# EDGAR Filing Document

**Accession Number:** 0000923202
**File Stem:** 0001104659-26-021510
**Filing Date:** 2026-2
**Character Count:** 1182718
**Document Hash:** 38ac2902b2f1efb895c4756695e77a08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-021510.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001104659-26-021510

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TAX-MANAGED FUNDS
- **CENTRAL INDEX KEY:** 0000923202

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07175
- **FILM NUMBER:** 26699183

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TAX MANAGED FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TAX-MANAGED FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TAX MANAGED FUND INC
- **DATE OF NAME CHANGE:** 19940517

## Series and Classes Contracts Data

### Vanguard Tax-Managed Balanced Fund (Series ID: S000004383)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012133 | Admiral Shares | VTMFX           |

### Vanguard Tax-Managed Capital Appreciation Fund (Series ID: S000004384)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012135 | Admiral Shares       | VTCLX           |
| C000012136 | Institutional Shares | VTCIX           |

### Vanguard Tax-Managed Small-Cap Fund (Series ID: S000004387)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012142 | Admiral Shares       | VTMSX           |
| C000012143 | Institutional Shares | VTSIX           |

?xml version='1.0' encoding='ASCII'? ded0d44f-361e-4baf-be60-e90635f4e73c

**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, 2025—December 31, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Vanguard Tax-Managed Balanced Fund](#classnamed5f6247a-34d7-4e2a-938c-a13e18016511)<br> **[Admiral<sup>™</sup> Shares - VTMFX](#classnamed5f6247a-34d7-4e2a-938c-a13e18016511)**  |
|  [Vanguard Tax-Managed Capital Appreciation Fund](#classname9381f639-77b7-4946-86b8-92eb5833d2e4)<br> **[Admiral<sup>™</sup> Shares - VTCLX](#classname9381f639-77b7-4946-86b8-92eb5833d2e4)**  |
|  [Vanguard Tax-Managed Capital Appreciation Fund](#classname94edec03-aa08-4d0d-a3c0-f056d6722f4a)<br> **[Institutional Shares - VTCIX](#classname94edec03-aa08-4d0d-a3c0-f056d6722f4a)**  |
|  [Vanguard Tax-Managed Small-Cap Fund](#classnamefb0b08f8-a17b-48fe-9fa9-e8193039b393)<br> **[Admiral<sup>™</sup> Shares - VTMSX](#classnamefb0b08f8-a17b-48fe-9fa9-e8193039b393)**  |
|  [Vanguard Tax-Managed Small-Cap Fund](#classname95b58e94-24ac-4f23-a56e-d3d68635abcf)<br> **[Institutional Shares - VTSIX](#classname95b58e94-24ac-4f23-a56e-d3d68635abcf)**  |

---

![Logo](tm263123d5_tsrimg006.jpg)

#### Vanguard Tax-Managed Balanced Fund

#### Admiral<sup>™</sup> Shares (VTMFX)
Annual Shareholder Report \| December 31, 2025

------

This annual shareholder report contains important information about Vanguard Tax-Managed Balanced Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. 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 year?
*(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 | $10 | 0.09% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended December 31, 2025, the Fund lagged its benchmark. The modest underperformance was the result of a purposeful overweight to municipal bonds in order to ensure the Fund maintained its tax-exempt status.

* The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The Federal Reserve lowered rates three times.

* U.S. stocks delivered robust returns, with growth stocks performing a little better than value stocks. Seven out of 11 industry sectors posted double-digit gains, with technology and basic materials the top performers.

* Municipal bonds returned less than the taxable investment-grade bond market.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance e or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: December 31, 2015, Through December 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm263123d5_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 11.28% | 7.33% | 8.40% |
| Tax-Managed Balanced Composite Index | 11.69% | 7.61% | 8.71% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 17.05% | 13.07% | 14.21% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of December 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$11524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;4501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$210 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets <br>(as of December 31, 2025)** |  |
| Basic Materials | 0.6% |
| Consumer Discretionary | 6.2% |
| Consumer Staples | 1.5% |
| Energy | 1.3% |
| Financials | 4.7% |
| Health Care | 4.0% |
| Industrials | 5.2% |
| Other | 0.1% |
| Real Estate | 0.9% |
| Technology | 17.1% |
| Telecommunications | 0.7% |
| Utilities | 1.1% |
| Tax-Exempt Municipal Bonds | 56.2% |
| Other Assets and Liabilities—Net | 0.4% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### How has the Fund changed?
Subsequent to the Fund's fiscal year end, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026, 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** <sup>**<sup>®</sup>**</sup> • vanguard.com

![Logo](tm263123d5_tsrimg006.jpg)

 **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.

AR103

![Logo](tm263123d5_tsrimg006.jpg)

#### Vanguard Tax-Managed Capital Appreciation Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admiral<sup>™</sup> Shares (VTCLX)
Annual Shareholder Report \| December 31, 2025

------

This annual shareholder report contains important information about Vanguard Tax-Managed Capital Appreciation Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. 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 year?
 *(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 | $10 | 0.09% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark. 

* The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times. 

* All sectors within the index posted positive returns for the 12 months, with seven of 11 posting double-digit gains. Technology contributed most to results. 

#### How did the Fund perform over the past 10 years?
 **Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: December 31, 2015, Through December 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm263123d5_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 17.44% | 13.58% | 14.64% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 17.05% | 13.07% | 14.21% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of December 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$27154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br> (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$412 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of December 31, 2025)** | **Portfolio Composition % of Net Assets<br> (as of December 31, 2025)** |
| Basic Materials | 1.4% |
| Consumer Discretionary | 14.4% |
| Consumer Staples | 3.6% |
| Energy | 2.9% |
| Financials | 10.9% |
| Health Care | 9.2% |
| Industrials | 11.9% |
| Real Estate | 2.0% |
| Technology | 39.4% |
| Telecommunications | 1.8% |
| Utilities | 2.3% |
| Other Assets and Liabilities—Net | 0.2% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks.

Subsequent to the Fund's fiscal year end, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026, 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** <sup>**<sup>®</sup>**</sup> • vanguard.com

![Logo](tm263123d5_tsrimg006.jpg)

 **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.

AR5102

![Logo](tm263123d5_tsrimg006.jpg)

#### Vanguard Tax-Managed Capital Appreciation Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (VTCIX)
Annual Shareholder Report \| December 31, 2025

------

This annual shareholder report contains important information about Vanguard Tax-Managed Capital Appreciation Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. 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 year?
 *(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 | $7 | 0.06% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark. 

* The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times. 

* All sectors within the index posted positive returns for the 12 months, with seven of 11 posting double-digit gains. Technology contributed most to results. 

#### How did the Fund perform over the past 10 years?
 **Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: December 31, 2015, Through December 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm263123d5_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 17.48% | 13.61% | 14.67% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 17.05% | 13.07% | 14.21% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of December 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$27154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br> (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$412 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of December 31, 2025)** | **Portfolio Composition % of Net Assets<br> (as of December 31, 2025)** |
| Basic Materials | 1.4% |
| Consumer Discretionary | 14.4% |
| Consumer Staples | 3.6% |
| Energy | 2.9% |
| Financials | 10.9% |
| Health Care | 9.2% |
| Industrials | 11.9% |
| Real Estate | 2.0% |
| Technology | 39.4% |
| Telecommunications | 1.8% |
| Utilities | 2.3% |
| Other Assets and Liabilities—Net | 0.2% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks.

Subsequent to the Fund's fiscal year end, the expense ratio for the Institutional Share class was reduced.

This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026, 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** <sup>**<sup>®</sup>**</sup> • vanguard.com

![Logo](tm263123d5_tsrimg006.jpg)

 **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.

AR135

![Logo](tm263123d5_tsrimg006.jpg)

#### Vanguard Tax-Managed Small-Cap Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admiral<sup>™</sup> Shares (VTMSX)
Annual Shareholder Report \| December 31, 2025

------

This annual shareholder report contains important information about Vanguard Tax-Managed Small-Cap Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. 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 year?
 *(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 | $9 | 0.09% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark. 

* The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times. 

* Six of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Industrials, information technology, and financials contributed most to the benchmark's return. Consumer discretionary, energy, and consumer staples detracted most from the benchmark's performance. 

#### How did the Fund perform over the past 10 years?
 **Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: December 31, 2015, Through December 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm263123d5_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 5.93% | 7.29% | 9.72% |
| S&P SmallCap 600 Index | 6.02% | 7.31% | 9.81% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 17.05% | 13.07% | 14.21% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of December 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$9418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br> (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$149 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of December 31, 2025)** |  |
| Communication Services | 3.0% |
| Consumer Discretionary | 13.3% |
| Consumer Staples | 2.4% |
| Energy | 4.4% |
| Financials | 18.7% |
| Health Care | 12.1% |
| Industrials | 17.1% |
| Information Technology | 14.0% |
| Materials | 5.4% |
| Real Estate | 7.3% |
| Utilities | 2.1% |
| Other Assets and Liabilities—Net | 0.2% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### How has the Fund changed?
Subsequent to the Fund's fiscal year end, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, 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** <sup>**<sup>®</sup>**</sup> • vanguard.com

![Logo](tm263123d5_tsrimg006.jpg)

 **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.

AR116

![Logo](tm263123d5_tsrimg006.jpg)

#### Vanguard Tax-Managed Small-Cap Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (VTSIX)
Annual Shareholder Report \| December 31, 2025

------

This annual shareholder report contains important information about Vanguard Tax-Managed Small-Cap Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. 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 year?
 *(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 | $6 | 0.06% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark. 

* The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times. 

* Six of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Industrials, information technology, and financials contributed most to the benchmark's return. Consumer discretionary, energy, and consumer staples detracted most from the benchmark's performance. 

#### How did the Fund perform over the past 10 years?
 **Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: December 31, 2015, Through December 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm263123d5_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.96% | 7.32% | 9.75% |
| S&P SmallCap 600 Index | 6.02% | 7.31% | 9.81% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 17.05% | 13.07% | 14.21% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of December 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$9418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br> (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$149 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of December 31, 2025)** |  |
| Communication Services | 3.0% |
| Consumer Discretionary | 13.3% |
| Consumer Staples | 2.4% |
| Energy | 4.4% |
| Financials | 18.7% |
| Health Care | 12.1% |
| Industrials | 17.1% |
| Information Technology | 14.0% |
| Materials | 5.4% |
| Real Estate | 7.3% |
| Utilities | 2.1% |
| Other Assets and Liabilities—Net | 0.2% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### How has the Fund changed?
Subsequent to the Fund's fiscal year end, the expense ratio for the Institutional Share class was reduced.

This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, 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** <sup>**<sup>®</sup>**</sup> • vanguard.com

![Logo](tm263123d5_tsrimg006.jpg)

 **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.

AR118

**Item 2: Code of Ethics.** 

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

**Item 3**: **Audit Committee Financial Expert.**

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

**Item 4**: **Principal Accountant Fees and Services.**

Includes fees billed in connection with services to the Registrant only.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br> December 31, 2025 | Fiscal Year Ended<br> December 31, 2024 |
| (a) Audit Fees. | $162000 | $163000 |
| (b) Audit-Related Fees. | 0 | 0 |
| (c) Tax Fees. | 0 | 0 |
| (d) All Other Fees. | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total. | $162000 | $163000 |

---

(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were <u>not</u> performed by persons other than full-time, permanent employees of the principal accountant.

(g) Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended <br> December 31, 2025 | Fiscal Year Ended<br> December 31, 2024 |
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $0 | $0 |
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees. | $3947067 | $3802420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Fees. | $1575446 | $2062604 |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Fees. | $25000 | $293000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total. | $5547513 | $6158024 |

---

(h) For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

**Item 5: Audit Committee of Listed Registrants.**

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

**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.**

![](tm263123d5vgtxmngdcapappi001.jpg)

#### Financial Statements

#### For the year ended December 31, 2025

#### Vanguard Tax-Managed Capital Appreciation Fund

------

Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 24 |
| Tax information<br>| 25 |

---

------

Tax-Managed Capital Appreciation Fund

Financial Statements

#### Schedule of Investments
As of December 31, 2025

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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| **Basic Materials (1.4%)** | **Basic Materials (1.4%)** | **Basic Materials (1.4%)** | **Basic Materials (1.4%)** |
|  | Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;205547 | &nbsp;&nbsp;&nbsp;&nbsp;87643 |
|  | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;352984 | &nbsp;&nbsp;&nbsp;&nbsp;35245 |
|  | Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132860 | &nbsp;&nbsp;&nbsp;&nbsp;34878 |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;536716 | &nbsp;&nbsp;&nbsp;&nbsp;27260 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;522914 | &nbsp;&nbsp;&nbsp;&nbsp;20985 |
|  | Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;363031 | &nbsp;&nbsp;&nbsp;&nbsp;19291 |
|  | Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77137 | &nbsp;&nbsp;&nbsp;&nbsp;19054 |
|  | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113722 | &nbsp;&nbsp;&nbsp;&nbsp;16316 |
|  | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69687 | &nbsp;&nbsp;&nbsp;&nbsp;12675 |
|  | Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89152 | &nbsp;&nbsp;&nbsp;&nbsp;12610 |
|  | Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43502 | &nbsp;&nbsp;&nbsp;&nbsp;12566 |
|  | Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;119360 | &nbsp;&nbsp;&nbsp;&nbsp;10179 |
|  | Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59902 | &nbsp;&nbsp;&nbsp;&nbsp;10150 |
|  | Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9839 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910 |
|  | Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;673093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731 |
| <sup>\*</sup> | RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6323 |
| <sup>\*</sup> | MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 |
| <sup>\*</sup> | Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 |
|  | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;188237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535 |
|  | Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412 |
|  | Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272 |
|  | CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836 |
|  | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 |
| <sup>\*</sup> | Cleveland-Cliffs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 |
|  | Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 |
|  | Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 |
|  | International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 |
|  | Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 |
|  | International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
|  | Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  | Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  |  |  | &nbsp;&nbsp;**389514** |
| **Consumer Discretionary (14.4%)** | **Consumer Discretionary (14.4%)** | **Consumer Discretionary (14.4%)** | **Consumer Discretionary (14.4%)** |
| <sup>\*</sup> | Amazon.com Inc. | &nbsp;&nbsp;4126576 | &nbsp;&nbsp;952496 |
| <sup>\*</sup> | Tesla Inc. | &nbsp;&nbsp;1221642 | &nbsp;&nbsp;549397 |
|  | Walmart Inc. | &nbsp;&nbsp;1925328 | &nbsp;&nbsp;214501 |
| <sup>\*</sup> | Netflix Inc. | &nbsp;&nbsp;1918670 | &nbsp;&nbsp;179894 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;192504 | &nbsp;&nbsp;166004 |
|  | Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401901 | &nbsp;&nbsp;138294 |
|  | Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;805429 | &nbsp;&nbsp;&nbsp;&nbsp;91634 |
|  | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;277959 | &nbsp;&nbsp;&nbsp;&nbsp;84953 |
|  | Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14559 | &nbsp;&nbsp;&nbsp;&nbsp;77968 |
| <sup>\*</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;866641 | &nbsp;&nbsp;&nbsp;&nbsp;70813 |
|  | Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281040 | &nbsp;&nbsp;&nbsp;&nbsp;67776 |
|  | TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409999 | &nbsp;&nbsp;&nbsp;&nbsp;62980 |
| <sup>\*</sup> | O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;616555 | &nbsp;&nbsp;&nbsp;&nbsp;56236 |
|  | Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;175101 | &nbsp;&nbsp;&nbsp;&nbsp;54323 |
| <sup>\*</sup> | Copart Inc. | &nbsp;&nbsp;1025902 | &nbsp;&nbsp;&nbsp;&nbsp;40164 |
| <sup>\*</sup> | Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68431 | &nbsp;&nbsp;&nbsp;&nbsp;39739 |
|  | Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;463608 | &nbsp;&nbsp;&nbsp;&nbsp;39040 |
|  | General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;410369 | &nbsp;&nbsp;&nbsp;&nbsp;33371 |
| <sup>\*</sup> | Warner Bros Discovery Inc. | &nbsp;&nbsp;1149790 | &nbsp;&nbsp;&nbsp;&nbsp;33137 |
|  | eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339551 | &nbsp;&nbsp;&nbsp;&nbsp;29575 |
| <sup>\*</sup> | United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263107 | &nbsp;&nbsp;&nbsp;&nbsp;29421 |
| <sup>\*</sup> | Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;211981 | &nbsp;&nbsp;&nbsp;&nbsp;28770 |
|  | NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;432525 | &nbsp;&nbsp;&nbsp;&nbsp;27556 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98505 | &nbsp;&nbsp;27475 |
|  | Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304711 | &nbsp;&nbsp;27205 |
| <sup>\*</sup> | AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7886 | &nbsp;&nbsp;26745 |
|  | Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146662 | &nbsp;&nbsp;26420 |
|  | Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89174 | &nbsp;&nbsp;25615 |
|  | DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162652 | &nbsp;&nbsp;23427 |
|  | Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112726 | &nbsp;&nbsp;23033 |
| <sup>\*</sup> | Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53308 | &nbsp;&nbsp;22497 |
|  | Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307256 | &nbsp;&nbsp;21324 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140313 | &nbsp;&nbsp;21227 |
| <sup>\*</sup> | Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78407 | &nbsp;&nbsp;20075 |
| <sup>\*</sup> | Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;534600 | &nbsp;&nbsp;19780 |
|  | Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68205 | &nbsp;&nbsp;19323 |
| <sup>\*</sup> | Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122564 | &nbsp;&nbsp;17465 |
| <sup>\*</sup> | ROBLOX Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;215068 | &nbsp;&nbsp;17427 |
| <sup>\*</sup> | AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76111 | &nbsp;&nbsp;15715 |
|  | Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150660 | &nbsp;&nbsp;14727 |
|  | PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124533 | &nbsp;&nbsp;14603 |
|  | Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;137373 | &nbsp;&nbsp;14386 |
| <sup>\*</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448180 | &nbsp;&nbsp;13687 |
|  | Ford Motor Co. | &nbsp;&nbsp;1004914 | &nbsp;&nbsp;13184 |
|  | Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;127303 | &nbsp;&nbsp;13087 |
|  | Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93872 | &nbsp;&nbsp;12693 |
|  | Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68336 | &nbsp;&nbsp;12575 |
|  | Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76726 | &nbsp;&nbsp;12301 |
| <sup>\*</sup> | Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56196 | &nbsp;&nbsp;11678 |
|  | Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139624 | &nbsp;&nbsp;11275 |
| <sup>\*</sup> | Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;542940 | &nbsp;&nbsp;10701 |
| <sup>\*</sup> | Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;445384 | &nbsp;&nbsp;10507 |
| <sup>\*</sup> | Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84951 | &nbsp;&nbsp;10450 |
| <sup>\*</sup> | Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16947 | &nbsp;&nbsp;10253 |
| <sup>\*</sup> | BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112146 | &nbsp;&nbsp;10096 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;102072 | &nbsp;&nbsp;10055 |
| <sup>\*</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88061 | &nbsp;&nbsp;&nbsp;&nbsp;9129 |
| <sup>\*</sup> | Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;237931 | &nbsp;&nbsp;&nbsp;&nbsp;9032 |
| <sup>\*</sup> | NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;8788 |
|  | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65783 | &nbsp;&nbsp;&nbsp;&nbsp;8734 |
| <sup>\*</sup> | Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;111118 | &nbsp;&nbsp;&nbsp;&nbsp;8455 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;203056 | &nbsp;&nbsp;&nbsp;&nbsp;8392 |
| <sup>\*</sup> | Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28811 | &nbsp;&nbsp;&nbsp;&nbsp;8322 |
| <sup>\*</sup> | Liberty Live Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94390 | &nbsp;&nbsp;&nbsp;&nbsp;7693 |
|  | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107670 | &nbsp;&nbsp;&nbsp;&nbsp;7216 |
|  | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;295499 | &nbsp;&nbsp;&nbsp;&nbsp;6876 |
|  | Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91376 | &nbsp;&nbsp;&nbsp;&nbsp;6677 |
| <sup>\*</sup> | Coty Inc. Class A | &nbsp;&nbsp;2116216 | &nbsp;&nbsp;&nbsp;&nbsp;6518 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71269 | &nbsp;&nbsp;&nbsp;&nbsp;6370 |
| <sup>\*</sup> | Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217512 | &nbsp;&nbsp;&nbsp;&nbsp;6321 |
|  | Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76898 | &nbsp;&nbsp;&nbsp;&nbsp;6306 |
| <sup>\*</sup> | MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;163296 | &nbsp;&nbsp;&nbsp;&nbsp;5959 |
| <sup>\*</sup> | Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53344 | &nbsp;&nbsp;&nbsp;&nbsp;5786 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16358 | &nbsp;&nbsp;&nbsp;&nbsp;5784 |
| <sup>\*</sup> | Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;257285 | &nbsp;&nbsp;&nbsp;&nbsp;5743 |
| <sup>\*</sup> | Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55476 | &nbsp;&nbsp;&nbsp;&nbsp;5570 |
|  | Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;107300 | &nbsp;&nbsp;&nbsp;&nbsp;5366 |
|  | BorgWarner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112717 | &nbsp;&nbsp;&nbsp;&nbsp;5079 |
| <sup>\*</sup> | Under Armour Inc. Class C | &nbsp;&nbsp;1031195 | &nbsp;&nbsp;&nbsp;&nbsp;4950 |
| <sup>\*</sup> | GameStop Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;240782 | &nbsp;&nbsp;&nbsp;&nbsp;4835 |
| <sup>\*</sup> | Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77483 | &nbsp;&nbsp;&nbsp;&nbsp;4718 |
|  | Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21979 | &nbsp;&nbsp;&nbsp;&nbsp;4458 |
| <sup>\*</sup> | CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114399 | &nbsp;&nbsp;&nbsp;&nbsp;4420 |
| <sup>\*</sup> | On Holding AG Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89976 | &nbsp;&nbsp;&nbsp;&nbsp;4182 |
|  | RB Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39397 | &nbsp;&nbsp;&nbsp;&nbsp;4053 |
|  | News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;153012 | &nbsp;&nbsp;&nbsp;&nbsp;3997 |
| <sup>\*</sup> | Liberty Live Holdings Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46770 | &nbsp;&nbsp;&nbsp;&nbsp;3889 |
| <sup>\*</sup> | DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111122 | &nbsp;&nbsp;&nbsp;&nbsp;3829 |
| <sup>\*</sup> | Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41988 | &nbsp;&nbsp;&nbsp;&nbsp;3591 |
| <sup>\*</sup> | Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18670 | &nbsp;&nbsp;&nbsp;&nbsp;3517 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17342 | &nbsp;&nbsp;&nbsp;&nbsp;3433 |
| <sup>\*</sup> | American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222559 | &nbsp;&nbsp;&nbsp;&nbsp;3412 |
| <sup>\*</sup> | Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20393 | &nbsp;&nbsp;&nbsp;&nbsp;3392 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382 |
|  | Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194 |
|  | Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 |
|  | Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 |
| <sup>\*</sup> | Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 |
|  | New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 |
| <sup>\*</sup> | Alaska Air Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 |
|  | VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 |
| <sup>\*</sup> | Birkenstock Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284 |
| <sup>\*</sup> | Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 |
| <sup>\*</sup> | Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169 |
| <sup>\*</sup> | Duolingo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 |
|  | Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 |
|  | Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 |
| <sup>\*</sup> | U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 |
|  | Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 |
| <sup>\*</sup> | QuantumScape Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;170879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 |
|  | Macy's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 |
|  | Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 |
|  | Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 |
|  | Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678 |
|  | Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 |
|  | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 |
| <sup>\*</sup> | Chewy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 |
|  | U-Haul Holding Co. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 |
|  | News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 |
|  | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
|  | Lithia Motors Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |
| <sup>\*</sup> | SiteOne Landscape Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 |
|  | Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 |
| <sup>\*</sup> | SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
|  | Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 |
|  | Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
| <sup>\*</sup> | Amer Sports Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
| <sup>\*</sup> | Dutch Bros Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
| <sup>\*</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
| <sup>\*</sup> | Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
|  | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
| <sup>\*</sup> | YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
|  | Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  |  |  | &nbsp;&nbsp;**3917119** |
| **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |
|  | Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;933525 | &nbsp;&nbsp;&nbsp;&nbsp;133783 |
|  | Coca-Cola Co. | &nbsp;&nbsp;1600073 | &nbsp;&nbsp;&nbsp;&nbsp;111861 |
|  | PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;559806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80343 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;459056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73633 |
|  | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54378 |
| <sup>\*</sup> | Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;498663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38232 |
|  | Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36539 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;450391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35743 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;440492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34808 |
|  | Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;590627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31793 |
|  | Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;412017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25743 |
|  | Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22823 |
| <sup>\*</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17995 |
| <sup>\*</sup> | Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17645 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;577691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16181 |
|  | Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15394 |
|  | Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14310 |
|  | Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14309 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13911 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;232055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13341 |
|  | Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13081 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156099 | &nbsp;&nbsp;&nbsp;&nbsp;11757 |
|  | McCormick & Co. Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;168532 | &nbsp;&nbsp;&nbsp;&nbsp;11479 |
|  | Kenvue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;628337 | &nbsp;&nbsp;&nbsp;&nbsp;10839 |
|  | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264348 | &nbsp;&nbsp;&nbsp;&nbsp;10307 |
|  | Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;161658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476 |
| <sup>\*</sup> | Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8758 |
| <sup>\*</sup> | Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7398 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 |
|  | Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921 |
| <sup>\*</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865 |
|  | Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425 |
| <sup>\*</sup> | Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;209848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 |
| <sup>\*</sup> | BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361 |
|  | J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257 |
|  | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187 |
|  | Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;143688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744 |
|  | General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 |
|  | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 |
|  | Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 |
|  | Reynolds Consumer Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 |
|  | Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 |
|  | Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
|  | Brown-Forman Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
|  |  |  | &nbsp;&nbsp;**965266** |
| **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;1798440 | &nbsp;&nbsp;216424 |
|  | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;843547 | &nbsp;&nbsp;128565 |
|  | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;612761 | &nbsp;&nbsp;&nbsp;&nbsp;57361 |
|  | Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173517 | &nbsp;&nbsp;&nbsp;&nbsp;33730 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188281 | &nbsp;&nbsp;&nbsp;&nbsp;30620 |
|  | EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;496689 | &nbsp;&nbsp;&nbsp;&nbsp;26623 |
|  | SLB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;680643 | &nbsp;&nbsp;&nbsp;&nbsp;26123 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155741 | &nbsp;&nbsp;&nbsp;&nbsp;25353 |
|  | EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235362 | &nbsp;&nbsp;&nbsp;&nbsp;24715 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;533473 | &nbsp;&nbsp;&nbsp;&nbsp;21936 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;158889 | &nbsp;&nbsp;&nbsp;&nbsp;20503 |
|  | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;502823 | &nbsp;&nbsp;&nbsp;&nbsp;18418 |
|  | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;396566 | &nbsp;&nbsp;&nbsp;&nbsp;18060 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93422 | &nbsp;&nbsp;&nbsp;&nbsp;17236 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283640 | &nbsp;&nbsp;&nbsp;&nbsp;17050 |
|  | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;557227 | &nbsp;&nbsp;&nbsp;&nbsp;15747 |
|  | Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89730 | &nbsp;&nbsp;&nbsp;&nbsp;13489 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49396 | &nbsp;&nbsp;&nbsp;&nbsp;12904 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;355855 | &nbsp;&nbsp;&nbsp;&nbsp;12263 |
|  | Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107186 | &nbsp;&nbsp;&nbsp;&nbsp;11829 |
|  | Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9565 |
|  | Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678 |
|  | Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179 |
|  | TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;157034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6998 |
|  | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821 |
|  | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 |
|  | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545 |
|  | NOV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329 |
|  | Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 |
|  | ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 |
|  | Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
|  |  |  | &nbsp;&nbsp;**799087** |
| **Financials (10.9%)** | **Financials (10.9%)** | **Financials (10.9%)** | **Financials (10.9%)** |
| <sup>\*</sup> | Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;884919 | &nbsp;&nbsp;444805 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;1278390 | &nbsp;&nbsp;411923 |
|  | Bank of America Corp. | &nbsp;&nbsp;3152321 | &nbsp;&nbsp;173378 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;741372 | &nbsp;&nbsp;131616 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;1390022 | &nbsp;&nbsp;129550 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129923 | &nbsp;&nbsp;114202 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;778874 | &nbsp;&nbsp;90887 |
|  | Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341238 | &nbsp;&nbsp;77707 |
|  | S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141683 | &nbsp;&nbsp;74042 |
|  | Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;632535 | &nbsp;&nbsp;63197 |
|  | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;148830 | &nbsp;&nbsp;46453 |
| <sup>\*</sup> | Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;384216 | &nbsp;&nbsp;43455 |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;119670 | &nbsp;&nbsp;42229 |
|  | Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256444 | &nbsp;&nbsp;41534 |
|  | Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36799 | &nbsp;&nbsp;39387 |
|  | Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76633 | &nbsp;&nbsp;39148 |
|  | Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77718 | &nbsp;&nbsp;38108 |
|  | CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123868 | &nbsp;&nbsp;33826 |
|  | Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298782 | &nbsp;&nbsp;32947 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173872 | &nbsp;&nbsp;32257 |
|  | Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;321915 | &nbsp;&nbsp;31268 |
|  | KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229744 | &nbsp;&nbsp;29288 |
| <sup>\*</sup> | Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;303617 | &nbsp;&nbsp;29123 |
|  | Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184708 | &nbsp;&nbsp;28471 |
|  | Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95557 | &nbsp;&nbsp;27717 |
|  | Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341058 | &nbsp;&nbsp;27182 |
| <sup>\*</sup> | NU Holdings Ltd. Class A | &nbsp;&nbsp;1466337 | &nbsp;&nbsp;24546 |
|  | PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116531 | &nbsp;&nbsp;24324 |
|  | Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89279 | &nbsp;&nbsp;23104 |
|  | Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158112 | &nbsp;&nbsp;22888 |
|  | Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109659 | &nbsp;&nbsp;22826 |
| <sup>\*</sup> | Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97701 | &nbsp;&nbsp;22094 |
|  | American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248337 | &nbsp;&nbsp;21245 |
|  | Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131001 | &nbsp;&nbsp;21037 |
|  | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35842 | &nbsp;&nbsp;20564 |
|  | Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153360 | &nbsp;&nbsp;19096 |
|  | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;349547 | &nbsp;&nbsp;18652 |
|  | Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76302 | &nbsp;&nbsp;18377 |
|  | First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394 | &nbsp;&nbsp;18015 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152862 | &nbsp;&nbsp;17746 |
|  | SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;645142 | &nbsp;&nbsp;17458 |
| <sup>\*</sup> | Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851 | &nbsp;&nbsp;16877 |
|  | Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140725 | &nbsp;&nbsp;15885 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;121995 | &nbsp;&nbsp;15739 |
|  | East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133603 | &nbsp;&nbsp;15016 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;313995 | &nbsp;&nbsp;14698 |
|  | Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104117 | &nbsp;&nbsp;14562 |
|  | Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;226008 | &nbsp;&nbsp;14535 |
|  | Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57911 | &nbsp;&nbsp;12924 |
|  | MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156593 | &nbsp;&nbsp;12361 |
|  | Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59104 | &nbsp;&nbsp;12025 |
|  | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;240120 | &nbsp;&nbsp;11816 |
|  | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 | &nbsp;&nbsp;10837 |
|  | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101412 | &nbsp;&nbsp;10680 |
|  | Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31933 | &nbsp;&nbsp;10493 |
|  | Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73034 | &nbsp;&nbsp;10064 |
|  | LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28094 | &nbsp;&nbsp;10034 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;120864 | &nbsp;&nbsp;&nbsp;&nbsp;9913 |
|  | Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182850 | &nbsp;&nbsp;&nbsp;&nbsp;9570 |
|  | Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107082 | &nbsp;&nbsp;&nbsp;&nbsp;9446 |
|  | M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46128 | &nbsp;&nbsp;&nbsp;&nbsp;9294 |
|  | Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49320 | &nbsp;&nbsp;&nbsp;&nbsp;9014 |
|  | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64292 | &nbsp;&nbsp;&nbsp;&nbsp;8989 |
|  | Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34996 | &nbsp;&nbsp;&nbsp;&nbsp;8784 |
|  | W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125066 | &nbsp;&nbsp;&nbsp;&nbsp;8770 |
|  | T. Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82881 | &nbsp;&nbsp;&nbsp;&nbsp;8485 |
|  | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;114794 | &nbsp;&nbsp;&nbsp;&nbsp;6720 |
|  | Rocket Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;341699 | &nbsp;&nbsp;&nbsp;&nbsp;6615 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208978 | &nbsp;&nbsp;&nbsp;&nbsp;6106 |
|  | Cullen/Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46275 | &nbsp;&nbsp;&nbsp;&nbsp;5860 |
|  | Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86956 | &nbsp;&nbsp;&nbsp;&nbsp;5389 |
|  | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18039 | &nbsp;&nbsp;&nbsp;&nbsp;5072 |
|  | Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49542 | &nbsp;&nbsp;&nbsp;&nbsp;4727 |
|  | BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38470 | &nbsp;&nbsp;&nbsp;&nbsp;4557 |
| <sup>\*</sup> | SoFi Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150535 | &nbsp;&nbsp;&nbsp;&nbsp;3941 |
|  | Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp;3794 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 |
|  | First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908 |
| <sup>\*</sup> | Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783 |
|  | Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 |
|  | Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 |
|  | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102 |
|  | Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 |
|  | Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 |
| <sup>\*</sup> | Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 |
|  | Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 |
|  | Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
|  | Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
|  | FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
|  | Ryan Specialty Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
|  | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| <sup>\*</sup> | Bullish | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
|  | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 |
| <sup>\*</sup> | Circle Internet Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
|  | Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
|  | Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
|  | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
|  | Houlihan Lokey Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
|  | Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
|  | Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
|  | Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
|  |  |  | &nbsp;&nbsp;**2959850** |
| **Health Care (9.2%)** | **Health Care (9.2%)** | **Health Care (9.2%)** | **Health Care (9.2%)** |
|  | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;347130 | &nbsp;&nbsp;&nbsp;&nbsp;373054 |
|  | Johnson & Johnson | &nbsp;&nbsp;1002356 | &nbsp;&nbsp;&nbsp;&nbsp;207438 |
|  | AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;718976 | &nbsp;&nbsp;&nbsp;&nbsp;164279 |
|  | UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380361 | &nbsp;&nbsp;&nbsp;&nbsp;125561 |
|  | Merck & Co. Inc. | &nbsp;&nbsp;1031418 | &nbsp;&nbsp;&nbsp;&nbsp;108567 |
|  | Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93486 |
| <sup>\*</sup> | Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88555 |
|  | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;695513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87141 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77317 |
| <sup>\*</sup> | Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;754950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71984 |
|  | Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;283318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64857 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;494442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60688 |
| <sup>\*</sup> | Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53912 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47895 |
|  | Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;399672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38392 |
|  | Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36196 |
|  | Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35518 |
|  | Pfizer Inc. | &nbsp;&nbsp;1417555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35297 |
|  | HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34383 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;618968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33387 |
|  | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;113814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31325 |
|  | Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30555 |
| <sup>\*</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23487 |
| <sup>\*</sup> | Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22853 |
| <sup>\*</sup> | Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21986 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21136 |
|  | Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;107215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20807 |
| <sup>\*</sup> | IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20671 |
|  | Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16739 |
|  | GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15853 |
| <sup>\*</sup> | Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15357 |
|  | Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15357 |
| <sup>\*</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15077 |
| <sup>\*</sup> | IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14526 |
| <sup>\*</sup> | Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 |
| <sup>\*</sup> | Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13181 |
| <sup>\*</sup> | Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13092 |
| <sup>\*</sup> | Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027 |
| <sup>\*</sup> | Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312 |
|  | Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12003 |
| <sup>\*</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11868 |
| <sup>\*</sup> | Exact Sciences Corp. | &nbsp;&nbsp;115151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11695 |
| <sup>\*</sup> | Dexcom Inc. | &nbsp;&nbsp;160077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10624 |
|  | Revvity Inc. | &nbsp;&nbsp;103849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 |
| <sup>\*</sup> | Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9797 |
|  | Bio-Techne Corp. | &nbsp;&nbsp;164179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9655 |
| <sup>\*</sup> | Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;55476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431 |
| <sup>\*</sup> | BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;150399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8938 |
|  | STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;34875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842 |
| <sup>\*</sup> | Centene Corp. | &nbsp;&nbsp;213754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8796 |
|  | Baxter International Inc. | &nbsp;&nbsp;447087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544 |
| <sup>\*</sup> | Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;37867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8453 |
| <sup>\*</sup> | Hologic Inc. | &nbsp;&nbsp;110450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8227 |
| <sup>\*</sup> | Revolution Medicines Inc. | &nbsp;&nbsp;102283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147 |
| <sup>\*</sup> | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7996 |
|  | West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7886 |
| <sup>\*</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7461 |
| <sup>\*</sup> | Moderna Inc. | &nbsp;&nbsp;246032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255 |
|  | Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092 |
| <sup>\*</sup> | Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893 |
|  | Bruker Corp. | &nbsp;&nbsp;134767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349 |
|  | ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855 |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787 |
| <sup>\*</sup> | Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 |
|  | Viatris Inc. | &nbsp;&nbsp;461678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748 |
| <sup>\*</sup> | Envista Holdings Corp. | &nbsp;&nbsp;259837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641 |
| <sup>\*</sup> | Elanco Animal Health Inc. | &nbsp;&nbsp;235886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338 |
|  | Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;23418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106 |
| <sup>\*</sup> | Exelixis Inc. | &nbsp;&nbsp;113574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978 |
| <sup>\*</sup> | Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 |
| <sup>\*</sup> | Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743 |
| <sup>\*</sup> | Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479 |
|  | Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 |
| <sup>\*</sup> | Roivant Sciences Ltd. | &nbsp;&nbsp;169645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 |
| <sup>\*</sup> | Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 |
| <sup>\*</sup> | Viking Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364 |
| <sup>\*</sup> | Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 |
| <sup>\*</sup> | Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;114459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607 |
| <sup>\*</sup> | Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449 |
| <sup>\*</sup> | Tempus AI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 |
| <sup>\*</sup> | Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 |
| <sup>\*</sup> | DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 |
| <sup>\*</sup> | Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 |
| <sup>\*</sup> | Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 |
| <sup>\*</sup> | Apellis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 |
|  | Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;36041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |
| <sup>\*</sup> | Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 |
| <sup>\*</sup> | Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 |
| <sup>\*</sup> | Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
| <sup>\*</sup> | Medline Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| <sup>\*</sup> | Summit Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| <sup>\*</sup> | Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
|  | Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;11232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
|  |  |  | &nbsp;&nbsp;**2497668** |
| **Industrials (11.9%)** | **Industrials (11.9%)** | **Industrials (11.9%)** | **Industrials (11.9%)** |
|  | Visa Inc. Class A | &nbsp;&nbsp;692873 | &nbsp;&nbsp;&nbsp;&nbsp;242998 |
|  | Mastercard Inc. Class A | &nbsp;&nbsp;355641 | &nbsp;&nbsp;&nbsp;&nbsp;203028 |
|  | GE Aerospace | &nbsp;&nbsp;454373 | &nbsp;&nbsp;&nbsp;&nbsp;139961 |
|  | RTX Corp. | &nbsp;&nbsp;608271 | &nbsp;&nbsp;&nbsp;&nbsp;111557 |
|  | Caterpillar Inc. | &nbsp;&nbsp;190677 | &nbsp;&nbsp;&nbsp;&nbsp;109233 |
|  | American Express Co. | &nbsp;&nbsp;261186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96626 |
|  | GE Vernova Inc. | &nbsp;&nbsp;124491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81364 |
| <sup>\*</sup> | Boeing Co. | &nbsp;&nbsp;353747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76806 |
|  | Accenture plc Class A | &nbsp;&nbsp;268318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71990 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;281190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68149 |
|  | Union Pacific Corp. | &nbsp;&nbsp;254771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58934 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65215 | &nbsp;&nbsp;57321 |
|  | Deere & Co. | &nbsp;&nbsp;116336 | &nbsp;&nbsp;54163 |
|  | TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38730 | &nbsp;&nbsp;51505 |
|  | Eaton Corp. plc | &nbsp;&nbsp;149599 | &nbsp;&nbsp;47649 |
|  | Sherwin-Williams Co. | &nbsp;&nbsp;124477 | &nbsp;&nbsp;40334 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67269 | &nbsp;&nbsp;38357 |
|  | Honeywell International Inc. | &nbsp;&nbsp;195942 | &nbsp;&nbsp;38226 |
|  | PACCAR Inc. | &nbsp;&nbsp;345088 | &nbsp;&nbsp;37791 |
|  | General Dynamics Corp. | &nbsp;&nbsp;110221 | &nbsp;&nbsp;37107 |
|  | CSX Corp. | &nbsp;&nbsp;940456 | &nbsp;&nbsp;34092 |
|  | FedEx Corp. | &nbsp;&nbsp;116848 | &nbsp;&nbsp;33753 |
|  | Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;85676 | &nbsp;&nbsp;33345 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;115127 | &nbsp;&nbsp;33239 |
|  | Illinois Tool Works Inc. | &nbsp;&nbsp;133372 | &nbsp;&nbsp;32850 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66693 | &nbsp;&nbsp;32257 |
|  | AMETEK Inc. | &nbsp;&nbsp;154174 | &nbsp;&nbsp;31653 |
|  | Automatic Data Processing Inc. | &nbsp;&nbsp;115159 | &nbsp;&nbsp;29622 |
|  | Emerson Electric Co. | &nbsp;&nbsp;222761 | &nbsp;&nbsp;29565 |
|  | Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46278 | &nbsp;&nbsp;28815 |
|  | PayPal Holdings Inc. | &nbsp;&nbsp;489994 | &nbsp;&nbsp;28606 |
|  | Cintas Corp. | &nbsp;&nbsp;151800 | &nbsp;&nbsp;28549 |
|  | 3M Co. | &nbsp;&nbsp;173281 | &nbsp;&nbsp;27742 |
|  | Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63452 | &nbsp;&nbsp;26781 |
|  | Howmet Aerospace Inc. | &nbsp;&nbsp;130321 | &nbsp;&nbsp;26718 |
|  | Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51132 | &nbsp;&nbsp;26100 |
| <sup>\*</sup> | Keysight Technologies Inc. | &nbsp;&nbsp;127923 | &nbsp;&nbsp;25993 |
|  | Johnson Controls International plc | &nbsp;&nbsp;210275 | &nbsp;&nbsp;25180 |
|  | Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;87366 | &nbsp;&nbsp;24919 |
|  | BWX Technologies Inc. | &nbsp;&nbsp;141690 | &nbsp;&nbsp;24490 |
|  | L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78873 | &nbsp;&nbsp;23155 |
|  | WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22697 | &nbsp;&nbsp;22902 |
|  | Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98344 | &nbsp;&nbsp;21999 |
|  | Ingersoll Rand Inc. | &nbsp;&nbsp;258610 | &nbsp;&nbsp;20487 |
|  | United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25199 | &nbsp;&nbsp;20394 |
|  | Expeditors International of Washington Inc. | &nbsp;&nbsp;132304 | &nbsp;&nbsp;19715 |
| <sup>\*</sup> | Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33935 | &nbsp;&nbsp;19273 |
| <sup>\*</sup> | Fiserv Inc. | &nbsp;&nbsp;266616 | &nbsp;&nbsp;17909 |
|  | CRH plc | &nbsp;&nbsp;136994 | &nbsp;&nbsp;17097 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43511 | &nbsp;&nbsp;16929 |
|  | Carrier Global Corp. | &nbsp;&nbsp;318855 | &nbsp;&nbsp;16848 |
|  | Global Payments Inc. | &nbsp;&nbsp;213540 | &nbsp;&nbsp;16528 |
| <sup>\*</sup> | Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9741 | &nbsp;&nbsp;16468 |
|  | Ball Corp. | &nbsp;&nbsp;304012 | &nbsp;&nbsp;16104 |
|  | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74148 | &nbsp;&nbsp;15827 |
|  | Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71898 | &nbsp;&nbsp;15600 |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80218 | &nbsp;&nbsp;15330 |
|  | JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77704 | &nbsp;&nbsp;15101 |
|  | Crown Holdings Inc. | &nbsp;&nbsp;142565 | &nbsp;&nbsp;14680 |
| <sup>\*</sup> | Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28442 | &nbsp;&nbsp;14526 |
|  | Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;14487 |
| <sup>\*</sup> | Block Inc. Class A | &nbsp;&nbsp;218182 | &nbsp;&nbsp;14201 |
|  | United Parcel Service Inc. Class B | &nbsp;&nbsp;142395 | &nbsp;&nbsp;14124 |
|  | Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62107 | &nbsp;&nbsp;13827 |
|  | Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87124 | &nbsp;&nbsp;13661 |
| <sup>\*</sup> | Axalta Coating Systems Ltd. | &nbsp;&nbsp;420355 | &nbsp;&nbsp;13582 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;154499 | &nbsp;&nbsp;13496 |
|  | IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75388 | &nbsp;&nbsp;13415 |
|  | Synchrony Financial | &nbsp;&nbsp;160262 | &nbsp;&nbsp;13371 |
|  | HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38927 | &nbsp;&nbsp;12596 |
| <sup>\*</sup> | Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946 | &nbsp;&nbsp;12472 |
|  | Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89582 | &nbsp;&nbsp;12199 |
|  | EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19710 | &nbsp;&nbsp;12058 |
| <sup>\*</sup> | Rocket Lab Corp. | &nbsp;&nbsp;160529 | &nbsp;&nbsp;11199 |
|  | Fortive Corp. | &nbsp;&nbsp;202825 | &nbsp;&nbsp;11198 |
|  | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;99539 | &nbsp;&nbsp;11139 |
|  | Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25791 | &nbsp;&nbsp;10376 |
|  | Toro Co. | &nbsp;&nbsp;128813 | &nbsp;&nbsp;10140 |
|  | Hubbell Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;22804 | &nbsp;&nbsp;10128 |
|  | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79188 | &nbsp;&nbsp;&nbsp;&nbsp;9948 |
| <sup>\*</sup> | Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;38549 | &nbsp;&nbsp;&nbsp;&nbsp;9361 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47069 | &nbsp;&nbsp;9190 |
|  | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16669 | &nbsp;&nbsp;9189 |
| <sup>\*</sup> | Trimble Inc. | &nbsp;&nbsp;115806 | &nbsp;&nbsp;9073 |
|  | AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73937 | &nbsp;&nbsp;9017 |
| <sup>\*</sup> | Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87263 | &nbsp;&nbsp;8979 |
|  | Fidelity National Information Services Inc. | &nbsp;&nbsp;134542 | &nbsp;&nbsp;8942 |
|  | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;86699 | &nbsp;&nbsp;8841 |
|  | DuPont de Nemours Inc. | &nbsp;&nbsp;213653 | &nbsp;&nbsp;8589 |
| <sup>\*</sup> | Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27925 | &nbsp;&nbsp;8404 |
|  | FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41701 | &nbsp;&nbsp;8209 |
|  | Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44666 | &nbsp;&nbsp;8151 |
|  | Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99359 | &nbsp;&nbsp;8144 |
|  | Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81491 | &nbsp;&nbsp;8131 |
|  | Genpact Ltd. | &nbsp;&nbsp;171163 | &nbsp;&nbsp;8007 |
| <sup>\*</sup> | Affirm Holdings Inc. Class A | &nbsp;&nbsp;107483 | &nbsp;&nbsp;8000 |
| <sup>\*</sup> | Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51255 | &nbsp;&nbsp;7816 |
|  | Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24846 | &nbsp;&nbsp;7511 |
| <sup>\*</sup> | Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51711 | &nbsp;&nbsp;7052 |
| <sup>\*</sup> | XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51150 | &nbsp;&nbsp;6952 |
|  | Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51301 | &nbsp;&nbsp;6795 |
|  | Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76556 | &nbsp;&nbsp;6673 |
|  | Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13687 | &nbsp;&nbsp;6646 |
|  | Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20638 | &nbsp;&nbsp;6601 |
|  | Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65885 | &nbsp;&nbsp;6450 |
| <sup>\*</sup> | MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28849 | &nbsp;&nbsp;6271 |
|  | ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35597 | &nbsp;&nbsp;6176 |
|  | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88132 | &nbsp;&nbsp;6115 |
|  | CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36813 | &nbsp;&nbsp;5918 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;28697 | &nbsp;&nbsp;5918 |
| <sup>\*</sup> | Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39461 | &nbsp;&nbsp;5867 |
| <sup>\*</sup> | GXO Logistics Inc. | &nbsp;&nbsp;105848 | &nbsp;&nbsp;5572 |
| <sup>\*</sup> | FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30990 | &nbsp;&nbsp;5294 |
|  | Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14221 | &nbsp;&nbsp;5120 |
| <sup>\*</sup> | Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14331 | &nbsp;&nbsp;4679 |
|  | Dow Inc. | &nbsp;&nbsp;192092 | &nbsp;&nbsp;4491 |
|  | Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;4487 |
|  | Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50042 | &nbsp;&nbsp;4437 |
| <sup>\*</sup> | ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37699 | &nbsp;&nbsp;4326 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;145038 | &nbsp;&nbsp;4206 |
|  | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;42351 | &nbsp;&nbsp;4037 |
|  | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37770 | &nbsp;&nbsp;3940 |
| <sup>\*</sup> | Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34649 | &nbsp;&nbsp;3787 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91392 | &nbsp;&nbsp;3786 |
|  | Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25893 | &nbsp;&nbsp;3750 |
|  | Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;3724 |
|  | Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;20174 | &nbsp;&nbsp;3721 |
|  | Tetra Tech Inc. | &nbsp;&nbsp;110185 | &nbsp;&nbsp;3696 |
|  | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32439 | &nbsp;&nbsp;3624 |
|  | MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41591 | &nbsp;&nbsp;3498 |
|  | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23907 | &nbsp;&nbsp;3355 |
| <sup>\*</sup> | Hayward Holdings Inc. | &nbsp;&nbsp;209982 | &nbsp;&nbsp;3244 |
| <sup>\*</sup> | TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6987 | &nbsp;&nbsp;2915 |
|  | Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13851 | &nbsp;&nbsp;2863 |
|  | Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;83683 | &nbsp;&nbsp;2786 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;125993 | &nbsp;&nbsp;2705 |
|  | Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;24782 | &nbsp;&nbsp;2581 |
| <sup>\*</sup> | Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23066 | &nbsp;&nbsp;2541 |
| <sup>\*</sup> | Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48226 | &nbsp;&nbsp;2506 |
| <sup>\*</sup> | ExlService Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57163 | &nbsp;&nbsp;2426 |
| <sup>\*</sup> | QXO Inc. | &nbsp;&nbsp;112825 | &nbsp;&nbsp;2176 |
|  | Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79616 | &nbsp;&nbsp;2162 |
|  | Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;13424 | &nbsp;&nbsp;2137 |
|  | Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26675 | &nbsp;&nbsp;1981 |
|  | Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38130 | &nbsp;&nbsp;1941 |
| <sup>\*</sup> | Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30365 | &nbsp;&nbsp;1912 |
|  | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51125 | &nbsp;&nbsp;1901 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17506 | &nbsp;&nbsp;1498 |
| <sup>\*</sup> | BILL Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26158 | &nbsp;&nbsp;1427 |
|  | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;16149 | &nbsp;&nbsp;1385 |
|  | WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097 | &nbsp;&nbsp;1247 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Amcor plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 |
| <sup>\*</sup> | Loar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 |
|  | HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 |
|  | RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |
|  | Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
| <sup>\*</sup> | WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 |
|  | Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
|  | AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| <sup>\*</sup> | Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
|  | Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
|  | Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
|  | Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
|  | Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
|  |  |  | &nbsp;&nbsp;**3223175** |
| **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** |
|  | Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66032 |
|  | Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52464 |
| <sup>\*</sup> | CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47059 |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43045 |
|  | American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37602 |
|  | Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29766 |
|  | Ventas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26783 |
|  | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18598 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17229 |
|  | Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15822 |
|  | Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15280 |
|  | Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15246 |
| <sup>\*</sup> | CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14821 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13774 |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12342 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11625 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8671 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 |
|  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 |
| <sup>\*</sup> | Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7391 |
|  | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6602 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272 |
| <sup>\*</sup> | Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 |
|  | Invitation Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439 |
| <sup>\*</sup> | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386 |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 |
|  | Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 |
|  | BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 |
|  | VICI Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 |
| <sup>\*</sup> | Fermi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
|  | Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
|  | EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
|  | Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
|  | Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
|  | Rexford Industrial Realty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**538096** |
| **Technology (39.4%)** | **Technology (39.4%)** | **Technology (39.4%)** | **Technology (39.4%)** |
|  | NVIDIA Corp. | &nbsp;&nbsp;10155915 | &nbsp;&nbsp;1894078 |
|  | Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6285653 | &nbsp;&nbsp;1708818 |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3199157 | &nbsp;&nbsp;1547176 |
|  | Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2436132 | &nbsp;&nbsp;&nbsp;&nbsp;762509 |
|  | Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1973575 | &nbsp;&nbsp;&nbsp;&nbsp;683054 |
|  | Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2157070 | &nbsp;&nbsp;&nbsp;&nbsp;676889 |
|  | Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951141 | &nbsp;&nbsp;&nbsp;&nbsp;627839 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;917938 | &nbsp;&nbsp;163163 |
| <sup>\*</sup> | Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;682362 | &nbsp;&nbsp;146135 |
|  | Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;820611 | &nbsp;&nbsp;140472 |
|  | Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;451094 | &nbsp;&nbsp;128747 |
|  | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;660028 | &nbsp;&nbsp;128646 |
|  | KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88948 | &nbsp;&nbsp;108079 |
|  | Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403131 | &nbsp;&nbsp;106793 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;357982 | &nbsp;&nbsp;106038 |
|  | Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;692022 | &nbsp;&nbsp;&nbsp;&nbsp;93520 |
|  | Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;345710 | &nbsp;&nbsp;&nbsp;&nbsp;88844 |
|  | Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123342 | &nbsp;&nbsp;&nbsp;&nbsp;81704 |
|  | QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456471 | &nbsp;&nbsp;&nbsp;&nbsp;78079 |
| <sup>\*</sup> | Intel Corp. | &nbsp;&nbsp;1843627 | &nbsp;&nbsp;&nbsp;&nbsp;68030 |
| <sup>\*</sup> | Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193695 | &nbsp;&nbsp;&nbsp;&nbsp;67791 |
| <sup>\*</sup> | AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97995 | &nbsp;&nbsp;&nbsp;&nbsp;66031 |
| <sup>\*</sup> | Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206502 | &nbsp;&nbsp;&nbsp;&nbsp;64548 |
| <sup>\*</sup> | ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;407885 | &nbsp;&nbsp;&nbsp;&nbsp;62484 |
|  | Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356842 | &nbsp;&nbsp;&nbsp;&nbsp;61909 |
| <sup>\*</sup> | Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121510 | &nbsp;&nbsp;&nbsp;&nbsp;57076 |
| <sup>\*</sup> | Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276395 | &nbsp;&nbsp;&nbsp;&nbsp;50912 |
|  | Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179001 | &nbsp;&nbsp;&nbsp;&nbsp;48545 |
| <sup>\*</sup> | Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87752 | &nbsp;&nbsp;&nbsp;&nbsp;41135 |
| <sup>\*</sup> | Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133680 | &nbsp;&nbsp;&nbsp;&nbsp;39571 |
|  | Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;448584 | &nbsp;&nbsp;&nbsp;&nbsp;39278 |
| <sup>\*</sup> | DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;153692 | &nbsp;&nbsp;&nbsp;&nbsp;34808 |
| <sup>\*</sup> | Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429633 | &nbsp;&nbsp;&nbsp;&nbsp;34117 |
|  | Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189998 | &nbsp;&nbsp;&nbsp;&nbsp;32731 |
|  | Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353623 | &nbsp;&nbsp;&nbsp;&nbsp;30051 |
| <sup>\*</sup> | Snowflake Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;136816 | &nbsp;&nbsp;&nbsp;&nbsp;30012 |
|  | Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141515 | &nbsp;&nbsp;&nbsp;&nbsp;27392 |
|  | Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;165377 | &nbsp;&nbsp;&nbsp;&nbsp;26793 |
|  | Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52515 | &nbsp;&nbsp;&nbsp;&nbsp;23376 |
| <sup>\*</sup> | Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;22278 |
|  | Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;231533 | &nbsp;&nbsp;&nbsp;&nbsp;19217 |
| <sup>\*</sup> | Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89206 | &nbsp;&nbsp;&nbsp;&nbsp;19160 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;711355 | &nbsp;&nbsp;&nbsp;&nbsp;17087 |
| <sup>\*</sup> | Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;123453 | &nbsp;&nbsp;&nbsp;&nbsp;16788 |
|  | VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65551 | &nbsp;&nbsp;&nbsp;&nbsp;15926 |
| <sup>\*</sup> | Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63272 | &nbsp;&nbsp;&nbsp;&nbsp;15019 |
| <sup>\*</sup> | MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33807 | &nbsp;&nbsp;&nbsp;&nbsp;14188 |
|  | Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563 | &nbsp;&nbsp;&nbsp;&nbsp;14106 |
|  | Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;102500 | &nbsp;&nbsp;&nbsp;&nbsp;12903 |
| <sup>\*</sup> | Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48253 | &nbsp;&nbsp;&nbsp;&nbsp;12173 |
| <sup>\*</sup> | Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62901 | &nbsp;&nbsp;&nbsp;&nbsp;11610 |
| <sup>\*</sup> | Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103474 | &nbsp;&nbsp;&nbsp;&nbsp;11401 |
| <sup>\*</sup> | Atlassian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69706 | &nbsp;&nbsp;&nbsp;&nbsp;11302 |
| <sup>\*</sup> | Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120820 | &nbsp;&nbsp;&nbsp;&nbsp;10426 |
|  | Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9728 |
| <sup>\*</sup> | DXC Technology Co. | &nbsp;&nbsp;&nbsp;&nbsp;625330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9161 |
| <sup>\*</sup> | Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;136249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130 |
|  | NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054 |
| <sup>\*</sup> | GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9027 |
| <sup>\*</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826 |
| <sup>\*</sup> | Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8788 |
|  | SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8410 |
| <sup>\*</sup> | Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8181 |
| <sup>\*</sup> | Dayforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7944 |
| <sup>\*</sup> | ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;146389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7927 |
| <sup>\*</sup> | Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7882 |
| <sup>\*</sup> | Reddit Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564 |
|  | Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;115638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7426 |
| <sup>\*</sup> | Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 |
|  | HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6998 |
| <sup>\*</sup> | Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705 |
|  | Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676 |
|  | Gen Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 |
| <sup>\*</sup> | Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6251 |
| <sup>\*</sup> | Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6246 |
| <sup>\*</sup> | Super Micro Computer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995 |
| <sup>\*</sup> | Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5972 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;165968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894 |
|  | Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 |
| <sup>\*</sup> | Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784 |
|  | Qnity Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739 |
|  | Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068 |
| <sup>\*</sup> | EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 |
| <sup>\*</sup> | Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;185309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798 |
| <sup>\*</sup> | Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780 |
| <sup>\*</sup> | HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 |
| <sup>\*</sup> | Globant SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448 |
| <sup>\*</sup> | Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346 |
| <sup>\*</sup> | Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025 |
| <sup>\*</sup> | F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988 |
| <sup>\*</sup> | Rubrik Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 |
| <sup>\*</sup> | Dynatrace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162 |
| <sup>\*</sup> | Confluent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;100694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 |
| <sup>\*</sup> | DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 |
| <sup>\*</sup> | Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651 |
|  | Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 |
| <sup>\*</sup> | Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 |
| <sup>\*</sup> | Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 |
| <sup>\*</sup> | Samsara Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 |
| <sup>\*</sup> | Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 |
|  | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 |
| <sup>\*</sup> | UiPath Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;104044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 |
| <sup>\*</sup> | Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 |
| <sup>\*</sup> | Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 |
|  | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
| <sup>\*</sup> | nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
|  | Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 |
|  | Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
| <sup>\*</sup> | Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 |
|  | CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
|  | Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
|  | Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| <sup>\*</sup> | CCC Intelligent Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| <sup>\*</sup> | NIQ Global Intelligence plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
|  | Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| <sup>\*</sup> | Procore Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
|  | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
|  |  |  | &nbsp;&nbsp;**10690855** |
| **Telecommunications (1.8%)** | **Telecommunications (1.8%)** | **Telecommunications (1.8%)** | **Telecommunications (1.8%)** |
|  | Cisco Systems Inc. | &nbsp;&nbsp;1579260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121650 |
|  | T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62451 |
| <sup>\*</sup> | Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55516 |
|  | AT&T Inc. | &nbsp;&nbsp;1945470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48325 |
|  | Comcast Corp. Class A | &nbsp;&nbsp;1520858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45458 |
|  | Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;634755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25854 |
| <sup>\*</sup> | Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22620 |
| <sup>\*</sup> | Frontier Communications Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21579 |
|  | Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20709 |
| <sup>\*</sup> | Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15053 |
| <sup>\*</sup> | Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14180 |
| <sup>\*</sup> | Liberty Global Ltd. Class A | &nbsp;&nbsp;1093027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12176 |
| <sup>\*</sup> | AST SpaceMobile Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 |
| <sup>\*</sup> | Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987 |
| <sup>\*</sup> | Liberty Broadband Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276 |
| <sup>\*</sup> | Liberty Global Ltd. Class C | &nbsp;&nbsp;&nbsp;&nbsp;383023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229 |
| <sup>\*</sup> | GCI Liberty Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617 |
| <sup>\*</sup> | Liberty Broadband Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 |
| <sup>\*</sup> | GCI Liberty Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
|  | Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | Ubiquiti Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |
| <sup>\*,1</sup> | GCI Liberty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**493423** |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** |
|  | NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;963844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77377 |
|  | Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51481 |
|  | Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37586 |
|  | Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;311555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36517 |
|  | PG&E Corp. | &nbsp;&nbsp;2186983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35145 |
|  | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;194837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31433 |
|  | Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;344342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30027 |
|  | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;257919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22772 |
|  | CenterPoint Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;588810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22575 |
|  | Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22358 |
|  | WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21780 |
|  | American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20642 |
|  | Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16845 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15065 |
|  | CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14801 |
|  | Xcel Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13358 |
|  | Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210 |
|  | NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13057 |
|  | Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13043 |
|  | NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12112 |
|  | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;170744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11496 |
|  | DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10392 |
|  | Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10328 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 |
|  | Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568 |
|  | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;138188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8294 |
|  | Essential Utilities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036 |
|  | Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032 |
|  | Dominion Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6809 |
|  | Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 |
| <sup>\*</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245 |
| <sup>\*</sup> | Talen Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036 |
|  | AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 |
|  | MDU Resources Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 |
|  | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 |
|  | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 |
|  | PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
|  | Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
|  | OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**622739** |
| **Total Common Stocks (Cost $6,530,311)** | **Total Common Stocks (Cost $6,530,311)** | **Total Common Stocks (Cost $6,530,311)** | **27096792** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>2</sup> | Vanguard Market Liquidity Fund, 3.780% **(Cost $50,877)** | &nbsp;&nbsp;&nbsp;&nbsp;508774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50877** |
| **Total Investments (100.0%) (Cost $6,581,188)** | **Total Investments (100.0%) (Cost $6,581,188)** | **Total Investments (100.0%) (Cost $6,581,188)** | **27147669** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6094** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**27153763** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

\* Non-income-producing security. <br> 1 Security value determined using significant unobservable inputs. <br> 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.

------

Tax-Managed Capital Appreciation Fund

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini S&P 500 Index | March 2026 | 197 | 67891 | &nbsp;&nbsp;(447) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| NetApp Inc. | 8/31/2026 | BANA | 174 | (4.320) |  | (5) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly. <br> BANA—Bank of America, N.A.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Capital Appreciation Fund

Statement of Assets and Liabilities

As of December 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $6,530,311) | 27096792 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $50,877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50877 |
| Total Investments in Securities | 27147669 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11426 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629 |
| **Total Assets** | **27168559** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14796** |
| **Net Assets** | **27153763** |
| **<br>At December 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;7384327 |
| Total Distributable Earnings (Loss) | 19769436 |
| **Net Assets** | **27153763** |
| **Admiral<sup>™</sup> Shares—Net Assets** |  |
| **Applicable to 63,975,480 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **22498848** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$351.68** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 26,641,094 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**4654915** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$174.73** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Capital Appreciation Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274230 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275506 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21045 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**254461** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255143 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6978 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**262117** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538407 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3538104** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4054682** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $80. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,092, $8, and ($9), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $274,927 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Capital Appreciation Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237926 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43381) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3538104 | &nbsp;&nbsp;&nbsp;&nbsp;4314642 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;4054682 | &nbsp;&nbsp;&nbsp;&nbsp;4509187 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(213434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36734) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(254889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243834) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(572548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193468 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249462 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;3733788 | &nbsp;&nbsp;&nbsp;&nbsp;4514815 |
| **Net Assets** |  |  |
| **Beginning of Period** | **23419975** | &nbsp;&nbsp;&nbsp;**18905160** |
| **End of Period** | **27153763** | &nbsp;&nbsp;&nbsp;**23419975** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Capital Appreciation Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$302.51** | &nbsp;&nbsp;&nbsp;**$247.12** | &nbsp;&nbsp;&nbsp;**$197.82** | &nbsp;&nbsp;&nbsp;**$247.92** | &nbsp;&nbsp;&nbsp;**$197.63** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.542 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.291 | &nbsp;&nbsp;&nbsp;&nbsp;(50.089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.328 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.370 | &nbsp;&nbsp;&nbsp;&nbsp;(47.189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.870 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.580) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.580) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$351.68** | &nbsp;&nbsp;&nbsp;**$302.51** | &nbsp;&nbsp;&nbsp;**$247.12** | &nbsp;&nbsp;&nbsp;**$197.82** | &nbsp;&nbsp;&nbsp;**$247.92** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**17.44%** | &nbsp;&nbsp;&nbsp;**23.76%** | &nbsp;&nbsp;&nbsp;**26.64%** | &nbsp;&nbsp;&nbsp;**-19.06%** | &nbsp;&nbsp;&nbsp;**26.87%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$22499 | &nbsp;&nbsp;&nbsp;$19866 | &nbsp;&nbsp;&nbsp;$16162 | &nbsp;&nbsp;&nbsp;$12846 | &nbsp;&nbsp;&nbsp;$15850 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.09% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;1.13% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;0% |

---

---

| | |
|:---|:---|
| 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.

------

Tax-Managed Capital Appreciation Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$150.30** | &nbsp;&nbsp;&nbsp;**$122.77** | &nbsp;&nbsp;&nbsp;&nbsp;**$98.28** | &nbsp;&nbsp;&nbsp;**$123.18** | &nbsp;&nbsp;&nbsp;&nbsp;**$98.19** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.304 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.482 | &nbsp;&nbsp;&nbsp;&nbsp;(24.895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.002 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.048 | &nbsp;&nbsp;&nbsp;&nbsp;(23.422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.306 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.316) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.316) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$174.73** | &nbsp;&nbsp;&nbsp;**$150.30** | &nbsp;&nbsp;&nbsp;**$122.77** | &nbsp;&nbsp;&nbsp;&nbsp;**$98.28** | &nbsp;&nbsp;&nbsp;**$123.18** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**17.48%** | &nbsp;&nbsp;&nbsp;**23.81%** | &nbsp;&nbsp;&nbsp;**26.67%** | &nbsp;&nbsp;&nbsp;**-19.04%** | &nbsp;&nbsp;&nbsp;**26.91%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$4655 | &nbsp;&nbsp;&nbsp;$3554 | &nbsp;&nbsp;&nbsp;$2743 | &nbsp;&nbsp;&nbsp;$2082 | &nbsp;&nbsp;&nbsp;$2546 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;1.17% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;0% |

---

---

| | |
|:---|:---|
| 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.

------

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 year ended December 31, 2025, 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 year ended December 31, 2025, 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.

------

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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended December 31, 2025, 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), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2025, the fund had contributed to Vanguard capital in the amount of $644,000, 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.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

Tax-Managed Capital Appreciation Fund

The following table summarizes the market value of the fund's investments and derivatives as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 27096792 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;27096792 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50877 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50877 |
| Total | 27147669 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;27147669 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) | &nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;274927 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(274927) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;20566239 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798367) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;19769436 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;254889 | &nbsp;&nbsp;&nbsp;243834 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;254889 | &nbsp;&nbsp;&nbsp;243834 |

---

\* Includes short-term capital gains, if any.

------

Tax-Managed Capital Appreciation Fund

As of December 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;&nbsp;6581430 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;20588636 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22397) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;20566239 |

---

E. During the year ended December 31, 2025, the fund purchased $1,740,538,000 of investment securities and sold $1,471,041,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $340,059,000, 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 year ended December 31, 2025, such purchases were $149,657,000 and sales were $33,020,000, resulting in net realized gain of $981,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

F. Capital share transactions for each class of shares were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1154712 | &nbsp;&nbsp;&nbsp;&nbsp;3614 | &nbsp;&nbsp;&nbsp;&nbsp;1223198 | &nbsp;&nbsp;&nbsp;&nbsp;4341 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;143453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 |
| Redeemed | (1870713) | &nbsp;&nbsp;&nbsp;(5755) | &nbsp;&nbsp;&nbsp;(1309195) | &nbsp;&nbsp;&nbsp;(4568) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(572548) | &nbsp;&nbsp;&nbsp;(1696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;625923 | &nbsp;&nbsp;&nbsp;&nbsp;3741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312423 | &nbsp;&nbsp;&nbsp;&nbsp;2153 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| Redeemed | &nbsp;&nbsp;&nbsp;(141296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(987) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;506543 | &nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193468 | &nbsp;&nbsp;&nbsp;&nbsp;1306 |

---

G. 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.

H. 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.

I. Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Tax-Managed Capital Appreciation Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Tax-Managed Capital Appreciation Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 19, 2026

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 98.9%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $254,889,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for the fiscal year.

The fund hereby designates for the fiscal year $573,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

Q99440 022026

------

![](tm263123d5vgtaxmngedblnci001.jpg)

#### Financial Statements

#### For the year ended December 31, 2025

#### Vanguard Tax-Managed Balanced Fund

------

Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 85 |
| Tax information<br>| 86 |

---

------

Tax-Managed Balanced Fund

Financial Statements

#### Schedule of Investments
As of December 31, 2025

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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (43.4%)** | **Common Stocks (43.4%)** | **Common Stocks (43.4%)** | **Common Stocks (43.4%)** |
| **Basic Materials (0.6%)** | **Basic Materials (0.6%)** | **Basic Materials (0.6%)** | **Basic Materials (0.6%)** |
|  | Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;46759 | &nbsp;&nbsp;&nbsp;&nbsp;19937 |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;141389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181 |
|  | Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5585 |
|  | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5214 |
|  | Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 |
|  | Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 |
|  | Element Solutions Inc. | &nbsp;&nbsp;125347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133 |
|  | Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 |
|  | Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;42492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 |
| <sup>\*</sup> | SSR Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
|  | CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 |
| <sup>\*</sup> | MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 |
|  | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
|  | Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 |
|  | Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |
| <sup>\*</sup> | Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 |
|  | Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
|  | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;18068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
|  | Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
|  | Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
|  | Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
|  | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**65577** |
| **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** |
| <sup>\*</sup> | Amazon.com Inc. | &nbsp;&nbsp;770080 | &nbsp;&nbsp;177750 |
| <sup>\*</sup> | Tesla Inc. | &nbsp;&nbsp;237616 | &nbsp;&nbsp;106861 |
| <sup>\*</sup> | Netflix Inc. | &nbsp;&nbsp;428988 | &nbsp;&nbsp;&nbsp;&nbsp;40222 |
|  | Walmart Inc. | &nbsp;&nbsp;357276 | &nbsp;&nbsp;&nbsp;&nbsp;39804 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41844 | &nbsp;&nbsp;&nbsp;&nbsp;36084 |
|  | Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65704 | &nbsp;&nbsp;&nbsp;&nbsp;22609 |
|  | Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp;20372 |
|  | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50902 | &nbsp;&nbsp;&nbsp;&nbsp;15557 |
| <sup>\*</sup> | Uber Technologies Inc. | &nbsp;&nbsp;179569 | &nbsp;&nbsp;&nbsp;&nbsp;14673 |
|  | Walt Disney Co. | &nbsp;&nbsp;119059 | &nbsp;&nbsp;&nbsp;&nbsp;13545 |
|  | TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80069 | &nbsp;&nbsp;&nbsp;&nbsp;12299 |
|  | Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48370 | &nbsp;&nbsp;&nbsp;&nbsp;11665 |
| <sup>\*</sup> | O'Reilly Automotive Inc. | &nbsp;&nbsp;121545 | &nbsp;&nbsp;&nbsp;&nbsp;11086 |
|  | General Motors Co. | &nbsp;&nbsp;112415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9142 |
|  | Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8896 |
|  | Starbucks Corp. | &nbsp;&nbsp;105319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 |
|  | Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;28154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8734 |
| <sup>\*</sup> | AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102 |
| <sup>\*</sup> | Chipotle Mexican Grill Inc. | &nbsp;&nbsp;164600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6090 |
|  | Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 |
| <sup>\*</sup> | Copart Inc. | &nbsp;&nbsp;141652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 |
|  | DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5373 |
| <sup>\*</sup> | Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799 |
|  | Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796 |
| <sup>\*</sup> | United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377 |
|  | NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;67078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274 |
| <sup>\*</sup> | NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 |
|  | Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052 |
|  | Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;39160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026 |
|  | eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981 |
| <sup>\*</sup> | Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | AutoNation Inc. | &nbsp;&nbsp;16312 | &nbsp;&nbsp;3368 |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;11931 | &nbsp;&nbsp;3328 |
|  | Delta Air Lines Inc. | &nbsp;&nbsp;45400 | &nbsp;&nbsp;3151 |
| <sup>\*</sup> | Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;3134 |
|  | Tractor Supply Co. | &nbsp;&nbsp;62570 | &nbsp;&nbsp;3129 |
|  | Toll Brothers Inc. | &nbsp;&nbsp;22801 | &nbsp;&nbsp;3083 |
|  | PulteGroup Inc. | &nbsp;&nbsp;25300 | &nbsp;&nbsp;2967 |
|  | Dollar General Corp. | &nbsp;&nbsp;20551 | &nbsp;&nbsp;2729 |
| <sup>\*</sup> | Warner Bros Discovery Inc. | &nbsp;&nbsp;93417 | &nbsp;&nbsp;2692 |
| <sup>\*</sup> | Take-Two Interactive Software Inc. | &nbsp;&nbsp;10261 | &nbsp;&nbsp;2627 |
|  | Williams-Sonoma Inc. | &nbsp;&nbsp;14178 | &nbsp;&nbsp;2532 |
|  | Somnigroup International Inc. | &nbsp;&nbsp;27958 | &nbsp;&nbsp;2496 |
| <sup>\*</sup> | Carnival Corp. | &nbsp;&nbsp;80800 | &nbsp;&nbsp;2468 |
| <sup>\*</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;21738 | &nbsp;&nbsp;2254 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;21777 | &nbsp;&nbsp;2145 |
| <sup>\*</sup> | Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;3442 | &nbsp;&nbsp;1999 |
| <sup>\*</sup> | MGM Resorts International | &nbsp;&nbsp;52646 | &nbsp;&nbsp;1921 |
| <sup>\*</sup> | Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8592 | &nbsp;&nbsp;1785 |
|  | Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;1776 |
| <sup>\*</sup> | Dollar Tree Inc. | &nbsp;&nbsp;14366 | &nbsp;&nbsp;1767 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;41498 | &nbsp;&nbsp;1715 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8512 | &nbsp;&nbsp;1685 |
|  | News Corp. Class A | &nbsp;&nbsp;62267 | &nbsp;&nbsp;1626 |
| <sup>\*</sup> | Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8837 | &nbsp;&nbsp;1470 |
|  | Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;13123 | &nbsp;&nbsp;1374 |
| <sup>\*</sup> | Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;1364 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3662 | &nbsp;&nbsp;1295 |
|  | New York Times Co. Class A | &nbsp;&nbsp;17849 | &nbsp;&nbsp;1239 |
| <sup>\*</sup> | Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;11722 | &nbsp;&nbsp;1189 |
|  | Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9533 | &nbsp;&nbsp;&nbsp;&nbsp;979 |
|  | U-Haul Holding Co. (XNYS) | &nbsp;&nbsp;20513 | &nbsp;&nbsp;&nbsp;&nbsp;959 |
|  | Ford Motor Co. | &nbsp;&nbsp;70782 | &nbsp;&nbsp;&nbsp;&nbsp;929 |
|  | Gentex Corp. | &nbsp;&nbsp;39660 | &nbsp;&nbsp;&nbsp;&nbsp;923 |
| <sup>\*</sup> | Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;13773 | &nbsp;&nbsp;&nbsp;&nbsp;839 |
| <sup>\*</sup> | Penn Entertainment Inc. | &nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;&nbsp;827 |
| <sup>\*</sup> | Trade Desk Inc. Class A | &nbsp;&nbsp;21690 | &nbsp;&nbsp;&nbsp;&nbsp;823 |
|  | Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp;&nbsp;788 |
|  | Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;751 |
|  | PVH Corp. | &nbsp;&nbsp;10090 | &nbsp;&nbsp;&nbsp;&nbsp;676 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;669 |
| <sup>\*</sup> | Lyft Inc. Class A | &nbsp;&nbsp;33348 | &nbsp;&nbsp;&nbsp;&nbsp;646 |
|  | Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5266 | &nbsp;&nbsp;&nbsp;&nbsp;634 |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp;633 |
|  | Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp;583 |
|  | Aramark | &nbsp;&nbsp;15458 | &nbsp;&nbsp;&nbsp;&nbsp;570 |
|  | Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5673 | &nbsp;&nbsp;&nbsp;&nbsp;554 |
|  | Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;5464 | &nbsp;&nbsp;&nbsp;&nbsp;520 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;6605 | &nbsp;&nbsp;&nbsp;&nbsp;515 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp;497 |
| <sup>\*</sup> | Valvoline Inc. | &nbsp;&nbsp;17015 | &nbsp;&nbsp;&nbsp;&nbsp;494 |
| <sup>\*</sup> | Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4556 | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| <sup>\*</sup> | Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp;405 |
|  | BorgWarner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;&nbsp;403 |
| <sup>\*</sup> | Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;375 |
| <sup>\*</sup> | Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;15761 | &nbsp;&nbsp;&nbsp;&nbsp;352 |
| <sup>\*</sup> | DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9683 | &nbsp;&nbsp;&nbsp;&nbsp;334 |
| <sup>\*</sup> | Mattel Inc. | &nbsp;&nbsp;15775 | &nbsp;&nbsp;&nbsp;&nbsp;313 |
| <sup>\*</sup> | QuantumScape Corp. Class A | &nbsp;&nbsp;29534 | &nbsp;&nbsp;&nbsp;&nbsp;308 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7579 | &nbsp;&nbsp;&nbsp;&nbsp;298 |
|  | Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
|  | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
| <sup>\*</sup> | Liberty Live Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
|  | Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;229 |
|  | Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;220 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3903 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3451 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
|  | Wendy's Co. | &nbsp;&nbsp;24919 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| <sup>\*</sup> | Rivian Automotive Inc. Class A | &nbsp;&nbsp;10481 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
|  | Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;178 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | ROBLOX Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| <sup>\*</sup> | elf Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
|  | TKO Group Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
|  | Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
|  | Nexstar Media Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| <sup>\*</sup> | U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
|  | RB Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| <sup>\*</sup> | Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| <sup>\*</sup> | Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| <sup>\*</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| <sup>\*</sup> | Petco Health & Wellness Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
|  | Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| <sup>\*</sup> | Liberty Live Holdings Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| <sup>\*</sup> | Lucid Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
|  | Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
|  | Atmus Filtration Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
|  |  |  | &nbsp;&nbsp;**718515** |
| **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** |
|  | Procter & Gamble Co. | &nbsp;&nbsp;239701 | &nbsp;&nbsp;&nbsp;&nbsp;34352 |
|  | Coca-Cola Co. | &nbsp;&nbsp;311107 | &nbsp;&nbsp;&nbsp;&nbsp;21749 |
|  | PepsiCo Inc. | &nbsp;&nbsp;104472 | &nbsp;&nbsp;&nbsp;&nbsp;14994 |
| <sup>\*</sup> | Monster Beverage Corp. | &nbsp;&nbsp;132269 | &nbsp;&nbsp;&nbsp;&nbsp;10141 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 |
|  | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187 |
|  | Mondelez International Inc. Class A | &nbsp;&nbsp;148238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 |
|  | Kroger Co. | &nbsp;&nbsp;107443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713 |
| <sup>\*</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 |
|  | Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044 |
|  | Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;45270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104 |
| <sup>\*</sup> | Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 |
|  | Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;14917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 |
|  | Kenvue Inc. | &nbsp;&nbsp;146803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 |
| <sup>\*</sup> | US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 |
|  | Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 |
|  | Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 |
|  | McCormick & Co. Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;24760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 |
|  | Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 |
|  | Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |
|  | Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 |
|  | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 |
|  | J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 |
| <sup>\*</sup> | Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;21718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
|  | General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
|  | Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| <sup>\*</sup> | Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
|  | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| <sup>\*</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
|  | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
|  |  |  | &nbsp;&nbsp;**168451** |
| **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;324817 | &nbsp;&nbsp;&nbsp;&nbsp;39088 |
|  | ConocoPhillips | &nbsp;&nbsp;165960 | &nbsp;&nbsp;&nbsp;&nbsp;15536 |
|  | Chevron Corp. | &nbsp;&nbsp;101771 | &nbsp;&nbsp;&nbsp;&nbsp;15511 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030 |
|  | Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276 |
|  | Devon Energy Corp. | &nbsp;&nbsp;145555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 |
|  | EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;33078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268 |
|  | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;87771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997 |
|  | EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 |
|  | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509 |
|  | SLB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298 |
|  | Coterra Energy Inc. | &nbsp;&nbsp;101672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 |
|  | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;93070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 |
|  | Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 |
|  | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 |
|  | HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 |
|  | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
|  | Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
|  | TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
|  | NOV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
|  | Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
|  | Ovintiv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
|  | Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | Civitas Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
|  | Venture Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
|  | Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
|  | Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;**145633** |
| **Financials (4.7%)** | **Financials (4.7%)** | **Financials (4.7%)** | **Financials (4.7%)** |
| <sup>\*</sup> | Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;165757 | &nbsp;&nbsp;&nbsp;&nbsp;83318 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;230280 | &nbsp;&nbsp;&nbsp;&nbsp;74201 |
|  | Bank of America Corp. | &nbsp;&nbsp;659845 | &nbsp;&nbsp;&nbsp;&nbsp;36291 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;299159 | &nbsp;&nbsp;&nbsp;&nbsp;27882 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31593 | &nbsp;&nbsp;&nbsp;&nbsp;27770 |
|  | S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37853 | &nbsp;&nbsp;&nbsp;&nbsp;19782 |
|  | Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64645 | &nbsp;&nbsp;&nbsp;&nbsp;14721 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;75069 | &nbsp;&nbsp;&nbsp;&nbsp;13327 |
|  | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39232 | &nbsp;&nbsp;&nbsp;&nbsp;12245 |
|  | Charles Schwab Corp. | &nbsp;&nbsp;122499 | &nbsp;&nbsp;&nbsp;&nbsp;12239 |
|  | Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp;11304 |
|  | Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87168 | &nbsp;&nbsp;&nbsp;&nbsp;10172 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9243 |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;25528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9008 |
| <sup>\*</sup> | Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8666 |
|  | Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8428 |
|  | Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 |
| <sup>\*</sup> | Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;65369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7393 |
|  | CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984 |
|  | Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958 |
|  | First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 |
|  | Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 |
|  | KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835 |
|  | Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723 |
|  | Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 |
| <sup>\*</sup> | Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;24014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 |
|  | Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852 |
|  | Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 |
|  | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763 |
| <sup>\*</sup> | Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948 |
|  | PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 |
|  | Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 |
|  | W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037 |
|  | Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;10997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846 |
|  | Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754 |
|  | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754 |
|  | East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 |
|  | Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338 |
|  | Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 |
|  | Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 |
|  | Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193 |
|  | Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063 |
|  | Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 |
|  | Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;38275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 |
|  | Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 |
|  | Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 |
|  | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 |
|  | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;25709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 |
|  | LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 |
|  | Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 |
|  | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 |
|  | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 |
|  | Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 |
|  | FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 |
|  | Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 |
| <sup>\*</sup> | Upstart Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 |
|  | Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
|  | Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
|  | Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
|  | Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |
|  | Huntington Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |
|  | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 |
|  | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 |
|  | Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 |
|  | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;31818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 |
|  | Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
|  | BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 |
| <sup>\*</sup> | Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
|  | SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 |
|  | Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
|  | MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
|  | Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 |
| <sup>\*</sup> | SoFi Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
|  | Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
|  | Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| <sup>\*</sup> | NU Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
|  | XP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
| <sup>\*</sup> | Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
|  | First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
|  |  |  | &nbsp;&nbsp;**541293** |
| **Health Care (4.0%)** | **Health Care (4.0%)** | **Health Care (4.0%)** | **Health Care (4.0%)** |
|  | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;66339 | &nbsp;&nbsp;&nbsp;&nbsp;71293 |
|  | Johnson & Johnson | &nbsp;&nbsp;176108 | &nbsp;&nbsp;&nbsp;&nbsp;36444 |
|  | AbbVie Inc. | &nbsp;&nbsp;128941 | &nbsp;&nbsp;&nbsp;&nbsp;29462 |
|  | UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74100 | &nbsp;&nbsp;&nbsp;&nbsp;24461 |
|  | Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40402 | &nbsp;&nbsp;&nbsp;&nbsp;23411 |
|  | Merck & Co. Inc. | &nbsp;&nbsp;194416 | &nbsp;&nbsp;&nbsp;&nbsp;20464 |
| <sup>\*</sup> | Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34436 | &nbsp;&nbsp;&nbsp;&nbsp;19503 |
|  | Abbott Laboratories | &nbsp;&nbsp;141288 | &nbsp;&nbsp;&nbsp;&nbsp;17702 |
|  | Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65315 | &nbsp;&nbsp;&nbsp;&nbsp;14952 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42833 | &nbsp;&nbsp;&nbsp;&nbsp;14020 |
| <sup>\*</sup> | Boston Scientific Corp. | &nbsp;&nbsp;144841 | &nbsp;&nbsp;&nbsp;&nbsp;13811 |
| <sup>\*</sup> | Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27730 | &nbsp;&nbsp;&nbsp;&nbsp;12572 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30849 | &nbsp;&nbsp;&nbsp;&nbsp;10843 |
|  | HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205 |
|  | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;25758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19012 | &nbsp;&nbsp;6665 |
|  | Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52768 | &nbsp;&nbsp;6639 |
|  | Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203 | &nbsp;&nbsp;6332 |
| <sup>\*</sup> | IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;5587 |
| <sup>\*</sup> | Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51960 | &nbsp;&nbsp;4430 |
| <sup>\*</sup> | IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19033 | &nbsp;&nbsp;4290 |
|  | Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29707 | &nbsp;&nbsp;4042 |
| <sup>\*</sup> | Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10081 | &nbsp;&nbsp;4009 |
|  | Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15797 | &nbsp;&nbsp;3963 |
| <sup>\*</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17896 | &nbsp;&nbsp;3556 |
| <sup>\*</sup> | Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43158 | &nbsp;&nbsp;3414 |
|  | ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12505 | &nbsp;&nbsp;3012 |
|  | GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36566 | &nbsp;&nbsp;2999 |
| <sup>\*</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7833 | &nbsp;&nbsp;2975 |
| <sup>\*</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5594 | &nbsp;&nbsp;2726 |
|  | Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10248 | &nbsp;&nbsp;2625 |
| <sup>\*</sup> | Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25757 | &nbsp;&nbsp;2616 |
| <sup>\*</sup> | Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14214 | &nbsp;&nbsp;2474 |
| <sup>\*</sup> | Revolution Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30364 | &nbsp;&nbsp;2419 |
|  | Pfizer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95982 | &nbsp;&nbsp;2390 |
| <sup>\*</sup> | Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10171 | &nbsp;&nbsp;2330 |
| <sup>\*</sup> | Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12904 | &nbsp;&nbsp;2271 |
| <sup>\*</sup> | Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29853 | &nbsp;&nbsp;2224 |
|  | Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12819 | &nbsp;&nbsp;2224 |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15593 | &nbsp;&nbsp;2212 |
| <sup>\*</sup> | Elanco Animal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96289 | &nbsp;&nbsp;2179 |
| <sup>\*</sup> | DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18873 | &nbsp;&nbsp;2144 |
| <sup>\*</sup> | Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9507 | &nbsp;&nbsp;2122 |
| <sup>\*</sup> | Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31160 | &nbsp;&nbsp;2068 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;33994 | &nbsp;&nbsp;1834 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8345 | &nbsp;&nbsp;1715 |
| <sup>\*</sup> | Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20544 | &nbsp;&nbsp;1684 |
|  | Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;1682 |
| <sup>\*</sup> | Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32412 | &nbsp;&nbsp;1421 |
| <sup>\*</sup> | Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163 | &nbsp;&nbsp;1294 |
|  | Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13223 | &nbsp;&nbsp;1279 |
|  | Organon & Co. | &nbsp;&nbsp;178159 | &nbsp;&nbsp;1277 |
| <sup>\*</sup> | Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010 | &nbsp;&nbsp;1217 |
|  | STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;1170 |
| <sup>\*</sup> | Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;1169 |
| <sup>\*</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;1159 |
|  | West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 | &nbsp;&nbsp;1156 |
|  | QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;22843 | &nbsp;&nbsp;1027 |
| <sup>\*</sup> | Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46567 | &nbsp;&nbsp;1002 |
| <sup>\*</sup> | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;&nbsp;&nbsp;974 |
|  | Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;970 |
|  | Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp;943 |
| <sup>\*</sup> | Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29136 | &nbsp;&nbsp;&nbsp;&nbsp;859 |
| <sup>\*</sup> | Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380 | &nbsp;&nbsp;&nbsp;&nbsp;828 |
|  | Viatris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64379 | &nbsp;&nbsp;&nbsp;&nbsp;802 |
|  | Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070 | &nbsp;&nbsp;&nbsp;&nbsp;726 |
| <sup>\*</sup> | GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp;&nbsp;&nbsp;716 |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;556 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp;463 |
| <sup>\*</sup> | Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp;408 |
| <sup>\*</sup> | Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;&nbsp;&nbsp;335 |
| <sup>\*</sup> | Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14725 | &nbsp;&nbsp;&nbsp;&nbsp;320 |
| <sup>\*</sup> | Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
| <sup>\*</sup> | Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
| <sup>\*</sup> | Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12647 | &nbsp;&nbsp;&nbsp;&nbsp;274 |
| <sup>\*</sup> | 10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15570 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
|  | Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614 | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| <sup>\*</sup> | Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
| <sup>\*</sup> | Viking Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp;184 |
|  | Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| <sup>\*</sup> | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
|  | Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| <sup>\*</sup> | Certara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12978 | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| <sup>\*</sup> | Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| <sup>\*</sup> | Summit Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
|  | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
|  |  |  | &nbsp;&nbsp;**460503** |
| **Industrials (5.2%)** | **Industrials (5.2%)** | **Industrials (5.2%)** | **Industrials (5.2%)** |
|  | Visa Inc. Class A | &nbsp;&nbsp;142894 | &nbsp;&nbsp;&nbsp;&nbsp;50114 |
|  | Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;67392 | &nbsp;&nbsp;&nbsp;&nbsp;38473 |
|  | GE Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;88374 | &nbsp;&nbsp;&nbsp;&nbsp;27222 |
|  | Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41897 | &nbsp;&nbsp;&nbsp;&nbsp;24002 |
|  | American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;54730 | &nbsp;&nbsp;&nbsp;&nbsp;20247 |
|  | RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98119 | &nbsp;&nbsp;&nbsp;&nbsp;17995 |
|  | GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25823 | &nbsp;&nbsp;&nbsp;&nbsp;16877 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67459 | &nbsp;&nbsp;&nbsp;&nbsp;16349 |
|  | Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;31174 | &nbsp;&nbsp;&nbsp;&nbsp;14514 |
|  | Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;45056 | &nbsp;&nbsp;&nbsp;&nbsp;12088 |
|  | Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49767 | &nbsp;&nbsp;&nbsp;&nbsp;11512 |
| <sup>\*</sup> | Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;49464 | &nbsp;&nbsp;&nbsp;&nbsp;10740 |
|  | Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;32455 | &nbsp;&nbsp;&nbsp;&nbsp;10337 |
|  | United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9772 |
|  | Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;29760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643 |
|  | Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592 |
|  | Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 |
|  | AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9127 |
|  | TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358 |
|  | Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 |
|  | Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;21310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8294 |
|  | Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;25908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389 |
|  | Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866 |
|  | CSX Corp. | &nbsp;&nbsp;178470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 |
|  | Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;48088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 |
|  | PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 |
|  | Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 |
|  | PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207 |
|  | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673 |
|  | Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 |
| <sup>\*</sup> | Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 |
|  | HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 |
|  | Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 |
|  | Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 |
|  | Ingersoll Rand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841 |
| <sup>\*</sup> | Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777 |
|  | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;45220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773 |
|  | BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763 |
| <sup>\*</sup> | Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 |
| <sup>\*</sup> | Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618 |
| <sup>\*</sup> | Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568 |
|  | Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 |
|  | General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310 |
|  | Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 |
|  | L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 |
|  | Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 |
|  | Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;26690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196 |
|  | ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 |
| <sup>\*</sup> | Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 |
|  | Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017 |
|  | Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
|  | Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 |
| <sup>\*</sup> | Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 |
|  | WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706 |
|  | 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417 |
|  | Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 |
|  | Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 |
| <sup>\*</sup> | Affirm Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 |
|  | Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Global Payments Inc. | &nbsp;&nbsp;28267 | &nbsp;&nbsp;2188 |
| <sup>\*</sup> | XPO Inc. | &nbsp;&nbsp;16075 | &nbsp;&nbsp;2185 |
|  | Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9034 | &nbsp;&nbsp;2172 |
|  | Veralto Corp. | &nbsp;&nbsp;21772 | &nbsp;&nbsp;2172 |
|  | Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6357 | &nbsp;&nbsp;2162 |
|  | Jacobs Solutions Inc. | &nbsp;&nbsp;15658 | &nbsp;&nbsp;2074 |
| <sup>\*</sup> | Block Inc. Class A | &nbsp;&nbsp;30049 | &nbsp;&nbsp;1956 |
|  | Allegion plc | &nbsp;&nbsp;12151 | &nbsp;&nbsp;1935 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;87377 | &nbsp;&nbsp;1876 |
|  | IDEX Corp. | &nbsp;&nbsp;10462 | &nbsp;&nbsp;1862 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;8440 | &nbsp;&nbsp;1741 |
|  | A O Smith Corp. | &nbsp;&nbsp;25732 | &nbsp;&nbsp;1721 |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8810 | &nbsp;&nbsp;1720 |
|  | JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8852 | &nbsp;&nbsp;1720 |
|  | Esab Corp. | &nbsp;&nbsp;15396 | &nbsp;&nbsp;1720 |
| <sup>\*</sup> | Trimble Inc. | &nbsp;&nbsp;20904 | &nbsp;&nbsp;1638 |
|  | Ball Corp. | &nbsp;&nbsp;30525 | &nbsp;&nbsp;1617 |
|  | Oshkosh Corp. | &nbsp;&nbsp;12558 | &nbsp;&nbsp;1578 |
|  | Owens Corning | &nbsp;&nbsp;13326 | &nbsp;&nbsp;1491 |
|  | Fortive Corp. | &nbsp;&nbsp;26801 | &nbsp;&nbsp;1480 |
|  | TransUnion | &nbsp;&nbsp;16844 | &nbsp;&nbsp;1444 |
|  | AGCO Corp. | &nbsp;&nbsp;13710 | &nbsp;&nbsp;1430 |
|  | Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;1404 |
| <sup>\*</sup> | Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4647 | &nbsp;&nbsp;1398 |
| <sup>\*</sup> | Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;1384 |
|  | WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5557 | &nbsp;&nbsp;1359 |
|  | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;1342 |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6812 | &nbsp;&nbsp;1302 |
|  | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6010 | &nbsp;&nbsp;1283 |
|  | nVent Electric plc | &nbsp;&nbsp;12191 | &nbsp;&nbsp;1243 |
|  | Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3945 | &nbsp;&nbsp;1193 |
|  | Donaldson Co. Inc. | &nbsp;&nbsp;12229 | &nbsp;&nbsp;1084 |
|  | Fidelity National Information Services Inc. | &nbsp;&nbsp;16317 | &nbsp;&nbsp;1084 |
|  | Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;1066 |
|  | Pentair plc | &nbsp;&nbsp;10087 | &nbsp;&nbsp;1050 |
|  | Masco Corp. | &nbsp;&nbsp;16189 | &nbsp;&nbsp;1027 |
|  | Toro Co. | &nbsp;&nbsp;13011 | &nbsp;&nbsp;1024 |
| <sup>\*</sup> | Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp;&nbsp;&nbsp;947 |
|  | Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp;902 |
|  | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;9411 | &nbsp;&nbsp;&nbsp;&nbsp;897 |
|  | Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;&nbsp;&nbsp;896 |
|  | RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp;&nbsp;&nbsp;883 |
|  | Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5586 | &nbsp;&nbsp;&nbsp;&nbsp;832 |
|  | CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;&nbsp;831 |
|  | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5615 | &nbsp;&nbsp;&nbsp;&nbsp;788 |
|  | Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp;786 |
|  | Silgan Holdings Inc. | &nbsp;&nbsp;18967 | &nbsp;&nbsp;&nbsp;&nbsp;766 |
|  | Knight-Swift Transportation Holdings Inc. Class A | &nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;748 |
|  | Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp;717 |
|  | Flowserve Corp. | &nbsp;&nbsp;10302 | &nbsp;&nbsp;&nbsp;&nbsp;715 |
|  | Fortune Brands Innovations Inc. | &nbsp;&nbsp;14125 | &nbsp;&nbsp;&nbsp;&nbsp;707 |
| <sup>\*</sup> | GXO Logistics Inc. | &nbsp;&nbsp;13270 | &nbsp;&nbsp;&nbsp;&nbsp;699 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;22198 | &nbsp;&nbsp;&nbsp;&nbsp;644 |
|  | Hubbell Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp;629 |
|  | MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp;545 |
|  | Sealed Air Corp. | &nbsp;&nbsp;12734 | &nbsp;&nbsp;&nbsp;&nbsp;528 |
|  | DuPont de Nemours Inc. | &nbsp;&nbsp;11438 | &nbsp;&nbsp;&nbsp;&nbsp;460 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;413 |
|  | Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;403 |
|  | Vontier Corp. | &nbsp;&nbsp;10721 | &nbsp;&nbsp;&nbsp;&nbsp;399 |
|  | HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;352 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4074 | &nbsp;&nbsp;&nbsp;&nbsp;349 |
|  | Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;306 |
|  | Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5105 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
|  | Graphic Packaging Holding Co. | &nbsp;&nbsp;14921 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
|  | Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;220 |
| <sup>\*</sup> | MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;198 |
| <sup>\*</sup> | Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;197 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| <sup>\*</sup> | Masterbrand Inc. | &nbsp;&nbsp;16727 | &nbsp;&nbsp;&nbsp;&nbsp;185 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
| <sup>\*</sup> | API Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
|  | Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
| <sup>\*</sup> | NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
|  | Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
|  | MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| <sup>\*</sup> | Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
|  | Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
|  | ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
|  | AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
|  | Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
|  |  |  | &nbsp;&nbsp;**601733** |
| **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** |
| <sup>1</sup> | Vanguard Tax-Exempt Bond Index ETF | &nbsp;&nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;17652 |
| **Real Estate (0.9%)** | **Real Estate (0.9%)** | **Real Estate (0.9%)** | **Real Estate (0.9%)** |
|  | Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97069 | &nbsp;&nbsp;&nbsp;&nbsp;12392 |
|  | Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58332 | &nbsp;&nbsp;&nbsp;&nbsp;10827 |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7426 |
|  | American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7061 |
| <sup>\*</sup> | CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552 |
|  | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953 |
|  | Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 |
|  | NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp;124954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 |
|  | Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154 |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883 |
| <sup>\*</sup> | CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 |
|  | Ventas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606 |
|  | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306 |
|  | Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 |
| <sup>\*</sup> | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 |
| <sup>\*</sup> | Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 |
|  | Medical Properties Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 |
| <sup>\*</sup> | Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 |
| <sup>\*</sup> | Seaport Entertainment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
|  | Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 |
|  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
|  | Invitation Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 |
|  | Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
|  | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
|  | Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
|  | BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
|  | STAG Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
|  | Cousins Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
|  |  |  | &nbsp;&nbsp;**103693** |
| **Technology (17.1%)** | **Technology (17.1%)** | **Technology (17.1%)** | **Technology (17.1%)** |
|  | NVIDIA Corp. | &nbsp;&nbsp;1865312 | &nbsp;&nbsp;347881 |
|  | Apple Inc. | &nbsp;&nbsp;1163636 | &nbsp;&nbsp;316346 |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;598919 | &nbsp;&nbsp;289649 |
|  | Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;495360 | &nbsp;&nbsp;155444 |
|  | Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368794 | &nbsp;&nbsp;127640 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Meta Platforms Inc. Class A | &nbsp;&nbsp;184699 | &nbsp;&nbsp;121918 |
|  | Alphabet Inc. Class A | &nbsp;&nbsp;370344 | &nbsp;&nbsp;115918 |
| <sup>\*</sup> | Palantir Technologies Inc. Class A | &nbsp;&nbsp;182717 | &nbsp;&nbsp;&nbsp;&nbsp;32478 |
|  | Oracle Corp. | &nbsp;&nbsp;164804 | &nbsp;&nbsp;&nbsp;&nbsp;32122 |
| <sup>\*</sup> | Advanced Micro Devices Inc. | &nbsp;&nbsp;134741 | &nbsp;&nbsp;&nbsp;&nbsp;28856 |
|  | Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96233 | &nbsp;&nbsp;&nbsp;&nbsp;27466 |
|  | Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83932 | &nbsp;&nbsp;&nbsp;&nbsp;21570 |
|  | Lam Research Corp. | &nbsp;&nbsp;121499 | &nbsp;&nbsp;&nbsp;&nbsp;20798 |
|  | Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74822 | &nbsp;&nbsp;&nbsp;&nbsp;19821 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60198 | &nbsp;&nbsp;&nbsp;&nbsp;17831 |
|  | QUALCOMM Inc. | &nbsp;&nbsp;101763 | &nbsp;&nbsp;&nbsp;&nbsp;17407 |
|  | Amphenol Corp. Class A | &nbsp;&nbsp;128398 | &nbsp;&nbsp;&nbsp;&nbsp;17352 |
|  | Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;&nbsp;16759 |
| <sup>\*</sup> | ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93550 | &nbsp;&nbsp;&nbsp;&nbsp;14331 |
| <sup>\*</sup> | Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40383 | &nbsp;&nbsp;&nbsp;&nbsp;14134 |
|  | KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10852 | &nbsp;&nbsp;&nbsp;&nbsp;13186 |
|  | Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71848 | &nbsp;&nbsp;&nbsp;&nbsp;12465 |
| <sup>\*</sup> | Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33815 | &nbsp;&nbsp;&nbsp;&nbsp;10570 |
| <sup>\*</sup> | Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57165 | &nbsp;&nbsp;&nbsp;&nbsp;10530 |
| <sup>\*</sup> | AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490 |
|  | Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9427 |
| <sup>\*</sup> | Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8093 |
|  | Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 |
| <sup>\*</sup> | Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6652 |
|  | Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6627 |
|  | Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966 |
| <sup>\*</sup> | Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 |
|  | Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5576 |
| <sup>\*</sup> | Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5373 |
|  | Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353 |
| <sup>\*</sup> | Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 |
| <sup>\*</sup> | Intel Corp. | &nbsp;&nbsp;129931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 |
|  | Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;35490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467 |
| <sup>\*</sup> | Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 |
| <sup>\*</sup> | ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847 |
|  | Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 |
| <sup>\*</sup> | Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;137935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 |
|  | Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 |
|  | Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 |
| <sup>\*</sup> | Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672 |
| <sup>\*</sup> | Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606 |
|  | Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328 |
| <sup>\*</sup> | Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;34164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 |
|  | VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248 |
| <sup>\*</sup> | GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216 |
|  | Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216 |
| <sup>\*</sup> | Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169 |
| <sup>\*</sup> | Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 |
| <sup>\*</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 |
| <sup>\*</sup> | MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 |
| <sup>\*</sup> | DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 |
| <sup>\*</sup> | Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 |
|  | HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 |
| <sup>\*</sup> | F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 |
|  | Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
| <sup>\*</sup> | Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 |
|  | NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 |
| <sup>\*</sup> | Atlassian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |
| <sup>\*</sup> | Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 |
| <sup>\*</sup> | Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
|  | Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| <sup>\*</sup> | Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;18189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 |
| <sup>\*</sup> | Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |
|  | CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 |
| <sup>\*</sup> | Snowflake Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 |
| <sup>\*</sup> | Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 |
| <sup>\*</sup> | Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Gen Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 |
| <sup>\*</sup> | Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 |
|  | Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
|  | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |
|  | Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
|  | Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
| <sup>\*</sup> | Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| <sup>\*</sup> | Super Micro Computer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
|  | Qnity Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |
| <sup>\*</sup> | HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| <sup>\*</sup> | MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
| <sup>\*</sup> | IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| <sup>\*</sup> | Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 |
| <sup>\*</sup> | Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| <sup>\*</sup> | Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| <sup>\*</sup> | Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| <sup>\*</sup> | nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| <sup>\*</sup> | Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
|  | SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| <sup>\*</sup> | NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
|  | Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
|  | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 |
| <sup>\*</sup> | Angi Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| <sup>\*</sup> | ZoomInfo Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| <sup>\*</sup> | Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| <sup>\*</sup> | Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| <sup>\*</sup> | Clarivate plc | &nbsp;&nbsp;&nbsp;&nbsp;27684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
|  | Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
|  | Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| <sup>\*</sup> | DXC Technology Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
|  |  |  | &nbsp;&nbsp;**1972603** |
| **Telecommunications (0.7%)** | **Telecommunications (0.7%)** | **Telecommunications (0.7%)** | **Telecommunications (0.7%)** |
|  | T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16037 |
|  | Cisco Systems Inc. | &nbsp;&nbsp;194415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14976 |
| <sup>\*</sup> | Arista Networks Inc. | &nbsp;&nbsp;108572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14226 |
|  | AT&T Inc. | &nbsp;&nbsp;343396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 |
|  | Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 |
|  | Comcast Corp. Class A | &nbsp;&nbsp;195840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 |
| <sup>\*</sup> | Frontier Communications Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 |
| <sup>\*</sup> | Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 |
| <sup>\*</sup> | Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| <sup>\*</sup> | Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 |
|  | Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 |
| <sup>\*</sup> | Liberty Global Ltd. Class C | &nbsp;&nbsp;109669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 |
| <sup>\*</sup> | Liberty Broadband Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| <sup>\*</sup> | Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| <sup>\*</sup> | Liberty Broadband Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| <sup>\*</sup> | GCI Liberty Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| <sup>\*</sup> | GCI Liberty Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| <sup>\*,2</sup> | GCI Liberty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76734** |
| **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** |
|  | NextEra Energy Inc. | &nbsp;&nbsp;198076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902 |
|  | Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13991 |
|  | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8589 |
|  | Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;98422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8582 |
| <sup>\*</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7433 |
|  | Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905 |
|  | NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384 |
|  | DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;39894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 |
|  | Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797 |
|  | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;51796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573 |
|  | Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571 |
|  | Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 |
|  | PG&E Corp. | &nbsp;&nbsp;236802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805 |
|  | Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Exelon Corp. | Exelon Corp. | Exelon Corp. | &nbsp;&nbsp;65800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 |
|  | WEC Energy Group Inc. | WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp;26459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 |
|  | Xcel Energy Inc. | Xcel Energy Inc. | Xcel Energy Inc. | &nbsp;&nbsp;32522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 |
|  | American Water Works Co. Inc. | American Water Works Co. Inc. | American Water Works Co. Inc. | &nbsp;&nbsp;18056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 |
|  | Entergy Corp. | Entergy Corp. | Entergy Corp. | &nbsp;&nbsp;20838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 |
|  | NiSource Inc. | NiSource Inc. | NiSource Inc. | &nbsp;&nbsp;42656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 |
|  | UGI Corp. | UGI Corp. | UGI Corp. | &nbsp;&nbsp;42364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586 |
|  | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | &nbsp;&nbsp;24226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 |
|  | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | &nbsp;&nbsp;20227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 |
|  | Ameren Corp. | Ameren Corp. | Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
|  | Edison International | Edison International | Edison International | &nbsp;&nbsp;14039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 |
|  | Essential Utilities Inc. | Essential Utilities Inc. | Essential Utilities Inc. | &nbsp;&nbsp;20886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 |
|  | OGE Energy Corp. | OGE Energy Corp. | OGE Energy Corp. | &nbsp;&nbsp;15986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |
|  | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | &nbsp;&nbsp;10798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 |
|  | National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;4027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |
|  | MDU Resources Group Inc. | MDU Resources Group Inc. | MDU Resources Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**125626** |
| **Total Common Stocks (Cost $1,057,950)** | **Total Common Stocks (Cost $1,057,950)** | **Total Common Stocks (Cost $1,057,950)** | **Total Common Stocks (Cost $1,057,950)** | **Total Common Stocks (Cost $1,057,950)** | **4998013** |
|  |  | Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) |  |
| **Tax-Exempt Municipal Bonds (56.2%)** | **Tax-Exempt Municipal Bonds (56.2%)** | **Tax-Exempt Municipal Bonds (56.2%)** | **Tax-Exempt Municipal Bonds (56.2%)** | **Tax-Exempt Municipal Bonds (56.2%)** | **Tax-Exempt Municipal Bonds (56.2%)** |
| **Alabama (2.5%)** | **Alabama (2.5%)** | **Alabama (2.5%)** | **Alabama (2.5%)** | **Alabama (2.5%)** | **Alabama (2.5%)** |
|  | Alabama State Corrections Institution Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 |
| <sup>3</sup> | Alabama State Highway Authority SO Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 |
|  | Alabama State Public School & College Authority Tax-Exempt Capital Improvement & Refunding Bonds Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 |
| <sup>3</sup> | Alabama State University General Tuition Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | Auburn AL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Auburn AL University General Fee Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867 |
|  | Birmingham-Jefferson AL Civic Center Authority Special Tax Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;3975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7026 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4779 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;14265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15061 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11483 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;11415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5897 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5796 |
| <sup>4</sup> | Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 7) PUT, SIFMA Municipal Swap Index Yield + 0.350% | &nbsp;&nbsp;3.670% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 8) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 |
| <sup>5</sup> | Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877 |
|  | Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;10995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11395 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952 |
|  | Homewood AL Educational Building Authority Lease Revenue (Samford University) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
|  | Huntsville AL Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
|  | Huntsville AL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |
|  | Huntsville AL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 |
|  | Huntsville AL Health Care Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
|  | Huntsville AL Health Care Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3318 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Huntsville AL Health Care Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 |
|  | Huntsville AL Health Care Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 |
|  | Lower AL Gas District Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7928 |
|  | Lower AL Gas District Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 |
|  | Mobile AL Industrial Development Board Pollution Control Revenue (Barry Plant Project) PUT | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;6/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Orange Beach AL Water Sewer & Fire Protection Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555 |
|  | Pell City AL Special Care Facilities Financing Authority Revenue (Noland Health Services Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | Selma AL Industrial Development Board Revenue (International Paper Co. Project) | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
|  | Selma AL Industrial Development Board Revenue (International Paper Co. Project) PUT | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
|  | Southeast Alabama Gas Supply District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |
|  | Southeast Alabama Gas Supply District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | Southeast Alabama Gas Supply District Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8438 |
|  | Southeast Alabama Gas Supply District Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 |
|  | Southeast Energy Authority AL Commodity Supply Revenue (Project No. 3) PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 |
|  | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 1) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028 |
|  | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 4) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 |
|  | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 5) PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9730 | &nbsp;&nbsp;&nbsp;&nbsp;10252 |
| <sup>5</sup> | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 6) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;13966 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;6545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;8495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8851 |
|  | Southeast Energy Authority AL Cooperative District Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;8215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9032 |
|  | Tuscaloosa AL City Board of Education School Tax Warrants Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 |
|  | University of Alabama General Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 |
| <sup>3</sup> | University of South Alabama University Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 |
| <sup>3</sup> | Walker County AL Board of Education School Special Tax | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |
|  | West Jefferson AL Industrial Development Board Pollution Control Revenue | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
|  |  |  |  |  | &nbsp;&nbsp;**284050** |
| **Alaska (0.1%)** | **Alaska (0.1%)** | **Alaska (0.1%)** | **Alaska (0.1%)** | **Alaska (0.1%)** | **Alaska (0.1%)** |
|  | Alaska GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |
|  | Alaska GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
|  | Alaska Housing Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 |
|  | Alaska Housing Finance Corp. State Capital Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224 |
|  | Alaska Housing Finance Corp. State Capital Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 |
|  | Alaska Municipal Bond Bank Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265 |
|  | Alaska State International Airports System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 |
|  | Municipality of Anchorage GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 |
|  | North Slope Borough Alaska GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 |
|  | Northern Tobacco Securitization Corp. AK Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
|  | Northern Tobacco Securitization Corp. AK Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**17568** |
| **American Samoa (0.0%)** | **American Samoa (0.0%)** | **American Samoa (0.0%)** | **American Samoa (0.0%)** | **American Samoa (0.0%)** | **American Samoa (0.0%)** |
| <sup>6</sup> | American Samoa Economic Development Authority General Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| <sup>6</sup> | American Samoa Economic Development Authority General Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**222** |
| **Arizona (0.7%)** | **Arizona (0.7%)** | **Arizona (0.7%)** | **Arizona (0.7%)** | **Arizona (0.7%)** | **Arizona (0.7%)** |
|  | Arizona Board of Regents Arizona State University System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 |
|  | Arizona Board of Regents Arizona State University System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 |
|  | Arizona COP ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 |
|  | Arizona Excise Taxes Obligations Revenue | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |
|  | Arizona Excise Taxes Obligations Revenue | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 |
|  | Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
| <sup>6</sup> | Arizona Industrial Development Authority Hospital Revenue (Navajo Health) | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | Arizona Industrial Development Authority Multifamily Revenue (Hacienda Del Rio Project) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Arizona Industrial Development Authority Municipal Certificates Revenue (High Point LLC) | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;5/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp;1557 |
| <sup>6,7</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| <sup>6,7</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| <sup>6,7</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| <sup>6,7</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
|  | Arizona Industrial Development Authority Revenue (Greathearts Arizona Projects) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 |
| <sup>8</sup> | Arizona Industrial Development Authority Student Housing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1044 |
| <sup>8</sup> | Arizona Sports & Tourism Authority Revenue (Multipurpose Stadium Facility Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3326 |
|  | Arizona State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2108 |
|  | Arizona State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | Arizona State University Revenue (McAllister Academic Village LLC) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;1633 |
|  | Coconino AZ County Pollution Control Corp. Revenue PUT | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | Glendale AZ Industrial Development Authority Revenue (Midwestern University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;1290 |
|  | La Paz County AZ Industrial Development Authority Education Facility Lease Revenue (Harmony Public Schools Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
|  | Marana AZ Pledged Excise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| <sup>6</sup> | Maricopa County AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Projects) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 |
|  | Maricopa County AZ Industrial Development Authority Hospital Revenue (Banner Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1087 |
|  | Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 |
|  | Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;3705 |
| <sup>5</sup> | Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;17330 | &nbsp;&nbsp;17330 |
|  | Maricopa County AZ Industrial Development Authority Revenue (Banner Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1532 |
|  | Maricopa County AZ Pollution Control Corp. Revenue (Southern California Edison Co.) | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 |
|  | Maricopa County AZ Pollution Control Corp. Revenue (Verde Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  | Maricopa County AZ School District No. 83 Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
|  | Mesa AZ GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;2658 |
| <sup>3</sup> | Mesa AZ Utility Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1984 |
|  | Phoenix AZ Civic Improvement Corp. Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1040 |
| <sup>9</sup> | Phoenix AZ Civic Improvement Corp. Distribution Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1194 |
| <sup>9</sup> | Phoenix AZ Civic Improvement Corp. Distribution Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1479 |
|  | Phoenix AZ Civic Improvement Corp. Excise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2142 |
|  | Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;2019 |
|  | Phoenix AZ Civic Improvement Corp. Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;1919 |
|  | Phoenix AZ GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1696 |
| <sup>6</sup> | Phoenix AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
|  | Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
| <sup>6</sup> | Pima County AZ Industrial Development Authority Revenue (American Leadership Academy Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;1584 |
|  | Pima County AZ Industrial Development Authority Revenue (Tucson Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;1044 |
| <sup>3</sup> | Pima County AZ Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1214 |
| <sup>3</sup> | Pima County AZ Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1059 |
| <sup>3</sup> | Pima County AZ Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 |
| <sup>8</sup> | Pinal County AZ Pledged Obligations Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 |
|  | Salt River Projects Arizona Agricultural Improvement & Power District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;1572 |
|  | Salt River Projects Arizona Agricultural Improvement & Power District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;1417 |
|  | Salt River Projects Arizona Agricultural Improvement & Power District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1098 |
|  | Salt River Projects Arizona Agricultural Improvement & Power District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | Salt Verde AZ Financial Corp. Gas Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2539 |
|  | Salt Verde AZ Financial Corp. Gas Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
|  | Sierra Vista AZ Industrial Development Authority Education Facility Revenue (Wake Preparatory Academy) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1029 |
|  | Tempe AZ Industrial Development Authority Revenue (Friendship Village Project) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 |
|  | Tucson AZ Industrial Development Authority Multifamily Housing Revenue (Lariat Village Project) PUT | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
|  |  |  |  |  | &nbsp;&nbsp;**84235** |
| **Arkansas (0.1%)** | **Arkansas (0.1%)** | **Arkansas (0.1%)** | **Arkansas (0.1%)** | **Arkansas (0.1%)** | **Arkansas (0.1%)** |
|  | Arkansas Development Finance Authority Health Care Revenue Baptist Memorial Health Care Corp. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2112 |
|  | Arkansas Development Finance Authority Hospital Revenue (Washington Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 |
|  | Bentonville AR Sales & Use Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | El Dorado AR School District No. 15 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;1427 |
|  | El Dorado AR School District No. 15 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp;2983 |
| <sup>3</sup> | Fort Smith AR Sales & Use Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 |
| <sup>3</sup> | Fort Smith AR Sales & Use Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1090 |
|  | Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
|  | Springdale AR School District No. 50 GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |
|  |  |  |  |  | &nbsp;&nbsp;**11766** |
| **California (5.9%)** | **California (5.9%)** | **California (5.9%)** | **California (5.9%)** | **California (5.9%)** | **California (5.9%)** |
| <sup>3</sup> | ABAG Finance Authority for Nonprofit Corps. California Revenue (Windemere Ranch Infrastructure Financing Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;1183 |
|  | Alameda CA Corridor Transportation Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1012 |
| <sup>3</sup> | Alhambra CA Unified School District Elementary Improvement District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
|  | Anaheim CA Housing & Public Improvements Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
|  | Antelope Valley CA Community College District Election GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
|  | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1998 |
|  | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 |
| <sup>5</sup> | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) VRDO | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;50680 | &nbsp;&nbsp;50680 |
| <sup>10</sup> | Brea CA Redevelopment Agency Tax Allocation Bonds (Redevelopment Project AB) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 |
|  | California Community Choice Financing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp;6794 |
|  | California Community Choice Financing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp;6123 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp;3805 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7330 | &nbsp;&nbsp;&nbsp;&nbsp;7740 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;1452 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp;5138 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;7436 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3630 | &nbsp;&nbsp;&nbsp;&nbsp;3961 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp;5932 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp;2850 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;6575 | &nbsp;&nbsp;&nbsp;&nbsp;7047 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4865 | &nbsp;&nbsp;&nbsp;&nbsp;5062 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;10855 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp;3353 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp;6330 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4340 | &nbsp;&nbsp;&nbsp;&nbsp;4692 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;12665 | &nbsp;&nbsp;13200 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;9430 | &nbsp;&nbsp;10319 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp;4304 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;11840 | &nbsp;&nbsp;12277 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4470 | &nbsp;&nbsp;&nbsp;&nbsp;4709 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp;5131 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;7205 | &nbsp;&nbsp;&nbsp;&nbsp;7842 |
|  | California Educational Facilities Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;1826 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5591 |
|  | California GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1687 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1138 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1707 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2704 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;1893 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;1806 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
|  | California GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2014 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;2390 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;2145 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
|  | California GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;1752 |
|  | California GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;1022 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5353 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1114 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2722 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp;3780 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1095 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1090 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2044 | &nbsp;&nbsp;2045 | &nbsp;&nbsp;2221 |
|  | California GO Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  | California GO Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
|  | California Health Facilities Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5444 |
|  | California Health Facilities Financing Authority Revenue (Adventist Health System/West) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1055 |
|  | California Health Facilities Financing Authority Revenue (Adventist Health System/West) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2210 |
|  | California Health Facilities Financing Authority Revenue (Adventist Health System/West) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1045 | &nbsp;&nbsp;1160 |
|  | California Health Facilities Financing Authority Revenue (Adventist Health System/West) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1035 |
|  | California Health Facilities Financing Authority Revenue (Common Spirit Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1019 |
|  | California Health Facilities Financing Authority Revenue (Providence St. Joseph Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;1523 |
|  | California Health Facilities Financing Authority Revenue (Providence St. Joseph Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;1860 |
|  | California Health Facilities Financing Authority Revenue (Sutter Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1037 |
|  | California Housing Finance Agency Ltd. Multifamily Revenue | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
|  | California Housing Finance Agency Ltd. Multifamily Revenue | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/20/2033 | &nbsp;&nbsp;4337 | &nbsp;&nbsp;4444 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;1008 |
| <sup>11</sup> | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3/25/2035 | &nbsp;&nbsp;2444 | &nbsp;&nbsp;2475 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;11/20/2035 | &nbsp;&nbsp;3497 | &nbsp;&nbsp;3464 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;8/20/2036 | &nbsp;&nbsp;3084 | &nbsp;&nbsp;2957 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;9/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
| <sup>12</sup> | California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges Seismic Retrofit) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;527 |
|  | California Infrastructure & Economic Development Bank Revenue (Clinical & Life Sciences Building) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1533 |
|  | California Infrastructure & Economic Development Bank Revenue (County Museum of Art Project) PUT | &nbsp;&nbsp;1.200% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;931 |
|  | California Municipal Finance Authority Certificates Revenue | &nbsp;&nbsp;4.325% | &nbsp;&nbsp;11/20/2040 | &nbsp;&nbsp;3226 | &nbsp;&nbsp;3229 |
|  | California Municipal Finance Authority Certificates Revenue | &nbsp;&nbsp;4.325% | &nbsp;&nbsp;11/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | California Municipal Finance Authority Certificates Revenue | &nbsp;&nbsp;3.537% | &nbsp;&nbsp;2/20/2041 | &nbsp;&nbsp;1242 | &nbsp;&nbsp;1163 |
|  | California Municipal Finance Authority Multifamily Tax-Exempt Bonds Revenue (Terry Manor Apartments) | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;1012 |
| <sup>6</sup> | California Public Finance Authority Senior Living Revenue | &nbsp;&nbsp;6.200% | &nbsp;&nbsp;6/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;987 |
|  | California State Public Works Board Lease Revenue (May Lee State Office Complex) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1102 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1024 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1076 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1117 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;570 |
|  | California State University Systemwide Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1189 |
|  | California State University Systemwide Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;1840 | &nbsp;&nbsp;2165 |
|  | California State University Systemwide Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2039 | &nbsp;&nbsp;1295 | &nbsp;&nbsp;1510 |
|  | California State University Systemwide Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1140 |
|  | California State University Systemwide Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1113 |
|  | California Statewide Communities Development Authority Pollution Control Revenue (Southern Edison Co.) | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;939 |
|  | California Statewide Communities Development Authority Pollution Control Revenue (Southern Edison Co.) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;525 |
| <sup>6</sup> | California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1129 |
| <sup>6</sup> | California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2873 |
| <sup>6</sup> | California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;5500 | &nbsp;&nbsp;6457 |
| <sup>6</sup> | California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;403 |
| <sup>3,13</sup> | Centinela Valley CA Union High School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1053 |
| <sup>3,13</sup> | Centinela Valley CA Union High School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1076 |
| <sup>3,13</sup> | Centinela Valley CA Union High School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1098 |
|  | Central CA Valley Energy Authority Commodity Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;5405 | &nbsp;&nbsp;5888 |
|  | Chino Valley Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;510 |
| <sup>6</sup> | CSCDA Community Improvement Authority Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;12/1/2046 | &nbsp;&nbsp;1425 | &nbsp;&nbsp;1193 |
| <sup>6</sup> | CSCDA Community Improvement Authority Revenue | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;2/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;675 |
| <sup>6</sup> | CSCDA Community Improvement Authority Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;422 |
|  | East Bay CA Municipal Utility District Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1198 |
|  | Fairfield-Suisun CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1847 |
|  | Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue | &nbsp;&nbsp;6.200% | &nbsp;&nbsp;1/15/2029 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;1547 |
| <sup>13</sup> | Fremont CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;1033 |
| <sup>13</sup> | Fremont CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;1705 | &nbsp;&nbsp;1911 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>10</sup> | Golden State Tobacco Securitization Corp. California Revenue ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;2070 | &nbsp;&nbsp;1999 |
|  | Inglewood CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;736 |
|  | Los Angeles CA Department of Airports International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2211 |
|  | Los Angeles CA Department of Airports International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | Los Angeles CA Department of Airports International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1128 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;638 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;389 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;161 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;272 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;739 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;2230 | &nbsp;&nbsp;2355 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;449 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;301 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;311 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;723 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;523 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;326 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;299 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;426 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;178 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;2455 | &nbsp;&nbsp;2641 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;767 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;165 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;445 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1230 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;3520 | &nbsp;&nbsp;3831 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;1691 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;892 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;296 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1674 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;2600 | &nbsp;&nbsp;2902 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;284 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;165 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;158 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1821 |

---

------

Tax-Managed Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1885 | &nbsp;&nbsp;2132 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;1176 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;1470 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;255 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;365 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;2040 | &nbsp;&nbsp;2328 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;797 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1120 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;1084 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;2190 | &nbsp;&nbsp;2525 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;1392 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;178 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;183 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;198 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1163 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;1827 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1000 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;1771 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1111 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;183 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;342 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1141 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;1999 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1193 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1504 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;292 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;343 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;565 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;2550 | &nbsp;&nbsp;2653 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;115 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;484 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;187 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;197 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1161 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;432 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;1220 | &nbsp;&nbsp;1327 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;615 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;273 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;350 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;172 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;1540 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;2210 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;344 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1082 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1087 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;584 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1010 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;210 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;1337 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1062 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;174 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;315 |
| <sup>8</sup> | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;371 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;1217 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2046 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;1588 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2298 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;824 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2379 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;1755 | &nbsp;&nbsp;1811 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;1909 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1185 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1033 |
|  | Los Angeles County CA Community Facilities District No. 2021-01 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;2184 |
| <sup>8</sup> | Los Angeles County CA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1048 |
|  | Manteca CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;693 |
|  | Milpitas CA Redevelopment Agency Successor Tax Allocation Refunding Bonds (Redevelopment Project Area No. 1 2015) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;1132 |
|  | Mount Diablo CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;639 |
|  | Mount Diablo CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;696 |
|  | M-S-R CA Energy Authority Gas Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;683 |
|  | Newport Mesa CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;561 |
|  | Northern California Energy Authority Commodity Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;8555 | &nbsp;&nbsp;9120 |
|  | Oceanside CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | Oceanside CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;572 |
|  | Ontario CA Public Financing Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;701 |
| <sup>3</sup> | Palomar Pomerado Health California GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2026 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;1016 |
| <sup>3</sup> | Palomar Pomerado Health California GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1661 |
| <sup>3</sup> | Palomar Pomerado Health California GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;561 |
|  | Peralta CA Community College District Election GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1107 |
|  | Peralta CA Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1174 |
| <sup>3</sup> | Poway CA Unified School District Public Financing Authority Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1391 |
|  | Regents of the University of California Medical Center Pooled Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2253 |
|  | Regents of the University of California Medical Center Pooled Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2222 |
|  | Riverside CA Electric Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;1830 | &nbsp;&nbsp;1990 |
|  | Riverside County CA Transportation Commission Toll Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;2415 | &nbsp;&nbsp;2097 |
| <sup>9</sup> | Sacramento CA City Financing Authority Tax Allocation Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;1815 | &nbsp;&nbsp;1571 |
|  | San Diego CA Housing Authority Multi Family Housing Revenue (Sea Breeze Gardens) | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;933 |
|  | San Diego CA Public Facilities Financing Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;718 |
|  | San Diego CA Public Facilities Financing Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;865 |
| <sup>3</sup> | San Diego CA Unified School District GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | San Diego CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;223 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | San Diego CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
|  | San Diego County CA Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | San Diego County CA Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 |
|  | San Francisco CA Bay Area Rapid Transit District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 |
|  | San Francisco CA City & County International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 |
|  | San Francisco CA City & County International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 |
|  | San Francisco CA City & County Public Utilities Commission Wastewater Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | San Francisco CA City & County Public Utilities Commission Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 |
|  | San Francisco CA City & County Public Utilities Commission Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 |
|  | San Francisco CA City & County Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 |
|  | San Joaquin Valley CA Clean Energy Authority Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351 |
| <sup>10</sup> | San Ramon CA Public Financing Authority Tax Allocation Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 |
|  | Santa Clara CA Financing Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Santa Paula CA Special Tax Harvest Community Facilities Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
|  | South San Francisco CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 |
|  | Southern California Public Power Authority Revenue (Apex Power Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
|  | Southern California Public Power Authority Revenue (Apex Power Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 |
|  | Southern California Public Power Authority Revenue (Canyon Power Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Southern California Public Power Authority Revenue (Clean Energy Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206 |
|  | Southern California Public Power Authority Revenue (Transmission System Renewal Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 |
|  | Southern California Public Power Authority Revenue (Windy Flats Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
|  | Southern California Public Power Authority Transmission System Renewal Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
|  | Southern California Public Power Authority Transmission System Renewal Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
|  | Southern California Public Power Authority Transmission System Renewal Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| <sup>8</sup> | Stockton CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 |
| <sup>3</sup> | Sutter Butte Flood Control Agency CA Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| <sup>9</sup> | Union CA Elementary School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6845 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;9355 | &nbsp;&nbsp;&nbsp;&nbsp;11182 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 |
|  | University of California Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | University of California Revenue VRDO | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;47705 | &nbsp;&nbsp;&nbsp;&nbsp;47705 |
|  | University of California Revenue VRDO | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;51190 | &nbsp;&nbsp;&nbsp;&nbsp;51190 |
| <sup>3,12</sup> | West Contra Costa CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
| <sup>9</sup> | West Contra Costa CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
|  |  |  |  |  | &nbsp;&nbsp;**679887** |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** |
|  | Adams & Weld County CO School District No. 27J GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;1435 | &nbsp;&nbsp;1437 |
|  | Adams County CO COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;651 |
|  | Arapahoe County CO School District No. 5 Cherry Creek GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;1767 |
|  | Arapahoe County CO School District No. 6 Littleton GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1052 |
|  | Aurora CO Water Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2026 | &nbsp;&nbsp;1645 | &nbsp;&nbsp;1668 |
| <sup>3</sup> | Baseline Metropolitan District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1103 |
|  | Board of Governors of the Colorado State University System Enterprise Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;471 |
|  | Board of Governors of the Colorado State University System Enterprise Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1652 |
| <sup>8</sup> | Canyons Metropolitan District No. 5 CO Ltd. Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;281 |
|  | Colorado Building Excellent Schools COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1048 |
|  | Colorado COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;1268 |
|  | Colorado COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;1842 |
|  | Colorado COP | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1189 |
|  | Colorado Educational & Cultural Facilities Authority Revenue (Aspen View Academy Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
|  | Colorado Educational & Cultural Facilities Authority Revenue (University of Denver) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Colorado Health Facilities Authority Hospital Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1057 |
| <sup>5</sup> | Colorado Health Facilities Authority Hospital Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;4200 | &nbsp;&nbsp;4200 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1110 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;1175 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1129 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1065 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1013 |
|  | Colorado Health Facilities Authority Hospital Revenue (Frasier Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2036 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;1509 |
|  | Colorado Health Facilities Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1023 |
|  | Colorado Health Facilities Authority Revenue | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;12/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
|  | Colorado Health Facilities Authority Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
|  | Colorado Health Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;1425 |
|  | Colorado Health Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1117 |
|  | Colorado Health Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1084 |
|  | Colorado Health Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;907 |
|  | Colorado Health Facilities Authority Revenue (Intermountain Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1128 |
|  | Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/17/2026 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1522 |
|  | Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2028 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;1235 |
|  | Colorado Health Facilities Authority Revenue (Intermountain Healthcare) VRDO | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;3805 | &nbsp;&nbsp;3805 |
|  | Colorado Health Facilities Authority Revenue (NCMC Inc.) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2026 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1507 |
|  | Colorado Housing & Finance Authority Multifamily Revenue | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;4/1/2029 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;1062 |
|  | Colorado School of Mines Institutional Enterprise Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4325 |
| <sup>3</sup> | Colorado Science & Technology Park Metropolitan District No. 1 Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1090 |
| <sup>3</sup> | Colorado Science & Technology Park Metropolitan District No. 1 Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;815 |
|  | Colorado Springs Multifamily Housing Revenue (Bradley Ridge Apartments Project) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;501 |
| <sup>6</sup> | CSU Strata CO Student Housing Revenue (Prospect Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;512 |
|  | Denver CO City & County Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;792 |
|  | Denver CO City & County Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;626 |
|  | Denver CO City & County COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;1697 |
|  | Denver CO City & County Dedicated Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;438 |
|  | Denver CO City & County Housing Authority Multifamily Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;189 |
|  | Denver CO City & County Housing Authority Multifamily Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;323 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1002 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5096 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1333 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2032 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3376 |
| <sup>9</sup> | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1808 |
| <sup>9</sup> | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;821 |
|  | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
|  | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;556 |
|  | Jefferson County CO School District No. R-1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;3395 | &nbsp;&nbsp;3577 |
| <sup>3</sup> | Midcities Metropolitan District No. 2 Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| <sup>3</sup> | Park Creek Metropolitan District CO Ltd. Property Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2040 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1888 |
|  | Public Authority for Colorado Energy Natural Gas Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;2240 | &nbsp;&nbsp;2705 |
|  | Regional Transportation District of Colorado Private Activity Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/2039 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;1314 |
|  | Sterling Ranch CO Community Authority Board Supported Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1057 |
|  | University of Colorado Enterprise System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;626 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Weld County CO School District No. RE 002 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**87571** |
| **Connecticut (1.3%)** | **Connecticut (1.3%)** | **Connecticut (1.3%)** | **Connecticut (1.3%)** | **Connecticut (1.3%)** | **Connecticut (1.3%)** |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 |
|  | Connecticut GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 |
|  | Connecticut GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement Communities) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
|  | Connecticut Health & Educational Facilities Authority Revenue (University of Hartford) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale New Haven) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale New Haven) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 |
|  | Connecticut Housing Finance Authority Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471 |
|  | Connecticut State Health & Educational Facilities Authority Revenue VRDO | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;26090 | &nbsp;&nbsp;&nbsp;&nbsp;26090 |
|  | Connecticut State Health & Educational Facilities Authority Revenue VRDO | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp;27300 |
|  | Connecticut State Health & Educational Facilities Authority Revenue VRDO | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;14165 | &nbsp;&nbsp;&nbsp;&nbsp;14165 |
|  | Connecticut State Health & Educational Facilities Authority Revenue VRDO | &nbsp;&nbsp;1.950% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;30460 | &nbsp;&nbsp;&nbsp;&nbsp;30460 |
|  | Connecticut Transmission Municipal Electric Energy Cooperative Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 |
| <sup>6</sup> | Harbor Point CT Infrastructure Improvement District SO Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 |
| <sup>6</sup> | New Canaan CT Housing Authority Multifamily Housing Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>8</sup> | New Haven Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| <sup>8</sup> | New Haven Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
|  | Norwalk CT Housing Authority Multifamily Revenue (Monterey Village Apartments) | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 |
|  | Stamford CT Housing Authority Revenue (Mozaic Concierge Living Project) | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  | Stamford CT Housing Authority Revenue (Mozaic Concierge Living Project) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
|  | University of Connecticut Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
|  |  |  |  |  | &nbsp;&nbsp;**152523** |
| **Delaware (0.1%)** | **Delaware (0.1%)** | **Delaware (0.1%)** | **Delaware (0.1%)** | **Delaware (0.1%)** | **Delaware (0.1%)** |
| <sup>6</sup> | Affordable Housing Opportunities Trust Revenue | &nbsp;&nbsp;3.528% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 |
|  | Delaware GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 |
|  | Delaware GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 |
|  | Delaware Health Facilities Authority Revenue (Beebe Medical Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 |
|  | Delaware Health Facilities Authority Revenue (Christiana Care Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | Delaware River & Bay Authority Delaware Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 |
|  | Delaware State Economic Development Authority Revenue (Delmarva Power & Light Co. Project) | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
|  | Delaware State Economic Development Authority Revenue (NRG Energy Project) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 |
|  | University of Delaware Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**12266** |
| **District of Columbia (0.6%)** | **District of Columbia (0.6%)** | **District of Columbia (0.6%)** | **District of Columbia (0.6%)** | **District of Columbia (0.6%)** | **District of Columbia (0.6%)** |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757 |
|  | District of Columbia Hospital Revenue (Children's Hospital Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | District of Columbia Housing Finance Agency Multifamily Revenue | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | District of Columbia Housing Finance Agency Multifamily Revenue PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| <sup>14</sup> | District of Columbia Housing Finance Agency Multifamily Revenue PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;1507 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1154 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;2073 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1110 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3260 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3093 |
|  | District of Columbia Revenue Bonds (Gallaudet University Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;1299 |
|  | District of Columbia Revenue Bonds (Latin American Montessori Bilingual Public Charter School) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 |
|  | District of Columbia University Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp;2591 |
|  | District of Columbia Water & Sewer Authority Public Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp;3006 |
| <sup>5</sup> | District of Columbia Water & Sewer Authority Public Utility Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;16705 | &nbsp;&nbsp;16705 |
| <sup>3</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Capital Appreciation Bonds) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
|  | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;2366 |
|  | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 |
| <sup>8</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;1229 |
| <sup>8</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
| <sup>3</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
|  | Washington Convention & Sports Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Washington DC Convention & Sports Authority Dedicated Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1152 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 |
| <sup>5,6</sup> | Washington DC Metropolitan Area Transit Authority Dedicated Revenue TOB VRDO | &nbsp;&nbsp;2.530% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;5500 |
|  |  |  |  |  | &nbsp;&nbsp;**64466** |
| **Florida (1.9%)** | **Florida (1.9%)** | **Florida (1.9%)** | **Florida (1.9%)** | **Florida (1.9%)** | **Florida (1.9%)** |
|  | Alachua County FL Health Facilities Authority Revenue (Oak Hammock) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |
|  | Alachua County FL Health Facilities Authority Revenue (Oak Hammock) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 |
| <sup>3</sup> | Bay County FL School Board COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;1302 |
|  | Bay County FL School Board COP | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1581 |
|  | Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1557 |
|  | Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 |
|  | Broward County FL Convention Center Hotel First Tier Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;3460 | &nbsp;&nbsp;&nbsp;&nbsp;3791 |
|  | Broward County FL School COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1110 |
|  | Broward County FL Water & Sewer Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
|  | Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
|  | Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |
| <sup>6</sup> | Capital Trust Agency Florida Educational Facilities Revenue (Academir Charter Schools Project) | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 |
|  | Capital Trust Agency Florida Educational Facilities Revenue (Advantage Academy of Hillsborough Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
|  | Capital Trust Authority FL Health Care Facilities Revenue (UF Health Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
|  | Capital Trust Authority FL Health Care Facilities Revenue (UF Health Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1139 |
| <sup>3</sup> | Central FL Expressway Authority Revenue | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
|  | Central FL Expressway Authority Revenue Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;1022 |
| <sup>3</sup> | Central Florida Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1143 |
| <sup>3</sup> | Central Florida Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1157 |
| <sup>3</sup> | Central Florida Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1169 |
|  | Davie FL Educational Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 |
|  | East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;2083 |
|  | Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1569 |
| <sup>6</sup> | Florida Development Finance Corp. Educational Facilities Revenue (Cornerstone Classical Academy Inc. Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| <sup>6</sup> | Florida Development Finance Corp. Educational Facilities Revenue (Global Outreach Charter Academy Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 |
|  | Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;868 |
| <sup>6</sup> | Florida Development Finance Corp. Educational Facilities Revenue (Renaissance Charter School Projects) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;633 |
|  | Florida Development Finance Corp. Educational Facilities Revenue (River City Science Academy Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;436 |
|  | Florida Development Finance Corp. Healthcare Facilities Revenue (Tampa General Hospital Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2676 |
|  | Florida Development Finance Corp. Healthcare Facilities Revenue (UF Health Jacksonville Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;1169 |
|  | Florida Gulf Coast University Financing Corp. Capital Improvement Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;779 |
| <sup>6</sup> | Florida Local Government Finance Commission Senior Living Revenue (Nocatee Project) | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;523 |
| <sup>6</sup> | Florida Local Government Finance Commission Senior Living Revenue (Nocatee Project) | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;527 |
|  | Florida Municipal Power Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;2775 | &nbsp;&nbsp;2833 |
|  | Florida Municipal Power Agency Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;987 |
|  | Florida State Department of Transportation Right of Way Acquisition GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5061 |
|  | Florida State Department of Transportation Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;5500 | &nbsp;&nbsp;6076 |
|  | Florida State Department of Transportation Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2041 |
|  | Florida State Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1385 | &nbsp;&nbsp;1392 |
|  | Florida State Turnpike Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;149 |
|  | Fort Lauderdale FL Water & Sewer Revenue (Enabling Works Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;2101 |
|  | Halifax Hospital Medical Center FL Hospital Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
|  | Hillsborough County FL Industrial Development Authority Health System Revenue (Baycare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;1545 | &nbsp;&nbsp;1679 |
|  | Hillsborough County FL Industrial Development Authority Health System Revenue (Baycare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1862 |
|  | Hillsborough County FL Industrial Development Authority Health System Revenue (Baycare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;1860 | &nbsp;&nbsp;1965 |
|  | Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa General Hospital Projects) | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;386 |
|  | Jacksonville FL Electric Authority Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;1905 | &nbsp;&nbsp;1987 |
|  | Jacksonville FL Electric Authority Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;1465 | &nbsp;&nbsp;1528 |
|  | Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1255 |
|  | Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1124 |
|  | Jacksonville FL Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1565 |
|  | Jacksonville FL Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1498 |
|  | JEA FL Electric System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;302 |
|  | JEA FL Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1069 |
|  | Key West FL Utility Board Electricity Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;1081 |
|  | Kissimmee FL Capital Improvement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;1677 |
|  | Lakeland FL Capital Improvement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;1347 |
|  | Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;1502 |
|  | Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;1634 |
|  | Lee County FL Housing Finance Authority Multifamily Revenue | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;1035 |
|  | Lee County FL Industrial Development Authority Healthcare Facilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;472 |
|  | Lee County FL Industrial Development Authority Healthcare Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;1388 |
|  | Lee County FL Industrial Development Authority Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2036 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1832 |
| <sup>4</sup> | Lee County FL Industrial Development Authority Hospital Revenue, SOFR + 0.850% | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;1655 | &nbsp;&nbsp;1714 |
| <sup>3</sup> | Marion County FL School Board COP | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2044 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3210 |
|  | Miami Beach FL Health Facilities Authority Revenue (Mount Sinai Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
| <sup>3</sup> | Miami Beach FL Redevelopment Agency Tax Increment Revenue (City Center/Historic Convention Village) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2037 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;1432 |
|  | Miami Beach FL Resort Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1022 |
|  | Miami FL SO Non-AD Valorem Revenue (New Administrative Building) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2039 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;3847 |
| <sup>3,6</sup> | Miami FL SO Street & Sidewalk Improvement Program Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;1385 |
| <sup>3,6</sup> | Miami FL SO Street & Sidewalk Improvement Program Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1035 |
|  | Miami-Dade County FL Aviation Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
|  | Miami-Dade County FL Aviation Revenue (Miami International Airport) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;1876 |
|  | Miami-Dade County FL Aviation Revenue (Miami International Airport) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1013 |
|  | Miami-Dade County FL Aviation Revenue (Miami International Airport) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1017 |
|  | Miami-Dade County FL Building Better Communities GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;1170 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1136 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2034 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;1651 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2035 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1732 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1668 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/2044 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1617 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1053 |
|  | Miami-Dade County FL Health Facilities Authority Hospital Revenue (Niklaus Children's Hospital Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1338 |
|  | Miami-Dade County FL Housing Finance Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;453 |
| <sup>3</sup> | Miami-Dade County FL Professional Sports Franchise Facilities TAX Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2045 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;1577 |
|  | Miami-Dade County FL Public Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1032 |
|  | Miami-Dade County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2026 | &nbsp;&nbsp;3035 | &nbsp;&nbsp;3041 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;751 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2037 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;1330 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;2265 | &nbsp;&nbsp;1396 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1025 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;978 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2043 | &nbsp;&nbsp;3855 | &nbsp;&nbsp;4100 |
|  | Miami-Dade County FL Transit System Sales Surtax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1407 |
|  | Miami-Dade County FL Transit System Sales Surtax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;2155 | &nbsp;&nbsp;2159 |
|  | Miami-Dade County FL Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2046 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1017 |
|  | North Brevard County FL Hospital District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1030 |
|  | North Miami Beach FL Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2042 | &nbsp;&nbsp;1265 | &nbsp;&nbsp;1351 |
|  | North Sumter County FL Utility Dependent District Solid Waste Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;1965 | &nbsp;&nbsp;2043 |
|  | North Sumter County FL Utility Dependent District Utility Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;2125 | &nbsp;&nbsp;2176 |
|  | North Sumter County FL Utility Dependent District Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1037 |
| <sup>6</sup> | Okaloosa County FL Industrial Development Revenue (Air Force Enlisted Village Project) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;330 |
|  | Okaloosa County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;798 |
|  | Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;1510 | &nbsp;&nbsp;1533 |
|  | Orange County FL Health Facilities Authority Revenue (Orlando Health Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2046 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;1217 |
|  | Orange County FL Housing Finance Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;1470 | &nbsp;&nbsp;1476 |
|  | Orange County FL Water & Wastewater Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1426 |
|  | Orange County FL Water & Wastewater Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;837 |
| <sup>3</sup> | Orlando FL Contract Tourist Development Tax Revenue (Camping World Stadium) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2037 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1676 |
|  | Orlando FL Utilities Commission System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1174 |
|  | Orlando FL Utilities Commission System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1081 |
|  | Orlando FL Utilities Commission System Revenue PUT | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;1227 |
|  | Osceola County FL Transportation Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;520 |
|  | Osceola County FL Transportation Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1396 |
|  | Palm Beach County FL Educational Facilities Authority Revenue (Atlantic University Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;505 |
|  | Palm Beach County FL Health Facilities Authority Hospital Revenue (Jupiter Medical Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;390 |
|  | Palm Beach County Health Facilities Authority Revenue (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
|  | Parrish Lakes FL Community Development District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| <sup>6</sup> | Pasco County FL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2694 |
| <sup>3</sup> | Pasco County FL Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9/1/2041 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2747 |
|  | Reedy Creek FL Improvement District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;1194 |
|  | Reedy Creek FL Improvement District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1008 |
|  | Sarasota County FL Utility System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;1824 |
|  | South Broward FL Hospital District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1022 |
|  | South Broward FL Hospital District Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;1960 | &nbsp;&nbsp;1725 |
|  | South FL Water Management District COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;5190 | &nbsp;&nbsp;5213 |
|  | South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;518 |
|  | South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;1193 |
|  | South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;2635 | &nbsp;&nbsp;3034 |
|  | South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2413 |
|  | South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2030 | &nbsp;&nbsp;1435 | &nbsp;&nbsp;1547 |
|  | St. Johns County FL Industrial Development Authority Revenue (Vicars Landing Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;953 |
| <sup>3</sup> | St. Johns County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;1963 |
|  | Tallahassee FL Energy System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5745 |
|  | Tallahassee FL Energy System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1155 |
|  | Tampa Bay FL Water Regional Supply Authority Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2044 | &nbsp;&nbsp;1745 | &nbsp;&nbsp;1863 |
|  | Tampa Bay FL Water Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;2040 | &nbsp;&nbsp;2072 |
|  | Tampa FL Non-AD Valorem Improvement Revenue (Sustainable Bonds) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
|  | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1160 |
|  | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;2215 | &nbsp;&nbsp;2543 |
|  | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;2105 | &nbsp;&nbsp;2324 |
|  | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;2475 | &nbsp;&nbsp;2702 |
|  | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;2660 | &nbsp;&nbsp;2873 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Tampa FL Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 |
|  | Tampa-Hillsborough County FL Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
|  | Tampa-Hillsborough County FL Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
|  | Tohopekaliga FL Water Authority Utility System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | Village Community FL Development District No. 13 Florida Special Assessment Revenue | &nbsp;&nbsp;2.850% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |
| <sup>6</sup> | Village Community FL Development District No. 15 Florida Special Assessment Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 |
| <sup>6</sup> | Village Community FL Development District No. 15 Florida Special Assessment Revenue | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
|  | Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
|  | Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 |
|  |  |  |  |  | &nbsp;&nbsp;**219274** |
| **Georgia (1.8%)** | **Georgia (1.8%)** | **Georgia (1.8%)** | **Georgia (1.8%)** | **Georgia (1.8%)** | **Georgia (1.8%)** |
|  | Albany-Dougherty County GA Hospital Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 |
|  | Atlanta GA Airport Passenger Facility Charge Subordinate Lien General Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 |
|  | Atlanta GA Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 |
|  | Atlanta GA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6017 |
| <sup>14</sup> | Atlanta GA Urban Residential Finance Authority Multifamily Housing Revenue PUT | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |
| <sup>8</sup> | Atlanta GA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 |
|  | Atlanta GA Water & Wastewater Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;3/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;8/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Oglethorpe Power Corp. Vogtle Project) PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 |
| <sup>6</sup> | Cobb County GA Development Authority Educational Facilities Revenue (Bethel Christian Academy Project) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 |
|  | Cobb County GA Kennestone Hospital Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 |
|  | Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 |
|  | Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
|  | Dalton GA Utilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Avenues of North Decatur) | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Kensington Station Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Montreal Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Park 500 Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Summit Pointe LLC) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 |
|  | DeKalb County GA Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 |
|  | DeKalb County GA Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997 |
|  | Fayette County GA Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 |
|  | Fayette County GA Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 |
|  | Fulton County GA Development Authority Revenue (Children's Healthcare of Atlanta Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 |
| <sup>6</sup> | Fulton County GA Residential Care Facilities for the Elderly Authority Revenue (Canterbury Court Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
|  | Gainesville & Hall County GA Hospital Authority Revenue (Northeast Georgia Health System Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 |
|  | Georgia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289 |
|  | Georgia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
|  | Georgia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315 |
|  | Georgia GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 |
|  | Georgia State Housing & Finance Authority Single Family Mortgage Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
|  | Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
|  | Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 |
|  | Jackson County GA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179 |
|  | Macon-Bibb County GA Housing Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 |
|  | Main Street Energy Inc. GA Energy Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2030 | &nbsp;&nbsp;12740 | &nbsp;&nbsp;&nbsp;&nbsp;13445 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8669 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8106 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp;15869 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7472 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;6490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6923 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 |
|  | Main Street Natural Gas Inc. Georgia Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246 |
|  | Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 |
|  | Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 |
|  | Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 |
|  | Monroe County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Scherer Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 |
| <sup>3</sup> | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
| <sup>3</sup> | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 |
|  | Paulding County GA Hospital Authority Revenue (Wellstar Health System Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 |
| <sup>6</sup> | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 |
| <sup>6</sup> | Savannah GA Hospital Authority Revenue (St. Joseph's/Candler Health System Inc.) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | Valdosta & Lowndes County GA Hospital Authority Revenue (South Georgia Medical Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 |
|  | Walton County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 |
|  |  |  |  |  | &nbsp;&nbsp;**202273** |
| **Guam (0.1%)** | **Guam (0.1%)** | **Guam (0.1%)** | **Guam (0.1%)** | **Guam (0.1%)** | **Guam (0.1%)** |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 |
|  | Guam Government Waterworks Authority Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Guam Government Waterworks Authority Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
|  | Guam Government Waterworks Authority Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
|  | Guam Government Waterworks Authority Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
|  | Guam Government Waterworks Authority Water & Wastewater System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
|  |  |  |  |  | &nbsp;&nbsp;**10148** |
| **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** |
|  | Hawaii Department of Budget & Finance Special Purpose Revenue (Queens Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;1190 |
|  | Hawaii Department of Budget & Finance Special Purpose Revenue (Queens Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;1862 |
|  | Hawaii GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | Hawaii GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;4282 |
|  | Hawaii State Airports System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;1893 |
|  | Honolulu HI City & County GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
|  | Honolulu HI City & County GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;4198 |
|  | Honolulu HI City & County Multifamily Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
|  | Honolulu HI City & County Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Honolulu HI City & County Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;2020 |
|  | Kauai County HI Community Facilities District Special Tax Revenue | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;5/15/2042 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | Maui County HI GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 |
|  |  |  |  |  | &nbsp;&nbsp;**20093** |
| **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** |
|  | Canyon County School District No. 139 Vallivue GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2041 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2176 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2028 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;1672 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1091 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1104 |
| <sup>5</sup> | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) VRDO | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;3970 |
|  | Idaho Housing & Finance Association Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1600 |
|  | Idaho Housing & Finance Association Single Family Mortgage Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;7/1/2054 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1679 |
|  | Idaho Housing & Finance Association Single Family Mortgage Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  | Idaho State Building Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;1488 |
| <sup>3</sup> | University of Idaho Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
| <sup>3</sup> | University of Idaho Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;4/1/2043 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;1532 |
|  |  |  |  |  | &nbsp;&nbsp;**18844** |
| **Illinois (3.2%)** | **Illinois (3.2%)** | **Illinois (3.2%)** | **Illinois (3.2%)** | **Illinois (3.2%)** | **Illinois (3.2%)** |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;6.100% | &nbsp;&nbsp;4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;4/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
| <sup>9</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1176 |
| <sup>9</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 |
| <sup>9</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;1224 |
| <sup>3</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1309 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
| <sup>9</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1235 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1012 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1057 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1537 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1055 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3051 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2095 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1236 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1434 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;1536 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1696 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;1609 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;1845 |
|  | Chicago IL Board of Education Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2036 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1292 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1552 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1568 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;1233 |
|  | Chicago IL GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;445 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;2790 | &nbsp;&nbsp;2966 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1535 | &nbsp;&nbsp;1635 |
|  | Chicago IL GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;487 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1041 |
|  | Chicago IL GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1040 |
| <sup>9</sup> | Chicago IL GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;916 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1049 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1049 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1037 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1342 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1457 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;2495 | &nbsp;&nbsp;2428 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2045 | &nbsp;&nbsp;4895 | &nbsp;&nbsp;4638 |
| <sup>8</sup> | Chicago IL GO | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1/1/2046 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1091 |
|  | Chicago IL GO ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;167 |
|  | Chicago IL Housing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1033 |
|  | Chicago IL Metropolitan Water Reclamation District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2552 |
|  | Chicago IL Midway Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1143 |
|  | Chicago IL Midway Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;1687 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1066 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;736 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;825 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;716 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;2430 | &nbsp;&nbsp;2609 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;700 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3056 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;3565 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;3355 | &nbsp;&nbsp;3359 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1100 |
| <sup>8</sup> | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1111 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1004 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;1080 | &nbsp;&nbsp;1126 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1040 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;1406 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;947 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1496 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;932 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2048 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1548 |
| <sup>8</sup> | Chicago IL Park District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;1225 |
| <sup>8</sup> | Chicago IL Park District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1038 |
|  | Chicago IL Park District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;2005 | &nbsp;&nbsp;2038 |
| <sup>3</sup> | Chicago IL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1120 |
|  | Chicago IL Transit Authority Sales Tax Receipts Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1074 |
|  | Chicago IL Transit Authority Sales Tax Receipts Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;1548 |
|  | Chicago IL Transit Authority Sales Tax Receipts Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;1641 |
| <sup>9</sup> | Chicago IL Wastewater Transmission Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;1242 |
| <sup>8</sup> | Chicago IL Wastewater Transmission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1113 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1138 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1120 |
| <sup>3</sup> | Chicago IL Water Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1011 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1097 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1085 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1075 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1064 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1056 |
| <sup>8</sup> | Cook County IL Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1112 |
| <sup>8</sup> | Cook County IL Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1088 |
| <sup>8</sup> | Cook County IL Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;1401 |
| <sup>3</sup> | Cook County IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;1545 | &nbsp;&nbsp;1578 |
|  | Cook County IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;1663 |
|  | Cook County IL Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;1783 |
|  | Cook County IL Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1062 |
|  | Cook County IL Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1049 |
| <sup>8</sup> | Cook County IL School District No. 102 La Grange GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
| <sup>8</sup> | Cook County IL School District No. 102 La Grange GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1057 |
|  | Cook County IL School District No. 57 Mount Prospect GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;2190 | &nbsp;&nbsp;2338 |
|  | Cook County IL School District No. 57 Mount Prospect GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;2295 | &nbsp;&nbsp;2424 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>3</sup> | Cook County IL School District No. 87 Berkeley GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;463 |
|  | Cook Kane Lake & McHenry Counties IL Community College District No. 512 (William Rainey Harper College) GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2401 |
|  | Du Page & Will Counties IL Community School District No. 204 Indian Prairie GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2042 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;1800 |
|  | Du Page & Will Counties IL Community School District No. 204 Indian Prairie GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2043 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;1284 |
|  | DuPage County IL School District No. 58 Downers Grove GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/15/2043 | &nbsp;&nbsp;1465 | &nbsp;&nbsp;1634 |
| <sup>6</sup> | Elwood IL GO | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;3/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1073 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2034 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1440 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;1317 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;2040 | &nbsp;&nbsp;2060 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;1532 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;2350 | &nbsp;&nbsp;2279 |
|  | Illinois Finance Authority Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;298 |
|  | Illinois Finance Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;1065 | &nbsp;&nbsp;1168 |
|  | Illinois Finance Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;1893 |
| <sup>5</sup> | Illinois Finance Authority Revenue VRDO | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;750 |
|  | Illinois Finance Authority Revenue (Arlington Heights LLC) | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | Illinois Finance Authority Revenue (Arlington Heights LLC) | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
|  | Illinois Finance Authority Revenue (Benedictine University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;445 |
|  | Illinois Finance Authority Revenue (DePaul University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1012 |
|  | Illinois Finance Authority Revenue (DePaul University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1012 |
|  | Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1024 |
|  | Illinois Finance Authority Revenue (Franciscan Communities Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1007 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;525 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;1175 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1147 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;1229 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;740 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;878 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1114 |
|  | Illinois Finance Authority Revenue (Lake Forest College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;526 |
|  | Illinois Finance Authority Revenue (Mercy Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1005 |
|  | Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4217 |
| <sup>5</sup> | Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) VRDO | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;3185 | &nbsp;&nbsp;3185 |
|  | Illinois Finance Authority Revenue (Northwest Community Hospital) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1012 |
|  | Illinois Finance Authority Revenue (OSF Healthcare System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;986 |
|  | Illinois Finance Authority Revenue (OSF Healthcare System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1509 |
|  | Illinois Finance Authority Revenue (Rush University System Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;1332 |
|  | Illinois Finance Authority Revenue (Silver Cross Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;1825 | &nbsp;&nbsp;1991 |
|  | Illinois Finance Authority Revenue (Silver Cross Hospital) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;182 |
|  | Illinois Finance Authority Revenue (Silver Cross Hospital) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;449 |
|  | Illinois Finance Authority Revenue (University of Chicago) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1129 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;1079 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1032 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;1640 | &nbsp;&nbsp;1700 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;1728 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2113 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;1089 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;1145 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1081 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1085 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1436 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1100 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;499 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2211 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1110 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2032 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1669 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1084 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2034 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1650 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1267 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;518 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;2150 | &nbsp;&nbsp;2353 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1004 |
|  | Illinois GO | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;504 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;992 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;984 |
|  | Illinois GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;535 |
|  | Illinois GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1193 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;1825 | &nbsp;&nbsp;1761 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Illinois GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;2125 | &nbsp;&nbsp;2253 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1420 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2088 |
| <sup>8</sup> | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;944 |
|  | Illinois GO | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1043 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;925 |
| <sup>8</sup> | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2045 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;1307 |
| <sup>6</sup> | Illinois Housing Development Authority Multifamily Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;10/5/2040 | &nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;815 |
|  | Illinois Housing Development Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;360 |
|  | Illinois Housing Development Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
|  | Illinois Housing Development Authority Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
|  | Illinois Housing Development Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;804 |
| <sup>3</sup> | Illinois Municipal Electric Agency Power Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2032 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;1321 |
| <sup>3</sup> | Illinois Municipal Electric Agency Power Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2033 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;1903 |
| <sup>8</sup> | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1009 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1052 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1071 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;4440 | &nbsp;&nbsp;5042 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1036 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1034 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;1420 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1241 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2043 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;1757 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2044 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4177 |
|  | Illinois Sports Facilities Authority Revenue (State Tax Supported) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;2075 | &nbsp;&nbsp;2168 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1708 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1202 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1243 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2504 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;3040 | &nbsp;&nbsp;3209 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;2757 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;1265 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;8643 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;1214 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;336 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2045 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2136 |
| <sup>8</sup> | Joliet IL GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1648 |
| <sup>8</sup> | Joliet IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1089 |
|  | Kane County IL Forest Preserve District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;1985 | &nbsp;&nbsp;2204 |
| <sup>3</sup> | Kane County IL School District No. 131 (Aurora East Side) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;257 |
| <sup>3</sup> | Kendall Kane & Will Counties IL Community Unit School District No. 308 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;5090 | &nbsp;&nbsp;4754 |
| <sup>3</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;898 |
| <sup>3</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2027 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;1143 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;1769 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;2205 | &nbsp;&nbsp;1943 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;679 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2038 | &nbsp;&nbsp;2075 | &nbsp;&nbsp;1269 |
|  | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;736 |
| <sup>3,12</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;256 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2031 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;1289 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;345 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2032 | &nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;980 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2033 | &nbsp;&nbsp;2130 | &nbsp;&nbsp;1653 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;6790 | &nbsp;&nbsp;5162 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;2497 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;2507 |
|  | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1430 |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2039 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1102 |
| <sup>8</sup> | Metropolitan Pier & Exposition Authority Illinois Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;963 |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;963 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773 |
|  | Northern Illinois Municipal Power Agency Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
| <sup>8</sup> | Northern Illinois University Auxiliary Facilities System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
|  | Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2026 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
| <sup>3</sup> | Regional Transportation Authority IL Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 |
|  | Regional Transportation Authority IL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2040 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 |
|  | Regional Transportation Authority IL Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 |
|  | Romeoville IL Revenue (Lewis University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 |
| <sup>8</sup> | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487 |
| <sup>8</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| <sup>8</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 |
| <sup>8</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |
| <sup>8</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
|  | Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters Services Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
| <sup>8</sup> | Southwestern Illinois Development Authority Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158 |
| <sup>8</sup> | Tazewell County IL School District No. 52 GO | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |
|  | University of Illinois Auxiliary Facilities System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  | University of Illinois Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 |
| <sup>8</sup> | University of Illinois Auxiliary Facilities System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 |
|  | University of Illinois Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
| <sup>8</sup> | Will County IL Community High School District No. 210 (Lincoln-Way) GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
| <sup>8</sup> | Winnebago & Boone Counties IL School District No. 205 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2031 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 |
|  |  |  |  |  | &nbsp;&nbsp;**369120** |
| **Indiana (0.6%)** | **Indiana (0.6%)** | **Indiana (0.6%)** | **Indiana (0.6%)** | **Indiana (0.6%)** | **Indiana (0.6%)** |
|  | Ball State University Student Fee Indiana Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
|  | Ball State University Student Fee Indiana Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 |
|  | Ball State University Student Fee Indiana Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 |
| <sup>8</sup> | Evansville IN Waterworks District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Hammond IN Multi-School Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
|  | Indiana Finance Authority Health System Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 |
|  | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 |
|  | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 |
|  | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 |
|  | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333 |
|  | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
| <sup>5</sup> | Indiana Finance Authority Health System Revenue (Sisters of St. Francis Health Service Inc.) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;4565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565 |
| <sup>5</sup> | Indiana Finance Authority Health System Revenue (Sisters of St. Francis Health Service Inc.) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 |
|  | Indiana Finance Authority Hospital Revenue (Methodist Hospitals Inc.) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
|  | Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 |
|  | Indiana Finance Authority Midwestern Disaster Relief Revenue (Ohio Valley Electric Corp.) | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 |
|  | Indiana Finance Authority Revenue (Ascension Health Senior Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 |
|  | Indiana Finance Authority Revenue (Ascension Health Senior Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 |
|  | Indiana Finance Authority Revenue (Ascension Health Senior Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 |
|  | Indiana Finance Authority Revenue (Ascension Health Senior Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | Indiana Finance Authority Revenue (Butler University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 |
|  | Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |
|  | Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 |
|  | Indiana Finance Authority Revenue (Marquette Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2033 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678 |
|  | Indiana Finance Authority Student Housing Revenue (Uindy Properties LLC) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2044 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3092 |
|  | Indiana Municipal Power Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Indianapolis Department of Public Utilities Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;1532 |
|  | Indianapolis IN Local Public Improvement Bond Bank Community Justice Campus Revenue (Courthouse & Jail Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
|  | Indianapolis IN Local Public Improvement Bond Bank Revenue (Airport Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 |
|  | Indianapolis IN Local Public Improvement Bond Bank Revenue (Airport Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;1244 |
|  | Indianapolis Local Public Improvement Bond Bank Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;2188 |
|  | IPS Multi-School Building Corp. IN Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2037 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1140 |
|  | IPS Multi-School Building Corp. Revenue (Valorem Property Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
|  | IPS Multi-School Building Corp. Revenue (Valorem Property Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
|  | IPS Multi-School Building Corp. Revenue (Valorem Property Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 |
|  | IPS Multi-School Building Corp. Revenue (Valorem Property Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
|  | Ivy IN Tech Community College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
|  | Ivy IN Tech Community College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
|  | Merrillville Multi School Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2042 | &nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp;4167 |
|  | Northern Indiana Commuter Transportation District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Northwest Allen IN School Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2041 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;1949 |
|  | Northwestern School Building Corp. Revenue (Valorem Property Tax) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;7/15/2037 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1254 |
|  | Rockport IN Pollution Control Revenue (Indiana Power Co. Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020 |
|  | Silver Creek IN School Building Corp. Revenue (Valorem Property) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/15/2035 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Tippecanoe County IN School Building Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/2032 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1113 |
|  | Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
|  | Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| <sup>8</sup> | Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2033 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1310 |
| <sup>8</sup> | Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/15/2040 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1850 |
|  | Whiting IN Environmental Facilities Revenue (BP Products North America Inc. Project) PUT | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;6/21/2035 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;1203 |
|  |  |  |  |  | &nbsp;&nbsp;**71394** |
| **Iowa (0.2%)** | **Iowa (0.2%)** | **Iowa (0.2%)** | **Iowa (0.2%)** | **Iowa (0.2%)** | **Iowa (0.2%)** |
| <sup>8</sup> | Davenport IA Community School District Infrastructure Sales Services & Use Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;1858 |
|  | Iowa Board of Regents Hospital Revenue (University of Iowa Hospitals & Clinics) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1837 |
|  | Iowa City IA Community School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp;3722 |
|  | Iowa Finance Authority Health Facilities Revenue (Pella Regional Health Center) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
|  | Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1087 |
|  | Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2874 |
|  | Iowa Finance Authority Multifamily Housing Revenue (Union Bluffs Run Project) | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |
|  | Iowa Finance Authority Revenue (Lifespace Communities, Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
|  | Iowa Finance Authority Revenue (Lifespace Communities, Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
|  | Iowa Finance Authority State Revolving Fund Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1526 |
|  | Iowa Finance Authority State Revolving Fund Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1128 |
|  | Iowa Finance Authority State Revolving Fund Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;2806 |
|  | Iowa Higher Education Loan Authority Revenue (Des Moines University Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1374 |
|  | Iowa Tobacco Settlement Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1001 |
| <sup>8</sup> | Waterloo IA Community School District Infrastructure Sales & Services Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;1222 |
| <sup>8</sup> | Waterloo IA Community School District Infrastructure Sales & Services Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;1165 |
|  | Xenia IA Rural Water District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |
|  |  |  |  |  | &nbsp;&nbsp;**23969** |
| **Kansas (0.2%)** | **Kansas (0.2%)** | **Kansas (0.2%)** | **Kansas (0.2%)** | **Kansas (0.2%)** | **Kansas (0.2%)** |
| <sup>3</sup> | Ellis County KS Unified School District No. 489 Hays GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1579 |
| <sup>3</sup> | Johnson & Miami KS County Unified School District No. 230 GO (Spring Hill) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;9/1/2041 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2363 |
|  | Johnson County KS Unified School District No. 512 (Shawnee Mission) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp;5167 |
|  | Johnson County KS Unified School District No. 512 (Shawnee Mission) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;1477 |
|  | Kansas Department of Transportation Highway Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;4056 |
|  | Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
|  | Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  | Lyon County KS Unified School District No 253. GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |
| <sup>3</sup> | Sedgwick County KS Unified School District No. 261 GO (Haysville) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2044 | &nbsp;&nbsp;4485 | &nbsp;&nbsp;&nbsp;&nbsp;4704 |
| <sup>3</sup> | Sedgwick County KS Unified School District No. 262 GO (Valley Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;1339 |
|  | Shawnee County KS Unified School District No. 437 (Auburn - Washburn) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1643 |
|  | University of Kansas Hospital Authority Health Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
| <sup>8</sup> | Wyandotte County KS Unified School District No. 500 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp;3133 |
|  |  |  |  |  | &nbsp;&nbsp;**28066** |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Kentucky (1.0%)** | **Kentucky (1.0%)** | **Kentucky (1.0%)** | **Kentucky (1.0%)** | **Kentucky (1.0%)** | **Kentucky (1.0%)** |
|  | Barren County KY Public Properties Corp. First Mortgage Revenue (Judicial Center Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052 |
|  | Carroll County KY Pollution Control Revenue (Kentucky Utilities Co. Project) PUT | &nbsp;&nbsp;1.550% | &nbsp;&nbsp;9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
|  | Henderson County KY School District Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 |
|  | Kentucky Bond Development Corp. Educational Facilities Revenue (Centre College) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
|  | Kentucky Bond Development Corp. Hospital Revenue (Centurion Foundation) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 |
|  | Kentucky Bond Development Corp. Hospital Revenue (Healthcare System Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 |
|  | Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 |
|  | Kentucky Economic Development Finance Authority Hospital Revenue (Baptist Healthcare System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 |
|  | Kentucky Housing Corp. Multifamily Housing Revenue (Meadows Mcneely Lake Apartments) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| <sup>9</sup> | Kentucky Municipal Power Agency Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 |
| <sup>9</sup> | Kentucky Municipal Power Agency Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 |
| <sup>8</sup> | Kentucky Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Kentucky Public Energy Authority Gas Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9330 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8996 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;10235 | &nbsp;&nbsp;&nbsp;&nbsp;10827 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8508 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;6520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  | Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | Louisville & Jefferson County KY Metropolitan Government GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 |
|  | Louisville & Jefferson County KY Metropolitan Government Health System Revenue (Norton Healthcare Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  | Louisville & Jefferson County KY Metropolitan Government Health System Revenue (Norton Healthcare Inc.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322 |
| <sup>5</sup> | Louisville & Jefferson County KY Metropolitan Government Health System Revenue (Norton Healthcare Inc.) VRDO | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 |
|  | Louisville & Jefferson County KY Metropolitan Government Revenue (Gas & Electric Co. Project) | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 |
|  | Louisville & Jefferson County KY Metropolitan Sewer District Sewer & Drainage System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 |
|  | Madison County KY School District Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 |
|  | Oldham County KY School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 |
|  | Oldham County KY School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 |
|  | Owen County KY Revenue (American Water Capital Corp.) PUT | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 |
|  | Owen County KY Revenue (American Water Capital Corp.) PUT | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | University of Kentucky Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 |
|  | University of Kentucky Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 |
|  | University of Kentucky Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 |
|  | Warren County KY Hospital Revenue (Bowling Green-Warren Community Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Warren County KY Hospital Revenue (Bowling Green-Warren Community Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 |
|  |  |  |  |  | &nbsp;&nbsp;**113872** |
| **Louisiana (0.6%)** | **Louisiana (0.6%)** | **Louisiana (0.6%)** | **Louisiana (0.6%)** | **Louisiana (0.6%)** | **Louisiana (0.6%)** |
|  | East Baton Rouge LA Sewerage Commission Revenue PUT | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 |
|  | East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project) VRDO | &nbsp;&nbsp;2.520% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
|  | East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project) VRDO | &nbsp;&nbsp;2.520% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 |
|  | East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project) VRDO | &nbsp;&nbsp;2.520% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Ernest N Morial New Orleans LA Exhibition Hall Authority Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |
|  | Ernest N Morial New Orleans LA Exhibition Hall Authority Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 |
| <sup>3</sup> | Greater New Orleans Expressway Commission LA Toll Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 |
|  | Louisiana Gasoline & Fuels Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 |
|  | Louisiana Gasoline & Fuels Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>14</sup> | Louisiana Housing Corp. Multifamily Housing Revenue (NSA East Bank Apartments Project) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | Louisiana Housing Corp. Multifamily Tax-Exempt Mortgage-Backed Revenue (Ridge Commons Project) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1510 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;2384 |
| <sup>6</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;1158 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;1937 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;4024 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;4056 |
| <sup>8</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1396 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (Westlake Chemical Corp. Projects) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp;2351 |
| <sup>3</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
| <sup>3</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| <sup>3</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 |
| <sup>3</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;1848 |
| <sup>3</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp;2636 |
|  | Louisiana Offshore Terminal Authority Deepwater Port Revenue PUT | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1306 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical Center) PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1638 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2037 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1355 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
| <sup>6</sup> | Louisiana Public Facilities Authority Revenue (Acadiana Renaissance Charter Academy Project) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;1743 |
| <sup>6</sup> | Louisiana Public Facilities Authority Revenue (Lafayette Renaissance Charter Academy Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | Louisiana Public Facilities Authority Revenue (Ochsner Clinic Foundation Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2030 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;1331 |
|  | Louisiana Public Facilities Authority Revenue (Ochsner Clinic Foundation Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1131 |
|  | Louisiana Stadium & Exposition District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1101 |
|  | Louisiana Stadium & Exposition District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1083 |
| <sup>3</sup> | New Orleans LA Aviation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 |
| <sup>3</sup> | Shreveport LA Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 |
| <sup>3</sup> | Shreveport LA Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| <sup>3</sup> | Shreveport LA Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1774 |
|  | St. James Parish LA Revenue (Nustar Logistics Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
|  | St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |
|  | St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;7/3/2028 | &nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;2444 |
|  | St. John the Baptist Parish LA School District No. 1 GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/1/2033 | &nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;3476 |
|  | Tangipahoa Parish LA Hospital Service District No. 1 Revenue (North Oaks Health System Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2027 |
|  |  |  |  |  | &nbsp;&nbsp;**66845** |
| **Maine (0.1%)** | **Maine (0.1%)** | **Maine (0.1%)** | **Maine (0.1%)** | **Maine (0.1%)** | **Maine (0.1%)** |
|  | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
|  | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| <sup>3</sup> | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| <sup>3</sup> | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 |
| <sup>3</sup> | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 |
|  | Portland ME General Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 |
|  | Portland ME General Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;1141 |
|  | Regional School ME Unit No. 14 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1737 |
|  | Regional School ME Unit No. 14 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1105 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7442** |
| **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** |
|  | Baltimore County MD GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2030 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1219 |
|  | Baltimore County MD GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2044 | &nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;1981 |
|  | Howard County MD Housing Commission General Revenue (Columbia Landing Apartments) | &nbsp;&nbsp;1.600% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 |
|  | Maryland Community Development Administration Department of Housing & Community Development Residential Revenue | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;9/1/2041 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
|  | Maryland Community Development Administration Department of Housing & Community Development Residential Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Maryland Community Development Administration Department of Housing & Community Development Residential Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;9/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
|  | Maryland Community Development Administration Department of Housing & Community Development Residential Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;9/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
|  | Maryland Economic Development Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1089 |
|  | Maryland Economic Development Corp. Student Housing Revenue | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1352 |
| <sup>3</sup> | Maryland Economic Development Corp. Student Housing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 |
|  | Maryland GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2026 | &nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp;2141 |
|  | Maryland GO | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Maryland GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;3975 | &nbsp;&nbsp;&nbsp;&nbsp;4331 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare Obligated Group) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;1996 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Frederick Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Johns Hopkins Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1130 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Medical System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |
| <sup>4,6</sup> | Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Medical System) PUT, SIFMA Municipal Swap Index Yield + 0.540% | &nbsp;&nbsp;3.860% | &nbsp;&nbsp;12/8/2027 | &nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp;3350 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Stevenson University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (University of Pittsburgh Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Maryland State Stadium Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | Maryland State Transportation Authority Facilities Projects Revenue | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1283 |
|  | Maryland State Transportation Authority Facilities Projects Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | Washington MD Suburban Sanitary Commission Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  |  |  |  |  | &nbsp;&nbsp;**32500** |
| **Massachusetts (0.8%)** | **Massachusetts (0.8%)** | **Massachusetts (0.8%)** | **Massachusetts (0.8%)** | **Massachusetts (0.8%)** | **Massachusetts (0.8%)** |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1103 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;1958 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2073 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3114 |
| <sup>9</sup> | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;1085 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1155 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1168 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2385 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp;3435 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1167 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2046 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | Massachusetts Clean Water Trust Revolving Fund Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | Massachusetts Development Finance Agency Revenue (Amherst College) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1180 |
|  | Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1606 |
|  | Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1880 |
| <sup>3</sup> | Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
|  | Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1601 |
|  | Massachusetts Development Finance Agency Revenue (Boston College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1797 |
|  | Massachusetts Development Finance Agency Revenue (Brown University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1057 |
|  | Massachusetts Development Finance Agency Revenue (Brown University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 |
| <sup>6</sup> | Massachusetts Development Finance Agency Revenue (Cape Cod Health Care) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;2630 |
|  | Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;1292 |
|  | Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;1128 |
|  | Massachusetts Development Finance Agency Revenue (Emerson College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 |
|  | Massachusetts Development Finance Agency Revenue (Emerson College) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
|  | Massachusetts Development Finance Agency Revenue (Emerson Hospital) | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;2/1/2041 | &nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;2031 |
|  | Massachusetts Development Finance Agency Revenue (Harvard University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2206 |
|  | Massachusetts Development Finance Agency Revenue (Harvard University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/13/2032 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;1327 |
|  | Massachusetts Development Finance Agency Revenue (Harvard University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;2038 |
|  | Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
|  | Massachusetts Development Finance Agency Revenue (Lasell Village Inc.) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
|  | Massachusetts Development Finance Agency Revenue (Lesley University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 |
|  | Massachusetts Development Finance Agency Revenue (Merrimack College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 |
| <sup>6</sup> | Massachusetts Development Finance Agency Revenue (Merrimack College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Massachusetts Development Finance Agency Revenue (Seven Hills) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 |
|  | Massachusetts Development Finance Agency Revenue (Seven Hills) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
|  | Massachusetts Development Finance Agency Revenue (Simmons University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 |
|  | Massachusetts Development Finance Agency Revenue (Southcoast Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
|  | Massachusetts Development Finance Agency Revenue (UMass Memorial Health Care) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 |
|  | Massachusetts Development Finance Agency Revenue (UMass Student Housing Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
|  | Massachusetts Development Finance Agency Revenue (University Student Housing Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Massachusetts Development Finance Agency Revenue (Wellforce Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2040 |
|  | Massachusetts Development Finance Agency Revenue (Western New England University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1130 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp;5898 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;6689 |
|  | Massachusetts GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;2866 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp;2366 |
|  | Massachusetts GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2202 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2672 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1082 |
|  | Massachusetts Housing Finance Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
|  | Massachusetts Housing Finance Agency Revenue | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Massachusetts Housing Finance Agency Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 |
|  | Massachusetts Housing Finance Agency Revenue | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Massachusetts School Building Authority Dedicated Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
|  | Massachusetts School Building Authority Dedicated Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 |
| <sup>9</sup> | Massachusetts Turnpike Authority Revenue (Metropolitan Highway System) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;1086 |
|  | University of Massachusetts Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2102 |
|  |  |  |  |  | &nbsp;&nbsp;**89591** |
| **Michigan (1.1%)** | **Michigan (1.1%)** | **Michigan (1.1%)** | **Michigan (1.1%)** | **Michigan (1.1%)** | **Michigan (1.1%)** |
| <sup>15</sup> | Alpena MI Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;5/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
| <sup>15</sup> | Clarkston MI Community School Building GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |
|  | Detroit MI Downtown Development Authority Tax Increment Revenue (Catalyst Development Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2844 |
|  | Detroit MI Downtown Development Authority Tax Increment Revenue (Catalyst Development Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | Detroit MI Regional Convention Facility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 |
|  | Detroit MI Regional Convention Facility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1111 |
|  | Detroit MI Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1501 |
|  | Detroit MI Unlimited Tax GO | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| <sup>3</sup> | Downriver MI Utility Wastewater Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2034 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1101 |
| <sup>3,15</sup> | Fenton MI Area Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1328 |
|  | Grand Rapids MI Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 |
| <sup>3</sup> | Grand Rapids Public Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  | Great Lakes MI Water Authority Sewage Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;2264 |
|  | Great Lakes MI Water Authority Sewage Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1131 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;1906 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;1277 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1272 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2621 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;1538 |
| <sup>3</sup> | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;1434 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4037 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1375 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;2009 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
| <sup>15</sup> | Howell MI Public Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 |
| <sup>15</sup> | Hudsonville MI Public Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
|  | Ingham County MI Building Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/2034 | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;3839 |
|  | Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
|  | Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1343 |
| <sup>15</sup> | Lanse Creuse MI Public Schools Building Site Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
| <sup>3</sup> | Lansing MI GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
| <sup>3</sup> | Livonia MI Public School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp;4084 |
|  | Michigan Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2036 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1254 |
|  | Michigan Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
|  | Michigan Finance Authority Act 38 Facilities Senior Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Michigan Finance Authority Act 38 Facilities Senior Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/31/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  | Michigan Finance Authority Act 38 Facilities Senior Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;2/29/2044 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
|  | Michigan Finance Authority Hospital Revenue (Mckenzie Health System Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Michigan Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 |
|  | Michigan Finance Authority Revenue (Calvin University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
|  | Michigan Finance Authority Revenue (Henry Ford Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 |
|  | Michigan Finance Authority Revenue (Kalamazoo College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 |
|  | Michigan Finance Authority Revenue (Kalamazoo College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
|  | Michigan Finance Authority Revenue (McLaren Health Care Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2034 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
|  | Michigan Finance Authority Revenue (McLaren Health Care Corp.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880 |
|  | Michigan Finance Authority Revenue (Revolving Fund Programs) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 |
|  | Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 |
|  | Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
| <sup>6</sup> | Michigan Finance Authority Revenue (Trinity Health) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
|  | Michigan State Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137 |
|  | Michigan State Hospital Finance Authority Revenue Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
|  | Michigan State Hospital Finance Authority Revenue (Ascension Health Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
|  | Michigan State Hospital Finance Authority Revenue (Ascension Health Group) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 |
|  | Michigan State Housing Development Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;4/1/2027 | &nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;12/1/2050 | &nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;12/1/2055 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;6/1/2056 | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7754 |
|  | Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 |
|  | Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 |
|  | Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272 |
|  | Northville MI Public School GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  | Northville MI Public Schools GO (Unlimited Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 |
|  | Northville MI Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | Northville MI Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
|  | Oakland University MI Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2030 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 |
|  | Oakland University MI Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Oakland University MI Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2035 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 |
| <sup>15</sup> | Roseville MI Community Schools Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2038 | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844 |
|  | University of Michigan Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
|  | University of Michigan Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
|  | University of Michigan Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 |
| <sup>3</sup> | University of Michigan Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
|  |  |  |  |  | &nbsp;&nbsp;**131959** |
| **Minnesota (0.6%)** | **Minnesota (0.6%)** | **Minnesota (0.6%)** | **Minnesota (0.6%)** | **Minnesota (0.6%)** | **Minnesota (0.6%)** |
|  | Duluth MN Independent School District No. 709 COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
|  | Duluth MN Independent School District No. 709 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
|  | Duluth MN Independent School District No. 709 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
|  | Hennepin County MN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 |
|  | Hennepin County MN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614 |
|  | Hennepin County MN GO Sales Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318 |
|  | Hennepin County MN Housing & Redevelopment Authority Multifamily Revenue (South Haven Summit Point Apartments Project) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
|  | Minneapolis & St. Paul MN Metropolitan Airports Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
|  | Minneapolis MN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 |
|  | Minneapolis MN Health Care System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | Minneapolis MN Health Care System Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 |
|  | Minneapolis MN Health Care System Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 |
|  | Minnesota Agricultural & Economic Development Board Health Care Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5171 |
|  | Minnesota GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2036 |
|  | Minnesota GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;5853 |
|  | Minnesota Higher Education Facilities Authority Revenue (Hamline University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
|  | Minnesota Housing Finance Agency Residential Bonds Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  | Minnesota Housing Finance Agency Residential Bonds Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp;4484 |
|  | Minnesota Housing Finance Agency Residential Bonds Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 |
|  | Minnesota Housing Finance Agency Residential Bonds Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;7/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;1463 |
|  | Minnesota Housing Finance Agency Residential Housing Revenue | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;12/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |
|  | Minnesota Housing Finance Agency Residential Housing Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 |
| <sup>5</sup> | Minnesota Municipal Gas Agency Commodity Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp;6344 |
| <sup>4,5</sup> | Minnesota Municipal Gas Agency Commodity Supply Revenue PUT, SOFR + 1.000% | &nbsp;&nbsp;3.526% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Minnesota Public Facilities Authority Revolving Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;8026 |
|  | St. Cloud MN Health Care Revenue (CentraCare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |
|  | St. Cloud MN Independent School District No. 742 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
|  | St. Cloud MN Independent School District No. 742 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 |
|  | St. Cloud MN Independent School District No. 742 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
|  | St. Paul MN Housing & Redevelopment Authority Health Care facilities Revenue (Health Partners Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | Washington County MN Community Development Agency Multifamily Housing Revenue (Red Rock Manor Project) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 |
|  |  |  |  |  | &nbsp;&nbsp;**73263** |
| **Mississippi (0.5%)** | **Mississippi (0.5%)** | **Mississippi (0.5%)** | **Mississippi (0.5%)** | **Mississippi (0.5%)** | **Mississippi (0.5%)** |
|  | Lowndes County MS Solid Waste Disposal & Pollution Control Revenue PUT | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron Corp.) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;7100 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp;5060 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;12500 | &nbsp;&nbsp;12500 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;5200 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;2700 |
|  | Mississippi Development Bank SO Revenue (Marshall County Industrial Development Highway Refunding Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1335 |
|  | Mississippi Development Bank SO Revenue (Rankin County School District) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp;1820 |
|  | Mississippi Gaming Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2625 |
|  | Mississippi Gaming Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1566 |
|  | Mississippi GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;2201 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1035 |
|  | Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | Mississippi State Alcoholic Beverage Control Revenue (ABC Warehouse Construction Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 |
|  | Mississippi State Alcoholic Beverage Control Revenue (ABC Warehouse Construction Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1089 |
|  | Mississippi State Gaming Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;2953 |
|  | Mississippi State University Educational Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | Mississippi State University Educational Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 |
|  |  |  |  |  | &nbsp;&nbsp;**54749** |
| **Missouri (0.8%)** | **Missouri (0.8%)** | **Missouri (0.8%)** | **Missouri (0.8%)** | **Missouri (0.8%)** | **Missouri (0.8%)** |
|  | Bi-State Development Agency MO Illinois Metropolitan District Sales Tax Appropriation Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;1833 |
|  | Clay County MO Public Schools District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;1496 |
|  | Curators University MO System Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;1411 |
|  | Curators University MO System Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;1240 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Greene County MO Reorganized School District No. 3 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1132 |
|  | Jackson County MO Reorganized School District No. 7 GO (Lee's Summit) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2707 |
|  | Jackson County MO School District No. 4 GO (Blue Springs) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1102 |
|  | Jackson County MO School District No. 4 GO (Blue Springs) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1678 |
|  | Jackson County MO SO Revenue (Truman Sports Complex Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1219 |
|  | Jackson County MO SO Revenue (Truman Sports Complex Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1505 |
|  | Kansas City MO GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
|  | Kansas City MO GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1691 |
|  | Kansas City MO GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1344 |
|  | Kansas City MO GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
|  | Kansas City MO Industrial Development Authority Multifamily Revenue | &nbsp;&nbsp;4.390% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | Kansas City MO Sanitary Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  | Kansas City MO SO Bonds Revenue (Missouri Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp;3602 |
|  | Kansas City MO SO Revenue (Downtown Arena Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  | Kansas City MO Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2332 |
|  | Kansas City MO Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1642 |
|  | Metropolitan St. Louis MO Sewer District Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
|  | Metropolitan St. Louis MO Sewer District Wastewater System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;4145 | &nbsp;&nbsp;&nbsp;&nbsp;4158 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (Cox Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1115 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health Care) VRDO | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1550 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;1305 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1019 |
| <sup>5,6</sup> | Missouri Health & Educational Facilities Authority Health Revenue (Mercy Health) TOB VRDO | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;11655 | &nbsp;&nbsp;11655 |
|  | Missouri Health & Educational Facilities Authority Revenue (Children's Mercy Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Missouri Health & Educational Facilities Authority Revenue (Lutheran Senior Services Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2455 |
|  | Missouri Health & Educational Facilities Authority Revenue (Lutheran Senior Services Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp;4051 |
|  | Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1502 |
|  | Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2233 |
|  | Missouri Health & Educational Facilities Authority Revenue (SSM Health) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3635 | &nbsp;&nbsp;&nbsp;&nbsp;3635 |
| <sup>5</sup> | Missouri Health & Educational Facilities Authority Revenue (St. Louis University) VRDO | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;3250 |
|  | Missouri Highway & Transportation Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5040 |
|  | Missouri Highway & Transportation Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5291 |
|  | Missouri Housing Development Commission Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
|  | Missouri Housing Development Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 |
|  | Missouri Housing Development Commission Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
|  | Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie State Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 |
|  | Springfield MO Public Utilities Board COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;2202 |
|  | St. Louis County Industrial Development Authority Revenue | &nbsp;&nbsp;4.910% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2133 |
|  | St. Louis County MO Industrial Development Authority Senior Living Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1522 |
| <sup>3</sup> | St. Louis MO Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1067 |
| <sup>6,10</sup> | St. Louis MO Municipal Finance Corp. Leasehold Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1237 |
| <sup>6,10</sup> | St. Louis MO Municipal Finance Corp. Leasehold Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;1428 |
| <sup>3</sup> | St. Louis MO Municipal Finance Corp. Leasehold Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 |
|  |  |  |  |  | &nbsp;&nbsp;**94620** |
| **Montana (0.0%)** | **Montana (0.0%)** | **Montana (0.0%)** | **Montana (0.0%)** | **Montana (0.0%)** | **Montana (0.0%)** |
|  | Forsyth Mont Pollution Control Revenue (Avista Corp. Colstrip Project) | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | Forsyth MT Pollution Control Revenue | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1016 |
| <sup>8</sup> | Lewis & Clark County MT High School District No. 1 Helena GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |
|  | Montana Facility Finance Authority Hospital Revenue (Benefis Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 |
|  | Montana Facility Finance Authority Revenue (Benefis Health System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3828** |
| **Multiple States (0.6%)** | **Multiple States (0.6%)** | **Multiple States (0.6%)** | **Multiple States (0.6%)** | **Multiple States (0.6%)** | **Multiple States (0.6%)** |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1317 |
| <sup>6,16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;1596 |
| <sup>6,16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp;1596 |
| <sup>6,16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1113 |
| <sup>6,16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;11/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp;4257 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;1/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
| <sup>6,16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;1056 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;3.996% | &nbsp;&nbsp;12/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;&nbsp;&nbsp;4857 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;3.157% | &nbsp;&nbsp;12/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp;1747 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.144% | &nbsp;&nbsp;1/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;&nbsp;&nbsp;3327 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.415% | &nbsp;&nbsp;8/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp;1993 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.683% | &nbsp;&nbsp;10/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp;4036 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.155% | &nbsp;&nbsp;5/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp;1462 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.615% | &nbsp;&nbsp;8/25/2041 | &nbsp;&nbsp;13407 | &nbsp;&nbsp;13570 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.837% | &nbsp;&nbsp;3/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;3491 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.701% | &nbsp;&nbsp;4/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1170 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.095% | &nbsp;&nbsp;11/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;1951 |
| <sup>16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;3.084% | &nbsp;&nbsp;4/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp;2539 |
| <sup>5,6,16</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue TOB VRDO | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;5600 |
| <sup>16,17</sup> | FHLMC Multifamily Structured Pass-Through Certificates 2025-ML31 | &nbsp;&nbsp;4.497% | &nbsp;&nbsp;6/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
| <sup>16,17</sup> | Freddie Mac | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
| <sup>16,17</sup> | Freddie Mac | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;1701 |
| <sup>16,17</sup> | Freddie Mac | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2498 | &nbsp;&nbsp;&nbsp;&nbsp;2494 |
|  |  |  |  |  | &nbsp;&nbsp;**63713** |
| **Nebraska (0.3%)** | **Nebraska (0.3%)** | **Nebraska (0.3%)** | **Nebraska (0.3%)** | **Nebraska (0.3%)** | **Nebraska (0.3%)** |
|  | Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 |
|  | Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 4) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;10260 | &nbsp;&nbsp;10943 |
|  | Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 5) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;2118 |
|  | Central Plains Energy Project Nebraska Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp;5317 |
|  | Douglas County NB Hospital Authority No. 2 Facilities Revenue (Methodist Healthy System) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
|  | Douglas County NB Hospital Authority No. 3 Facilities Revenue (Methodist Healthy System) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |
|  | Douglas County NE Educational Facilities Revenue (Creighton University Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1136 |
|  | Omaha NE GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;1596 |
|  | Omaha NE GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;1313 |
|  | Omaha NE GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Omaha NE Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2508 |
|  | Omaha Public Power District NE Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1752 |
|  | Omaha Public Power District NE Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | Papillion-La Vista NE School District No. 27 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;1735 |
|  |  |  |  |  | &nbsp;&nbsp;**33486** |
| **Nevada (0.3%)** | **Nevada (0.3%)** | **Nevada (0.3%)** | **Nevada (0.3%)** | **Nevada (0.3%)** | **Nevada (0.3%)** |
|  | Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 |
|  | Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;1251 |
|  | Clark County NV Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | Clark County NV GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;1528 |
|  | Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1104 |
| <sup>3</sup> | Clark County NV Highway Improvement Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1015 |
|  | Clark County NV Highway Improvement Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1753 |
|  | Clark County NV Passenger Facility Charge Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Clark County NV Pollution Control Refunding Revenue (Southern California Edison Co.) | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1370 |
|  | Clark County NV School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | Clark County NV School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1215 |
|  | Clark County NV School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;1223 |
| <sup>8</sup> | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| <sup>8</sup> | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |
|  | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 |
|  | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1393 |
| <sup>3</sup> | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;2381 |
|  | Las Vegas NV Convention & Visitors Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1229 |
|  | Las Vegas Valley Water District Nevada GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;1885 |
|  | Las Vegas Valley Water District Nevada GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1056 |
|  | Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;1683 |
|  | Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;1930 |
|  | Nevada Housing Division Multi-Unit Revenue (Prospector Apartments) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;3654 |
| <sup>6</sup> | North Las Vegas NV Local Improvement Special Bonds | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
|  | Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
|  | Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
|  | Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
|  | Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
|  | Reno-Tahoe NV Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
|  | Truckee Meadows NV Water Authority Water Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;1528 |
|  | Washoe County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1353 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Washoe County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1292 |
|  |  |  |  |  | &nbsp;&nbsp;**38808** |
| **New Hampshire (0.5%)** | **New Hampshire (0.5%)** | **New Hampshire (0.5%)** | **New Hampshire (0.5%)** | **New Hampshire (0.5%)** | **New Hampshire (0.5%)** |
|  | Manchester NH Sewer Revenue (Green Bonds) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
|  | Nashua NH GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;1345 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;9/28/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;8/20/2039 | &nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;1899 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.167% | &nbsp;&nbsp;1/20/2041 | &nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;1231 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.168% | &nbsp;&nbsp;1/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.217% | &nbsp;&nbsp;11/20/2042 | &nbsp;&nbsp;3488 | &nbsp;&nbsp;&nbsp;&nbsp;3403 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.217% | &nbsp;&nbsp;11/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.163% | &nbsp;&nbsp;10/1/2051 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;1081 |
| <sup>6</sup> | National Finance Authority NH Revenue | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
|  | National Finance Authority NH Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;1/20/2034 | &nbsp;&nbsp;6326 | &nbsp;&nbsp;&nbsp;&nbsp;6444 |
| <sup>6</sup> | National Finance Authority NH Revenue | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 |
|  | National Finance Authority NH Revenue | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;1/20/2038 | &nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp;2457 |
|  | National Finance Authority NH Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;7/20/2041 | &nbsp;&nbsp;4897 | &nbsp;&nbsp;&nbsp;&nbsp;4923 |
|  | National Finance Authority NH Revenue PUT | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |
|  | National Finance Authority NH Revenue PUT | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;2058 |
|  | National Finance Authority NH Revenue PUT | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |
|  | National Finance Authority NH Revenue (Centurion Foundation) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;2988 |
|  | National Finance Authority NH Revenue (Dickinson College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2042 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;1577 |
|  | National Finance Authority NH Revenue (Medical Center Hospital Projects) | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2919 |
| <sup>6</sup> | National Finance Authority NH Revenue (Mirador Project) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>6</sup> | National Finance Authority NH Revenue (Princeton Area Projects) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 |
| <sup>6</sup> | National Finance Authority NH Revenue (Tamarron Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;1149 |
| <sup>6</sup> | National Finance Authority NH Revenue (Valencia Project) | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>6</sup> | National Finance Authority NH Revenue (Wildflower Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
|  | National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp;1812 |
|  | National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1765 |
|  | National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2044 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1297 |
| <sup>6</sup> | National Finance Authority NH Special Revenue (Grand Pines Project) | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;6/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>6</sup> | National Finance Authority NH Specialty Pharmacy Ltd. Obligation Revenue | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 |
|  | National NH Finance Authority Municipal Certificates Revenue | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;9/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | New Hampshire Business Finance Authority Pollution Control Refunding Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  | New Hampshire Health & Education Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;8/3/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | New Hampshire Health & Education Facilities Authority Revenue (Dartmouth Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | New Hampshire Health & Education Facilities Authority Revenue (Dartmouth Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2044 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1576 |
|  | New Hampshire Health & Education Facilities Authority Revenue (Dartmouth-Hitchcock Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 |
|  |  |  |  |  | &nbsp;&nbsp;**56845** |
| **New Jersey (1.1%)** | **New Jersey (1.1%)** | **New Jersey (1.1%)** | **New Jersey (1.1%)** | **New Jersey (1.1%)** | **New Jersey (1.1%)** |
|  | Cape May County NJ GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;9/15/2030 | &nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;2455 |
| <sup>3</sup> | Casino NJ Reinvestment Development Authority Luxury Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1125 |
| <sup>3</sup> | Casino NJ Reinvestment Development Authority Luxury Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1135 |
|  | Cherry Hill Township NJ School District Board of Education GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;2473 | &nbsp;&nbsp;&nbsp;&nbsp;2485 |
| <sup>3</sup> | Clifton NJ Board of Education School Bonds GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1327 |
|  | Hudson County NJ General Improvement Bonds GO | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 |
| <sup>8</sup> | Lindenwold Boro NJ School District Bonds GO | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;1369 |
| <sup>8</sup> | Montclair NJ Township Board of Education Schools GO | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
|  | New Jersey Economic Development Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
|  | New Jersey Economic Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | New Jersey Economic Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
|  | New Jersey Economic Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2070 |
|  | New Jersey Economic Development Authority Revenue Prere. | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2057 |
| <sup>9</sup> | New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
|  | New Jersey Economic Development Authority Revenue (Portal North Bridge Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4388 |
|  | New Jersey Economic Development Authority Revenue (Portal North Bridge Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5438 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2026 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1330 |
| <sup>9</sup> | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2028 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1471 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1153 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
|  | New Jersey Educational Facilities Authority Revenue (Princeton University) | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
|  | New Jersey Educational Facilities Authority Revenue (Princeton University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;1524 |
|  | New Jersey Educational Facilities Authority Revenue (Princeton University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1165 |
|  | New Jersey GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;1210 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | New Jersey GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | New Jersey GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
|  | New Jersey Health Care Facilities Financing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |
|  | New Jersey Health Care Facilities Financing Authority Revenue (Atlanticare Health System) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
|  | New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph's Healthcare System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 |
|  | New Jersey Health Care Facilities Financing Authority Revenue (St. Peter's University Hospitals) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
|  | New Jersey Housing & Mortgage Finance Agency Multifamily Revenue | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 |
|  | New Jersey Housing & Mortgage Finance Agency Multifamily Revenue | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 |
|  | New Jersey Housing & Mortgage Finance Agency Single Family Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;4/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 |
|  | New Jersey State Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148 |
|  | New Jersey State Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2032 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2042 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 |
| <sup>3</sup> | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2032 | &nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2033 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2034 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 |
| <sup>9</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 |
| <sup>9,18</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
| <sup>10</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 |
| <sup>10</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 |
| <sup>10</sup> | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 |
|  | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506 |
| <sup>9</sup> | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 |
|  | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2038 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 |
|  | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2026 | &nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 |
|  |  |  |  |  | &nbsp;&nbsp;**126578** |
| **New Mexico (0.2%)** | **New Mexico (0.2%)** | **New Mexico (0.2%)** | **New Mexico (0.2%)** | **New Mexico (0.2%)** | **New Mexico (0.2%)** |
|  | Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project) | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;4/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project) | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1469 |
|  | Farmington NM Pollution Control Revenue (San Juan & Four Corners Projects) | &nbsp;&nbsp;2.150% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp;2336 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 |
|  | Farmington NM Pollution Control Revenue (Southern California Edison Co.) | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
| <sup>5</sup> | New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;12330 | &nbsp;&nbsp;12330 |
|  | New Mexico Mortgage Finance Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 |
|  | New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7380 | &nbsp;&nbsp;&nbsp;&nbsp;7877 |
|  |  |  |  |  | &nbsp;&nbsp;**28714** |
| **New York (8.2%)** | **New York (8.2%)** | **New York (8.2%)** | **New York (8.2%)** | **New York (8.2%)** | **New York (8.2%)** |
|  | Albany NY Capital Resource Corp. Revenue (Medical Center Hospital Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1429 |
|  | Battery Park City NY Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |
|  | Battery Park City NY Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1124 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
|  | Build NY Resource Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 |
|  | Build NY Resource Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
|  | Build NY Resource Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
|  | Build NY Resource Corp. Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
|  | Dutchess County NY Local Development Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;1162 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 |
|  | Genesee County NY Funding Corp. Revenue (Rochester Regional Health Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 |
|  | Genesee County NY Funding Corp. Revenue (Rochester Regional Health Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2035 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;10236 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1534 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1006 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2028 |
|  | Long Island Power Authority NY Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;1156 |
|  | Long Island Power Authority NY Electric System Revenue PUT | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;1344 |
|  | Long Island Power Authority NY Electric System Revenue PUT | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp;&nbsp;3161 |
|  | Long Island Power Authority NY Electric System Revenue PUT | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Metropolitan Transportation Authority NY Dedicated Tax Green Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp;4417 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1760 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;2134 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;1914 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2855 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp;1879 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2598 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp;3092 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1272 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp;2360 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;&nbsp;5120 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;1789 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2012 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1218 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| <sup>3</sup> | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1088 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;1125 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;1447 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp;3351 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1415 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;2330 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| <sup>8</sup> | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;1594 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;1891 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2723 |
| <sup>5</sup> | Metropolitan Transportation Authority NY Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;32125 | &nbsp;&nbsp;32125 |
| <sup>5</sup> | Metropolitan Transportation Authority NY Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;4800 |
|  | Monroe County NY Industrial Development Agency School Facility Revenue (Rochester Schools Modernization Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;2035 |
|  | Monroe County NY Industrial Development Corp. Revenue (Rochester Regional Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp;2071 |
|  | Monroe County NY Industrial Development Corp. Revenue (University of Rochester Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| <sup>3</sup> | Nassau County NY General Improvement GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;7110 | &nbsp;&nbsp;&nbsp;&nbsp;7371 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1103 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1119 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1134 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;2183 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1134 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;1791 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1170 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp;3182 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1140 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp;&nbsp;3995 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;1178 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1401 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp;6684 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1130 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2263 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;1633 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;2335 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;1705 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2193 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2246 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp;3378 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;2006 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;1928 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;6563 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1105 |
|  | New York City NY GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp;2707 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3217 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1346 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1344 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;1501 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2939 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp;3795 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2085 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp;2104 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1052 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp;4778 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2601 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1023 |
| <sup>5</sup> | New York City NY GO VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9060 | &nbsp;&nbsp;&nbsp;&nbsp;9060 |
| <sup>5</sup> | New York City NY GO VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| <sup>5</sup> | New York City NY GO VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;20775 | &nbsp;&nbsp;20775 |
|  | New York City NY Health & Hospitals Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;1334 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1592 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1019 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;7/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;1071 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;7/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
| <sup>13</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4315 | &nbsp;&nbsp;&nbsp;&nbsp;4334 |
| <sup>14</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;12/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>14</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;12/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;12/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2001 |
| <sup>14</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;1992 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;7/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1419 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.730% | &nbsp;&nbsp;12/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood Bonds) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| <sup>3</sup> | New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1303 |
| <sup>3</sup> | New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1860 |
| <sup>3</sup> | New York City NY Industrial Development Agency Revenue (Yankee Stadium Projects) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1923 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2000 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1188 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2647 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2069 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2573 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;4745 | &nbsp;&nbsp;&nbsp;&nbsp;4693 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;2952 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2871 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4820 | &nbsp;&nbsp;&nbsp;&nbsp;4820 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;11800 | &nbsp;&nbsp;11800 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;3750 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;25550 | &nbsp;&nbsp;25550 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2000 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;10205 | &nbsp;&nbsp;10205 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;1717 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1185 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1611 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;3404 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;1699 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1158 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1763 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;1422 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1180 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1087 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1080 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1080 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2030 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1651 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1100 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1111 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2031 | &nbsp;&nbsp;2445 | &nbsp;&nbsp;2450 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2032 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;2042 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1503 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1149 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;1710 | &nbsp;&nbsp;1728 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;1568 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;1576 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2566 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;1745 | &nbsp;&nbsp;1749 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1142 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;1580 | &nbsp;&nbsp;1623 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;1243 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;1730 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1256 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;2740 | &nbsp;&nbsp;2832 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;3185 | &nbsp;&nbsp;3288 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1097 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1086 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1127 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1086 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;2195 | &nbsp;&nbsp;2136 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1879 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1110 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2043 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;2591 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1093 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;2610 | &nbsp;&nbsp;2789 |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;1405 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1092 |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1111 |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1129 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2032 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;1412 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1712 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1142 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;908 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;1485 | &nbsp;&nbsp;1707 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;2895 | &nbsp;&nbsp;3039 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1164 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;2108 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2045 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1320 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1267 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;2325 | &nbsp;&nbsp;2425 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;2595 | &nbsp;&nbsp;2996 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1081 |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;1198 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;3065 | &nbsp;&nbsp;3470 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1155 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2037 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1261 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2037 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;2583 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2037 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;1332 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;203 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2038 | &nbsp;&nbsp;1140 | &nbsp;&nbsp;1302 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2038 | &nbsp;&nbsp;2370 | &nbsp;&nbsp;2380 |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1144 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2039 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3040 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2039 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1103 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2020 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;583 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;1529 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1316 |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1250 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2041 | &nbsp;&nbsp;1545 | &nbsp;&nbsp;1641 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;1193 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;860 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;1223 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;8687 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;2824 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2130 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1152 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;1676 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;1172 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2155 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp;1724 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp;1478 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5299 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
| <sup>13</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;2514 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2101 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2107 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2093 |
| <sup>5</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;3650 |
| <sup>5</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp;3330 |
| <sup>5</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3000 |
| <sup>5</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;12315 | &nbsp;&nbsp;12315 |
| <sup>5</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;6900 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1569 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;5710 | &nbsp;&nbsp;&nbsp;&nbsp;5957 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1734 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1405 |
|  | New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | New York Energy Finance Development Corp. Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;9020 | &nbsp;&nbsp;&nbsp;&nbsp;9555 |
|  | New York Liberty Development Corp. Revenue (1 World Trade Center Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| <sup>8</sup> | New York Liberty Development Corp. Revenue (1 World Trade Center Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1737 |
|  | New York Liberty Development Corp. Revenue (1 World Trade Center Project) | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1342 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;1690 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;1267 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1309 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1210 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp;2436 |
|  | New York Liberty Development Corp. Revenue (7 World Trade Center Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
|  | New York Liberty Development Corp. Revenue (Bank of America Tower at One Bryant Park Project) | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;9/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;2630 |
|  | New York Metropolitan Transportation Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;1468 |
|  | New York Metropolitan Transportation Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2695 |
|  | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 |
|  | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;1564 |
|  | New York Power Authority Green Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1178 |
| <sup>3</sup> | New York Power Authority Green Transmission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1077 |
| <sup>3</sup> | New York Power Authority Green Transmission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
| <sup>10</sup> | New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| <sup>8</sup> | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2072 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;10850 | &nbsp;&nbsp;10957 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1135 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;2299 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;1904 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1191 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;4880 | &nbsp;&nbsp;&nbsp;&nbsp;5120 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1179 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;3352 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| <sup>3</sup> | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2749 |
| <sup>3</sup> | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;1874 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1159 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1256 |

---

------

Tax-Managed Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1123 |
| New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;1499 |
| New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2607 |
| New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;1089 |
| New York State Dormitory Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;834 |
| New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1000 |
| New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1000 |
| New York State Dormitory Authority Revenue (Montefiore Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2027 | &nbsp;&nbsp;1895 | &nbsp;&nbsp;1940 |
| New York State Dormitory Authority Revenue (Montefiore Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;573 |
| New York State Dormitory Authority Revenue (Northwell Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| New York State Dormitory Authority Revenue (Northwell Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1053 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;345 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2030 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;1157 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2053 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2031 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2244 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2031 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;1268 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2033 | &nbsp;&nbsp;1975 | &nbsp;&nbsp;1992 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1006 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2035 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3238 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2036 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4051 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2037 | &nbsp;&nbsp;2270 | &nbsp;&nbsp;2333 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/2038 | &nbsp;&nbsp;3400 | &nbsp;&nbsp;3164 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;546 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2014 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2054 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/2039 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2755 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2039 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1513 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1105 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2672 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;1177 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;1571 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;7980 | &nbsp;&nbsp;7803 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3245 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2043 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1084 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2043 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1935 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1072 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;666 |
| New York State Dormitory Authority Revenue (Personal Income Tax) ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;734 |
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2030 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4416 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2032 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;1522 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2033 | &nbsp;&nbsp;1795 | &nbsp;&nbsp;1823 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2033 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;1693 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2034 | &nbsp;&nbsp;2035 | &nbsp;&nbsp;2384 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2028 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1182 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2036 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1565 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2037 | &nbsp;&nbsp;2160 | &nbsp;&nbsp;2248 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2582 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2111 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2093 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2044 | &nbsp;&nbsp;1590 | &nbsp;&nbsp;1709 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/15/2044 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2093 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2046 | &nbsp;&nbsp;2750 | &nbsp;&nbsp;2885 |
| New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2047 | &nbsp;&nbsp;5310 | &nbsp;&nbsp;5549 |
| New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;10/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1009 |
| New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2034 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1294 |
| New York State Energy Research & Development Authority Pollution Control Revenue (Rochester Gas & Electric Corp. Project) | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;515 |
| New York State Energy Research & Development Authority Pollution Control Revenue (Rochester Gas & Electric Corp. Project) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1033 |
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2043 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;1883 |
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/2045 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2739 |
| New York State Homeowner Mortgage Agency Revenue | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;4/1/2036 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;1314 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | New York State Housing Finance Agency Revenue | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;731 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;942 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;332 |
| <sup>14</sup> | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1004 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;1482 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1007 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;2426 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1753 |
| <sup>13</sup> | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;315 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;529 |
| <sup>13</sup> | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1002 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;3705 | &nbsp;&nbsp;3703 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.570% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;2045 | &nbsp;&nbsp;2074 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;4520 | &nbsp;&nbsp;4579 |
| <sup>5</sup> | New York State Housing Finance Agency Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;5880 | &nbsp;&nbsp;5880 |
|  | New York State Housing Finance Agency Revenue (Personal Income Tax) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | New York State Housing Finance Agency Revenue (Personal Income Tax) PUT | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | New York State Housing Finance Agency Revenue (Personal Income Tax) PUT | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
|  | New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;9/15/2069 | &nbsp;&nbsp;6200 | &nbsp;&nbsp;5864 |
|  | New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;9/15/2069 | &nbsp;&nbsp;2505 | &nbsp;&nbsp;2356 |
|  | New York State Thruway Authority General Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1003 |
|  | New York State Thruway Authority General Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | New York State Thruway Authority General Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2045 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;1565 |
|  | New York State Thruway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1045 | &nbsp;&nbsp;1125 |
|  | New York State Thruway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;1442 |
|  | New York State Thruway Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;986 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2033 | &nbsp;&nbsp;2010 | &nbsp;&nbsp;2018 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2046 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2037 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2043 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2040 | &nbsp;&nbsp;1590 | &nbsp;&nbsp;1593 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;1464 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1965 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2135 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2043 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5234 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2030 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1123 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/2041 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2613 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;3392 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2044 | &nbsp;&nbsp;2630 | &nbsp;&nbsp;2520 |
|  | New York Transportation Development Corp. Special Facility Revenue (Terminal 4 John F. Kennedy International Airport Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1342 |
|  | Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;373 |
|  | Onondaga NY Civic Development Corp. Revenue (Syracuse University Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;779 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2022 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;1296 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2036 | &nbsp;&nbsp;2295 | &nbsp;&nbsp;2458 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;1495 | &nbsp;&nbsp;1744 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;2030 | &nbsp;&nbsp;2332 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1104 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1110 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2041 | &nbsp;&nbsp;1875 | &nbsp;&nbsp;2107 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1097 |
|  | Rockland County NY Economic Assistance Corp. Revenue (Secours Charity Health System Inc.) | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1075 |
|  | Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1377 |
|  | Suffolk County NY Public Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;933 |
|  | Suffolk County NY Public Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;914 |
|  | Suffolk NY Regional Off-Track Betting Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
|  | Tobacco Settlement Financing Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;1870 | &nbsp;&nbsp;1917 |
|  | Tobacco Settlement Financing Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;3745 | &nbsp;&nbsp;3808 |
|  | Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;458 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
|  | Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2027 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2045 | &nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2046 | &nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/2028 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 |
|  | Triborough Bridge & Tunnel Authority NY Real Estate Transfer Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 |
|  | Triborough Bridge & Tunnel Authority NY Real Estate Transfer Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 |
|  | Triborough Bridge & Tunnel Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2040 | &nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 |
|  | Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
|  | Utility Debt Securitization Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  | Westchester County NY Local Development Corp. Revenue (Health Care Project) | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
|  | Westchester County NY Local Development Corp. Revenue (Health Care Project) | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 |
| <sup>6</sup> | Westchester County NY Local Development Corp. Revenue (Purchase Senior Learning Community Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
|  | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 |
| <sup>3</sup> | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
| <sup>3</sup> | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 |
|  | Westchester NY Tobacco Asset Securitization Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 |
|  | Westchester NY Tobacco Asset Securitization Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 |
| <sup>8</sup> | Yonkers NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 |
|  |  |  |  |  | &nbsp;&nbsp;**948876** |
| **North Carolina (0.5%)** | **North Carolina (0.5%)** | **North Carolina (0.5%)** | **North Carolina (0.5%)** | **North Carolina (0.5%)** | **North Carolina (0.5%)** |
|  | Charlotte NC Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 |
|  | Charlotte NC GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 |
|  | Charlotte NC Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |
|  | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT | &nbsp;&nbsp;1.950% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 |
| <sup>5</sup> | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 |
| <sup>5</sup> | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 |
| <sup>5</sup> | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 |
| <sup>5</sup> | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 |
|  | Durham NC Housing Authority Multifamily Housing Revenue (Sandy Ridge Station) PUT | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |
| <sup>3</sup> | Fayetteville NC State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2043 | &nbsp;&nbsp;2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 |
|  | Henderson County NC Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  | Henderson County NC Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 |
|  | Inlivian NC Multifamily Tax-Exempt Mortgage Backed Revenue | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  | North Carolina Housing Finance Agency Homeownership Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
|  | North Carolina Housing Finance Agency Homeownership Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;1/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |
|  | North Carolina Housing Finance Agency Multifamily Housing Revenue PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
|  | North Carolina Ltd. Obligation Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2038 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2039 | &nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/4/2030 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Presbyterian Homes Obligated) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>13</sup> | North Carolina Medical Care Commission Retirement Facilities Revenue (Deerfield Episcopal Retirement Community Project) | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| <sup>13</sup> | North Carolina Medical Care Commission Retirement Facilities Revenue (Deerfield Episcopal Retirement Community Project) | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp;2677 |
|  | North Carolina Medical Care Commission Retirement Facilities Revenue (Penick Village Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| <sup>3</sup> | North Carolina Turnpike Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |
| <sup>3</sup> | North Carolina Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
|  | North Carolina Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2002 |
|  | Pender County NC GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1874 |
|  | Raleigh NC Combined Enterprise System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 |
|  | Raleigh NC Housing Authority Multifamily Revenue (Maple Ridge Apartments) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
|  | University of North Carolina at Charlotte Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1537 |
|  | Wake County NC Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2142 |
|  | Wake County NC Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1129 |
|  | Western California University General Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/2036 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;1428 |
|  |  |  |  |  | &nbsp;&nbsp;**59141** |
| **North Dakota (0.0%)** | **North Dakota (0.0%)** | **North Dakota (0.0%)** | **North Dakota (0.0%)** | **North Dakota (0.0%)** | **North Dakota (0.0%)** |
|  | Cass County ND Joint Water Resource District Revenue | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;4/1/2027 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1115 |
|  | Grand Forks ND Health Care System Revenue (Altru Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
| <sup>3</sup> | Grand Forks ND Health Care System Revenue (Altru Health System) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
| <sup>3</sup> | Grand Forks ND Health Care System Revenue (Altru Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
|  | Horace ND GO | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |
|  | North Dakota Housing Finance Agency Program Mortgage Bonds Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 |
|  | North Dakota Housing Finance Agency Program Mortgage Bonds Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
|  | North Dakota Housing Finance Agency Program Mortgage Bonds Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5256** |
| **Ohio (1.2%)** | **Ohio (1.2%)** | **Ohio (1.2%)** | **Ohio (1.2%)** | **Ohio (1.2%)** | **Ohio (1.2%)** |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1358 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;2209 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1662 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2040 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1163 |
| <sup>5</sup> | Allen County OH Hospital Facilities Revenue (Mercy Health) VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp;4360 |
|  | American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2029 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1339 |
|  | Bowling Green State University Ohio Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
|  | Buckeye OH Tobacco Settlement Financing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1211 |
|  | Butler County OH Hospital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;2064 |
|  | Centerville OH Health Care Revenue (Graceworks Lutheran Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 |
|  | Centerville OH Health Care Revenue (Graceworks Lutheran Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
|  | Cleveland-Cuyahoga County OH Port Authority Cultural Facilities Revenue (Cleveland Museum of Natural History Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
|  | Cleveland-Cuyahoga County OH Port Authority Revenue (Euclid Avenue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1079 |
| <sup>3</sup> | Columbus OH City School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
|  | Columbus OH GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2035 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1605 |
|  | Columbus OH Metropolitan Housing Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 |
|  | Columbus OH Metropolitan Housing Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 |
|  | Columbus OH Metropolitan Housing Authority Revenue | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1130 |
|  | Columbus OH Metropolitan Housing Authority Revenue (Demorest Townhomes Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2129 |
|  | Columbus OH Metropolitan Housing Authority Revenue (Thornton Hall Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
|  | Columbus OH Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
|  | Columbus OH Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  | Columbus-Franklin County OH Finance Authority Multifamily Housing Revenue PUT | &nbsp;&nbsp;3.190% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | Cuyahoga County OH Hospital Revenue (Metro Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1012 |
| <sup>13</sup> | EHOVE OH Joint Vocational School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
| <sup>13</sup> | EHOVE OH Joint Vocational School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;1905 | &nbsp;&nbsp;&nbsp;&nbsp;2055 |
| <sup>13</sup> | EHOVE OH Joint Vocational School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
|  | Franklin County OH Convention Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 |
|  | Franklin County OH Convention Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 |
| <sup>5</sup> | Franklin County OH Hospital Revenue (Nationwide Childrens Hospital) VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp;3845 |
|  | Franklin County OH Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
|  | Hamilton County OH Health Care Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Hamilton County OH Health Care Improvement & Refunding Revenue (Life Enriching Communities Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
|  | Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1022 |
| <sup>5</sup> | Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;1670 |
|  | Hamilton County OH Hospital Facilities Revenue (UC Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 |
|  | Hamilton County OH Hospital Facilities Revenue (UC Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp;3009 |
|  | Hamilton County OH Hospital Facilities Revenue (UC Health) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1921 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Hamilton County OH Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
|  | Lancaster Port Authority OH Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 |
|  | Lorain OH Metropolitan Housing Authority Multifamily Revenue (Wilkes Villa) PUT | &nbsp;&nbsp;3.220% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
|  | Montgomery County OH Health Care Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
|  | Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering Health Network) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 |
|  | Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering Health Network) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
|  | Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
|  | Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
|  | Montgomery County OH Hospital Revenue (Premier Health Partners) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 |
|  | Montgomery County OH Hospital Revenue (Premier Health Partners) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689 |
|  | North Ridgeville OH City School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 |
|  | Ohio Air Quality Development Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
|  | Ohio Air Quality Development Authority Revenue (Duke Energy Corp.) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
|  | Ohio Air Quality Development Authority Revenue (FirstEnergy Generation Project) | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 |
|  | Ohio Air Quality Development Authority Revenue (Valley Electric Corp. Project) | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 |
|  | Ohio Housing Finance Agency Multifamily Housing Revenue (Pebble Brooke Apartments Project) PUT | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |
|  | Ohio Housing Finance Agency Residential Mortgage Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
|  | Ohio Housing Finance Agency Residential Mortgage Revenue | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;3/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
|  | Ohio Parks & Recreation Capital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |
|  | Ohio Parks & Recreation Capital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348 |
|  | Ohio Revenue (Transportation Building Fund Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
|  | Ohio State Higher Educational Facility Commission Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 |
| <sup>5</sup> | Ohio State Higher Educational Facility Commission Revenue (Cleveland Clinic Health System Obligated Group) VRDO | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
|  | Ohio State Higher Educational Facility Commission Revenue (John Carroll University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
|  | Ohio State Higher Educational Facility Commission Revenue (University of Dayton Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
|  | Ohio State Higher Educational Facility Commission Revenue (Xavier University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| <sup>5</sup> | Ohio State Hospital Facilities Revenue (Cleveland Clinic Health System) VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;16860 | &nbsp;&nbsp;&nbsp;&nbsp;16860 |
|  | Ohio State Hospital Revenue (Cleveland Clinic Health System Obligated Group) PUT | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | Ohio State Hospital Revenue (Cleveland Clinic Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 |
|  | Ohio State Hospital Revenue (Cleveland Clinic Health System) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
|  | Ohio State Hospital Revenue (Premier Health Partners Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  | Ohio State Hospital Revenue (University Hospitals Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
| <sup>5</sup> | Ohio State Hospital Revenue (University Hospitals Health System) VRDO | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 |
|  | Ohio State Housing Finance Agency Residential Mortgage Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
|  | Ohio State Housing Finance Agency Residential Mortgage Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;3/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
|  | Ohio Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556 |
|  | Ohio Turnpike Commission Turnpike Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 |
|  | Ohio Turnpike Commission Turnpike Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789 |
|  | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 |
|  | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 |
|  | Port of Greater Cincinnati Development Authority Ohio Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 |
|  | Princeton OH City School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
|  | Summit County OH Development Finance Authority Parking System Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| <sup>8</sup> | Summit County OH Development Finance Authority Student Housing Revenue (Akron Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 |
| <sup>8</sup> | Summit County OH Development Finance Authority Student Housing Revenue (Akron Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
|  | University of Cincinnati OH Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 |
| <sup>5,6</sup> | University of Toledo Revenue TOB VRDO | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 |
|  |  |  |  |  | &nbsp;&nbsp;**141072** |
| **Oklahoma (0.3%)** | **Oklahoma (0.3%)** | **Oklahoma (0.3%)** | **Oklahoma (0.3%)** | **Oklahoma (0.3%)** | **Oklahoma (0.3%)** |
|  | Grand River Dam Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Lawton OK Industrial Development Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
|  | Lawton OK Industrial Development Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
|  | Norman OK Regional Hospital Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | Oklahoma Capitol Improvement Authority Facilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 |
|  | Oklahoma Capitol Improvement Authority Facilities Revenue Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
|  | Oklahoma Capitol Improvement Authority State Highways Capital Improvement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
|  | Oklahoma City OK GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2039 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;1472 |
|  | Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2028 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1551 |
|  | Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | Oklahoma State Industries Authority Educational Facilities Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2031 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1378 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1445 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1164 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;2020 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1128 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1105 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | Oklahoma Water Resources Board State Loan Program Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
|  | Oklahoma Water Resources Board State Loan Program Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp;2573 |
|  | Oklahoma Water Resources Board State Loan Program Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2045 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2108 |
|  | Tulsa County OK Industrial Authority Educational Facilities Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |
|  | Tulsa County OK Industrial Authority Educational Facilities Lease Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1571 |
|  | Tulsa OK Metropolitan Utility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 |
| <sup>8</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
| <sup>8</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
| <sup>8</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 |
| <sup>8</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
|  |  |  |  |  | &nbsp;&nbsp;**29907** |
| **Oregon (0.6%)** | **Oregon (0.6%)** | **Oregon (0.6%)** | **Oregon (0.6%)** | **Oregon (0.6%)** | **Oregon (0.6%)** |
|  | Clackamas County OR Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2034 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;1346 |
|  | Clackamas County OR School District No. 12 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2038 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 |
|  | Clackamas County OR School District No. 12 GO Prere. | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
|  | Clackamas County OR School District No. 62 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
|  | Clatsop County OR School District No. 10 Seaside GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2033 | &nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;1176 |
|  | Deschutes & Jefferson Counties OR School District No. 2J GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 |
| <sup>19</sup> | Lincoln County OR School District GO, 5.000% coupon rate effective 6/15/2026 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1127 |
| <sup>3</sup> | Medford OR Hospital Facilities Authority Revenue (Asante Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 |
| <sup>5,6</sup> | Medford OR Hospital Facilities Authority Revenue (Asante Projects) TOB VRDO | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5000 |
|  | Multnomah County OR School District No. 1 Portland GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
|  | Oregon Department of Transportation Grant Anticipation Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2304 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5889 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;5364 |
|  | Oregon Facilities Authority Revenue (Legacy Health Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1007 |
|  | Oregon Facilities Authority Revenue (Reed College Projects) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
|  | Oregon Facilities Authority Revenue (Reed College Projects) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5125 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1893 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2041 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;2123 |
|  | Oregon GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1128 |
|  | Oregon Health & Science University Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2016 |
|  | Oregon Housing & Community Services Department Mortgage Revenue | &nbsp;&nbsp;3.930% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp;1949 |
|  | Oregon Housing & Community Services Department Mortgage Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 |
|  | Oregon Housing & Community Services Department Mortgage Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2053 | &nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;1585 |
|  | Oregon State Business Development Commission Revenue PUT | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;6/15/2028 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;1587 |
|  | Oregon State Department Administrative Services Lottery Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1161 |
|  | Oregon State Department Administrative Services Lottery Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/2043 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1618 |
|  | Oregon State Facilities Authority Revenue (Legacy Health Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp;1657 |
|  | Portland OR Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | Portland OR Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 |
|  | Portland OR Tax GO (Portland Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp;1953 |
|  | Portland OR Water System Revenue | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1411 |
|  | Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 |
|  | Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 |
|  | Tri-County Metropolitan Transportation District of Oregon Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 |
|  | Union County OR Hospital Facility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;1650 |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2036 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1341 |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;2442 | &nbsp;&nbsp;&nbsp;&nbsp;1545 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2038 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/2043 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
|  | Washington Multnomah & Yamhill Counties Hillsboro School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2470 |
|  |  |  |  |  | &nbsp;&nbsp;**68062** |
| **Pennsylvania (2.2%)** | **Pennsylvania (2.2%)** | **Pennsylvania (2.2%)** | **Pennsylvania (2.2%)** | **Pennsylvania (2.2%)** | **Pennsylvania (2.2%)** |
|  | Abington PA School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2509 |
|  | Adams County PA General Authority College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Adams County PA General Authority College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1385 |
|  | Allegheny County PA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | Allegheny County PA Higher Education Building Authority Revenue (Chatham University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2027 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2038 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2383 |
|  | Allegheny County PA Sanitary Authority Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Allegheny County PA Sanitary Authority Sewer Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/2039 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;1262 |
|  | Allegheny County PA Sanitary Authority Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;1202 |
| <sup>6</sup> | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2030 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1345 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2032 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1168 |
| <sup>6</sup> | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;1110 |
| <sup>6</sup> | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;5/1/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2024 |
| <sup>8</sup> | Allentown PA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | Bethel Park PA School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1144 |
|  | Bethlehem PA Redevelopment Authority University Revenue (Moravian University Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Bethlehem PA Redevelopment Authority University Revenue (Moravian University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1170 |
|  | Bucks County PA Industrial Development Authority Revenue (Delaware Valley University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;1787 |
|  | Bucks County PA Industrial Development Authority Revenue (Grand View Hospital Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| <sup>3</sup> | Canonsburg-Houston PA Joint Authority Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |
|  | Centennial PA School District Bucks County GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;1574 |
|  | Chester County Industrial Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3066 |
| <sup>8</sup> | Coatesville PA Area School District Building GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 |
| <sup>8</sup> | Coatesville PA Area School District GO | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2040 |
| <sup>3</sup> | Coatesville PA Area School District GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
| <sup>8</sup> | Coatesville PA School District Building Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| <sup>8</sup> | Coatesville PA School District Building Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
|  | Commonwealth Financing Authority Pennsylvania Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
|  | Commonwealth Financing Authority Pennsylvania Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
|  | Commonwealth Financing Authority Pennsylvania Tobacco Master Settlement Payment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;1577 |
|  | Cumberland County PA Municipal Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2044 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1868 |
| <sup>13</sup> | Cumberland County PA Municipal Authority Revenue (Messiah Village Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| <sup>13</sup> | Cumberland County PA Municipal Authority Revenue (Messiah Village Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |
| <sup>13</sup> | Cumberland County PA Municipal Authority Revenue (Messiah Village Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 |
| <sup>6</sup> | Dauphin County PA General Authority Revenue (Harrisburg University of Science & Technology) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 |
|  | Delaware PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
|  | Delaware Valley PA Regional Finance Authority Local Government Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
|  | DuBois PA Hospital Authority Revenue (Penn Highlands Healthcare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2031 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;1474 |
| <sup>8</sup> | Gateway PA School District Alleghany County GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
|  | Geisinger Authority PA Health System Revenue (Geisinger Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1489 |
| <sup>3</sup> | Hempfield PA Area School District (Westmoreland Country) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2037 | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;3506 |
|  | Lancaster County PA Hospital Authority Revenue (St. Anne's Retirement Community Incorporated Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2029 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
|  | Lancaster PA Higher Education Authority Revenue (Elizabethtown College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3067 |
|  | Latrobe PA Industrial Development Authority University Revenue (Seton Hill University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| <sup>8</sup> | Lehigh County PA Authority Water & Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 |
| <sup>8</sup> | Lehigh County PA Authority Water & Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 |
|  | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2565 |
|  | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;1234 |
|  | Monroeville PA Finance Authority Revenue (UPMC Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1218 |
|  | Monroeville PA Finance Authority Revenue (UPMC Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1920 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Montgomery County PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1085 |
|  | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;1617 |
|  | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;716 |
|  | Montgomery County PA Industrial Development Authority Revenue PUT | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;4/3/2028 | &nbsp;&nbsp;2935 | &nbsp;&nbsp;3010 |
|  | Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1034 |
| <sup>3</sup> | Northampton County PA General Purpose Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;2150 | &nbsp;&nbsp;2050 |
|  | Pennsylvania COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Pennsylvania COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
| <sup>3</sup> | Pennsylvania Economic Development Financing Authority Revenue (Capitol Region Parking System) | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;498 |
|  | Pennsylvania Economic Development Financing Authority Revenue (PPL Energy Supply LLC Project) PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
|  | Pennsylvania Economic Development Financing Authority Revenue (PPL Energy Supply LLC Project) PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;342 |
|  | Pennsylvania Economic Development Financing Authority Revenue (University of Pittsburgh Medical Center) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2030 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;1181 |
|  | Pennsylvania Economic Development Financing Authority Revenue (University of Pittsburgh Medical Center) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2032 | &nbsp;&nbsp;1920 | &nbsp;&nbsp;2107 |
|  | Pennsylvania Economic Development Financing Authority Revenue (University of Pittsburgh Medical Center) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2035 | &nbsp;&nbsp;4980 | &nbsp;&nbsp;5492 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2029 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;1075 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;1510 | &nbsp;&nbsp;1566 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;821 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/2037 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1419 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1004 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2042 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;1449 |
|  | Pennsylvania Economic Development Financing Authority Revenue (Waste Management Project) PUT | &nbsp;&nbsp;0.950% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;975 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;3295 | &nbsp;&nbsp;3295 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2026 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1526 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2662 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3039 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3394 |
| <sup>3</sup> | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2033 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1137 |
| <sup>3</sup> | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2034 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;1708 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2821 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1018 |
|  | Pennsylvania GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;965 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
| <sup>8</sup> | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1017 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;1113 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;780 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/2040 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;780 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;746 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2041 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1522 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1505 |
|  | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1431 |
|  | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;467 |
|  | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;1942 |
|  | Pennsylvania Housing Finance Agency Multifamily Development Revenue (Fairhill Phase I) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
|  | Pennsylvania Housing Finance Agency Multifamily Development Revenue (Fairhill Phase II) PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;196 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;2205 | &nbsp;&nbsp;2225 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1164 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;10/1/2041 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1335 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;817 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;10/1/2053 | &nbsp;&nbsp;1831 | &nbsp;&nbsp;1928 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;839 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;10/1/2053 | &nbsp;&nbsp;1870 | &nbsp;&nbsp;2025 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1041 |
|  | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;526 |
|  | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;10/1/2055 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1144 |
|  | Pennsylvania State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1124 |
|  | Pennsylvania State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1099 |
|  | Pennsylvania State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1034 |
|  | Pennsylvania State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2044 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;1294 |
|  | Pennsylvania Turnpike Commission Motor License Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1044 |
|  | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;644 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;766 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1457 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1548 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1134 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1355 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2301 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;1799 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;2012 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1039 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;1192 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1067 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;1635 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2040 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;1165 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;605 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1108 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;1705 | &nbsp;&nbsp;1731 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1096 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1104 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;991 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1031 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;2184 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1078 |
|  | Pennsylvania Turnpike Commission Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;559 |
|  | Philadelphia PA Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1629 |
|  | Philadelphia PA Authority for Industrial Development City Service Agreement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1046 |
|  | Philadelphia PA Authority for Industrial Development Hospital Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2012 |
| <sup>5</sup> | Philadelphia PA Authority for Industrial Development Hospital Revenue VRDO | &nbsp;&nbsp;2.480% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;9335 | &nbsp;&nbsp;9335 |
|  | Philadelphia PA Authority for Industrial Development Revenue (Charter School Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;794 |
|  | Philadelphia PA Authority for Industrial Development Revenue (Science University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1003 |
|  | Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1017 |
|  | Philadelphia PA Authority for Industrial Development University Revenue (Saint Joseph's University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2035 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1215 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;1175 | &nbsp;&nbsp;1350 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;1336 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1120 |
|  | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1018 |
|  | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1636 |
|  | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1013 |
| <sup>3</sup> | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1088 |
| <sup>3</sup> | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;994 |
|  | Philadelphia PA Redevelopment Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1076 |
|  | Philadelphia PA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;942 |
| <sup>3</sup> | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;1556 |
| <sup>3</sup> | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;1459 |
|  | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2038 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1655 |
|  | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2040 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2176 |
| <sup>3</sup> | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;1181 |
|  | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1035 |
| <sup>3</sup> | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Hotel Room Excise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1084 |
|  | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;1465 | &nbsp;&nbsp;1514 |
|  | Pittsburgh PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;493 |
|  | Pittsburgh PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;535 |
| <sup>3</sup> | Pittsburgh PA Water & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1072 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>3</sup> | River Valley School District PA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |
| <sup>3</sup> | River Valley School District PA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 |
|  | Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 |
| <sup>3</sup> | Scranton PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
|  | Scranton-Lackawanna PA Health & Welfare Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 |
| <sup>20</sup> | Shaler PA Area School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
|  | Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 |
|  | Southcentral PA General Authority Revenue (Wellspan Health Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 |
| <sup>3</sup> | State Public School Building Authority PA Lease Revenue (School District of Philadelphia) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 |
| <sup>3</sup> | State Public School Building Authority PA Lease Revenue (School District of Philadelphia) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 |
|  | Swarthmore Borough Authority PA College Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 |
|  | Westmoreland County PA Industrial Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
|  | Wilson PA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
|  |  |  |  |  | &nbsp;&nbsp;**249462** |
| **Puerto Rico (0.8%)** | **Puerto Rico (0.8%)** | **Puerto Rico (0.8%)** | **Puerto Rico (0.8%)** | **Puerto Rico (0.8%)** | **Puerto Rico (0.8%)** |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;7825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 |
|  | Puerto Rico GO | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5648 |
|  | Puerto Rico GO | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7022 |
|  | Puerto Rico GO | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6232 |
|  | Puerto Rico GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;4096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 |
|  | Puerto Rico GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;8128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126 |
|  | Puerto Rico GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878 |
|  | Puerto Rico Housing Finance Authority Capital Fund Modernization Program Revenue (Puerto Rico Public Housing Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 |
|  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| <sup>3</sup> | Puerto Rico Public Finance Corp. Revenue ETM | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;6827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;4.329% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;17414 | &nbsp;&nbsp;&nbsp;&nbsp;17038 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | &nbsp;&nbsp;4.329% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**87975** |
| **Rhode Island (0.1%)** | **Rhode Island (0.1%)** | **Rhode Island (0.1%)** | **Rhode Island (0.1%)** | **Rhode Island (0.1%)** | **Rhode Island (0.1%)** |
| <sup>3</sup> | Providence RI Public Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 |
| <sup>3</sup> | Providence RI Public Buildings Authority Revenue (Capital Improvement Program Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 |
| <sup>3</sup> | Providence RI Public Buildings Authority Revenue (Capital Improvement Program Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 |
|  | Rhode Island Commerce Corp. Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
|  | Rhode Island Commerce Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 |
|  | Rhode Island Health & Educational Building Corp. Hospital financing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>5,6</sup> | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Revenue TOB VRDO | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9402** |
| **South Carolina (0.6%)** | **South Carolina (0.6%)** | **South Carolina (0.6%)** | **South Carolina (0.6%)** | **South Carolina (0.6%)** | **South Carolina (0.6%)** |
|  | Charleston County SC Airport District System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
|  | Charleston SC Hospitality Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
|  | Charleston SC Hospitality Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |
|  | Charleston SC Housing Authority Revenue (Ashley West) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
|  | Charleston SC Housing Authority Revenue (Kiawah Homes) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1041 |
|  | Florence County SC Public Facilities Corp. Installment Purchase Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1057 |
|  | Georgetown County SC School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2031 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1661 |
|  | Greenville SC Housing Authority Multifamily Tax-Exempt Mortgage Backed Revenue | &nbsp;&nbsp;4.910% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Lancaster County SC School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | Lexington County SC Health Services District Inc. Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1510 |
|  | Medical University SC Hospital Authority Mortgage Revenue (Indian Land Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | Orangeburg County School District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1910 |
|  | Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/1/2031 | &nbsp;&nbsp;5290 | &nbsp;&nbsp;&nbsp;&nbsp;5719 |
|  | Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/1/2031 | &nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;2484 |
|  | Patriots Energy Group SC Gas System Improvement & Refunding Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
|  | Piedmont SC Municipal Power Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4110 |
|  | Richland County SC School District No. 2 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2026 | &nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp;4202 |
|  | Scago Public Facilities Corp. for Georgetown County Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1118 |
|  | South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2037 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1551 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;1897 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;1571 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1394 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;1266 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;11/1/2045 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;1208 |
|  | South Carolina Jobs-Economic Development Authority Healthcare Revenue (Beaufort Memorial Hospital) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
|  | South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue (Bon Secours Mercy Health Inc.) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue (Bon Secours Mercy Health Inc.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1357 |
|  | South Carolina Jobs-Economic Development Authority Hospital Revenue (Prisma Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2080 |
|  | South Carolina Jobs-Economic Development Authority Residential Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp;2237 |
|  | South Carolina Jobs-Economic Development Authority Residential Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2117 |
|  | South Carolina Jobs-Economic Development Authority Retirement Community Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
|  | South Carolina Jobs-Economic Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
|  | South Carolina Jobs-Economic Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1098 |
|  | South Carolina Jobs-Economic Development Authority Revenue (Charleston Southern University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 |
|  | South Carolina Jobs-Economic Development Authority Revenue (Charleston Southern University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1699 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2526 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1063 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2045 | &nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;3578 |
|  | South Carolina State GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;2443 |
|  | South Carolina State GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1941 |
|  |  |  |  |  | &nbsp;&nbsp;**67114** |
| **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** |
|  | Lincoln County SD Economic Development Revenue (Augustana College Association Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;2416 |
|  | Sioux Falls SD Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;1803 |
|  | South Dakota Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1129 |
|  | South Dakota Health & Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | South Dakota Health & Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2032 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1480 |
|  | South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp;2992 |
|  | South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;2137 |
|  | South Dakota Health & Educational Facilities Authority Revenue (Regional Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2506 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  | South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
|  | South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
|  | South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;5/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;7978 |
|  | South Dakota State Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  |  |  |  |  | &nbsp;&nbsp;**26261** |
| **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** |
|  | Chattanooga TN Health Educational & Housing Facility Board System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1690 |
|  | Chattanooga TN Health Educational & Housing Facility Board System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | Cleveland TN Health & Educational Facilities Board Revenue (Hamilton Health Care System Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;1227 |
|  | Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;1636 |
|  | Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1039 |
|  | Jackson TN Hospital Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp;&nbsp;&nbsp;3721 |
| <sup>5,6</sup> | Knox County & Knoxville TN Sports Authority Public Facility Revenue (Multi-Use Stadium Project) TOB VRDO | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;3250 |
|  | Knox County TN GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;3351 |
|  | Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (Covenant Healthcare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1016 |
|  | Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (University Health System Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 |
| <sup>6</sup> | Knoxville TN Industrial Development Board Revenue (Maplehurst Project) | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | Memphis TN GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Memphis TN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
|  | Memphis TN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;1288 |
|  | Memphis-Shelby County TN Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 |
|  | Metropolitan Government Nashville & Davidson County TN Industrial Development Board Multifamily Housing Revenue PUT | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 |
|  | Metropolitan Government of Nashville & Davidson County TN Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
|  | Metropolitan Government of Nashville & Davidson County TN Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1093 |
|  | Metropolitan Government of Nashville & Davidson County TN GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1590 |
|  | Metropolitan Government of Nashville & Davidson County TN GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1452 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue PUT | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Vanderbilt University Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1051 |
| <sup>3</sup> | Metropolitan Government of Nashville & Davidson County TN Sports Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;3220 |
|  | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;3183 |
|  | Metropolitan Nashville TN Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;1521 |
|  | Metropolitan Nashville TN Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
| <sup>19</sup> | New Memphis Arena Public Building Authority of Memphis & Shelby County TN Local Government Public Improvement Bonds Revenue (City of Memphis Project), 4.000% coupon rate effective 4/1/2026 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
|  | Rutherford County TN Health & Educational Facilities Board Revenue (Ascension Health Senior Credit Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;1394 |
|  | Shelby County TN Health Educational & Housing Facilities Board Revenue (Baptist Memorial Health Care) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;2142 |
|  | Shelby County TN Health Educational & Housing Facilities Board Revenue (Baptist Memorial Health Care) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1113 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;1416 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1466 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1715 |
|  | Tennergy Corp. TN Gas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;11485 | &nbsp;&nbsp;12076 |
|  | Tennergy Corp. TN Gas Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp;3363 |
|  | Tennessee Energy Acquisition Corp. Commodity Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
|  | Tennessee Energy Acquisition Corp. Gas Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 |
|  | Tennessee Energy Acquisition Corp. Gas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;1197 |
|  | Tennessee Energy Acquisition Corp. Gas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;9160 | &nbsp;&nbsp;&nbsp;&nbsp;9850 |
|  | Tennessee Energy Acquisition Corp. Gas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp;5696 |
|  | Tennessee Housing Development Agency Finance Program Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Tennessee Housing Development Agency Residential Finance Program Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
|  | Williamson County TN Industrial Development Board Multifamily housing Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
|  |  |  |  |  | &nbsp;&nbsp;**88652** |
| **Texas (7.6%)** | **Texas (7.6%)** | **Texas (7.6%)** | **Texas (7.6%)** | **Texas (7.6%)** | **Texas (7.6%)** |
|  | Alamo TX Area Housing Finance Corp. Multifamily Revenue (Cedar Bluff Apartments) PUT | &nbsp;&nbsp;3.390% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Alamo TX Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3407 |
|  | Alamo TX Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | Alamo TX Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1311 |
|  | Alamo TX Community College District Maintenance Tax Notes GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1051 |
| <sup>21</sup> | Aldine TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;1379 |
|  | Allen TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1380 |
| <sup>21</sup> | Allen TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2026 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
| <sup>21</sup> | Andrews Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
| <sup>21</sup> | Angleton TX Independent School District Unlimited Tax Bonds GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
| <sup>21</sup> | Arlington TX Higher Education Finance Corp. Revenue (Riverwalk Education Foundation Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
| <sup>3</sup> | Arlington TX Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| <sup>8</sup> | Arlington TX Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2032 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1212 |
|  | Atascosa County TX Industrial Development Corp. Pollution Control Refunding Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;1531 |
|  | Austin TX Affordable PFC Inc. Multifamily Housing Revenue (Eagle's Landing Family Apartments) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Austin TX Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1143 |
|  | Austin TX Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1281 |
|  | Austin TX Community College District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2030 | &nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;1856 |
|  | Austin TX Community College District Public Facilities Corp. Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Austin TX Community College District Public Facility Corp. Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
|  | Austin TX Electric Utilities Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Austin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
| <sup>21</sup> | Austin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp;3340 |
| <sup>21</sup> | Austin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;4995 | &nbsp;&nbsp;&nbsp;&nbsp;5097 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1865 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2735 |
| <sup>21</sup> | Barbers Hill Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 |
| <sup>21</sup> | Barbers Hill Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;1699 |
| <sup>21</sup> | Bastrop Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;4411 |
| <sup>21</sup> | Birdville Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2668 |
| <sup>21</sup> | Boerne TX Independent School District GO PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;1201 |
| <sup>21</sup> | Bonham Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1431 |
| <sup>21</sup> | Brock TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1095 |
| <sup>21</sup> | Burleson TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 |
| <sup>21</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| <sup>21</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| <sup>21</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 |
| <sup>21</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
| <sup>21</sup> | Carrollton-Farmers TX Branch Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2029 | &nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;1379 |
| <sup>21</sup> | Carrollton-Farmers TX Branch Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 |
| <sup>21</sup> | Carrollton-Farmers TX Branch Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;2372 |
| <sup>9</sup> | Cedar Hill TX Independent School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1115 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1139 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3049 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1119 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |
| <sup>21</sup> | Clear Creek TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
|  | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
| <sup>21</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 |
|  | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1515 |
| <sup>21</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
| <sup>21</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;1322 |
| <sup>21</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1820 |
| <sup>21</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2044 | &nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;1644 |
|  | Collin County TX Community College District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3022 |
|  | Collin County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2027 | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;4007 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Collin County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;1523 |
| <sup>21</sup> | Comal TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;462 |
| <sup>21</sup> | Comal TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| <sup>21</sup> | Community TX Independent School District Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1488 |
|  | Conroe TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;441 |
| <sup>21</sup> | Conroe TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2617 |
| <sup>21</sup> | Conroe TX Independent School District Unlimited Tax Refunding Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
|  | Conroe TX Local Government Corp. Hotel & Contract Revenue (Conroe Convention Center Hotel) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
|  | Corpus Christi TX Utility System Junior Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;335 |
|  | Corpus Christi TX Utility System Junior Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;812 |
|  | Corpus Christi TX Utility System Junior Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1105 |
| <sup>21</sup> | Crowley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2039 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;1729 |
| <sup>21</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1050 |
| <sup>21</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2029 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2146 |
| <sup>21</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
| <sup>21</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2034 | &nbsp;&nbsp;1240 | &nbsp;&nbsp;1440 |
| <sup>13,21</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;1240 | &nbsp;&nbsp;1463 |
|  | Dallas County TX Hospital District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2036 |
|  | Dallas TX Area Rapid Transit Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;2065 | &nbsp;&nbsp;2236 |
|  | Dallas TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2039 | &nbsp;&nbsp;6250 | &nbsp;&nbsp;6420 |
|  | Dallas TX Hotel Occupancy Revenue (Kaufman & Rockall Counties) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1005 |
| <sup>14</sup> | Dallas TX Housing Finance Corp. Multifamily Revenue (Mondello Apartments) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| <sup>21</sup> | Dallas TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;1985 | &nbsp;&nbsp;2089 |
| <sup>21</sup> | Dallas TX Independent School District GO PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2031 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4411 |
|  | Dallas TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;2145 | &nbsp;&nbsp;1990 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2033 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1294 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1038 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1113 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2040 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1937 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2042 | &nbsp;&nbsp;1360 | &nbsp;&nbsp;1474 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2043 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;1497 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2044 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;1235 |
| <sup>21</sup> | Denison TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2026 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1622 |
| <sup>6</sup> | Denton County TX Special Assessment Revenue (Green Meadows Project) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;12/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| <sup>6</sup> | Denton County TX Special Assessment Revenue (Green Meadows Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| <sup>6</sup> | Denton County TX Special Assessment Revenue (Green Meadows Project) | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;12/31/2045 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
|  | Denton TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;161 |
|  | Denton TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2935 |
| <sup>21</sup> | Denton TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1087 |
| <sup>21</sup> | Denton TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1105 |
|  | DeSoto TX Combination Tax Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;2410 | &nbsp;&nbsp;2407 |
| <sup>21</sup> | Eagle Mountain & Saginaw TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1239 |
| <sup>21</sup> | Eagle Mountain & Saginaw TX Independent School District GO Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| <sup>21</sup> | Eagle Mountain & Saginaw TX Independent School District GO PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;504 |
| <sup>21</sup> | Eagle Pass TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;1188 |
|  | Ector County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1142 |
|  | Ector County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1588 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1122 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;789 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2035 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1155 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1131 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1095 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;2350 | &nbsp;&nbsp;2546 |
|  | El Paso TX GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;713 |
|  | El Paso TX GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;864 |
|  | El Paso TX Municipal Drain Utilities System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;1618 |
|  | El Paso TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;7000 | &nbsp;&nbsp;7498 |
|  | EP Cimarron Ventanas PFC Residential Development Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;378 |
|  | EP Essential TX Housing WF PFC Residential Development Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;3830 | &nbsp;&nbsp;3881 |
| <sup>6</sup> | Fate TX Special Assessment Bonds Improvement Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;401 |
| <sup>8</sup> | Forney TX Independent School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;467 |
| <sup>8</sup> | Fort Bend County TX Municipal Utility District No. 58 (Unlimited Tax Refunding) GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
|  | Fort Bend County TX Unlimited Tax Road GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1010 |
|  | Fort Bend County TX Unlimited Tax Road GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2034 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;1656 |
|  | Fort Bend TX Grand Parkway Toll Road Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;805 |
| <sup>21</sup> | Fort Bend TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2038 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;2207 |
|  | Fort Worth TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;2445 | &nbsp;&nbsp;2463 |
|  | Fort Worth TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;2445 | &nbsp;&nbsp;2393 |
|  | Fort Worth TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;2300 | &nbsp;&nbsp;2586 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>21</sup> | Frisco TX Independent School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/2026 | &nbsp;&nbsp;3620 | &nbsp;&nbsp;3557 |
| <sup>21</sup> | Frisco TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2432 |
|  | Frisco TX Refunding & Improvement GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1021 |
|  | FW Ramble Public Facility Corp. TX Residential Development Revenue (Ramble & Rose Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;994 |
| <sup>21</sup> | Galveston TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1617 |
|  | Galveston TX Wharves & Term Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;646 |
|  | Garland TX Electric Utility System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2046 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;1010 |
|  | Garland TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;1450 |
| <sup>21</sup> | Garland TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1629 |
|  | Garland TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2038 | &nbsp;&nbsp;1140 | &nbsp;&nbsp;1175 |
| <sup>21</sup> | Georgetown TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1149 |
| <sup>21</sup> | Georgetown TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1185 |
| <sup>21</sup> | Georgetown TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2770 |
| <sup>21</sup> | Georgetown TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1755 |
| <sup>8</sup> | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;659 |
| <sup>8</sup> | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;1655 | &nbsp;&nbsp;1810 |
| <sup>8</sup> | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;2320 | &nbsp;&nbsp;2497 |
|  | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1088 |
| <sup>21</sup> | Goose Creek TX Consolidated Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1095 |
| <sup>21</sup> | Goose Creek TX Consolidated Independent School District GO PUT | &nbsp;&nbsp;0.600% | &nbsp;&nbsp;8/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;394 |
|  | Granbury TX Combination Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;2120 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;1655 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1047 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2043 | &nbsp;&nbsp;2580 | &nbsp;&nbsp;2642 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2028 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1455 |
|  | Grand Prairie TX Combination Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2035 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;1266 |
| <sup>3</sup> | Greater Texoma TX Utility Authority Contract Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1092 |
| <sup>8</sup> | Greenville TX Electric Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2032 | &nbsp;&nbsp;2880 | &nbsp;&nbsp;3223 |
| <sup>21</sup> | Greenwood TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;9050 | &nbsp;&nbsp;9210 |
|  | Guadalupe-Blanco River Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
|  | Guadalupe-Blanco River Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
|  | Guadalupe-Blanco River Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| <sup>8</sup> | Hale County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2036 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;1851 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1115 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;1445 | &nbsp;&nbsp;1624 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;850 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2032 | &nbsp;&nbsp;2830 | &nbsp;&nbsp;3080 |
| <sup>5</sup> | Harris County TX Cultural Education Facilities Finance Corp. Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1100 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Thermal Utility Revenue (TECO Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1042 |
|  | Harris County TX Flood Control Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2039 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1357 |
|  | Harris County TX Flood Control Improvement GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1010 |
|  | Harris County TX Flood Control Improvement GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/15/2042 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;3499 |
|  | Harris County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2029 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2174 |
|  | Harris County TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/15/2041 | &nbsp;&nbsp;1740 | &nbsp;&nbsp;1760 |
|  | Harris County TX Health Facilities Development Corp. Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;2665 | &nbsp;&nbsp;2665 |
|  | Harris County TX Health Facilities Development Corp. Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;8235 | &nbsp;&nbsp;8235 |
|  | Harris County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;1715 | &nbsp;&nbsp;1934 |
|  | Harris County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;1938 |
|  | Harris County TX Industrial Development Corp. Marine Terminal Revenue (Energy Transfer LP Project) PUT | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;4495 | &nbsp;&nbsp;4625 |
|  | Harris County TX Permanent Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;884 |
|  | Harris County TX Toll Road First Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1659 |
|  | Harris County TX Toll Road First Lien Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;1007 |
|  | Harris County TX Toll Road First Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2044 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;1359 |
|  | Harris County TX Toll Road Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;1705 |
| <sup>9</sup> | Harris County-Houston TX Sports Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;948 |
| <sup>9</sup> | Harris County-Houston TX Sports Authority Revenue ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;2950 | &nbsp;&nbsp;2708 |
| <sup>9</sup> | Harris County-Houston TX Sports Authority Revenue ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;1123 |
| <sup>21</sup> | Hays TX Consolidated Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2878 |
|  | Hidalgo County TX Drain District No. 1 GO | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
|  | Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;877 |
|  | Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;818 |
|  | Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;385 |
|  | Houston TX Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;1791 |
|  | Houston TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1028 |
|  | Houston TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;1040 |
|  | Houston TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2035 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1509 |
|  | Houston TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1139 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Houston TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2040 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;1719 |
|  | Houston TX GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1092 |
|  | Houston TX Hotel Occupancy Tax & Special Convention & Entertainment Facilities Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;501 |
|  | Houston TX Public Improvement Refunding GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | Houston TX Public Improvement Refunding GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2039 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;1377 |
|  | Houston TX Public Improvement Refunding GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2040 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1637 |
|  | Houston TX Refunding Public Improvement Bonds GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;969 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;1379 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;1018 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;2885 | &nbsp;&nbsp;2965 |
|  | Irving TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2027 | &nbsp;&nbsp;1425 | &nbsp;&nbsp;1483 |
| <sup>21</sup> | Irving TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;242 |
| <sup>21</sup> | Jacksboro TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;2550 | &nbsp;&nbsp;2859 |
| <sup>21</sup> | Katy TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;2355 | &nbsp;&nbsp;2476 |
| <sup>21</sup> | Katy TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;1398 |
| <sup>21</sup> | Klein TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;2001 |
| <sup>21</sup> | Klein TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;2680 | &nbsp;&nbsp;3090 |
| <sup>21</sup> | Klein TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2038 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1717 |
|  | Laguna-Madre Water District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2042 | &nbsp;&nbsp;3205 | &nbsp;&nbsp;3158 |
|  | Lake Houston Redevelopment Authority Tax Increment Contract Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;717 |
|  | Lake Worth TX Combination TAX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;1775 | &nbsp;&nbsp;1743 |
| <sup>21</sup> | Lamar TX Consolidated Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1084 |
| <sup>21</sup> | Lamar TX Consolidated Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1065 |
|  | Laredo TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1118 |
|  | Laredo TX Combination Tax GO | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1019 |
| <sup>8</sup> | Laredo TX Community College District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;1820 | &nbsp;&nbsp;1827 |
| <sup>21</sup> | Leander TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;1265 |
| <sup>21</sup> | Leander TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2038 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;1370 |
| <sup>21</sup> | Leander TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1303 |
|  | Lewisville TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2027 | &nbsp;&nbsp;3140 | &nbsp;&nbsp;3228 |
| <sup>21</sup> | Lewisville TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1136 |
| <sup>21</sup> | Lewisville TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2044 | &nbsp;&nbsp;2785 | &nbsp;&nbsp;2967 |
|  | Liberty County TX Combination Tax GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;8/1/2033 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;955 |
| <sup>21</sup> | Liberty Hill TX Independent School District GO (School Building Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2041 | &nbsp;&nbsp;2635 | &nbsp;&nbsp;2815 |
| <sup>21</sup> | Llano TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2029 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1611 |
| <sup>21</sup> | Lovejoy TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1169 |
|  | Lower Colorado River Authority Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1119 |
|  | Lower Colorado River Authority Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1060 |
|  | Lower Colorado River Authority Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1038 |
|  | Lower Colorado River Authority Texas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2028 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2085 |
|  | Lower Colorado River Authority Texas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2032 | &nbsp;&nbsp;1885 | &nbsp;&nbsp;2085 |
| <sup>3</sup> | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2039 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1354 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;3095 | &nbsp;&nbsp;3257 |
| <sup>3</sup> | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2043 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1571 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1009 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2045 | &nbsp;&nbsp;1605 | &nbsp;&nbsp;1672 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2034 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1172 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2036 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1164 |
|  | Lower Colorado River Authority TX Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1077 |
| <sup>3</sup> | Lubbock TX Electric Light & Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2038 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1917 |
|  | Lubbock TX Electric Light & Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2040 | &nbsp;&nbsp;2170 | &nbsp;&nbsp;2235 |
|  | Lubbock TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;1490 |
|  | Manor TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;1384 |
|  | Manor TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1285 |
| <sup>21</sup> | Marble Falls TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1147 |
|  | Massachusetts Development Finance Agency Revenue (Merrimack College) | &nbsp;&nbsp;4.530% | &nbsp;&nbsp;2/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;992 |
|  | McKinney TX GO | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;1112 |
|  | McKinney TX GO | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;893 |
|  | McKinney TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;989 |
|  | McKinney TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;446 |
|  | McKinney TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;751 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>7</sup> | Mesquite TX Health Facilities Development Corp. Retirement Revenue (Christian Care Centers Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  | Midland County TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;3010 | &nbsp;&nbsp;3051 |
| <sup>21</sup> | Midland TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1015 |
|  | Montgomery County TX Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2035 | &nbsp;&nbsp;5730 | &nbsp;&nbsp;5979 |
| <sup>21</sup> | New Caney TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2034 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;1526 |
| <sup>21</sup> | New Caney TX Independent School District GO PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
|  | New Hope TX Cultural Education Facilities Finance Corp. Hospital Revenue (Children's Health System) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/15/2044 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;1511 |
|  | New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Bella Vida Forefront Living Project) | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
|  | New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Bella Vida Forefront Living Project) | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
|  | New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Bella Vida Forefront Living Project) | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;785 |
|  | New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Legacy Midtown Park Project) | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;1950 | &nbsp;&nbsp;2001 |
| <sup>6</sup> | New Hope TX Cultural Education Facilities Finance Corp. Senior Living Revenue (Superior Living Foundation Project) | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1019 |
| <sup>6</sup> | New Hope TX Cultural Education Facilities Finance Corp. Senior Living Revenue (Superior Living Foundation Project) | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;977 |
|  | North East TX Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;2390 | &nbsp;&nbsp;2390 |
|  | North East TX Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1135 | &nbsp;&nbsp;1270 |
|  | North East TX Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1188 |
| <sup>8</sup> | North Fort Bend Authority TX Water System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| <sup>8</sup> | North Fort Bend Authority TX Water System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;561 |
|  | North Texas Municipal Water District Regional Wastewater System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2031 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1527 |
|  | North Texas Municipal Water District Regional Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;3845 | &nbsp;&nbsp;4206 |
|  | North Texas Municipal Water District Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2027 | &nbsp;&nbsp;6335 | &nbsp;&nbsp;6597 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;888 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;860 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;3055 | &nbsp;&nbsp;2543 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;803 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1469 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1160 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1297 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1481 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2035 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1116 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;713 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;1860 | &nbsp;&nbsp;1726 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/2042 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1224 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;115 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1000 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2027 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;1102 |
| <sup>3</sup> | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;943 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2032 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1357 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1019 |
| <sup>3</sup> | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;1523 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;1031 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2037 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1261 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;605 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1087 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1076 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1082 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2041 | &nbsp;&nbsp;2345 | &nbsp;&nbsp;2560 |
|  | North Texas Tollway Authority System Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;439 |
|  | North Texas Tollway Authority System Revenue Prere. | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;675 |
| <sup>21</sup> | Northside TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1312 |
| <sup>21</sup> | Northside TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;1721 |
| <sup>21</sup> | Northside TX Independent School District GO PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1966 |
| <sup>21</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;1048 |
| <sup>21</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2038 | &nbsp;&nbsp;2450 | &nbsp;&nbsp;2798 |
| <sup>21</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1284 |
| <sup>21</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;1441 |
| <sup>21</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;700 |
| <sup>21</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2044 | &nbsp;&nbsp;2465 | &nbsp;&nbsp;2629 |
| <sup>21</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2045 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;2539 |
|  | Odessa TX Combination Tax GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2038 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;1084 |
| <sup>21</sup> | Pasadena Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1067 |
|  | Pearland TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2032 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;1107 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Pearland TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;918 |
| <sup>8</sup> | Pearland TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;583 |
|  | Pearland TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;243 |
|  | Pearland TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;344 |
|  | Pflugerville TX Combination Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;1288 |
|  | Pflugerville TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1253 |
|  | Plano TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2026 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;1204 |
|  | Plano TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2028 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1386 |
|  | Plano TX GO | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;9/1/2034 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1409 |
| <sup>21</sup> | Plano TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2031 | &nbsp;&nbsp;4495 | &nbsp;&nbsp;5024 |
| <sup>21</sup> | Plano TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2034 | &nbsp;&nbsp;5620 | &nbsp;&nbsp;5629 |
| <sup>21</sup> | Plano TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;550 |
|  | Port Authority of Houston of Harris County Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;1434 |
|  | Port Authority of Houston of Harris County Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1069 |
| <sup>21</sup> | Prosper TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;3940 | &nbsp;&nbsp;3595 |
| <sup>21</sup> | Rankin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;886 |
| <sup>21</sup> | Richardson Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2036 | &nbsp;&nbsp;1590 | &nbsp;&nbsp;1763 |
| <sup>21</sup> | Richardson Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2037 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;2035 |
| <sup>21</sup> | Richardson Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2039 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;4900 |
|  | Richardson TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1860 | &nbsp;&nbsp;1873 |
|  | San Angelo TX Combination Tax Ltd. Surplus GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1961 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2030 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2728 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;255 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1130 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2034 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;1259 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2035 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1208 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1020 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1126 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1094 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1358 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;970 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;1265 | &nbsp;&nbsp;1362 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2044 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1192 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2046 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1546 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;147 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1004 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;976 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;3.080% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1985 | &nbsp;&nbsp;1992 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;12/1/2030 | &nbsp;&nbsp;5535 | &nbsp;&nbsp;5559 |
|  | San Antonio TX General Improvement & Refunding GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;3915 | &nbsp;&nbsp;4461 |
|  | San Antonio TX Housing Trust Public Facility Corp. Revenue (Sageland Flats Apartments) | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1008 |
| <sup>21</sup> | San Antonio TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;970 |
|  | San Antonio TX Municipal Facilities Corp. Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2035 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3336 |
|  | San Antonio TX Municipal Facilities Corp. Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/2037 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3293 |
|  | San Antonio TX Municipal Facilities Corp. Lease Revenue (City Tower Renovation Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;1805 | &nbsp;&nbsp;1778 |
|  | San Antonio TX Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1017 |
|  | San Antonio TX Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2037 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;1719 |
|  | San Antonio TX Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2038 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;1493 |
| <sup>21</sup> | Sanger TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;1755 | &nbsp;&nbsp;1928 |
| <sup>21</sup> | Sherman TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;284 |
|  | Smith County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3164 |
|  | Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;1366 |
|  | Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1415 |
| <sup>21</sup> | Southwest TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1205 |
| <sup>21</sup> | Spring TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2028 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;1775 |
| <sup>21</sup> | Spring TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2037 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1612 |
| <sup>21</sup> | Spring TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;3070 | &nbsp;&nbsp;3065 |
|  | Sugar Land TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;512 |
| <sup>5</sup> | Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor Scott & White Health Project) VRDO | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;8090 | &nbsp;&nbsp;8090 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Cook Children's Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1083 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Cook Children's Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1083 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;1615 | &nbsp;&nbsp;1741 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;2180 | &nbsp;&nbsp;2403 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1797 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Ascension Senior Credit Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp;3530 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3306 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1537 |
|  | Tarrant County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
|  | Tarrant County TX Housing Finance Corp. Revenue (Meridian Apartments) | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | Tarrant County TX Housing Finance Corp. Revenue (Meridian Apartments) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| <sup>21</sup> | Terrell TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2883 |
|  | Texas A & M University Permanent Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;2713 |
|  | Texas Department of Housing & Community Affairs Residential Mortgage Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
|  | Texas Department of Housing & Community Affairs Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;2591 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp;4490 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;1029 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;1503 |
|  | Texas Municipal Gas Acquisition & Supply Corp. IV Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;2109 |
|  | Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2030 | &nbsp;&nbsp;10445 | &nbsp;&nbsp;11100 |
|  | Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp;4880 |
|  | Texas Municipal Gas Acquisition & Supply Corp. V Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5980 | &nbsp;&nbsp;&nbsp;&nbsp;6454 |
|  | Texas Municipal Gas Acquisition & Supply Corp. VI Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp;7475 |
| <sup>3</sup> | Texas Municipal Power Agency Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp;3306 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;2238 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;1063 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/30/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1205 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/31/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2127 |
| <sup>8</sup> | Texas Public Finance Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| <sup>10</sup> | Texas State Turnpike Authority Central System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;1667 |
|  | Texas State University System Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;1667 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;1273 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;5070 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1102 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1226 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;1415 |
|  | Texas Transportation Commission GO PUT | &nbsp;&nbsp;0.650% | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;1563 |
|  | Texas Transportation Commission Mobility Fund GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;1770 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;1702 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp;2492 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2291 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp;&nbsp;&nbsp;3967 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2273 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1489 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1110 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Texas Transportation Commission Turnpike System Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;1182 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1604 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5795 | &nbsp;&nbsp;&nbsp;&nbsp;5803 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1152 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;2562 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3226 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1336 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2895 | &nbsp;&nbsp;&nbsp;&nbsp;2921 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1411 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;10/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2114 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1951 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp;4283 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;2202 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2011 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2035 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2036 | &nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2042 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;10/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2043 | &nbsp;&nbsp;3535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 |
|  | Tomball TX Combination Tax GO | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 |
|  | Travis County TX Housing Finance Corp. Multifamily Housing Revenue (Bluestein Boulevard Apartments) PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | Trinity River Authority of Texas Denton Creek Regional Wastewater Treatment System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714 |
|  | Trinity River Authority of Texas Red Oak Creek System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2030 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 |
|  | Trinity River Authority of Texas Regional Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 |
|  | Trinity River Authority Revenue (Tarrant County Water Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
|  | Tyler TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2029 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 |
|  | Tyler TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2044 | &nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574 |
|  | University of Houston Texas Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/2031 | &nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 |
|  | University of Houston Texas Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2033 | &nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 |
|  | University of Houston Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2035 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 |
|  | University of North Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 |
|  | University of North Texas Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/2034 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 |
|  | University of North Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/2036 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 |
|  | University of Texas Financing System Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2039 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2039 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 |
|  | Waco TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 |
|  | Waco TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 |
|  | Waco TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 |
| <sup>21</sup> | Waco TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
| <sup>21</sup> | Waxahachie TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 |
| <sup>21</sup> | Weslaco TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
| <sup>8</sup> | West Travis County TX Public Utility Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2027 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 |
| <sup>8</sup> | West Travis County TX Public Utility Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| <sup>21</sup> | Whitehouse TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 |
|  | Williamson County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2028 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102 |
|  | Williamson County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2032 | &nbsp;&nbsp;6460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7311 |
|  | Williamson County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2039 | &nbsp;&nbsp;5795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551 |
|  | Williamson County TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 |
| <sup>21</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2040 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 |
| <sup>21</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2041 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 |
| <sup>21</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2042 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 |
| <sup>21</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2043 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 |
| <sup>21</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2045 | &nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2040 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2043 | &nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2044 | &nbsp;&nbsp;6830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363 |
| <sup>21</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2045 | &nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5416 |
| <sup>21</sup> | Wylie TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
|  |  |  |  |  | &nbsp;&nbsp;**874693** |
| **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** |
|  | Central Utah Water Conservancy District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
| <sup>3</sup> | Downtown Revitalization Public Infrastructure District UT Sales Tax Revenue (SEG Redevelopment Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>3</sup> | Downtown Revitalization Public Infrastructure District UT Sales Tax Revenue (SEG Redevelopment Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2042 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;1636 |
|  | Duchesne School District UT Municipal Building Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1470 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2036 | &nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;2408 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2165 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2159 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2041 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1172 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2042 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2636 |
|  | Jordan Valley UT Water Conservancy District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 |
| <sup>6</sup> | Mida Mountain Village Public Infrastructure District UT Tax Allocation Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| <sup>6,19</sup> | Mida Mountain Village Public Infrastructure District UT Tax Allocation Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
|  | Nebo UT School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5307 |
|  | University of Utah Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1361 |
|  | Utah County UT Hospital Revenue (IHC Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
|  | Utah County UT Hospital Revenue (IHC Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 |
|  | Utah Housing Corp. Multifamily Housing Revenue PUT | &nbsp;&nbsp;3.180% | &nbsp;&nbsp;2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
|  | Utah Housing Corp. Multifamily Housing Revenue PUT | &nbsp;&nbsp;3.240% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
|  | Utah Housing Corp. Single Family Mortgage Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;7/1/2054 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1104 |
|  | Utah Housing Corp. Single Family Mortgage Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;7/1/2055 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
|  | Utah Housing Corp. Single Family Mortgage Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;1095 |
|  | Utah Housing Corp. Single Family Mortgage Revenue | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;7/1/2055 | &nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;1985 |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1162 |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2039 | &nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;2470 |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1097 |
| <sup>6</sup> | Wakara Ridge Public Infrastructure District UT Special Assessment Bonds | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
|  |  |  |  |  | &nbsp;&nbsp;**38555** |
| **Vermont (0.0%)** | **Vermont (0.0%)** | **Vermont (0.0%)** | **Vermont (0.0%)** | **Vermont (0.0%)** | **Vermont (0.0%)** |
|  | University of Vermont & State Agricultural College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1165 |
|  | University of Vermont Educational & Health Buildings Financing Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2028 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Vermont Economic Development Authority Mortgage Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |
|  | Vermont Educational & Health Buildings Financing Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2038 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1408 |
|  | Vermont GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1015 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5605** |
| **Virgin Islands (0.0%)** | **Virgin Islands (0.0%)** | **Virgin Islands (0.0%)** | **Virgin Islands (0.0%)** | **Virgin Islands (0.0%)** | **Virgin Islands (0.0%)** |
|  | Matching Fund Special Purpose Securitization Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
|  | Matching Fund Special Purpose Securitization Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
|  | Virgin Islands Transportation & Infrastructure Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2038 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1302 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1811** |
| **Virginia (0.5%)** | **Virginia (0.5%)** | **Virginia (0.5%)** | **Virginia (0.5%)** | **Virginia (0.5%)** | **Virginia (0.5%)** |
|  | Arlington County Industrial Development Authority Hospital Facilities Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | Arlington County Industrial Development Authority Multifamily Housing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;3220 |
|  | Arlington County Industrial Development Authority Multifamily Housing Revenue PUT | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |
|  | Chesapeake VA Redevelopment & Housing Authority Multifamily Revenue (Forest Cove I Project) PUT | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
| <sup>6</sup> | Cutalong II Community Development Authority VA Special Assessment (Cutalong II Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
|  | Fairfax County Industrial Development Authority Health Care Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2032 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1700 |
|  | Halifax County VA Industrial Development Authority Revenue (Virginia Electric & Power Co. Project) PUT | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;5/28/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1012 |
|  | Hampton Roads Sanitation District VA Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1147 |
|  | Hampton Roads VA Transportation Accountability Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2072 |
| <sup>6</sup> | Hanover County VA Economic Development Authority Revenue (Covenant Woods) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| <sup>3</sup> | Isle of Wight County VA Economic Development Authority Health System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
|  | James City County VA Economic Development Authority Revenue (Williamsburg Landing) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
|  | Norfolk City VA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2036 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;1501 |
|  | Norfolk City VA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1082 |
|  | Norfolk City VA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | Norfolk VA Economic Development Authority Hospital Facilities Revenue (Sentara Healthcare) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2028 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;2567 |
|  | Norfolk VA Redevelopment & Housing Authority Multifamily Housing Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2026 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1509 |
|  | Prince William County VA Service Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 |
|  | Richmond VA Public Utility Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | Richmond VA Redevelopment & Housing Authority Multifamily Tax-Exempt Mortgage Backed Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
|  | Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1011 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2026 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5010 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/2035 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1427 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  | Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2031 | &nbsp;&nbsp;4710 | &nbsp;&nbsp;&nbsp;&nbsp;4739 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/2026 | &nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;1418 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2033 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5073 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2035 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;1295 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/2035 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1778 |
|  | Virginia Housing Development Authority Commonwealth Mortgage Revenue PUT | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;4/1/2027 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1235 |
|  | Virginia Port Authority Commonwealth Port Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Virginia Public Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
|  | Virginia Public Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;1935 |
|  | Virginia Small Business Financing Authority Healthcare Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Virginia Small Business Financing Authority Healthcare Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Virginia Small Business Financing Authority Healthcare Facilities Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 |
|  | Virginia Small Business Financing Authority Residential Care Facilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |
|  | York County VA Economic Development Authority Pollution Control Revenue PUT | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 |
|  |  |  |  |  | &nbsp;&nbsp;**56579** |
| **Washington (1.8%)** | **Washington (1.8%)** | **Washington (1.8%)** | **Washington (1.8%)** | **Washington (1.8%)** | **Washington (1.8%)** |
|  | Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
|  | Energy Northwest Washington Electric Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2027 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2075 |
|  | Energy Northwest Washington Electric Revenue (Columbia Generating Station) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;6335 |
|  | Energy Northwest Washington Electric Revenue (Columbia Generating Station) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Franklin County WA Pasco School District No. 1 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | Grant County Public Hospital District No. 1 GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;2772 |
|  | Highline WA King County School District No. 401 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1391 |
|  | King & Pierce Counties WA Wash School District No. 408 Auburn Unlimited Tax GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/2038 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  | King & Snohomish Counties WA School District No. 417 Northshore Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;1855 |
|  | King & Snohomish Counties WA School District No. 417 Northshore Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1389 |
|  | King & Snohomish Counties WA School District No. 417 Northshore Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1321 |
|  | King County WA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1507 |
|  | King County WA Housing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2028 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | King County WA Housing Authority Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | King County WA Housing Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/2040 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1289 |
|  | King County WA Housing Authority Revenue | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | King County WA School District No. 401 Highline Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1099 |
|  | King County WA School District No. 403 Renton GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2040 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | King County WA School District No. 412 Shoreline Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  | King County WA Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1079 |
|  | King County WA Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
| <sup>5</sup> | King County WA Sewer Revenue VRDO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;1580 |
| <sup>3</sup> | Klickitat County WA Public Utility District No. 1 Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
| <sup>3</sup> | Klickitat County WA Public Utility District No. 1 Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2034 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;1371 |
|  | Pierce County WA Fire Protection District No. 5 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp;3288 |
|  | Pierce County WA Puyallup School District No. 3 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;2679 |
|  | Pierce County WA School District No. 3 Puyallup Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2036 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1358 |
|  | Pierce County WA School District No. 403 Bethel Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1787 |
|  | Port Seattle WA Intermediate Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2032 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1279 |
|  | Seattle WA Drain & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2037 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1737 |
|  | Seattle WA Housing Authority Multifamily Revenue (Jackson Park Village Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
|  | Seattle WA Housing Authority Multifamily Revenue (Jackson Park Village Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 |
|  | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2037 | &nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp;2887 |
|  | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;2661 |
|  | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2041 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1725 |
|  | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2042 | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;2421 |
|  | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2045 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Seattle WA Water System Improvement Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;3020 | &nbsp;&nbsp;&nbsp;&nbsp;3061 |
|  | Vancouver WA Housing Authority Revenue (Jens Pointe Project) | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | Washington (Motor Vehicle Fuel Tax) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | Washington (Motor Vehicle Fuel Tax) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2037 | &nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp;4631 |
|  | Washington (Motor Vehicle Fuel Tax) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2711 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2027 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1560 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Washington GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2035 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2036 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2036 | &nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2038 | &nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2039 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2040 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2041 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2042 | &nbsp;&nbsp;5015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2043 | &nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2043 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2043 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2044 | &nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2044 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2044 | &nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2044 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 |
|  | Washington Health Care Facilities Authority Revenue (Central Washington Health Services Association) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761 |
|  | Washington Health Care Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2032 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 |
|  | Washington Health Care Facilities Authority Revenue (MultiCare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | Washington Health Care Facilities Authority Revenue (MultiCare Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
|  | Washington Health Care Facilities Authority Revenue (Providence Health & Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
|  | Washington Health Care Facilities Authority Revenue (Providence St. Joseph Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2033 | &nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7345 |
|  | Washington Health Care Facilities Authority Revenue (Providence St. Joseph Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;4065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606 |
|  | Washington Health Care Facilities Authority Revenue (Seattle Cancer Care Alliance) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/2045 | &nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 |
|  | Washington Health Care Facilities Authority Revenue (Seattle Children's Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;5565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274 |
|  | Washington Higher Education Facilities Authority Revenue (Gonzaga University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2047 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 |
|  | Washington Higher Education Facilities Authority Revenue (Seattle University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | Washington Higher Education Facilities Authority Revenue (Whitworth University Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
|  | Washington State Health Care Facilities Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5158 |
|  | Washington State Housing Finance Commission Multifamily Revenue (Camas Flats Apartments Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;12/20/2035 | &nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;4/20/2037 | &nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;4.079% | &nbsp;&nbsp;11/20/2041 | &nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;4.079% | &nbsp;&nbsp;11/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;4.221% | &nbsp;&nbsp;3/1/2050 | &nbsp;&nbsp;1736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 |
| <sup>6</sup> | Washington State Housing Finance Commission Nonprofit Revenue | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 |
| <sup>6,8</sup> | Washington State Housing Finance Commission Nonprofit Revenue (Blakeley & Laurel Villages Portfolio) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Horizon House Project) | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Horizon House Project) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1/1/2034 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim Court) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2033 | &nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim Court) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2038 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim Court) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/2044 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 |
|  | Washington State Motor Vehicle Fuel Tax Related Fees GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2028 | &nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 |
|  | Washington State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274 |
|  |  |  |  |  | &nbsp;&nbsp;**201987** |
| **West Virginia (0.2%)** | **West Virginia (0.2%)** | **West Virginia (0.2%)** | **West Virginia (0.2%)** | **West Virginia (0.2%)** | **West Virginia (0.2%)** |
|  | West Virginia Commissioner of Highways Revenue (Surface Transportation Improvements) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/2033 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 |
|  | West Virginia Economic Development Authority Lottery Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/2037 | &nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 |
|  | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue (Amos Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;6/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue (Amos Project) PUT | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2036 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2038 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2649 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2043 | &nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;&nbsp;4063 |
|  | West Virginia Higher Education Policy Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2037 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1348 |
|  | West Virginia Hospital Finance Authority Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2039 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1418 |
|  | West Virginia Hospital Finance Authority Hospital Revenue (Cabell Huntington Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 |
|  | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 |
|  | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;9/1/2043 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/2044 | &nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;1465 |
|  | West Virginia Hospital Finance Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1102 |
|  | West Virginia Parkways Authority Turnpike Toll Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 |
|  |  |  |  |  | &nbsp;&nbsp;**21715** |
| **Wisconsin (1.0%)** | **Wisconsin (1.0%)** | **Wisconsin (1.0%)** | **Wisconsin (1.0%)** | **Wisconsin (1.0%)** | **Wisconsin (1.0%)** |
|  | Central Brown County Water Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/2027 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2083 |
|  | Madison WI Metropolitan School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/2036 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1373 |
|  | Milwaukee WI GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;1945 |
| <sup>8</sup> | Milwaukee WI GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1029 |
| <sup>3</sup> | Milwaukee WI GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp;4127 |
|  | New Richmond WI School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
|  | Oshkosh WI GO | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | Public Finance Authority Health Care Facilities Revenue (Appalachian Regional Healthcare System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 |
|  | Public Finance Authority Health Care System Revenue (Cone Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2028 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | Public Finance Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1751 |
|  | Public Finance Authority Revenue (Aggie Apartment) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| <sup>6</sup> | Public Finance Authority Revenue (Anticipation Improvement & Refunding Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
| <sup>6</sup> | Public Finance Authority Revenue (Canyon Campus Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| <sup>6</sup> | Public Finance Authority Revenue (Charter School Project) | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| <sup>6</sup> | Public Finance Authority Revenue (Clover Garden School) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
|  | Public Finance Authority Revenue (Duke Energy Progress Project) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | Public Finance Authority Revenue (Duke Energy Progress Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1186 |
| <sup>8</sup> | Public Finance Authority Revenue (Eastern Michigan University Student Housing Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1115 |
| <sup>6</sup> | Public Finance Authority Revenue (Inperium Project) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
|  | Public Finance Authority Revenue (Kahala NUI Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
|  | Public Finance Authority Revenue (Kahala NUI Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
|  | Public Finance Authority Revenue (St. Joseph Health) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 |
|  | Public Finance Authority Revenue (St. Joseph Health) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2030 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1460 |
|  | Public Finance Authority Revenue (Texas Biomedical Research Institute Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 |
|  | Public Finance Authority Student Housing Facilities Revenue (Campus Real Estate Holding Corp. LLC Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
|  | Public Finance Authority Student Housing Facilities Revenue (Campus Real Estate Holding Corp. LLC Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
|  | Public Finance Authority Student Housing Revenue (KSU Bixby Real Estate Foundation LLC Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 |
| <sup>6</sup> | Public Finance Authority WI Education Revenue (Springs Campus Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
|  | Public Finance Authority WI Educational Facilities Revenue (Lenoir-Rhyne University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2033 | &nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;1480 |
| <sup>6</sup> | Public Finance Authority WI Tax Increment Revenue (Miami Worldcenter Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1016 |
|  | Public Finance Authority WI Tax-Exempt Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;2401 | &nbsp;&nbsp;&nbsp;&nbsp;2405 |
| <sup>8</sup> | Racine WI Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2039 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1738 |
|  | Racine WI Unified School District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2030 | &nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp;2576 |
|  | Sheboygan WI Area School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 |
| <sup>3</sup> | Sparta WI Area School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 |
|  | University of Wisconsin Hospitals & Clinics Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |
| <sup>5</sup> | University of Wisconsin Hospitals & Clinics Authority Revenue VRDO | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;2600 |
|  | Waunakee WI Community School District GO | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;4/1/2028 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4001 |
| <sup>3</sup> | Wisconsin Center District Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 |
| <sup>3</sup> | Wisconsin Center District Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2026 | &nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;1961 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2027 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;1245 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;2263 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/2036 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1522 |
| <sup>6</sup> | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5026 |
|  | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/2038 | &nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp;2270 |
|  | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/15/2039 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1503 |
|  | Wisconsin Health & Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/22/2029 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1070 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Wisconsin Health & Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/3/2034 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health & Hospitals Corp.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/24/2026 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health & Hospitals Corp.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/29/2026 | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Agnesian HealthCare Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/2031 | &nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Aspirus Inc. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2038 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2041 | &nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Children's Hospital of Wisconsin Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/2031 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Froedtert Thedacare Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/2042 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/2037 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Hospital Sisters Credit Group) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/15/2044 | &nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (MarshField Clinic Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/2032 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 |
| <sup>13</sup> | Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2027 | &nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 |
| <sup>13</sup> | Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;4985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590 |
| <sup>13</sup> | Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2039 | &nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199 |
| <sup>13</sup> | Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2031 | &nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719 |
| <sup>13</sup> | Wisconsin Health & Educational Facilities Authority Revenue (Mercy Health Corp.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/2033 | &nbsp;&nbsp;5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Oakwood Lutheran Senior Ministries) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (ThedaCare Inc. Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
|  | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;9/1/2039 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 |
|  | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 |
|  | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 |
|  | Wisconsin Housing & Economic Development Authority Housing Revenue PUT | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
|  | Wisconsin Housing & Economic Development Authority Multifamily Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
|  | Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/2030 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/2039 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
|  | Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
|  | Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 |
|  |  |  |  |  | &nbsp;&nbsp;**117529** |
| **Wyoming (0.0%)** | **Wyoming (0.0%)** | **Wyoming (0.0%)** | **Wyoming (0.0%)** | **Wyoming (0.0%)** | **Wyoming (0.0%)** |
|  | Laramie County WY Hospital Revenue (Cheyenne Regional Medical Center Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
|  | Lincoln County WY Pollution Control Revenue (ExxonMobile Project) VRDO | &nbsp;&nbsp;2.520% | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 |
|  | Wyoming Community Development Authority Housing Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>8</sup> | Wyoming Municipal Power Agency Power Supply Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/2027 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6022** |
| **Total Tax-Exempt Municipal Bonds (Cost $6,427,018)** | **Total Tax-Exempt Municipal Bonds (Cost $6,427,018)** | **Total Tax-Exempt Municipal Bonds (Cost $6,427,018)** | **Total Tax-Exempt Municipal Bonds (Cost $6,427,018)** | **Total Tax-Exempt Municipal Bonds (Cost $6,427,018)** | &nbsp;&nbsp;**6480224** |
| **Total Investments (99.6%) (Cost $7,484,968)** | **Total Investments (99.6%) (Cost $7,484,968)** | **Total Investments (99.6%) (Cost $7,484,968)** | **Total Investments (99.6%) (Cost $7,484,968)** |  | &nbsp;&nbsp;**11478237** |
| **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45336** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**11523573** |

---

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 December 31, 2025, the aggregate value was $136,124, 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 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 10 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 11 | Securities with a value of $467 have been segregated as initial margin for open futures contracts. |
| 12 | Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co. |
| 13 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2025. |
| 14 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 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 | Step bond. |
| 20 | Scheduled principal and interest payments are guaranteed by XL Capital Assurance Inc. |
| 21 | Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund. |

---

---

| |
|:---|
| COP—Certificate of Participation. |
| 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. |

---

------

Tax-Managed Balanced Fund

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 2-Year U.S. Treasury Note | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;26934 | &nbsp;&nbsp;&nbsp;(20) |
| 5-Year U.S. Treasury Note | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;16614 | &nbsp;&nbsp;&nbsp;(25) |
| E-mini S&P 500 Index | March 2026 | 1531 | 527621 | &nbsp;&nbsp;227 |
|  |  |  |  | &nbsp;&nbsp;182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| NetApp Inc. | 8/31/2026 | BANA | 41 | (4.320) |  | (1) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly. <br> BANA—Bank of America, N.A.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Balanced Fund

Statement of Assets and Liabilities

As of December 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $7,467,675) | 11460585 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $17,293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17652 |
| Total Investments in Securities | 11478237 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |
| Foreign Currency, at Value (Cost $2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34090 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74018 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 |
| **Total Assets** | **11594032** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63659 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70459** |
| **Net Assets** | **11523573** |
| **<br>At December 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;7578031 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3945542 |
| **Net Assets** | **11523573** |
| **Net Assets** |  |
| **Applicable to 234,100,759 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **11523573** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$49.22** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Balanced Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56791 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197727 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254518 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**244835** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535742 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13147 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**548888** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367863 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**371739** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1165462** |

---

---

| | |
|:---|:---|
| 1 | Dividend income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated company of the fund were $930, ($1165), and $504, respectively. Purchases and sales were $49,623 and $75,023, respectively. |
| 2 | Dividends are net of foreign withholding taxes of $3. |
| 3 | Includes $473,954 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Balanced Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212995 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90748 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808104 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1165462 | &nbsp;&nbsp;&nbsp;&nbsp;1111847 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(243110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211807) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;1464881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981081 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172825 |
| Redeemed | &nbsp;&nbsp;(1415761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717239) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436667 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1167901 | &nbsp;&nbsp;&nbsp;&nbsp;1336707 |
| **Net Assets** |  |  |
| **Beginning of Period** | **10355672** | &nbsp;&nbsp;&nbsp;&nbsp;**9018965** |
| **End of Period** | **11523573** | &nbsp;&nbsp;&nbsp;**10355672** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Balanced Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$45.23** | &nbsp;&nbsp;&nbsp;**$41.19** | &nbsp;&nbsp;&nbsp;**$36.39** | &nbsp;&nbsp;&nbsp;**$42.43** | &nbsp;&nbsp;&nbsp;**$38.06** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.620 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790 | &nbsp;&nbsp;&nbsp;&nbsp;(6.040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.335 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.598 | &nbsp;&nbsp;&nbsp;&nbsp;(5.367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.955 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.585) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.585) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$49.22** | &nbsp;&nbsp;&nbsp;**$45.23** | &nbsp;&nbsp;&nbsp;**$41.19** | &nbsp;&nbsp;&nbsp;**$36.39** | &nbsp;&nbsp;&nbsp;**$42.43** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**11.28%** | &nbsp;&nbsp;&nbsp;**12.17%** | &nbsp;&nbsp;&nbsp;**15.53%** | &nbsp;&nbsp;&nbsp;**-12.66%** | &nbsp;&nbsp;&nbsp;**13.10%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$11524 | &nbsp;&nbsp;&nbsp;$10356 | &nbsp;&nbsp;&nbsp;$9019 | &nbsp;&nbsp;&nbsp;$7729 | &nbsp;&nbsp;&nbsp;$8816 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;1.53% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;15%<sup>5</sup> | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;22%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6%<sup>5</sup> |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | For tax purposes, nontaxable dividends represent 78%, 74%, 68%, 63%, and 63% of dividends from net investment income. |
| 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.

------

Tax-Managed Balanced Fund

Notes to Financial Statements

Vanguard Tax-Managed Balanced Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund invests in debt instruments of many municipal issuers; the issuers' abilities to meet their obligations may be affected by economic and political developments in a specific state or region. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and 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. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The fund also uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds or stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the year ended December 31, 2025, the fund's average investments in long and short futures contracts represented 2% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. 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).

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.

------

Tax-Managed Balanced Fund

During the year ended December 31, 2025, 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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended December 31, 2025, 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. 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.

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2025, the fund had contributed to Vanguard capital in the amount of $273,000, representing less than 0.01% of the fund's net assets and 0.11% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

Tax-Managed Balanced Fund

The following table summarizes the market value of the fund's investments and derivatives as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 4998013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4998013 |
| Tax-Exempt Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6480224 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6480224 |
| Total | 4998013 | &nbsp;&nbsp;&nbsp;6480224 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11478237 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. At December 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 227 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;227 |
| Total Assets | 227 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;227 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;(45) |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;(46) |

---

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 year ended December 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 13897 | &nbsp;&nbsp;&nbsp;(750) | &nbsp;&nbsp;&nbsp;13147 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Realized Net Gain (Loss) on Derivatives | 13896 | &nbsp;&nbsp;&nbsp;(750) | &nbsp;&nbsp;&nbsp;13146 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;3922 | &nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;3877 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | &nbsp;&nbsp;&nbsp;3921 | &nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;3876 |

---

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;473954 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(473954) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized

------

Tax-Managed Balanced Fund

gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Tax-Exempt Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;3994677 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52043) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;3945542 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Tax-Exempt Income | &nbsp;&nbsp;&nbsp;188921 | &nbsp;&nbsp;&nbsp;156367 |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;&nbsp;54189 | &nbsp;&nbsp;&nbsp;&nbsp;55440 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;243110 | &nbsp;&nbsp;&nbsp;211807 |

---

\* Includes short-term capital gains, if any.

As of December 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;7483560 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;4046128 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51451) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3994677 |

---

F. During the year ended December 31, 2025, the fund purchased $1,937,697,000 of investment securities and sold $1,526,116,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $517,236,000, 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 year ended December 31, 2025, such purchases were $22,714,000 and sales were $127,235,000, 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.

G. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;30899 | &nbsp;&nbsp;&nbsp;&nbsp;22496 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;4180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 |
| Redeemed | (29915) | &nbsp;&nbsp;&nbsp;(16422) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979 |

---

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.

------

Tax-Managed Balanced Fund

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.

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 other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Tax-Managed Balanced Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Tax-Managed Balanced Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 19, 2026

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 93.9%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $52,393,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for the fiscal year.

The Tax-Managed Balanced Fund designates 78% of its income dividends as exempt-interest dividends.

The fund hereby designates $1,572,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income under section 199A for the fiscal year.

QA0660 022026

------

![](tm263123d5vgtxmngdsmlcapi001.jpg)

#### Financial Statements

#### For the year ended December 31, 2025

#### Vanguard Tax-Managed Small-Cap Fund

------

Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 20 |
| Tax information<br>| 21 |

---

------

Tax-Managed Small-Cap Fund

Financial Statements

#### Schedule of Investments
As of December 31, 2025

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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| **Communication Services (3.0%)** | **Communication Services (3.0%)** | **Communication Services (3.0%)** | **Communication Services (3.0%)** |
| <sup>\*</sup> | Lumen Technologies Inc. | &nbsp;&nbsp;6350139 | &nbsp;&nbsp;&nbsp;&nbsp;49340 |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110192 | &nbsp;&nbsp;&nbsp;&nbsp;28501 |
|  | Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;654674 | &nbsp;&nbsp;&nbsp;&nbsp;26842 |
| <sup>\*</sup> | Cargurus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;565241 | &nbsp;&nbsp;&nbsp;&nbsp;21677 |
|  | TEGNA Inc. | &nbsp;&nbsp;1073656 | &nbsp;&nbsp;&nbsp;&nbsp;20840 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444929 | &nbsp;&nbsp;&nbsp;&nbsp;17397 |
|  | Cinemark Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;682213 | &nbsp;&nbsp;&nbsp;&nbsp;15855 |
| <sup>\*</sup> | Yelp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;436545 | &nbsp;&nbsp;&nbsp;&nbsp;13267 |
| <sup>\*</sup> | TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;758932 | &nbsp;&nbsp;&nbsp;&nbsp;11050 |
|  | Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;587219 | &nbsp;&nbsp;&nbsp;&nbsp;10206 |
| <sup>\*</sup> | Ziff Davis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8764 |
|  | John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;277872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8511 |
|  | Uniti Group Inc. | &nbsp;&nbsp;1114282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811 |
|  | Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7724 |
| <sup>\*</sup> | DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;546196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 |
| <sup>\*</sup> | QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;374032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375 |
| <sup>\*</sup> | Cars.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 |
|  | Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 |
| <sup>\*</sup> | Angi Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;282151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 |
|  | Shutterstock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 |
|  | Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539 |
|  | Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;159603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 |
|  |  |  | &nbsp;&nbsp;**279100** |
| **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** |
|  | LKQ Corp. | &nbsp;&nbsp;1418867 | &nbsp;&nbsp;&nbsp;&nbsp;42850 |
| <sup>\*</sup> | Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290150 | &nbsp;&nbsp;&nbsp;&nbsp;41642 |
|  | Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152850 | &nbsp;&nbsp;&nbsp;&nbsp;39648 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;687199 | &nbsp;&nbsp;&nbsp;&nbsp;38098 |
| <sup>\*</sup> | CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;957809 | &nbsp;&nbsp;&nbsp;&nbsp;37010 |
| <sup>\*</sup> | Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202412 | &nbsp;&nbsp;&nbsp;&nbsp;35720 |
|  | Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;510092 | &nbsp;&nbsp;&nbsp;&nbsp;33564 |
|  | Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82942 | &nbsp;&nbsp;&nbsp;&nbsp;32621 |
| <sup>\*</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;1353271 | &nbsp;&nbsp;&nbsp;&nbsp;31653 |
| <sup>\*</sup> | Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52881 | &nbsp;&nbsp;&nbsp;&nbsp;31239 |
| <sup>\*</sup> | Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364777 | &nbsp;&nbsp;&nbsp;&nbsp;30824 |
| <sup>\*</sup> | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131203 | &nbsp;&nbsp;&nbsp;&nbsp;30509 |
|  | American Eagle Outfitters Inc. | &nbsp;&nbsp;1123433 | &nbsp;&nbsp;&nbsp;&nbsp;29625 |
| <sup>\*</sup> | Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485789 | &nbsp;&nbsp;&nbsp;&nbsp;28025 |
| <sup>\*</sup> | Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;516616 | &nbsp;&nbsp;&nbsp;&nbsp;27985 |
| <sup>\*</sup> | Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;371610 | &nbsp;&nbsp;&nbsp;&nbsp;27967 |
| <sup>\*</sup> | Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251027 | &nbsp;&nbsp;&nbsp;&nbsp;27437 |
|  | Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230181 | &nbsp;&nbsp;&nbsp;&nbsp;24959 |
| <sup>\*</sup> | Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238947 | &nbsp;&nbsp;&nbsp;&nbsp;24724 |
|  | Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;287222 | &nbsp;&nbsp;&nbsp;&nbsp;23805 |
| <sup>\*</sup> | M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183326 | &nbsp;&nbsp;&nbsp;&nbsp;23457 |
| <sup>\*</sup> | Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179597 | &nbsp;&nbsp;&nbsp;&nbsp;22125 |
|  | Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;441071 | &nbsp;&nbsp;&nbsp;&nbsp;22036 |
| <sup>\*</sup> | Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;266313 | &nbsp;&nbsp;&nbsp;&nbsp;21617 |
|  | Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329797 | &nbsp;&nbsp;&nbsp;&nbsp;20147 |
|  | Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;840632 | &nbsp;&nbsp;&nbsp;&nbsp;19973 |
|  | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;163944 | &nbsp;&nbsp;&nbsp;&nbsp;19893 |
|  | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;474680 | &nbsp;&nbsp;&nbsp;&nbsp;19766 |
| <sup>\*</sup> | Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283496 | &nbsp;&nbsp;&nbsp;&nbsp;18407 |
| <sup>\*</sup> | Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583646 | &nbsp;&nbsp;&nbsp;&nbsp;18367 |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268773 | &nbsp;&nbsp;&nbsp;&nbsp;16849 |
|  | Red Rock Resorts Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;262977 | &nbsp;&nbsp;&nbsp;&nbsp;16291 |
|  | Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311672 | &nbsp;&nbsp;&nbsp;&nbsp;15733 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387441 | &nbsp;&nbsp;&nbsp;&nbsp;15226 |
|  | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;723319 | &nbsp;&nbsp;&nbsp;&nbsp;14763 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;997614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14715 |
|  | Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;176034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14051 |
|  | Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776 |
| <sup>\*</sup> | National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;483261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12478 |
|  | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;418436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12273 |
| <sup>\*</sup> | Green Brick Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12217 |
|  | Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12030 |
| <sup>\*</sup> | Topgolf Callaway Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;955909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11155 |
| <sup>\*</sup> | Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;565784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10846 |
| <sup>\*</sup> | Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;588866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10341 |
|  | La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155 |
|  | Wendy's Co. | &nbsp;&nbsp;1193175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 |
|  | Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;522871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490 |
|  | Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;857424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9432 |
| <sup>\*</sup> | Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;621945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 |
|  | Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8466 |
|  | Newell Brands Inc. | &nbsp;&nbsp;2197787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8176 |
|  | Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;211405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137 |
|  | Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876 |
|  | Winnebago Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7710 |
|  | G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;256555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7430 |
| <sup>\*</sup> | XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389 |
| <sup>\*</sup> | LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6563 |
| <sup>\*</sup> | Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6498 |
|  | Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368 |
| <sup>\*</sup> | Under Armour Inc. Class A | &nbsp;&nbsp;1268612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305 |
|  | Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072 |
|  | Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007 |
| <sup>\*</sup> | BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5942 |
| <sup>\*</sup> | American Axle & Manufacturing Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;847779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434 |
|  | Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;205256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361 |
|  | Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092 |
| <sup>\*</sup> | Pursuit Attractions & Hospitality Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 |
|  | Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614 |
|  | Oxford Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 |
|  | Bloomin' Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;596744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 |
|  | Guess? Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 |
|  | Golden Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627 |
| <sup>\*</sup> | Dave & Buster's Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402 |
|  | Monro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401 |
| <sup>\*</sup> | MarineMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273 |
|  | Ethan Allen Interiors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 |
| <sup>\*</sup> | Sabre Corp. | &nbsp;&nbsp;1499550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 |
| <sup>\*</sup> | Fox Factory Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 |
| <sup>\*</sup> | Dream Finders Homes Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;115157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 |
|  | Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 |
| <sup>\*</sup> | Mister Car Wash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
|  |  |  | &nbsp;&nbsp;**1255653** |
| **Consumer Staples (2.4%)** | **Consumer Staples (2.4%)** | **Consumer Staples (2.4%)** | **Consumer Staples (2.4%)** |
|  | Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23416 |
|  | PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19758 |
|  | WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18359 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;296168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18046 |
| <sup>\*</sup> | Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14838 |
| <sup>\*</sup> | United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13507 |
| <sup>\*</sup> | Simply Good Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp;573318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512 |
|  | Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11495 |
| <sup>\*</sup> | Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;368480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756 |
|  | J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10610 |
|  | Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508 |
|  | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;434118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635 |
|  | Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;161699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 |
|  | Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669 |
| <sup>\*</sup> | Grocery Outlet Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;662074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6687 |
| <sup>\*</sup> | Vital Farms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655 |
| <sup>\*</sup> | TreeHouse Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449 |
| <sup>\*</sup> | National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929 |
|  | John B Sanfilippo & Son Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431 |
|  | Reynolds Consumer Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254 |
| <sup>\*</sup> | Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 |
|  |  |  | &nbsp;&nbsp;**225894** |
| **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** |
|  | Archrock Inc. | &nbsp;&nbsp;1160381 | &nbsp;&nbsp;&nbsp;&nbsp;30193 |
|  | Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328885 | &nbsp;&nbsp;&nbsp;&nbsp;29110 |
|  | Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;1236456 | &nbsp;&nbsp;&nbsp;&nbsp;27066 |
|  | Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;779466 | &nbsp;&nbsp;&nbsp;&nbsp;23150 |
|  | Noble Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;794099 | &nbsp;&nbsp;&nbsp;&nbsp;22425 |
|  | California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;463747 | &nbsp;&nbsp;&nbsp;&nbsp;20734 |
|  | Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;441292 | &nbsp;&nbsp;&nbsp;&nbsp;20158 |
|  | Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;663466 | &nbsp;&nbsp;&nbsp;&nbsp;19028 |
|  | Liberty Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;993586 | &nbsp;&nbsp;&nbsp;&nbsp;18342 |
|  | Kodiak Gas Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456470 | &nbsp;&nbsp;&nbsp;&nbsp;17072 |
| <sup>\*</sup> | Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;702934 | &nbsp;&nbsp;&nbsp;&nbsp;16892 |
|  | Patterson-UTI Energy Inc. | &nbsp;&nbsp;2439784 | &nbsp;&nbsp;&nbsp;&nbsp;14907 |
|  | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;778033 | &nbsp;&nbsp;&nbsp;&nbsp;14549 |
|  | Northern Oil & Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;657474 | &nbsp;&nbsp;&nbsp;&nbsp;14116 |
| <sup>\*</sup> | Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;590975 | &nbsp;&nbsp;&nbsp;&nbsp;13699 |
|  | International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262202 | &nbsp;&nbsp;&nbsp;&nbsp;12730 |
| <sup>\*</sup> | Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346626 | &nbsp;&nbsp;&nbsp;&nbsp;12180 |
| <sup>\*</sup> | Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241068 | &nbsp;&nbsp;&nbsp;&nbsp;12176 |
|  | Crescent Energy Co. Class A | &nbsp;&nbsp;1181778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915 |
| <sup>\*</sup> | Talos Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;770662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8493 |
|  | World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8166 |
|  | Kinetik Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;201259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255 |
| <sup>\*</sup> | REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;198312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410 |
| <sup>\*</sup> | CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170 |
|  | Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;244190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 |
| <sup>\*</sup> | Helix Energy Solutions Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;943032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 |
| <sup>\*</sup> | Bristow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;160749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 |
| <sup>\*</sup> | Innovex International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 |
|  | Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266 |
|  | RPC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;582427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168 |
|  | Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 |
|  |  |  | &nbsp;&nbsp;**417391** |
| **Financials (18.7%)** | **Financials (18.7%)** | **Financials (18.7%)** | **Financials (18.7%)** |
|  | Lincoln National Corp. | &nbsp;&nbsp;1123728 | &nbsp;&nbsp;&nbsp;&nbsp;50040 |
|  | Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;412293 | &nbsp;&nbsp;&nbsp;&nbsp;43971 |
|  | MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236057 | &nbsp;&nbsp;&nbsp;&nbsp;42785 |
|  | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;109591 | &nbsp;&nbsp;&nbsp;&nbsp;37229 |
|  | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;468400 | &nbsp;&nbsp;&nbsp;&nbsp;34788 |
|  | Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;949916 | &nbsp;&nbsp;&nbsp;&nbsp;34187 |
|  | Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;464092 | &nbsp;&nbsp;&nbsp;&nbsp;31902 |
| <sup>\*</sup> | Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369440 | &nbsp;&nbsp;&nbsp;&nbsp;31831 |
|  | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;890813 | &nbsp;&nbsp;&nbsp;&nbsp;31446 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;329115 | &nbsp;&nbsp;&nbsp;&nbsp;29578 |
|  | StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;443206 | &nbsp;&nbsp;&nbsp;&nbsp;28441 |
| <sup>\*</sup> | Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177819 | &nbsp;&nbsp;&nbsp;&nbsp;27953 |
| <sup>\*</sup> | StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288126 | &nbsp;&nbsp;&nbsp;&nbsp;27409 |
| <sup>\*</sup> | Genworth Financial Inc. Class A | &nbsp;&nbsp;2859784 | &nbsp;&nbsp;&nbsp;&nbsp;25824 |
|  | ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357464 | &nbsp;&nbsp;&nbsp;&nbsp;25662 |
|  | PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150465 | &nbsp;&nbsp;&nbsp;&nbsp;25158 |
|  | HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;796113 | &nbsp;&nbsp;&nbsp;&nbsp;25022 |
|  | First Bancorp | &nbsp;&nbsp;1182601 | &nbsp;&nbsp;&nbsp;&nbsp;24515 |
|  | BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;536840 | &nbsp;&nbsp;&nbsp;&nbsp;23927 |
|  | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;487382 | &nbsp;&nbsp;&nbsp;&nbsp;23584 |
|  | Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317591 | &nbsp;&nbsp;&nbsp;&nbsp;23511 |
|  | United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;753035 | &nbsp;&nbsp;&nbsp;&nbsp;23510 |
|  | Fulton Financial Corp. | &nbsp;&nbsp;1196367 | &nbsp;&nbsp;&nbsp;&nbsp;23126 |
| <sup>\*</sup> | Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171305 | &nbsp;&nbsp;&nbsp;&nbsp;23085 |
|  | First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;862891 | &nbsp;&nbsp;&nbsp;&nbsp;21831 |
| <sup>\*</sup> | NMI Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;534341 | &nbsp;&nbsp;&nbsp;&nbsp;21796 |
| <sup>\*</sup> | Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322056 | &nbsp;&nbsp;&nbsp;&nbsp;21745 |
|  | BGC Group Inc. Class A | &nbsp;&nbsp;2431199 | &nbsp;&nbsp;&nbsp;&nbsp;21711 |
|  | Blackstone Mortgage Trust Inc. Class A | &nbsp;&nbsp;1114667 | &nbsp;&nbsp;&nbsp;&nbsp;21324 |
|  | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;286871 | &nbsp;&nbsp;&nbsp;&nbsp;20965 |
|  | Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;590229 | &nbsp;&nbsp;&nbsp;&nbsp;20788 |
|  | WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;372600 | &nbsp;&nbsp;&nbsp;&nbsp;20582 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;587612 | &nbsp;&nbsp;20331 |
|  | Western Union Co. | &nbsp;&nbsp;2074964 | &nbsp;&nbsp;19318 |
| <sup>\*</sup> | NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;495752 | &nbsp;&nbsp;18893 |
|  | Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328057 | &nbsp;&nbsp;18844 |
|  | Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;542562 | &nbsp;&nbsp;18078 |
|  | Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;427839 | &nbsp;&nbsp;17430 |
|  | WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;538891 | &nbsp;&nbsp;17261 |
|  | Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179041 | &nbsp;&nbsp;16841 |
|  | Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;872895 | &nbsp;&nbsp;16838 |
|  | Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;244440 | &nbsp;&nbsp;16712 |
|  | Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;524962 | &nbsp;&nbsp;16494 |
|  | Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;874266 | &nbsp;&nbsp;16480 |
|  | Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;258374 | &nbsp;&nbsp;16301 |
|  | Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410870 | &nbsp;&nbsp;16003 |
|  | Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;796036 | &nbsp;&nbsp;15722 |
| <sup>\*</sup> | Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213887 | &nbsp;&nbsp;15639 |
|  | Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99956 | &nbsp;&nbsp;15211 |
|  | CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;802485 | &nbsp;&nbsp;14926 |
|  | First Bancorp (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;287867 | &nbsp;&nbsp;14621 |
|  | Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;231628 | &nbsp;&nbsp;14514 |
|  | FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256788 | &nbsp;&nbsp;14329 |
|  | First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;566421 | &nbsp;&nbsp;14172 |
|  | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;341834 | &nbsp;&nbsp;14008 |
|  | NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332798 | &nbsp;&nbsp;13818 |
|  | BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129051 | &nbsp;&nbsp;13682 |
|  | Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;194263 | &nbsp;&nbsp;13649 |
|  | Walker & Dunlop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225131 | &nbsp;&nbsp;13542 |
| <sup>\*</sup> | SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;614359 | &nbsp;&nbsp;13448 |
|  | Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;498512 | &nbsp;&nbsp;13146 |
|  | EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442134 | &nbsp;&nbsp;12862 |
|  | City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;107567 | &nbsp;&nbsp;12822 |
|  | Goosehead Insurance Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;171738 | &nbsp;&nbsp;12648 |
|  | Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175236 | &nbsp;&nbsp;12442 |
|  | Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;262452 | &nbsp;&nbsp;12120 |
|  | First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;717767 | &nbsp;&nbsp;12102 |
|  | HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58423 | &nbsp;&nbsp;11199 |
|  | ARMOUR Residential REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;614263 | &nbsp;&nbsp;10866 |
|  | Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169012 | &nbsp;&nbsp;10611 |
| <sup>\*</sup> | Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163065 | &nbsp;&nbsp;10213 |
| <sup>\*</sup> | Payoneer Global Inc. | &nbsp;&nbsp;1809583 | &nbsp;&nbsp;10170 |
|  | S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;257608 | &nbsp;&nbsp;10137 |
|  | National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;262693 | &nbsp;&nbsp;&nbsp;&nbsp;9985 |
|  | WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;799496 | &nbsp;&nbsp;&nbsp;&nbsp;9746 |
|  | Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307763 | &nbsp;&nbsp;&nbsp;&nbsp;9522 |
|  | Northwest Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;776352 | &nbsp;&nbsp;&nbsp;&nbsp;9316 |
|  | Hilltop Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269508 | &nbsp;&nbsp;&nbsp;&nbsp;9147 |
|  | Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192766 | &nbsp;&nbsp;&nbsp;&nbsp;9060 |
| <sup>\*</sup> | Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162945 | &nbsp;&nbsp;&nbsp;&nbsp;8856 |
|  | Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154671 | &nbsp;&nbsp;&nbsp;&nbsp;8826 |
|  | Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900658 | &nbsp;&nbsp;&nbsp;&nbsp;8718 |
| <sup>\*</sup> | Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174770 | &nbsp;&nbsp;&nbsp;&nbsp;8160 |
|  | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86057 | &nbsp;&nbsp;&nbsp;&nbsp;8126 |
|  | Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184697 | &nbsp;&nbsp;&nbsp;&nbsp;7973 |
|  | Westamerica Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;162776 | &nbsp;&nbsp;&nbsp;&nbsp;7786 |
|  | PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262745 | &nbsp;&nbsp;&nbsp;&nbsp;7748 |
|  | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;592804 | &nbsp;&nbsp;&nbsp;&nbsp;7440 |
|  | Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93968 | &nbsp;&nbsp;&nbsp;&nbsp;7321 |
|  | Ellington Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;537769 | &nbsp;&nbsp;&nbsp;&nbsp;7303 |
|  | Dime Community Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242164 | &nbsp;&nbsp;&nbsp;&nbsp;7287 |
|  | Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;656643 | &nbsp;&nbsp;&nbsp;&nbsp;7197 |
| <sup>\*</sup> | EZCORP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;357957 | &nbsp;&nbsp;&nbsp;&nbsp;6951 |
|  | Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42350 | &nbsp;&nbsp;&nbsp;&nbsp;6909 |
|  | Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164569 | &nbsp;&nbsp;&nbsp;&nbsp;6523 |
| <sup>\*</sup> | Sezzle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91785 | &nbsp;&nbsp;&nbsp;&nbsp;5826 |
|  | Redwood Trust Inc. | &nbsp;&nbsp;1039786 | &nbsp;&nbsp;&nbsp;&nbsp;5750 |
|  | Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;171586 | &nbsp;&nbsp;&nbsp;&nbsp;5347 |
|  | Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175617 | &nbsp;&nbsp;&nbsp;&nbsp;5337 |
| <sup>\*</sup> | Trupanion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142056 | &nbsp;&nbsp;&nbsp;&nbsp;5309 |
|  | Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71584 | &nbsp;&nbsp;&nbsp;&nbsp;5191 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;374090 | &nbsp;&nbsp;&nbsp;&nbsp;4863 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 |
|  | United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749 |
|  | Franklin BSP Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;471631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 |
|  | Adamas Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;634660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633 |
|  | Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;432917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546 |
| <sup>\*</sup> | ProAssurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483 |
|  | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431 |
|  | TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361 |
|  | Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531 |
|  | Arbor Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 |
| <sup>\*</sup> | World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 |
|  | Capitol Federal Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 |
|  | KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 |
|  | Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 |
|  | AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  |  |  | &nbsp;&nbsp;**1759749** |
| **Health Care (12.1%)** | **Health Care (12.1%)** | **Health Care (12.1%)** | **Health Care (12.1%)** |
| <sup>\*</sup> | Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59786 |
| <sup>\*</sup> | Glaukos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;373062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42122 |
| <sup>\*</sup> | Krystal Biotech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40468 |
| <sup>\*</sup> | PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38822 |
|  | Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35742 |
| <sup>\*</sup> | Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35078 |
| <sup>\*</sup> | Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34938 |
| <sup>\*</sup> | RadNet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;441035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31468 |
| <sup>\*</sup> | Alkermes plc | &nbsp;&nbsp;1075769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30100 |
| <sup>\*</sup> | ADMA Biologics Inc. | &nbsp;&nbsp;1565647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28557 |
| <sup>\*</sup> | Indivior plc | &nbsp;&nbsp;&nbsp;&nbsp;751723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26972 |
| <sup>\*</sup> | TransMedics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26252 |
| <sup>\*</sup> | TG Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;879130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26207 |
| <sup>\*</sup> | BrightSpring Health Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;667980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25016 |
| <sup>\*</sup> | Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23655 |
| <sup>\*</sup> | Waystar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;704514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23073 |
| <sup>\*</sup> | ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22990 |
| <sup>\*</sup> | ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;812021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21689 |
| <sup>\*</sup> | Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;615785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21429 |
| <sup>\*</sup> | Veracyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 |
| <sup>\*</sup> | Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20672 |
| <sup>\*</sup> | Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18661 |
| <sup>\*</sup> | Integer Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18432 |
| <sup>\*</sup> | Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17418 |
| <sup>\*</sup> | Privia Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;699681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16589 |
| <sup>\*</sup> | Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14923 |
|  | Concentra Group Holdings Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;726934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14306 |
| <sup>\*</sup> | Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;660628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14217 |
| <sup>\*</sup> | QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;459180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13114 |
| <sup>\*</sup> | Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;505624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12984 |
| <sup>\*</sup> | Dynavax Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;831766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12793 |
| <sup>\*</sup> | Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12730 |
| <sup>\*</sup> | CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;184886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12511 |
| <sup>\*</sup> | Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11685 |
| <sup>\*</sup> | Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;542433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11603 |
| <sup>\*</sup> | Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;483501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11522 |
|  | LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11321 |
| <sup>\*</sup> | Vericel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;312865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11266 |
| <sup>\*</sup> | UFP Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11152 |
|  | Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;739065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10975 |
| <sup>\*</sup> | NeoGenomics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;912240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10728 |
|  | National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10719 |
| <sup>\*</sup> | Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655 |
|  | Perrigo Co. plc | &nbsp;&nbsp;&nbsp;&nbsp;764737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10645 |
| <sup>\*</sup> | Neogen Corp. | &nbsp;&nbsp;1520568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10629 |
| <sup>\*</sup> | Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;611849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10554 |
| <sup>\*</sup> | Collegium Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10402 |
| <sup>\*</sup> | Azenta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10347 |
| <sup>\*</sup> | Tandem Diabetes Care Inc. | &nbsp;&nbsp;&nbsp;&nbsp;454971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 |
| <sup>\*</sup> | Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9388 |
| <sup>\*</sup> | Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9103 |
| <sup>\*</sup> | Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;638692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9063 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976 |
|  | CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8655 |
| <sup>\*</sup> | Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058 |
|  | US Physical Therapy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 |
| <sup>\*</sup> | Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;479022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334 |
| <sup>\*</sup> | BioLife Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7229 |
| <sup>\*</sup> | Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215 |
| <sup>\*</sup> | STAAR Surgical Co. | &nbsp;&nbsp;&nbsp;&nbsp;312373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7213 |
| <sup>\*</sup> | Astrana Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345 |
|  | Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;880749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 |
| <sup>\*</sup> | Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297 |
| <sup>\*</sup> | AdaptHealth Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;532202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 |
|  | Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 |
| <sup>\*</sup> | Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 |
| <sup>\*</sup> | AMN Healthcare Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619 |
| <sup>\*</sup> | Myriad Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;665149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4091 |
|  | HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666 |
| <sup>\*</sup> | Certara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523 |
|  | Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;284727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 |
| <sup>\*</sup> | Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 |
| <sup>\*</sup> | Cytek Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;504213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 |
| <sup>\*</sup> | Vir Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 |
| <sup>\*</sup> | Avanos Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 |
|  |  |  | &nbsp;&nbsp;**1142117** |
| **Industrials (17.1%)** | **Industrials (17.1%)** | **Industrials (17.1%)** | **Industrials (17.1%)** |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53121 |
|  | JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;319596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48154 |
|  | Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;189931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46258 |
|  | Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;406322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44123 |
|  | Air Lease Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;681765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43790 |
|  | Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41877 |
|  | Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;308734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38326 |
| <sup>\*</sup> | Casella Waste Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;357767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35040 |
|  | Arcosa Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34481 |
| <sup>\*</sup> | Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;974019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34208 |
|  | ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33368 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;1515943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32547 |
|  | CSW Industrials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31808 |
|  | Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30553 |
|  | Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30461 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;996603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28902 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28446 |
| <sup>\*</sup> | Sunrun Inc. | &nbsp;&nbsp;1509271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27771 |
| <sup>\*</sup> | SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;270691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27180 |
|  | Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 |
|  | Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26548 |
| <sup>\*</sup> | Mercury Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24149 |
|  | Mueller Water Products Inc. Class A | &nbsp;&nbsp;1005971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23962 |
| <sup>\*</sup> | Verra Mobility Corp. Class A | &nbsp;&nbsp;1068849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23953 |
|  | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;355974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23501 |
|  | Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;298729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23411 |
| <sup>\*</sup> | MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22582 |
|  | Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;391879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21138 |
|  | AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20850 |
| <sup>\*</sup> | AAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20849 |
| <sup>\*</sup> | OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;692264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20616 |
|  | Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20322 |
|  | WillScot Holdings Corp. | &nbsp;&nbsp;1059025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19941 |
|  | Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19801 |
|  | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18845 |
|  | Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;248430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18285 |
|  | Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18120 |
|  | Hub Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;417575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17793 |
|  | ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17326 |
| <sup>\*</sup> | Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;866805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17180 |
| <sup>\*</sup> | Hayward Holdings Inc. | &nbsp;&nbsp;1058216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16349 |
| <sup>\*</sup> | Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16233 |
|  | Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15573 |
| <sup>\*</sup> | GEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;916550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14775 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Hillenbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;446695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14169 |
|  | CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14134 |
|  | Enerpac Tool Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;368205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14080 |
|  | Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;514143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13964 |
|  | Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;524842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13877 |
| <sup>\*</sup> | CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;722294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13803 |
|  | HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;326199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13713 |
| <sup>\*</sup> | DNOW Inc. | &nbsp;&nbsp;1008292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13360 |
| <sup>\*</sup> | RXO Inc. | &nbsp;&nbsp;1051178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13287 |
|  | Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;459342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13050 |
|  | Werner Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12097 |
|  | Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12019 |
|  | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11583 |
|  | Pitney Bowes Inc. | &nbsp;&nbsp;1026368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10849 |
|  | Interface Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;377005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10526 |
|  | Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;204509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10369 |
|  | Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10310 |
| <sup>\*</sup> | Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10069 |
|  | Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10040 |
| <sup>\*</sup> | Enviri Corp. | &nbsp;&nbsp;&nbsp;&nbsp;549849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9853 |
|  | ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9796 |
| <sup>\*</sup> | JetBlue Airways Corp. | &nbsp;&nbsp;2085937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 |
|  | Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;126911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9353 |
| <sup>\*</sup> | Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;840974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284 |
| <sup>\*</sup> | Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;472243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9029 |
|  | MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 |
| <sup>\*</sup> | DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8788 |
|  | Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752 |
| <sup>\*</sup> | Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 |
|  | Schneider National Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;300036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7960 |
| <sup>\*</sup> | Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872 |
|  | Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7106 |
|  | Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129 |
|  | Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637 |
| <sup>\*</sup> | American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441 |
|  | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;220055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 |
| <sup>\*</sup> | Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654 |
|  | Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;384564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376 |
| <sup>\*</sup> | Hertz Global Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 |
|  | Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 |
| <sup>\*</sup> | Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 |
|  | Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;241310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711 |
|  | Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;501512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 |
|  | National Presto Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 |
| <sup>\*</sup> | Titan International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 |
|  | Heartland Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 |
| <sup>\*</sup> | Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 |
|  |  |  | &nbsp;&nbsp;**1607654** |
| **Information Technology (14.0%)** | **Information Technology (14.0%)** | **Information Technology (14.0%)** | **Information Technology (14.0%)** |
| <sup>\*</sup> | Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;358805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53846 |
|  | InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53600 |
|  | Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52749 |
| <sup>\*</sup> | SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48038 |
| <sup>\*</sup> | TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;668063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46096 |
| <sup>\*</sup> | Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;561810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;473634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40027 |
|  | Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;728313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37078 |
| <sup>\*</sup> | Mirion Technologies Inc. Class A | &nbsp;&nbsp;1498059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35085 |
|  | Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34042 |
| <sup>\*</sup> | ACI Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;688532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32919 |
| <sup>\*</sup> | FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;526276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29356 |
| <sup>\*</sup> | Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;839203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28919 |
| <sup>\*</sup> | Impinj Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28712 |
| <sup>\*</sup> | Box Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;933226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27913 |
| <sup>\*</sup> | Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27706 |
| <sup>\*</sup> | Q2 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27401 |
| <sup>\*</sup> | Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26872 |
| <sup>\*</sup> | Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;835527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26779 |
| <sup>\*</sup> | OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26530 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Viavi Solutions Inc. | &nbsp;&nbsp;1427207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25433 |
| <sup>\*</sup> | SPS Commerce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;257583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22958 |
| <sup>\*</sup> | MARA Holdings Inc. | &nbsp;&nbsp;2418796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21721 |
|  | Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;606651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21281 |
| <sup>\*</sup> | DigitalOcean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;435143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20939 |
| <sup>\*</sup> | Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19880 |
| <sup>\*</sup> | Agilysys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19136 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;624072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18997 |
| <sup>\*</sup> | Cleanspark Inc. | &nbsp;&nbsp;1852114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18743 |
| <sup>\*</sup> | BlackLine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18435 |
| <sup>\*</sup> | Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17852 |
| <sup>\*</sup> | DXC Technology Co. | &nbsp;&nbsp;1164311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17057 |
|  | Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16807 |
| <sup>\*</sup> | Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16314 |
|  | ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15829 |
| <sup>\*</sup> | Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15302 |
| <sup>\*</sup> | Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15247 |
| <sup>\*</sup> | Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;910232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15155 |
| <sup>\*</sup> | Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;432337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13835 |
| <sup>\*</sup> | Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;295627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 |
| <sup>\*</sup> | LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12608 |
| <sup>\*</sup> | Knowles Corp. | &nbsp;&nbsp;&nbsp;&nbsp;573530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12291 |
|  | Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;710677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12259 |
| <sup>\*</sup> | ACM Research Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;298572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11779 |
| <sup>\*</sup> | Veeco Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;382054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10919 |
| <sup>\*</sup> | Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10859 |
| <sup>\*</sup> | SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;367287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 |
|  | Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;728709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10559 |
|  | Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10166 |
| <sup>\*</sup> | Rogers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10082 |
|  | Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;282889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10054 |
| <sup>\*</sup> | NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;959811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9790 |
| <sup>\*</sup> | Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;666914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9330 |
| <sup>\*</sup> | MaxLinear Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;513051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8942 |
|  | CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;207114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879 |
|  | A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081 |
| <sup>\*</sup> | NetScout Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073 |
| <sup>\*</sup> | Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7846 |
| <sup>\*</sup> | Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809 |
| <sup>\*</sup> | Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;301910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7025 |
| <sup>\*</sup> | Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 |
| <sup>\*</sup> | PDF Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541 |
| <sup>\*</sup> | ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042 |
| <sup>\*</sup> | Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;230738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253 |
|  | PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124 |
| <sup>\*</sup> | N-able Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 |
| <sup>\*</sup> | Grid Dynamics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821 |
| <sup>\*</sup> | Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
| <sup>\*</sup> | Sprinklr Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
| <sup>\*</sup> | Corsair Gaming Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
|  |  |  | &nbsp;&nbsp;**1317981** |
| **Materials (5.4%)** | **Materials (5.4%)** | **Materials (5.4%)** | **Materials (5.4%)** |
|  | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;745857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47608 |
| <sup>\*</sup> | Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;972365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47238 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;960054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39775 |
|  | Element Solutions Inc. | &nbsp;&nbsp;1425504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35623 |
|  | Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32363 |
|  | Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;354068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31218 |
|  | Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;732775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30982 |
|  | Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;278033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26121 |
|  | HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;363290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21601 |
|  | Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18488 |
|  | Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17476 |
| <sup>\*</sup> | O-I Glass Inc. | &nbsp;&nbsp;1013773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14963 |
| <sup>\*</sup> | Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13996 |
| <sup>\*</sup> | Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13966 |
| <sup>\*</sup> | Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;351684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13779 |
|  | Chemours Co. | &nbsp;&nbsp;1110834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13097 |
|  | Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12998 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166911 | &nbsp;&nbsp;&nbsp;&nbsp;12775 |
|  | Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87856 | &nbsp;&nbsp;&nbsp;&nbsp;12064 |
|  | Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97286 | &nbsp;&nbsp;&nbsp;&nbsp;11174 |
|  | Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;230748 | &nbsp;&nbsp;&nbsp;&nbsp;11111 |
|  | Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281 |
|  | Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;133959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6344 |
| <sup>\*</sup> | Metallus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740 |
|  | Koppers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881 |
|  | SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;528621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 |
|  |  |  | &nbsp;&nbsp;**504468** |
| **Real Estate (7.3%)** | **Real Estate (7.3%)** | **Real Estate (7.3%)** | **Real Estate (7.3%)** |
|  | CareTrust REIT Inc. | &nbsp;&nbsp;1305891 | &nbsp;&nbsp;&nbsp;&nbsp;47221 |
|  | Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;660048 | &nbsp;&nbsp;&nbsp;&nbsp;38751 |
|  | Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398926 | &nbsp;&nbsp;&nbsp;&nbsp;37746 |
|  | Essential Properties Realty Trust Inc. | &nbsp;&nbsp;1244816 | &nbsp;&nbsp;&nbsp;&nbsp;36921 |
|  | Macerich Co. | &nbsp;&nbsp;1629000 | &nbsp;&nbsp;&nbsp;&nbsp;30071 |
|  | Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841838 | &nbsp;&nbsp;&nbsp;&nbsp;29944 |
|  | Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;976176 | &nbsp;&nbsp;&nbsp;&nbsp;29158 |
|  | Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;790287 | &nbsp;&nbsp;&nbsp;&nbsp;26372 |
| <sup>\*</sup> | Cushman & Wakefield Ltd. | &nbsp;&nbsp;1569053 | &nbsp;&nbsp;&nbsp;&nbsp;25403 |
|  | Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;906363 | &nbsp;&nbsp;&nbsp;&nbsp;21843 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;475065 | &nbsp;&nbsp;&nbsp;&nbsp;21791 |
|  | Medical Properties Trust Inc. | &nbsp;&nbsp;3931087 | &nbsp;&nbsp;&nbsp;&nbsp;19656 |
|  | LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;379213 | &nbsp;&nbsp;&nbsp;&nbsp;18801 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;719523 | &nbsp;&nbsp;&nbsp;&nbsp;18578 |
|  | Apple Hospitality REIT Inc. | &nbsp;&nbsp;1469432 | &nbsp;&nbsp;&nbsp;&nbsp;17413 |
|  | Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;812706 | &nbsp;&nbsp;&nbsp;&nbsp;16693 |
|  | Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;857583 | &nbsp;&nbsp;&nbsp;&nbsp;16457 |
|  | St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;268170 | &nbsp;&nbsp;&nbsp;&nbsp;15921 |
|  | Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625086 | &nbsp;&nbsp;&nbsp;&nbsp;14415 |
|  | Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;614178 | &nbsp;&nbsp;&nbsp;&nbsp;14255 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;1149214 | &nbsp;&nbsp;&nbsp;&nbsp;12630 |
|  | Global Net Lease Inc. | &nbsp;&nbsp;1420350 | &nbsp;&nbsp;&nbsp;&nbsp;12215 |
|  | DiamondRock Hospitality Co. | &nbsp;&nbsp;1335812 | &nbsp;&nbsp;&nbsp;&nbsp;11969 |
|  | Sunstone Hotel Investors Inc. | &nbsp;&nbsp;1307201 | &nbsp;&nbsp;&nbsp;&nbsp;11686 |
|  | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;601996 | &nbsp;&nbsp;&nbsp;&nbsp;10240 |
|  | LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;289165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9942 |
|  | Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;694775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9824 |
|  | Alexander & Baldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9629 |
|  | Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381 |
|  | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;816022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9237 |
|  | Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825 |
|  | Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 |
|  | Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;484413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429 |
|  | Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;115866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731 |
|  | American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343 |
|  | eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;628593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5689 |
|  | NexPoint Residential Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 |
|  | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;345025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792 |
|  | Easterly Government Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;206922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 |
|  | Marcus & Millichap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 |
|  | Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;638064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 |
|  | Safehold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561 |
|  | Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;641617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 |
|  | Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449 |
|  |  |  | &nbsp;&nbsp;**687714** |
| **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |
|  | MDU Resources Group Inc. | &nbsp;&nbsp;1411858 | &nbsp;&nbsp;&nbsp;&nbsp;27560 |
|  | Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;281486 | &nbsp;&nbsp;&nbsp;&nbsp;22747 |
|  | Clearway Energy Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;683004 | &nbsp;&nbsp;&nbsp;&nbsp;22717 |
|  | California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;447840 | &nbsp;&nbsp;&nbsp;&nbsp;19405 |
|  | Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;498195 | &nbsp;&nbsp;&nbsp;&nbsp;19200 |
|  | Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151565 | &nbsp;&nbsp;&nbsp;&nbsp;18909 |
|  | MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237478 | &nbsp;&nbsp;&nbsp;&nbsp;18623 |
|  | American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;247989 | &nbsp;&nbsp;&nbsp;&nbsp;17974 |
| <sup>\*</sup> | Hawaiian Electric Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;882821 | &nbsp;&nbsp;&nbsp;&nbsp;10859 |
|  | Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;210613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9844 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | H2O America | &nbsp;&nbsp;133024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517 |
|  | Unitil Corp. | &nbsp;&nbsp;122902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953 |
|  | Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;50677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**202863** |
| **Total Common Stocks (Cost $6,277,852)** | **Total Common Stocks (Cost $6,277,852)** | **Total Common Stocks (Cost $6,277,852)** | **9400584** |
| **Rights (0.0%)** | **Rights (0.0%)** | **Rights (0.0%)** | **Rights (0.0%)** |
| <sup>\*,1</sup> | OmniAb Inc. 12.5 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;60640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,1</sup> | OmniAb Inc. 15 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;60640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Rights (Cost $—)** | **Total Rights (Cost $—)** | **Total Rights (Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** |
| **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** |
| <sup>2</sup> | Vanguard Market Liquidity Fund, 3.780% **(Cost $6,003)** | &nbsp;&nbsp;&nbsp;&nbsp;60030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6003** |
| **Total Investments (99.9%) (Cost $6,283,855)** | **Total Investments (99.9%) (Cost $6,283,855)** |  | &nbsp;&nbsp;**9406587** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11090** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**9417677** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

\* Non-income-producing security. <br> 1 Security value determined using significant unobservable inputs. <br> 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 | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini Russell 2000 Index | March 2026 | 137 | 17111 | &nbsp;&nbsp;(207) |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Small-Cap Fund

Statement of Assets and Liabilities

As of December 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $6,277,852) | 9400584 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $6,003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003 |
| Total Investments in Securities | 9406587 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11424 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
| **Total Assets** | **9420211** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2534** |
| **Net Assets** | **9417677** |
| **<br>At December 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 7565385 |
| Total Distributable Earnings (Loss) | 1852292 |
| **Net Assets** | **9417677** |
| **Admiral<sup>™</sup> Shares—Net Assets** |  |
| **Applicable to 85,401,657 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **8395728** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$98.31** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 10,371,821 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1021949** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$98.53** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Small-Cap Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115605 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116504 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**108660** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307064 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**309982** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87241 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87139** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**505781** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $2. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $777, $6, and ($2), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $656,149 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Small-Cap Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;108660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151686 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;309982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572472 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36534 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;505781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760692 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(109425) | &nbsp;&nbsp;&nbsp;&nbsp;(123180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(13412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14452) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(122837) | &nbsp;&nbsp;&nbsp;&nbsp;(137632) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(437945) | &nbsp;&nbsp;&nbsp;&nbsp;(116072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(21282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10728 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(459227) | &nbsp;&nbsp;&nbsp;&nbsp;(105344) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(76283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517716 |
| **Net Assets** |  |  |
| **Beginning of Period** | **9493960** | &nbsp;&nbsp;&nbsp;**8976244** |
| **End of Period** | **9417677** | &nbsp;&nbsp;&nbsp;**9493960** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Tax-Managed Small-Cap Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$94.06** | &nbsp;&nbsp;&nbsp;**$87.91** | &nbsp;&nbsp;&nbsp;**$77.06** | &nbsp;&nbsp;&nbsp;**$93.29** | &nbsp;&nbsp;&nbsp;**$74.30** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.090 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.016 | &nbsp;&nbsp;&nbsp;&nbsp;10.854 | &nbsp;&nbsp;&nbsp;&nbsp;(16.221) | &nbsp;&nbsp;&nbsp;&nbsp;18.985 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.509 | &nbsp;&nbsp;&nbsp;&nbsp;12.165 | &nbsp;&nbsp;&nbsp;&nbsp;(15.068) | &nbsp;&nbsp;&nbsp;&nbsp;20.075 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.256) | &nbsp;&nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.315) | &nbsp;&nbsp;&nbsp;&nbsp;(1.162) | &nbsp;&nbsp;&nbsp;&nbsp;(1.085) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.256) | &nbsp;&nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.315) | &nbsp;&nbsp;&nbsp;&nbsp;(1.162) | &nbsp;&nbsp;&nbsp;&nbsp;(1.085) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$98.31** | &nbsp;&nbsp;&nbsp;**$94.06** | &nbsp;&nbsp;&nbsp;**$87.91** | &nbsp;&nbsp;&nbsp;**$77.06** | &nbsp;&nbsp;&nbsp;**$93.29** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**5.93%** | &nbsp;&nbsp;&nbsp;**8.61%** | &nbsp;&nbsp;&nbsp;**15.95%** | &nbsp;&nbsp;&nbsp;**-16.14%** | &nbsp;&nbsp;&nbsp;**27.08%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$8396 | &nbsp;&nbsp;&nbsp;$8493 | &nbsp;&nbsp;&nbsp;$8048 | &nbsp;&nbsp;&nbsp;$7150 | &nbsp;&nbsp;&nbsp;$8631 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.09%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.09% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.22% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;9% |

---

---

| | |
|:---|:---|
| 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.

------

Tax-Managed Small-Cap Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$94.27** | &nbsp;&nbsp;&nbsp;**$88.11** | &nbsp;&nbsp;&nbsp;**$77.23** | &nbsp;&nbsp;&nbsp;**$93.50** | &nbsp;&nbsp;&nbsp;**$74.47** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.126 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.024 | &nbsp;&nbsp;&nbsp;&nbsp;10.876 | &nbsp;&nbsp;&nbsp;&nbsp;(16.261) | &nbsp;&nbsp;&nbsp;&nbsp;19.019 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.549 | &nbsp;&nbsp;&nbsp;&nbsp;12.222 | &nbsp;&nbsp;&nbsp;&nbsp;(15.081) | &nbsp;&nbsp;&nbsp;&nbsp;20.145 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.286) | &nbsp;&nbsp;&nbsp;&nbsp;(1.389) | &nbsp;&nbsp;&nbsp;&nbsp;(1.342) | &nbsp;&nbsp;&nbsp;&nbsp;(1.189) | &nbsp;&nbsp;&nbsp;&nbsp;(1.115) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.286) | &nbsp;&nbsp;&nbsp;&nbsp;(1.389) | &nbsp;&nbsp;&nbsp;&nbsp;(1.342) | &nbsp;&nbsp;&nbsp;&nbsp;(1.189) | &nbsp;&nbsp;&nbsp;&nbsp;(1.115) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$98.53** | &nbsp;&nbsp;&nbsp;**$94.27** | &nbsp;&nbsp;&nbsp;**$88.11** | &nbsp;&nbsp;&nbsp;**$77.23** | &nbsp;&nbsp;&nbsp;**$93.50** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**5.96%** | &nbsp;&nbsp;&nbsp;**8.64%** | &nbsp;&nbsp;&nbsp;**15.99%** | &nbsp;&nbsp;&nbsp;**-16.12%** | &nbsp;&nbsp;&nbsp;**27.11%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1022 | &nbsp;&nbsp;&nbsp;$1001 | &nbsp;&nbsp;&nbsp;$928 | &nbsp;&nbsp;&nbsp;$752 | &nbsp;&nbsp;&nbsp;$889 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;1.26% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;9% |

---

---

| | |
|:---|:---|
| 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.

------

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 year ended December 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended December 31, 2025, 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), shareholder reporting, and proxy fees. Marketing and

------

Tax-Managed Small-Cap Fund

distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2025, the fund had contributed to Vanguard capital in the amount of $225,000, 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.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 9400584 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9400584 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003 |
| Total | 9406587 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9406587 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;656119 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(656119) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized

------

Tax-Managed Small-Cap Fund

gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;3109402 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(1257951) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;1852292 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;122837 | &nbsp;&nbsp;&nbsp;137632 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;122837 | &nbsp;&nbsp;&nbsp;137632 |

---

\* Includes short-term capital gains, if any.

As of December 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;6297185 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3552519 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(443117) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3109402 |

---

E. During the year ended December 31, 2025, the fund purchased $2,280,760,000 of investment securities and sold $1,646,858,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $1,062,717,000, 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 year ended December 31, 2025, such purchases were $421,732,000 and sales were $107,189,000, resulting in net realized gain of $4,345,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

F. Capital share transactions for each class of shares were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1396480 | &nbsp;&nbsp;&nbsp;&nbsp;14696 | &nbsp;&nbsp;&nbsp;&nbsp;1219531 | &nbsp;&nbsp;&nbsp;&nbsp;13525 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
| Redeemed | (1905275) | &nbsp;&nbsp;&nbsp;(20353) | &nbsp;&nbsp;&nbsp;(1418616) | &nbsp;&nbsp;&nbsp;(15697) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(437945) | &nbsp;&nbsp;&nbsp;&nbsp;(4897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116072) | &nbsp;&nbsp;&nbsp;&nbsp;(1252) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(84890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96391) | &nbsp;&nbsp;&nbsp;&nbsp;(1081) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(21282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |

---

G. 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.

------

Tax-Managed Small-Cap Fund

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

H. 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.

I. Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Tax-Managed Small-Cap Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Tax-Managed Small-Cap Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 19, 2026

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 83.3%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $106,343,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for the fiscal year.

The fund hereby designates for the fiscal year $415,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates $16,494,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income under section 199A for the fiscal year.

Q99450 022026

------

**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 Arrangement - Tax-Managed Balanced Fund**

A majority of independent trustees of the board of Vanguard Tax-Managed Balanced Fund (Trustees) has approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving 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 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 to be provided to the fund 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 has 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 approval 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, has a track record of consistent performance and disciplined investment processes.

**Cost**

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be 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 each 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.

**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 approved a restructuring of each fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that approving 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 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 to be provided to the funds 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 approval 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.

**Cost**

The Trustees concluded that each fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses will also continue to be 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 each 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.

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)](tm2526775d1_ex99-codeeth.htm) [Code of Ethics filed herewith.](tm2526775d1_ex99-codeeth.htm)

[(a)(2)](tm263123d5_ex99-cert.htm) [Certifications filed herewith.](tm263123d5_ex99-cert.htm)

[(a)(2)](tm263123d5_ex99-906cert.htm) [Certifications filed herewith.](tm263123d5_ex99-906cert.htm)

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\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: February 23, 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\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: February 23, 2026

---

| | |
|:---|:---|
|  | VANGUARD tax-managed FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: February 23, 2026

---

| | |
|:---|:---|
| \* By: | /s/ Natalie Lamarque |

---

Natalie Lamarque, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), Incorporated by Reference.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

---

| | |
|:---|:---|
| **Access Person Code of Conduct**<br> **Effective Date: 01 January 2024 \| Contact:** **The Code of Ethical Conduct Team**<br> **Return to the** **Corporate Policies Page** <br> ****<br> **Policy Coverage**<br>This policy applies to all crew members and contingent workers globally who have been designated as an "Access Person" and, in certain instances, to their Household or Family Members. A "contingent worker" is any person other than a crew member who provides services to, or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors. | &nbsp;&nbsp; <br> **Related Items**<br>· **The Code of Ethical Conduct** <br> · **How to Voice Concerns at Vanguard** <br> · **My Compliance and Ethics Resource Center** <br> · **Training Resources & Job Aids** <br> · **Code of Ethical Conduct Policy** <br> · **Conflicts of Interest Policy** <br> · **Insider Trading Policy** <br> · **Outside Business Activity Policy** |

---

*Access Persons* – Please note that the specific trading restrictions and reporting requirements vary depending on your Access Person designation, meaning <u>Advisor</u> Access Person, <u>Fund</u> Access Person, or <u>Investment</u> Access Person. Regardless of your designation, the Compliance Department has the authority to apply to you, with appropriate notice, any of the trading restrictions within this policy.

*Household or Family Members* – Certain aspects of this policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the *Defined Terms* section for the definition of Household or Family Member in your region.

*Note:* If your Household or Family Member(s) also works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or Family Member(s).

Your designation may change – your Access Person designation may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation is necessary.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Additional Requirements for Associated Persons:***<br>U.S. crew members and contingent workers who are deemed to be Associated Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.<br>

**Policy Overview**

Some crew members and contingent workers at Vanguard, by virtue of their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access

Page 1 of 19

Person Code of Conduct (APCC)<sup>1</sup>), have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities, including those listed at the top of this policy.

**Policy Requirements**

**Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through *<u>long-term</u>* investments and strategies. With that in mind, the rules in this policy are intended to ensure that trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts do not adversely affect trades for Vanguard's funds or clients. Similarly, you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.**

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

To the extent possible, Compliance will treat all records related to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members and contingent workers are required to sign a data consent/data privacy notice.

The Compliance Department reserves the right to monitor all investment or trading activity by you and your Household or Family Members based on any information or system to which it has access.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members in China:*** <br>Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more. <br>

**Brokerage Firms You May Use** 

The terms in this section apply to all Access Persons.

The brokerage firms you may use to hold and transact Reportable Securities depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security in the *Defined Terms* section.

<sup>1</sup> The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to "this policy" mean the APCC.

Page 2 of 19

---

| | |
|:---|:---|
| &nbsp;&nbsp;**All U.S. Crew and their Household or Family Members** **(see parts (a) and (b) of the definition in the defined terms section)** | &nbsp;&nbsp; Must hold and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of their choice<br>Must initiate transfer of all Reportable Securities to a VBA within 60 days of hire<br>***Exceptions:*** Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if these, or any other accounts can hold Vanguard Funds or Reportable Securities, they must be reported in the "Accounts" tab of MyComplianceOffice (MCO) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Non-U.S. Crew and their Household or Family Members** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Contingent Workers** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

**Disclosure Obligations** 

The terms in this section apply to all Access Persons.

Access Persons must disclose accounts and holdings information to the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if you do not have any brokerage accounts or trade Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Disclosure of Accounts and Holdings</u> 

Within ten (10) calendar days of being designated an Access Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment through MyComplianceOffice, or MCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Covered Accounts and Reportable Securities held by
you or a Household or Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Covered Accounts in which you exercise Investment Discretion
or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All accounts in which you have, or will acquire, Beneficial
Ownership of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All accounts held by you and any Household or Family Member
in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest
in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g.,
401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products.

This includes accounts held at Vanguard and other financial institutions. You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability

Page 3 of 19

to hold Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).

This information must be current as of no more than 45 calendar days before joining Vanguard or being designated as an Access Person. *Failure to complete and submit the New Access Persons Holdings Report within ten (10) calendar days of receiving it may be considered a violation of this policy.*

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Quick Tip:*** <br>For a summary of the disclosure and transfer requirements, please review the FAQs prepared by the Compliance Department. The MCO Overview provides information on how to access and use MCO. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements</u> 

After the Initial Disclosure, Access Persons may need to periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Required Ongoing Disclosures** | &nbsp;&nbsp;**Required Ongoing Disclosures** |
| &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: | &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: |
| &nbsp;&nbsp;Opens, or intends to open, a Covered Account with any financial institution, including Vanguard | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;<br>Acquires holdings in Reportable Securities or Beneficial Ownership of Securities<br>| &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |

---

**Account Monitoring** 

---

| |
|:---|
| &nbsp;&nbsp;**Vanguard Brokerage Accounts (VBAs)** |
| &nbsp;&nbsp; Compliance will receive transaction confirmations automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after the VBAs are properly disclosed in MCO. No additional action is needed.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp;**External Covered Accounts** |
| &nbsp;&nbsp;Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see *Appendix B*. |

---

Page 4 of 19

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members and Contingent Workers in Australia:*** <br>You are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.<br>

**Investment and Trading Requirements**

The terms in this section apply to all Access Persons.

**General Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
must comply with all applicable securities-related rules and laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection
with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may
be perceived as market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;· Use of Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment
advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security
when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception
of an index fund) or by a Vanguard Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 are subject to and must comply with the Insider Trading
 Policy and/or any similar policy of the Vanguard affiliate or region for which you
 work. Each of these policies is considered an integral part of your obligations under this
 policy. Each policy prohibits you from buying or selling any Security while in possession
 of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit
 you from communicating any nonpublic information about any Security or issuer of Securities
 to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 must comply with the Confidential Information Policy ,
 including that you may not share information with any third party about any planned, upcoming,
 or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such
 information is publicly available through no action by you.

&nbsp;&nbsp;&nbsp;&nbsp;· Fund policies and excessive trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When
purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund's
prospectus, or offering document, including policies on market-timing and frequent trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excessive trading in Covered Accounts is strongly discouraged.
The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades
in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is
so frequent as to potentially impact your ability to carry out your assigned responsibilities

Page 5 of 19

or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This section does not apply to transactions in an Approved Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Beneficial
ownership and discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The terms and restrictions of this policy apply to all
Securities in which you have acquired or will acquire Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You must comply with these investment and trading restrictions
with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
circumvention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You are not permitted to assist, aid, or enable any other person in doing anything that you are
prohibited from doing under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions
and waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In rare cases, the Chief Compliance Officer may grant exceptions
to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it
is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard's
interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Chief Compliance Officer may waive the applicability
of this policy for a contingent worker if the policy's requirements are covered through the applicable service provider's
contract with Vanguard.

**Rules regarding specific investments or investment types:**

&nbsp;&nbsp;&nbsp;&nbsp;· Use of derivatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members may not use a
derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is
also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types
of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members are permitted
to trade futures or options on commodities.

&nbsp;&nbsp;&nbsp;&nbsp;· IPOs and ICOs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

Page 6 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements – You and your Household or Family
Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering
without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS,
and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private
Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· SPACs – You and your Household or Family Members
are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

&nbsp;&nbsp;&nbsp;&nbsp;· Short-Selling – You are prohibited from selling short
any Security that you do not own or from otherwise engaging in short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Digital
 Currencies and Related Investments – Refer to the Trading
 and Reporting Requirements for Digital Currency Investments and Activities for details
 on which digital currency account and product types are permitted, and what must be disclosed,
 under this policy.

**Trade Pre-clearance** 

Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000 in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual Vanguard ETF is a violation of this policy. Please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

*Note:* In some instances, you must pre-clear trades in accounts managed by Vanguard. See the pre-clearance exceptions below for more details.

**Obtaining Pre-clearance** 

Pre-clearance approval must be obtained via the "Personal Trade Pre-Clearance" path in MCO, and requests are typically approved or denied immediately. For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However, requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.

**Pre-clearance Expiration**

*In the U.S.:* Pre-clearance approval will expire at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.

*Outside the U.S.:* Pre-clearance approval will expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval window

Page 7 of 19

closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire, by the end of the trading day on the next business day.

**Pre-clearance Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of Vanguard Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Note:* Investment Access Persons must pre-clear Vanguard
ETF trades as described above.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales where the person requesting pre-clearance
has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name
but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been
no prior communication between you and the trustee regarding the transaction)

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate actions in Covered Securities such as stock dividends,
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made as a part of an Automatic Investment
Program or Dividend Reinvestment Program

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of Rights which were
issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of Covered Securities through gifts or bequests

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in an Approved Managed Account, provided
there is no prior communication with the account's portfolio manager regarding the transactions

**Vanguard Digital Advisor and Personal Advisor accounts:** These accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.

However, pre-clearance is not required for trades executed by Digital Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after enrollment is complete.

**Vanguard Personal Advisor Select and Vanguard Wealth Management accounts:** Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) are subject to pre-clearance and all other trading rules that apply if directed by you. You (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Automatic rebalancing and automatic tax-loss harvesting transactions are not subject to the pre-clearance requirement.

Trading violations made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management) will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether the Access Person or the Advisor will receive the violation.

Page 8 of 19

**Blackout Periods**

Fund Access Persons and Investment Access Persons generally will not receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior seven calendar days.

If you purchase a Covered Security without pre-clearance, you will have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.

If an Investment Access Person sells a Covered Security within seven days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares they sold.

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

Compliance may exempt certain trades from these restrictions during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

**Exception to Blackout Periods**

Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion. Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception. Additionally, please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

If a Fund Access Person's purchases exceed the US$50,000 limit, they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person's sales exceed the US$50,000 limit, they will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of the limit.

Trades of Securities of issuers with market capitalizations below US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance Department grants an exception.

**Short-Term Trading**

You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 30 calendar days. Please note, day one is the first calendar day after the trade date (for example, if your trade date is Friday, then day one is Saturday). This prohibition also applies to all Vanguard ETF trades made by Investment Access Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for more than $10 within 30

Page 9 of 19

calendar days. Similarly, if you sold a security for $10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard (exclusive of commissions). In addition, the transaction will be considered a violation of this policy.

The rule applies across all accounts owned by you and your Household or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy and must relinquish profits received from the sale to Vanguard (exclusive of commissions).

**Options Trading (Advisor Access Persons Only)**

You may hold options on a Covered Security until you exercise the options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days. Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised automatically, without any action on your part. For example:

&nbsp;&nbsp;&nbsp;&nbsp;· If a call option is assigned within 30 calendar days of
your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the
call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard
(exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior
30 calendar days, you will have violated this policy and will be required to relinquish profits.

&nbsp;&nbsp;&nbsp;&nbsp;· If your position auto exercises upon expiration, and you
earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish
profits from the exercise to Vanguard (exclusive of commissions).

**Exceptions** 

The Chief Compliance Officer or their designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

Understandably, you may encounter personal situations in which you believe an exception to this policy is necessary. Exceptions may be warranted if:

&nbsp;&nbsp;&nbsp;&nbsp;· You face a financial hardship that can be met by liquidating
assets that are subject to this policy's rule (e.g., medical expense, home purchase, life event, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;· You would like to liquidate company stock held in a former
employer's stock plan, or exercise options held in a former employer's stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Your Household or Family Member(s) would like to sell stock
or exercise options in their current or former employer's stock plan or stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· You, or your Household or Family Members, would like to
liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered
Securities received in a single gift, bequest, or inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;· You receive three pre-clearance denials for the same security
within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance
date specified by MCO.

Page 10 of 19

If you believe you should be afforded an exception to this policy's rules, you must obtain prior written approval by submitting a request through the Hardship Waiver Request Form. Compliance will consider your request and notify you of the outcome.

**Policy Compliance** 

Questions regarding this policy may be submitted to the policy contact for your region.

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy.

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Refer to the Policy Disclaimer Statement for more information.

Page 11 of 19

**Defined Terms** 

The following definitions apply throughout this policy:

---

| | |
|:---|:---|
| Access Person | &nbsp;&nbsp;Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account | &nbsp;&nbsp;An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person | &nbsp;&nbsp;Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program | &nbsp;&nbsp;A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers' Acceptance | &nbsp;&nbsp;A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers' Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned individually by you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned by a Household or Family Member.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.<br>|

---

Page 12 of 19

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person. |
| Bond | &nbsp;&nbsp;A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate | &nbsp;&nbsp;In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) | &nbsp;&nbsp;An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper | &nbsp;&nbsp;A promissory note issued by a large company in need of short-term financing. |
| Covered Account | &nbsp;&nbsp;Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security | &nbsp;&nbsp; Any Security (including through an IPO), but <u>not</u> including any:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Direct Obligations of a Government (excluding municipal bonds); <br> &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);<br> &nbsp;&nbsp;&nbsp;&nbsp;· Life policies; <br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs;<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETNs; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital Currencies. |
| Debenture | &nbsp;&nbsp;An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency | &nbsp;&nbsp;A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token | &nbsp;&nbsp; Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.<br>Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital |

---

Page 13 of 19

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token | &nbsp;&nbsp;A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government | &nbsp;&nbsp;A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund | &nbsp;&nbsp;An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note | &nbsp;&nbsp;A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract | &nbsp;&nbsp;A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument | &nbsp;&nbsp;An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) | &nbsp;&nbsp; For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term "Household or Family Member" includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.<br>For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person's accounts. |
| Household or Family Member (Europe) | &nbsp;&nbsp;For Europe crew members, the term "Household or Family Member" includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor |

---

Page 14 of 19

---

| | |
|:---|:---|
| | &nbsp;&nbsp;children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) | &nbsp;&nbsp;An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) | &nbsp;&nbsp;A corporation's first offering of common stock to the public. |
| Investment Contract | &nbsp;&nbsp;Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion | &nbsp;&nbsp;The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Material, Nonpublic Information | &nbsp;&nbsp;Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or disclosure of the information would be likely to cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic). |
| Non-Access Person | &nbsp;&nbsp;Any person in a role that has not been designated as an Access Person role. |
| Note | &nbsp;&nbsp;A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund | &nbsp;&nbsp;A mutual fund that has an unlimited number of shares available for purchase. |
| Option | &nbsp;&nbsp;The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement | &nbsp;&nbsp;A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |

---

Page 15 of 19

---

| | |
|:---|:---|
| Related Security | &nbsp;&nbsp;Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security | &nbsp;&nbsp;Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement | &nbsp;&nbsp;An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right | &nbsp;&nbsp;A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering | &nbsp;&nbsp;The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security | &nbsp;&nbsp;Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) | &nbsp;&nbsp;A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting | &nbsp;&nbsp;A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock | &nbsp;&nbsp;A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) | &nbsp;&nbsp;A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client | &nbsp;&nbsp;The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund | &nbsp;&nbsp;Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant | &nbsp;&nbsp;An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |

---

Page 16 of 19

**Appendix A: Access Person Designations and Trading Rules**

The terms and requirements in this appendix are *in addition to* the investment and trading restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to your Access Person designation.

As a reminder, the designation(s) that applies to you is based on your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.

Access Person Designation Hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;1. Investment Access Person

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Access Person

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisor Access Person

If you have multiple Access Person designations, you are subject to the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you are subject to the trading rules for Fund Access Persons.

If both you and a Household or Family Member are designated as Access Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access Person trading rules.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trading Rule** | &nbsp;&nbsp;**Advisor Access <br> Persons** | &nbsp;&nbsp;**Fund Access <br> Persons** | &nbsp;&nbsp;**Investment Access<br> Persons** |
| &nbsp;&nbsp; **Trade Pre-clearance**<br>Note: ALL Access Persons must pre-clear Private Placements, as described above | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities of any amount and transactions in an individual Vanguard ETF in excess of US$50,000 over a rolling 30-day period |
| &nbsp;&nbsp;<br> **Blackout Period** | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, though the US$5 billion market capitalization exception applies (see page 9 for details) | &nbsp;&nbsp; Yes |

---

Page 17 of 19

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Trading <br> (30-Day Hold)** | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities (including Options trades exercised or assigned involuntarily) | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities and Vanguard ETFs |
| &nbsp;&nbsp;**Prohibited Securities** | &nbsp;&nbsp; IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options<sup>\*</sup><br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions<br> SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options\*<br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs |
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;Trading and Reporting Requirements for Advisor Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Fund Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Investment Access Persons |

---

 

*\* Fund Access Persons and Investment Access Persons may not trade Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options on commodities are permitted.*

*\*\*All Access Persons are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures). Futures on commodities are permitted.*

*\*\*\*Fund Access Persons and Investment Access Persons are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.*

**Appendix B: External Account Monitoring**

Vanguard has direct electronic feeds with several financial institutions that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be contacted by the Compliance Department and provided further instructions.

Although other financial institutions and plan providers may offer Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:

&nbsp;&nbsp;&nbsp;&nbsp;· Smaller brokerage firms or investment advisors

&nbsp;&nbsp;&nbsp;&nbsp;· 529 college savings plans or Achieving a Better Life Experience
(ABLE) plans that offer Vanguard Funds.

Page 18 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Health Savings Accounts (HSAs) that offer Vanguard Funds,
including the Health Equity HSA offered through Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Employer sponsored retirement plans or investment plans
that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans,
restricted stock plans, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Annuity plan providers that offer Vanguard Funds or products

To allow the Compliance Department to monitor such accounts and holdings, Access Persons have two options:

&nbsp;&nbsp;&nbsp;&nbsp;1. Contact the firm where your Covered Accounts or Reportable
Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming
Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to "Xerox",
Vanguard's third-party service provider, at this address:

F01012 – Vanguard C/O MyComplianceOffice

PO BOX 3048

Coppell, TX 75019-3048

&nbsp;&nbsp;&nbsp;&nbsp;2. If the firm cannot provide duplicate statements and confirmations
to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them,
unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account
number, account owner, account type, and transaction and/or holdings details.

Additionally, you will be required to complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of this policy.

Page 19 of 19

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Tax-Managed Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Tax-Managed Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Tax-Managed Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: February 23, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Tax-Managed Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: February 23, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---