1,000
1,076
 
New York City NY GO
5.000%
4/1/2044
4,540
4,887
5
New York City NY GO VRDO
2.900%
7/1/2026
4,970
4,970
5
New York City NY GO VRDO
2.900%
7/1/2026
100
100
5
New York City NY GO VRDO
3.050%
7/1/2026
18,050
18,050
5
New York City NY GO VRDO
3.050%
7/1/2026
11,450
11,450
5
New York City NY GO VRDO
3.300%
7/1/2026
5,800
5,800
 
New York City NY Health & Hospitals Corp. Revenue
5.000%
2/15/2038
1,175
1,321
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
4.000%
12/15/2031
100
101
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
4.375%
12/15/2031
100
102
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
3.700%
11/1/2038
670
652
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
2.350%
11/1/2040
2,000
1,621
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT
4.300%
11/1/2028
1,000
1,013
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT
3.750%
7/2/2029
1,055
1,068
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT
3.950%
7/2/2029
625
636
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT
3.250%
2/1/2030
4,315
4,341
13
New York City NY Housing Development Corp. Multi-Family Housing Revenue
(Sustainable Development Bonds) PUT
3.400%
12/22/2026
1,000
1,000
13
New York City NY Housing Development Corp. Multi-Family Housing Revenue
(Sustainable Development Bonds) PUT
3.400%
12/22/2026
1,000
1,000
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
(Sustainable Development Bonds) PUT
3.700%
12/30/2027
2,000
2,001
13
New York City NY Housing Development Corp. Multi-Family Housing Revenue
(Sustainable Development Bonds) PUT
3.625%
7/1/2028
1,975
1,989
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
(Sustainable Development Bonds) PUT
3.700%
7/3/2028
1,400
1,417
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
(Sustainable Development Bonds) PUT
3.730%
12/29/2028
1,000
1,000
 
New York City NY Housing Development Corp. Multi-Family Housing Revenue
(Sustainable Neighborhood Bonds)
3.000%
11/1/2039
785
700
3
New York City NY Industrial Development Agency Revenue (Yankee Stadium Project)
4.000%
3/1/2031
1,250
1,292
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2032
1,445
1,629
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.250%
6/15/2033
1,000
1,023
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2038
1,000
1,028
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2038
310
365
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2039
2,500
2,623
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2040
2,000
2,064
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2040
2,500
2,567
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
3.500%
6/15/2042
1,000
944
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
4.000%
6/15/2042
4,745
4,682
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2043
215
235
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2044
380
419
49
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
4.000%
6/15/2045
3,100
3,027
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2046
210
225
 
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
5.000%
6/15/2046
1,000
1,083
5
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
VRDO
3.050%
7/1/2026
24,200
24,200
5
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
VRDO
3.050%
7/1/2026
5,500
5,500
5
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
VRDO
3.050%
7/1/2026
25,450
25,450
5
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
VRDO
3.050%
7/1/2026
2,600
2,600
5
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue
VRDO
3.300%
7/1/2026
500
500
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2035
1,635
1,701
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2035
1,000
1,165
 
New York City NY Transitional Finance Authority Building AID Revenue
5.250%
7/15/2035
1,525
1,595
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2036
3,250
3,377
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2036
1,455
1,685
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2037
1,000
1,149
 
New York City NY Transitional Finance Authority Building AID Revenue
4.000%
7/15/2038
1,750
1,755
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2040
1,265
1,428
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2041
1,060
1,189
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2043
1,000
1,032
 
New York City NY Transitional Finance Authority Building AID Revenue
5.000%
7/15/2043
1,000
1,111
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2029
1,000
1,063
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2029
1,000
1,063
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2030
1,500
1,622
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2030
1,000
1,082
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
11/1/2030
1,000
1,090
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2032
1,800
2,003
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2033
1,000
1,125
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
8/1/2034
1,710
1,713
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
8/1/2035
1,525
1,557
 
New York City NY Transitional Finance Authority Future Tax Revenue
4.000%
11/1/2035
2,500
2,571
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.250%
11/1/2035
1,000
1,120
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2036
1,580
1,605
 
New York City NY Transitional Finance Authority Future Tax Revenue
4.000%
8/1/2036
1,235
1,238
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
8/1/2037
1,680
1,713
 
New York City NY Transitional Finance Authority Future Tax Revenue
4.000%
11/1/2038
1,250
1,257
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2039
2,740
2,821
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
8/1/2040
3,185
3,288
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
11/1/2040
1,000
1,095
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2041
1,000
1,094
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.500%
5/1/2041
1,000
1,127
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
11/1/2041
1,000
1,093
 
New York City NY Transitional Finance Authority Future Tax Revenue
4.000%
5/1/2042
2,195
2,158
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2042
1,750
1,909
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.500%
5/1/2042
1,000
1,125
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.000%
5/1/2043
2,425
2,640
 
New York City NY Transitional Finance Authority Future Tax Revenue
5.500%
5/1/2044
1,000
1,117
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2028
2,610
2,757
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2028
1,315
1,389
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2029
1,000
1,073
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2030
1,000
1,090
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2031
1,000
1,107
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2032
1,245
1,385
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2032
1,500
1,679
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2032
1,000
1,120
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2032
795
890
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2033
1,120
1,260
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
8/1/2034
2,895
3,013
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2034
1,000
1,142
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
8/1/2035
2,015
2,094
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2035
1,000
1,148
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2036
110
120
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2036
2,000
2,023
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2036
1,145
1,295
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2036
1,085
1,241
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
8/1/2036
2,325
2,413
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2036
2,595
2,940
50
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%
11/1/2036
1,000
1,072
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2036
1,025
1,175
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.250%
11/1/2036
3,065
3,418
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2037
1,000
1,136
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
4.000%
8/1/2037
250
254
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2037
1,110
1,243
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2037
2,260
2,544
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2037
1,165
1,312
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
4.000%
2/1/2038
200
203
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2038
1,140
1,284
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
4.000%
8/1/2038
2,370
2,364
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2038
1,000
1,129
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
4.000%
2/1/2039
3,000
3,013
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2039
1,020
1,100
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
4.000%
5/1/2039
2,000
2,006
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2040
545
586
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2040
1,575
1,760
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2040
1,375
1,531
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
3.000%
8/1/2040
1,500
1,325
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2040
1,120
1,249
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2041
1,545
1,651
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2041
1,090
1,203
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
3.000%
8/1/2041
1,000
872
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2041
1,110
1,236
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.250%
11/1/2041
8,000
8,745
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
4.000%
2/1/2042
2,900
2,849
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2042
510
544
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2042
2,000
2,156
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2042
1,075
1,170
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2042
1,570
1,696
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2042
1,085
1,194
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
2/1/2043
1,000
1,008
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2043
2,000
2,206
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
4.000%
11/1/2043
1,000
982
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2043
1,605
1,762
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2044
1,395
1,518
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
5/1/2044
5,000
5,440
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2044
1,000
1,088
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2044
2,355
2,594
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2045
2,000
2,157
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2046
2,000
2,138
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.000%
11/1/2046
1,000
1,082
 
New York City NY Transitional Finance Authority Future Tax Secured Revenue
5.500%
2/1/2048
1,445
1,599
5
New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO
2.900%
7/1/2026
2,725
2,725
5
New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO
3.000%
7/1/2026
8,465
8,465
5
New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO
3.050%
7/1/2026
300
300
5
New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO
3.050%
7/1/2026
9,700
9,700
 
New York City NY Transitional Finance Authority Revenue
5.000%
8/1/2035
1,500
1,559
 
New York City NY Transitional Finance Authority Revenue
5.000%
8/1/2036
5,710
5,925
 
New York City NY Transitional Finance Authority Revenue
5.000%
5/1/2038
1,675
1,726
 
New York City NY Transitional Finance Authority Revenue
5.000%
5/1/2039
1,335
1,395
 
New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the
Performing Arts Inc.)
4.000%
12/1/2033
1,000
1,031
 
New York Convention Center Development Corp. Revenue
5.000%
11/15/2036
1,000
1,161
9
New York Convention Center Development Corp. Revenue
5.000%
11/15/2046
50
54
 
New York Energy Finance Development Corp. Supply Revenue PUT
5.000%
12/1/2033
9,020
9,320
 
New York Liberty Development Corp. Revenue (1 World Trade Center Project)
3.000%
2/15/2042
500
423
8
New York Liberty Development Corp. Revenue (1 World Trade Center Project)
3.000%
2/15/2042
2,000
1,703
 
New York Liberty Development Corp. Revenue (1 World Trade Center Project)
2.750%
2/15/2044
1,000
805
 
New York Liberty Development Corp. Revenue (4 World Trade Center Project)
1.900%
11/15/2031
1,500
1,335
 
New York Liberty Development Corp. Revenue (4 World Trade Center Project)
2.100%
11/15/2032
1,900
1,689
 
New York Liberty Development Corp. Revenue (4 World Trade Center Project)
2.200%
11/15/2033
1,440
1,258
 
New York Liberty Development Corp. Revenue (4 World Trade Center Project)
2.300%
11/15/2034
1,500
1,309
 
New York Liberty Development Corp. Revenue (4 World Trade Center Project)
2.400%
11/15/2035
1,400
1,217
 
New York Liberty Development Corp. Revenue (4 World Trade Center Project)
2.500%
11/15/2036
950
823
 
New York Liberty Development Corp. Revenue (4 World Trade Center Project)
2.750%
11/15/2041
3,050
2,465
 
New York Liberty Development Corp. Revenue (7 World Trade Center Project)
3.000%
9/15/2043
405
343
 
New York Liberty Development Corp. Revenue (Bank of America Tower at One Bryant
Park Project)
2.800%
9/15/2069
2,815
2,664
 
New York Metropolitan Transportation Authority Revenue
4.000%
11/15/2031
1,445
1,471
51
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
New York Metropolitan Transportation Authority Revenue PUT
5.000%
5/15/2030
2,500
2,680
 
New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund)
0.000%
11/15/2032
1,000
819
 
New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund)
4.000%
11/15/2033
1,545
1,556
3
New York Power Authority Green Transmission Revenue
5.000%
11/15/2028
1,000
1,064
3
New York Power Authority Green Transmission Revenue
5.000%
11/15/2048
1,000
1,067
11
New York State Dormitory Authority Lease Revenue (City of New York Court Facilities)
5.500%
5/15/2027
500
513
8
New York State Dormitory Authority Revenue
5.000%
10/1/2031
1,000
1,092
 
New York State Dormitory Authority Revenue
5.000%
7/1/2032
10,850
10,850
 
New York State Dormitory Authority Revenue
5.000%
7/1/2033
730
786
 
New York State Dormitory Authority Revenue
5.000%
7/1/2033
1,000
1,120
 
New York State Dormitory Authority Revenue
5.000%
10/1/2033
2,265
2,278
 
New York State Dormitory Authority Revenue
5.000%
10/1/2033
500
545
 
New York State Dormitory Authority Revenue
5.000%
11/1/2033
1,730
1,875
 
New York State Dormitory Authority Revenue
5.000%
7/1/2035
1,000
1,181
 
New York State Dormitory Authority Revenue
4.000%
7/1/2036
4,880
5,022
 
New York State Dormitory Authority Revenue
5.000%
7/1/2036
1,000
1,158
 
New York State Dormitory Authority Revenue
4.000%
7/1/2037
3,220
3,295
 
New York State Dormitory Authority Revenue
5.000%
7/1/2037
685
787
3
New York State Dormitory Authority Revenue
5.000%
10/1/2037
2,500
2,724
3
New York State Dormitory Authority Revenue
5.000%
10/1/2037
1,635
1,839
 
New York State Dormitory Authority Revenue
5.000%
10/1/2037
1,135
1,338
 
New York State Dormitory Authority Revenue
5.000%
7/1/2038
1,000
1,140
 
New York State Dormitory Authority Revenue
4.000%
5/1/2040
1,260
1,247
 
New York State Dormitory Authority Revenue
5.250%
7/1/2040
1,000
1,120
 
New York State Dormitory Authority Revenue
5.000%
7/1/2041
1,350
1,514
 
New York State Dormitory Authority Revenue
5.000%
7/1/2042
2,500
2,616
 
New York State Dormitory Authority Revenue
5.000%
7/1/2043
1,010
1,123
3
New York State Dormitory Authority Revenue
5.000%
10/1/2044
1,435
1,558
 
New York State Dormitory Authority Revenue PUT
5.000%
7/1/2032
750
833
 
New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai)
5.000%
7/1/2028
1,000
1,002
 
New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai)
5.000%
7/1/2032
1,000
1,002
 
New York State Dormitory Authority Revenue (Montefiore Obligated Group)
5.000%
9/1/2027
1,895
1,927
 
New York State Dormitory Authority Revenue (Montefiore Obligated Group)
5.000%
8/1/2029
550
568
 
New York State Dormitory Authority Revenue (Northwell Obligated Group)
4.000%
5/1/2038
500
503
 
New York State Dormitory Authority Revenue (Northwell Obligated Group)
5.000%
5/1/2043
1,000
1,079
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2029
320
341
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2030
1,050
1,139
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2031
2,000
2,205
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2031
1,130
1,246
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
2/15/2033
1,975
1,983
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
2/15/2035
1,000
1,003
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
2/15/2035
3,000
3,205
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2036
4,000
4,016
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
3/15/2037
2,270
2,309
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2038
475
540
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
2/15/2039
2,000
2,005
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
2/15/2039
2,000
2,037
 
New York State Dormitory Authority Revenue (Personal Income Tax)
3.000%
3/15/2039
3,000
2,703
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
3/15/2039
1,500
1,505
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2039
1,000
1,101
 
New York State Dormitory Authority Revenue (Personal Income Tax)
3.000%
3/15/2040
3,000
2,673
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
3/15/2040
1,000
1,001
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
3/15/2040
1,180
1,184
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
3/15/2042
7,965
7,864
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2042
3,000
3,292
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
3/15/2043
1,120
1,101
 
New York State Dormitory Authority Revenue (Personal Income Tax)
4.000%
3/15/2043
2,000
1,965
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2043
1,000
1,092
 
New York State Dormitory Authority Revenue (Personal Income Tax)
5.000%
3/15/2043
615
681
 
New York State Dormitory Authority Revenue (Personal Income Tax) ETM
5.000%
3/15/2029
680
724
 
New York State Dormitory Authority Revenue (Personal Income Tax) Prere.
4.000%
2/15/2027
10
10
 
New York State Dormitory Authority Revenue (Personal Income Tax) Prere.
4.000%
3/15/2032
70
75
 
New York State Dormitory Authority Revenue (Personal Income Tax) Prere.
4.000%
3/15/2032
15
16
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
9/15/2030
4,000
4,351
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2033
1,795
1,804
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2033
1,460
1,660
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2034
2,035
2,340
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2035
2,000
2,009
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2035
995
1,155
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2036
1,500
1,551
52
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2037
2,160
2,231
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2040
2,500
2,575
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2040
2,000
2,116
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2042
2,000
2,104
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2044
1,590
1,746
 
New York State Dormitory Authority Sales Tax Revenue
5.250%
3/15/2044
2,000
2,107
 
New York State Dormitory Authority Sales Tax Revenue
5.000%
3/15/2046
2,750
2,942
 
New York State Dormitory Authority Sales Tax Revenue ETM
5.000%
3/15/2035
5
6
 
New York State Energy Research & Development Authority Pollution Control Revenue
(New York State Electric & Gas Corp.)
3.500%
10/1/2029
1,000
1,007
 
New York State Energy Research & Development Authority Pollution Control Revenue
(New York State Electric & Gas Corp.)
4.000%
4/1/2034
1,250
1,296
 
New York State Energy Research & Development Authority Pollution Control Revenue
(Rochester Gas & Electric Corp. Project)
3.750%
5/15/2032
500
509
 
New York State Energy Research & Development Authority Pollution Control Revenue
(Rochester Gas & Electric Corp. Project)
3.800%
8/1/2032
1,000
1,020
 
New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking
Water Revolving Funds)
5.000%
6/15/2043
1,730
1,927
 
New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking
Water Revolving Funds)
5.250%
6/15/2045
2,500
2,796
 
New York State Homeowner Mortgage Agency Revenue
2.200%
4/1/2036
1,545
1,324
 
New York State Housing Finance Agency Revenue
2.200%
11/1/2036
875
736
 
New York State Housing Finance Agency Revenue PUT
2.500%
5/1/2027
410
407
 
New York State Housing Finance Agency Revenue PUT
4.500%
11/1/2028
1,000
1,002
 
New York State Housing Finance Agency Revenue PUT
3.450%
5/1/2029
1,000
1,002
 
New York State Housing Finance Agency Revenue PUT
3.800%
5/1/2029
2,425
2,426
 
New York State Housing Finance Agency Revenue PUT
3.450%
11/1/2029
1,750
1,750
 
New York State Housing Finance Agency Revenue PUT
3.100%
5/1/2030
315
315
 
New York State Housing Finance Agency Revenue PUT
3.500%
5/1/2030
525
529
 
New York State Housing Finance Agency Revenue PUT
3.200%
5/1/2031
225
225
 
New York State Housing Finance Agency Revenue PUT
3.250%
5/1/2031
1,000
1,001
 
New York State Housing Finance Agency Revenue PUT
3.375%
11/1/2031
3,705
3,717
 
New York State Housing Finance Agency Revenue PUT
3.570%
11/1/2031
2,045
2,058
 
New York State Housing Finance Agency Revenue PUT
3.600%
4/1/2032
1,000
1,009
 
New York State Housing Finance Agency Revenue PUT
3.950%
1/1/2035
4,520
4,620
5
New York State Housing Finance Agency Revenue VRDO
3.050%
7/1/2026
1,600
1,600
 
New York State Housing Finance Agency Revenue (Personal Income Tax) PUT
3.300%
12/15/2028
100
100
 
New York State Housing Finance Agency Revenue (Personal Income Tax) PUT
3.350%
12/15/2029
100
101
 
New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at
One Bryant Park Project)
2.450%
9/15/2069
6,200
6,007
 
New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at
One Bryant Park Project)
2.625%
9/15/2069
2,505
2,381
 
New York State Thruway Authority General Revenue
4.000%
1/1/2042
1,000
998
 
New York State Thruway Authority General Revenue
5.000%
1/1/2044
580
644
 
New York State Thruway Authority General Revenue
4.000%
1/1/2045
1,675
1,635
 
New York State Thruway Authority Revenue
5.000%
1/1/2036
1,045
1,109
 
New York State Thruway Authority Revenue
5.000%
3/15/2040
1,325
1,441
 
New York State Thruway Authority Revenue (Personal Income Tax)
4.000%
3/15/2042
1,000
977
 
New York State Urban Development Corp. Revenue (Personal Income Tax)
5.000%
3/15/2036
2,000
2,029
 
New York State Urban Development Corp. Revenue (Personal Income Tax)
5.000%
3/15/2037
2,000
2,028
 
New York State Urban Development Corp. Revenue (Personal Income Tax)
4.000%
3/15/2040
1,590
1,571
 
New York State Urban Development Corp. Revenue (Personal Income Tax)
5.000%
3/15/2042
2,000
2,154
 
New York State Urban Development Corp. Revenue (Personal Income Tax)
5.000%
3/15/2043
5,000
5,295
 
New York State Urban Development Corp. Sales Tax Revenue
5.000%
3/15/2030
1,015
1,106
 
New York State Urban Development Corp. Sales Tax Revenue
3.000%
3/15/2041
3,000
2,622
 
New York State Urban Development Corp. Sales Tax Revenue
3.000%
3/15/2042
4,000
3,465
 
New York State Urban Development Corp. Sales Tax Revenue
4.000%
3/15/2043
225
224
 
New York State Urban Development Corp. Sales Tax Revenue
4.000%
3/15/2044
2,630
2,602
 
New York Transportation Development Corp. Special Facility Revenue (Terminal 4 John F.
Kennedy International Airport Project)
4.000%
12/1/2042
1,400
1,367
 
Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project)
5.000%
7/1/2033
350
370
 
Onondaga NY Civic Development Corp. Revenue (Syracuse University Project)
5.250%
12/1/2042
695
788
 
Port Authority of New York & New Jersey Revenue
3.000%
12/1/2032
2,000
2,008
 
Port Authority of New York & New Jersey Revenue
5.000%
9/1/2036
1,230
1,285
 
Port Authority of New York & New Jersey Revenue
5.000%
11/1/2036
2,295
2,445
 
Port Authority of New York & New Jersey Revenue
5.000%
10/15/2037
1,495
1,731
 
Port Authority of New York & New Jersey Revenue
5.000%
10/15/2039
2,030
2,326
 
Port Authority of New York & New Jersey Revenue
5.000%
7/15/2040
1,000
1,112
 
Port Authority of New York & New Jersey Revenue
5.000%
1/15/2041
500
563
 
Port Authority of New York & New Jersey Revenue
5.000%
10/15/2041
1,875
2,120
 
Port Authority of New York & New Jersey Revenue
5.000%
7/15/2042
1,000
1,119
53
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Port Authority of New York & New Jersey Revenue
5.000%
8/15/2046
145
159
 
Rockland County NY Economic Assistance Corp. Revenue (Secours Charity Health
System Inc.)
7.250%
11/1/2045
1,000
1,117
 
Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services)
5.000%
7/1/2027
1,370
1,377
 
Suffolk County NY Public Improvement GO
3.000%
10/15/2040
1,000
931
 
Suffolk County NY Public Improvement GO
3.000%
10/15/2041
1,000
919
 
Suffolk NY Regional Off-Track Betting Corp. Revenue
5.000%
12/1/2034
500
515
 
Tobacco Settlement Financing Corp. New York Revenue
5.000%
6/1/2029
1,870
1,903
 
Tobacco Settlement Financing Corp. New York Revenue
5.000%
6/1/2034
3,745
3,794
 
Tompkins County NY Development Corp. Continuing Care Retirement Community
Revenue (Kendal at Ithaca Inc. Project)
4.000%
7/1/2030
450
458
 
Tompkins County NY Development Corp. Continuing Care Retirement Community
Revenue (Kendal at Ithaca Inc. Project)
4.000%
7/1/2031
460
469
 
Tompkins County NY Development Corp. Continuing Care Retirement Community
Revenue (Kendal at Ithaca Inc. Project)
4.000%
7/1/2032
285
291
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
5.000%
5/15/2027
5,000
5,114
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
5.000%
11/15/2034
1,000
1,138
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
5.000%
11/15/2034
8,000
9,257
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
0.000%
11/15/2036
1,000
691
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
5.000%
5/15/2040
1,000
1,089
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
5.250%
11/15/2040
1,000
1,126
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
5.000%
5/15/2045
1,355
1,457
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue
5.000%
5/15/2046
1,920
2,046
 
Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT
2.000%
5/15/2028
1,500
1,467
 
Triborough Bridge & Tunnel Authority New York Revenue
0.000%
11/15/2030
1,000
874
 
Triborough Bridge & Tunnel Authority New York Revenue
0.000%
11/15/2032
1,130
924
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2036
1,000
1,017
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2037
2,000
2,033
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2038
1,750
1,984
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2041
1,000
1,115
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2042
2,000
2,045
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2044
320
353
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2045
225
246
 
Triborough Bridge & Tunnel Authority New York Revenue
5.000%
11/15/2046
70
76
 
Triborough Bridge & Tunnel Authority New York Revenue
5.250%
11/15/2047
170
186
 
Triborough Bridge & Tunnel Authority NY Real Estate Transfer Tax Revenue
5.000%
12/1/2033
1,000
1,146
 
Triborough Bridge & Tunnel Authority NY Real Estate Transfer Tax Revenue
5.000%
12/1/2044
1,500
1,638
 
Triborough Bridge & Tunnel Authority Sales Tax Revenue
5.000%
5/15/2040
1,835
2,010
 
Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project)
4.000%
9/1/2040
1,000
981
 
Utility Debt Securitization Authority NY Revenue
5.000%
12/15/2040
515
582
 
Westchester County NY Local Development Corp. Revenue (Health Care Project)
6.500%
11/1/2030
1,500
1,562
 
Westchester County NY Local Development Corp. Revenue (Health Care Project)
7.250%
11/1/2045
1,500
1,697
6
Westchester County NY Local Development Corp. Revenue (Purchase Senior Learning
Community Inc.)
5.000%
7/1/2036
700
719
 
Westchester County NY Local Development Corp. Revenue (Westchester Medical Center)
5.000%
11/1/2031
1,085
1,086
3
Westchester County NY Local Development Corp. Revenue (Westchester Medical Center)
5.250%
11/1/2032
1,000
1,106
3
Westchester County NY Local Development Corp. Revenue (Westchester Medical Center)
5.250%
11/1/2033
1,250
1,402
 
Westchester NY Tobacco Asset Securitization Revenue
5.000%
6/1/2028
1,400
1,427
 
Westchester NY Tobacco Asset Securitization Revenue
5.000%
6/1/2033
1,500
1,525
8
Yonkers NY GO
5.000%
11/15/2038
500
550
 
 
 
 
 
879,403
North Carolina (0.6%)
9
Cabarrus County NC Revenue
5.000%
8/1/2038
1,530
1,752
9
Cabarrus County NC Revenue
5.000%
8/1/2039
1,095
1,246
9
Centennial Authority NC Revenue
5.000%
10/1/2038
1,375
1,561
 
Charlotte NC Airport Revenue
5.000%
7/1/2041
2,000
2,174
 
Charlotte NC Airport Revenue
5.000%
7/1/2046
1,255
1,358
 
Charlotte NC GO
5.000%
7/1/2042
2,950
3,240
 
Charlotte NC Water & Sewer System Revenue
5.000%
7/1/2042
1,000
1,111
 
Charlotte NC Water & Sewer System Revenue
5.000%
7/1/2046
1,255
1,379
 
Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT
3.250%
6/15/2027
770
774
 
Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT
1.950%
11/1/2029
1,625
1,541
 
Durham NC Housing Authority Multifamily Housing Revenue (Sandy Ridge Station) PUT
3.200%
7/1/2029
710
713
 
Durham NC Revenue
5.000%
4/1/2040
875
994
3
Fayetteville NC State University Revenue
5.000%
4/1/2043
2,720
2,833
 
Henderson County NC Revenue
5.000%
10/1/2036
450
517
 
Henderson County NC Revenue
5.000%
10/1/2037
660
753
 
North Carolina Capital Facilities Finance Agency Educational Revenue
5.000%
1/1/2036
1,710
1,983
 
North Carolina Housing Finance Agency Homeownership Revenue
5.500%
1/1/2054
840
896
 
North Carolina Housing Finance Agency Homeownership Revenue
6.250%
1/1/2057
500
565
54
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
9
North Carolina Housing Finance Agency Homeownership Revenue
6.500%
7/1/2057
1,015
1,173
 
North Carolina Housing Finance Agency Multifamily Housing Revenue PUT
3.150%
2/1/2029
350
350
 
North Carolina Medical Care Commission Health Care Facilities Revenue (Aurora
Health Inc.)
5.000%
8/1/2038
2,425
2,776
 
North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University
Health System)
5.000%
6/1/2037
1,890
2,130
 
North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University
Health System)
5.000%
6/1/2038
1,250
1,401
 
North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University
Health System)
5.000%
6/1/2039
3,575
3,987
 
North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University
Health System)
5.000%
6/1/2041
1,000
1,090
 
North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University
Health System) PUT
5.000%
6/4/2030
1,300
1,390
5
North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University
Health System) VRDO
2.850%
7/6/2026
15,000
15,000
 
North Carolina Medical Care Commission Health Care Facilities Revenue (Presbyterian
Homes Obligated)
4.000%
10/1/2040
800
773
 
North Carolina Medical Care Commission Retirement Facilities Revenue (Deerfield
Episcopal Retirement Community Project)
3.450%
11/1/2030
115
115
 
North Carolina Medical Care Commission Retirement Facilities Revenue (Deerfield
Episcopal Retirement Community Project)
3.750%
11/1/2031
2,675
2,661
 
North Carolina Medical Care Commission Retirement Facilities Revenue (Penick Village
Project)
5.000%
9/1/2034
115
122
3
North Carolina Turnpike Authority Revenue
0.000%
1/1/2034
1,000
772
3
North Carolina Turnpike Authority Revenue
5.000%
1/1/2038
30
31
 
North Carolina Turnpike Authority Revenue
4.000%
1/1/2039
2,000
2,015
 
Pender County NC GO
3.000%
3/1/2039
2,000
1,871
 
Raleigh NC Combined Enterprise System Revenue
5.000%
9/1/2028
325
343
 
Raleigh NC Housing Authority Multifamily Revenue (Maple Ridge Apartments) PUT
3.150%
2/1/2029
265
266
 
Wake County NC Revenue
5.000%
9/1/2036
2,000
2,119
 
Wake County NC Revenue
5.000%
5/1/2040
1,000
1,127
 
Western California University General Revenue
3.000%
4/1/2036
1,480
1,414
 
 
 
 
 
68,316
North Dakota (0.0%)
 
Cass County ND Joint Water Resource District Revenue
3.450%
4/1/2027
1,115
1,115
 
Grand Forks ND Health Care System Revenue (Altru Health System)
5.000%
12/1/2029
445
463
3
Grand Forks ND Health Care System Revenue (Altru Health System)
3.000%
12/1/2039
1,000
868
3
Grand Forks ND Health Care System Revenue (Altru Health System)
5.000%
12/1/2039
475
511
 
Horace ND GO
4.500%
5/1/2039
600
607
 
North Dakota Housing Finance Agency Program Mortgage Bonds Revenue
5.750%
7/1/2053
765
807
 
North Dakota Housing Finance Agency Program Mortgage Bonds Revenue
6.000%
1/1/2056
465
508
 
North Dakota Housing Finance Agency Program Mortgage Bonds Revenue
5.750%
7/1/2056
235
256
 
 
 
 
 
5,135
Ohio (1.1%)
 
Allen County OH Hospital Facilities Revenue (Mercy Health)
5.000%
8/1/2029
1,300
1,343
 
Allen County OH Hospital Facilities Revenue (Mercy Health)
4.000%
8/1/2037
2,200
2,207
 
Allen County OH Hospital Facilities Revenue (Mercy Health)
5.000%
11/1/2039
1,000
1,104
 
Allen County OH Hospital Facilities Revenue (Mercy Health)
5.000%
11/1/2040
1,500
1,645
 
Allen County OH Hospital Facilities Revenue (Mercy Health)
4.000%
12/1/2040
1,200
1,177
5
Allen County OH Hospital Facilities Revenue (Mercy Health) VRDO
2.950%
7/1/2026
860
860
 
American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Projects)
5.000%
2/15/2029
1,250
1,324
 
Buckeye OH Tobacco Settlement Financing Authority Revenue
5.000%
6/1/2035
1,150
1,217
 
Butler County OH Hospital Facilities Revenue
5.000%
11/15/2032
2,015
2,046
 
Centerville OH Health Care Revenue (Graceworks Lutheran Services)
5.000%
11/1/2026
725
727
 
Centerville OH Health Care Revenue (Graceworks Lutheran Services)
5.000%
11/1/2027
380
385
 
Cleveland-Cuyahoga County OH Port Authority Cultural Facilities Revenue (Cleveland
Museum of Natural History Project)
4.000%
7/1/2038
365
368
 
Cleveland-Cuyahoga County OH Port Authority Revenue (Euclid Avenue)
5.000%
8/1/2037
1,000
1,051
3
Columbus OH City School District GO
0.000%
12/1/2029
1,000
904
 
Columbus OH Metropolitan Housing Authority Revenue
4.000%
12/1/2034
590
589
 
Columbus OH Metropolitan Housing Authority Revenue
4.000%
8/1/2036
1,000
984
 
Columbus OH Metropolitan Housing Authority Revenue
4.625%
8/1/2036
1,100
1,123
 
Columbus OH Metropolitan Housing Authority Revenue (Demorest Townhomes II Project)
4.000%
5/1/2034
145
145
 
Columbus OH Metropolitan Housing Authority Revenue (Demorest Townhomes Project)
5.000%
11/1/2035
2,000
2,132
 
Columbus OH Metropolitan Housing Authority Revenue (Thornton Hall Project)
5.000%
12/1/2035
470
501
 
Columbus OH Regional Airport Authority Revenue
5.000%
1/1/2041
500
549
 
Columbus OH Regional Airport Authority Revenue
5.000%
1/1/2044
500
540
 
Columbus-Franklin County OH Finance Authority Multifamily Housing Revenue PUT
3.190%
6/1/2029
500
502
 
Cuyahoga County OH GO
5.000%
12/1/2046
1,000
1,082
55
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Cuyahoga County OH Hospital Revenue (Metro Health System)
5.000%
2/15/2032
1,000
1,006
6
Delaware County OH Port Authority Revenue
6.000%
8/1/2045
1,000
1,092
 
EHOVE OH Joint Vocational School District GO
5.000%
12/1/2036
750
805
 
EHOVE OH Joint Vocational School District GO
5.000%
12/1/2037
1,905
2,038
 
EHOVE OH Joint Vocational School District GO
5.000%
12/1/2042
735
777
 
Franklin County OH Convention Facilities Authority Revenue
5.000%
12/1/2030
680
704
 
Franklin County OH Convention Facilities Authority Revenue
5.000%
12/1/2039
715
728
5
Franklin County OH Hospital Improvement Revenue (Nationwide Children's Hospital)
VRDO
2.900%
7/1/2026
700
700
5
Franklin County OH Hospital Revenue (Nationwide Children's Hospital) VRDO
2.900%
7/1/2026
2,500
2,500
5
Franklin County OH Hospital Revenue (Nationwide Children's Hospital) VRDO
2.700%
7/9/2026
4,500
4,500
 
Franklin County OH Sales Tax Revenue
5.000%
6/1/2028
830
870
 
Hamilton County OH Health Care Facilities Revenue
5.000%
6/1/2034
1,000
1,077
 
Hamilton County OH Health Care Facilities Revenue (Christ Hospital)
5.000%
6/1/2039
850
933
 
Hamilton County OH Health Care Improvement & Refunding Revenue (Life Enriching
Communities Project)
5.250%
1/1/2045
145
151
 
Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group)
5.000%
8/15/2036
1,000
1,016
5
Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) VRDO
2.950%
7/1/2026
6,705
6,705
 
Hamilton County OH Hospital Facilities Revenue (UC Health)
5.000%
9/15/2028
625
648
 
Hamilton County OH Hospital Facilities Revenue (UC Health)
5.000%
8/1/2035
2,740
2,964
 
Hamilton County OH Hospital Facilities Revenue (UC Health)
5.500%
8/1/2040
1,750
1,906
 
Hamilton County OH Sewer System Revenue
5.000%
12/1/2030
500
549
 
Lancaster Port Authority OH Gas Supply Revenue PUT
5.000%
8/1/2030
810
859
 
Lorain OH Metropolitan Housing Authority Multifamily Revenue (Wilkes Villa) PUT
3.220%
6/1/2028
295
296
 
Miami University OH Revenue
5.000%
9/1/2044
1,225
1,345
 
Montgomery County OH Health Care Facilities Revenue
5.000%
9/1/2039
525
563
 
Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering
Health Network)
3.000%
8/1/2034
900
859
 
Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering
Health Network)
3.000%
8/1/2040
1,000
882
 
Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated
Group)
4.000%
11/15/2038
1,000
978
 
Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated
Group)
4.000%
11/15/2042
1,000
926
 
Montgomery County OH Hospital Revenue (Premier Health Partners)
5.000%
11/15/2031
2,290
2,394
 
Montgomery County OH Hospital Revenue (Premier Health Partners)
5.000%
11/15/2037
2,590
2,670
 
North Ridgeville OH City School District GO
5.000%
12/1/2040
625
650
 
Ohio Air Quality Development Authority Revenue PUT
4.000%
6/1/2027
500
504
 
Ohio Air Quality Development Authority Revenue (American Electric Power Co. Project)
PUT
3.500%
4/1/2030
1,015
1,019
 
Ohio Air Quality Development Authority Revenue (Duke Energy Corp.) PUT
4.000%
6/1/2027
730
735
 
Ohio Air Quality Development Authority Revenue (FirstEnergy Generation Project)
3.375%
8/1/2029
2,000
1,975
 
Ohio Air Quality Development Authority Revenue (Valley Electric Corp. Project)
3.250%
9/1/2029
525
523
 
Ohio Air Quality Development Authority Revenue (Valley Electric Corp. Project)
4.350%
6/30/2040
275
279
 
Ohio GO
5.000%
5/1/2033
1,010
1,051
 
Ohio GO
5.000%
5/1/2035
770
855
 
Ohio GO
5.000%
5/1/2036
600
664
 
Ohio GO
5.000%
3/1/2038
2,000
2,024
 
Ohio Housing Finance Agency Multifamily Housing Revenue (Pebble Brooke Apartments
Project) PUT
3.350%
7/1/2028
570
574
 
Ohio Housing Finance Agency Residential Mortgage Revenue
5.500%
3/1/2053
770
811
 
Ohio Housing Finance Agency Residential Mortgage Revenue
6.375%
3/1/2056
190
215
 
Ohio Parks & Recreation Capital Facilities Revenue
5.000%
12/1/2035
1,320
1,379
 
Ohio Parks & Recreation Capital Facilities Revenue
5.000%
12/1/2037
2,240
2,329
 
Ohio State Higher Educational Facility Commission Revenue
4.000%
12/1/2037
1,050
1,010
 
Ohio State Higher Educational Facility Commission Revenue
6.000%
12/1/2041
240
265
5
Ohio State Higher Educational Facility Commission Revenue (Cleveland Clinic Health
System Obligated Group) VRDO
2.900%
7/6/2026
1,910
1,910
 
Ohio State Higher Educational Facility Commission Revenue (John Carroll University)
4.000%
10/1/2045
1,000
860
 
Ohio State Higher Educational Facility Commission Revenue (University of Dayton
Project)
5.000%
2/1/2036
750
846
 
Ohio State Higher Educational Facility Commission Revenue (Xavier University Project)
5.000%
5/1/2033
345
369
 
Ohio State Hospital Revenue (Cleveland Clinic Health System Obligated Group) PUT
2.750%
5/1/2028
1,000
996
 
Ohio State Hospital Revenue (Cleveland Clinic Health System)
5.000%
1/1/2029
1,190
1,257
 
Ohio State Hospital Revenue (Cleveland Clinic Health System)
5.000%
1/1/2032
1,000
1,105
 
Ohio State Hospital Revenue (Cleveland Clinic Health System) Prere.
5.000%
10/1/2034
35
40
5
Ohio State Hospital Revenue (Cleveland Clinic Health System) VRDO
2.900%
7/1/2026
100
100
 
Ohio State Hospital Revenue (Premier Health Partners Obligated Group)
5.000%
11/15/2033
105
110
 
Ohio State Hospital Revenue (University Hospitals Health System)
5.000%
1/15/2035
500
519
5
Ohio State Hospital Revenue (University Hospitals Health System) VRDO
3.050%
7/1/2026
3,500
3,500
 
Ohio State Housing Finance Agency Residential Mortgage Revenue
6.250%
3/1/2055
455
492
56
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Ohio State Housing Finance Agency Residential Mortgage Revenue
6.250%
3/1/2056
245
269
 
Ohio Turnpike Commission Revenue
0.000%
2/15/2036
2,000
1,434
 
Ohio Turnpike Commission Revenue
5.000%
2/15/2043
2,500
2,546
 
Ohio Turnpike Commission Turnpike Revenue
5.000%
2/15/2035
1,310
1,351
 
Ohio Turnpike Commission Turnpike Revenue
0.000%
2/15/2043
1,000
516
 
Ohio Water Development Authority Drinking water Revenue
5.000%
12/1/2037
2,425
2,759
 
Ohio Water Development Authority Drinking water Revenue
5.000%
12/1/2038
5,000
5,660
 
Ohio Water Development Authority Drinking water Revenue
5.000%
12/1/2042
1,100
1,214
 
Ohio Water Development Authority Drinking water Revenue
5.000%
12/1/2043
1,230
1,362
 
Ohio Water Development Authority Drinking water Revenue
5.000%
12/1/2044
1,000
1,093
 
Ohio Water Development Authority Drinking water Revenue
5.000%
12/1/2044
1,650
1,819
9
Ohio Water Development Authority Revolving Fund Revenue
5.000%
6/1/2039
1,355
1,546
9
Ohio Water Development Authority Revolving Fund Revenue
5.000%
12/1/2044
1,535
1,707
9
Ohio Water Development Authority Revolving Fund Revenue
5.000%
12/1/2045
1,040
1,146
 
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue
5.000%
12/1/2026
1,850
1,869
 
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue
5.000%
6/1/2027
1,485
1,520
 
Port of Greater Cincinnati Development Authority Ohio Revenue
5.000%
12/1/2039
1,490
1,644
 
Princeton OH City School District GO
0.000%
12/1/2041
1,000
500
8,9
Springboro OH Community City School District GO
0.000%
12/1/2039
875
505
 
Summit County OH Development Finance Authority Parking System Revenue
5.500%
12/1/2043
200
218
8
Summit County OH Development Finance Authority Student Housing Revenue (Akron
Project)
5.000%
7/1/2039
450
485
8
Summit County OH Development Finance Authority Student Housing Revenue (Akron
Project)
5.000%
7/1/2045
290
303
 
University of Cincinnati OH Revenue
5.000%
6/1/2043
4,000
4,339
5,6
University of Toledo Revenue TOB VRDO
3.050%
7/1/2026
1,995
1,995
 
 
 
 
 
134,712
Oklahoma (0.3%)
 
Lawton OK Industrial Development Authority Sales Tax Revenue
5.000%
7/1/2039
230
250
 
Lawton OK Industrial Development Authority Sales Tax Revenue
5.000%
7/1/2040
135
146
 
Norman OK Regional Hospital Authority Revenue
5.000%
9/1/2028
1,245
1,073
 
Oklahoma Capitol Improvement Authority Facilities Revenue
4.000%
7/1/2038
985
988
 
Oklahoma Capitol Improvement Authority Facilities Revenue Prere.
4.000%
7/1/2028
15
15
 
Oklahoma Capitol Improvement Authority Highway Revenue
5.000%
7/1/2046
2,000
2,169
 
Oklahoma Capitol Improvement Authority State Highways Capital Improvement Revenue
5.000%
7/1/2040
1,000
1,120
 
Oklahoma City GO
4.000%
3/1/2039
1,420
1,454
 
Oklahoma City Public Property Authority Arena Sales Tax Revenue
5.000%
6/1/2029
1,000
1,069
 
Oklahoma City Public Property Authority Arena Sales Tax Revenue
5.000%
6/1/2031
1,400
1,544
 
Oklahoma City Public Property Authority Arena Sales Tax Revenue
5.000%
6/1/2032
1,000
1,116
 
Oklahoma Development Finance Authority Health System Revenue (OU Medicine)
5.000%
8/15/2028
1,500
1,543
 
Oklahoma Development Finance Authority Health System Revenue (OU Medicine)
5.000%
8/15/2033
1,030
1,052
 
Oklahoma State Industries Authority Educational Facilities Lease Revenue
5.000%
4/1/2031
1,235
1,350
 
Oklahoma Turnpike Authority Revenue
4.000%
1/1/2035
1,450
1,450
 
Oklahoma Turnpike Authority Revenue
5.000%
1/1/2036
1,000
1,145
 
Oklahoma Turnpike Authority Revenue
5.000%
1/1/2040
1,000
1,128
 
Oklahoma Turnpike Authority Revenue
5.000%
1/1/2041
1,000
1,115
 
Oklahoma Turnpike Authority Revenue
5.000%
1/1/2044
1,000
1,089
 
Oklahoma Water Resources Board State Loan Program Revenue
5.000%
10/1/2038
400
440
 
Oklahoma Water Resources Board State Loan Program Revenue
5.000%
10/1/2041
2,370
2,576
 
Oklahoma Water Resources Board State Loan Program Revenue
5.000%
10/1/2045
2,000
2,143
 
Tulsa County OK Industrial Authority Educational Facilities Lease Revenue
5.000%
9/1/2029
645
689
 
Tulsa County OK Industrial Authority Educational Facilities Lease Revenue
4.000%
9/1/2031
1,500
1,552
 
Tulsa OK Metropolitan Utility Authority Revenue
4.000%
4/1/2037
750
769
8
University of Oklahoma Revenue
5.000%
7/1/2041
865
948
8
University of Oklahoma Revenue
5.000%
7/1/2042
865
944
8
University of Oklahoma Revenue
5.000%
7/1/2043
920
1,002
 
 
 
 
 
31,879
Oregon (0.5%)
 
Clackamas & Washington Counties OR School District No. 3 GO
5.000%
6/15/2046
1,250
1,363
 
Clackamas County OR Community College District GO
5.000%
6/15/2034
1,145
1,322
 
Clackamas County OR School District No. 12 GO
0.000%
6/15/2038
1,340
791
 
Clackamas County OR School District No. 12 GO Prere.
0.000%
6/15/2027
160
96
 
Clackamas County OR School District No. 62 GO
0.000%
6/15/2029
230
211
 
Deschutes & Jefferson Counties OR School District No. 2J GO
0.000%
6/15/2031
750
638
 
Lincoln County OR School District GO
5.000%
6/15/2034
1,000
1,144
3
Medford OR Hospital Facilities Authority Revenue (Asante Projects)
4.000%
8/15/2045
1,000
940
 
Multnomah County OR School District No. 1 Portland GO
3.000%
6/15/2037
1,000
922
 
Oregon Department of Transportation Grant Anticipation Revenue
5.000%
5/15/2033
500
568
 
Oregon Department of Transportation Highway User Tax Revenue
5.000%
11/15/2032
2,000
2,264
57
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Oregon Department of Transportation Highway User Tax Revenue
5.000%
11/15/2034
5,000
5,781
 
Oregon Department of Transportation Highway User Tax Revenue
5.000%
11/15/2040
1,050
1,119
 
Oregon Department of Transportation Highway User Tax Revenue
5.000%
11/15/2042
5,125
5,384
 
Oregon Facilities Authority Revenue (Legacy Health Project)
5.000%
6/1/2033
1,000
1,001
 
Oregon Facilities Authority Revenue (Reed College Projects) Prere.
4.000%
7/1/2027
450
457
 
Oregon Facilities Authority Revenue (Reed College Projects) Prere.
4.000%
7/1/2027
450
457
 
Oregon GO
5.000%
5/1/2032
1,000
1,125
 
Oregon GO
5.000%
5/1/2036
5,000
5,084
 
Oregon GO
5.000%
5/15/2036
450
483
 
Oregon GO
5.000%
5/1/2039
1,650
1,858
 
Oregon GO
5.000%
5/1/2041
1,900
2,117
 
Oregon GO
5.250%
6/1/2042
1,000
1,137
 
Oregon Health & Science University Revenue
4.000%
7/1/2036
2,000
2,007
 
Oregon Housing & Community Services Department Mortgage Revenue
3.930%
10/1/2036
1,898
1,880
 
Oregon Housing & Community Services Department Mortgage Revenue
4.000%
7/1/2051
775
784
 
Oregon Housing & Community Services Department Mortgage Revenue
5.500%
7/1/2053
1,385
1,481
 
Oregon State Business Development Commission Revenue PUT
3.800%
6/15/2028
1,570
1,590
 
Oregon State Department Administrative Services Lottery Revenue
5.000%
4/1/2037
1,000
1,144
 
Oregon State Department Administrative Services Lottery Revenue
5.250%
4/1/2043
1,450
1,635
 
Oregon State Facilities Authority Revenue (Legacy Health Project)
5.000%
6/1/2030
1,535
1,647
 
Portland OR Sewer System Revenue
5.000%
6/1/2029
1,000
1,069
 
Portland OR Sewer System Revenue
5.000%
10/1/2041
500
558
 
Portland OR Tax GO (Portland Building Project)
5.000%
6/15/2040
1,880
1,946
 
Portland OR Water System Revenue
2.000%
5/1/2042
2,000
1,477
 
Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.)
5.000%
5/15/2033
540
551
 
Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.)
5.000%
5/15/2038
500
507
 
Union County OR Hospital Facility Authority Revenue
5.000%
7/1/2038
1,580
1,638
 
University of Oregon Revenue
5.000%
4/1/2045
565
623
 
Washington County OR School District No. 48J Beaverton GO
5.000%
6/15/2036
1,305
1,329
 
Washington County OR School District No. 48J Beaverton GO
0.000%
6/15/2037
2,443
1,573
 
Washington County OR School District No. 48J Beaverton GO
0.000%
6/15/2038
1,400
863
 
Washington County OR School District No. 48J Beaverton GO
0.000%
6/15/2043
1,400
640
 
Washington Multnomah & Yamhill Counties Hillsboro School District No. 1 GO
5.000%
6/15/2035
2,400
2,445
 
 
 
 
 
63,649
Pennsylvania (2.0%)
 
Abington PA School District GO
4.000%
10/1/2039
2,500
2,472
 
Adams County PA General Authority College Revenue
5.000%
8/15/2033
1,000
1,062
 
Adams County PA General Authority College Revenue
5.000%
8/15/2040
1,260
1,366
 
Allegheny County PA GO
4.000%
11/1/2030
1,025
1,027
5
Allegheny County PA Higher Education Building Authority Revenue (Carnegie Mellon
University) VRDO
2.900%
7/1/2026
600
600
 
Allegheny County PA Higher Education Building Authority Revenue (Chatham University)
5.250%
9/1/2034
550
556
 
Allegheny County PA Hospital Development Authority Revenue
5.000%
4/1/2027
1,010
1,024
 
Allegheny County PA Hospital Development Authority Revenue
5.000%
4/1/2032
1,000
1,029
 
Allegheny County PA Hospital Development Authority Revenue
5.000%
4/1/2033
1,000
1,027
 
Allegheny County PA Hospital Development Authority Revenue
5.000%
4/1/2034
1,000
1,026
 
Allegheny County PA Hospital Development Authority Revenue
5.000%
4/1/2035
1,000
1,024
 
Allegheny County PA Hospital Development Authority Revenue
4.000%
4/1/2038
2,400
2,375
 
Allegheny County PA Sanitary Authority Sewer Revenue
5.000%
12/1/2032
900
1,014
 
Allegheny County PA Sanitary Authority Sewer Revenue
3.000%
6/1/2039
1,410
1,254
 
Allegheny County PA Sanitary Authority Sewer Revenue
4.000%
12/1/2041
1,185
1,197
6
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.000%
5/1/2027
150
152
 
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.000%
5/1/2029
900
946
 
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.000%
5/1/2030
1,260
1,342
 
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.000%
5/1/2031
500
538
 
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.000%
5/1/2032
1,075
1,167
6
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.000%
5/1/2033
1,000
1,026
 
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.000%
5/1/2035
1,035
1,111
6
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue
5.375%
5/1/2042
2,000
2,028
8
Allentown PA School District GO
5.000%
6/1/2031
1,000
1,002
 
Bethel Park PA School District GO
4.000%
8/1/2034
1,100
1,128
 
Bethlehem PA Redevelopment Authority University Revenue (Moravian University Project)
4.000%
10/1/2035
1,000
996
 
Bethlehem PA Redevelopment Authority University Revenue (Moravian University Project)
5.000%
10/1/2037
1,105
1,161
 
Bucks County PA Industrial Development Authority Revenue (Delaware Valley University
Project)
5.000%
11/1/2030
1,735
1,773
 
Bucks County PA Industrial Development Authority Revenue (Grand View Hospital Project)
5.000%
7/1/2030
750
793
3
Butler PA Area School District GO
5.000%
10/1/2030
550
597
3
Canonsburg-Houston PA Joint Authority Sewer Revenue
5.000%
12/1/2032
500
555
 
Centennial PA School District Bucks County GO
5.000%
12/15/2029
1,445
1,550
58
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Chester PA Upland School District GO
6.200%
10/1/2042
1,500
1,678
8
Coatesville PA Area School District Building GO
0.000%
10/1/2034
450
325
8
Coatesville PA Area School District GO
4.250%
11/15/2039
2,000
2,025
3
Coatesville PA Area School District GO
5.250%
11/15/2043
1,000
1,086
8
Coatesville PA School District Building Authority Lease Revenue
5.000%
12/1/2026
335
335
8
Coatesville PA School District Building Authority Lease Revenue
5.000%
12/1/2027
365
366
 
Commonwealth Financing Authority Pennsylvania Tobacco Master Settlement Payment
Revenue
5.000%
6/1/2035
1,515
1,561
 
Cumberland County PA Municipal Authority Revenue
4.000%
11/1/2044
2,000
1,886
 
Cumberland County PA Municipal Authority Revenue (Messiah Village Project)
5.000%
6/1/2028
140
144
 
Cumberland County PA Municipal Authority Revenue (Messiah Village Project)
5.000%
6/1/2036
845
913
 
Cumberland County PA Municipal Authority Revenue (Messiah Village Project)
5.250%
6/1/2044
465
490
6
Dauphin County PA General Authority Revenue (Harrisburg University of Science &
Technology)
5.000%
10/15/2030
840
462
 
Delaware PA GO
5.000%
8/1/2039
420
457
 
Delaware Valley PA Regional Finance Authority Local Government Revenue
4.000%
12/1/2038
885
908
 
DuBois PA Hospital Authority Revenue (Penn Highlands Healthcare)
5.000%
7/15/2031
1,455
1,470
8
Gateway PA School District Alleghany County GO
3.000%
10/15/2037
1,000
921
 
Geisinger Authority PA Health System Revenue (Geisinger Health System)
4.000%
4/1/2039
1,600
1,586
3
Hempfield PA Area School District (Westmoreland Country) GO
4.000%
3/15/2037
3,400
3,477
 
Lancaster County PA Hospital Authority Revenue (St. Anne's Retirement Community
Incorporated Project)
5.000%
3/1/2029
830
844
 
Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health
System)
5.000%
8/15/2036
845
847
 
Lancaster PA Higher Education Authority Revenue (Elizabethtown College Project)
5.000%
10/1/2037
3,000
3,052
 
Latrobe PA Industrial Development Authority University Revenue (Seton Hill University)
4.000%
3/1/2040
225
202
8
Lehigh County PA Authority Water & Sewer Revenue
4.000%
12/1/2043
1,000
1,007
 
Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health
Network) Prere.
5.000%
7/1/2026
1,220
1,220
 
Monroeville PA Finance Authority Revenue (UPMC Health System)
4.000%
2/15/2040
1,250
1,223
 
Monroeville PA Finance Authority Revenue (UPMC Health System)
4.000%
2/15/2041
2,000
1,936
 
Montgomery County PA GO
5.000%
10/1/2039
1,000
1,079
 
Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson
University)
5.000%
9/1/2032
1,515
1,588
 
Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson
University)
4.000%
5/1/2035
700
711
 
Montgomery County PA Industrial Development Authority Revenue PUT
4.100%
4/3/2028
2,955
3,029
 
Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project)
5.000%
7/1/2038
1,000
1,026
3
Northampton County PA General Purpose Authority Revenue
4.000%
8/15/2043
2,150
2,074
 
Pennsylvania COP
5.000%
7/1/2026
500
500
 
Pennsylvania COP
5.000%
7/1/2027
500
512
 
Pennsylvania Economic Development Financing Authority Revenue (American Water Co.
Project)
3.000%
4/1/2039
1,000
885
3
Pennsylvania Economic Development Financing Authority Revenue (Capitol Region
Parking System)
4.125%
1/1/2043
500
500
 
Pennsylvania Economic Development Financing Authority Revenue (Eastern University
Project)
5.000%
10/1/2045
375
377
 
Pennsylvania Economic Development Financing Authority Revenue (PPL Energy
Supply LLC Project) PUT
5.250%
6/1/2027
250
250
 
Pennsylvania Economic Development Financing Authority Revenue (PPL Energy
Supply LLC Project) PUT
5.250%
6/1/2027
630
631
 
Pennsylvania Economic Development Financing Authority Revenue (University of
Pittsburgh Medical Center)
5.000%
12/15/2046
1,000
1,054
 
Pennsylvania Economic Development Financing Authority Revenue (University of
Pittsburgh Medical Center) PUT
5.000%
3/15/2030
1,095
1,161
 
Pennsylvania Economic Development Financing Authority Revenue (University of
Pittsburgh Medical Center) PUT
5.000%
3/15/2032
1,920
2,083
 
Pennsylvania Economic Development Financing Authority Revenue (University of
Pittsburgh Medical Center) PUT
5.000%
3/15/2035
4,980
5,483
5
Pennsylvania Economic Development Financing Authority Revenue (University of
Pittsburgh Medical Center) VRDO
2.900%
7/1/2026
1,000
1,000
 
Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated
Group)
5.000%
3/15/2029
1,060
1,065
 
Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated
Group)
5.000%
2/15/2032
740
813
 
Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated
Group)
4.000%
4/15/2037
1,400
1,403
 
Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated
Group)
4.000%
4/15/2038
1,000
992
 
Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated
Group)
4.000%
5/15/2042
1,540
1,470
59
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Pennsylvania Economic Development Financing Authority Revenue (Waste Management
Project) PUT
0.950%
12/1/2026
1,000
991
 
Pennsylvania GO
5.000%
9/15/2026
1,500
1,507
 
Pennsylvania GO
5.000%
9/1/2028
2,500
2,634
 
Pennsylvania GO
5.000%
9/1/2031
3,000
3,333
3
Pennsylvania GO
4.000%
3/1/2033
1,110
1,126
3
Pennsylvania GO
4.000%
3/1/2034
1,670
1,691
 
Pennsylvania GO
5.000%
10/1/2035
2,500
2,785
 
Pennsylvania GO
4.000%
3/1/2036
1,000
1,010
 
Pennsylvania GO
3.000%
5/15/2036
810
764
 
Pennsylvania GO
4.000%
3/1/2037
1,000
1,008
8
Pennsylvania GO
4.000%
3/1/2037
1,000
1,008
 
Pennsylvania GO
2.000%
5/15/2038
1,390
1,119
 
Pennsylvania GO
2.000%
5/15/2039
1,000
787
 
Pennsylvania GO
2.000%
5/15/2040
1,040
800
 
Pennsylvania GO
2.000%
5/15/2041
1,030
774
 
Pennsylvania GO
4.000%
8/15/2041
1,000
1,015
 
Pennsylvania GO
4.000%
9/1/2041
1,500
1,521
 
Pennsylvania GO
5.000%
4/1/2042
820
918
 
Pennsylvania GO
4.000%
9/1/2042
1,500
1,517
 
Pennsylvania GO
5.000%
4/1/2044
1,500
1,656
 
Pennsylvania GO
5.000%
4/1/2045
1,500
1,639
 
Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University)
5.000%
5/1/2035
1,675
1,817
 
Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson
University)
5.250%
11/1/2040
1,305
1,423
 
Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson
University)
4.000%
11/1/2042
500
481
5
Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson
University) VRDO
3.050%
7/1/2026
9,900
9,900
 
Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania
Health System)
5.000%
8/15/2035
1,900
1,924
 
Pennsylvania Housing Finance Agency Multifamily Development Revenue (Fairhill Phase
I) PUT
3.150%
7/1/2029
205
206
 
Pennsylvania Housing Finance Agency Multifamily Development Revenue (Fairhill Phase
II) PUT
3.150%
7/1/2029
195
196
 
Pennsylvania Housing Finance Agency Revenue
4.000%
10/1/2037
2,205
2,216
 
Pennsylvania Housing Finance Agency Revenue
2.450%
10/1/2041
1,500
1,227
 
Pennsylvania Housing Finance Agency Revenue
5.125%
10/1/2041
1,270
1,340
 
Pennsylvania Housing Finance Agency Revenue
4.250%
10/1/2052
740
752
 
Pennsylvania Housing Finance Agency Revenue
5.500%
10/1/2053
1,671
1,762
 
Pennsylvania Housing Finance Agency Revenue
5.750%
10/1/2053
715
757
 
Pennsylvania Housing Finance Agency Revenue
6.250%
10/1/2053
1,745
1,881
 
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue
4.750%
10/1/2040
1,000
1,044
9
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue
4.400%
10/1/2041
800
806
 
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue
6.000%
10/1/2054
465
501
 
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue
6.500%
10/1/2055
1,000
1,135
 
Pennsylvania State University Revenue
5.000%
9/1/2040
1,000
1,123
 
Pennsylvania State University Revenue
5.000%
9/1/2042
1,000
1,114
 
Pennsylvania State University Revenue
5.000%
9/1/2043
1,000
1,044
 
Pennsylvania State University Revenue
5.000%
9/1/2044
1,255
1,306
 
Pennsylvania Turnpike Commission Motor License Fund Revenue
5.000%
12/1/2032
1,000
1,030
 
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue
5.000%
12/1/2028
630
636
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2026
750
757
 
Pennsylvania Turnpike Commission Revenue
6.000%
12/1/2030
1,370
1,430
 
Pennsylvania Turnpike Commission Revenue
5.000%
6/1/2032
1,500
1,530
 
Pennsylvania Turnpike Commission Revenue
5.000%
6/1/2032
1,000
1,113
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2032
2,000
2,245
 
Pennsylvania Turnpike Commission Revenue
5.000%
6/1/2033
1,570
1,765
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2033
1,760
1,974
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2035
1,000
1,028
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2036
1,060
1,177
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2037
1,000
1,057
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2039
1,520
1,620
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2040
1,060
1,157
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2040
535
598
 
Pennsylvania Turnpike Commission Revenue
5.000%
6/1/2042
1,705
1,730
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2042
1,000
1,099
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2042
1,000
1,109
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2043
1,000
1,036
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2043
2,015
2,208
60
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Pennsylvania Turnpike Commission Revenue
5.000%
12/1/2044
1,000
1,096
 
Pennsylvania Turnpike Commission Revenue PUT
5.000%
12/1/2032
625
693
 
Philadelphia PA Authority for Industrial Development City Service Agreement Revenue
5.000%
5/1/2032
1,000
1,034
 
Philadelphia PA Authority for Industrial Development Hospital Revenue
4.000%
7/1/2035
2,000
2,007
5
Philadelphia PA Authority for Industrial Development Hospital Revenue VRDO
2.850%
7/1/2026
1,000
1,000
 
Philadelphia PA Authority for Industrial Development Revenue
5.000%
11/1/2042
565
567
 
Philadelphia PA Authority for Industrial Development Revenue Prere.
5.000%
5/1/2027
435
443
 
Philadelphia PA Authority for Industrial Development Revenue (Charter School Project)
4.000%
6/1/2031
675
667
 
Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson
University)
5.000%
9/1/2036
1,000
1,009
 
Philadelphia PA Authority for Industrial Development University Revenue (Saint Joseph's
University)
4.000%
11/1/2035
1,200
1,202
 
Philadelphia PA Gas Works Revenue
5.000%
10/1/2026
1,000
1,005
 
Philadelphia PA Gas Works Revenue
5.000%
8/1/2033
1,175
1,318
 
Philadelphia PA Gas Works Revenue
5.000%
8/1/2036
1,300
1,323
 
Philadelphia PA Gas Works Revenue
5.000%
8/1/2039
1,000
1,103
 
Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue
(Temple University Health System Obligated Group)
5.000%
7/1/2030
1,000
1,012
 
Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue
(Temple University Health System Obligated Group)
5.000%
7/1/2032
1,610
1,625
 
Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue
(Temple University Health System Obligated Group)
5.000%
7/1/2034
1,000
1,007
3
Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue
(Temple University Health System Obligated Group)
5.000%
7/1/2037
1,000
1,078
3
Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue
(Temple University Health System Obligated Group)
4.000%
7/1/2039
1,000
982
 
Philadelphia PA Redevelopment Authority Revenue
5.000%
9/1/2042
1,000
1,079
3
Philadelphia PA Water & Wastewater Revenue
5.000%
9/1/2031
1,380
1,528
3
Philadelphia PA Water & Wastewater Revenue
5.000%
9/1/2032
1,280
1,435
 
Philadelphia PA Water & Wastewater Revenue
5.000%
6/1/2038
1,500
1,637
 
Philadelphia PA Water & Wastewater Revenue
5.000%
6/1/2040
2,000
2,167
3
Philadelphia PA Water & Wastewater Revenue
5.000%
9/1/2043
1,090
1,202
3
Pittsburgh & Allegheny County PA Sports & Exhibition Authority Hotel Room Excise Tax
Revenue
5.000%
2/1/2030
1,000
1,074
 
Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking Revenue
5.000%
12/15/2033
1,465
1,498
 
Pittsburgh PA GO
5.000%
9/1/2039
450
490
 
Pittsburgh PA GO
5.000%
9/1/2042
500
538
3
River Valley School District PA GO
4.000%
3/15/2028
1,145
1,167
3
River Valley School District PA GO
4.000%
3/15/2033
1,810
1,856
 
Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated
Group)
5.000%
11/15/2026
770
776
 
School District of Philadelphia GO
5.000%
9/1/2030
1,000
1,085
 
School District of Philadelphia GO
5.000%
9/1/2030
1,465
1,589
 
School District of Philadelphia GO
5.000%
9/1/2031
1,115
1,225
 
School District of Philadelphia GO
5.250%
9/1/2039
2,000
2,218
3
Scranton PA GO
5.000%
11/15/2029
625
660
 
Scranton-Lackawanna PA Health & Welfare Authority Revenue
5.000%
11/1/2032
815
895
19
Shaler PA Area School District GO
0.000%
9/1/2031
1,195
986
 
Snyder County PA Higher Education Authority University Revenue (Susquehanna
University Project)
5.000%
1/1/2027
1,135
1,146
 
Southcentral PA General Authority Revenue (Wellspan Health Group)
5.000%
6/1/2032
2,165
2,404
8
State Public School Building Authority PA College Revenue (Community College of
Philadelphia Project)
5.000%
6/15/2043
625
677
8
State Public School Building Authority PA College Revenue (Community College of
Philadelphia Project)
5.000%
6/15/2045
425
453
8
State Public School Building Authority PA College Revenue (Community College of
Philadelphia Project)
5.000%
6/15/2046
350
370
3
State Public School Building Authority PA Lease Revenue (School District of Philadelphia)
5.000%
6/1/2032
1,105
1,115
 
Swarthmore Borough Authority PA College Revenue PUT
5.000%
9/13/2035
1,000
1,140
 
Westmoreland County PA Industrial Development Authority Revenue
4.000%
5/15/2041
750
662
8
Westmoreland County PA Municipal Authority Service Revenue
4.000%
8/15/2034
5,000
5,028
8
Wilkes-Barre PA Area School District GO
5.000%
8/1/2034
1,300
1,313
 
Wilson PA School District GO
5.000%
5/15/2038
750
827
 
 
 
 
 
246,293
Puerto Rico (0.6%)
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2029
250
259
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2030
1,565
1,636
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2033
2,610
2,746
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2033
2,160
2,285
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2035
1,555
1,617
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2037
815
851
61
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2037
700
731
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.000%
7/1/2037
395
415
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
4.000%
7/1/2042
1,325
1,289
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
4.000%
7/1/2042
520
506
6
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
4.000%
7/1/2042
1,260
1,226
 
Puerto Rico Commonwealth GO
4.000%
7/1/2037
1,823
1,829
 
Puerto Rico Commonwealth GO
4.000%
7/1/2041
1,825
1,777
 
Puerto Rico Commonwealth GO
0.000%
11/1/2043
4,674
3,359
7
Puerto Rico Commonwealth GO
0.000%
11/1/2051
7,861
5,759
 
Puerto Rico GO
5.625%
7/1/2027
1,425
1,451
 
Puerto Rico GO
5.625%
7/1/2029
6,627
7,014
 
Puerto Rico GO
5.750%
7/1/2031
5,672
6,190
 
Puerto Rico GO
0.000%
7/1/2033
4,096
3,001
 
Puerto Rico GO
4.000%
7/1/2033
8,128
8,233
 
Puerto Rico GO
4.000%
7/1/2035
4,164
4,200
 
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities
Financing Authority Hospital Revenue
5.000%
7/1/2033
215
226
3
Puerto Rico Public Finance Corp. Revenue ETM
6.000%
8/1/2026
1,000
1,003
 
Puerto Rico Sales Tax Financing Corp. Revenue
0.000%
7/1/2027
705
684
 
Puerto Rico Sales Tax Financing Corp. Revenue
0.000%
7/1/2029
1,898
1,730
 
Puerto Rico Sales Tax Financing Corp. Revenue
0.000%
7/1/2031
1,240
1,060
 
Puerto Rico Sales Tax Financing Corp. Revenue
0.000%
7/1/2033
6,827
5,418
 
Puerto Rico Sales Tax Financing Corp. Revenue
4.329%
7/1/2040
10,934
10,936
 
Puerto Rico Sales Tax Financing Corp. Revenue
4.550%
7/1/2040
1,565
1,570
 
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
0.000%
7/1/2031
43
37
 
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
4.329%
7/1/2040
559
559
 
 
 
 
 
79,597
Rhode Island (0.1%)
3
Providence RI Public Building Authority Revenue
5.000%
9/15/2033
1,000
1,105
3
Providence RI Public Buildings Authority Revenue (Capital Improvement Program
Projects)
5.000%
9/15/2036
1,365
1,423
3
Providence RI Public Buildings Authority Revenue (Capital Improvement Program
Projects)
5.000%
9/15/2037
2,590
2,695
 
Rhode Island Commerce Corp. Airport Revenue
5.000%
7/1/2030
500
501
 
Rhode Island Commerce Corp. Revenue
5.000%
5/15/2039
1,000
1,106
 
Rhode Island Health & Educational Building Corp. Hospital financing Revenue
5.000%
5/15/2031
325
351
 
Rhode Island Health & Educational Building Corp. Hospital financing Revenue
5.000%
5/15/2037
1,000
1,083
 
Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds
Revenue
3.750%
10/1/2049
345
346
5,6
Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds
Revenue TOB VRDO
2.950%
7/1/2026
1,000
1,000
 
 
 
 
 
9,610
South Carolina (0.5%)
 
Anderson County School District No. 1 GO
3.000%
3/1/2041
3,100
2,733
 
Charleston County SC Airport District System Revenue
5.000%
7/1/2034
250
265
 
Charleston SC Hospitality Tax Revenue
5.000%
9/1/2030
400
437
 
Charleston SC Hospitality Tax Revenue
5.000%
9/1/2035
825
906
 
Charleston SC Housing Authority Revenue (Ashley West)
5.000%
9/1/2035
330
349
 
Charleston SC Housing Authority Revenue (Kiawah Homes)
5.000%
12/1/2041
1,000
1,052
 
Florence County SC Public Facilities Corp. Installment Purchase Revenue
5.000%
6/1/2028
1,000
1,046
 
Georgetown County SC School District GO
3.000%
3/1/2031
1,665
1,652
 
Greenville SC Housing Authority Multifamily Tax-Exempt Mortgage Backed Revenue
4.910%
7/1/2043
1,000
1,067
 
Lexington County SC Health Services District Inc. Hospital Revenue
5.000%
11/1/2034
1,500
1,502
13
Medical University SC Hospital Authority Mortgage Revenue (Indian Land Project)
5.000%
11/15/2038
1,000
1,080
13
Medical University SC Hospital Authority Mortgage Revenue (Nexton Project)
5.250%
11/15/2039
625
685
 
Orangeburg County School District Revenue
5.000%
6/1/2041
1,810
1,907
 
Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT
5.250%
3/1/2031
5,290
5,691
 
Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT
5.250%
8/1/2031
2,325
2,495
 
Patriots Energy Group SC Gas System Improvement & Refunding Revenue
4.000%
6/1/2036
825
835
 
Piedmont SC Municipal Power Agency Revenue
4.000%
1/1/2033
4,000
4,069
 
Scago Public Facilities Corp. for Georgetown County Revenue
5.000%
6/1/2035
1,000
1,100
 
South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health)
5.000%
5/1/2037
1,500
1,541
 
South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue
(Novant Health Obligated Group)
5.000%
11/1/2031
1,700
1,867
 
South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue
(Novant Health Obligated Group)
5.000%
11/1/2038
1,425
1,560
 
South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue
(Novant Health Obligated Group)
5.250%
11/1/2040
1,250
1,387
 
South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue
(Novant Health Obligated Group)
5.250%
11/1/2043
1,175
1,290
62
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue
(Novant Health Obligated Group)
5.500%
11/1/2045
1,110
1,223
 
South Carolina Jobs-Economic Development Authority Healthcare Revenue (Beaufort
Memorial Hospital)
5.250%
11/15/2039
500
525
 
South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue
5.000%
10/1/2035
1,000
1,098
 
South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue (Bon
Secours Mercy Health Inc.)
5.250%
11/1/2043
500
552
 
South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue (Bon
Secours Mercy Health Inc.) PUT
5.000%
11/1/2030
1,250
1,347
 
South Carolina Jobs-Economic Development Authority Hospital Revenue (Prisma Health)
5.000%
5/1/2035
2,000
2,059
 
South Carolina Jobs-Economic Development Authority Residential Revenue
4.000%
12/1/2035
2,255
2,251
 
South Carolina Jobs-Economic Development Authority Residential Revenue
5.000%
12/1/2035
2,300
2,428
 
South Carolina Jobs-Economic Development Authority Residential Revenue
4.250%
12/1/2036
1,000
1,014
 
South Carolina Jobs-Economic Development Authority Revenue
5.000%
4/1/2036
150
164
 
South Carolina Jobs-Economic Development Authority Revenue
5.000%
10/1/2037
1,000
1,086
 
South Carolina Jobs-Economic Development Authority Revenue (Charleston Southern
University)
5.000%
9/1/2036
710
738
 
South Carolina Jobs-Economic Development Authority Revenue (Charleston Southern
University)
5.000%
9/1/2041
670
677
 
South Carolina Public Service Authority Revenue
5.250%
12/1/2034
1,500
1,692
 
South Carolina Public Service Authority Revenue
4.000%
12/1/2037
2,500
2,522
 
South Carolina Public Service Authority Revenue
5.000%
12/1/2043
1,000
1,087
 
South Carolina Public Service Authority Revenue
5.000%
12/1/2045
3,415
3,662
 
South Carolina State GO
5.000%
4/1/2041
2,260
2,456
 
South Carolina State GO
5.000%
4/1/2042
1,810
1,960
 
South Carolina State Housing Finance & Development Authority Mortgage Revenue
6.000%
7/1/2056
525
583
 
 
 
 
 
65,640
South Dakota (0.2%)
 
Lincoln County SD Economic Development Revenue (Augustana College Association
Project)
4.000%
8/1/2041
2,660
2,428
 
Sioux Falls SD Sales Tax Revenue
5.000%
11/15/2036
1,660
1,786
 
South Dakota Health & Educational Facilities Authority Revenue
5.000%
11/1/2038
1,000
1,120
 
South Dakota Health & Educational Facilities Authority Revenue PUT
5.000%
11/1/2029
1,000
1,056
 
South Dakota Health & Educational Facilities Authority Revenue PUT
5.000%
11/1/2032
1,335
1,455
 
South Dakota Health & Educational Facilities Authority Revenue (Regional Health System
Obligated Group)
5.000%
9/1/2032
2,915
2,970
 
South Dakota Health & Educational Facilities Authority Revenue (Regional Health System
Obligated Group)
4.000%
9/1/2034
2,125
2,130
 
South Dakota Health & Educational Facilities Authority Revenue (Regional Health)
4.000%
9/1/2036
2,500
2,500
 
South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue
3.000%
11/1/2051
480
476
 
South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue
3.000%
11/1/2052
875
864
 
South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue
6.000%
5/1/2054
140
148
 
South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue
6.250%
5/1/2056
6,985
7,886
 
South Dakota State Building Authority Revenue
5.000%
6/1/2037
1,000
1,017
 
 
 
 
 
25,836
Tennessee (0.9%)
5
Blount County TN Public Building Authority Revenue VRDO
3.250%
7/1/2026
1,710
1,710
 
Chattanooga TN Health Educational & Housing Facility Board System Revenue
5.000%
12/1/2035
1,500
1,680
 
Chattanooga TN Health Educational & Housing Facility Board System Revenue
5.250%
12/1/2044
1,000
1,095
 
Cleveland TN Health & Educational Facilities Board Revenue (Hamilton Health Care
System Inc. Project)
5.000%
8/15/2042
1,140
1,220
 
Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health)
5.000%
7/1/2027
1,590
1,624
 
Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health)
5.000%
7/1/2035
1,000
1,027
 
Jackson TN Hospital Project Revenue
5.000%
4/1/2038
3,620
3,698
5,6
Knox County & Knoxville TN Sports Authority Public Facility Revenue (Multi-Use Stadium
Project) TOB VRDO
3.050%
7/1/2026
3,250
3,250
 
Knox County TN GO
3.000%
6/1/2037
3,580
3,369
 
Knox County TN Health Educational & Housing Facilities Board Hospital Facilities
Revenue (Covenant Healthcare)
5.000%
1/1/2036
1,000
1,007
 
Knox County TN Health Educational & Housing Facilities Board Hospital Facilities
Revenue (University Health System Inc.)
5.000%
9/1/2027
925
927
6
Knoxville TN Industrial Development Board Revenue (Maplehurst Project)
4.250%
11/1/2030
1,000
996
 
Memphis TN GO
4.000%
6/1/2031
1,000
1,001
 
Memphis TN GO
5.000%
4/1/2041
1,120
1,218
 
Memphis TN GO
5.000%
4/1/2041
1,185
1,288
 
Metropolitan Government Nashville & Davidson County TN Industrial Development Board
Multifamily Housing Revenue PUT
3.150%
7/1/2029
815
818
 
Metropolitan Government of Nashville & Davidson County TN Electric System Revenue
5.000%
5/15/2037
840
854
 
Metropolitan Government of Nashville & Davidson County TN Electric System Revenue
5.000%
5/15/2037
1,000
1,086
 
Metropolitan Government of Nashville & Davidson County TN GO
4.000%
1/1/2036
1,525
1,577
63
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Metropolitan Government of Nashville & Davidson County TN GO
5.000%
1/1/2036
1,000
1,161
 
Metropolitan Government of Nashville & Davidson County TN GO
4.000%
1/1/2042
1,450
1,463
 
Metropolitan Government of Nashville & Davidson County TN GO
4.000%
1/1/2042
2,100
2,131
 
Metropolitan Government of Nashville & Davidson County TN GO
4.000%
1/1/2043
1,500
1,522
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Multifamily Revenue (Eastpoint Flats)) PUT
3.050%
7/1/2030
100
100
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue
5.000%
7/1/2029
1,000
1,059
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue
4.000%
10/1/2031
215
212
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue
5.000%
5/1/2039
750
805
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue PUT
3.200%
12/1/2029
500
503
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue (Vanderbilt University Medical Center)
5.000%
7/1/2028
1,000
1,043
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue (Vanderbilt University Medical Center)
5.000%
7/1/2032
1,250
1,376
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue (Vanderbilt University Medical Center)
5.000%
7/1/2036
500
565
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue (Vanderbilt University Medical Center)
5.000%
7/1/2039
500
556
 
Metropolitan Government of Nashville & Davidson County TN Health & Educational
Facilities Board Revenue (Vanderbilt University Medical Center)
5.000%
7/1/2044
1,000
1,076
3
Metropolitan Government of Nashville & Davidson County TN Sports Authority Revenue
5.000%
7/1/2041
2,990
3,231
 
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue
3.000%
7/1/2039
3,500
3,202
 
Metropolitan Nashville TN Airport Authority Revenue
5.000%
7/1/2039
1,430
1,508
 
Metropolitan Nashville TN Airport Authority Revenue
5.000%
7/1/2040
860
927
 
Metropolitan Nashville TN Airport Authority Revenue
5.000%
7/1/2043
1,345
1,489
 
New Memphis Arena Public Building Authority of Memphis & Shelby County TN Local
Government Public Improvement Bonds Revenue (City of Memphis Project)
4.000%
4/1/2031
300
315
 
Rutherford County TN Health & Educational Facilities Board Revenue (Ascension Health
Senior Credit Group) PUT
5.000%
11/15/2030
1,275
1,374
 
Shelby County TN Health Educational & Housing Facilities Board Revenue (Baptist
Memorial Health Care)
5.000%
9/1/2032
1,360
1,491
 
Shelby County TN Health Educational & Housing Facilities Board Revenue (Baptist
Memorial Health Care)
5.250%
9/1/2034
1,910
2,107
 
Shelby County TN Health Educational & Housing Facilities Board Revenue (Baptist
Memorial Health Care) PUT
5.000%
9/1/2029
1,000
1,048
3
Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le
Bonheur HealthCare)
5.000%
6/1/2032
1,000
1,092
3
Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le
Bonheur HealthCare)
5.000%
6/1/2033
1,265
1,390
3
Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le
Bonheur HealthCare)
5.000%
6/1/2034
1,305
1,439
3
Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le
Bonheur HealthCare)
5.000%
6/1/2035
1,525
1,687
 
Tennergy Corp. TN Gas Revenue PUT
5.000%
12/1/2029
11,485
12,139
 
Tennergy Corp. TN Gas Revenue PUT
5.500%
12/1/2030
3,135
3,341
 
Tennessee Energy Acquisition Corp. Commodity Project Revenue PUT
5.000%
11/1/2031
720
761
 
Tennessee Energy Acquisition Corp. Gas Revenue
5.250%
9/1/2026
570
572
 
Tennessee Energy Acquisition Corp. Gas Revenue
5.000%
2/1/2027
730
736
 
Tennessee Energy Acquisition Corp. Gas Revenue
5.000%
11/1/2034
5,285
5,647
 
Tennessee Energy Acquisition Corp. Gas Revenue
5.000%
12/1/2035
9,160
9,686
 
Tennessee Energy Acquisition Corp. Gas Revenue PUT
5.000%
5/1/2028
5,540
5,703
 
Tennessee Housing Development Agency Residential Finance Program Revenue
5.750%
1/1/2054
795
845
 
Williamson County TN Industrial Development Board Multifamily housing Revenue PUT
5.000%
5/1/2027
510
513
 
 
 
 
 
105,260
Texas (7.7%)
 
Alamo TX Area Housing Finance Corp. Multifamily Revenue (Cedar Bluff Apartments)
PUT
3.390%
7/1/2028
500
505
 
Alamo TX Community College District GO
5.000%
8/15/2036
3,000
3,366
 
Alamo TX Community College District GO
5.000%
8/15/2038
880
976
 
Alamo TX Community College District GO
5.000%
8/15/2041
1,200
1,315
 
Alamo TX Community College District Maintenance Tax Notes GO
5.000%
2/15/2028
1,000
1,038
20
Aldine TX Independent School District GO
5.000%
2/15/2038
1,225
1,362
20
Aldine TX Independent School District GO
5.000%
2/15/2045
1,155
1,271
 
Allen TX GO
5.000%
8/15/2039
1,250
1,369
20
Andrews Independent School District GO
5.000%
2/15/2028
1,025
1,067
 
Arlington TX Higher Education Finance Corp. Revenue (Great Hearts) PUT
4.750%
8/15/2034
145
145
20
Arlington TX Higher Education Finance Corp. Revenue (Riverwalk Education
Foundation Inc.)
4.000%
8/15/2033
600
612
64
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
3
Arlington TX Special Tax Revenue
5.000%
2/15/2028
305
317
8
Arlington TX Special Tax Revenue
5.000%
2/15/2032
1,160
1,199
 
Atascosa County TX Industrial Development Corp. Pollution Control Refunding Revenue
Bonds
5.000%
12/15/2037
1,435
1,513
3
Aubrey TX Combination Tax & Revenue
3.000%
2/15/2042
2,160
1,915
 
Austin TX Affordable PFC Inc. Multifamily Housing Revenue (Eagle's Landing Family
Apartments)
4.500%
3/1/2043
1,000
1,016
 
Austin TX Airport System Revenue
5.000%
11/15/2026
1,120
1,129
 
Austin TX Airport System Revenue
5.000%
11/15/2032
1,260
1,270
 
Austin TX Community College District GO
4.000%
8/1/2030
1,845
1,846
 
Austin TX Community College District Public Facility Corp. Lease Revenue
5.000%
8/1/2028
500
524
 
Austin TX Electric Utilities Systems Revenue
5.000%
11/15/2044
1,000
1,037
20
Austin TX Independent School District GO
5.000%
8/1/2036
2,920
3,303
20
Austin TX Independent School District GO
5.000%
8/1/2040
1,040
1,128
 
Austin TX Water & Wastewater System Revenue
5.000%
11/15/2030
4,995
5,036
 
Austin TX Water & Wastewater System Revenue
5.000%
11/15/2036
1,000
1,110
 
Austin TX Water & Wastewater System Revenue
5.000%
11/15/2037
1,000
1,006
 
Austin TX Water & Wastewater System Revenue
5.000%
11/15/2038
1,675
1,841
 
Austin TX Water & Wastewater System Revenue
5.000%
11/15/2042
2,500
2,750
20
Barbers Hill Independent School District GO
3.000%
2/15/2038
1,000
917
20
Barbers Hill Independent School District GO
4.000%
2/15/2041
1,690
1,694
20
Bastrop Independent School District GO
5.000%
2/15/2042
4,115
4,433
20
Birdville Independent School District GO
5.000%
2/15/2043
2,500
2,684
20
Boerne TX Independent School District GO PUT
4.000%
2/1/2028
1,170
1,192
20
Bonham Independent School District GO
5.000%
2/15/2042
1,325
1,432
20
Brock TX Independent School District GO
5.000%
8/15/2039
1,000
1,085
20
Burleson TX Independent School District GO
5.000%
8/1/2028
635
667
20
Canutillo TX Independent School District GO
5.000%
2/15/2041
650
708
20
Canutillo TX Independent School District GO
5.000%
2/15/2042
800
869
20
Canutillo TX Independent School District GO
5.000%
2/15/2043
835
903
20
Canutillo TX Independent School District GO
5.000%
2/15/2044
500
538
20
Carrollton-Farmers TX Branch Independent School District GO
5.000%
2/15/2029
1,285
1,362
20
Carrollton-Farmers TX Branch Independent School District GO
3.000%
2/15/2039
1,000
903
20
Carrollton-Farmers TX Branch Independent School District GO
5.000%
2/15/2040
2,170
2,366
10
Cedar Hill TX Independent School District GO
0.000%
8/15/2026
1,000
996
 
Central Texas Regional Mobility Authority Revenue
4.000%
1/1/2035
1,000
1,026
 
Central Texas Regional Mobility Authority Revenue
4.000%
1/1/2036
1,115
1,129
 
Central Texas Regional Mobility Authority Revenue
4.000%
1/1/2038
1,250
1,263
 
Central Texas Regional Mobility Authority Revenue
4.000%
1/1/2039
3,000
3,020
 
Central Texas Regional Mobility Authority Revenue
5.000%
1/1/2039
1,000
1,112
 
Central Texas Regional Mobility Authority Revenue
3.375%
1/1/2041
445
393
20
Clear Creek TX Independent School District GO
5.000%
2/15/2033
525
590
 
Clifton TX Higher Education Finance Corp. Revenue
5.000%
8/15/2032
1,020
1,088
20
Clifton TX Higher Education Finance Corp. Revenue
5.000%
8/15/2032
600
664
 
Clifton TX Higher Education Finance Corp. Revenue
4.000%
8/15/2036
1,500
1,483
20
Clifton TX Higher Education Finance Corp. Revenue
4.000%
8/15/2036
700
714
20
Clifton TX Higher Education Finance Corp. Revenue
5.000%
8/15/2037
1,190
1,316
20
Clifton TX Higher Education Finance Corp. Revenue
5.000%
8/15/2040
1,665
1,814
20
Clifton TX Higher Education Finance Corp. Revenue
4.000%
8/15/2044
1,705
1,660
 
Collin County TX Community College District Revenue
4.000%
8/15/2042
3,000
3,020
 
Collin County TX GO
5.000%
2/15/2027
3,900
3,961
 
Collin County TX GO
5.000%
2/15/2028
1,450
1,509
 
Collin County TX GO
5.000%
2/15/2040
1,000
1,117
20
Comal TX Independent School District GO
3.000%
2/15/2040
500
460
20
Comal TX Independent School District GO
3.000%
2/1/2041
1,000
885
20
Community TX Independent School District Bonds GO
5.000%
2/15/2038
1,370
1,471
 
Conroe TX GO
5.000%
11/15/2041
410
442
20
Conroe TX Independent School District Unlimited Tax Building Bonds GO
2.500%
2/15/2038
3,000
2,599
20
Conroe TX Independent School District Unlimited Tax Refunding Bonds GO
5.000%
2/15/2027
560
569
 
Conroe TX Local Government Corp. Hotel & Contract Revenue (Conroe Convention
Center Hotel)
5.000%
10/1/2034
260
280
20
Coppell TX Independent School District GO
5.000%
8/15/2032
1,000
1,120
 
Corpus Christi TX GO
5.000%
3/1/2040
1,270
1,382
 
Corpus Christi TX Utility System Junior Lien Revenue
5.000%
7/15/2031
300
326
 
Corpus Christi TX Utility System Junior Lien Revenue
5.000%
7/15/2034
725
788
 
Corpus Christi TX Utility System Junior Lien Revenue
5.000%
7/15/2039
1,000
1,078
20
Crowley TX Independent School District GO
5.000%
2/1/2039
1,565
1,715
20
Cypress-Fairbanks TX Independent School District GO
5.000%
2/15/2028
1,000
1,041
20
Cypress-Fairbanks TX Independent School District GO
5.000%
2/15/2029
2,000
2,123
20
Cypress-Fairbanks TX Independent School District GO
5.000%
2/15/2034
1,240
1,411
65
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
20
Cypress-Fairbanks TX Independent School District GO
5.000%
2/15/2038
1,240
1,448
 
Dallas County TX Hospital District GO
4.000%
8/15/2033
2,000
2,028
 
Dallas TX GO
4.000%
2/15/2039
6,250
6,324
 
Dallas TX Hotel Occupancy Revenue (Kaufman & Rockall Counties)
4.000%
8/15/2030
1,000
1,001
13
Dallas TX Housing Finance Corp. Multifamily Revenue (Mondello Apartments) PUT
5.000%
8/1/2026
120
120
20
Dallas TX Independent School District GO
5.000%
2/15/2028
1,985
2,065
20
Dallas TX Independent School District GO PUT
5.000%
2/15/2030
1,275
1,360
20
Dallas TX Independent School District GO PUT
5.000%
2/15/2031
4,000
4,345
 
Dallas TX Waterworks & Sewer System Revenue
3.000%
10/1/2037
2,145
1,994
 
Dallas-Fort Worth TX International Airport Revenue
5.000%
11/1/2033
1,125
1,276
 
Dallas-Fort Worth TX International Airport Revenue
4.000%
11/1/2034
1,000
1,028
 
Dallas-Fort Worth TX International Airport Revenue
5.000%
11/1/2038
1,000
1,104
 
Dallas-Fort Worth TX International Airport Revenue
5.000%
11/1/2042
1,360
1,486
 
Dallas-Fort Worth TX International Airport Revenue
5.000%
11/1/2043
1,395
1,519
 
Dallas-Fort Worth TX International Airport Revenue
5.000%
11/1/2044
1,160
1,254
9
Del Mar TX College District GO
5.000%
8/15/2036
2,000
2,293
20
Denison TX Independent School District GO
5.000%
8/1/2026
1,600
1,603
6
Denton County TX Special Assessment Revenue (Green Meadows Project)
4.500%
12/31/2035
135
139
6
Denton County TX Special Assessment Revenue (Green Meadows Project)
5.000%
12/31/2035
100
103
6
Denton County TX Special Assessment Revenue (Green Meadows Project)
5.875%
12/31/2045
100
105
 
Denton TX GO
4.000%
2/15/2042
160
160
 
Denton TX GO
4.000%
2/15/2044
3,000
2,956
20
Denton TX Independent School District GO
5.000%
8/15/2041
1,000
1,094
20
Denton TX Independent School District GO
5.000%
8/15/2041
1,000
1,109
 
DeSoto TX Combination Tax Revenue
4.250%
2/15/2043
2,410
2,439
20
Eagle Mountain & Saginaw TX Independent School District GO
3.000%
8/15/2039
1,925
1,734
20
Eagle Mountain & Saginaw TX Independent School District GO
5.000%
8/15/2040
1,125
1,235
20
Eagle Mountain & Saginaw TX Independent School District GO Prere.
4.000%
8/1/2027
5
5
20
Eagle Mountain & Saginaw TX Independent School District GO PUT
4.000%
8/1/2027
495
501
20
Eagle Pass TX Independent School District GO
4.000%
8/15/2033
1,185
1,186
 
Ector County TX GO
5.000%
2/15/2034
1,000
1,130
 
Ector County TX GO
5.000%
2/15/2044
1,500
1,621
3
El Paso County TX Hospital District GO
5.000%
2/15/2033
1,000
1,109
3
El Paso County TX Hospital District GO
5.000%
8/15/2033
700
774
3
El Paso County TX Hospital District GO
5.000%
2/15/2035
1,015
1,143
3
El Paso County TX Hospital District GO
5.000%
2/15/2036
1,000
1,119
3
El Paso County TX Hospital District GO
5.000%
8/15/2039
1,000
1,091
3
El Paso County TX Hospital District GO
5.250%
2/15/2042
2,350
2,593
 
El Paso TX GO
3.000%
8/15/2037
765
719
 
El Paso TX GO
3.000%
8/15/2041
1,000
888
 
El Paso TX Municipal Drain Utilities System Revenue
4.000%
3/1/2043
1,670
1,671
 
El Paso TX Water & Sewer System Revenue
5.000%
3/1/2036
7,000
7,402
 
El Paso TX Water & Sewer System Revenue
5.000%
3/1/2038
1,000
1,112
 
El Paso TX Water & Sewer System Revenue
5.000%
3/1/2039
1,000
1,105
 
EP Cimarron Ventanas PFC Residential Development Revenue
4.125%
12/1/2039
375
374
 
EP Essential TX Housing WF PFC Residential Development Revenue
4.250%
12/1/2034
3,795
3,761
6
Fate TX Special Assessment Bonds Improvement Revenue
4.500%
8/15/2031
400
402
8
Forney TX Independent School District GO
0.000%
8/15/2042
1,000
490
8
Fort Bend County TX Municipal Utility District No. 58 (Unlimited Tax Refunding) GO
3.000%
4/1/2035
435
404
 
Fort Bend County TX Unlimited Tax Road GO
4.000%
3/1/2033
1,000
1,005
 
Fort Bend County TX Unlimited Tax Road GO
5.000%
3/1/2034
1,650
1,653
 
Fort Bend TX Grand Parkway Toll Road Authority Revenue
3.000%
3/1/2036
840
794
20
Fort Bend TX Independent School District GO
5.000%
8/15/2038
1,980
2,184
 
Fort Worth TX GO
4.000%
3/1/2041
2,445
2,465
 
Fort Worth TX GO
4.000%
3/1/2043
2,445
2,447
 
Fort Worth TX Water & Sewer System Revenue
5.000%
2/15/2037
2,300
2,560
20
Frisco TX Independent School District GO
0.000%
8/15/2026
3,620
3,607
20
Frisco TX Independent School District GO
3.000%
2/15/2037
2,500
2,351
 
Frisco TX Refunding & Improvement GO
4.000%
2/15/2040
1,000
1,021
 
FW Ramble Public Facility Corp. TX Residential Development Revenue (Ramble & Rose
Project)
4.000%
10/1/2035
1,005
986
20
Galveston TX Independent School District GO
5.000%
2/1/2036
1,500
1,596
 
Galveston TX Wharves & Term Revenue
5.000%
8/1/2039
600
646
 
Garland TX Electric Utility System Revenue
4.000%
3/1/2046
1,105
1,052
 
Garland TX GO
5.000%
2/15/2040
1,325
1,447
20
Garland TX Independent School District GO
5.000%
2/15/2041
1,500
1,627
 
Garland TX Water & Sewer System Revenue
5.000%
3/1/2038
1,140
1,167
20
Georgetown TX Independent School District Unlimited Tax Building Bonds GO
5.000%
2/15/2033
1,000
1,128
20
Georgetown TX Independent School District Unlimited Tax Building Bonds GO
5.500%
2/15/2038
1,000
1,165
20
Georgetown TX Independent School District Unlimited Tax Building Bonds GO
3.000%
8/15/2039
3,000
2,725
66
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
20
Georgetown TX Independent School District Unlimited Tax Building Bonds GO
5.000%
2/15/2042
1,610
1,759
8
Georgetown TX Utility System Revenue
5.000%
8/15/2027
635
653
8
Georgetown TX Utility System Revenue
5.000%
8/15/2039
1,655
1,813
8
Georgetown TX Utility System Revenue
5.000%
8/15/2040
2,320
2,505
 
Georgetown TX Utility System Revenue
5.000%
8/15/2040
1,000
1,099
20
Goose Creek TX Consolidated Independent School District GO
5.000%
2/15/2039
1,000
1,084
20
Goose Creek TX Consolidated Independent School District GO PUT
0.600%
8/17/2026
400
399
 
Granbury TX Combination Tax Revenue
5.000%
8/15/2041
1,980
2,113
 
Grand Parkway Transportation Corp. Texas System Toll Revenue
5.050%
10/1/2030
1,550
1,630
 
Grand Parkway Transportation Corp. Texas System Toll Revenue
5.000%
10/1/2035
1,000
1,033
 
Grand Parkway Transportation Corp. Texas System Toll Revenue
5.000%
10/1/2043
2,580
2,644
 
Grand Parkway Transportation Corp. Texas System Toll Revenue PUT
5.000%
4/1/2028
1,400
1,443
 
Grand Prairie TX Combination Tax GO
4.000%
2/15/2035
1,245
1,261
 
Grayson County TX Junior College District GO
5.000%
2/15/2046
1,350
1,452
3
Greater Texoma TX Utility Authority Contract Revenue
5.000%
10/1/2037
1,000
1,076
8
Greenville TX Electric Utility System Revenue
5.000%
2/15/2032
2,880
3,170
20
Greenwood TX Independent School District GO
4.000%
2/15/2040
9,050
9,123
 
Guadalupe-Blanco River Authority Revenue
4.000%
8/15/2038
200
200
8
Hale County TX GO
5.000%
3/15/2036
1,635
1,811
 
Harris County TX Cultural Education Facilities Finance Corp. Revenue
5.000%
7/1/2031
1,000
1,095
9
Harris County TX Cultural Education Facilities Finance Corp. Revenue
5.000%
7/1/2031
1,290
1,408
 
Harris County TX Cultural Education Facilities Finance Corp. Revenue
5.000%
10/1/2031
1,445
1,588
 
Harris County TX Cultural Education Facilities Finance Corp. Revenue
5.000%
12/1/2031
2,000
2,199
 
Harris County TX Cultural Education Facilities Finance Corp. Revenue
5.000%
12/1/2033
1,340
1,505
 
Harris County TX Cultural Education Facilities Finance Corp. Revenue
3.000%
10/1/2040
1,000
866
 
Harris County TX Cultural Education Facilities Finance Corp. Revenue PUT
5.000%
5/15/2032
2,830
3,058
5
Harris County TX Cultural Education Facilities Finance Corp. Revenue VRDO
2.950%
7/1/2026
44,680
44,680
5
Harris County TX Cultural Education Facilities Finance Corp. Revenue VRDO
3.050%
7/1/2026
23,640
23,640
5
Harris County TX Cultural Education Facilities Finance Corp. Revenue VRDO
3.050%
7/1/2026
10,400
10,400
5
Harris County TX Cultural Education Facilities Finance Corp. Revenue VRDO
3.050%
7/1/2026
2,900
2,900
 
Harris County TX Flood Control Improvement GO
3.000%
10/1/2039
1,500
1,367
 
Harris County TX Flood Control Improvement GO
4.000%
9/15/2041
1,000
1,007
 
Harris County TX Flood Control Improvement GO
4.000%
9/15/2042
3,500
3,510
 
Harris County TX GO
5.000%
9/15/2029
2,000
2,150
 
Harris County TX GO
4.000%
9/15/2041
1,740
1,760
 
Harris County TX Hospital District GO
5.000%
2/15/2033
365
410
 
Harris County TX Hospital District GO
5.000%
2/15/2037
1,715
1,932
 
Harris County TX Hospital District GO
5.000%
2/15/2037
355
404
 
Harris County TX Hospital District GO
5.000%
2/15/2042
1,810
1,979
 
Harris County TX Hospital District GO
5.000%
2/15/2045
305
331
 
Harris County TX Hospital District GO
5.000%
2/15/2046
315
340
 
Harris County TX Hospital District GO
5.000%
2/15/2047
280
300
 
Harris County TX Industrial Development Corp. Marine Terminal Revenue (Energy
Transfer LP Project) PUT
4.050%
6/1/2033
4,495
4,691
 
Harris County TX Permanent Improvement GO
3.000%
10/1/2040
1,000
888
 
Harris County TX Toll Road First Lien Revenue
5.000%
8/15/2040
1,500
1,656
 
Harris County TX Toll Road First Lien Revenue
4.000%
8/15/2043
1,035
1,025
 
Harris County TX Toll Road First Lien Revenue
5.000%
8/15/2044
1,275
1,384
 
Harris County TX Toll Road Revenue
5.000%
8/15/2041
1,695
1,697
10
Harris County-Houston TX Sports Authority Revenue ETM
0.000%
11/15/2028
2,950
2,747
10
Harris County-Houston TX Sports Authority Revenue ETM
0.000%
11/15/2031
1,340
1,129
10
Harris County-Houston TX Sports Authority Revenue ETM
0.000%
11/15/2031
1,160
977
20
Hays TX Consolidated Independent School District GO
5.000%
2/15/2037
2,500
2,825
 
Hidalgo County TX Drain District No. 1 GO
4.125%
9/1/2039
500
508
 
Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue
5.000%
12/1/2035
840
872
 
Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue
4.000%
12/1/2039
850
823
 
Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue
0.000%
12/1/2044
1,000
401
 
Houston TX Airport System Revenue
5.000%
7/1/2037
1,720
1,781
 
Houston TX GO
5.000%
3/1/2027
1,000
1,016
 
Houston TX GO
5.000%
3/1/2031
930
1,019
 
Houston TX GO
4.000%
3/1/2035
1,500
1,504
 
Houston TX GO
5.000%
3/1/2037
1,000
1,124
 
Houston TX GO
5.000%
3/1/2040
1,575
1,724
 
Houston TX GO
5.250%
3/1/2041
1,000
1,097
 
Houston TX Hotel Occupancy Tax & Special Convention & Entertainment Facilities
Revenue
5.000%
9/1/2042
1,085
1,186
 
Houston TX Public Improvement Refunding GO
5.000%
3/1/2039
1,245
1,369
 
Houston TX Refunding Public Improvement Bonds GO
3.000%
3/1/2036
1,010
954
 
Houston TX Utility System Revenue
5.000%
11/15/2026
1,350
1,362
 
Houston TX Utility System Revenue
5.000%
11/15/2034
1,000
1,002
67
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Houston TX Utility System Revenue
3.000%
11/15/2040
1,150
1,011
 
Houston TX Utility System Revenue
5.000%
11/15/2043
2,885
2,963
 
Irving TX GO
5.000%
9/15/2027
1,425
1,468
20
Irving TX Independent School District GO
5.000%
2/15/2028
230
239
20
Jacksboro TX Independent School District GO
5.000%
2/15/2037
2,550
2,822
20
Katy TX Independent School District GO
5.000%
2/15/2028
2,355
2,450
20
Katy TX Independent School District GO
5.000%
2/15/2044
1,315
1,410
20
Klein TX Independent School District GO
5.000%
8/1/2036
1,720
1,969
20
Klein TX Independent School District GO
5.000%
8/1/2037
2,680
3,046
20
Klein TX Independent School District GO
5.000%
8/1/2038
1,500
1,696
 
Laguna-Madre Water District GO
4.000%
3/1/2042
3,205
3,203
 
Lake Houston Redevelopment Authority Tax Increment Contract Revenue
3.000%
9/1/2037
825
713
 
Lake Worth TX Combination TAX GO
4.000%
8/15/2043
1,775
1,781
20
Lamar TX Consolidated Independent School District GO
5.000%
2/15/2041
1,000
1,081
20
Lamar TX Consolidated Independent School District GO
5.000%
2/15/2043
1,000
1,073
 
Laredo TX Combination Tax GO
5.000%
2/15/2036
1,000
1,104
 
Laredo TX Combination Tax GO
4.125%
2/15/2041
1,000
1,020
8
Laredo TX Community College District Revenue
4.000%
8/1/2034
1,820
1,825
20
Leander TX Independent School District GO
5.000%
8/15/2037
1,095
1,246
20
Leander TX Independent School District GO
5.000%
8/15/2038
1,195
1,351
20
Leander TX Independent School District GO
5.000%
8/15/2039
1,145
1,286
 
Lewisville TX GO
5.000%
2/15/2027
3,140
3,184
20
Lewisville TX Independent School District GO
5.000%
8/15/2037
1,000
1,123
20
Lewisville TX Independent School District GO
5.000%
8/15/2044
2,785
2,995
 
Liberty County TX Combination Tax GO
2.000%
8/1/2033
1,070
955
 
Liberty County TX GO
5.000%
8/1/2038
2,990
3,327
20
Liberty Hill TX Independent School District GO (School Building Bonds)
5.000%
2/1/2041
2,635
2,808
20
Llano TX Independent School District GO
5.000%
2/15/2029
1,500
1,591
20
Lovejoy TX Independent School District GO
5.000%
2/15/2036
1,000
1,149
 
Lower Colorado River Authority Texas Revenue
5.000%
5/15/2037
1,000
1,115
 
Lower Colorado River Authority Texas Revenue
5.000%
5/15/2042
1,000
1,076
 
Lower Colorado River Authority Texas Revenue
5.000%
5/15/2045
1,000
1,057
 
Lower Colorado River Authority Texas Revenue PUT
5.000%
5/15/2028
2,000
2,066
 
Lower Colorado River Authority Texas Revenue PUT
5.000%
5/15/2032
1,885
2,057
3
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA
Transmission Services Corp. Project)
5.000%
5/15/2039
1,250
1,356
 
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA
Transmission Services Corp. Project)
5.000%
5/15/2041
3,095
3,281
3
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA
Transmission Services Corp. Project)
4.000%
5/15/2043
1,600
1,603
 
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA
Transmission Services Corp. Project)
5.000%
5/15/2044
1,000
1,009
 
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA
Transmission Services Corp. Project)
5.000%
5/15/2045
1,605
1,707
 
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA
Transmission Services Corp.)
5.000%
5/15/2034
1,120
1,159
 
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA
Transmission Services Corp.)
5.000%
5/15/2036
1,085
1,153
 
Lower Colorado River Authority TX Transmission Contract Revenue (LCRA Transmission
Services Corp. Project)
5.250%
5/15/2041
1,000
1,084
3
Lubbock TX Electric Light & Power System Revenue
5.000%
4/15/2038
1,750
1,893
 
Lubbock TX Electric Light & Power System Revenue
5.000%
4/15/2040
2,170
2,216
 
Lubbock TX GO
4.000%
2/15/2042
1,490
1,500
 
Manor TX Combination Tax GO
5.000%
8/15/2041
1,280
1,383
 
Manor TX Combination Tax GO
5.000%
8/15/2042
1,200
1,289
20
Marble Falls TX Independent School District GO
5.000%
2/15/2036
1,000
1,140
 
Massachusetts Development Finance Agency Revenue (Merrimack College)
4.530%
2/1/2044
1,000
1,011
 
McKinney TX GO
3.750%
8/15/2036
1,090
1,103
 
McKinney TX GO
3.875%
8/15/2038
880
882
 
McKinney TX GO
4.000%
8/15/2043
1,000
1,002
 
McKinney TX Waterworks & Sewer System Revenue
5.000%
3/15/2031
400
438
 
McKinney TX Waterworks & Sewer System Revenue
5.000%
3/15/2041
700
749
7
Mesquite TX Health Facilities Development Corp. Retirement Revenue (Christian Care
Centers Inc. Project)
5.000%
2/15/2024
74
1
 
Midland County TX GO
4.000%
2/15/2041
3,010
3,053
 
Montgomery County TX Unlimited Tax GO
5.000%
3/1/2035
5,730
5,903
20
Navarro TX Independent School District GO
3.000%
2/15/2039
520
475
20
New Caney TX Independent School District GO
5.000%
2/15/2034
1,315
1,498
20
New Caney TX Independent School District GO PUT
4.000%
8/15/2027
500
507
 
New Hope TX Cultural Education Facilities Finance Corp. Hospital Revenue (Children's
Health System)
5.250%
8/15/2044
1,395
1,535
68
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue
(Bella Vida Forefront Living Project)
4.250%
10/1/2030
60
60
 
New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue
(Bella Vida Forefront Living Project)
4.625%
10/1/2030
65
64
 
New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue
(Bella Vida Forefront Living Project)
6.250%
10/1/2045
755
803
 
New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue
(Legacy Midtown Park Project)
6.750%
7/1/2044
1,950
2,086
 
New Hope TX Cultural Education Facilities Finance Corp. Revenue (Sanctuary LTC
Project)
5.250%
1/1/2042
1,000
1,006
6
New Hope TX Cultural Education Facilities Finance Corp. Senior Living Revenue (Superior
Living Foundation Project)
5.750%
7/1/2035
1,000
1,052
6
New Hope TX Cultural Education Facilities Finance Corp. Senior Living Revenue (Superior
Living Foundation Project)
6.250%
7/1/2045
1,000
1,063
 
New Hope TX Higher Education Finance Corp. Revenue (Christian University Project)
5.000%
3/15/2045
500
538
 
North East TX Regional Mobility Authority Revenue
5.000%
1/1/2036
1,135
1,252
 
North East TX Regional Mobility Authority Revenue
5.000%
1/1/2040
1,100
1,182
8
North Fort Bend Authority TX Water System Revenue
3.000%
12/15/2035
750
714
8
North Fort Bend Authority TX Water System Revenue
3.000%
12/15/2036
585
547
 
North Texas Municipal Water District Regional Wastewater System Revenue
5.000%
6/1/2041
3,845
4,246
 
North Texas Municipal Water District Water System Revenue
5.000%
9/1/2027
6,335
6,523
3
North Texas Tollway Authority Revenue
0.000%
1/1/2030
1,000
902
3
North Texas Tollway Authority Revenue
0.000%
1/1/2031
1,000
873
3
North Texas Tollway Authority Revenue
0.000%
1/1/2032
3,055
2,575
3
North Texas Tollway Authority Revenue
0.000%
1/1/2033
1,000
812
 
North Texas Tollway Authority Revenue
5.000%
1/1/2033
1,290
1,442
3
North Texas Tollway Authority Revenue
0.000%
1/1/2034
2,500
1,955
 
North Texas Tollway Authority Revenue
5.000%
1/1/2034
1,125
1,276
 
North Texas Tollway Authority Revenue
5.000%
1/1/2034
1,290
1,454
3
North Texas Tollway Authority Revenue
0.000%
1/1/2035
1,500
1,125
3
North Texas Tollway Authority Revenue
0.000%
1/1/2036
1,000
718
 
North Texas Tollway Authority Revenue
3.000%
1/1/2038
1,860
1,721
 
North Texas Tollway Authority Revenue
5.250%
1/1/2042
1,110
1,234
 
North Texas Tollway Authority System Revenue
5.000%
1/1/2027
1,075
1,088
 
North Texas Tollway Authority System Revenue
5.000%
1/1/2032
1,200
1,332
 
North Texas Tollway Authority System Revenue
4.000%
1/1/2036
1,015
1,017
3
North Texas Tollway Authority System Revenue
4.000%
1/1/2037
1,520
1,523
 
North Texas Tollway Authority System Revenue
4.000%
1/1/2037
1,030
1,032
 
North Texas Tollway Authority System Revenue
5.000%
1/1/2038
585
599
 
North Texas Tollway Authority System Revenue
5.000%
1/1/2039
1,000
1,078
 
North Texas Tollway Authority System Revenue
5.000%
1/1/2040
1,000
1,075
 
North Texas Tollway Authority System Revenue
5.000%
1/1/2041
1,000
1,083
 
North Texas Tollway Authority System Revenue
5.000%
1/1/2041
2,345
2,567
 
North Texas Tollway Authority System Revenue Prere.
5.000%
1/1/2028
420
435
 
North Texas Tollway Authority System Revenue Prere.
0.000%
9/1/2031
1,250
665
20
Northside TX Independent School District GO
4.000%
8/15/2032
1,305
1,307
20
Northside TX Independent School District GO
5.000%
8/15/2041
1,575
1,708
20
Northwest Independent School District Texas GO
5.000%
2/15/2037
910
1,029
20
Northwest Independent School District Texas GO
5.000%
2/15/2038
2,450
2,759
20
Northwest Independent School District Texas GO
5.000%
2/15/2041
1,200
1,288
20
Northwest Independent School District Texas GO
5.000%
2/15/2043
650
714
20
Northwest Independent School District Texas GO
5.000%
2/15/2044
2,465
2,688
20
Northwest Independent School District Texas GO
5.000%
2/15/2045
2,400
2,597
 
Odessa TX Combination Tax GO
3.000%
3/1/2038
1,255
1,113
20
Palestine TX Independent School District GO
5.000%
2/15/2038
1,000
1,129
20
Pasadena Independent School District GO
5.000%
2/15/2042
1,000
1,064
 
Pearland TX GO
4.000%
3/1/2032
1,095
1,101
 
Pearland TX GO
4.000%
3/1/2033
910
915
8
Pearland TX GO
5.000%
9/1/2033
510
575
 
Pearland TX Waterworks & Sewer System Revenue
4.000%
9/1/2032
240
242
 
Pearland TX Waterworks & Sewer System Revenue
4.000%
9/1/2033
340
342
 
Pflugerville TX Combination Tax GO
4.000%
8/1/2040
1,280
1,288
 
Pflugerville TX GO
4.000%
8/1/2035
1,250
1,250
 
Plano TX GO
5.000%
9/1/2026
1,185
1,189
 
Plano TX GO
3.200%
9/1/2034
1,410
1,403
20
Plano TX Independent School District GO
5.000%
2/15/2031
4,495
4,935
20
Plano TX Independent School District GO
5.000%
2/15/2041
500
549
 
Port Authority of Houston of Harris County Texas Revenue
5.000%
10/1/2028
1,350
1,421
 
Port Authority of Houston of Harris County Texas Revenue
5.000%
10/1/2042
1,000
1,085
20
Prosper TX Independent School District GO
3.000%
2/15/2040
5,050
4,501
69
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
20
Rankin TX Independent School District GO
5.000%
2/15/2033
865
876
20
Richardson Independent School District GO
5.000%
2/15/2036
1,590
1,747
20
Richardson Independent School District GO
5.000%
2/15/2037
1,850
2,023
20
Richardson Independent School District GO
5.000%
2/15/2039
4,500
4,882
 
Richardson TX GO
4.000%
2/15/2042
1,860
1,859
6
Royse City TX Special Assessment Revenue (Zone A Remainder Area Project)
6.500%
9/15/2045
1,400
1,418
 
San Angelo TX Combination Tax Ltd. Surplus GO
4.000%
2/15/2042
2,000
1,988
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2030
2,500
2,692
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2032
1,000
1,113
 
San Antonio TX Electric & Gas Systems Revenue
4.000%
2/1/2034
1,255
1,255
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2035
1,125
1,195
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2036
1,000
1,011
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2039
1,000
1,114
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2041
1,000
1,096
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2042
1,250
1,370
 
San Antonio TX Electric & Gas Systems Revenue
4.000%
2/1/2043
1,000
1,001
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2043
1,265
1,380
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2044
1,120
1,210
 
San Antonio TX Electric & Gas Systems Revenue
5.000%
2/1/2046
1,500
1,562
 
San Antonio TX Electric & Gas Systems Revenue PUT
1.125%
12/1/2026
150
148
 
San Antonio TX Electric & Gas Systems Revenue PUT
3.650%
12/1/2026
1,000
1,001
 
San Antonio TX Electric & Gas Systems Revenue PUT
2.000%
12/1/2027
1,000
981
 
San Antonio TX Electric & Gas Systems Revenue PUT
2.900%
12/1/2027
715
711
 
San Antonio TX Electric & Gas Systems Revenue PUT
3.080%
12/1/2028
1,985
1,986
 
San Antonio TX Electric & Gas Systems Revenue PUT
3.000%
12/1/2029
1,460
1,453
 
San Antonio TX Electric & Gas Systems Revenue PUT
3.200%
12/1/2030
5,955
5,944
 
San Antonio TX Electric & Gas Systems Revenue PUT
3.150%
12/1/2031
1,585
1,580
 
San Antonio TX General Improvement & Refunding GO
5.000%
2/1/2038
3,915
4,407
 
San Antonio TX Housing Trust Public Facility Corp. Revenue (Sageland Flats Apartments)
4.550%
3/1/2043
1,000
1,021
20
San Antonio TX Independent School District GO
5.000%
8/15/2033
840
951
 
San Antonio TX Municipal Facilities Corp. Lease Revenue
5.000%
9/15/2035
3,000
3,283
 
San Antonio TX Municipal Facilities Corp. Lease Revenue
5.000%
9/15/2037
3,000
3,257
 
San Antonio TX Municipal Facilities Corp. Lease Revenue (City Tower Renovation Project)
3.000%
8/1/2034
1,780
1,728
 
San Antonio TX Water Revenue
5.000%
5/15/2034
1,000
1,007
 
San Antonio TX Water Revenue
5.000%
5/15/2037
1,680
1,705
 
San Antonio TX Water Revenue
5.000%
5/15/2038
1,440
1,483
 
San Marcos TX Waterworks & Wastewater System Revenue
5.000%
8/15/2037
4,665
5,264
20
Sanger TX Independent School District Unlimited Tax Building Bonds GO
5.000%
8/15/2037
1,755
1,901
20
Sherman TX Independent School District GO
5.000%
2/15/2028
270
281
 
Smith County TX GO
5.000%
8/15/2043
3,000
3,214
 
Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University
Project)
4.000%
10/1/2034
1,350
1,355
 
Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University
Project)
5.000%
10/1/2036
1,250
1,394
20
Southwest TX Independent School District GO
3.000%
2/1/2036
1,250
1,186
20
Spring TX Independent School District GO
5.000%
2/1/2028
1,690
1,758
20
Spring TX Independent School District GO
5.000%
2/1/2037
1,400
1,589
20
Spring TX Independent School District GO
4.000%
2/1/2043
3,070
3,071
 
Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor
Scott & White Health Project)
5.000%
11/15/2044
500
544
 
Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor
Scott & White Health Project) PUT
5.000%
5/1/2030
525
562
 
Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor
Scott & White Health Project) PUT
5.000%
5/1/2033
910
1,003
 
Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Cook
Children's Medical Center)
5.000%
12/1/2042
1,000
1,091
 
Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Cook
Children's Medical Center)
5.000%
12/1/2044
1,020
1,104
 
Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue
(Methodist Hospitals of Dallas)
5.000%
10/1/2039
1,650
1,761
 
Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT
5.000%
11/15/2029
1,615
1,721
 
Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT
5.000%
7/1/2032
2,180
2,393
 
Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT
5.000%
11/15/2032
1,610
1,781
 
Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Ascension Senior
Credit Group) PUT
5.000%
11/15/2032
3,165
3,483
 
Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health)
5.000%
7/1/2029
1,000
1,062
 
Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health)
5.000%
7/1/2032
3,000
3,259
 
Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health)
5.000%
7/1/2043
1,500
1,544
 
Tarrant County TX Housing Finance Corp. Revenue (Meridian Apartments)
4.600%
3/1/2043
1,000
1,029
 
Tarrant County TX Housing Finance Corp. Revenue (Meridian Apartments) PUT
5.000%
9/1/2027
110
113
20
Terrell TX Independent School District GO
5.000%
8/1/2037
2,500
2,844
70
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Texas A & M University Permanent Fund Revenue
5.000%
7/1/2026
2,680
2,680
 
Texas Department of Housing & Community Affairs Residential Mortgage Revenue
5.750%
1/1/2053
800
861
 
Texas Municipal Gas Acquisition & Supply Corp. I Revenue
6.250%
12/15/2026
30
30
 
Texas Municipal Gas Acquisition & Supply Corp. III Revenue
5.000%
12/15/2028
2,475
2,573
 
Texas Municipal Gas Acquisition & Supply Corp. III Revenue
5.000%
12/15/2029
4,235
4,430
 
Texas Municipal Gas Acquisition & Supply Corp. III Revenue
5.000%
12/15/2030
960
1,011
 
Texas Municipal Gas Acquisition & Supply Corp. III Revenue
5.000%
12/15/2031
1,390
1,470
 
Texas Municipal Gas Acquisition & Supply Corp. IV Revenue
5.500%
1/1/2034
1,895
2,067
 
Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT
5.500%
1/1/2030
10,445
11,065
 
Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT
5.500%
1/1/2034
4,390
4,799
 
Texas Municipal Gas Acquisition & Supply Corp. V Revenue PUT
5.000%
1/1/2034
5,980
6,378
 
Texas Municipal Gas Acquisition & Supply Corp. VI Revenue
5.000%
1/1/2036
6,985
7,397
3
Texas Municipal Power Agency Revenue
3.000%
9/1/2031
850
833
 
Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure
Group LLC I-635 Managed Lanes Project)
4.000%
12/31/2031
3,185
3,251
 
Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure
Group LLC I-635 Managed Lanes Project)
4.000%
6/30/2032
2,160
2,202
 
Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure
Group LLC I-635 Managed Lanes Project)
4.000%
12/31/2035
1,045
1,049
 
Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure
Group LLC I-635 Managed Lanes Projects)
4.000%
6/30/2038
1,200
1,186
 
Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure
Group LLC I-635 Managed Lanes Projects)
4.000%
12/31/2038
1,000
985
 
Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility
Partners LLC North Tarrant Express Managed Lanes Project)
5.000%
12/31/2031
1,000
1,059
 
Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility
Partners LLC North Tarrant Express Managed Lanes Project)
5.000%
12/31/2034
2,000
2,101
8
Texas Public Finance Authority Revenue
5.250%
5/1/2037
500
549
11
Texas State Turnpike Authority Central System Revenue
0.000%
8/15/2028
1,800
1,686
9
Texas State University System Financing Revenue
5.000%
3/15/2028
240
246
9
Texas State University System Financing Revenue
5.000%
3/15/2029
110
115
9
Texas State University System Financing Revenue
5.000%
3/15/2030
100
106
9
Texas State University System Financing Revenue
5.000%
3/15/2031
100
108
 
Texas State University System Financing Revenue
5.000%
3/15/2032
1,625
1,650
9
Texas State University System Financing Revenue
5.000%
3/15/2032
100
109
 
Texas State University System Financing Revenue
5.000%
3/15/2045
350
380
 
Texas State University System Financing Revenue
5.000%
3/15/2046
235
253
 
Texas Transportation Commission GO
5.000%
10/1/2031
675
748
 
Texas Transportation Commission GO
5.000%
10/1/2032
1,110
1,244
 
Texas Transportation Commission GO
5.000%
10/1/2036
4,900
5,010
 
Texas Transportation Commission GO
5.000%
4/1/2040
1,000
1,100
 
Texas Transportation Commission GO
5.000%
10/1/2042
1,290
1,420
 
Texas Transportation Commission GO
5.000%
4/1/2044
740
819
 
Texas Transportation Commission GO
5.000%
4/1/2045
845
930
 
Texas Transportation Commission Mobility Fund GO
5.000%
10/1/2034
1,705
1,747
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2033
1,490
1,672
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2034
2,165
2,445
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2035
2,000
2,247
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2035
3,470
3,891
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2036
2,000
2,229
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2039
1,400
1,473
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2039
1,000
1,093
 
Texas Transportation Commission Turnpike System Revenue
5.000%
8/15/2040
1,000
1,088
 
Texas Transportation Commission Turnpike System Revenue PUT
5.000%
8/15/2030
1,095
1,169
 
Texas Water Development Board Revenue
5.000%
10/15/2028
1,500
1,584
 
Texas Water Development Board Revenue
5.000%
10/15/2031
5,795
5,805
 
Texas Water Development Board Revenue
4.000%
10/15/2032
1,125
1,143
 
Texas Water Development Board Revenue
5.000%
8/1/2034
3,000
3,181
 
Texas Water Development Board Revenue
4.000%
10/15/2034
1,305
1,325
 
Texas Water Development Board Revenue
4.000%
10/15/2035
2,895
2,917
 
Texas Water Development Board Revenue
4.700%
10/15/2041
1,500
1,598
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
4/15/2032
3,760
4,198
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
10/15/2032
2,070
2,167
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
4.000%
10/15/2033
2,000
2,003
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
10/15/2034
2,500
2,513
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
4/15/2035
1,665
1,919
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
4/15/2036
1,950
2,245
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
4.450%
10/15/2036
2,250
2,405
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
3.000%
10/15/2039
3,045
2,765
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
10/15/2042
1,410
1,567
71
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
4.500%
10/15/2043
610
639
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
10/15/2043
3,535
3,629
 
Texas Water Development Board State Implementation Revenue Fund (Master Trust)
5.000%
10/15/2044
1,250
1,372
 
Tomball TX Combination Tax GO
4.500%
2/15/2042
1,290
1,324
 
Travis County TX Housing Finance Corp. Multifamily Housing Revenue (Bluestein
Boulevard Apartments) PUT
3.400%
7/1/2028
1,000
1,007
 
Trinity River Authority of Texas Denton Creek Regional Wastewater Treatment System
Revenue
5.000%
2/1/2027
2,645
2,682
 
Trinity River Authority of Texas Denton Creek Regional Wastewater Treatment System
Revenue
5.000%
2/1/2046
1,000
1,081
 
Trinity River Authority of Texas Red Oak Creek System Revenue
4.000%
2/1/2030
1,635
1,697
 
Trinity River Authority of Texas Regional Wastewater System Revenue
5.000%
8/1/2037
1,235
1,276
 
Trinity River Authority Revenue (Tarrant County Water Project)
5.000%
2/1/2037
625
685
 
Tyler TX Water & Sewer System Revenue
5.000%
9/1/2029
1,190
1,275
 
Tyler TX Water & Sewer System Revenue
5.000%
9/1/2044
2,470
2,619
 
University of Houston Texas Revenue
3.000%
2/15/2031
1,800
1,806
 
University of Houston Texas Revenue
4.000%
2/15/2033
55
55
 
University of Houston Texas Revenue
5.000%
2/15/2034
2,000
2,277
 
University of Houston Texas Revenue
5.000%
2/15/2035
755
756
 
University of North Texas Revenue
5.000%
4/15/2033
1,000
1,127
 
University of North Texas Revenue
4.000%
4/15/2034
1,110
1,123
 
University of North Texas Revenue
5.000%
4/15/2036
1,275
1,292
 
University of Texas Financing System Bonds Revenue
5.000%
8/15/2040
2,625
3,091
 
University of Texas Financing System Revenue
5.000%
8/15/2032
770
864
 
University of Texas Financing System Revenue
5.000%
8/15/2034
1,000
1,060
 
University of Texas Financing System Revenue
5.000%
8/15/2036
1,000
1,148
 
University of Texas Financing System Revenue
5.000%
8/15/2037
755
872
 
University of Texas Financing System Revenue
5.000%
8/15/2038
895
1,049
 
University of Texas Financing System Revenue
5.000%
3/15/2039
1,205
1,335
 
University of Texas Financing System Revenue
5.000%
8/15/2039
1,625
1,855
 
University of Texas Financing System Revenue
5.000%
8/15/2040
1,070
1,212
 
University of Texas Financing System Revenue
5.000%
3/15/2042
1,500
1,641
 
University of Texas Financing System Revenue
5.000%
8/15/2042
1,000
1,112
 
University of Texas Financing System Revenue
5.000%
8/15/2042
920
1,032
 
University of Texas Financing System Revenue
5.000%
3/15/2044
1,000
1,082
 
University of Texas Permanent University Fund Revenue
5.000%
7/1/2034
1,295
1,483
 
University of Texas Permanent University Fund Revenue
5.000%
7/1/2037
1,260
1,471
 
University of Texas Permanent University Fund Revenue
5.000%
7/1/2038
1,315
1,541
 
University of Texas Permanent University Fund Revenue
5.250%
7/1/2038
3,500
4,188
 
University of Texas Permanent University Fund Revenue
5.000%
7/1/2039
1,125
1,322
 
University of Texas Permanent University Fund Revenue
5.250%
7/1/2039
1,000
1,201
 
Waco TX Combination Tax GO
5.000%
2/1/2032
825
915
 
Waco TX Combination Tax GO
5.000%
2/1/2033
1,000
1,122
 
Waco TX Combination Tax GO
5.000%
2/1/2043
2,000
2,167
8
Waller County TX Road Improvement District GO
3.000%
3/1/2041
1,550
1,285
20
Waxahachie TX Independent School District GO
5.000%
2/15/2033
1,000
1,127
20
Weslaco TX Independent School District GO
5.000%
2/15/2041
1,000
1,093
8
West Travis County TX Public Utility Agency Revenue
5.000%
8/15/2027
1,235
1,267
8
West Travis County TX Public Utility Agency Revenue
4.000%
8/15/2032
270
272
 
Wharton County TX GO
5.000%
2/15/2043
1,000
1,085
20
Whitehouse TX Independent School District GO
5.000%
2/15/2042
1,250
1,261
 
Williamson County TX GO
5.000%
2/15/2028
2,000
2,080
 
Williamson County TX GO
5.000%
2/15/2032
6,460
7,199
 
Williamson County TX GO
5.000%
2/15/2039
5,795
6,417
 
Williamson County TX GO
4.000%
2/15/2043
2,820
2,799
20
Willis TX Independent School District GO
5.000%
2/15/2040
1,015
1,121
20
Willis TX Independent School District GO
5.000%
2/15/2041
1,595
1,754
20
Willis TX Independent School District GO
5.000%
2/15/2042
1,670
1,826
20
Willis TX Independent School District GO
5.000%
2/15/2043
1,730
1,885
20
Willis TX Independent School District GO
5.000%
2/15/2045
2,705
2,916
20
Wimberley TX Independent School District GO
5.000%
8/15/2037
2,000
2,282
20
Wimberley TX Independent School District GO
5.000%
8/15/2038
720
820
20
Wimberley TX Independent School District GO
5.000%
8/15/2039
1,125
1,278
20
Wimberley TX Independent School District GO
5.000%
8/15/2040
1,170
1,319
20
Wimberley TX Independent School District GO
5.000%
8/15/2041
1,520
1,707
20
Wimberley TX Independent School District GO
5.000%
8/15/2042
1,500
1,678
20
Wimberley TX Independent School District GO
5.000%
8/15/2043
2,340
2,600
20
Wimberley TX Independent School District GO
5.000%
8/15/2044
6,830
7,526
20
Wimberley TX Independent School District GO
5.000%
8/15/2045
5,070
5,539
 
 
 
 
 
948,444
72
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
Utah (0.3%)
 
Central Utah Water Conservancy District Revenue
4.000%
10/1/2032
1,000
1,009
3
Downtown Revitalization Public Infrastructure District UT Sales Tax Revenue (SEG
Redevelopment Project)
5.000%
6/1/2036
1,160
1,312
3
Downtown Revitalization Public Infrastructure District UT Sales Tax Revenue (SEG
Redevelopment Project)
5.250%
6/1/2042
1,490
1,672
 
Duchesne School District UT Municipal Building Authority Lease Revenue
5.000%
6/1/2037
1,400
1,456
 
Intermountain UT Power Agency Supply Revenue
4.000%
7/1/2036
2,310
2,369
 
Intermountain UT Power Agency Supply Revenue
5.000%
7/1/2038
2,000
2,156
 
Intermountain UT Power Agency Supply Revenue
5.000%
7/1/2040
2,000
2,160
 
Intermountain UT Power Agency Supply Revenue
5.000%
7/1/2041
1,105
1,180
 
Intermountain UT Power Agency Supply Revenue
5.000%
7/1/2042
2,500
2,662
 
Jordan Valley UT Water Conservancy District Revenue
4.000%
10/1/2032
750
758
6
Mida Mountain Village Public Infrastructure District UT Tax Allocation Revenue
5.500%
6/15/2039
500
518
6,21
Mida Mountain Village Public Infrastructure District UT Tax Allocation Revenue, 5.750%
coupon rate effective 6/1/2031
0.000%
6/1/2043
185
146
 
Nebo UT School District GO
5.000%
7/1/2028
5,000
5,248
 
University of Utah Revenue
5.000%
8/1/2041
1,250
1,370
6
Utah City West Public Infrastructure District No. 1 Special Assessment
5.000%
12/1/2041
190
194
6
Utah City West Public Infrastructure District No. 1 Special Assessment
5.500%
12/1/2046
230
236
 
Utah County UT Hospital Revenue (IHC Health Services)
5.000%
5/15/2034
750
779
 
Utah County UT Hospital Revenue (IHC Health Services)
5.000%
5/15/2035
850
881
 
Utah Housing Corp. Multifamily Housing Revenue PUT
3.180%
2/1/2029
960
963
 
Utah Housing Corp. Multifamily Housing Revenue PUT
2.650%
3/1/2029
140
139
 
Utah Housing Corp. Multifamily Housing Revenue PUT
3.240%
12/1/2029
500
503
 
Utah Housing Corp. Single Family Mortgage Revenue
6.000%
7/1/2054
955
1,047
 
Utah Housing Corp. Single Family Mortgage Revenue
6.250%
7/1/2055
965
1,074
 
Utah Housing Corp. Single Family Mortgage Revenue
6.500%
7/1/2055
935
1,033
 
Utah Housing Corp. Single Family Mortgage Revenue
6.750%
7/1/2055
1,720
1,961
 
Utah Housing Corp. Single Family Mortgage Revenue
6.500%
7/1/2056
695
787
 
Utah Transit Authority Sales Tax Revenue
5.000%
12/15/2036
1,000
1,038
 
Utah Transit Authority Sales Tax Revenue
5.000%
12/15/2037
1,000
1,145
 
Utah Transit Authority Sales Tax Revenue
5.000%
6/15/2039
2,190
2,451
 
Utah Transit Authority Sales Tax Revenue
5.000%
12/15/2041
1,000
1,103
6
Wakara Ridge Public Infrastructure District UT Special Assessment Bonds
5.625%
12/1/2054
255
263
 
 
 
 
 
39,613
Vermont (0.0%)
 
University of Vermont Educational & Health Buildings Financing Agency Revenue
5.000%
12/1/2028
1,010
1,012
 
Vermont Economic Development Authority Mortgage Revenue
4.000%
5/1/2033
985
988
 
Vermont Educational & Health Buildings Financing Agency Revenue
5.000%
11/1/2038
1,260
1,382
 
Vermont GO
4.000%
8/15/2042
1,000
1,008
 
 
 
 
 
4,390
Virgin Islands (0.0%)
 
Matching Fund Special Purpose Securitization Corp. Revenue
5.000%
10/1/2026
115
115
 
Matching Fund Special Purpose Securitization Corp. Revenue
5.000%
10/1/2027
385
393
 
Virgin Islands Transportation & Infrastructure Corp. Revenue
5.000%
9/1/2038
1,160
1,288
 
 
 
 
 
1,796
Virginia (0.4%)
 
Arlington County Industrial Development Authority Hospital Facilities Revenue PUT
5.000%
7/1/2031
1,000
1,066
 
Arlington County Industrial Development Authority Multifamily Housing Revenue PUT
3.100%
2/1/2027
310
310
 
Chesapeake VA Redevelopment & Housing Authority Multifamily Revenue (Forest Cove I
Project) PUT
4.500%
7/1/2040
995
1,036
6
Cutalong II Community Development Authority VA Special Assessment (Cutalong II
Project)
4.000%
3/1/2032
705
698
 
Fairfax County Industrial Development Authority Health Care Revenue
5.000%
5/15/2032
1,500
1,674
 
Halifax County VA Industrial Development Authority Revenue (Virginia Electric & Power
Co. Project) PUT
3.800%
5/28/2027
1,000
1,009
 
Hampton Roads Sanitation District VA Wastewater Revenue
5.000%
7/1/2044
1,070
1,169
 
Hampton Roads VA Transportation Accountability Commission Revenue
5.000%
7/1/2027
2,000
2,049
6
Hanover County VA Economic Development Authority Revenue (Covenant Woods)
4.000%
7/1/2030
260
264
3
Isle of Wight County VA Economic Development Authority Health System Revenue
5.000%
7/1/2037
500
548
 
James City County VA Economic Development Authority Revenue (Williamsburg Landing)
4.000%
12/1/2035
225
223
 
Lynchburg VA Economic Development Authority Hospital Revenue (Centra Health
Obligated Group)
5.000%
1/1/2035
1,180
1,325
 
Lynchburg VA Economic Development Authority Hospital Revenue (Centra Health
Obligated Group)
5.250%
1/1/2045
1,500
1,635
 
Norfolk City VA GO
5.000%
9/1/2036
1,375
1,480
 
Norfolk City VA GO
5.000%
9/1/2038
1,000
1,070
 
Norfolk City VA GO
5.000%
9/1/2040
1,000
1,079
73
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Norfolk VA Economic Development Authority Hospital Facilities Revenue (Sentara
Healthcare) PUT
5.000%
11/1/2028
2,425
2,547
 
Prince William County VA Service Authority Water & Sewer System Revenue
5.000%
7/15/2033
500
571
 
Richmond VA Redevelopment & Housing Authority Multifamily Tax-Exempt Mortgage
Backed Revenue
4.500%
5/1/2040
986
1,022
 
Virginia Beach VA Development Authority Residential Care Facility Revenue
(Westminster-Canterbury on Chesapeake Bay)
5.000%
9/1/2030
600
613
 
Virginia Beach VA Development Authority Residential Care Facility Revenue
(Westminster-Canterbury on Chesapeake Bay)
5.750%
9/1/2030
1,000
1,003
 
Virginia Beach VA Development Authority Residential Care Facility Revenue
(Westminster-Canterbury on Chesapeake Bay)
5.000%
9/1/2033
425
433
 
Virginia College Building Authority Educational Facilities Revenue (21st Century College &
Equipment Programs)
3.000%
2/1/2035
1,450
1,395
 
Virginia College Building Authority Educational Facilities Revenue (21st Century College &
Equipment Programs)
3.000%
2/1/2036
1,000
952
 
Virginia College Building Authority Educational Facilities Revenue (21st Century College &
Equipment Programs)
5.000%
2/1/2042
1,000
1,072
 
Virginia College Building Authority Educational Facilities Revenue (Public Higher
Education Financing Program)
4.000%
9/1/2031
4,710
4,716
 
Virginia Commonwealth Transportation Board Revenue
4.000%
5/15/2033
5,000
5,039
 
Virginia Commonwealth Transportation Board Revenue
4.000%
5/15/2035
1,280
1,288
 
Virginia Commonwealth Transportation Board Revenue
4.000%
5/15/2035
1,750
1,767
 
Virginia Housing Development Authority Commonwealth Mortgage Revenue
4.200%
7/1/2041
850
852
 
Virginia Port Authority Commonwealth Port Fund Revenue
5.000%
7/1/2043
1,000
1,088
 
Virginia Public Building Authority Revenue
5.000%
11/1/2031
95
95
 
Virginia Small Business Financing Authority Healthcare Facilities Revenue
5.000%
6/15/2040
1,000
1,092
 
Virginia Small Business Financing Authority Healthcare Facilities Revenue
5.000%
6/15/2042
1,000
1,081
 
Virginia Small Business Financing Authority Healthcare Facilities Revenue PUT
5.000%
6/15/2035
500
553
 
York County VA Economic Development Authority Pollution Control Revenue PUT
3.650%
10/1/2027
385
389
 
 
 
 
 
44,203
Washington (1.9%)
 
Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue
5.000%
11/1/2026
795
802
 
Energy Northwest Washington Electric Revenue
5.000%
7/1/2027
2,000
2,051
 
Energy Northwest Washington Electric Revenue
5.000%
7/1/2036
1,000
1,164
 
Energy Northwest Washington Electric Revenue
5.000%
7/1/2043
2,835
3,157
 
Energy Northwest Washington Electric Revenue (Columbia Generating Station)
5.000%
7/1/2038
5,895
6,293
 
Energy Northwest Washington Electric Revenue (Columbia Generating Station)
5.000%
7/1/2040
1,000
1,073
 
Franklin County WA Pasco School District No. 1 GO
4.000%
12/1/2027
1,000
1,022
 
Grant County Public Hospital District No. 1 GO
5.500%
12/1/2041
2,605
2,759
 
Highline WA King County School District No. 401 GO
5.000%
12/1/2037
1,250
1,377
9
Jefferson County WA School District No. 50 Port Townsend GO
5.000%
12/1/2044
2,695
2,948
 
King & Pierce Counties WA Wash School District No. 408 Auburn Unlimited Tax GO
3.000%
12/1/2038
1,230
1,121
 
King & Snohomish Counties WA School District No. 417 Northshore Unlimited Tax GO
5.000%
12/1/2026
1,815
1,832
 
King & Snohomish Counties WA School District No. 417 Northshore Unlimited Tax GO
5.000%
12/1/2041
1,250
1,391
 
King County WA GO
4.000%
12/1/2032
1,500
1,504
 
King County WA Housing Authority Revenue
3.000%
11/1/2039
3,875
3,436
 
King County WA Housing Authority Revenue
4.500%
1/1/2040
1,000
1,030
 
King County WA Housing Authority Revenue
3.000%
6/1/2040
1,500
1,301
 
King County WA Housing Authority Revenue
5.375%
7/1/2045
1,000
1,067
 
King County WA School District No. 401 Highline Unlimited Tax GO
5.000%
12/1/2042
1,000
1,109
 
King County WA School District No. 403 Renton GO
4.000%
12/1/2040
1,000
1,013
 
King County WA School District No. 412 Shoreline Unlimited Tax GO
4.000%
12/1/2039
1,000
1,007
 
King County WA Sewer Revenue
5.000%
1/1/2043
1,000
1,099
 
King County WA Sewer Revenue
4.000%
1/1/2045
1,000
1,001
5
King County WA Sewer Revenue VRDO
3.000%
7/1/2026
8,200
8,200
3
Klickitat County WA Public Utility District No. 1 Electric System Revenue
5.000%
12/1/2026
500
504
3
Klickitat County WA Public Utility District No. 1 Electric System Revenue
5.000%
12/1/2034
1,195
1,346
 
Pierce County WA Fire Protection District No. 5 GO
4.000%
12/1/2041
3,275
3,315
 
Pierce County WA Puyallup School District No. 3 GO
5.000%
12/1/2033
2,600
2,653
 
Pierce County WA School District No. 3 Puyallup Unlimited Tax GO
5.000%
12/1/2036
1,325
1,348
 
Pierce County WA School District No. 403 Bethel Unlimited Tax GO
5.000%
12/1/2043
1,650
1,806
 
Port Seattle WA Intermediate Lien Revenue
5.000%
3/1/2032
1,125
1,253
 
Seattle WA Drain & Wastewater System Revenue
5.000%
5/1/2037
1,500
1,720
 
Seattle WA Housing Authority Multifamily Revenue (Jackson Park Village Project)
5.000%
12/1/2029
185
193
 
Seattle WA Housing Authority Multifamily Revenue (Jackson Park Village Project)
4.000%
12/1/2032
595
598
 
Seattle WA Municipal Light & Power Improvement & Refunding Revenue
5.000%
2/1/2037
2,485
2,847
 
Seattle WA Municipal Light & Power Improvement & Refunding Revenue
5.000%
2/1/2038
2,310
2,630
 
Seattle WA Municipal Light & Power Improvement & Refunding Revenue
5.000%
2/1/2041
1,550
1,732
 
Seattle WA Municipal Light & Power Improvement & Refunding Revenue
5.000%
2/1/2042
2,200
2,448
 
Seattle WA Municipal Light & Power Improvement & Refunding Revenue
5.000%
2/1/2045
1,000
1,089
74
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Seattle WA Water System Improvement Revenue
4.000%
8/1/2032
3,020
3,040
 
Snohomish County WA Housing Authority Revenue (Allegro Apartments Project)
3.750%
4/1/2036
1,595
1,548
 
Vancouver WA Housing Authority Revenue (Jens Pointe Project)
4.250%
2/1/2038
1,000
1,016
 
Washington (Motor Vehicle Fuel Tax) GO
5.000%
6/1/2027
1,000
1,023
 
Washington (Motor Vehicle Fuel Tax) GO
5.000%
8/1/2037
4,045
4,550
 
Washington (Motor Vehicle Fuel Tax) GO
5.000%
8/1/2039
2,400
2,670
 
Washington GO
4.000%
7/1/2028
5,000
5,153
 
Washington GO
5.000%
2/1/2035
5,000
5,061
 
Washington GO
5.000%
8/1/2035
1,000
1,022
 
Washington GO
5.000%
2/1/2036
5,000
5,059
 
Washington GO
5.000%
8/1/2036
2,150
2,240
 
Washington GO
5.000%
2/1/2038
3,015
3,404
 
Washington GO
5.000%
8/1/2038
960
996
 
Washington GO
5.000%
2/1/2039
2,000
2,087
 
Washington GO
5.000%
8/1/2039
2,000
2,184
 
Washington GO
5.000%
8/1/2040
5,000
5,595
 
Washington GO
5.000%
8/1/2041
1,110
1,239
 
Washington GO
5.000%
8/1/2042
5,015
5,420
 
Washington GO
5.000%
2/1/2043
2,955
3,255
 
Washington GO
5.000%
8/1/2043
2,000
2,060
 
Washington GO
5.000%
8/1/2043
1,460
1,541
 
Washington GO
5.000%
2/1/2044
2,310
2,535
 
Washington GO
5.000%
6/1/2044
1,000
1,059
 
Washington GO
5.000%
8/1/2044
2,730
2,970
 
Washington GO
5.000%
8/1/2044
5,000
5,510
 
Washington GO
5.000%
2/1/2046
5,000
5,435
 
Washington GO
5.000%
8/1/2046
5,000
5,453
 
Washington Health Care Facilities Authority Revenue (Central Washington Health
Services Association)
5.000%
7/1/2030
1,760
1,761
 
Washington Health Care Facilities Authority Revenue (CommonSpirit Health)
5.000%
8/1/2032
1,750
1,838
 
Washington Health Care Facilities Authority Revenue (MultiCare Health System)
5.000%
8/15/2032
1,000
1,024
 
Washington Health Care Facilities Authority Revenue (MultiCare Health System)
4.000%
8/15/2041
1,000
962
 
Washington Health Care Facilities Authority Revenue (Providence Health & Services)
5.000%
10/1/2033
880
880
 
Washington Health Care Facilities Authority Revenue (Providence St. Joseph Health)
5.000%
10/1/2030
1,000
1,077
 
Washington Health Care Facilities Authority Revenue (Providence St. Joseph Health)
5.000%
10/1/2033
6,985
7,240
 
Washington Health Care Facilities Authority Revenue (Providence St. Joseph Health)
5.000%
10/1/2035
4,065
4,558
 
Washington Health Care Facilities Authority Revenue (Providence St. Joseph Health)
5.000%
10/1/2035
1,565
1,758
 
Washington Health Care Facilities Authority Revenue (Seattle Cancer Care Alliance)
4.000%
9/1/2045
1,935
1,830
 
Washington Health Care Facilities Authority Revenue (Seattle Children's Hospital)
5.000%
10/1/2036
5,565
6,185
 
Washington Higher Education Facilities Authority Revenue (Gonzaga University)
4.000%
4/1/2047
1,475
1,356
 
Washington Higher Education Facilities Authority Revenue (Seattle University Project)
5.000%
10/1/2035
1,000
987
 
Washington Higher Education Facilities Authority Revenue (Whitworth University Project)
4.000%
10/1/2034
725
700
 
Washington State Convention Center Public Facilities District Revenue (Lodging Tax
Bonds)
4.000%
7/1/2030
925
942
 
Washington State Convention Center Public Facilities District Revenue (Lodging Tax
Bonds)
4.000%
7/1/2031
5,025
5,141
 
Washington State Convention Center Public Facilities District Revenue (Lodging Tax
Bonds)
3.000%
7/1/2034
290
277
 
Washington State Convention Center Public Facilities District Revenue (Lodging Tax
Bonds)
5.000%
7/1/2037
855
899
 
Washington State Health Care Facilities Authority Revenue PUT
4.000%
10/1/2030
5,000
5,110
 
Washington State Housing Finance Commission Multifamily Revenue (Camas Flats
Apartments Project) PUT
5.000%
2/1/2027
500
506
 
Washington State Housing Finance Commission Municipal Certificates Revenue
3.500%
12/20/2035
6,538
6,308
 
Washington State Housing Finance Commission Municipal Certificates Revenue
3.375%
4/20/2037
1,944
1,824
 
Washington State Housing Finance Commission Municipal Certificates Revenue
3.949%
11/20/2041
2,851
2,774
 
Washington State Housing Finance Commission Municipal Certificates Revenue
3.949%
11/20/2041
992
940
 
Washington State Housing Finance Commission Municipal Certificates Revenue
4.085%
3/1/2050
2,098
2,063
6
Washington State Housing Finance Commission Nonprofit Revenue
5.125%
7/1/2033
740
788
6,8
Washington State Housing Finance Commission Nonprofit Revenue (Blakeley & Laurel
Villages Portfolio)
5.000%
7/1/2038
1,500
1,620
 
Washington State Housing Finance Commission Nonprofit Revenue (Horizon House
Project)
4.375%
1/1/2033
500
502
 
Washington State Housing Finance Commission Nonprofit Revenue (Horizon House
Project)
4.500%
1/1/2034
1,195
1,202
 
Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim
Court)
5.000%
7/1/2033
2,545
2,669
 
Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim
Court)
5.000%
7/1/2038
2,015
2,085
 
Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim
Court)
5.500%
7/1/2044
2,000
2,078
75
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Washington State Motor Vehicle Fuel Tax Related Fees GO
5.000%
7/1/2028
1,580
1,658
 
Washington State University Revenue
5.000%
4/1/2033
1,110
1,248
 
 
 
 
 
230,154
West Virginia (0.2%)
 
West Virginia Economic Development Authority Lottery Revenue
4.000%
6/15/2037
1,355
1,355
 
West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue
(Amos Project) PUT
3.700%
6/1/2028
1,000
1,015
 
West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue
(Amos Project) PUT
3.375%
6/15/2028
500
504
 
West Virginia GO
5.000%
12/1/2035
1,000
1,038
 
West Virginia GO
5.000%
6/1/2036
1,000
1,037
 
West Virginia GO
5.000%
6/1/2038
2,500
2,630
 
West Virginia GO
5.000%
12/1/2042
5,520
5,762
 
West Virginia GO
5.000%
12/1/2043
3,920
4,086
 
West Virginia Higher Education Policy Commission Revenue
5.000%
7/1/2037
1,315
1,334
 
West Virginia Hospital Finance Authority Hospital Revenue
5.000%
6/1/2039
1,300
1,409
 
West Virginia Hospital Finance Authority Hospital Revenue (Cabell Huntington
Hospital Inc.)
5.000%
1/1/2029
865
879
 
West Virginia Hospital Finance Authority Revenue
5.000%
6/1/2037
575
637
 
West Virginia Hospital Finance Authority Revenue
5.750%
9/1/2043
1,000
1,088
 
West Virginia Hospital Finance Authority Revenue
5.250%
6/1/2044
1,385
1,505
 
West Virginia Hospital Finance Authority Revenue PUT
5.000%
6/1/2033
1,000
1,087
 
 
 
 
 
25,366
Wisconsin (1.0%)
 
Central Brown County Water Authority System Revenue
5.000%
11/1/2027
2,000
2,062
 
Madison WI Metropolitan School District GO
5.000%
3/1/2036
1,200
1,356
8
Milwaukee WI GO
5.000%
4/1/2027
1,000
1,017
3
Milwaukee WI GO
5.000%
12/1/2037
3,695
4,088
 
New Richmond WI School District GO
5.000%
4/1/2032
325
361
 
Oshkosh WI GO
4.250%
6/1/2041
1,000
1,020
 
Public Finance Authority Health Care Facilities Revenue (Appalachian Regional
Healthcare System Obligated Group)
5.000%
7/1/2035
300
308
 
Public Finance Authority Health Care System Revenue (Cone Health)
5.000%
10/1/2028
1,000
1,050
 
Public Finance Authority Housing Certificates Revenue
4.477%
12/5/2040
720
724
 
Public Finance Authority Revenue (Aggie Apartment)
5.000%
6/1/2039
200
210
6
Public Finance Authority Revenue (Anticipation Improvement & Refunding Bonds)
5.000%
12/15/2036
589
589
6
Public Finance Authority Revenue (Canyon Campus Project)
4.000%
7/15/2039
155
148
6
Public Finance Authority Revenue (Charter School Project)
4.750%
7/1/2045
250
238
6
Public Finance Authority Revenue (Clover Garden School)
5.000%
6/15/2032
315
319
 
Public Finance Authority Revenue (Duke Energy Progress Project) PUT
3.300%
10/1/2026
1,000
999
 
Public Finance Authority Revenue (Duke Energy Progress Project) PUT
3.700%
10/1/2030
1,160
1,194
8
Public Finance Authority Revenue (Eastern Michigan University Student Housing Project)
5.250%
7/1/2034
1,000
1,112
 
Public Finance Authority Revenue (Elme Germantown Apartments)
4.000%
5/1/2036
580
567
6
Public Finance Authority Revenue (Furst Ranch Projects)
0.000%
12/15/2036
1,700
881
6
Public Finance Authority Revenue (Inperium Project)
5.500%
12/1/2044
500
514
6,9
Public Finance Authority Revenue (Inperium Project)
6.000%
12/1/2045
185
197
 
Public Finance Authority Revenue (Kahala NUI Project)
5.000%
11/15/2035
325
354
 
Public Finance Authority Revenue (Kahala NUI Project)
5.000%
11/15/2042
750
793
 
Public Finance Authority Revenue (St. Joseph Health) Prere.
4.000%
10/1/2030
670
702
 
Public Finance Authority Revenue (St. Joseph Health) PUT
4.000%
10/1/2030
1,415
1,446
 
Public Finance Authority Revenue (Texas Biomedical Research Institute Project)
5.000%
6/1/2034
650
682
 
Public Finance Authority Student Housing Facilities Revenue (Campus Real Estate
Holding Corp. LLC Project)
5.000%
6/1/2030
55
57
 
Public Finance Authority Student Housing Facilities Revenue (Campus Real Estate
Holding Corp. LLC Project)
5.000%
6/1/2035
90
96
 
Public Finance Authority Student Housing Revenue (KSU Bixby Real Estate
Foundation LLC Project)
5.000%
6/15/2036
425
476
 
Public Finance Authority WI Affordable Housing Certificates Revenue
4.147%
1/20/2041
5,329
5,169
 
Public Finance Authority WI Affordable Housing Certificates Revenue
4.147%
1/20/2041
551
515
6
Public Finance Authority WI Education Revenue (Springs Campus Project)
4.000%
7/15/2033
110
110
 
Public Finance Authority WI Educational Facilities Revenue (Lenoir-Rhyne University)
5.000%
4/1/2033
1,405
1,464
 
Public Finance Authority WI Educational Facilities Revenue (Lindenwood Education
System)
5.000%
6/1/2028
160
164
5,6
Public Finance Authority WI Multifamily Housing Revenue (Covington Creek LLC) TOB
VRDO
3.150%
7/1/2026
1,100
1,100
 
Public Finance Authority WI Municipal Certificates Revenue
5.400%
6/20/2044
658
706
 
Public Finance Authority WI Municipal Certificates Revenue
5.750%
6/20/2044
140
148
 
Public Finance Authority WI Municipal Certificates Revenue PUT
3.625%
6/15/2031
1,190
1,193
6
Public Finance Authority WI Tax Increment Revenue (Miami Worldcenter Project)
5.000%
6/1/2041
1,200
1,231
8
Racine WI Unified School District GO
5.000%
4/1/2039
1,600
1,723
76
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Racine WI Unified School District Revenue
4.000%
4/1/2030
2,510
2,562
 
Sheboygan WI Area School District GO
3.000%
3/1/2041
1,000
899
3
Sparta WI Area School District GO
3.000%
3/1/2041
800
706
 
University of Wisconsin Hospitals & Clinics Authority Revenue PUT
5.000%
10/1/2031
500
542
5
University of Wisconsin Hospitals & Clinics Authority Revenue VRDO
2.900%
7/1/2026
3,000
3,000
 
Waunakee WI Community School District GO
3.250%
4/1/2028
4,000
4,001
3
Wisconsin Center District Tax Revenue
0.000%
12/15/2034
1,250
915
3
Wisconsin Center District Tax Revenue
0.000%
12/15/2039
1,250
713
 
Wisconsin GO
5.000%
5/1/2027
1,205
1,231
9
Wisconsin GO
5.000%
5/1/2032
385
424
 
Wisconsin GO
5.000%
5/1/2036
1,985
2,227
 
Wisconsin GO
5.000%
5/1/2036
1,300
1,493
 
Wisconsin Health & Educational Facilities Authority Revenue
5.000%
11/15/2035
5,000
5,020
 
Wisconsin Health & Educational Facilities Authority Revenue
4.000%
4/1/2038
2,245
2,247
 
Wisconsin Health & Educational Facilities Authority Revenue
5.250%
8/15/2039
1,415
1,506
 
Wisconsin Health & Educational Facilities Authority Revenue PUT
5.000%
6/22/2029
1,000
1,057
 
Wisconsin Health & Educational Facilities Authority Revenue PUT
5.000%
10/3/2034
1,250
1,355
 
Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health & Hospitals
Corp.) PUT
5.000%
7/29/2026
1,005
1,007
 
Wisconsin Health & Educational Facilities Authority Revenue (Agnesian HealthCare Inc.)
5.000%
7/1/2031
1,065
1,083
 
Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance
Credit Group)
4.000%
11/15/2034
1,540
1,543
 
Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance
Credit Group)
5.000%
11/15/2036
2,265
2,270
 
Wisconsin Health & Educational Facilities Authority Revenue (Aspirus Inc. Obligated
Group)
5.000%
8/15/2038
1,410
1,519
 
Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial
Hospital Inc.)
5.000%
12/1/2037
600
659
 
Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial
Hospital Inc.)
5.000%
12/1/2041
1,875
2,022
 
Wisconsin Health & Educational Facilities Authority Revenue (Children's Hospital of
Wisconsin Inc.)
4.000%
8/15/2031
1,010
1,016
 
Wisconsin Health & Educational Facilities Authority Revenue (Froedtert Thedacare
Health Inc.)
5.000%
4/1/2042
1,000
1,066
 
Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit
Group)
5.000%
8/15/2030
500
539
 
Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit
Group)
5.000%
8/15/2034
1,000
1,117
 
Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit
Group)
5.000%
8/15/2037
1,000
1,105
 
Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit
Group)
5.250%
8/15/2044
1,620
1,764
 
Wisconsin Health & Educational Facilities Authority Revenue (MarshField Clinic Health
System)
5.000%
2/15/2032
1,000
1,087
 
Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.)
5.000%
12/1/2027
1,055
1,086
 
Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.)
5.000%
12/1/2033
4,985
5,512
 
Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.)
5.000%
12/1/2039
4,730
5,239
 
Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.) PUT
5.000%
12/1/2031
5,280
5,662
 
Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.) PUT
5.000%
12/1/2033
5,335
5,840
 
Wisconsin Health & Educational Facilities Authority Revenue (Oakwood Lutheran Senior
Ministries)
4.000%
1/1/2029
775
781
 
Wisconsin Health & Educational Facilities Authority Revenue (ThedaCare Inc. Obligated
Group)
4.000%
12/15/2039
1,595
1,586
 
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
4.050%
9/1/2039
1,450
1,452
 
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
6.000%
3/1/2055
935
1,007
 
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
6.000%
3/1/2055
480
521
 
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
5.750%
9/1/2056
185
202
 
Wisconsin Housing & Economic Development Authority Housing Revenue PUT
3.750%
11/1/2026
130
130
 
Wisconsin Housing & Economic Development Authority Multifamily Revenue PUT
5.000%
8/1/2026
1,000
1,001
 
Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University)
5.250%
10/1/2032
740
747
 
Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center)
5.000%
6/1/2030
1,085
1,088
 
Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center)
4.000%
6/1/2039
1,000
984
 
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United
Methodist Retirement Homes)
4.000%
10/1/2034
390
400
 
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United
Methodist Retirement Homes)
4.000%
10/1/2035
285
291
 
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United
Methodist Retirement Homes)
4.000%
10/1/2036
435
443
 
 
 
 
 
118,750
Wyoming (0.0%)
 
Laramie County WY Hospital Revenue (Cheyenne Regional Medical Center Project)
4.000%
5/1/2029
130
133
77
Tax-Managed Balanced Fund
 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Wyoming Community Development Authority Housing Revenue
5.750%
6/1/2053
140
148
8
Wyoming Municipal Power Agency Power Supply Revenue Prere.
5.000%
1/1/2027
1,000
1,011
 
 
 
 
 
1,292
Total Tax-Exempt Municipal Bonds (Cost $6,412,024)
6,471,677
Total Investments (100.0%) (Cost $8,124,657)
12,251,675
Other Assets and Liabilities—Net (0.0%)
(1,037
)
Net Assets (100%)
12,250,638
 
Cost is in $000.
 
•
See Note A in Notes to Financial Statements.
 
*
Non-income-producing security.
1
Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
2
Security value determined using significant unobservable inputs.
3
Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc.
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 bank letter of credit.
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, 2026, the aggregate value was $142,849, representing 1.2% 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
Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2026.
10
Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
11
Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
12
Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co.
13
Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
14
Securities with a value of $527 have been segregated as initial margin for open futures contracts.
15
Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund.
16
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.
17
The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the
issue being called.
18
Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp.
19
Scheduled principal and interest payments are guaranteed by XL Capital Assurance Inc.
20
Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund.
21
Step bond.
 
 
ADR—American Depositary Receipt.
 
COP—Certificate of Participation.
 
CVR—Contingent Value Rights.
 
ETM—Escrowed to Maturity.
 
GO—General Obligation Bond.
 
Prere.—Prerefunded.
 
PUT—Put Option Obligation.
 
SIFMA—Securities Industry and Financial Markets Association.
 
SO—Special Obligation.
 
SOFR—Secured Overnight Financing Rate.
 
TOB—Tender Option Bond.
 
VRDO—Variable Rate Demand Obligation.
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 2026
183
37,722
(1
)
5-Year U.S. Treasury Note
September 2026
134
14,344
49
E-mini S&P 500 Index
September 2026
746
281,550
1,818
 
1,866
 
78
Tax-Managed Balanced Fund
Over-the-Counter Total Return Swaps
Reference Entity
Termination
Date
Counterparty
Notional
Amount
($000)
Floating
Interest
Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
Citigroup Inc.
8/31/2027
BANA
837
(4.441
)
—
(29
)
Elevance Health Inc.
1/29/2027
JPMC
68
(4.320
)
—
(3
)
Global Payments Inc.
8/31/2026
BANA
189
(4.398
)
13
—
Goldman Sachs Group Inc.
8/31/2027
BANA
1,286
(4.431
)
—
(66
)
JPMorgan Chase & Co.
8/31/2027
BANA
6,045
(4.438
)
—
(144
)
PayPal Holdings Inc.
8/31/2026
BANA
242
(4.347
)
5
—
Raymond James Financial Inc.
2/1/2027
CITNA
42
(4.120
)
—
(1
)
VICI Properties Inc. Class A
8/31/2026
BANA
8
(4.299
)
—
—
 
 
18
(243
)
 
1Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
BANA—Bank of America, N.A.
CITNA—Citibank, N.A.
JPMC—JPMorgan Chase Bank, N.A.
See accompanying Notes, which are an integral part of the Financial Statements.
79
Tax-Managed Balanced Fund
Statement of Assets and Liabilities
As of June 30, 2026
 
 
($000s, except shares and per-share amounts)
Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $8,099,164)
12,225,703
Affiliated Issuers (Cost $25,493)
25,972
Total Investments in Securities
12,251,675
Investment in Vanguard
262
Cash
166
Cash Collateral Pledged—Futures Contracts
18,705
Receivables for Investment Securities Sold
397
Receivables for Accrued Income
74,179
Receivables for Capital Shares Issued
4,355
Variation Margin Receivable—Futures Contracts
1,790
Unrealized Appreciation—Over-the-Counter Swap Contracts
18
Total Assets
12,351,547
Liabilities
Payables for Investment Securities Purchased
97,335
Payables for Capital Shares Redeemed
3,034
Payables to Vanguard
250
Variation Margin Payable—Futures Contracts
47
Unrealized Depreciation—Over-the-Counter Swap Contracts
243
Total Liabilities
100,909
Net Assets
12,250,638
 
 
At June 30, 2026, net assets consisted of:
 
Paid-in Capital
7,792,829
Total Distributable Earnings (Loss)
4,457,809
Net Assets
12,250,638

 
Net Assets
Applicable to 238,348,876 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
12,250,638
Net Asset Value Per Share
$51.40
See accompanying Notes, which are an integral part of the Financial Statements.
80
Tax-Managed Balanced Fund
Statement of Operations
 
 
 
Six Months Ended
June 30, 2026
 
($000)
Investment Income
Income
Dividends1
28,335
Interest
113,361
Total Income
141,696
Expenses
The Vanguard Group—Note C
Investment Advisory Services
81
Management and Administrative
2,928
Marketing and Distribution
259
Custodian Fees
13
Shareholders’ Reports
35
Trustees’ Fees and Expenses
3
Other Expenses
5
Total Expenses
3,324
Net Investment Income
138,372
Realized Net Gain (Loss)
Investment Securities Sold1,2
381,617
Futures Contracts
(2,393
)
Swap Contracts
239
Foreign Currencies
—
Realized Net Gain (Loss)
379,463
Change in Unrealized Appreciation (Depreciation)
Investment Securities1
133,749
Futures Contracts
1,684
Swap Contracts
(224
)
Foreign Currencies
—
Change in Unrealized Appreciation (Depreciation)
135,209
Net Increase (Decrease) in Net Assets Resulting from Operations
653,044
 
1
Dividend income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated company of the fund were $249, $0, and $120, respectively.
Purchases and sales were $8,200 and $0, respectively.
2
Includes $369,547 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
81
Tax-Managed Balanced Fund
Statement of Changes in Net Assets
 
 
 
Six Months Ended
June 30,
2026
Year Ended
December 31,
2025
 
($000)
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income
138,372
244,835
Realized Net Gain (Loss)
379,463
548,888
Change in Unrealized Appreciation (Depreciation)
135,209
371,739
Net Increase (Decrease) in Net Assets Resulting from Operations
653,044
1,165,462
Distributions
Total Distributions
(140,777
)
(243,110
)
Capital Share Transactions
Issued
985,388
1,464,881
Issued in Lieu of Cash Distributions
112,625
196,429
Redeemed
(883,215
)
(1,415,761
)
Net Increase (Decrease) from Capital Share Transactions
214,798
245,549
Total Increase (Decrease)
727,065
1,167,901
Net Assets
Beginning of Period
11,523,573
10,355,672
End of Period
12,250,638
11,523,573
See accompanying Notes, which are an integral part of the Financial Statements.
82
Tax-Managed Balanced Fund
Financial Highlights
 
 
 
  
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2026
Year Ended December 31,
2025
2024
2023
2022
2021
Net Asset Value, Beginning of Period
$49.22
$45.23
$41.19
$36.39
$42.43
$38.06
Investment Operations
Net Investment Income1
.586
1.060
.951
.808
.673
.620
Net Realized and Unrealized Gain (Loss) on Investments
2.189
3.982
4.032
4.790
(6.040
)
4.335
Total from Investment Operations
2.775
5.042
4.983
5.598
(5.367
)
4.955
Distributions
Dividends from Net Investment Income2
(.595
)
(1.052
)
(.943
)
(.798
)
(.673
)
(.585
)
Distributions from Realized Capital Gains
—
—
—
—
—
—
Total Distributions
(.595
)
(1.052
)
(.943
)
(.798
)
(.673
)
(.585
)
Net Asset Value, End of Period
$51.40
$49.22
$45.23
$41.19
$36.39
$42.43
Total Return3
5.70%
11.28%
12.17%
15.53%
-12.66%
13.10%
Ratios/Supplemental Data
 
 
 
 
 
 
Net Assets, End of Period (Millions)
$12,251
$11,524
$10,356
$9,019
$7,729
$8,816
Ratio of Total Expenses to Average Net Assets
0.06%
0.09%
0.09%4
0.09%
0.09%
0.09%
Ratio of Net Investment Income to Average Net Assets
2.35%
2.27%
2.18%
2.09%
1.78%
1.53%
Portfolio Turnover Rate
4%5
15%5
20%
23%
22%5
6%5
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 78%, 74%, 68%, 63%, and 63% of dividends from net investment
income for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, 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
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
5
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.
83
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.
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 other 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. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, 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. 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 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, 2026, the fund’s average investments in long and short futures contracts represented 4% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps 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. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, 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 swap 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 swap 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.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
84
Tax-Managed Balanced Fund
During the six months ended June 30, 2026, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
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. 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 the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.
C. 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, 2026, the fund had contributed to Vanguard capital in the amount of $262,000, representing less than 0.01% of the fund’s net assets and 0.10% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
85
Tax-Managed Balanced Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2026, based on the inputs used to value them: 
 
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
 
 
 
 
Assets
Common Stocks
5,779,998
—
—
5,779,998
Rights
—
—
—
—
Tax-Exempt Municipal Bonds
—
6,471,677
—
6,471,677
Total
5,779,998
6,471,677
—
12,251,675
 
 
 
 
 
Derivative Financial Instruments
 
 
 
 
Assets
Futures Contracts1
1,867
—
—
1,867
Swap Contracts
—
18
—
18
Total
1,867
18
—
1,885
Liabilities
Futures Contracts1
(1
)
—
—
(1
)
Swap Contracts
—
(243
)
—
(243
)
Total
(1
)
(243
)
—
(244
)
 
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.
E. At June 30, 2026, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: 
Statement of Assets and Liabilities
Equity
Contracts
($000)
Interest
Rate
Contracts
($000)
Total
($000)
Unrealized Appreciation—Futures Contracts1
1,818
49
1,867
Unrealized Appreciation—Over-the-Counter Swap Contracts
18
—
18
Total Assets
1,836
49
1,885
 
Unrealized Depreciation—Futures Contracts1
—
(1
)
(1
)
Unrealized Depreciation—Over-the-Counter Swap Contracts
(243
)
—
(243
)
Total Liabilities
(243
)
(1
)
(244
)
 
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, 2026, were: 
Realized Net Gain (Loss) on Derivatives
Equity
Contracts
($000)
Interest
Rate
Contracts
($000)
Total
($000)
Futures Contracts
(1,532
)
(861
)
(2,393
)
Swap Contracts
239
—
239
Realized Net Gain (Loss) on Derivatives
(1,293
)
(861
)
(2,154
)
 
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts
1,591
93
1,684
Swap Contracts
(224
)
—
(224
)
Change in Unrealized Appreciation (Depreciation) on Derivatives
1,367
93
1,460
F. As of June 30, 2026, 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
8,123,994
Gross Unrealized Appreciation
4,207,802
Gross Unrealized Depreciation
(78,480
)
Net Unrealized Appreciation (Depreciation)
4,129,322
86
Tax-Managed Balanced Fund
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, 2025, the fund had available capital losses totaling $52,043,000 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, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
G. During the six months ended June 30, 2026, the fund purchased $1,451,979,000 of investment securities and sold $470,262,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $456,818,000, 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, 2026, such purchases were $107,600,000 and sales were $165,605,000, 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.
H. Capital shares issued and redeemed were: 
 
Six Months Ended
June 30, 2026
Year Ended
December 31, 2025
 
Shares
(000)
Shares
(000)
Issued
19,760
30,899
Issued in Lieu of Cash Distributions
2,301
4,180
Redeemed
(17,813)
(29,915)
Net Increase (Decrease) in Shares Outstanding
4,248
5,164
I. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, 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.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
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. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
QA0662 082026
87
 
Financial Statements
For the six-months ended June 30, 2026
Vanguard Tax-Managed Capital Appreciation Fund
Tax-Managed Capital Appreciation Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2026
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 (99.6%)
Basic Materials (1.5%)
 
Linde plc
205,547
106,667
 
Ecolab Inc.
132,860
37,016
 
Newmont Corp.
368,695
34,436
 
Freeport-McMoRan Inc.
536,716
33,754
 
Fastenal Co.
522,914
25,116
 
Air Products and Chemicals Inc.
82,100
24,070
 
Southern Copper Corp.
115,834
20,185
 
Alcoa Corp.
350,523
18,276
 
Reliance Inc.
43,502
16,252
 
Steel Dynamics Inc.
59,902
13,745
 
Nucor Corp.
60,321
13,436
 
Albemarle Corp.
89,152
12,038
 
Anglogold Ashanti plc
134,012
10,840
 
Solstice Advanced Materials Inc.
103,091
9,134
*
RBC Bearings Inc.
14,101
9,082
 
Element Solutions Inc.
176,547
8,430
 
Huntsman Corp.
673,093
7,148
 
International Flavors & Fragrances Inc.
87,588
6,939
 
Royal Gold Inc.
31,085
6,205
 
Carpenter Technology Corp.
9,560
5,897
*
MP Materials Corp.
99,229
5,558
 
Celanese Corp.
101,053
4,648
 
Coeur Mining Inc.
267,997
4,374
 
Mosaic Co.
188,237
3,989
 
CF Industries Holdings Inc.
36,676
3,971
 
Hexcel Corp.
33,002
3,302
 
Scotts Miracle-Gro Co.
47,266
3,219
 
International Paper Co.
63,194
2,408
 
Westlake Corp.
18,022
1,316
 
Chemours Co.
49,158
1,009
 
Eastman Chemical Co.
11,513
771
 
Hecla Mining Co.
36,384
561
*
Cleveland-Cliffs Inc.
38,965
366
*
Almonty Industries Inc.
16,895
280
 
Avery Dennison Corp.
877
142
 
Timken Co.
248
36
 
NewMarket Corp.
39
31
 
 
 
 
 
454,647
Consumer Discretionary (12.7%)
*
Amazon.com Inc.
4,150,172
989,152
*
Tesla Inc.
1,245,714
523,947
 
Walmart Inc.
1,925,328
218,063
 
Costco Wholesale Corp.
192,504
180,082
 
Home Depot Inc.
401,814
141,712
*
Netflix Inc.
1,918,670
136,993
 
McDonald's Corp.
277,959
75,135
 
Walt Disney Co.
763,854
73,521
 
Booking Holdings Inc.
362,525
64,616
*
Uber Technologies Inc.
864,257
62,365
 
TJX Cos. Inc.
409,999
62,115
 
Lowe's Cos. Inc.
281,040
61,966
*
O'Reilly Automotive Inc.
616,555
56,779
 
Starbucks Corp.
463,608
47,376
 
eBay Inc.
339,551
37,945
*
United Airlines Holdings Inc.
263,107
35,780
 
Marriott International Inc. Class A
95,101
35,243
*
Spotify Technology SA
70,465
32,353
 
Royal Caribbean Cruises Ltd.
101,734
32,304
 
General Motors Co.
410,369
31,631
1
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Ross Stores Inc.
146,662
31,217
*
Warner Bros Discovery Inc.
1,149,790
30,653
 
Hilton Worldwide Holdings Inc.
89,174
29,468
*
Copart Inc.
1,025,902
28,920
 
Delta Air Lines Inc.
307,256
28,778
 
DR Horton Inc.
162,652
26,493
 
Somnigroup International Inc.
304,711
23,889
 
Electronic Arts Inc.
112,726
23,113
*
AutoZone Inc.
7,180
22,947
*
Take-Two Interactive Software Inc.
91,454
22,862
*
Airbnb Inc. Class A
157,970
22,605
*
Live Nation Entertainment Inc.
122,564
22,443
 
Yum! Brands Inc.
140,313
22,430
 
Target Corp.
150,660
19,678
*
Carvana Co.
290,430
19,116
 
Ford Motor Co.
1,282,069
17,821
 
NIKE Inc. Class B
432,525
17,755
 
Expedia Group Inc.
68,205
17,452
 
PulteGroup Inc.
124,533
17,087
 
Toll Brothers Inc.
93,872
15,465
 
Hyatt Hotels Corp. Class A
76,726
14,873
*
Aptiv plc
240,933
14,788
*
AutoNation Inc.
76,111
14,141
 
Darden Restaurants Inc.
68,336
14,078
 
Carnival Corp. Ltd.
476,900
13,625
*
Chipotle Mexican Grill Inc.
353,000
12,002
 
Lennar Corp. Class A
127,303
11,520
 
Dollar General Corp.
97,154
11,183
 
Estee Lauder Cos. Inc. Class A
134,742
10,638
 
Southwest Airlines Co.
203,056
10,441
*
Dollar Tree Inc.
84,951
10,275
 
Omnicom Group Inc.
139,624
10,169
*
BJ's Wholesale Club Holdings Inc.
112,146
9,781
*
Liberty Media Corp.-Liberty Formula One Class C
102,072
9,711
*
Liberty Live Holdings Inc. Class A
94,390
9,558
*
ROBLOX Corp. Class A
171,780
9,341
*
Burlington Stores Inc.
28,811
9,127
*
NVR Inc.
1,205
8,210
*
Rivian Automotive Inc. Class A
470,328
8,160
 
PVH Corp.
107,670
7,996
*
MGM Resorts International
163,296
7,807
*
Ulta Beauty Inc.
16,778
7,567
 
BorgWarner Inc.
112,717
7,484
 
Gentex Corp.
295,499
7,467
*
Valvoline Inc.
188,394
7,449
*
Deckers Outdoor Corp.
67,089
6,661
 
Ralph Lauren Corp.
16,358
6,566
*
CarMax Inc.
122,357
6,471
 
Hasbro Inc.
76,898
6,351
*
Liberty Media Corp.-Liberty Formula One Class A
71,269
6,239
 
Garmin Ltd.
25,215
5,990
*
Under Armour Inc. Class C
962,478
5,987
 
Whirlpool Corp.
144,161
5,683
*
Norwegian Cruise Line Holdings Ltd.
257,285
5,431
 
Tractor Supply Co.
168,035
5,312
*
Wayfair Inc. Class A
55,476
5,127
*
RH
30,721
5,061
*
Liberty Live Holdings Inc. Class C
46,770
4,941
 
Fox Corp. Class A
91,376
4,766
 
RB Global Inc.
40,384
4,703
 
Tapestry Inc.
30,030
4,396
*
Floor & Decor Holdings Inc. Class A
73,779
4,380
*
Dutch Bros Inc. Class A
59,340
4,261
*
Five Below Inc.
22,292
4,008
*
DraftKings Inc. Class A
155,191
3,920
*
On Holding AG Class A
108,408
3,840
 
News Corp. Class A
153,012
3,799
*
QuantumScape Corp. Class A
420,463
3,179
 
Lithia Motors Inc. Class A
10,888
3,163
*
Grand Canyon Education Inc.
20,393
2,918
2
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Sirius XM Holdings Inc.
95,641
2,825
*
GameStop Corp. Class A
125,670
2,775
*
Lululemon Athletica Inc.
23,249
2,655
 
Aramark
46,461
2,644
*
Madison Square Garden Sports Corp.
6,489
2,608
 
New York Times Co. Class A
37,186
2,602
*
Chewy Inc. Class A
121,806
2,393
 
VF Corp.
131,027
2,186
 
Wingstop Inc.
12,153
2,107
 
Las Vegas Sands Corp.
45,601
2,106
 
U-Haul Holding Co. (XNYS)
33,300
1,921
 
Macy's Inc.
78,848
1,857
 
Versant Media Group Inc.
49,901
1,797
*
Alaska Air Group Inc.
33,363
1,742
 
Genuine Parts Co.
14,008
1,653
*
Mattel Inc.
111,801
1,552
 
Texas Roadhouse Inc. Class A
7,625
1,473
*
SharkNinja Inc.
9,335
1,421
 
Domino's Pizza Inc.
4,778
1,414
 
News Corp. Class B
50,143
1,407
 
Wynn Resorts Ltd.
13,988
1,358
 
Williams-Sonoma Inc.
5,786
1,349
 
Murphy USA Inc.
2,489
1,341
*
Birkenstock Holding plc
31,061
1,337
*
Avis Budget Group Inc.
8,861
1,310
 
Pool Corp.
6,047
1,299
 
Rollins Inc.
26,651
1,112
*
Penn Entertainment Inc.
51,697
1,104
 
Gap Inc.
57,532
1,075
*
Caesars Entertainment Inc.
33,024
997
 
Lennar Corp. Class B
10,972
973
*
Crocs Inc.
7,689
928
 
Best Buy Co. Inc.
11,357
862
*
Lyft Inc. Class A
58,607
856
*
Amer Sports Inc.
25,225
854
*
YETI Holdings Inc.
16,599
823
 
Churchill Downs Inc.
6,933
621
*
Cava Group Inc.
7,222
567
 
Bath & Body Works Inc.
24,434
565
*
Ollie's Bargain Outlet Holdings Inc.
5,590
430
*
Planet Fitness Inc. Class A
8,082
422
*
Etsy Inc.
4,914
370
 
Boyd Gaming Corp.
4,055
358
 
Dick's Sporting Goods Inc.
1,362
309
*
U-Haul Holding Co.
3,800
249
 
Service Corp. International
300
23
*
Duolingo Inc. Class A
79
9
 
 
 
 
 
3,802,453
Consumer Staples (3.6%)
 
Procter & Gamble Co.
1,012,847
148,524
 
Coca-Cola Co.
1,600,073
130,038
 
Philip Morris International Inc.
650,387
117,661
 
PepsiCo Inc.
520,660
70,497
 
McKesson Corp.
66,291
50,089
 
CVS Health Corp.
450,391
46,593
*
Monster Beverage Corp.
480,561
46,192
 
Colgate-Palmolive Co.
440,492
40,384
 
Mondelez International Inc. Class A
590,627
34,162
 
Altria Group Inc.
432,838
31,143
 
Cencora Inc.
108,183
30,614
 
Corteva Inc.
340,485
28,836
 
Cardinal Health Inc.
102,851
24,433
 
Kroger Co.
412,017
22,879
 
Casey's General Stores Inc.
27,851
22,136
 
Archer-Daniels-Midland Co.
232,055
17,729
 
Church & Dwight Co. Inc.
170,662
16,534
*
US Foods Holding Corp.
156,099
15,961
 
Hershey Co.
78,631
13,796
 
Constellation Brands Inc. Class A
94,820
13,188
3
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Keurig Dr Pepper Inc.
397,085
12,997
 
Kenvue Inc.
628,337
12,008
*
Performance Food Group Co.
97,402
10,889
 
Sysco Corp.
123,973
10,362
 
Tyson Foods Inc. Class A
161,658
9,255
*
Darling Ingredients Inc.
162,905
8,898
 
McCormick & Co. Inc. (Non-Voting)
161,832
8,160
 
Coca-Cola Consolidated Inc.
37,702
7,198
 
Clorox Co.
63,509
6,061
 
Hormel Foods Corp.
209,848
5,208
 
Ingredion Inc.
54,014
5,116
 
Bunge Global SA
47,001
5,016
 
J M Smucker Co.
43,525
4,897
 
Kimberly-Clark Corp.
43,221
4,744
 
Lamb Weston Holdings Inc.
89,551
3,867
 
Brown-Forman Corp. Class B
143,688
3,829
 
Seaboard Corp.
662
2,955
 
Molson Coors Beverage Co. Class B
71,712
2,794
 
General Mills Inc.
80,267
2,793
*
Celsius Holdings Inc.
86,571
2,535
 
Pilgrim's Pride Corp.
89,820
2,525
 
Primo Brands Corp. Class A
61,907
1,513
 
JBS NV Class A
110,316
1,307
*
Freshpet Inc.
21,900
1,295
 
Spectrum Brands Holdings Inc.
11,875
1,018
 
Kraft Heinz Co.
31,037
733
 
 
 
 
 
1,059,362
Energy (3.2%)
 
Exxon Mobil Corp.
1,798,440
245,883
 
Chevron Corp.
843,547
139,826
 
ConocoPhillips
612,761
63,703
 
Marathon Petroleum Corp.
188,281
48,138
 
Cheniere Energy Inc.
173,517
41,472
 
Valero Energy Corp.
155,741
40,561
 
SLB Ltd.
680,643
31,643
 
Devon Energy Corp.
757,217
31,288
 
EOG Resources Inc.
235,362
30,534
 
Phillips 66
158,889
26,860
 
EQT Corp.
496,689
26,409
 
Occidental Petroleum Corp.
533,473
25,911
 
Targa Resources Corp.
93,422
25,050
 
Baker Hughes Co.
396,566
22,009
 
Williams Cos. Inc.
287,874
21,401
 
Halliburton Co.
557,227
18,918
 
Diamondback Energy Inc.
89,730
15,773
*
Antero Resources Corp.
355,855
12,505
 
Texas Pacific Land Corp.
26,733
11,699
*
First Solar Inc.
49,396
11,655
 
TechnipFMC plc
157,034
10,411
 
Expand Energy Corp.
107,186
9,774
 
Weatherford International plc
91,735
7,476
 
DT Midstream Inc.
40,285
5,911
*
Nextpower Inc. Class A
43,082
5,133
 
APA Corp.
144,948
4,721
 
Range Resources Corp.
108,753
4,045
 
NOV Inc.
212,970
3,951
*
Enphase Energy Inc.
67,221
3,310
*
Solv Energy Inc. Class A
92,269
3,142
 
Antero Midstream Corp.
95,607
2,175
 
ONEOK Inc.
18,367
1,597
*
X-Energy Inc. Class A
42,753
785
 
Kinder Morgan Inc.
4,979
159
 
 
 
 
 
953,828
Financials (9.6%)
*
Berkshire Hathaway Inc. Class B
884,919
442,805
 
JPMorgan Chase & Co.
1,189,313
389,298
 
Bank of America Corp.
3,152,321
179,619
 
Goldman Sachs Group Inc.
123,573
124,978
 
Wells Fargo & Co.
1,390,022
114,871
4
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Citigroup Inc.
738,341
103,338
 
Morgan Stanley
484,372
101,253
 
Progressive Corp.
370,407
80,915
 
Charles Schwab Corp.
632,535
58,364
 
S&P Global Inc.
134,371
54,724
 
Chubb Ltd.
148,830
50,712
 
Blackrock Inc.
46,499
44,712
 
Aon plc Class A
118,932
39,449
*
Robinhood Markets Inc. Class A
384,216
38,529
 
Ameriprise Financial Inc.
77,718
35,654
 
Aflac Inc.
298,125
34,955
 
Moody's Corp.
76,633
34,709
 
Travelers Cos. Inc.
95,557
31,545
 
Intercontinental Exchange Inc.
255,235
31,422
 
Blackstone Inc.
250,715
29,502
*
Arch Capital Group Ltd.
303,617
29,469
 
PNC Financial Services Group Inc.
116,531
28,692
 
KKR & Co. Inc.
292,162
26,815
 
Allstate Corp.
109,659
26,092
 
Nasdaq Inc.
321,915
25,373
 
Popular Inc.
153,360
25,179
 
Marsh & McLennan Cos. Inc.
147,665
24,611
 
Bank of New York Mellon Corp.
152,862
22,105
 
Brown & Brown Inc.
339,907
21,805
 
US Bancorp
349,547
21,113
 
State Street Corp.
121,995
20,690
 
Assurant Inc.
76,302
20,489
 
MSCI Inc.
35,842
20,073
 
Interactive Brokers Group Inc. Class A
226,008
19,672
 
Raymond James Financial Inc.
124,300
18,897
 
Globe Life Inc.
104,117
18,604
 
American International Group Inc.
248,337
18,509
 
Fifth Third Bancorp
313,995
17,700
*
NU Holdings Ltd. Class A
1,300,317
17,372
 
First Citizens BancShares Inc. Class A
8,346
17,366
 
East West Bancorp Inc.
133,603
17,247
 
CME Group Inc.
76,476
16,888
 
SLM Corp.
645,142
16,735
*
Coinbase Global Inc. Class A
109,165
15,959
 
Apollo Global Management Inc.
133,938
15,846
*
Markel Group Inc.
7,851
15,333
 
Prudential Financial Inc.
140,725
15,188
 
MetLife Inc.
156,264
13,222
 
Reinsurance Group of America Inc.
59,104
12,568
 
Truist Financial Corp.
240,120
11,963
 
Arthur J Gallagher & Co.
51,171
11,747
 
Principal Financial Group Inc.
107,082
11,541
 
Loews Corp.
101,412
11,481
 
M&T Bank Corp.
46,128
10,979
 
White Mountains Insurance Group Ltd.
5,215
10,813
 
SEI Investments Co.
120,864
10,601
 
Commerce Bancshares Inc.
182,850
10,560
 
Hanover Insurance Group Inc.
49,320
10,560
 
Wintrust Financial Corp.
64,292
10,333
 
Cboe Global Markets Inc.
41,859
10,158
 
Hartford Insurance Group Inc.
73,034
9,679
 
T. Rowe Price Group Inc.
82,881
9,423
 
W R Berkley Corp.
125,066
8,821
 
LPL Financial Holdings Inc.
29,861
8,411
 
Willis Towers Watson plc
31,075
8,122
 
Zions Bancorp NA
114,794
7,943
 
Broadridge Financial Solutions Inc.
56,899
7,792
 
Cullen/Frost Bankers Inc.
46,275
7,150
*
Rocket Cos. Inc. Class A
417,670
6,578
 
MGIC Investment Corp.
208,978
5,893
 
RenaissanceRe Holdings Ltd.
18,039
5,717
 
BOK Financial Corp.
38,470
5,343
*
Chime Financial Inc. Class A
254,678
5,216
 
XP Inc. Class A
278,059
4,521
 
Voya Financial Inc.
48,056
4,351
5
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Jefferies Financial Group Inc.
86,386
4,318
 
First Horizon Corp.
138,758
3,558
 
Affiliated Managers Group Inc.
10,087
3,413
*
SoFi Technologies Inc.
186,504
3,344
 
Northern Trust Corp.
19,000
3,303
 
Pinnacle Financial Partners Inc.
29,247
2,950
 
Ares Management Corp. Class A
25,152
2,800
*
Brighthouse Financial Inc.
42,947
2,719
 
Webster Financial Corp.
35,432
2,708
*
Bullish
111,902
2,622
*
Credit Acceptance Corp.
3,503
2,231
 
FactSet Research Systems Inc.
8,975
2,065
 
Western Alliance Bancorp
25,004
2,055
*
Galaxy Digital Inc. Class A
60,638
1,658
 
Primerica Inc.
5,531
1,572
 
Tradeweb Markets Inc. Class A
15,134
1,508
 
Fidelity National Financial Inc.
29,371
1,385
 
Assured Guaranty Ltd.
13,487
1,081
 
Hamilton Lane Inc. Class A
6,377
503
 
Unum Group
3,849
344
 
Morningstar Inc.
1,292
202
 
Virtu Financial Inc. Class A
2,408
143
 
Cincinnati Financial Corp.
737
136
 
Axis Capital Holdings Ltd.
998
107
*
Circle Internet Group Inc. Class A
1,714
107
 
Stifel Financial Corp.
1,476
103
 
Evercore Inc. Class A
113
39
 
Old Republic International Corp.
371
15
 
Equitable Holdings Inc.
222
10
 
 
 
 
 
2,873,661
Health Care (8.5%)
 
Eli Lilly & Co.
349,024
418,630
 
Johnson & Johnson
1,002,356
254,568
 
AbbVie Inc.
718,976
180,923
 
UnitedHealth Group Inc.
364,078
151,322
 
Merck & Co. Inc.
1,031,418
132,537
 
Amgen Inc.
236,221
85,540
 
Thermo Fisher Scientific Inc.
151,842
76,128
 
Gilead Sciences Inc.
494,442
62,468
*
Vertex Pharmaceuticals Inc.
118,916
59,069
*
Intuitive Surgical Inc.
145,826
57,992
 
Abbott Laboratories
636,600
57,765
 
Danaher Corp.
233,975
44,568
 
Bristol-Myers Squibb Co.
697,204
40,173
 
Stryker Corp.
125,199
39,418
 
Elevance Health Inc.
99,134
38,338
 
Pfizer Inc.
1,555,809
37,464
*
Boston Scientific Corp.
799,536
34,124
 
Medtronic plc
423,189
33,106
 
Cigna Group
113,814
31,376
 
Regeneron Pharmaceuticals Inc.
46,894
29,240
 
HCA Healthcare Inc.
73,647
28,714
*
Waters Corp.
73,790
27,674
*
Edwards Lifesciences Corp.
268,068
24,249
 
Humana Inc.
59,899
23,793
*
Revolution Medicines Inc.
104,241
19,522
*
Biogen Inc.
87,259
18,853
 
Labcorp Holdings Inc.
66,721
18,682
 
GE HealthCare Technologies Inc.
277,797
17,782
*
Moderna Inc.
246,032
17,230
*
United Therapeutics Corp.
30,943
16,766
*
IDEXX Laboratories Inc.
31,698
16,687
*
Alnylam Pharmaceuticals Inc.
55,289
16,644
*
IQVIA Holdings Inc.
84,652
16,356
 
Zoetis Inc.
227,409
16,342
*
Incyte Corp.
132,550
15,026
*
Natera Inc.
54,694
14,847
*
Dexcom Inc.
217,732
14,664
 
Quest Diagnostics Inc.
69,169
14,660
6
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
Charles River Laboratories International Inc.
59,497
13,493
*
Jazz Pharmaceuticals plc
55,476
13,368
 
Becton Dickinson & Co.
88,320
13,365
*
Ionis Pharmaceuticals Inc.
164,671
13,057
 
Agilent Technologies Inc.
92,773
12,323
 
Bio-Techne Corp.
164,179
11,599
 
Revvity Inc.
103,849
11,554
*
Cooper Cos. Inc.
160,825
11,533
*
Centene Corp.
171,800
11,028
*
Insmed Inc.
102,702
10,950
*
Solventum Corp.
128,749
9,933
 
STERIS plc
46,381
9,766
 
Baxter International Inc.
422,018
8,997
*
Illumina Inc.
46,371
8,153
 
Bruker Corp.
134,767
8,110
 
Viatris Inc.
461,678
7,331
*
Tenet Healthcare Corp.
37,543
7,024
*
Penumbra Inc.
22,171
7,000
*
Envista Holdings Corp.
259,837
6,847
*
Align Technology Inc.
40,332
6,802
 
Zimmer Biomet Holdings Inc.
78,875
6,790
*
Veeva Systems Inc. Class A
37,867
6,720
 
Organon & Co.
483,717
6,550
*
Exelixis Inc.
113,574
6,180
*
Roivant Sciences Ltd.
169,645
6,004
*
Elanco Animal Health Inc.
235,886
5,805
*
Avantor Inc.
580,939
5,751
*
Neurocrine Biosciences Inc.
32,932
5,550
 
West Pharmaceutical Services Inc.
15,191
5,454
*
Guardant Health Inc.
36,071
5,412
*
Globus Medical Inc. Class A
67,157
5,306
*
BioMarin Pharmaceutical Inc.
91,030
5,209
*
Halozyme Therapeutics Inc.
62,326
4,878
 
Teleflex Inc.
34,279
4,345
 
Chemed Corp.
9,231
4,299
*
Tempus AI Inc. Class A
73,379
4,251
*
Axsome Therapeutics Inc.
17,162
4,201
*
Bridgebio Pharma Inc.
56,027
4,173
*
Ascendis Pharma A/S
14,945
3,986
*
Henry Schein Inc.
46,501
3,884
*
DaVita Inc.
16,189
3,602
*
Molina Healthcare Inc.
15,657
3,581
*
Corcept Therapeutics Inc.
40,869
3,554
 
Universal Health Services Inc. Class B
23,418
3,482
*
Repligen Corp.
23,107
3,153
 
Encompass Health Corp.
24,560
2,483
 
ResMed Inc.
11,210
2,185
 
Royalty Pharma plc Class A
36,041
2,021
*
Insulet Corp.
12,861
1,958
*
Madrigal Pharmaceuticals Inc.
2,571
1,380
*
Bio-Rad Laboratories Inc. Class A
4,475
1,314
*
Sarepta Therapeutics Inc.
65,541
1,178
*
Viking Therapeutics Inc.
28,258
1,102
*
Medpace Holdings Inc.
947
502
*
Arrowhead Pharmaceuticals Inc.
5,455
445
*
Medline Inc. Class A
8,310
328
*
Acadia Healthcare Co. Inc.
6,085
180
 
 
 
 
 
2,542,669
Industrials (12.1%)
 
Visa Inc. Class A
712,879
244,582
 
Caterpillar Inc.
190,677
203,052
 
Mastercard Inc. Class A
355,641
182,657
 
GE Aerospace
454,373
169,813
 
GE Vernova Inc.
124,491
146,259
 
RTX Corp.
608,271
115,407
 
American Express Co.
261,186
88,346
*
Boeing Co.
353,747
76,576
 
Deere & Co.
116,336
73,795
 
Eaton Corp. plc
164,681
70,174
7
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Union Pacific Corp.
254,771
69,298
 
Parker-Hannifin Corp.
65,215
63,788
 
Capital One Financial Corp.
281,190
56,412
 
TransDigm Group Inc.
38,730
51,590
 
Quanta Services Inc.
63,452
45,688
 
CSX Corp.
940,456
44,700
 
Sherwin-Williams Co.
124,477
42,860
*
Keysight Technologies Inc.
122,246
42,795
 
Trane Technologies plc
85,554
42,021
 
PACCAR Inc.
345,088
41,452
 
General Dynamics Corp.
110,221
39,045
 
AMETEK Inc.
154,174
37,301
 
FedEx Corp.
116,848
36,589
 
Cummins Inc.
51,132
36,468
 
Norfolk Southern Corp.
115,127
36,218
 
Howmet Aerospace Inc.
134,361
36,124
 
Illinois Tool Works Inc.
133,372
36,073
 
Northrop Grumman Corp.
67,269
34,261
 
Lockheed Martin Corp.
66,693
33,977
*
Bloom Energy Corp. Class A
110,763
33,528
 
WW Grainger Inc.
22,697
30,877
 
Johnson Controls International plc
210,275
30,723
 
Emerson Electric Co.
205,600
29,432
 
United Rentals Inc.
25,199
28,548
 
BWX Technologies Inc.
141,690
27,580
 
Martin Marietta Materials Inc.
46,278
26,689
 
Cintas Corp.
151,800
25,818
 
Vulcan Materials Co.
87,366
25,774
 
Automatic Data Processing Inc.
115,011
25,757
 
3M Co.
148,881
24,105
 
Carrier Global Corp.
319,173
23,411
*
Rocket Lab Corp.
229,600
23,339
 
L3Harris Technologies Inc.
78,873
22,920
 
Honeywell International Inc.
100,855
22,581
 
JB Hunt Transport Services Inc.
77,704
22,490
*
Honeywell Aerospace Inc.
100,855
22,297
 
Rockwell Automation Inc.
43,511
21,541
 
Expeditors International of Washington Inc.
129,162
21,051
 
Westinghouse Air Brake Technologies Corp.
74,148
19,990
 
Accenture plc Class A
160,347
19,954
 
Ball Corp.
304,012
18,970
*
Teledyne Technologies Inc.
28,442
18,968
 
Old Dominion Freight Line Inc.
87,124
18,871
*
Axon Enterprise Inc.
32,215
18,060
 
Verisk Analytics Inc.
97,923
17,580
 
IDEX Corp.
75,388
17,109
 
EMCOR Group Inc.
19,710
16,357
 
Crown Holdings Inc.
142,565
15,942
 
Owens Corning
99,539
15,823
 
Valmont Industries Inc.
25,791
14,897
 
nVent Electric plc
86,699
14,705
*
Generac Holdings Inc.
49,361
14,453
*
Block Inc. Class A
183,353
13,935
 
HEICO Corp.
38,927
13,865
 
Fortive Corp.
212,277
12,968
 
Armstrong World Industries Inc.
80,218
12,869
 
Curtiss-Wright Corp.
16,669
12,631
 
Toro Co.
128,813
12,549
 
PayPal Holdings Inc.
287,349
12,408
 
Synchrony Financial
160,262
12,188
 
Oshkosh Corp.
79,188
12,154
 
United Parcel Service Inc. Class B
111,838
12,023
*
MasTec Inc.
28,849
12,003
 
Hubbell Inc. Class B
22,804
11,931
 
Huntington Ingalls Industries Inc.
42,600
11,923
*
Mettler-Toledo International Inc.
8,946
11,429
 
Equifax Inc.
71,586
11,362
 
FTAI Aviation Ltd.
41,701
11,281
 
Otis Worldwide Corp.
153,891
11,019
*
Fiserv Inc.
216,209
10,605
8
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Xylem Inc.
89,582
10,589
 
Woodward Inc.
24,846
10,570
 
Dover Corp.
47,069
10,557
*
XPO Inc.
51,150
10,501
 
Ingersoll Rand Inc.
127,975
10,493
 
Global Payments Inc.
139,203
10,101
 
Ferguson Enterprises Inc.
41,599
9,873
*
Corpay Inc.
29,148
9,714
 
DuPont de Nemours Inc.
71,217
9,660
*
Sterling Infrastructure Inc.
11,076
9,297
*
Trex Co. Inc.
182,289
9,122
*
Fedex Freight Holding Co. Inc.
58,424
8,822
 
Comfort Systems USA Inc.
4,240
8,403
*
Zebra Technologies Corp. Class A
31,727
8,352
*
Affirm Holdings Inc. Class A
98,865
8,062
*
Fair Isaac Corp.
6,737
8,049
 
Lennox International Inc.
13,687
7,842
 
Sunbelt Rentals Holdings Inc.
102,742
7,686
*
Middleby Corp.
44,305
7,621
 
Graco Inc.
99,359
7,513
 
Carlisle Cos. Inc.
20,638
7,486
*
ATI Inc.
37,699
7,430
 
Allison Transmission Holdings Inc.
65,885
7,428
 
Veralto Corp.
81,491
7,227
*
Aurora Innovation Inc. Class A
1,046,698
7,138
 
ITT Inc.
35,597
7,040
 
Textron Inc.
76,556
7,022
 
CH Robinson Worldwide Inc.
36,813
6,933
 
Packaging Corp. of America
28,697
6,838
*
Paylocity Holding Corp.
64,743
6,768
 
Flowserve Corp.
88,132
6,536
 
PPG Industries Inc.
53,429
6,480
 
Jacobs Solutions Inc.
51,301
6,464
 
Jack Henry & Associates Inc.
44,585
6,141
*
API Group Corp.
137,098
5,806
*
ExlService Holdings Inc.
221,897
5,738
*
Saia Inc.
13,522
5,695
 
Regal Rexnord Corp.
23,907
5,694
*
Dycom Industries Inc.
10,552
5,335
 
Dow Inc.
192,092
5,256
 
Fidelity National Information Services Inc.
134,490
5,229
 
AECOM
74,524
5,202
 
CRH plc
47,199
5,050
*
Planet Labs PBC Class A
150,830
4,997
 
MSC Industrial Direct Co. Inc. Class A
41,591
4,947
*
Builders FirstSource Inc.
51,228
4,584
 
AGCO Corp.
37,770
4,521
 
Esab Corp.
45,778
4,515
 
Crane Co.
20,174
4,500
 
Donaldson Co. Inc.
50,042
4,492
*
Mohawk Industries Inc.
34,649
4,204
 
Genpact Ltd.
151,475
4,166
 
Advanced Drainage Systems Inc.
25,893
4,064
 
Sensata Technologies Holding plc
83,683
3,995
 
Primoris Services Corp.
40,213
3,986
*
Kratos Defense & Security Solutions Inc.
75,364
3,758
*
Axalta Coating Systems Ltd.
109,313
3,741
*
Versigent plc
85,212
3,580
*
Gates Industrial Corp. plc
125,993
3,524
*
Modine Manufacturing Co.
13,070
3,490
 
Acuity Inc.
8,967
3,377
 
Smurfit Westrock plc
71,563
3,310
*
Trimble Inc.
61,981
3,172
*
Kirby Corp.
23,066
3,136
 
Eagle Materials Inc.
13,851
3,116
*
AeroVironment Inc.
18,345
3,028
*
Amentum Holdings Inc.
145,038
2,998
*
Everus Construction Group Inc.
17,506
2,905
 
Ralliant Corp.
38,130
2,808
*
GXO Logistics Inc.
54,668
2,772
9
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Silgan Holdings Inc.
56,391
2,616
 
Stanley Black & Decker Inc.
26,675
2,511
*
Karman Holdings Inc.
50,096
2,501
*
TopBuild Corp.
6,987
2,477
 
UL Solutions Inc. Class A
23,830
2,427
 
AAON Inc.
18,165
2,304
 
Fortune Brands Innovations Inc.
37,905
2,081
 
Allegion plc
13,424
1,886
*
BILL Holdings Inc.
50,216
1,816
 
WESCO International Inc.
5,097
1,761
*
FTI Consulting Inc.
11,197
1,668
 
Pentair plc
21,676
1,662
 
WillScot Holdings Corp.
57,112
1,648
 
Robert Half Inc.
50,501
1,550
*
WEX Inc.
10,872
1,534
*
Core & Main Inc. Class A
31,596
1,524
 
Vontier Corp.
51,125
1,483
 
Amcor plc
29,624
1,284
 
TransUnion
16,049
1,158
*
Vicor Corp.
2,685
1,020
 
Booz Allen Hamilton Holding Corp.
16,760
1,017
 
Brunswick Corp.
9,591
808
 
Graphic Packaging Holding Co.
67,428
713
 
HEICO Corp. Class A
2,666
688
*
Forgent Power Solutions Inc. Class A
12,066
674
 
Littelfuse Inc.
1,399
637
 
RPM International Inc.
5,644
627
 
CNH Industrial NV
36,544
410
 
AptarGroup Inc.
3,262
408
*
Hayward Holdings Inc.
6,271
109
*
Loar Holdings Inc.
1,350
109
 
Lincoln Electric Holdings Inc.
143
38
 
Snap-on Inc.
60
24
 
Masco Corp.
287
23
 
Watsco Inc.
47
20
 
Crane NXT Co.
164
8
 
 
 
 
 
3,620,277
Real Estate (2.0%)
 
Welltower Inc.
355,755
80,746
 
Equinix Inc.
56,183
58,565
 
Prologis Inc.
410,964
55,673
*
CBRE Group Inc. Class A
292,677
39,421
 
Digital Realty Trust Inc.
192,396
34,551
 
Ventas Inc.
346,123
30,736
 
American Tower Corp.
149,228
24,409
 
Public Storage
58,881
18,742
 
Simon Property Group Inc.
82,364
18,421
 
AvalonBay Communities Inc.
96,429
18,195
 
SBA Communications Corp.
93,326
16,468
*
Jones Lang LaSalle Inc.
51,205
15,871
 
Extra Space Storage Inc.
105,773
15,369
 
Crown Castle Inc.
201,519
15,261
 
Weyerhaeuser Co.
604,768
14,478
 
Equity LifeStyle Properties Inc.
191,794
12,361
 
Iron Mountain Inc.
97,759
12,348
 
Vornado Realty Trust
311,298
12,234
 
American Homes 4 Rent Class A
341,378
11,443
 
Essex Property Trust Inc.
31,988
9,327
 
Mid-America Apartment Communities Inc.
62,424
8,673
 
Equity Residential
126,439
8,589
 
Alexandria Real Estate Equities Inc.
158,418
8,372
 
Lamar Advertising Co. Class A
49,553
7,729
 
Invitation Homes Inc.
159,763
4,826
 
Kimco Realty Corp.
182,776
4,633
 
Camden Property Trust
40,323
4,617
 
Realty Income Corp.
74,215
4,598
 
Host Hotels & Resorts Inc.
171,510
4,067
*
Howard Hughes Holdings Inc.
54,984
3,931
*
CoStar Group Inc.
112,660
3,191
10
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
First Industrial Realty Trust Inc.
51,231
3,141
 
Americold Realty Trust Inc.
126,138
1,983
*
Fermi Inc.
154,227
1,413
 
Federal Realty Investment Trust
8,082
998
 
VICI Properties Inc. Class A
29,695
788
 
Sun Communities Inc.
5,295
635
 
EastGroup Properties Inc.
2,800
567
 
Agree Realty Corp.
1,990
151
 
Rexford Industrial Realty Inc.
357
12
 
 
 
 
 
587,533
Technology (42.0%)
 
NVIDIA Corp.
10,155,915
2,032,097
 
Apple Inc.
6,283,795
1,818,279
 
Microsoft Corp.
3,147,464
1,174,067
 
Alphabet Inc. Class A
2,436,132
870,601
 
Broadcom Inc.
1,991,359
752,236
 
Alphabet Inc. Class C
2,081,070
735,304
 
Micron Technology Inc.
478,488
552,314
 
Meta Platforms Inc. Class A
951,141
535,768
*
Advanced Micro Devices Inc.
689,183
400,353
*
Intel Corp.
1,902,459
265,640
 
Applied Materials Inc.
345,710
249,948
 
Lam Research Corp.
548,406
237,641
 
KLA Corp.
775,810
234,070
*
Sandisk Corp.
63,272
143,863
*
Palo Alto Networks Inc.
353,795
120,651
 
Western Digital Corp.
180,456
115,261
 
Corning Inc.
433,365
110,694
 
Texas Instruments Inc.
365,557
108,962
 
Marvell Technology Inc.
363,660
108,331
 
Oracle Corp.
732,724
107,381
 
International Business Machines Corp.
381,015
107,145
*
Palantir Technologies Inc. Class A
836,627
97,609
 
Amphenol Corp. Class A
526,238
92,786
 
QUALCOMM Inc.
456,471
84,351
*
Crowdstrike Holdings Inc. Class A
102,184
77,981
*
Cadence Design Systems Inc.
206,502
77,504
 
Analog Devices Inc.
179,001
71,094
*
Fortinet Inc.
429,633
66,000
 
Salesforce Inc.
358,767
56,204
 
Vertiv Holdings Co. Class A
165,377
55,372
*
AppLovin Corp. Class A
98,763
50,886
 
Dell Technologies Inc. Class C
112,787
48,663
*
Snowflake Inc. Class A
154,945
39,434
*
Adobe Inc.
181,424
37,196
*
Synopsys Inc.
80,510
35,913
*
Datadog Inc. Class A
135,271
35,219
 
Teradyne Inc.
69,556
33,654
*
ServiceNow Inc.
337,585
33,515
 
Intuit Inc.
123,214
32,159
 
Hewlett Packard Enterprise Co.
711,355
32,089
*
Cloudflare Inc. Class A
130,380
31,980
*
DoorDash Inc. Class A
160,547
29,626
*
Astera Labs Inc.
58,713
28,360
*
Coherent Corp.
67,195
26,506
*
Autodesk Inc.
133,680
25,990
*
Arrow Electronics Inc.
103,474
22,082
 
Monolithic Power Systems Inc.
15,798
21,839
*
Okta Inc.
147,877
20,178
*
Flex Ltd.
120,078
19,461
 
Roper Technologies Inc.
52,507
17,768
*
Credo Technology Group Holding Ltd.
63,292
17,212
 
VeriSign Inc.
65,551
16,490
 
Jabil Inc.
42,664
16,446
*
CoreWeave Inc. Class A
157,055
15,633
*
ON Semiconductor Corp.
159,507
15,080
 
Microchip Technology Inc.
157,188
14,336
 
NetApp Inc.
84,542
13,084
*
Zoom Communications Inc.
136,275
11,762
11
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Qnity Electronics Inc.
70,291
11,479
*
Twilio Inc. Class A
55,201
11,390
*
Everpure Inc. Class A
136,249
10,735
*
Workday Inc. Class A
87,613
10,726
*
MongoDB Inc.
30,166
10,133
 
Avnet Inc.
105,416
9,363
*
Reddit Inc. Class A
51,974
9,022
*
Zscaler Inc.
62,809
8,865
 
Cognizant Technology Solutions Corp. Class A
226,133
8,758
*
Maplebear Inc.
181,891
8,613
*
Akamai Technologies Inc.
71,583
8,462
*
Fabrinet
13,328
7,491
*
Atlassian Corp. Class A
93,275
7,256
*
F5 Inc.
16,896
7,028
*
Super Micro Computer Inc.
235,149
6,897
*
Guidewire Software Inc.
55,175
6,789
*
IonQ Inc.
115,239
6,138
 
Entegris Inc.
34,002
6,116
*
IREN Ltd.
133,579
6,109
 
Dolby Laboratories Inc. Class A
115,638
6,080
 
SS&C Technologies Holdings Inc.
96,201
5,969
 
Gen Digital Inc.
230,287
5,732
*
SiTime Corp.
7,348
5,478
 
Leidos Holdings Inc.
52,822
5,439
*
Gitlab Inc. Class A
165,438
5,051
*
CACI International Inc. Class A
10,869
5,035
*
Rambus Inc.
37,345
4,957
 
GLOBALFOUNDRIES Inc.
57,994
4,779
*
Nutanix Inc. Class A
93,253
4,752
*
Pinterest Inc. Class A
225,032
4,732
*
Manhattan Associates Inc.
33,371
4,647
 
BitMine Immersion Technologies Inc.
347,034
4,619
*
Toast Inc. Class A
165,968
4,617
*
Gartner Inc.
35,096
4,549
*
GoDaddy Inc. Class A
50,072
4,250
*
HubSpot Inc.
22,793
4,160
*
MACOM Technology Solutions Holdings Inc.
10,600
4,032
*
DigitalOcean Holdings Inc.
25,102
3,942
*
Rubrik Inc. Class A
47,719
3,831
*
Procore Technologies Inc.
90,253
3,666
*
SentinelOne Inc. Class A
214,619
3,642
*
Tyler Technologies Inc.
12,371
3,618
*
PTC Inc.
31,366
3,564
*
Onto Innovation Inc.
9,347
3,537
*
Figma Inc. Class A
191,135
3,458
*
Lattice Semiconductor Corp.
21,660
3,313
*
Unity Software Inc.
115,647
3,305
*
Applied Digital Corp.
87,554
3,266
*
TTM Technologies Inc.
16,815
3,145
*
Samsara Inc. Class A
95,776
3,106
 
Match Group Inc.
81,537
3,102
*
Terawulf Inc.
117,846
2,911
*
Teradata Corp.
71,368
2,473
*
Docusign Inc.
53,167
2,362
*
Allegro MicroSystems Inc.
33,490
2,332
*
Semtech Corp.
14,293
2,313
*
Qorvo Inc.
22,881
2,134
*
Klaviyo Inc. Class A
137,292
2,073
 
CDW Corp.
14,380
2,022
*
Sanmina Corp.
7,722
1,954
*
Dropbox Inc. Class A
69,642
1,913
*
People Inc.
37,029
1,709
*
NIQ Global Intelligence plc
148,673
1,390
*
Dynatrace Inc.
29,813
1,309
*
SailPoint Inc.
56,588
828
*
Cirrus Logic Inc.
4,755
706
 
HP Inc.
31,827
698
 
Amdocs Ltd.
11,856
599
*
IPG Photonics Corp.
3,870
454
 
Universal Display Corp.
4,500
390
12
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Pegasystems Inc.
9,984
299
 
KBR Inc.
7,728
267
 
Skyworks Solutions Inc.
3,888
264
*
Cerebras Systems Inc. Class A
900
199
*
Kyndryl Holdings Inc.
14,451
163
 
TD SYNNEX Corp.
281
75
*
FormFactor Inc.
318
51
*
CCC Intelligent Solutions Holdings Inc.
2,331
12
*
UiPath Inc. Class A
986
11
*
Elastic NV
170
10
 
 
 
 
 
12,532,732
Telecommunications (2.1%)
 
Cisco Systems Inc.
1,625,761
190,962
*
Arista Networks Inc.
427,927
72,696
 
T-Mobile US Inc.
330,872
55,497
 
Comcast Corp. Class A
2,174,402
53,382
*
Space Exploration Technologies Corp. Class A
242,741
41,475
*
Ciena Corp.
83,644
41,032
*
Lumentum Holdings Inc.
36,137
31,008
 
Verizon Communications Inc.
634,755
26,876
 
AT&T Inc.
1,153,320
23,874
 
Motorola Solutions Inc.
54,025
22,436
*
AST SpaceMobile Inc. Class A
142,981
12,705
*
Liberty Global Ltd. Class A
779,486
8,863
*
Roku Inc.
55,182
7,623
 
Iridium Communications Inc.
127,919
7,016
 
Millicom International Cellular SA
72,867
6,614
*
EchoStar Corp. Class A
61,042
6,196
*
Liberty Capital Corp. Class C
269,576
5,812
*
Liberty Global Ltd. Class C
515,297
5,668
*
Applied Optoelectronics Inc.
34,822
5,159
*
Liberty Broadband Corp. Class A
127,618
4,247
*
Charter Communications Inc. Class A
24,942
3,547
*
Globalstar Inc.
37,020
3,009
*
Viavi Solutions Inc.
43,422
2,073
*
Liberty Capital Corp.
48,740
1,067
*
Liberty Broadband Corp. Class C
31,779
1,057
 
Ubiquiti Inc.
683
365
 
 
 
 
 
640,259
Utilities (2.3%)
 
NextEra Energy Inc.
963,844
84,596
 
Constellation Energy Corp.
160,496
39,862
 
Duke Energy Corp.
311,555
39,437
 
Waste Management Inc.
171,073
38,129
 
PG&E Corp.
2,186,983
36,785
 
Southern Co.
359,062
34,366
 
CenterPoint Energy Inc.
588,810
25,931
 
Vistra Corp.
161,936
25,688
 
WEC Energy Group Inc.
206,521
24,115
 
Sempra
257,919
23,912
 
Atmos Energy Corp.
133,378
22,977
 
NRG Energy Inc.
135,479
19,788
 
Xcel Energy Inc.
230,713
18,526
 
Exelon Corp.
386,434
18,015
 
American Electric Power Co. Inc.
130,646
17,874
 
Entergy Corp.
146,077
16,778
 
American Water Works Co. Inc.
123,293
16,223
 
CMS Energy Corp.
211,659
16,192
 
Consolidated Edison Inc.
133,006
14,714
 
NiSource Inc.
290,045
13,792
 
Public Service Enterprise Group Inc.
162,432
13,183
 
Eversource Energy
170,744
12,340
 
DTE Energy Co.
80,571
12,277
 
Dominion Energy Inc.
175,805
12,006
 
Ameren Corp.
103,420
11,691
*
Talen Energy Corp.
29,282
11,252
 
Edison International
138,188
10,288
 
FirstEnergy Corp.
196,592
9,346
 
Republic Services Inc.
33,179
7,070
13
Tax-Managed Capital Appreciation Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Essential Utilities Inc.
183,416
7,027
 
Alliant Energy Corp.
90,260
6,886
*
Oklo Inc. Class A
129,880
6,797
*
Clean Harbors Inc.
22,369
6,683
 
GFL Environmental Inc.
115,555
4,251
 
AES Corp.
147,914
2,168
 
MDU Resources Group Inc.
70,024
1,485
 
UGI Corp.
31,963
1,104
 
National Fuel Gas Co.
13,356
1,031
 
IDACORP Inc.
2,318
351
 
PPL Corp.
8,316
302
 
Evergy Inc.
2,716
235
 
OGE Energy Corp.
2,704
131
 
 
 
 
 
685,604
Total Common Stocks (Cost $6,703,353)
29,753,025
Rights (0.0%)
*,1
Hologic Inc. CVR (Cost $—)
26,958
—
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
2
Vanguard Market Liquidity Fund, 3.682% (Cost $111,423)
1,114,344
111,423
Total Investments (100.0%) (Cost $6,814,776)
29,864,448
Other Assets and Liabilities—Net (0.0%)
12,569
Net Assets (100%)
29,877,017
 
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.
 
 
CVR—Contingent Value Rights.
14
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 2026
192
72,463
1,109
 
Over-the-Counter Total Return Swaps
Reference Entity
Termination
Date
Counterparty
Notional
Amount
($000)
Floating
Interest
Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
Citigroup Inc.
2/1/2027
GSI
1,796
(4.320
)
—
(19
)
Citigroup Inc.
8/31/2027
BANA
4,033
(4.362
)
—
(142
)
Elevance Health Inc.
2/1/2027
CITNA
863
(4.120
)
—
(18
)
Global Payments Inc.
8/31/2026
BANA
1,530
(4.279
)
101
—
Global Payments Inc.
2/1/2027
CITNA
63
(4.220
)
7
—
Global Payments Inc.
8/31/2027
BANA
1,193
(4.370
)
79
—
Goldman Sachs Group Inc.
8/31/2027
BANA
6,763
(4.435
)
—
(344
)
JPMorgan Chase & Co.
2/1/2027
CITNA
4,808
(4.336
)
—
(75
)
JPMorgan Chase & Co.
8/31/2027
BANA
25,002
(4.412
)
—
(593
)
PayPal Holdings Inc.
8/31/2026
BANA
7,696
(4.346
)
142
—
PayPal Holdings Inc.
2/1/2027
CITNA
101
(3.970
)
2
—
Raymond James Financial Inc.
2/1/2027
CITNA
847
(4.120
)
—
(26
)
VICI Properties Inc. Class A
2/1/2027
CITNA
6
(4.240
)
—
—
VICI Properties Inc. Class A
8/31/2027
BANA
61
(4.323
)
1
—
 
 
332
(1,217
)
 
1Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
BANA—Bank of America, N.A.
CITNA—Citibank, N.A.
GSI—Goldman Sachs International.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Tax-Managed Capital Appreciation Fund
Statement of Assets and Liabilities
As of June 30, 2026
 
 
($000s, except shares and per-share amounts)
Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $6,703,353)
29,753,025
Affiliated Issuers (Cost $111,423)
111,423
Total Investments in Securities
29,864,448
Investment in Vanguard
642
Cash Collateral Pledged—Futures Contracts
4,640
Receivables for Accrued Income
10,951
Receivables for Capital Shares Issued
11,089
Variation Margin Receivable—Futures Contracts
444
Unrealized Appreciation—Over-the-Counter Swap Contracts
332
Total Assets
29,892,546
Liabilities
Due to Custodian
11
Payables for Investment Securities Purchased
412
Payables for Capital Shares Redeemed
13,323
Payables to Vanguard
566
Unrealized Depreciation—Over-the-Counter Swap Contracts
1,217
Total Liabilities
15,529
Net Assets
29,877,017
 
 
At June 30, 2026, net assets consisted of:
 
Paid-in Capital
7,420,332
Total Distributable Earnings (Loss)
22,456,685
Net Assets
29,877,017
 
Admiral™ Shares—Net Assets
Applicable to 63,886,061 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
24,686,987
Net Asset Value Per Share—Admiral Shares
$386.42
 
Institutional Shares—Net Assets
Applicable to 27,033,234 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
5,190,030
Net Asset Value Per Share—Institutional Shares
$191.99
See accompanying Notes, which are an integral part of the Financial Statements.
16
Tax-Managed Capital Appreciation Fund
Statement of Operations
 
 
 
Six Months Ended
June 30, 2026
 
($000)
Investment Income
Income
Dividends1
145,880
Interest2
2,199
Total Income
148,079
Expenses
The Vanguard Group—Note C
Investment Advisory Services
66
Management and Administrative—Admiral Shares
5,977
Management and Administrative—Institutional Shares
768
Marketing and Distribution—Admiral Shares
372
Marketing and Distribution—Institutional Shares
51
Custodian Fees
28
Shareholders’ Reports—Admiral Shares
78
Shareholders’ Reports—Institutional Shares
2
Trustees’ Fees and Expenses
7
Other Expenses
5
Total Expenses
7,354
Net Investment Income
140,725
Realized Net Gain (Loss)
Investment Securities Sold2,3
203,324
Futures Contracts
1,496
Swap Contracts
579
Realized Net Gain (Loss)
205,399
Change in Unrealized Appreciation (Depreciation)
Investment Securities2
2,483,191
Futures Contracts
1,556
Swap Contracts
(880
)
Change in Unrealized Appreciation (Depreciation)
2,483,867
Net Increase (Decrease) in Net Assets Resulting from Operations
2,829,991
 
1
Dividends are net of foreign withholding taxes of $23.
2
Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,085, ($11), and less than $1,
respectively. Purchases and sales are for temporary cash investment purposes.
3
Includes $228,205 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
17
Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
 
 
 
Six Months Ended
June 30,
2026
Year Ended
December 31,
2025
 
($000)
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income
140,725
254,461
Realized Net Gain (Loss)
205,399
262,117
Change in Unrealized Appreciation (Depreciation)
2,483,867
3,538,104
Net Increase (Decrease) in Net Assets Resulting from Operations
2,829,991
4,054,682
Distributions
Admiral Shares
(117,592
)
(213,434
)
Institutional Shares
(25,150
)
(41,455
)
Total Distributions
(142,742
)
(254,889
)
Capital Share Transactions
Admiral Shares
(35,068
)
(572,548
)
Institutional Shares
71,073
506,543
Net Increase (Decrease) from Capital Share Transactions
36,005
(66,005
)
Total Increase (Decrease)
2,723,254
3,733,788
Net Assets
Beginning of Period
27,153,763
23,419,975
End of Period
29,877,017
27,153,763
See accompanying Notes, which are an integral part of the Financial Statements.
18
Tax-Managed Capital Appreciation Fund
Financial Highlights
 
 
 
  
Admiral Shares
 
 
 
 
 
 
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2026
Year Ended December 31,
2025
2024
2023
2022
2021
Net Asset Value, Beginning of Period
$351.68
$302.51
$247.12
$197.82
$247.92
$197.63
Investment Operations
Net Investment Income1
1.815
3.278
3.076
3.079
2.900
2.542
Net Realized and Unrealized Gain (Loss) on Investments
34.766
49.180
55.466
49.291
(50.089
)
50.328
Total from Investment Operations
36.581
52.458
58.542
52.370
(47.189
)
52.870
Distributions
Dividends from Net Investment Income
(1.841
)
(3.288
)
(3.152
)
(3.070
)
(2.911
)
(2.580
)
Distributions from Realized Capital Gains
—
—
—
—
—
—
Total Distributions
(1.841
)
(3.288
)
(3.152
)
(3.070
)
(2.911
)
(2.580
)
Net Asset Value, End of Period
$386.42
$351.68
$302.51
$247.12
$197.82
$247.92
Total Return2
10.44%
17.44%
23.76%
26.64%
-19.06%
26.87%
Ratios/Supplemental Data
 
 
 
 
 
 
Net Assets, End of Period (Millions)
$24,687
$22,499
$19,866
$16,162
$12,846
$15,850
Ratio of Total Expenses to Average Net Assets
0.06%
0.09%
0.09%
0.09%
0.09%3
0.09%
Ratio of Net Investment Income to Average Net Assets
1.00%
1.03%
1.10%
1.39%
1.37%
1.13%
Portfolio Turnover Rate4
4%
6%
10%
2%
2%
0%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Tax-Managed Capital Appreciation Fund
Financial Highlights
  
Institutional Shares
 
 
 
 
 
 
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2026
Year Ended December 31,
2025
2024
2023
2022
2021
Net Asset Value, Beginning of Period
$174.73
$150.30
$122.77
$98.28
$123.18
$98.19
Investment Operations
Net Investment Income1
.921
1.677
1.572
1.566
1.473
1.304
Net Realized and Unrealized Gain (Loss) on Investments
17.274
24.434
27.567
24.482
(24.895
)
25.002
Total from Investment Operations
18.195
26.111
29.139
26.048
(23.422
)
26.306
Distributions
Dividends from Net Investment Income
(.935
)
(1.681
)
(1.609
)
(1.558
)
(1.478
)
(1.316
)
Distributions from Realized Capital Gains
—
—
—
—
—
—
Total Distributions
(.935
)
(1.681
)
(1.609
)
(1.558
)
(1.478
)
(1.316
)
Net Asset Value, End of Period
$191.99
$174.73
$150.30
$122.77
$98.28
$123.18
Total Return
10.45%
17.48%
23.81%
26.67%
-19.04%
26.91%
Ratios/Supplemental Data
 
 
 
 
 
 
Net Assets, End of Period (Millions)
$5,190
$4,655
$3,554
$2,743
$2,082
$2,546
Ratio of Total Expenses to Average Net Assets
0.04%
0.06%
0.06%
0.06%
0.06%2
0.06%
Ratio of Net Investment Income to Average Net Assets
1.02%
1.05%
1.13%
1.42%
1.40%
1.17%
Portfolio Turnover Rate3
4%
6%
10%
2%
2%
0%
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.
20
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, 2026, 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. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps 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. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, 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 swap 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 swap 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.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the six months ended June 30, 2026, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. 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.
5. 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.
21
Tax-Managed Capital Appreciation Fund
6. 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 the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. 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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.
C. 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, 2026, the fund had contributed to Vanguard capital in the amount of $642,000, representing less than 0.01% of the fund’s net assets and 0.26% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
22
Tax-Managed Capital Appreciation Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2026, based on the inputs used to value them: 
 
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
 
 
 
 
Assets
Common Stocks
29,753,025
—
—
29,753,025
Rights
—
—
—
—
Temporary Cash Investments
111,423
—
—
111,423
Total
29,864,448
—
—
29,864,448
 
 
 
 
 
Derivative Financial Instruments
 
 
 
 
Assets
Futures Contracts1
1,109
—
—
1,109
Swap Contracts
—
332
—
332
Total
1,109
332
—
1,441
Liabilities
Swap Contracts
—
(1,217
)
—
(1,217
)
 
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.
E. As of June 30, 2026, 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
6,815,013
Gross Unrealized Appreciation
23,062,114
Gross Unrealized Depreciation
(12,455
)
Net Unrealized Appreciation (Depreciation)
23,049,659
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, 2025, the fund had available capital losses totaling $798,367,000 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, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended June 30, 2026, the fund purchased $1,354,548,000 of investment securities and sold $1,147,942,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $234,418,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were: 
 
Six Months Ended
June 30, 2026
Year Ended
December 31, 2025
 
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Admiral Shares
Issued
688,733
1,881
1,154,712
3,614
Issued in Lieu of Cash Distributions
77,476
214
143,453
445
Redeemed
(801,277)
(2,184)
(1,870,713)
(5,755)
Net Increase (Decrease)—Admiral Shares
(35,068)
(89)
(572,548)
(1,696)
Institutional Shares
Issued
88,895
489
625,923
3,741
Issued in Lieu of Cash Distributions
12,647
71
21,916
136
Redeemed
(30,469)
(168)
(141,296)
(882)
Net Increase (Decrease)—Institutional Shares
71,073
392
506,543
2,995
H. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, 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.
23
Tax-Managed Capital Appreciation Fund
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.
I. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
J. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
Q99442 082026
24
 
Financial Statements
For the six-months ended June 30, 2026
Vanguard Tax-Managed Small-Cap Fund
Tax-Managed Small-Cap Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2026
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 (99.5%)
Communication Services (3.6%)
 
Match Group Inc.
1,349,589
51,352
*
Lumen Technologies Inc.
6,043,952
46,417
*
Madison Square Garden Sports Corp.
110,192
44,279
 
Iridium Communications Inc.
716,657
39,309
 
Versant Media Group Inc.
905,115
32,593
*
Sphere Entertainment Co.
144,089
24,932
 
Telephone & Data Systems Inc.
654,674
24,229
 
Cinemark Holdings Inc.
682,213
21,647
*
People Inc.
444,929
20,538
*
Cargurus Inc. Class A
565,241
19,269
 
Uniti Group Inc.
1,203,217
13,801
 
John Wiley & Sons Inc. Class A
277,872
13,480
*
Yelp Inc. Class A
436,545
10,704
*
Ziff Davis Inc.
202,132
10,586
*
TripAdvisor Inc.
758,932
10,405
*
DoubleVerify Holdings Inc.
848,122
9,194
 
Scholastic Corp.
145,808
6,707
*
QuinStreet Inc.
374,032
5,479
 
Shenandoah Telecommunications Co.
159,603
2,407
 
Cogent Communications Holdings Inc.
23
—
*
ZoomInfo Technologies Inc. Class A
6
—
 
 
 
 
 
407,328
Consumer Discretionary (13.7%)
*
Etsy Inc.
687,199
51,767
*
CarMax Inc.
957,809
50,659
*
Brinker International Inc.
275,432
46,273
*
Victoria's Secret & Co.
516,616
43,127
 
LKQ Corp.
1,606,680
42,304
*
Caesars Entertainment Inc.
1,353,271
40,842
*
Frontdoor Inc.
485,789
37,692
*
Mohawk Industries Inc.
302,280
36,676
 
Pool Corp.
169,452
36,415
 
Meritage Homes Corp.
422,476
35,425
 
Installed Building Products Inc.
152,850
35,131
*
Life Time Group Holdings Inc.
812,201
33,170
*
Champion Homes Inc.
364,777
32,144
*
Boot Barn Holdings Inc.
192,393
31,604
*
Cavco Industries Inc.
49,084
30,156
*
M/I Homes Inc.
183,326
29,477
 
Kontoor Brands Inc.
329,797
27,485
*
Covista Inc.
218,254
27,208
*
Laureate Education Inc.
737,163
26,774
*
Asbury Automotive Group Inc.
131,203
26,382
 
Cheesecake Factory Inc.
311,672
24,790
*
Dorman Products Inc.
179,597
24,506
*
Stride Inc.
283,496
24,449
*
Urban Outfitters Inc.
340,309
24,114
 
Signet Jewelers Ltd.
257,309
22,180
 
Group 1 Automotive Inc.
74,613
21,725
*
Penn Entertainment Inc.
997,614
21,309
 
Acushnet Holdings Corp.
176,034
20,865
 
Academy Sports & Outdoors Inc.
441,071
20,788
 
Patrick Industries Inc.
230,181
20,666
 
Advance Auto Parts Inc.
330,080
20,538
 
Steven Madden Ltd.
474,680
19,984
 
Phinia Inc.
239,790
19,752
*
Bright Horizons Family Solutions Inc.
275,200
19,506
 
Dana Inc.
710,236
19,326
 
ADT Inc.
2,949,946
19,175
1
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Marriott Vacations Worldwide Corp.
187,017
19,053
*
Callaway Golf Co.
955,909
17,962
 
LCI Industries
163,944
17,358
 
American Eagle Outfitters Inc.
997,044
17,149
 
Red Rock Resorts Inc. Class A
262,977
17,109
*
Versigent plc
376,827
15,831
*
Green Brick Partners Inc.
194,980
15,606
*
Warby Parker Inc. Class A
503,700
15,282
*
Shake Shack Inc. Class A
266,313
14,919
 
OneSpaWorld Holdings Ltd.
526,074
14,856
*
LGI Homes Inc.
220,283
14,028
*
Rush Street Interactive Inc. Class A
462,862
13,766
 
Perdoceo Education Corp.
418,436
13,390
 
Kohl's Corp.
723,319
12,817
 
Strategic Education Inc.
159,307
12,206
*
Six Flags Entertainment Corp.
563,858
12,010
*
Under Armour Inc. Class A
1,854,266
11,849
 
Carter's Inc.
278,407
11,459
 
Century Communities Inc.
159,839
11,454
 
Cracker Barrel Old Country Store Inc.
208,620
11,119
 
La-Z-Boy Inc.
272,482
10,932
 
Monarch Casino & Resort Inc.
82,302
10,832
 
Wendy's Co.
1,283,312
10,639
*
Adient plc
565,784
10,399
 
Leggett & Platt Inc.
857,424
10,040
 
Newell Brands Inc.
1,630,865
10,014
*
Peloton Interactive Inc. Class A
1,606,921
9,497
*
BJ's Restaurants Inc.
150,823
9,160
 
Upbound Group Inc.
424,047
8,998
*
Sally Beauty Holdings Inc.
621,945
8,794
 
G-III Apparel Group Ltd.
256,555
8,648
 
Wolverine World Wide Inc.
522,871
8,643
 
Sonic Automotive Inc. Class A
98,153
8,322
*
Universal Technical Institute Inc.
185,932
7,952
*
Pursuit Attractions & Hospitality Inc.
139,259
7,794
*
XPEL Inc.
148,055
7,344
 
Buckle Inc.
158,482
6,688
*
National Vision Holdings Inc.
344,961
6,558
*
Gentherm Inc.
178,650
6,094
 
Winnebago Industries Inc.
190,286
5,945
 
Matthews International Corp. Class A
205,256
5,525
*
Fox Factory Holding Corp.
306,381
5,192
 
Winmark Corp.
12,059
5,102
*
MarineMax Inc.
135,061
4,946
 
Standard Motor Products Inc.
125,204
4,879
*
Sabre Corp.
2,180,897
4,558
*
Sonos Inc.
332,088
4,493
*
United Parks & Resorts Inc.
65,567
3,130
*
Dauch Corp.
450,365
2,441
 
Papa John's International Inc.
65,870
2,422
*
Under Armour Inc. Class C
54,491
339
 
 
 
 
 
1,569,927
Consumer Staples (3.2%)
 
Conagra Brands Inc.
2,569,461
34,585
 
Lamb Weston Holdings Inc.
789,030
34,070
 
PriceSmart Inc.
161,063
31,462
 
Cal-Maine Foods Inc.
300,748
24,228
 
Campbell's Co.
1,075,836
23,959
*
Chefs' Warehouse Inc.
238,062
22,878
 
WD-40 Co.
85,295
20,781
*
Freshpet Inc.
315,167
18,633
*
United Natural Foods Inc.
401,172
18,322
*
Vita Coco Co. Inc.
238,927
15,803
 
Andersons Inc.
216,199
14,788
*
Central Garden & Pet Co. Class A
368,480
14,286
 
Interparfums Inc.
123,871
13,856
 
J & J Snack Foods Corp.
117,408
8,624
 
Universal Corp.
161,699
8,436
 
Flowers Foods Inc.
949,870
7,504
2
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Reynolds Consumer Products Inc.
236,186
6,342
 
Del Monte Corp.
215,228
6,007
 
John B Sanfilippo & Son Inc.
62,769
5,397
 
Energizer Holdings Inc.
245,802
5,270
*
National Beverage Corp.
154,567
4,822
*
Simply Good Foods Co.
361,842
4,805
 
Tootsie Roll Industries Inc.
119,620
4,731
 
Edgewell Personal Care Co.
175,187
4,705
*
Grocery Outlet Holding Corp.
309,077
3,085
*
Coty Inc. Class A
1,062,121
2,294
*
Central Garden & Pet Co.
46,960
2,082
 
 
 
 
 
361,755
Energy (4.9%)
 
Archrock Inc.
1,110,455
45,207
 
Kodiak Gas Services Inc.
563,701
42,351
 
SM Energy Co.
1,250,799
32,646
 
Magnolia Oil & Gas Corp. Class A
1,236,456
31,629
 
Noble Corp. plc
806,865
30,096
*
Oceaneering International Inc.
687,919
27,874
 
Liberty Energy Inc. Class A
1,015,963
26,608
 
Core Natural Resources Inc.
328,885
26,317
 
California Resources Corp.
463,747
24,518
 
Cactus Inc. Class A
441,292
22,607
 
Patterson-UTI Energy Inc.
2,362,963
21,692
 
Helmerich & Payne Inc.
625,963
20,494
 
International Seaways Inc.
262,202
20,082
*
Par Pacific Holdings Inc.
341,348
19,143
 
Peabody Energy Corp.
779,466
18,021
 
Crescent Energy Co. Class A
1,638,985
16,095
*
Tidewater Inc.
226,877
15,117
 
Kinetik Holdings Inc. Class A
273,123
13,203
 
Northern Oil & Gas Inc.
702,273
12,746
 
World Kinect Corp.
348,529
11,481
*
Talos Energy Inc.
770,662
9,949
*
Gulfport Energy Corp.
53,318
9,048
*
Comstock Resources Inc.
590,975
8,817
*
REX American Resources Corp.
189,251
8,545
 
Dorian LPG Ltd.
244,190
8,493
*
Helix Energy Solutions Group Inc.
943,032
8,242
 
Atlas Energy Solutions Inc.
465,947
7,739
 
CVR Energy Inc.
242,548
6,680
 
Bristow Group Inc. Class A
160,749
6,642
*
Innovex International Inc.
231,138
5,732
 
RPC Inc.
582,427
3,396
 
Core Laboratories Inc.
271,152
3,159
 
 
 
 
 
564,369
Financials (18.2%)
*
StoneX Group Inc.
432,189
51,214
 
Jackson Financial Inc. Class A
412,293
42,215
 
Lincoln National Corp.
1,123,728
39,724
 
Atlantic Union Bankshares Corp.
890,813
37,690
*
Enova International Inc.
156,316
37,630
 
Ameris Bancorp
406,130
36,657
*
Axos Financial Inc.
369,440
35,980
 
Radian Group Inc.
949,916
35,783
 
Virtu Financial Inc. Class A
542,562
32,320
 
Piper Sandler Cos.
438,364
31,711
 
HA Sustainable Infrastructure Capital Inc.
796,113
31,088
 
Moelis & Co. Class A
464,092
30,361
 
Bread Financial Holdings Inc.
278,906
30,219
 
Cathay General Bancorp
487,382
30,213
 
Rithm Capital Corp.
3,209,920
30,141
 
Fulton Financial Corp.
1,196,367
28,940
 
WSFS Financial Corp.
372,600
28,590
 
ServisFirst Bancshares Inc.
317,835
27,572
*
Genworth Financial Inc. Class A
2,859,784
27,082
 
MarketAxess Holdings Inc.
236,057
26,790
 
United Community Banks Inc.
753,035
26,424
 
Assured Guaranty Ltd.
329,115
26,382
3
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
BGC Group Inc. Class A
2,431,199
25,990
 
First Bancorp
983,975
25,652
 
First Hawaiian Inc.
862,891
25,283
 
Renasant Corp.
590,229
25,108
 
Independent Bank Corp.
286,871
24,017
 
Lazard Inc.
565,506
23,717
 
Eastern Bankshares Inc.
1,055,648
23,478
 
BankUnited Inc.
468,882
22,717
 
PJT Partners Inc. Class A
150,465
22,711
 
First Interstate BancSystem Inc. Class A
587,612
22,658
 
Community Financial System Inc.
328,057
22,019
 
Victory Capital Holdings Inc. Class A
258,374
21,719
*
Palomar Holdings Inc.
171,305
21,651
*
NCR Atleos Corp.
495,752
21,521
 
WaFd Inc.
538,891
20,677
*
Dave Inc.
54,901
20,456
 
Bank of Hawaii Corp.
244,440
19,919
*
NMI Holdings Inc. Class A
480,866
19,759
 
First Financial Bancorp
566,421
19,162
*
Remitly Global Inc.
853,383
19,124
 
Mercury General Corp.
179,041
19,089
 
Trustmark Corp.
410,870
18,904
 
Blackstone Mortgage Trust Inc. Class A
1,114,667
18,894
 
Provident Financial Services Inc.
796,036
18,818
 
First Bancorp (XNGS)
287,867
18,403
 
StepStone Group Inc. Class A
443,206
18,331
 
Park National Corp.
99,956
18,291
 
CVB Financial Corp.
802,485
18,096
*
Sezzle Inc.
104,350
17,910
 
Banc of California Inc.
872,895
17,833
 
WesBanco Inc.
448,560
17,507
 
Seacoast Banking Corp. of Florida
524,962
17,455
 
Western Union Co.
2,249,433
17,321
*
Customers Bancorp Inc.
213,887
16,918
*
Credit Acceptance Corp.
26,431
16,830
*
Bancorp Inc.
267,873
16,780
 
NBT Bancorp Inc.
332,798
16,430
 
Banner Corp.
231,628
15,389
*
Encore Capital Group Inc.
162,945
15,201
 
Beacon Financial Corp.
498,512
15,180
 
Simmons First National Corp. Class A
659,637
14,941
 
Artisan Partners Asset Management Inc. Class A
427,839
14,773
*
SiriusPoint Ltd.
614,359
14,745
 
First Commonwealth Financial Corp.
717,767
14,592
 
BancFirst Corp.
129,051
14,341
 
City Holding Co.
107,567
14,268
 
FB Financial Corp.
256,788
14,213
 
Nicolet Bankshares Inc.
84,896
14,041
 
Acadian Asset Management Inc.
192,766
13,787
 
ARMOUR Residential REIT Inc.
786,866
13,731
 
Horace Mann Educators Corp.
262,452
13,556
 
OFG Bancorp
273,571
13,424
 
Walker & Dunlop Inc.
236,824
12,954
 
Cohen & Steers Inc.
169,012
12,869
 
Stewart Information Services Corp.
194,263
12,825
 
S&T Bancorp Inc.
257,608
12,643
*
Triumph Financial Inc.
163,065
12,443
*
EZCORP Inc. Class A
357,957
12,375
 
WisdomTree Inc.
726,654
12,310
 
EVERTEC Inc.
442,134
12,282
 
PROG Holdings Inc.
262,745
12,247
 
Stellar Bancorp Inc.
307,763
12,101
 
Pathward Financial Inc.
137,648
11,984
 
Northwest Bancshares Inc.
776,352
11,770
 
National Bank Holdings Corp. Class A
262,693
11,671
 
Hilltop Holdings Inc.
269,508
10,452
 
HCI Group Inc.
58,423
10,239
 
Dime Commercial Bancshares Inc.
242,164
9,844
 
Two Harbors Investment Corp.
780,943
9,692
*
Payoneer Global Inc.
1,345,793
9,582
4
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Westamerica Bancorp
162,776
9,550
 
Employers Holdings Inc.
184,697
9,324
 
Preferred Bank
86,057
9,144
 
Hope Bancorp Inc.
656,643
8,983
*
Goosehead Insurance Inc. Class A
171,738
8,329
 
Enact Holdings Inc.
164,569
7,522
 
Kemper Corp.
275,321
7,423
*
Donnelley Financial Solutions Inc.
174,770
7,332
 
Ellington Financial Inc.
537,769
7,319
 
Safety Insurance Group Inc.
93,968
7,034
 
PennyMac Mortgage Investment Trust
618,231
6,974
 
United Fire Group Inc.
130,650
6,851
 
Tompkins Financial Corp.
71,584
6,766
 
Lakeland Financial Corp.
109,327
6,748
 
Central Pacific Financial Corp.
171,586
6,555
 
Southside Bancshares Inc.
175,617
6,180
 
Virtus Investment Partners Inc.
42,350
6,077
 
Redwood Trust Inc.
1,274,197
6,040
 
Adamas Trust Inc.
634,660
5,953
 
Merchants Bancorp
117,459
5,873
 
TrustCo Bank Corp.
105,520
5,794
 
Hanmi Financial Corp.
163,938
5,312
*
World Acceptance Corp.
23,471
5,254
 
Arbor Realty Trust Inc.
866,564
4,697
 
Heritage Financial Corp.
149,298
4,422
 
Eagle Bancorp Inc.
148,404
4,213
*
Trupanion Inc.
148,676
3,683
 
Capitol Federal Financial Inc.
353,634
3,009
 
Franklin BSP Realty Trust Inc.
197,254
1,606
 
F&G Annuities & Life Inc.
51,546
1,371
 
AMERISAFE Inc.
33,573
1,136
 
Navient Corp.
37,752
321
 
 
 
 
 
2,089,134
Health Care (12.0%)
*
Molina Healthcare Inc.
316,112
72,295
*
BrightSpring Health Services Inc.
902,155
62,915
*
Krystal Biotech Inc.
164,144
61,007
*
Alkermes plc
1,075,769
56,365
*
Corcept Therapeutics Inc.
615,785
53,543
*
Glaukos Corp.
373,062
52,139
*
Protagonist Therapeutics Inc.
400,021
49,035
*
TG Therapeutics Inc.
879,130
48,299
*
PTC Therapeutics Inc.
511,087
41,689
*
Ligand Pharmaceuticals Inc.
125,112
39,547
 
Teleflex Inc.
292,869
37,124
*
Liquidia Corp.
388,092
30,943
*
Indivior Pharmaceuticals Inc.
751,723
30,843
*
Veracyte Inc.
508,317
29,853
*
Merit Medical Systems Inc.
397,984
27,596
*
RadNet Inc.
441,035
27,199
*
ICU Medical Inc.
161,143
23,624
*
Catalyst Pharmaceuticals Inc.
746,249
23,455
*
Integer Holdings Corp.
235,014
21,962
 
Concentra Group Holdings Parent Inc.
726,934
21,626
*
Acadia Healthcare Co. Inc.
715,290
21,123
*
ACADIA Pharmaceuticals Inc.
812,021
20,544
*
Alignment Healthcare Inc.
838,314
19,960
*
Privia Health Group Inc.
699,681
18,003
*
Supernus Pharmaceuticals Inc.
375,471
17,463
 
Organon & Co.
1,231,414
16,673
 
National HealthCare Corp.
78,191
16,526
*
Waystar Holding Corp.
726,105
14,907
*
Arcus Biosciences Inc.
483,501
14,906
*
Progyny Inc.
505,624
14,577
*
TransMedics Group Inc.
215,800
14,333
*
Prestige Consumer Healthcare Inc.
299,256
14,146
*
Astrana Health Inc.
303,692
14,094
*
Vericel Corp.
312,865
13,919
*
Pediatrix Medical Group Inc.
542,433
13,740
5
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
Neogen Corp.
1,520,568
13,670
 
LeMaitre Vascular Inc.
139,597
13,396
*
UFP Technologies Inc.
50,228
13,317
*
NeoGenomics Inc.
912,240
13,310
*
ADMA Biologics Inc.
1,565,647
13,104
*
Sarepta Therapeutics Inc.
699,514
12,570
*
Amneal Pharmaceuticals Inc.
722,603
12,508
*
Addus HomeCare Corp.
118,535
11,909
*
CorVel Corp.
184,886
11,559
 
Perrigo Co. plc
1,042,191
10,828
*
Omnicell Inc.
259,982
10,794
*
AMN Healthcare Services Inc.
293,098
9,488
*
ANI Pharmaceuticals Inc.
113,708
9,413
*
Innoviva Inc.
403,080
9,154
*
Harmony Biosciences Holdings Inc.
250,884
9,135
*
STAAR Surgical Co.
312,373
8,962
*
BioLife Solutions Inc.
298,958
8,443
*
LifeStance Health Group Inc.
783,784
8,394
*
Collegium Pharmaceutical Inc.
224,654
8,133
*
Azenta Inc.
311,095
7,939
*
QuidelOrtho Corp.
436,998
7,654
*
Fortrea Holdings Inc.
437,335
7,610
 
CONMED Corp.
229,664
7,517
*
Enovis Corp.
341,703
7,073
 
US Physical Therapy Inc.
101,104
6,944
*
Vir Biotechnology Inc.
677,373
6,902
*
Tandem Diabetes Care Inc.
454,971
6,866
*
Pacira BioSciences Inc.
253,547
6,433
*
Xencor Inc.
391,755
6,307
*
AdaptHealth Corp. Class A
596,140
6,212
*
Artivion Inc.
256,182
5,756
*
Avanos Medical Inc.
230,982
5,747
*
Amphastar Pharmaceuticals Inc.
269,433
5,437
*
Certara Inc.
685,993
4,493
 
HealthStream Inc.
158,901
4,330
 
Phibro Animal Health Corp. Class A
132,439
4,159
*
Schrodinger Inc.
196,829
3,199
*
Inspire Medical Systems Inc.
68,801
3,069
*
Integra LifeSciences Holdings Corp.
153,769
2,762
 
 
 
 
 
1,380,469
Industrials (17.1%)
 
Argan Inc.
83,416
66,612
 
ESCO Technologies Inc.
163,778
57,329
*
Everus Construction Group Inc.
332,471
55,174
 
Enpro Inc.
138,933
52,368
 
Federal Signal Corp.
406,322
52,208
*
MYR Group Inc.
103,352
51,717
 
Powell Industries Inc.
179,694
51,457
 
Arcosa Inc.
324,312
47,119
 
JBT Marel Corp.
319,596
46,341
 
Zurn Elkay Water Solutions Corp.
900,775
45,516
 
Armstrong World Industries Inc.
277,977
44,593
*
Gates Industrial Corp. plc
1,515,943
42,401
 
Granite Construction Inc.
264,868
41,870
*
Mercury Systems Inc.
330,758
40,462
 
Matson Inc.
201,651
38,763
 
VSE Corp.
166,559
38,059
*
AAR Corp.
251,827
35,994
 
Paycom Software Inc.
281,266
35,350
*
Casella Waste Systems Inc. Class A
357,767
34,693
*
Lyft Inc. Class A
2,327,716
34,008
*
RXO Inc.
1,110,066
30,627
 
AZZ Inc.
194,532
30,162
 
Franklin Electric Co. Inc.
267,295
28,651
 
Rush Enterprises Inc. Class A
391,879
28,601
*
OPENLANE Inc.
692,264
28,549
*
Resideo Technologies Inc.
894,325
27,813
 
Primoris Services Corp.
276,734
27,430
 
Standex International Corp.
76,646
27,414
6
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
*
GEO Group Inc.
916,550
27,084
 
WillScot Holdings Corp.
936,404
27,025
*
SkyWest Inc.
270,691
26,888
 
Mueller Water Products Inc. Class A
1,005,971
25,984
 
Brady Corp. Class A
275,985
25,272
 
UniFirst Corp.
91,838
24,287
 
Griffon Corp.
247,445
24,133
 
CSW Industrials Inc.
82,964
23,089
 
Atmus Filtration Technologies Inc.
433,110
22,084
 
Korn Ferry
330,094
21,978
*
Amentum Holdings Inc.
996,603
20,600
 
ArcBest Corp.
141,352
20,290
*
Sunrun Inc.
1,509,271
20,194
 
Boise Cascade Co.
248,430
19,286
*
CoreCivic Inc.
632,771
19,224
*
Hayward Holdings Inc.
1,058,216
18,318
 
Hub Group Inc. Class A
417,575
18,286
 
Trinity Industries Inc.
524,842
18,149
 
ABM Industries Inc.
409,591
18,120
 
Kadant Inc.
56,343
17,705
 
Werner Enterprises Inc.
403,102
17,579
 
Pitney Bowes Inc.
962,940
16,871
 
Kennametal Inc.
459,342
16,100
*
Allegiant Travel Co.
134,698
15,840
 
Albany International Corp. Class A
204,509
15,236
 
HNI Corp.
348,549
14,085
*
Masterbrand Inc.
1,360,790
14,003
 
Robert Half Inc.
452,184
13,882
*
DNOW Inc.
1,061,439
13,767
 
Interface Inc. Class A
377,005
13,512
*
DXP Enterprises Inc.
80,042
13,506
 
Enerpac Tool Group Corp. Class A
368,205
13,204
*
Proto Labs Inc.
155,606
12,683
 
ManpowerGroup Inc.
357,836
12,084
*
JetBlue Airways Corp.
2,085,937
11,952
 
Alamo Group Inc.
71,597
11,777
*
Vestis Corp.
809,024
11,747
*
Healthcare Services Group Inc.
472,243
11,598
 
Insperity Inc.
272,355
11,251
 
Tennant Co.
126,911
11,110
 
Schneider National Inc. Class B
300,036
10,960
 
Worthington Enterprises Inc.
199,913
10,747
 
Greenbrier Cos. Inc.
214,811
10,528
 
Millerknoll Inc.
485,474
9,933
 
Lindsay Corp.
74,254
9,193
*
Gibraltar Industries Inc.
203,668
9,185
 
Astec Industries Inc.
141,470
8,657
 
Apogee Enterprises Inc.
154,830
7,082
 
Marten Transport Ltd.
384,564
6,672
 
Quanex Building Products Corp.
350,322
6,523
*
Liquidity Services Inc.
153,557
6,007
 
Deluxe Corp.
220,055
5,255
 
Heartland Express Inc.
250,579
3,814
 
National Presto Industries Inc.
29,959
3,745
*
First Advantage Corp.
175,727
3,172
 
Concentrix Corp.
116,129
2,602
*
Legalzoom.com Inc.
298,899
1,832
*
Upwork Inc.
87,376
730
*
Verra Mobility Corp. Class A
49
—
*
Hertz Global Holdings Inc.
6
—
 
 
 
 
 
1,967,701
Information Technology (14.0%)
*
FormFactor Inc.
502,173
80,313
*
Viasat Inc.
839,203
75,369
*
MaxLinear Inc. Class A
513,051
65,686
 
Ralliant Corp.
728,313
53,626
*
Plexus Corp.
169,407
50,936
 
Vishay Intertechnology Inc.
852,722
45,859
*
Qorvo Inc.
479,014
44,678
7
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Kulicke & Soffa Industries Inc.
330,930
44,265
*
Ultra Clean Holdings Inc.
304,604
43,433
*
Enphase Energy Inc.
848,851
41,797
*
ACM Research Inc. Class A
312,715
39,680
*
Axcelis Technologies Inc.
194,154
36,782
*
ACI Worldwide Inc.
688,532
34,626
*
Diodes Inc.
309,016
33,819
 
Clear Secure Inc. Class A
606,651
33,809
*
MARA Holdings Inc.
2,394,525
33,260
 
Power Integrations Inc.
373,054
31,247
*
Extreme Networks Inc.
910,232
29,464
 
Badger Meter Inc.
195,183
28,961
*
Veeco Instruments Inc.
382,054
28,960
*
Life360 Inc.
487,619
26,995
*
Cleanspark Inc.
1,852,114
26,948
*
Mirion Technologies Inc. Class A
1,498,059
26,860
*
Ichor Holdings Ltd.
232,912
26,151
*
Itron Inc.
298,362
25,817
*
Penguin Solutions Inc.
331,395
25,189
*
Box Inc. Class A
933,226
24,768
*
Knowles Corp.
573,530
23,790
*
Impinj Inc.
165,102
23,648
 
Benchmark Electronics Inc.
237,736
23,457
*
Insight Enterprises Inc.
192,333
23,426
 
Adeia Inc.
710,677
23,403
*
EPAM Systems Inc.
293,863
23,318
*
Cohu Inc.
301,910
22,314
*
Teradata Corp.
624,072
21,624
*
OSI Systems Inc.
97,932
21,418
*
SolarEdge Technologies Inc.
349,399
20,419
*
Digi International Inc.
250,836
18,800
*
Rogers Corp.
110,104
18,027
 
RingCentral Inc. Class A
451,520
17,600
*
Q2 Holdings Inc.
359,217
17,278
 
A10 Networks Inc.
456,820
17,067
*
LiveRamp Holdings Inc.
429,298
16,159
*
Agilysys Inc.
149,813
15,655
*
Alarm.com Holdings Inc.
319,762
14,939
*
SPS Commerce Inc.
257,583
14,726
*
Diebold Nixdorf Inc.
165,889
14,104
*
Calix Inc.
375,581
14,017
*
PDF Solutions Inc.
197,009
13,946
 
ePlus Inc.
165,358
13,763
 
CTS Corp.
207,114
13,502
*
NetScout Systems Inc.
298,330
12,992
*
Harmonic Inc.
793,299
12,955
*
Photronics Inc.
373,549
12,152
*
Progress Software Corp.
295,627
9,927
*
Arlo Technologies Inc.
666,914
8,990
*
ScanSource Inc.
129,081
6,724
*
BlackLine Inc.
223,628
6,277
*
DXC Technology Co.
631,398
5,588
 
PC Connection Inc.
71,403
5,212
*
NCR Voyix Corp.
613,967
5,016
 
Napco Security Technologies Inc.
130,746
4,966
*
Everforth Inc.
237,093
4,237
*
Sprinklr Inc. Class A
626,455
3,233
*
Alpha & Omega Semiconductor Ltd.
41,047
1,943
*
N-able Inc.
259,450
952
*
Blackbaud Inc.
22,920
679
 
 
 
 
 
1,607,541
Materials (4.4%)
 
Element Solutions Inc.
1,425,504
68,068
 
Eastman Chemical Co.
782,185
52,391
 
Materion Corp.
131,144
39,001
 
Balchem Corp.
211,028
35,653
 
Sensient Technologies Corp.
278,033
34,279
 
Celanese Corp.
727,821
33,480
 
Warrior Met Coal Inc.
342,144
27,768
8
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Chemours Co.
1,092,518
22,418
 
HB Fuller Co.
363,290
21,176
 
Kaiser Aluminum Corp.
97,286
19,032
 
Hawkins Inc.
130,140
18,493
*
Ingevity Corp.
223,457
16,686
*
Century Aluminum Co.
351,684
16,181
 
Minerals Technologies Inc.
211,859
15,671
 
Innospec Inc.
166,911
13,585
 
Quaker Chemical Corp.
77,856
12,369
 
Sylvamo Corp.
230,748
8,722
*
Alpha Metallurgical Resources Inc.
42,874
7,072
 
Worthington Steel Inc.
210,309
7,062
 
Koppers Holdings Inc.
143,322
6,435
 
Stepan Co.
112,072
6,245
 
FMC Corp.
496,251
5,707
*
Metallus Inc.
276,189
5,162
*
O-I Glass Inc.
508,843
4,900
 
United States Lime & Minerals Inc.
15,287
1,600
 
 
 
 
 
499,156
Real Estate (6.5%)
 
Ryman Hospitality Properties Inc.
398,926
51,282
 
Terreno Realty Corp.
660,048
42,751
 
Macerich Co.
1,685,054
42,447
 
Essential Properties Realty Trust Inc.
1,244,816
37,158
 
Phillips Edison & Co. Inc.
841,838
35,037
 
Tanger Inc.
790,287
31,193
 
Outfront Media Inc.
906,363
29,692
 
Millrose Properties Inc.
976,176
29,334
 
Apple Hospitality REIT Inc.
1,469,432
24,701
 
SL Green Realty Corp.
476,365
24,661
 
Highwoods Properties Inc.
719,523
21,701
*
Cushman & Wakefield Ltd.
1,569,053
21,010
 
LXP Industrial Trust
379,213
20,432
 
Urban Edge Properties
857,583
19,621
 
Broadstone Net Lease Inc.
935,000
19,326
 
Curbline Properties Corp.
614,178
18,671
 
Medical Properties Trust Inc.
3,931,087
18,162
 
National Health Investors Inc.
226,815
17,297
 
Acadia Realty Trust
812,706
16,994
 
St. Joe Co.
268,170
16,795
 
DiamondRock Hospitality Co.
1,335,812
16,270
 
Pebblebrook Hotel Trust
816,022
15,839
 
Four Corners Property Trust Inc.
625,086
15,346
 
Sunstone Hotel Investors Inc.
1,307,201
14,967
 
Xenia Hotels & Resorts Inc.
694,775
14,146
 
Douglas Emmett Inc.
1,149,214
13,561
 
Global Net Lease Inc.
1,420,350
12,698
 
InvenTrust Properties Corp.
329,180
11,653
 
LTC Properties Inc.
289,165
11,118
 
Getty Realty Corp.
314,029
10,476
 
JBG SMITH Properties
601,996
8,831
 
American Assets Trust Inc.
335,051
8,272
 
NETSTREIT Corp.
333,416
7,045
 
Whitestone REIT
345,025
6,542
 
Centerspace
115,866
6,511
 
Innovative Industrial Properties Inc.
97,012
6,013
 
Easterly Government Properties Inc. Class A
220,645
5,501
 
Marcus & Millichap Inc.
168,410
5,249
 
Safehold Inc.
308,851
4,849
 
NexPoint Residential Trust Inc.
168,444
4,703
 
Saul Centers Inc.
77,667
2,904
 
AGNT Inc.
184,940
1,001
 
 
 
 
 
741,760
Utilities (1.9%)
 
MDU Resources Group Inc.
1,292,589
27,416
 
Clearway Energy Inc. Class C
779,990
26,660
 
Otter Tail Corp.
281,486
25,328
 
California Water Service Group
447,840
21,787
 
American States Water Co.
247,989
20,491
9
Tax-Managed Small-Cap Fund
 
 
 
 
 
Shares
Market
Value•
($000)
 
Avista Corp.
498,195
20,381
 
MGE Energy Inc.
237,478
19,364
 
Chesapeake Utilities Corp.
151,565
18,564
*
Hawaiian Electric Industries Inc.
972,886
13,163
 
H2O America
170,225
10,344
 
Northwest Natural Holding Co.
210,613
10,333
 
Unitil Corp.
122,902
6,476
 
Middlesex Water Co.
60,713
3,410
 
 
 
 
 
223,717
Total Common Stocks (Cost $6,667,728)
11,412,857
Rights (0.0%)
*,1
OmniAb Inc. 12.5 Earnout
60,640
—
*,1
OmniAb Inc. 15 Earnout
60,640
—
Total Rights (Cost $—)
—
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
2
Vanguard Market Liquidity Fund, 3.682% (Cost $47,249)
472,542
47,249
Total Investments (99.9%) (Cost $6,714,977)
11,460,106
Other Assets and Liabilities—Net (0.1%)
14,480
Net Assets (100%)
11,474,586
 
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.
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 2026
404
61,521
1,433
See accompanying Notes, which are an integral part of the Financial Statements.
10
Tax-Managed Small-Cap Fund
Statement of Assets and Liabilities
As of June 30, 2026
 
 
($000s, except shares and per-share amounts)
Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $6,667,728)
11,412,857
Affiliated Issuers (Cost $47,249)
47,249
Total Investments in Securities
11,460,106
Investment in Vanguard
229
Cash
397
Cash Collateral Pledged—Futures Contracts
3,940
Receivables for Investment Securities Sold
14,633
Receivables for Accrued Income
8,911
Receivables for Capital Shares Issued
614
Variation Margin Receivable—Futures Contracts
270
Total Assets
11,489,100
Liabilities
Payables for Investment Securities Purchased
11,753
Payables for Capital Shares Redeemed
2,541
Payables to Vanguard
220
Total Liabilities
14,514
Net Assets
11,474,586
 
 
At June 30, 2026, net assets consisted of:
 
Paid-in Capital
7,448,807
Total Distributable Earnings (Loss)
4,025,779
Net Assets
11,474,586
 
Admiral™ Shares—Net Assets
Applicable to 84,371,178 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
10,226,144
Net Asset Value Per Share—Admiral Shares
$121.20
 
Institutional Shares—Net Assets
Applicable to 10,277,101 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
1,248,442
Net Asset Value Per Share—Institutional Shares
$121.48
See accompanying Notes, which are an integral part of the Financial Statements.
11
Tax-Managed Small-Cap Fund
Statement of Operations
 
 
 
Six Months Ended
June 30, 2026
 
($000)
Investment Income
Income
Dividends
64,307
Interest1
569
Total Income
64,876
Expenses
The Vanguard Group—Note C
Investment Advisory Services
24
Management and Administrative—Admiral Shares
2,234
Management and Administrative—Institutional Shares
172
Marketing and Distribution—Admiral Shares
230
Marketing and Distribution—Institutional Shares
10
Custodian Fees
55
Shareholders’ Reports—Admiral Shares
28
Shareholders’ Reports—Institutional Shares
2
Trustees’ Fees and Expenses
2
Other Expenses
5
Total Expenses
2,762
Net Investment Income
62,114
Realized Net Gain (Loss)
Investment Securities Sold1,2
552,594
Futures Contracts
9,112
Realized Net Gain (Loss)
561,706
Change in Unrealized Appreciation (Depreciation)
Investment Securities1
1,622,397
Futures Contracts
1,640
Change in Unrealized Appreciation (Depreciation)
1,624,037
Net Increase (Decrease) in Net Assets Resulting from Operations
2,247,857
 
1
Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $483, ($5), and less than $1,
respectively. Purchases and sales are for temporary cash investment purposes.
2
Includes $673,554 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
12
Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
 
 
 
Six Months Ended
June 30,
2026
Year Ended
December 31,
2025
 
($000)
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income
62,114
108,660
Realized Net Gain (Loss)
561,706
309,982
Change in Unrealized Appreciation (Depreciation)
1,624,037
87,139
Net Increase (Decrease) in Net Assets Resulting from Operations
2,247,857
505,781
Distributions
Admiral Shares
(66,196
)
(109,425
)
Institutional Shares
(8,174
)
(13,412
)
Total Distributions
(74,370
)
(122,837
)
Capital Share Transactions
Admiral Shares
(107,984
)
(437,945
)
Institutional Shares
(8,594
)
(21,282
)
Net Increase (Decrease) from Capital Share Transactions
(116,578
)
(459,227
)
Total Increase (Decrease)
2,056,909
(76,283
)
Net Assets
Beginning of Period
9,417,677
9,493,960
End of Period
11,474,586
9,417,677
See accompanying Notes, which are an integral part of the Financial Statements.
13
Tax-Managed Small-Cap Fund
Financial Highlights
 
 
 
  
Admiral Shares
 
 
 
 
 
 
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2026
Year Ended December 31,
2025
2024
2023
2022
2021
Net Asset Value, Beginning of Period
$98.31
$94.06
$87.91
$77.06
$93.29
$74.30
Investment Operations
Net Investment Income1
.650
1.102
1.493
1.311
1.153
1.090
Net Realized and Unrealized Gain (Loss) on Investments
23.023
4.404
6.016
10.854
(16.221
)
18.985
Total from Investment Operations
23.673
5.506
7.509
12.165
(15.068
)
20.075
Distributions
Dividends from Net Investment Income
(.783
)
(1.256
)
(1.359
)
(1.315
)
(1.162
)
(1.085
)
Distributions from Realized Capital Gains
—
—
—
—
—
—
Total Distributions
(.783
)
(1.256
)
(1.359
)
(1.315
)
(1.162
)
(1.085
)
Net Asset Value, End of Period
$121.20
$98.31
$94.06
$87.91
$77.06
$93.29
Total Return2
24.18%
5.93%
8.61%
15.95%
-16.14%
27.08%
Ratios/Supplemental Data
 
 
 
 
 
 
Net Assets, End of Period (Millions)
$10,226
$8,396
$8,493
$8,048
$7,150
$8,631
Ratio of Total Expenses to Average Net Assets
0.06%
0.09%
0.09%
0.09%
0.09%3
0.09%
Ratio of Net Investment Income to Average Net Assets
1.36%
1.20%
1.65%
1.64%
1.41%
1.22%
Portfolio Turnover Rate4
12%
18%
14%
20%
10%
9%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
14
Tax-Managed Small-Cap Fund
Financial Highlights
  
Institutional Shares
 
 
 
 
 
 
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2026
Year Ended December 31,
2025
2024
2023
2022
2021
Net Asset Value, Beginning of Period
$98.53
$94.27
$88.11
$77.23
$93.50
$74.47
Investment Operations
Net Investment Income1
.666
1.143
1.525
1.346
1.180
1.126
Net Realized and Unrealized Gain (Loss) on Investments
23.081
4.403
6.024
10.876
(16.261
)
19.019
Total from Investment Operations
23.747
5.546
7.549
12.222
(15.081
)
20.145
Distributions
Dividends from Net Investment Income
(.797
)
(1.286
)
(1.389
)
(1.342
)
(1.189
)
(1.115
)
Distributions from Realized Capital Gains
—
—
—
—
—
—
Total Distributions
(.797
)
(1.286
)
(1.389
)
(1.342
)
(1.189
)
(1.115
)
Net Asset Value, End of Period
$121.48
$98.53
$94.27
$88.11
$77.23
$93.50
Total Return
24.20%
5.96%
8.64%
15.99%
-16.12%
27.11%
Ratios/Supplemental Data
 
 
 
 
 
 
Net Assets, End of Period (Millions)
$1,248
$1,022
$1,001
$928
$752
$889
Ratio of Total Expenses to Average Net Assets
0.03%
0.06%
0.06%
0.06%
0.06%2
0.06%
Ratio of Net Investment Income to Average Net Assets
1.39%
1.24%
1.68%
1.68%
1.44%
1.26%
Portfolio Turnover Rate3
12%
18%
14%
20%
10%
9%
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.
15
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.
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, 2026, 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 the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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, 2026, 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.
16
Tax-Managed Small-Cap Fund
B. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.
C. 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, 2026, the fund had contributed to Vanguard capital in the amount of $229,000, representing less than 0.01% of the fund’s net assets and 0.09% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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, 2026, based on the inputs used to value them: 
 
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
 
 
 
 
Assets
Common Stocks
11,412,857
—
—
11,412,857
Rights
—
—
—
—
Temporary Cash Investments
47,249
—
—
47,249
Total
11,460,106
—
—
11,460,106
 
 
 
 
 
Derivative Financial Instruments
 
 
 
 
Assets
Futures Contracts1
1,433
—
—
1,433
 
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.
E. As of June 30, 2026, 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
6,730,003
Gross Unrealized Appreciation
5,081,226
Gross Unrealized Depreciation
(349,690
)
Net Unrealized Appreciation (Depreciation)
4,731,536
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, 2025, the fund had available capital losses totaling $1,257,951,000 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, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended June 30, 2026, the fund purchased $1,955,452,000 of investment securities and sold $1,178,211,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $916,119,000, 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, 2026, such purchases were $64,325,000 and sales were $1,219,000, resulting in net realized gain of $195,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
17
Tax-Managed Small-Cap Fund
G. Capital share transactions for each class of shares were: 
 
Six Months Ended
June 30, 2026
Year Ended
December 31, 2025
 
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Admiral Shares
Issued
1,131,696
10,695
1,396,480
14,696
Issued in Lieu of Cash Distributions
41,609
384
70,850
760
Redeemed
(1,281,289)
(12,110)
(1,905,275)
(20,353)
Net Increase (Decrease)—Admiral Shares
(107,984)
(1,031)
(437,945)
(4,897)
Institutional Shares
Issued
39,109
358
56,252
602
Issued in Lieu of Cash Distributions
4,195
39
7,356
79
Redeemed
(51,898)
(492)
(84,890)
(926)
Net Increase (Decrease)—Institutional Shares
(8,594)
(95)
(21,282)
(245)
H. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, 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.
I. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
J. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
Q99452 082026
18

 

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9: Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable.

 

Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Not applicable. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

 

 

 

 

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.

 

Trustees Approve Advisory Arrangements - Tax-Managed Capital Appreciation Fund and Tax-Managed Small-Cap Fund

 

A majority of independent trustees of the board of Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund (Trustees) have renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), which provides investment advisory services to each fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that continuing the advisory arrangements was in the best interests of each fund and its shareholders.

 

The Trustees based their decisions upon an evaluation of VPM’s investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard’s Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management.

 

The Oversight and Manager Search team met regularly with the advisor and made presentations to the Trustees during the fiscal year that directed the Trustees’ focus to relevant information and topics.

 

The board, or an investment committee made up of Trustees, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the Trustees were 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 Trustees received periodic reports throughout the year, which included information about the fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team’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. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangements. Rather, it was the totality of the circumstances that drove the Trustee’s decisions.

 

Nature, extent, and quality of services

 

The Trustees considered 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 Vanguard and VPM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Strategic Equity Index Management team (SE), now within VPM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. In its management of other Vanguard passive and active equity funds and portfolios, the team has a track record of consistent performance as a result of its disciplined investment processes. SE has specific expertise and experience managing U.S. style-box, sector, and smart-beta index strategies, effectively navigating index reconstitutions and mitigating transactions costs to deliver tight tracking error while opportunistically seeking to add excess returns through sophisticated trading strategies and superior access to corporate actions.

 

 

 

 

The Trustees concluded that VPM’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

 

Investment performance

 

The Trustees determined that VPM’s SE, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes. The Trustees concluded that the performance was such that the advisory arrangements should continue.

 

Cost

 

The Trustees 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 Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VPM 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 Trustees concluded that each fund’s arrangement with Vanguard, and services rendered through VPM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

 

The Trustees will consider whether to renew the advisory arrangements again after a one-year period.

 

Trustees Approve Advisory Arrangement - Tax-Managed Balanced Fund

 

A majority of independent trustees of the board of Vanguard Tax-Managed Balanced Fund (Trustees) renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), which provides investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that continuing the advisory arrangement was in the best interests of the fund and its shareholders.

 

The Trustees based their decision upon an evaluation of VCM’s investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard’s Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the Trustees during the fiscal year that directed the Trustees’ focus to relevant information and topics.

 

 

 

 

The board, or an investment committee made up of Trustees, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the Trustees were 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 Trustees received periodic reports throughout the year, which included information about the fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team’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. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee’s decisions.

 

Nature, extent, and quality of services

 

The Trustees considered the quality of the investment management services over both the short and long term, and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group and Global Equity Index Management team (GE), now within VCM, adhere to the same sound, disciplined investment management process and have considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha. GE has specific expertise and experience managing large, broad-market U.S. equity index strategies, seeking to minimize transaction costs and tracking error while opportunistically adding excess returns through sophisticated trading and superior access to corporate actions. Additionally, GE has significant resources and expertise in global and non-U.S. trading and currency hedging capabilities.

 

The Trustees concluded that VCM’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

 

Investment performance

 

The Trustees determined that VCM’s Fixed Income Group and GE, in their management of Vanguard funds, including the fund, have track records of consistent performance and disciplined investment processes. The Trustees concluded that the performance was such that the advisory arrangement should continue.

 

Cost

 

The Trustees 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.

 

 

 

 

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VCM 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 Trustees concluded that the fund’s arrangement with Vanguard, and services rendered through VCM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

 

The Trustees will consider whether to renew the advisory arrangement again after a one-year period.

 

 

 

Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 15: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 16: 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 changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 18: Recovery of Erroneously Awarded Compensation

 

Not applicable.

 

Item 19: Exhibits.

 

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(a)(2) 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/ SALIM RAMJI*  
     
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: August 17, 2026

 

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/ SALIM RAMJI*  
     
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: August 17, 2026

 

  VANGUARD tax-managed FUNDS  
     
BY: /s/ CHRISTINE BUCHANAN*  
     
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: August 17, 2026

 

* By: /s/ Natalie Lamarque  

 

Natalie Lamarque, pursuant to a Power of Attorney filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

 

 

 

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