# EDGAR Filing Document

**Accession Number:** 0000923202
**File Stem:** 0001104659-25-083941
**Filing Date:** 2025-8
**Character Count:** 1037713
**Document Hash:** 9d6c375a9ac358ec7a1f88b20247c9ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-083941.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-083941

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07175
- **FILM NUMBER:** 251263520

**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'? 8dddfcb1a4fd0c2

**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: | **Tonya T. Robinson, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2025—June 30, 2025

**Item 1: Reports to Shareholders** **.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Vanguard Tax-Managed Balanced Fund](#classname0c3392a4-a34c-4377-b478-a52b2f1261a9)<br> **[Admiral<sup>™</sup> Shares - VTMFX](#classname0c3392a4-a34c-4377-b478-a52b2f1261a9)**  |
|  [Vanguard Tax-Managed Capital Appreciation Fund](#classnamedd7483f1-8b1c-4d19-9fe8-022db5e7fe3e)<br> **[Admiral<sup>™</sup> Shares - VTCLX](#classnamedd7483f1-8b1c-4d19-9fe8-022db5e7fe3e)**  |
|  [Vanguard Tax-Managed Capital Appreciation Fund](#classnameca681b95-411e-4c8a-8aaf-735701d87aa8)<br> **[Institutional Shares - VTCIX](#classnameca681b95-411e-4c8a-8aaf-735701d87aa8)**  |
|  [Vanguard Tax-Managed Small-Cap Fund](#classnameeb74e6e6-dad0-4ccc-b842-fdb57194da2e)<br> **[Admiral<sup>™</sup> Shares - VTMSX](#classnameeb74e6e6-dad0-4ccc-b842-fdb57194da2e)**  |
|  [Vanguard Tax-Managed Small-Cap Fund](#classname21f02d3a-c9e9-4a8c-8c48-aed4b8addd67)<br> **[Institutional Shares - VTSIX](#classname21f02d3a-c9e9-4a8c-8c48-aed4b8addd67)**  |

---

![Logo](tm2519836d5_inlinepkgimg001.jpg)

#### Vanguard Tax-Managed Balanced Fund

#### Admiral<sup>™</sup> Shares (VTMFX)

#### Semi-Annual Shareholder Report \| June 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Tax-Managed Balanced Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Admiral Shares | $50.09%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of June 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$10674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;4355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets <br> (as of June 30, 2025)** |  |
| Basic Materials | 0.7% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 1.8% |
| Energy | 1.4% |
| Financials | 5.3% |
| Health Care | 4.2% |
| Industrials | 6.2% |
| Other | 0.1% |
| Real Estate | 1.0% |
| Technology | 17.6% |
| Telecommunications | 0.9% |
| Utilities | 1.2% |
| Tax-Exempt Municipal Bonds | 53.2% |
| Other Assets and Liabilities—Net | (0.8%) |
| **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.** |

---

#### 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

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR103

![Logo](tm2519836d5_inlinepkgimg001.jpg)

#### Vanguard Tax-Managed Capital Appreciation Fund

#### Admiral<sup>™</sup> Shares (VTCLX)

#### Semi-Annual Shareholder Report \| June 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Tax-Managed Capital Appreciation Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Admiral Shares | $50.09%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of June 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$24646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of June 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of June 30, 2025)** |
| Basic Materials | 1.4% |
| Consumer Discretionary | 15.4% |
| Consumer Staples | 4.1% |
| Energy | 3.1% |
| Financials | 11.4% |
| Health Care | 8.7% |
| Industrials | 12.5% |
| Real Estate | 2.2% |
| Technology | 36.7% |
| Telecommunications | 2.0% |
| Utilities | 2.5% |
| Other Assets and Liabilities—Net | 0.0% |
| **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.** |

---

#### 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

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5102

![Logo](tm2519836d5_inlinepkgimg001.jpg)

#### Vanguard Tax-Managed Capital Appreciation Fund

#### Institutional Shares (VTCIX)

#### Semi-Annual Shareholder Report \| June 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Tax-Managed Capital Appreciation Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Institutional Shares | $30.06%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of June 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$24646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of June 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of June 30, 2025)** |
| Basic Materials | 1.4% |
| Consumer Discretionary | 15.4% |
| Consumer Staples | 4.1% |
| Energy | 3.1% |
| Financials | 11.4% |
| Health Care | 8.7% |
| Industrials | 12.5% |
| Real Estate | 2.2% |
| Technology | 36.7% |
| Telecommunications | 2.0% |
| Utilities | 2.5% |
| Other Assets and Liabilities—Net | 0.0% |
| **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.** |

---

#### 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

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR135

![Logo](tm2519836d5_inlinepkgimg001.jpg)

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

#### Admiral<sup>™</sup> Shares (VTMSX)

#### Semi-Annual Shareholder Report \| June 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Tax-Managed Small-Cap Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Admiral Shares | $40.09%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of June 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$8726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of June 30, 2025)** |  |
| Communication Services | 3.0% |
| Consumer Discretionary | 13.2% |
| Consumer Staples | 2.9% |
| Energy | 3.9% |
| Financials | 19.2% |
| Health Care | 10.5% |
| Industrials | 19.3% |
| Information Technology | 13.0% |
| Materials | 4.9% |
| Real Estate | 7.6% |
| 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.** |

---

#### 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

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR116

![Logo](tm2519836d5_inlinepkgimg001.jpg)

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

#### Institutional Shares (VTSIX)

#### Semi-Annual Shareholder Report \| June 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Tax-Managed Small-Cap Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Institutional Shares | $30.06%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of June 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$8726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of June 30, 2025)** |  |
| Communication Services | 3.0% |
| Consumer Discretionary | 13.2% |
| Consumer Staples | 2.9% |
| Energy | 3.9% |
| Financials | 19.2% |
| Health Care | 10.5% |
| Industrials | 19.3% |
| Information Technology | 13.0% |
| Materials | 4.9% |
| Real Estate | 7.6% |
| 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.** |

---

#### 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

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR118

**Item 2: Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

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

![](tm2519836d5taxmangdi001.jpg)

#### Financial Statements

#### For the six-months ended June 30, 2025

#### Vanguard Tax-Managed Funds<sup>®</sup>
Vanguard Tax-Managed Balanced Fund <br> Vanguard Tax-Managed Capital Appreciation Fund <br> Vanguard Tax-Managed Small-Cap Fund

------

Contents

---

| | |
|:---|:---|
| Tax-Managed Balanced Fund<br>| 1 |
| Tax-Managed Capital Appreciation Fund<br>| 78 |
| Tax-Managed Small-Cap Fund<br>| 100 |

---

------

Tax-Managed Balanced Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 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 (47.6%)** | **Common Stocks (47.6%)** | **Common Stocks (47.6%)** | **Common Stocks (47.6%)** |
| **Basic Materials (0.7%)** | **Basic Materials (0.7%)** | **Basic Materials (0.7%)** | **Basic Materials (0.7%)** |
|  | Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;48859 | &nbsp;&nbsp;&nbsp;&nbsp;22924 |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;141389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129 |
|  | Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732 |
| <sup>\*</sup> | SSR Mining Inc. | &nbsp;&nbsp;435142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544 |
|  | Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 |
| <sup>\*</sup> | MP Materials Corp. | &nbsp;&nbsp;121163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
|  | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 |
|  | Element Solutions Inc. | &nbsp;&nbsp;125347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 |
|  | Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 |
|  | Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;42492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 |
|  | CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 |
|  | Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 |
|  | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 |
|  | Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 |
|  | Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 |
|  | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;18068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 |
|  | Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 |
|  | FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
|  | Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
|  | LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
|  | Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 |
|  | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
|  | Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**71065** |
| **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** |
| <sup>\*</sup> | Amazon.com Inc. | &nbsp;&nbsp;855096 | &nbsp;&nbsp;187600 |
| <sup>\*</sup> | Tesla Inc. | &nbsp;&nbsp;237778 | &nbsp;&nbsp;&nbsp;&nbsp;75533 |
| <sup>\*</sup> | Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47589 | &nbsp;&nbsp;&nbsp;&nbsp;63728 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47508 | &nbsp;&nbsp;&nbsp;&nbsp;47030 |
|  | Walmart Inc. | &nbsp;&nbsp;423199 | &nbsp;&nbsp;&nbsp;&nbsp;41380 |
|  | Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99075 | &nbsp;&nbsp;&nbsp;&nbsp;36325 |
|  | Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp;22022 |
|  | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62436 | &nbsp;&nbsp;&nbsp;&nbsp;18242 |
|  | Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75512 | &nbsp;&nbsp;&nbsp;&nbsp;16754 |
| <sup>\*</sup> | Uber Technologies Inc. | &nbsp;&nbsp;179569 | &nbsp;&nbsp;&nbsp;&nbsp;16754 |
|  | Walt Disney Co. | &nbsp;&nbsp;119059 | &nbsp;&nbsp;&nbsp;&nbsp;14765 |
|  | TJX Cos. Inc. | &nbsp;&nbsp;106628 | &nbsp;&nbsp;&nbsp;&nbsp;13167 |
| <sup>\*</sup> | O'Reilly Automotive Inc. | &nbsp;&nbsp;121545 | &nbsp;&nbsp;&nbsp;&nbsp;10955 |
|  | Starbucks Corp. | &nbsp;&nbsp;105319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 |
| <sup>\*</sup> | Chipotle Mexican Grill Inc. | &nbsp;&nbsp;164600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9242 |
|  | General Motors Co. | &nbsp;&nbsp;180235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 |
|  | Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8249 |
| <sup>\*</sup> | AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773 |
|  | Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;28154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692 |
| <sup>\*</sup> | Copart Inc. | &nbsp;&nbsp;141652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951 |
|  | eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397 |
| <sup>\*</sup> | Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309 |
|  | DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4809 |
|  | NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;67078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4701 |
|  | Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4334 |
|  | Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;39160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 |
| <sup>\*</sup> | NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 |
|  | Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14063 | &nbsp;&nbsp;3341 |
|  | Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;62570 | &nbsp;&nbsp;3302 |
| <sup>\*</sup> | AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16312 | &nbsp;&nbsp;3240 |
| <sup>\*</sup> | United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39143 | &nbsp;&nbsp;3117 |
| <sup>\*</sup> | Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307 | &nbsp;&nbsp;2951 |
|  | PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp;2668 |
|  | Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26967 | &nbsp;&nbsp;2660 |
| <sup>\*</sup> | Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3442 | &nbsp;&nbsp;2641 |
|  | Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22801 | &nbsp;&nbsp;2602 |
|  | Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37140 | &nbsp;&nbsp;2527 |
| <sup>\*</sup> | Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;2502 |
|  | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21819 | &nbsp;&nbsp;2496 |
| <sup>\*</sup> | Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10261 | &nbsp;&nbsp;2492 |
|  | Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14301 | &nbsp;&nbsp;2412 |
|  | Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14178 | &nbsp;&nbsp;2316 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;21777 | &nbsp;&nbsp;2276 |
| <sup>\*</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80800 | &nbsp;&nbsp;2272 |
| <sup>\*</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21738 | &nbsp;&nbsp;2241 |
|  | Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;2233 |
| <sup>\*</sup> | Skechers USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30836 | &nbsp;&nbsp;1946 |
|  | Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;1920 |
| <sup>\*</sup> | Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;26386 | &nbsp;&nbsp;1900 |
|  | News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62267 | &nbsp;&nbsp;1851 |
| <sup>\*</sup> | MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;52646 | &nbsp;&nbsp;1811 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8512 | &nbsp;&nbsp;1684 |
| <sup>\*</sup> | Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8837 | &nbsp;&nbsp;1670 |
|  | Ford Motor Co. | &nbsp;&nbsp;150000 | &nbsp;&nbsp;1628 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;19876 | &nbsp;&nbsp;1618 |
| <sup>\*</sup> | Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11722 | &nbsp;&nbsp;1449 |
| <sup>\*</sup> | Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14366 | &nbsp;&nbsp;1423 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;41498 | &nbsp;&nbsp;1346 |
|  | Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23436 | &nbsp;&nbsp;1322 |
|  | Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11545 | &nbsp;&nbsp;1166 |
|  | U-Haul Holding Co. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;20513 | &nbsp;&nbsp;1115 |
| <sup>\*</sup> | Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;1099 |
|  | Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;94177 | &nbsp;&nbsp;1076 |
| <sup>\*</sup> | Warner Bros Discovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93417 | &nbsp;&nbsp;1071 |
|  | Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13123 | &nbsp;&nbsp;1060 |
| <sup>\*</sup> | Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13773 | &nbsp;&nbsp;1046 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662 | &nbsp;&nbsp;1004 |
| <sup>\*</sup> | Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;1003 |
|  | New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17849 | &nbsp;&nbsp;&nbsp;&nbsp;999 |
|  | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39660 | &nbsp;&nbsp;&nbsp;&nbsp;872 |
|  | Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9533 | &nbsp;&nbsp;&nbsp;&nbsp;847 |
|  | Paramount Global Class A | &nbsp;&nbsp;&nbsp;&nbsp;36211 | &nbsp;&nbsp;&nbsp;&nbsp;831 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;804 |
|  | Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;772 |
| <sup>\*</sup> | CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;766 |
|  | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10090 | &nbsp;&nbsp;&nbsp;&nbsp;692 |
|  | Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp;&nbsp;653 |
|  | Aramark | &nbsp;&nbsp;&nbsp;&nbsp;15458 | &nbsp;&nbsp;&nbsp;&nbsp;647 |
| <sup>\*</sup> | Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17015 | &nbsp;&nbsp;&nbsp;&nbsp;644 |
|  | Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
|  | Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp;528 |
| <sup>\*</sup> | Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33348 | &nbsp;&nbsp;&nbsp;&nbsp;526 |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp;512 |
|  | Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266 | &nbsp;&nbsp;&nbsp;&nbsp;493 |
|  | Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;467 |
| <sup>\*</sup> | Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22950 | &nbsp;&nbsp;&nbsp;&nbsp;453 |
|  | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11243 | &nbsp;&nbsp;&nbsp;&nbsp;416 |
| <sup>\*</sup> | DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 | &nbsp;&nbsp;&nbsp;&nbsp;415 |
| <sup>\*</sup> | Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp;363 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579 | &nbsp;&nbsp;&nbsp;&nbsp;352 |
|  | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;345 |
|  | Lithia Motors Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;342 |
| <sup>\*</sup> | Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15761 | &nbsp;&nbsp;&nbsp;&nbsp;320 |
|  | BorgWarner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;&nbsp;300 |
| <sup>\*</sup> | elf Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;280 |
| <sup>\*</sup> | Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;261 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Live Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| <sup>\*</sup> | Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| <sup>\*</sup> | ROBLOX Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| <sup>\*</sup> | QuantumScape Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
|  | Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 |
|  | Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| <sup>\*</sup> | U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
| <sup>\*</sup> | Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
|  | Copa Holdings SA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
|  | Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
|  | Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| <sup>\*</sup> | Duolingo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
|  | Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
|  | RB Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| <sup>\*</sup> | Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
|  | TKO Group Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
|  | Nexstar Media Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| <sup>\*</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| <sup>\*</sup> | Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
| <sup>\*</sup> | Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| <sup>\*</sup> | Birkenstock Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
|  | Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &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;88 |
|  | Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Live Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
|  | Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  |  |  | &nbsp;&nbsp;**769911** |
| **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** |
|  | Procter & Gamble Co. | &nbsp;&nbsp;239701 | &nbsp;&nbsp;&nbsp;&nbsp;38189 |
|  | Coca-Cola Co. | &nbsp;&nbsp;344600 | &nbsp;&nbsp;&nbsp;&nbsp;24381 |
|  | PepsiCo Inc. | &nbsp;&nbsp;110190 | &nbsp;&nbsp;&nbsp;&nbsp;14550 |
|  | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15695 | &nbsp;&nbsp;&nbsp;&nbsp;11501 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62270 | &nbsp;&nbsp;&nbsp;&nbsp;11341 |
|  | Kroger Co. | &nbsp;&nbsp;143587 | &nbsp;&nbsp;&nbsp;&nbsp;10300 |
|  | Mondelez International Inc. Class A | &nbsp;&nbsp;148238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997 |
| <sup>\*</sup> | Monster Beverage Corp. | &nbsp;&nbsp;132269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 |
| <sup>\*</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089 |
|  | Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;59644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 |
|  | Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 |
|  | Kenvue Inc. | &nbsp;&nbsp;146803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 |
|  | Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 |
| <sup>\*</sup> | Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 |
|  | Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 |
|  | General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 |
|  | Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;14917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 |
| <sup>\*</sup> | US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 |
|  | McCormick & Co. Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;24760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 |
|  | Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 |
|  | Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 |
|  | Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 |
|  | Walgreens Boots Alliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 |
|  | Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 |
|  | J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 |
|  | WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;36784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
|  | Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;21718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| <sup>\*</sup> | Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;10808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
|  | Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| <sup>\*</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| <sup>\*</sup> | Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
|  | Smithfield Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
|  | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
|  |  |  | &nbsp;&nbsp;**194312** |
| **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;355643 | &nbsp;&nbsp;&nbsp;&nbsp;38338 |
|  | Chevron Corp. | &nbsp;&nbsp;135342 | &nbsp;&nbsp;&nbsp;&nbsp;19380 |
|  | ConocoPhillips | &nbsp;&nbsp;165960 | &nbsp;&nbsp;&nbsp;&nbsp;14893 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8202 |
|  | Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7862 |
|  | EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028 |
|  | Devon Energy Corp. | &nbsp;&nbsp;145555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 |
|  | EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345 |
|  | Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 |
|  | Range Resources Corp. | &nbsp;&nbsp;102608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;33078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839 |
|  | Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595 |
|  | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;87771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365 |
|  | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 |
|  | Coterra Energy Inc. | &nbsp;&nbsp;101672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 |
|  | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;93070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897 |
|  | ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 |
|  | Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 |
|  | ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 |
|  | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
|  | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 |
|  | Venture Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
|  | TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
|  | Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
|  | Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
|  | Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
|  | Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
|  | Ovintiv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
|  | NOV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  | Civitas Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  | Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
|  | Vitesse Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  | 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;**152297** |
| **Financials (5.3%)** | **Financials (5.3%)** | **Financials (5.3%)** | **Financials (5.3%)** |
| <sup>\*</sup> | Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;178962 | &nbsp;&nbsp;&nbsp;&nbsp;86934 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;287472 | &nbsp;&nbsp;&nbsp;&nbsp;83341 |
|  | Bank of America Corp. | &nbsp;&nbsp;752129 | &nbsp;&nbsp;&nbsp;&nbsp;35591 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;299159 | &nbsp;&nbsp;&nbsp;&nbsp;23969 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31593 | &nbsp;&nbsp;&nbsp;&nbsp;22360 |
|  | S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38135 | &nbsp;&nbsp;&nbsp;&nbsp;20108 |
|  | Morgan Stanley | &nbsp;&nbsp;142641 | &nbsp;&nbsp;&nbsp;&nbsp;20092 |
|  | Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64645 | &nbsp;&nbsp;&nbsp;&nbsp;17251 |
|  | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39599 | &nbsp;&nbsp;&nbsp;&nbsp;11473 |
|  | Charles Schwab Corp. | &nbsp;&nbsp;122499 | &nbsp;&nbsp;&nbsp;&nbsp;11177 |
|  | Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp;11081 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49821 | &nbsp;&nbsp;&nbsp;&nbsp;10893 |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;27728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892 |
|  | Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9197 |
| <sup>\*</sup> | Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;24014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417 |
|  | Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275 |
|  | Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8226 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Robinhood Markets Inc. Class A | &nbsp;&nbsp;82479 | &nbsp;&nbsp;7723 |
|  | Citigroup Inc. | &nbsp;&nbsp;87168 | &nbsp;&nbsp;7420 |
|  | CME Group Inc. | &nbsp;&nbsp;22295 | &nbsp;&nbsp;6145 |
|  | KKR & Co. Inc. | &nbsp;&nbsp;45775 | &nbsp;&nbsp;6090 |
|  | Aflac Inc. | &nbsp;&nbsp;57474 | &nbsp;&nbsp;6061 |
|  | Allstate Corp. | &nbsp;&nbsp;28622 | &nbsp;&nbsp;5762 |
|  | Pinnacle Financial Partners Inc. | &nbsp;&nbsp;50851 | &nbsp;&nbsp;5615 |
|  | Apollo Global Management Inc. | &nbsp;&nbsp;39215 | &nbsp;&nbsp;5563 |
|  | First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;5429 |
|  | Travelers Cos. Inc. | &nbsp;&nbsp;20181 | &nbsp;&nbsp;5399 |
|  | Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9883 | &nbsp;&nbsp;5275 |
|  | Webster Financial Corp. | &nbsp;&nbsp;90934 | &nbsp;&nbsp;4965 |
|  | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8302 | &nbsp;&nbsp;4788 |
|  | Hartford Insurance Group Inc. | &nbsp;&nbsp;31442 | &nbsp;&nbsp;3989 |
|  | American International Group Inc. | &nbsp;&nbsp;44900 | &nbsp;&nbsp;3843 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;43927 | &nbsp;&nbsp;3826 |
| <sup>\*</sup> | Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;3815 |
|  | Arthur J Gallagher & Co. | &nbsp;&nbsp;10997 | &nbsp;&nbsp;3520 |
|  | PNC Financial Services Group Inc. | &nbsp;&nbsp;18420 | &nbsp;&nbsp;3434 |
|  | Willis Towers Watson plc | &nbsp;&nbsp;11000 | &nbsp;&nbsp;3372 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;37001 | &nbsp;&nbsp;3371 |
|  | Brown & Brown Inc. | &nbsp;&nbsp;28718 | &nbsp;&nbsp;3184 |
|  | W R Berkley Corp. | &nbsp;&nbsp;43309 | &nbsp;&nbsp;3182 |
|  | Raymond James Financial Inc. | &nbsp;&nbsp;17151 | &nbsp;&nbsp;2631 |
|  | Broadridge Financial Solutions Inc. | &nbsp;&nbsp;10218 | &nbsp;&nbsp;2483 |
|  | Wintrust Financial Corp. | &nbsp;&nbsp;19700 | &nbsp;&nbsp;2442 |
|  | East West Bancorp Inc. | &nbsp;&nbsp;23858 | &nbsp;&nbsp;2409 |
|  | Reinsurance Group of America Inc. | &nbsp;&nbsp;11595 | &nbsp;&nbsp;2300 |
|  | Nasdaq Inc. | &nbsp;&nbsp;24069 | &nbsp;&nbsp;2152 |
|  | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;2151 |
|  | Globe Life Inc. | &nbsp;&nbsp;15679 | &nbsp;&nbsp;1949 |
|  | FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4244 | &nbsp;&nbsp;1898 |
|  | Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7696 | &nbsp;&nbsp;1795 |
|  | MetLife Inc. | &nbsp;&nbsp;21340 | &nbsp;&nbsp;1716 |
|  | LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4222 | &nbsp;&nbsp;1583 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;38275 | &nbsp;&nbsp;1574 |
|  | Regions Financial Corp. | &nbsp;&nbsp;66902 | &nbsp;&nbsp;1574 |
| <sup>\*</sup> | Upstart Holdings Inc. | &nbsp;&nbsp;23184 | &nbsp;&nbsp;1500 |
|  | Truist Financial Corp. | &nbsp;&nbsp;34315 | &nbsp;&nbsp;1475 |
|  | Popular Inc. | &nbsp;&nbsp;12967 | &nbsp;&nbsp;1429 |
|  | Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;1402 |
|  | State Street Corp. | &nbsp;&nbsp;13069 | &nbsp;&nbsp;1390 |
|  | Zions Bancorp NA | &nbsp;&nbsp;25709 | &nbsp;&nbsp;1335 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;45667 | &nbsp;&nbsp;1271 |
|  | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;1268 |
|  | Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6939 | &nbsp;&nbsp;1179 |
|  | Jefferies Financial Group Inc. | &nbsp;&nbsp;21416 | &nbsp;&nbsp;1171 |
|  | US Bancorp | &nbsp;&nbsp;24400 | &nbsp;&nbsp;1104 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7091 | &nbsp;&nbsp;1056 |
|  | Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;1039 |
|  | Voya Financial Inc. | &nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;937 |
|  | Commerce Bancshares Inc. | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;933 |
|  | Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;918 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;9913 | &nbsp;&nbsp;&nbsp;&nbsp;891 |
|  | Equitable Holdings Inc. | &nbsp;&nbsp;14088 | &nbsp;&nbsp;&nbsp;&nbsp;790 |
|  | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;9127 | &nbsp;&nbsp;&nbsp;&nbsp;737 |
|  | Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;13260 | &nbsp;&nbsp;&nbsp;&nbsp;735 |
|  | Huntington Bancshares Inc. | &nbsp;&nbsp;41653 | &nbsp;&nbsp;&nbsp;&nbsp;698 |
| <sup>\*</sup> | Brighthouse Financial Inc. | &nbsp;&nbsp;11977 | &nbsp;&nbsp;&nbsp;&nbsp;644 |
|  | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;639 |
|  | Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;602 |
|  | Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp;591 |
|  | SLM Corp. | &nbsp;&nbsp;17179 | &nbsp;&nbsp;&nbsp;&nbsp;563 |
|  | KeyCorp | &nbsp;&nbsp;31818 | &nbsp;&nbsp;&nbsp;&nbsp;554 |
| <sup>\*</sup> | Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;541 |
|  | Lincoln National Corp. | &nbsp;&nbsp;15159 | &nbsp;&nbsp;&nbsp;&nbsp;525 |
|  | Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4712 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp;394 |
|  | Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9254 | &nbsp;&nbsp;&nbsp;&nbsp;361 |
|  | Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6525 | &nbsp;&nbsp;&nbsp;&nbsp;338 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
| <sup>\*</sup> | SoFi Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
|  | XP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| <sup>\*</sup> | NU Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
|  | Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
|  | First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  |  |  | &nbsp;&nbsp;**569143** |
| **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** |
|  | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;84163 | &nbsp;&nbsp;&nbsp;&nbsp;65608 |
|  | AbbVie Inc. | &nbsp;&nbsp;152730 | &nbsp;&nbsp;&nbsp;&nbsp;28350 |
|  | Johnson & Johnson | &nbsp;&nbsp;171888 | &nbsp;&nbsp;&nbsp;&nbsp;26256 |
|  | UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76526 | &nbsp;&nbsp;&nbsp;&nbsp;23874 |
|  | Abbott Laboratories | &nbsp;&nbsp;164134 | &nbsp;&nbsp;&nbsp;&nbsp;22324 |
| <sup>\*</sup> | Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38465 | &nbsp;&nbsp;&nbsp;&nbsp;20902 |
|  | Merck & Co. Inc. | &nbsp;&nbsp;210921 | &nbsp;&nbsp;&nbsp;&nbsp;16697 |
|  | Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40487 | &nbsp;&nbsp;&nbsp;&nbsp;16416 |
| <sup>\*</sup> | Boston Scientific Corp. | &nbsp;&nbsp;144841 | &nbsp;&nbsp;&nbsp;&nbsp;15557 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53330 | &nbsp;&nbsp;&nbsp;&nbsp;14890 |
|  | Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65315 | &nbsp;&nbsp;&nbsp;&nbsp;12902 |
| <sup>\*</sup> | Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27730 | &nbsp;&nbsp;&nbsp;&nbsp;12345 |
|  | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;37282 | &nbsp;&nbsp;&nbsp;&nbsp;12325 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30849 | &nbsp;&nbsp;&nbsp;&nbsp;12205 |
|  | HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27941 | &nbsp;&nbsp;&nbsp;&nbsp;10704 |
|  | Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9039 |
|  | Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8355 |
| <sup>\*</sup> | IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508 |
|  | Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307 |
|  | Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147 |
| <sup>\*</sup> | Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064 |
|  | Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 |
| <sup>\*</sup> | Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 |
|  | ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226 |
| <sup>\*</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 |
| <sup>\*</sup> | IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 |
| <sup>\*</sup> | Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 |
| <sup>\*</sup> | Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738 |
| <sup>\*</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 |
| <sup>\*</sup> | Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 |
|  | GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 |
| <sup>\*</sup> | DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688 |
|  | Pfizer Inc. | &nbsp;&nbsp;108321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 |
|  | Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 |
|  | Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 |
|  | Organon & Co. | &nbsp;&nbsp;225683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 |
| <sup>\*</sup> | Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 |
| <sup>\*</sup> | Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 |
| <sup>\*</sup> | Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 |
| <sup>\*</sup> | Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 |
| <sup>\*</sup> | Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;36160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 |
| <sup>\*</sup> | Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 |
| <sup>\*</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 |
| <sup>\*</sup> | GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 |
| <sup>\*</sup> | Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 |
| <sup>\*</sup> | Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 |
| <sup>\*</sup> | Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 |
|  | Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398 |
| <sup>\*</sup> | Elanco Animal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 |
| <sup>\*</sup> | Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 |
|  | Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 |
| <sup>\*</sup> | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 |
| <sup>\*</sup> | Revolution Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
|  | STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 |
| <sup>\*</sup> | QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;22843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 |
| <sup>\*</sup> | Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Novocure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 |
|  | West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 |
| <sup>\*</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 |
|  | Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
|  | Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
| <sup>\*</sup> | Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 |
| <sup>\*</sup> | Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 |
|  | Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 |
| <sup>\*</sup> | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 |
|  | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
|  | Viatris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |
| <sup>\*</sup> | Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| <sup>\*</sup> | Viking Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |
| <sup>\*</sup> | Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 |
| <sup>\*</sup> | Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| <sup>\*</sup> | Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
| <sup>\*</sup> | Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
|  | Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| <sup>\*</sup> | 10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| <sup>\*</sup> | Certara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
|  | Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| <sup>\*</sup> | Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
|  | Premier Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| <sup>\*</sup> | Tandem Diabetes Care Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
| <sup>\*</sup> | Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| <sup>\*</sup> | Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
|  | Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| <sup>\*</sup> | Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  |  |  | &nbsp;&nbsp;**444753** |
| **Industrials (6.2%)** | **Industrials (6.2%)** | **Industrials (6.2%)** | **Industrials (6.2%)** |
|  | Visa Inc. Class A | &nbsp;&nbsp;155425 | &nbsp;&nbsp;&nbsp;&nbsp;55184 |
|  | Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;81186 | &nbsp;&nbsp;&nbsp;&nbsp;45622 |
|  | GE Aerospace | &nbsp;&nbsp;105976 | &nbsp;&nbsp;&nbsp;&nbsp;27277 |
|  | American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;63198 | &nbsp;&nbsp;&nbsp;&nbsp;20159 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93454 | &nbsp;&nbsp;&nbsp;&nbsp;19883 |
|  | Howmet Aerospace Inc. | &nbsp;&nbsp;105166 | &nbsp;&nbsp;&nbsp;&nbsp;19575 |
|  | Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46357 | &nbsp;&nbsp;&nbsp;&nbsp;17996 |
|  | Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;57231 | &nbsp;&nbsp;&nbsp;&nbsp;17106 |
|  | Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;32002 | &nbsp;&nbsp;&nbsp;&nbsp;16273 |
|  | RTX Corp. | &nbsp;&nbsp;110212 | &nbsp;&nbsp;&nbsp;&nbsp;16093 |
|  | GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26836 | &nbsp;&nbsp;&nbsp;&nbsp;14200 |
|  | Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59043 | &nbsp;&nbsp;&nbsp;&nbsp;13585 |
|  | Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55375 | &nbsp;&nbsp;&nbsp;&nbsp;12896 |
|  | Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;32455 | &nbsp;&nbsp;&nbsp;&nbsp;11586 |
|  | Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30220 | &nbsp;&nbsp;&nbsp;&nbsp;11426 |
| <sup>\*</sup> | Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;49464 | &nbsp;&nbsp;&nbsp;&nbsp;10364 |
|  | Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;29760 | &nbsp;&nbsp;&nbsp;&nbsp;10218 |
|  | Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9663 |
|  | TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9557 |
|  | Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9525 |
|  | Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;21310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9321 |
| <sup>\*</sup> | Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9287 |
|  | United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8564 |
|  | AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7253 |
|  | Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;25908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6757 |
| <sup>\*</sup> | PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6628 |
|  | Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6422 |
|  | Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;48088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412 |
|  | Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6053 |
|  | CSX Corp. | &nbsp;&nbsp;182670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 |
|  | Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486 |
| <sup>\*</sup> | Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 |
|  | PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14147 | &nbsp;&nbsp;4407 |
|  | HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17003 | &nbsp;&nbsp;4400 |
|  | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18636 | &nbsp;&nbsp;4236 |
| <sup>\*</sup> | Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | &nbsp;&nbsp;4084 |
|  | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;35745 | &nbsp;&nbsp;4034 |
|  | Ingersoll Rand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48482 | &nbsp;&nbsp;4033 |
|  | BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27902 | &nbsp;&nbsp;4020 |
|  | Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18979 | &nbsp;&nbsp;3836 |
|  | General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13091 | &nbsp;&nbsp;3818 |
| <sup>\*</sup> | Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;3666 |
|  | L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;3512 |
|  | Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13260 | &nbsp;&nbsp;3439 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10093 | &nbsp;&nbsp;3353 |
| <sup>\*</sup> | Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517 | &nbsp;&nbsp;3339 |
|  | Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25125 | &nbsp;&nbsp;3250 |
| <sup>\*</sup> | Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19597 | &nbsp;&nbsp;3211 |
|  | Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19242 | &nbsp;&nbsp;3123 |
| <sup>\*</sup> | Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;3062 |
|  | Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;3035 |
|  | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;45220 | &nbsp;&nbsp;3018 |
| <sup>\*</sup> | Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20834 | &nbsp;&nbsp;3000 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30145 | &nbsp;&nbsp;2985 |
|  | Amcor plc | &nbsp;&nbsp;314599 | &nbsp;&nbsp;2891 |
|  | ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18189 | &nbsp;&nbsp;2853 |
|  | Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;26690 | &nbsp;&nbsp;2819 |
|  | Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569 | &nbsp;&nbsp;2806 |
|  | WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;2790 |
|  | Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;2683 |
|  | 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;2573 |
|  | Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22863 | &nbsp;&nbsp;2354 |
|  | Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28267 | &nbsp;&nbsp;2262 |
|  | Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21772 | &nbsp;&nbsp;2198 |
| <sup>\*</sup> | Affirm Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30321 | &nbsp;&nbsp;2096 |
|  | Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;2058 |
| <sup>\*</sup> | Block Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30049 | &nbsp;&nbsp;2041 |
| <sup>\*</sup> | XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16075 | &nbsp;&nbsp;2030 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;87377 | &nbsp;&nbsp;2012 |
|  | Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9034 | &nbsp;&nbsp;1937 |
|  | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15396 | &nbsp;&nbsp;1856 |
|  | IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10462 | &nbsp;&nbsp;1837 |
|  | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;13326 | &nbsp;&nbsp;1833 |
| <sup>\*</sup> | Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23721 | &nbsp;&nbsp;1802 |
|  | Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396 | &nbsp;&nbsp;1762 |
|  | Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;12151 | &nbsp;&nbsp;1751 |
|  | Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30525 | &nbsp;&nbsp;1712 |
|  | A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25732 | &nbsp;&nbsp;1687 |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810 | &nbsp;&nbsp;1614 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8440 | &nbsp;&nbsp;1591 |
|  | Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396 | &nbsp;&nbsp;1544 |
| <sup>\*</sup> | Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647 | &nbsp;&nbsp;1542 |
|  | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;16844 | &nbsp;&nbsp;1482 |
|  | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12558 | &nbsp;&nbsp;1426 |
|  | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13710 | &nbsp;&nbsp;1414 |
|  | Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26801 | &nbsp;&nbsp;1397 |
|  | United Parcel Service Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;1373 |
|  | Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16317 | &nbsp;&nbsp;1328 |
|  | JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852 | &nbsp;&nbsp;1271 |
|  | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010 | &nbsp;&nbsp;1258 |
|  | Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;1245 |
| <sup>\*</sup> | Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp;1202 |
|  | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;1190 |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 | &nbsp;&nbsp;1107 |
|  | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16189 | &nbsp;&nbsp;1042 |
|  | Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;1036 |
|  | WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557 | &nbsp;&nbsp;1029 |
|  | Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18967 | &nbsp;&nbsp;1028 |
|  | Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945 | &nbsp;&nbsp;&nbsp;&nbsp;967 |
|  | RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp;&nbsp;&nbsp;932 |
|  | Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;13011 | &nbsp;&nbsp;&nbsp;&nbsp;920 |
|  | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;12191 | &nbsp;&nbsp;&nbsp;&nbsp;893 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 |
|  | AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 |
|  | Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 |
|  | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 |
|  | Air Lease Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |
|  | DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
|  | Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |
|  | Fortune Brands Innovations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |
|  | Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 |
|  | Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 |
| <sup>\*</sup> | GXO Logistics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
|  | Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
|  | Knight-Swift Transportation Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
|  | Hubbell Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  | CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| <sup>\*</sup> | Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
|  | Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
|  | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 |
|  | HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
|  | MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 |
|  | Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
|  | Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;14921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 |
| <sup>\*</sup> | AZEK Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
|  | Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| <sup>\*</sup> | Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 |
| <sup>\*</sup> | Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
|  | Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |
| <sup>\*</sup> | Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
|  | Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
|  | Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| <sup>\*</sup> | MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| <sup>\*</sup> | API Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| <sup>\*</sup> | Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
|  | Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
|  | Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| <sup>\*</sup> | StandardAero Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
|  | Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
|  | MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| <sup>\*</sup> | NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
|  | Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| <sup>\*</sup> | Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| <sup>\*</sup> | Axalta Coating Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  | PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  | Atmus Filtration Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
|  |  |  | &nbsp;&nbsp;**665009** |
| **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** |
| <sup>1</sup> | Vanguard Tax-Exempt Bond Index ETF | &nbsp;&nbsp;114200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599 |
| **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |
|  | American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52349 | &nbsp;&nbsp;&nbsp;&nbsp;11570 |
|  | Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97069 | &nbsp;&nbsp;&nbsp;&nbsp;10204 |
| <sup>\*</sup> | CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;58860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247 |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7827 |
|  | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155 |
|  | Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386 |
|  | Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799 |
| <sup>\*</sup> | NET Lease Office Properties | &nbsp;&nbsp;124954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067 |
|  | Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;12156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567 |
| <sup>\*</sup> | CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419 |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;208243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 |
|  | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 |
| <sup>\*</sup> | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 |
| <sup>\*</sup> | Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 |
| <sup>\*</sup> | Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
|  | Medical Properties Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 |
|  | Ventas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 |
| <sup>\*</sup> | Seaport Entertainment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
|  | EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 |
|  | Invitation Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
|  | EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
|  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
|  | Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
|  | VICI Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
|  | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
|  | Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
|  | Omega Healthcare Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
|  | Cousins Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
|  | 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;126 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
|  | CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  |  |  | &nbsp;&nbsp;**112060** |
| **Technology (17.6%)** | **Technology (17.6%)** | **Technology (17.6%)** | **Technology (17.6%)** |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;688439 | &nbsp;&nbsp;342436 |
|  | NVIDIA Corp. | &nbsp;&nbsp;2160279 | &nbsp;&nbsp;341302 |
|  | Apple Inc. | &nbsp;&nbsp;1342370 | &nbsp;&nbsp;275414 |
|  | Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;214693 | &nbsp;&nbsp;158463 |
|  | Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369854 | &nbsp;&nbsp;101950 |
|  | Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;512806 | &nbsp;&nbsp;&nbsp;&nbsp;90372 |
|  | Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;505280 | &nbsp;&nbsp;&nbsp;&nbsp;89632 |
|  | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164804 | &nbsp;&nbsp;&nbsp;&nbsp;36031 |
| <sup>\*</sup> | Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;197923 | &nbsp;&nbsp;&nbsp;&nbsp;26981 |
| <sup>\*</sup> | Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153479 | &nbsp;&nbsp;&nbsp;&nbsp;21779 |
|  | Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26922 | &nbsp;&nbsp;&nbsp;&nbsp;21205 |
|  | Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74822 | &nbsp;&nbsp;&nbsp;&nbsp;20403 |
| <sup>\*</sup> | ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18710 | &nbsp;&nbsp;&nbsp;&nbsp;19235 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61168 | &nbsp;&nbsp;&nbsp;&nbsp;18031 |
|  | QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108410 | &nbsp;&nbsp;&nbsp;&nbsp;17265 |
|  | Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92312 | &nbsp;&nbsp;&nbsp;&nbsp;16900 |
|  | Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130723 | &nbsp;&nbsp;&nbsp;&nbsp;16112 |
|  | Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75340 | &nbsp;&nbsp;&nbsp;&nbsp;15642 |
| <sup>\*</sup> | Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40383 | &nbsp;&nbsp;&nbsp;&nbsp;15623 |
|  | Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138384 | &nbsp;&nbsp;&nbsp;&nbsp;13470 |
|  | Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134783 | &nbsp;&nbsp;&nbsp;&nbsp;13310 |
| <sup>\*</sup> | Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57165 | &nbsp;&nbsp;&nbsp;&nbsp;11698 |
| <sup>\*</sup> | Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33815 | &nbsp;&nbsp;&nbsp;&nbsp;10420 |
|  | KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9721 |
| <sup>\*</sup> | Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833 |
|  | Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8274 |
|  | Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8089 |
| <sup>\*</sup> | Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29042 | &nbsp;&nbsp;6838 |
| <sup>\*</sup> | Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60810 | &nbsp;&nbsp;6429 |
| <sup>\*</sup> | Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29243 | &nbsp;&nbsp;5727 |
|  | Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40907 | &nbsp;&nbsp;5253 |
| <sup>\*</sup> | MicroStrategy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12692 | &nbsp;&nbsp;5130 |
| <sup>\*</sup> | AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14084 | &nbsp;&nbsp;4931 |
|  | Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62986 | &nbsp;&nbsp;4875 |
| <sup>\*</sup> | Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8991 | &nbsp;&nbsp;4579 |
|  | Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;35490 | &nbsp;&nbsp;4351 |
|  | Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59555 | &nbsp;&nbsp;3811 |
| <sup>\*</sup> | ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71042 | &nbsp;&nbsp;3723 |
|  | Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68131 | &nbsp;&nbsp;3583 |
| <sup>\*</sup> | Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596 | &nbsp;&nbsp;3475 |
| <sup>\*</sup> | GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17857 | &nbsp;&nbsp;3215 |
| <sup>\*</sup> | Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;2986 |
|  | Intel Corp. | &nbsp;&nbsp;129931 | &nbsp;&nbsp;2910 |
| <sup>\*</sup> | Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9048 | &nbsp;&nbsp;2841 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;137935 | &nbsp;&nbsp;2821 |
|  | VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;2672 |
|  | Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;34096 | &nbsp;&nbsp;2661 |
| <sup>\*</sup> | Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20340 | &nbsp;&nbsp;2592 |
| <sup>\*</sup> | ANSYS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069 | &nbsp;&nbsp;2483 |
|  | Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34772 | &nbsp;&nbsp;2447 |
|  | HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99873 | &nbsp;&nbsp;2443 |
|  | Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10210 | &nbsp;&nbsp;2227 |
|  | Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;2220 |
| <sup>\*</sup> | Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;34164 | &nbsp;&nbsp;1967 |
| <sup>\*</sup> | DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7556 | &nbsp;&nbsp;1863 |
| <sup>\*</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10669 | &nbsp;&nbsp;1839 |
|  | Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19532 | &nbsp;&nbsp;1756 |
| <sup>\*</sup> | F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;1729 |
| <sup>\*</sup> | Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;1714 |
|  | CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857 | &nbsp;&nbsp;1582 |
| <sup>\*</sup> | Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36092 | &nbsp;&nbsp;1514 |
| <sup>\*</sup> | Super Micro Computer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30327 | &nbsp;&nbsp;1486 |
| <sup>\*</sup> | Atlassian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 | &nbsp;&nbsp;1469 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078 | &nbsp;&nbsp;1467 |
| <sup>\*</sup> | Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;18189 | &nbsp;&nbsp;1390 |
|  | Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24802 | &nbsp;&nbsp;1343 |
| <sup>\*</sup> | Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | &nbsp;&nbsp;1304 |
|  | NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12003 | &nbsp;&nbsp;1279 |
| <sup>\*</sup> | Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14118 | &nbsp;&nbsp;1259 |
| <sup>\*</sup> | Informatica Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;45054 | &nbsp;&nbsp;1097 |
| <sup>\*</sup> | Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 | &nbsp;&nbsp;1069 |
| <sup>\*</sup> | Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21779 | &nbsp;&nbsp;&nbsp;&nbsp;988 |
| <sup>\*</sup> | MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;927 |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10869 | &nbsp;&nbsp;&nbsp;&nbsp;923 |
| <sup>\*</sup> | Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11367 | &nbsp;&nbsp;&nbsp;&nbsp;907 |
|  | Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp;&nbsp;844 |
| <sup>\*</sup> | Snowflake Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 | &nbsp;&nbsp;&nbsp;&nbsp;825 |
| <sup>\*</sup> | Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16402 | &nbsp;&nbsp;&nbsp;&nbsp;742 |
|  | Gen Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24339 | &nbsp;&nbsp;&nbsp;&nbsp;716 |
|  | Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp;614 |
|  | Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19384 | &nbsp;&nbsp;&nbsp;&nbsp;599 |
| <sup>\*</sup> | HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
|  | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp;552 |
|  | Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| <sup>\*</sup> | Dynatrace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133 | &nbsp;&nbsp;&nbsp;&nbsp;504 |
| <sup>\*</sup> | Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969 | &nbsp;&nbsp;&nbsp;&nbsp;359 |
| <sup>\*</sup> | Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9806 | &nbsp;&nbsp;&nbsp;&nbsp;352 |
| <sup>\*</sup> | MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;343 |
| <sup>\*</sup> | Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694 | &nbsp;&nbsp;&nbsp;&nbsp;331 |
| <sup>\*</sup> | Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| <sup>\*</sup> | IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299 | &nbsp;&nbsp;&nbsp;&nbsp;295 |
|  | Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13873 | &nbsp;&nbsp;&nbsp;&nbsp;291 |
|  | Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| <sup>\*</sup> | Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11745 | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| <sup>\*</sup> | nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711 | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| <sup>\*</sup> | UiPath Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20668 | &nbsp;&nbsp;&nbsp;&nbsp;265 |
| <sup>\*</sup> | NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20995 | &nbsp;&nbsp;&nbsp;&nbsp;246 |

---

------

Tax-Managed Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| <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;235 |
|  | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
|  | SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| <sup>\*</sup> | Angi Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| <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;157 |
| <sup>\*</sup> | ZoomInfo Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| <sup>\*</sup> | Clarivate plc | &nbsp;&nbsp;&nbsp;&nbsp;27684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| <sup>\*</sup> | Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
|  | 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;91 |
|  | 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;71 |
| <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 |
|  |  |  | **1875957** |
| **Telecommunications (0.9%)** | **Telecommunications (0.9%)** | **Telecommunications (0.9%)** | **Telecommunications (0.9%)** |
|  | Cisco Systems Inc. | &nbsp;&nbsp;324189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22492 |
|  | T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18819 |
| <sup>\*</sup> | Arista Networks Inc. | &nbsp;&nbsp;134016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13711 |
|  | AT&T Inc. | &nbsp;&nbsp;343396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938 |
|  | Comcast Corp. Class A | &nbsp;&nbsp;220236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860 |
|  | Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6466 |
| <sup>\*</sup> | Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914 |
|  | Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 |
| <sup>\*</sup> | Frontier Communications Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 |
| <sup>\*</sup> | Liberty Global Ltd. Class C | &nbsp;&nbsp;109669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
| <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;746 |
| <sup>\*</sup> | Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
| <sup>\*</sup> | Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 |
| <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;259 |
| <sup>\*</sup> | Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 |
|  | Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| <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;**91519** |
| **Utilities (1.2%)** | **Utilities (1.2%)** | **Utilities (1.2%)** | **Utilities (1.2%)** |
|  | NextEra Energy Inc. | &nbsp;&nbsp;199740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13866 |
|  | Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13431 |
|  | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318 |
|  | Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;98422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038 |
|  | DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;58745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7781 |
|  | Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 |
| <sup>\*</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328 |
|  | Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7053 |
|  | Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5821 |
|  | NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316 |
|  | Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 |
|  | Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 |
|  | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;51796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 |
|  | PG&E Corp. | &nbsp;&nbsp;236802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301 |
|  | Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 |
|  | WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 |
|  | American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 |
|  | Xcel Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 |
|  | Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 |
|  | NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 |
|  | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
|  | Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 |
|  | CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
|  | Essential Utilities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 |
|  | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;14039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 |
|  | OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
|  | Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
|  | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 |
|  | AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
|  | Dominion Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
|  | Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |

---

------

Tax-Managed Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | 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;79 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**131564** |
| **Total Common Stocks (Cost $1,149,430)** | **Total Common Stocks (Cost $1,149,430)** | **Total Common Stocks (Cost $1,149,430)** | **Total Common Stocks (Cost $1,149,430)** | **Total Common Stocks (Cost $1,149,430)** | **5083189** |
|  |  | Coupon | &nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) |  |
| **Tax-Exempt Municipal Bonds (53.2%)** | **Tax-Exempt Municipal Bonds (53.2%)** | **Tax-Exempt Municipal Bonds (53.2%)** | **Tax-Exempt Municipal Bonds (53.2%)** | **Tax-Exempt Municipal Bonds (53.2%)** | **Tax-Exempt Municipal Bonds (53.2%)** |
| **Alabama (2.0%)** | **Alabama (2.0%)** | **Alabama (2.0%)** | **Alabama (2.0%)** | **Alabama (2.0%)** | **Alabama (2.0%)** |
|  | Alabama Housing Finance Authority Multifamily Revenue (Cooper Green Homes Project) | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 |
|  | Alabama State Corrections Institution Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 |
|  | Alabama State Public School & College Authority Tax-Exempt Capital Improvement & Refunding Bonds Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 |
| <sup>3</sup> | Alabama State University General Tuition Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  | Auburn AL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 |
|  | Auburn AL University General Fee Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;3315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726 |
|  | Birmingham-Jefferson AL Civic Center Authority Special Tax Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 |
|  | Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/28 | &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 PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;6705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4778 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;14265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15001 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11218 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;11415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12018 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;5430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 7) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
| <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;2.270% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701 |
|  | Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 8) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 |
| <sup>5</sup> | Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/27 | &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;12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 |
|  | Energy Southeast AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5851 |
|  | Homewood AL Educational Building Authority Lease Revenue (Samford University) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 |
|  | Huntsville AL Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &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;5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 |
|  | Huntsville AL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 |
|  | Huntsville AL Health Care Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 |
|  | Huntsville AL Health Care Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 |
|  | Huntsville AL Health Care Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 |
|  | Jefferson County AL Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
| <sup>5,6</sup> | Jefferson County AL Revenue TOB VRDO | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
|  | Lower AL Gas District Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 |
|  | Lower AL Gas District Gas Project Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
|  | Mobile AL Industrial Development Board Pollution Control Revenue (Barry Plant Project) PUT | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;6/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | Montgomery AL GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
|  | Montgomery AL GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
|  | Orange Beach AL Water Sewer & Fire Protection Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408 |
|  | Pell City AL Special Care Facilities Financing Authority Revenue (Noland Health Services Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 |
|  | Selma AL Industrial Development Board Revenue (International Paper Co. Project) | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |
|  | Southeast Alabama Gas Supply District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
|  | Southeast Alabama Gas Supply District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | Southeast Alabama Gas Supply District Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264 |
|  | Southeast Alabama Gas Supply District Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 |
|  | Southeast Energy Authority AL Commodity Supply Revenue (Project No. 3) PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 |

---

------

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) |
|  | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 1) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 |
|  | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 4) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 |
|  | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 5) PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;9730 | &nbsp;&nbsp;&nbsp;&nbsp;10206 |
| <sup>5</sup> | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 6) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 |
|  | Southeast Energy Authority AL Cooperative District Energy Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;8495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 |
|  | Southeast Energy Authority AL Cooperative District Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;8085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691 |
|  | Tuscaloosa AL City Board of Education School Tax Warrants Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 |
|  | Tuscaloosa AL City Board of Education School Tax Warrants Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | University of Alabama General Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 |
| <sup>3</sup> | University of South Alabama University Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 |
| <sup>3</sup> | Walker County AL Board of Education School Special Tax | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
|  | West Jefferson AL Industrial Development Board Pollution Control Revenue | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 |
|  |  |  |  |  | &nbsp;&nbsp;**217986** |
| **Alaska (0.2%)** | **Alaska (0.2%)** | **Alaska (0.2%)** | **Alaska (0.2%)** | **Alaska (0.2%)** | **Alaska (0.2%)** |
|  | Alaska GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | Alaska GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |
|  | Alaska Housing Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 |
|  | Alaska Housing Finance Corp. State Capital Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 |
|  | Alaska Housing Finance Corp. State Capital Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 |
|  | Alaska Municipal Bond Bank Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 |
| <sup>7</sup> | Alaska State International Airports System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 |
|  | Municipality of Anchorage GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 |
|  | Municipality of Anchorage GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 |
|  | North Slope Borough Alaska GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 |
|  | Northern Tobacco Securitization Corp. AK Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
|  | Northern Tobacco Securitization Corp. AK Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**17890** |
| **Arizona (0.8%)** | **Arizona (0.8%)** | **Arizona (0.8%)** | **Arizona (0.8%)** | **Arizona (0.8%)** | **Arizona (0.8%)** |
|  | Arizona Board of Regents Arizona State University System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 |
|  | Arizona Board of Regents Arizona State University System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 |
|  | Arizona Board of Regents Arizona State University System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | Arizona COP ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 |
|  | Arizona Excise Taxes Obligations Revenue | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 |
|  | Arizona Excise Taxes Obligations Revenue | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 |
| <sup>5</sup> | Arizona Health Facilities Authority Revenue (Banner Health) VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 |
|  | Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 |
| <sup>6</sup> | Arizona Industrial Development Authority Hospital Revenue (Navajo Health) | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| <sup>5,6</sup> | Arizona Industrial Development Authority Multifamily Housing Revenue TOB VRDO | &nbsp;&nbsp;4.170% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;11350 | &nbsp;&nbsp;&nbsp;&nbsp;11350 |
|  | Arizona Industrial Development Authority Multifamily Revenue (Hacienda Del Rio Project) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
| <sup>6,8</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| <sup>6,8</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| <sup>6,8</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| <sup>6,8</sup> | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
|  | Arizona Industrial Development Authority Revenue (Greathearts Arizona Projects) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
| <sup>9</sup> | Arizona Industrial Development Authority Student Housing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 |
| <sup>9</sup> | Arizona Sports & Tourism Authority Revenue (Multipurpose Stadium Facility Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 |
|  | Arizona State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 |
|  | Arizona State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Arizona State University Revenue (McAllister Academic Village LLC) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 |
|  | Coconino AZ County Pollution Control Corp. Revenue PUT | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | Gilbert AZ Water Resource Municipal Property Corp. Utility System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351 |
|  | Glendale AZ Industrial Development Authority Revenue (Midwestern University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 |
|  | La Paz County AZ Industrial Development Authority Education Facility Lease Revenue (Harmony Public Schools Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
|  | Marana AZ Pledged Excise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| <sup>6</sup> | Maricopa County AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Projects) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |
|  | Maricopa County AZ Industrial Development Authority Hospital Revenue (Banner Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 |
|  | Maricopa County AZ Industrial Development Authority Hospital Revenue (Honor Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633 |
|  | Maricopa County AZ Industrial Development Authority Revenue (Banner Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 |

---

------

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) |
|  | Maricopa County AZ Pollution Control Corp. Revenue (Southern California Edison Co.) | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
|  | Maricopa County AZ Pollution Control Corp. Revenue (Verde Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/29 | &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;10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 |
|  | Mesa AZ GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;2685 |
| <sup>3</sup> | Mesa AZ Utility Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1898 |
|  | Phoenix AZ Civic Improvement Corp. Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1039 |
| <sup>10</sup> | Phoenix AZ Civic Improvement Corp. Distribution Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1131 |
| <sup>10</sup> | Phoenix AZ Civic Improvement Corp. Distribution Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1407 |
|  | Phoenix AZ Civic Improvement Corp. Excise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2089 |
|  | Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;2016 |
|  | Phoenix AZ Civic Improvement Corp. Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;1926 |
|  | Phoenix AZ GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1682 |
| <sup>6</sup> | Phoenix AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 |
|  | Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &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;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;1553 |
|  | Pima County AZ Industrial Development Authority Revenue (Tucson Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 |
| <sup>3</sup> | Pima County AZ Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1227 |
| <sup>3</sup> | Pima County AZ Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
| <sup>3</sup> | Pima County AZ Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 |
|  | Salt River Projects Arizona Agricultural Improvement & Power District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &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;1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;1400 |
|  | Salt River Projects Arizona Agricultural Improvement & Power District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
|  | Salt River Projects Arizona Agricultural Improvement & Power District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1042 |
|  | Salt Verde AZ Financial Corp. Gas Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2554 |
|  | Salt Verde AZ Financial Corp. Gas Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
|  | Salt Verde AZ Financial Corp. Gas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
|  | Yuma AZ Industrial Development Authority Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  |  |  |  |  | &nbsp;&nbsp;**81142** |
| **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;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2086 |
|  | Arkansas Development Finance Authority Hospital Revenue (Washington Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
|  | Bentonville AR Sales & Use Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
|  | El Dorado AR School District No. 15 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;1404 |
|  | El Dorado AR School District No. 15 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp;2940 |
|  | Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1099 |
|  | Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
|  | Springdale AR School District No. 50 GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 |
|  |  |  |  |  | &nbsp;&nbsp;**10046** |
| **California (4.2%)** | **California (4.2%)** | **California (4.2%)** | **California (4.2%)** | **California (4.2%)** | **California (4.2%)** |
| <sup>3</sup> | ABAG Finance Authority for Nonprofit Corps. California Revenue (Windemere Ranch Infrastructure Financing Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/2/30 | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;1189 |
|  | Alameda CA Corridor Transportation Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1010 |
| <sup>3</sup> | Alhambra CA Unified School District Elementary Improvement District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 |
|  | Antelope Valley CA Community College District Election GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
|  | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1989 |
|  | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 |
| <sup>11</sup> | Brea CA Redevelopment Agency Tax Allocation Bonds (Redevelopment Project AB) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp;3777 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;7330 | &nbsp;&nbsp;&nbsp;&nbsp;7714 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;1447 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;8340 | &nbsp;&nbsp;&nbsp;&nbsp;8704 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;8478 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp;3919 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp;5868 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp;2793 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;6975 | &nbsp;&nbsp;&nbsp;&nbsp;7350 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;4865 | &nbsp;&nbsp;&nbsp;&nbsp;5020 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;10636 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp;3302 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;4427 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;4340 | &nbsp;&nbsp;&nbsp;&nbsp;4610 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;12265 | &nbsp;&nbsp;12671 |

---

------

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 Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/33 | &nbsp;&nbsp;9430 | &nbsp;&nbsp;10109 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;4470 | &nbsp;&nbsp;&nbsp;&nbsp;4613 |
|  | California Community Choice Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;7205 | &nbsp;&nbsp;&nbsp;&nbsp;7650 |
|  | California Educational Facilities Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1030 |
|  | California GO | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;1542 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;1833 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5550 |
|  | California GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1687 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1124 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2679 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;1849 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &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;9/1/33 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2007 |
|  | California GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp;2620 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;2107 |
|  | California GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;1714 |
|  | California GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5262 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1366 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1361 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2642 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp;3661 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1056 |
|  | California GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/44 | &nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp;2155 |
|  | California GO Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  | California GO Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
|  | California Health Facilities Financing Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5434 |
|  | California Health Facilities Financing Authority Revenue (Adventist Health System/West) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1055 |
|  | California Health Facilities Financing Authority Revenue (Adventist Health System/West) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2174 |
|  | California Health Facilities Financing Authority Revenue (Adventist Health System/West) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | California Health Facilities Financing Authority Revenue (Common Spirit Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 |
|  | California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
| <sup>7</sup> | California Health Facilities Financing Authority Revenue (Providence St. Joseph Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1514 |
| <sup>7</sup> | California Health Facilities Financing Authority Revenue (Providence St. Joseph Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;1818 |
|  | California Health Facilities Financing Authority Revenue (Sutter Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | California Housing Finance Agency Ltd. Multifamily Revenue | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | California Housing Finance Agency Ltd. Multifamily Revenue | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/20/33 | &nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp;3155 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3/25/35 | &nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;&nbsp;2460 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;11/20/35 | &nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;1308 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;8/20/36 | &nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp;2900 |
|  | California Housing Finance Agency Municipal Certificates Revenue | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;9/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
| <sup>12</sup> | California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges Seismic Retrofit) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
|  | California Infrastructure & Economic Development Bank Revenue (Clinical & Life Sciences Building) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1444 |
|  | California Infrastructure & Economic Development Bank Revenue (County Museum of Art Project) PUT | &nbsp;&nbsp;1.200% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |
|  | California Infrastructure & Economic Development Bank Revenue (J. Paul Getty Trust) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;6560 | &nbsp;&nbsp;&nbsp;&nbsp;6718 |
|  | California Municipal Finance Authority Multifamily Tax-Exempt Bonds Revenue (Terry Manor Apartments) | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 |
| <sup>6</sup> | California Public Finance Authority Senior Living Revenue | &nbsp;&nbsp;6.200% | &nbsp;&nbsp;6/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 |
|  | California State Department of Water Resources Central Valley Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp;6107 |
|  | California State Public Works Board Lease Revenue (May Lee State Office Complex) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1033 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1079 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1108 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 |
|  | California State Public Works Board Lease Revenue (Various Capital Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1113 |

---

------

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 Statewide Communities Development Authority Pollution Control Revenue (Southern Edison Co.) | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;902 |
|  | California Statewide Communities Development Authority Pollution Control Revenue (Southern Edison Co.) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;511 |
| <sup>6</sup> | California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;406 |
|  | Central CA Valley Energy Authority Commodity Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;5405 | &nbsp;&nbsp;5761 |
| <sup>3</sup> | Chino CA Public Financing Authority Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;803 |
|  | Chino Valley Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;487 |
| <sup>6</sup> | CSCDA Community Improvement Authority Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;12/1/46 | &nbsp;&nbsp;1435 | &nbsp;&nbsp;1103 |
| <sup>6</sup> | CSCDA Community Improvement Authority Revenue | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;643 |
| <sup>6</sup> | CSCDA Community Improvement Authority Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;405 |
|  | East Bay CA Municipal Utility District Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1148 |
|  | Fairfield-Suisun CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1807 |
|  | Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue | &nbsp;&nbsp;6.200% | &nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;1553 |
| <sup>11</sup> | Golden State Tobacco Securitization Corp. California Revenue ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;2070 | &nbsp;&nbsp;1968 |
|  | Inglewood CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;712 |
|  | Los Angeles CA Department of Airports International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2185 |
|  | Los Angeles CA Department of Airports International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;574 |
|  | Los Angeles CA Department of Airports International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1064 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;637 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &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;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;388 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &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;7/1/27 | &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;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;161 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &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;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;736 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &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;7/1/28 | &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;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;189 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;2230 | &nbsp;&nbsp;2344 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &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;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;449 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;307 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;713 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;521 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &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;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;322 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;296 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &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;7/1/29 | &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;7/1/29 | &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;7/1/29 | &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;7/1/29 | &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;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;421 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;176 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;282 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;763 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;436 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1207 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;179 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &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;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &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;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;204 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;1646 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;884 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;290 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &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;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |

---

------

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;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1630 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;2600 | &nbsp;&nbsp;2825 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;278 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &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;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;265 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;491 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1758 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1885 | &nbsp;&nbsp;2080 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;1135 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;1465 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &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;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;355 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &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;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;2040 | &nbsp;&nbsp;2239 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;784 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1081 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;1035 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;2190 | &nbsp;&nbsp;2439 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;1364 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;169 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &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;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1003 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;1733 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1064 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;323 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &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;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;179 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &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;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;324 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1090 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1008 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1166 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;283 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &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;7/1/37 | &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;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;327 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &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;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;255 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;538 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;504 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;2550 | &nbsp;&nbsp;2584 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;463 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;179 |
| Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;186 |

---

------

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;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;1270 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1041 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1043 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| <sup>9</sup> | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1189 |
|  | Los Angeles CA Department of Water & Power Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;1561 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1775 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2248 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1704 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2291 |
|  | Los Angeles CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1149 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;1797 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;1796 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1670 |
|  | Los Angeles CA Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020 |
|  | Los Angeles County CA Community Facilities District No. 2021-01 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;2131 |
| <sup>9</sup> | Los Angeles County CA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | Manteca CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
|  | Metropolitan Water District of Southern California Waterworks Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1104 |
| <sup>7</sup> | Metropolitan Water District of Southern California Waterworks Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | Milpitas CA Redevelopment Agency Successor Tax Allocation Refunding Bonds (Redevelopment Project Area No. 1 2015) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1133 |
|  | Mount Diablo CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 |
|  | Mount Diablo CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
|  | M-S-R CA Energy Authority Gas Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
|  | Newport Mesa CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 |
|  | Northern California Energy Authority Commodity Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;10725 | &nbsp;&nbsp;11274 |
| <sup>7</sup> | Oceanside CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| <sup>7</sup> | Oceanside CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | Ontario CA Public Financing Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 |
| <sup>3</sup> | Palomar Pomerado Health California GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
| <sup>3</sup> | Palomar Pomerado Health California GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1591 |
| <sup>3</sup> | Palomar Pomerado Health California GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  | Peralta CA Community College District Election GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | Peralta CA Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1136 |
| <sup>3</sup> | Poway CA Unified School District Public Financing Authority Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;1400 |
|  | Regents of the University of California Medical Center Pooled Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2165 |
|  | Regents of the University of California Medical Center Pooled Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2124 |
|  | Riverside CA Electric Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;1968 |

---

------

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) |
|  | Riverside County CA Transportation Commission Toll Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 |
| <sup>10</sup> | Sacramento CA City Financing Authority Tax Allocation Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
|  | San Diego CA Housing Authority Multi Family Housing Revenue (Sea Breeze Gardens) | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 |
| <sup>3</sup> | San Diego CA Unified School District GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 |
|  | San Diego CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
|  | San Diego CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
|  | San Diego CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/28 | &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;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
|  | San Diego CA Unified School District GO ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| <sup>7</sup> | San Diego County CA Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
| <sup>7</sup> | San Diego County CA Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
|  | San Francisco CA City & County COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | San Francisco CA City & County GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | San Francisco CA City & County International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | San Francisco CA City & County International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/44 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 |
|  | San Francisco CA City & County Public Utilities Commission Wastewater Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | San Francisco CA City & County Public Utilities Commission Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 |
|  | San Francisco CA City & County Public Utilities Commission Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/37 | &nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 |
|  | San Francisco CA City & County Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 |
|  | San Joaquin Valley CA Clean Energy Authority Project Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;4740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198 |
| <sup>11</sup> | San Ramon CA Public Financing Authority Tax Allocation Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 |
|  | Santa Clara CA Financing Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
|  | Santa Paula CA Special Tax Harvest Community Facilities Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | South San Francisco CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 |
|  | Southern California Public Power Authority Revenue (Apex Power Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |
|  | Southern California Public Power Authority Revenue (Apex Power Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
|  | Southern California Public Power Authority Revenue (Canyon Power Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Southern California Public Power Authority Revenue (Clean Energy Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;7725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 |
|  | Southern California Public Power Authority Revenue (Windy Flats Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  | Southern California Public Power Authority Transmission System Renewal Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &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;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
|  | Southern California Public Power Authority Transmission System Renewal Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  | State Center California Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 |
| <sup>9</sup> | Stockton CA Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
| <sup>10</sup> | Union CA Elementary School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/35 | &nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/35 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/39 | &nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | University of California Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4833 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/42 | &nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 |
|  | University of California Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
| <sup>3,12</sup> | West Contra Costa CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
| <sup>10</sup> | West Contra Costa CA Unified School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
|  |  |  |  |  | &nbsp;&nbsp;**443736** |
| **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;12/1/34 | &nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 |
|  | Adams 12 Five Star Schools CO GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 |
|  | Adams County CO COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 |

---

------

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) |
|  | Arapahoe County CO School District No. 5 Cherry Creek GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/37 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1979 |
|  | Arapahoe County CO School District No. 5 Cherry Creek GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 |
|  | Arapahoe County CO School District No. 5 Cherry Creek GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/15/42 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;1703 |
|  | Arapahoe County CO School District No. 6 Littleton GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1041 |
|  | Aurora CO Water Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp;1686 |
| <sup>3</sup> | Baseline Metropolitan District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | Board of Governors of the Colorado State University System Enterprise Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
|  | Board of Governors of the Colorado State University System Enterprise Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1584 |
|  | Broomfield CO Water Activity Enterprise Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 |
| <sup>9</sup> | Canyons Metropolitan District No. 5 CO Ltd. Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
|  | Colorado Building Excellent Schools COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Colorado COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1252 |
|  | Colorado COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/34 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;1815 |
|  | Colorado COP | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1158 |
|  | Colorado Educational & Cultural Facilities Authority Revenue (Aspen View Academy Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
|  | Colorado Educational & Cultural Facilities Authority Revenue (University of Denver) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
|  | Colorado Health Facilities Authority Hospital Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1166 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventhealth Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1098 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 |
|  | Colorado Health Facilities Authority Hospital Revenue (Frasier Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/36 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;1441 |
|  | Colorado Health Facilities Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Colorado Health Facilities Authority Revenue | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;12/1/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | Colorado Health Facilities Authority Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
|  | Colorado Health Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 |
|  | Colorado Health Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1045 |
|  | Colorado Health Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 |
|  | Colorado Health Facilities Authority Revenue (Intermountain Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1105 |
|  | Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/17/26 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1531 |
|  | Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;1236 |
|  | Colorado Health Facilities Authority Revenue (NCMC Inc.) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/26 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1512 |
|  | Colorado Higher Education Health Sciences Facilities COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 |
|  | Colorado Housing & Finance Authority Revenue (Single Family Mortgage) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/50 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | Colorado School of Mines Institutional Enterprise Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4154 |
| <sup>3</sup> | Colorado Science & Technology Park Metropolitan District No. 1 Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
| <sup>3</sup> | Colorado Science & Technology Park Metropolitan District No. 1 Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 |
|  | Denver CO City & County Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
|  | Denver CO City & County Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 |
|  | Denver CO City & County Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 |
|  | Denver CO City & County Board Water Commissioners Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/41 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1194 |
|  | Denver CO City & County COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;1705 |
|  | Denver CO City & County Dedicated Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
|  | Denver CO City & County Dedicated Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5111 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1292 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2033 |
|  | Denver CO City & County School District No. 1 GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3244 |
| <sup>10</sup> | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1762 |
| <sup>10</sup> | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
|  | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
|  | E-470 Public Highway Authority Colorado Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
|  | Garfield, Pitkin, & Eagle County CO School District GO Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Jefferson County CO School District No. R-1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;3395 | &nbsp;&nbsp;&nbsp;&nbsp;3526 |
| <sup>3</sup> | Midcities Metropolitan District No. 2 Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 |
|  | Public Authority for Colorado Energy Natural Gas Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;2633 |
|  | Regional Transportation District of Colorado Private Activity Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/39 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1254 |
|  | Sterling Ranch CO Community Authority Board Supported Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Sterling Ranch Community Authority Board CO Supported Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
|  | University of Colorado Enterprise System Revenue PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
|  | Weld County CO School District No. RE 002 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/36 | &nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;2448 |
|  |  |  |  |  | &nbsp;&nbsp;**82815** |
| **Connecticut (0.5%)** | **Connecticut (0.5%)** | **Connecticut (0.5%)** | **Connecticut (0.5%)** | **Connecticut (0.5%)** | **Connecticut (0.5%)** |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1063 |

---

------

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) |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;1926 |
|  | Connecticut GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1705 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1710 |
|  | Connecticut GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/15/38 | &nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;2015 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/39 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;3029 |
|  | Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/39 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1706 |
|  | Connecticut GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement Communities) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp;1323 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1669 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
|  | Connecticut Health & Educational Facilities Authority Revenue (University of Hartford) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale New Haven) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1115 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale New Haven) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2293 |
|  | Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |
|  | Connecticut Housing Finance Authority Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp;1908 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1629 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1070 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1134 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1086 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2098 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp;3380 |
|  | Connecticut Special Tax Revenue (Transportation Infrastructure) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2100 |
|  | Connecticut Transmission Municipal Electric Energy Cooperative Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
| <sup>6</sup> | Harbor Point CT Infrastructure Improvement District SO Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1012 |
| <sup>6</sup> | New Canaan CT Housing Authority Multifamily Housing Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 |
| <sup>9</sup> | New Haven Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
| <sup>9</sup> | New Haven Connecticut GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | Norwalk CT Housing Authority Multifamily Revenue (Monterey Village Apartments) | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
|  | Stamford CT Housing Authority Revenue (Mozaic Concierge Living Project) | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 |
|  | Stamford CT Housing Authority Revenue (Mozaic Concierge Living Project) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
|  | University of Connecticut Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
|  | University of Connecticut Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  |  |  |  |  | &nbsp;&nbsp;**51007** |
| **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;5/1/39 | &nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp;1971 |
|  | Delaware GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2134 |
|  | Delaware GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2394 |
|  | Delaware Health Facilities Authority Revenue (Beebe Medical Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 |
|  | Delaware Health Facilities Authority Revenue (Christiana Care Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | Delaware River & Bay Authority Delaware Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;1282 |
|  | Delaware State Economic Development Authority Revenue (Delmarva Power & Light Co. Project) | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |
|  | Delaware State Economic Development Authority Revenue (NRG Energy Projects) PUT | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
|  | University of Delaware Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |
|  |  |  |  |  | &nbsp;&nbsp;**11144** |
| **District of Columbia (0.4%)** | **District of Columbia (0.4%)** | **District of Columbia (0.4%)** | **District of Columbia (0.4%)** | **District of Columbia (0.4%)** | **District of Columbia (0.4%)** |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;2446 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/44 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;1188 |
|  | District of Columbia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/45 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;4648 |
|  | District of Columbia Hospital Revenue (Children's Hospital Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | District of Columbia Housing Finance Agency Multifamily Revenue | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1984 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;1667 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3159 |
|  | District of Columbia Income Tax Revenue (Tax-Exempt) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/44 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3037 |
|  | District of Columbia Revenue Bonds (Gallaudet University Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;1187 |

---

------

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 Revenue Bonds (Latin American Montessori Bilingual Public Charter School) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
| <sup>3</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Capital Appreciation Bonds) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
|  | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;2356 |
|  | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
| <sup>9</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;1129 |
| <sup>9</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 |
|  | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 |
| <sup>3</sup> | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
|  | Washington Convention & Sports Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;1118 |
|  | Washington DC Convention & Sports Authority Dedicated Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |
|  | Washington DC Metropolitan Area Transit Authority Dedicated Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 |
|  |  |  |  |  | &nbsp;&nbsp;**37644** |
| **Florida (2.2%)** | **Florida (2.2%)** | **Florida (2.2%)** | **Florida (2.2%)** | **Florida (2.2%)** | **Florida (2.2%)** |
|  | Alachua County FL Health Facilities Authority Revenue (Oak Hammock) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
|  | Alachua County FL Health Facilities Authority Revenue (Oak Hammock) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |
| <sup>3</sup> | Bay County FL School Board COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;1250 |
|  | Bay County FL School Board COP | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1534 |
|  | Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1551 |
|  | Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | Broward County FL Convention Center Hotel First Tier Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;3460 | &nbsp;&nbsp;&nbsp;&nbsp;3664 |
|  | Broward County FL School COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1088 |
|  | Broward County FL Water & Sewer Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
|  | Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 |
| <sup>6</sup> | Capital Trust Agency Florida Educational Facilities Revenue (Academir Charter Schools Project) | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
|  | Capital Trust Agency Florida Educational Facilities Revenue (Advantage Academy of Hillsborough Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| <sup>3</sup> | Central FL Expressway Authority Revenue | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
|  | Central FL Expressway Authority Revenue Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;1028 |
| <sup>3</sup> | Central Florida Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1125 |
| <sup>3</sup> | Central Florida Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1129 |
| <sup>3</sup> | Central Florida Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1133 |
|  | Davie FL Educational Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Doral FL Parks & Recreation Projects GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;1583 |
|  | Duval County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1250 |
|  | East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
|  | East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/34 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;2066 |
|  | Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1553 |
| <sup>6</sup> | Florida Development Finance Corp. Educational Facilities Revenue (Cornerstone Classical Academy Inc. Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| <sup>6</sup> | Florida Development Finance Corp. Educational Facilities Revenue (Global Outreach Charter Academy Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
|  | Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 |
|  | Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 |
|  | Florida Development Finance Corp. Educational Facilities Revenue (River City Science Academy Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
|  | Florida Development Finance Corp. Healthcare Facilities Revenue (Tampa General Hospital Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2583 |
|  | Florida Development Finance Corp. Healthcare Facilities Revenue (UF Health Jacksonville Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1142 |
|  | Florida Gulf Coast University Financing Corp. Capital Improvement Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 |
|  | Florida Insurance Assistance Interlocal Agency Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1023 |
|  | Florida Insurance Assistance Interlocal Agency Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1151 |
|  | Florida Mid-Bay Bridge Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2511 |
|  | Florida Municipal Power Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;2828 |
|  | Florida Municipal Power Agency Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 |

---

------

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 State Department of Transportation Right of Way Acquisition GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5118 |
|  | Florida State Department of Transportation Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;5500 | &nbsp;&nbsp;6079 |
|  | Florida State Department of Transportation Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1944 |
|  | Florida State Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1000 |
|  | Florida State Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1385 | &nbsp;&nbsp;1394 |
|  | Florida State Turnpike Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;138 |
|  | Florida State Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;1465 | &nbsp;&nbsp;1349 |
|  | Fort Lauderdale FL Water & Sewer Revenue (Enabling Works Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;2030 |
|  | Halifax Hospital Medical Center FL Hospital Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;177 |
|  | Hillsborough County FL Industrial Development Authority Health System Revenue (Baycare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;1545 | &nbsp;&nbsp;1678 |
|  | Hillsborough County FL Industrial Development Authority Health System Revenue (Baycare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1801 |
|  | Hillsborough County FL Industrial Development Authority Health System Revenue (Baycare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;1860 | &nbsp;&nbsp;1929 |
|  | Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa General Hospital Projects) | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  | Jacksonville FL Electric Authority Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;1905 | &nbsp;&nbsp;2001 |
|  | Jacksonville FL Electric Authority Water & Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;1465 | &nbsp;&nbsp;1539 |
|  | Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1201 |
|  | Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1124 |
|  | Jacksonville FL Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1576 |
|  | Jacksonville FL Special Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/38 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1472 |
|  | JEA FL Electric System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;297 |
|  | JEA FL Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1038 |
|  | Key West FL Utility Board Electricity Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;1071 |
|  | Kissimmee FL Capital Improvement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;1629 |
|  | Lakeland FL Capital Improvement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;1299 |
|  | Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;1515 |
|  | Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;1556 |
|  | Lee County FL Housing Finance Authority Multifamily Revenue | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;1015 |
|  | Lee County FL Industrial Development Authority Healthcare Facilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;471 |
|  | Lee County FL Industrial Development Authority Healthcare Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/44 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;1362 |
|  | Lee County FL Industrial Development Authority Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1806 |
| <sup>4</sup> | Lee County FL Industrial Development Authority Hospital Revenue, SOFR + 0.850% | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;1655 | &nbsp;&nbsp;1681 |
| <sup>3</sup> | Marion County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5485 |
| <sup>3</sup> | Marion County FL School Board COP | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/44 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3133 |
|  | Miami Beach FL Health Facilities Authority Revenue (Mount Sinai Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
|  | Miami Beach FL Resort Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1023 |
|  | Miami FL SO Non-AD Valorem Revenue (New Administrative Building) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/39 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;3716 |
| <sup>3,6</sup> | Miami FL SO Street & Sidewalk Improvement Program Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;1389 |
| <sup>3,6</sup> | Miami FL SO Street & Sidewalk Improvement Program Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1032 |
|  | Miami-Dade County FL Aviation Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
|  | Miami-Dade County FL Aviation Revenue (Miami International Airport) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;1882 |
|  | Miami-Dade County FL Aviation Revenue (Miami International Airport) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1015 |
|  | Miami-Dade County FL Aviation Revenue (Miami International Airport) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;999 |
|  | Miami-Dade County FL Building Better Communities GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;1174 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1114 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/34 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;1608 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/35 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1671 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1583 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1548 |
|  | Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1008 |
|  | Miami-Dade County FL Expressway Authority Toll System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;830 |
|  | Miami-Dade County FL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2003 |
|  | Miami-Dade County FL Health Facilities Authority Hospital Revenue (Niklaus Children's Hospital Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/33 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1311 |
|  | Miami-Dade County FL Housing Finance Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;451 |
|  | Miami-Dade County FL Multi-Family Housing Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1504 |
| <sup>3</sup> | Miami-Dade County FL Professional Sports Franchise Facilities TAX Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/45 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;1465 |
|  | Miami-Dade County FL Public Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1033 |
|  | Miami-Dade County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;3035 | &nbsp;&nbsp;3068 |
|  | Miami-Dade County FL Seaport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;387 |
|  | Miami-Dade County FL Seaport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;1605 | &nbsp;&nbsp;1554 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;713 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/37 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;1316 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/38 | &nbsp;&nbsp;2265 | &nbsp;&nbsp;1302 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;950 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;914 |
|  | Miami-Dade County FL SO Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/43 | &nbsp;&nbsp;3855 | &nbsp;&nbsp;3986 |

---

------

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 Transit System Sales Surtax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 |
|  | Miami-Dade County FL Transit System Sales Surtax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 |
|  | North Brevard County FL Hospital District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | North Miami Beach FL Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/42 | &nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 |
|  | North Sumter County FL Utility Dependent District Solid Waste Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 |
|  | North Sumter County FL Utility Dependent District Utility Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 |
|  | North Sumter County FL Utility Dependent District Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634 |
|  | North Sumter County FL Utility Dependent District Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 |
|  | Okaloosa County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 |
|  | Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 |
|  | Orange County FL Health Facilities Authority Revenue (Orlando Health Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/46 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 |
|  | Orange County FL Housing Finance Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
|  | Orange County FL Water & Wastewater Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 |
|  | Orange County FL Water & Wastewater Utility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
|  | Orlando FL Utilities Commission System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 |
|  | Orlando FL Utilities Commission System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | Orlando FL Utilities Commission System Revenue PUT | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
|  | Osceola County FL Transportation Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
|  | Osceola County FL Transportation Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 |
|  | Palm Beach County FL Educational Facilities Authority Revenue (Atlantic University Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 |
|  | Palm Beach County FL Health Facilities Authority Hospital Revenue (Jupiter Medical Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
|  | Palm Beach County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 |
|  | Palm Beach County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 |
|  | Palm Beach County Health Facilities Authority Revenue (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
|  | Parrish Lakes FL Community Development District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| <sup>6</sup> | Pasco County FL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 |
| <sup>3</sup> | Pasco County FL Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9/1/41 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 |
|  | Reedy Creek FL Improvement District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 |
|  | Reedy Creek FL Improvement District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Sarasota County FL Utility System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
|  | South Broward FL Hospital District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | South Broward FL Hospital District Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 |
|  | South FL Water Management District COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;5190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 |
|  | South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&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;8/15/33 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 |
|  | South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 |
|  | St. Johns County FL Industrial Development Authority Revenue (Vicars Landing Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
| <sup>3</sup> | St. Johns County FL School Board COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 |
| <sup>7</sup> | Tallahassee FL Energy System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654 |
| <sup>7</sup> | Tallahassee FL Energy System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | Tampa Bay FL Water Regional Supply Authority Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/44 | &nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 |
|  | Tampa Bay FL Water Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 |
|  | Tampa FL Non-AD Valorem Improvement Revenue (Sustainable Bonds) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854 |
| <sup>7</sup> | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
| <sup>7</sup> | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449 |
| <sup>7</sup> | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241 |
| <sup>7</sup> | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 |
| <sup>7</sup> | Tampa FL Non-AD Valorem Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787 |
|  | Tampa FL Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 |
|  | Tampa-Hillsborough County FL Expressway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &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;7/1/31 | &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;10/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Village Community FL Development District No. 13 Florida Special Assessment Revenue | &nbsp;&nbsp;2.850% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 |
| <sup>6</sup> | Village Community FL Development District No. 15 Florida Special Assessment Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| <sup>6</sup> | Village Community FL Development District No. 15 Florida Special Assessment Revenue | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
|  | Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
|  |  |  |  |  | &nbsp;&nbsp;**230866** |
| **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;9/1/39 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 |
|  | Athens-Clarke County GA Unified Government Water & Sewerage Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Atlanta GA Airport Passenger Facility Charge Subordinate Lien General Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586 |
|  | Atlanta GA Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | Atlanta GA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/40 | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 |
| <sup>9</sup> | Atlanta GA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 |

---

------

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) |
|  | Atlanta GA Water & Wastewater Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;1392 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;3/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;8/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
|  | Burke County GA Development Authority Pollution Control Revenue Bonds (Oglethorpe Power Corp. Vogtle Project) PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1243 |
| <sup>6</sup> | Cobb County GA Development Authority Educational Facilities Revenue (Bethel Christian Academy Project) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
|  | Cobb County GA Kennestone Hospital Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 |
|  | Dalton GA Utilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1430 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Avenues of North Decatur) | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Kensington Station Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Montreal Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1958 |
|  | DeKalb County GA Housing Authority Multi Family Revenue (Park 500 Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1966 |
|  | Fayette County GA Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 |
|  | Fayette County GA Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1045 |
|  | Fulton County GA Development Authority Revenue (Children's Healthcare of Atlanta Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1562 |
| <sup>6</sup> | Fulton County GA Residential Care Facilities for the Elderly Authority Revenue (Canterbury Court Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
|  | Gainesville & Hall County GA Hospital Authority Revenue (Northeast Georgia Health System Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1091 |
|  | Georgia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;4280 | &nbsp;&nbsp;&nbsp;&nbsp;4337 |
|  | Georgia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;1372 |
|  | Georgia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5354 |
|  | Georgia GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2391 |
|  | Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
|  | Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;1613 |
|  | Jackson County GA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;2098 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;6440 | &nbsp;&nbsp;&nbsp;&nbsp;6470 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;12740 | &nbsp;&nbsp;13423 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;4745 | &nbsp;&nbsp;&nbsp;&nbsp;4974 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;&nbsp;&nbsp;8614 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;6285 | &nbsp;&nbsp;&nbsp;&nbsp;6612 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp;7981 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;3945 | &nbsp;&nbsp;&nbsp;&nbsp;4169 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;14815 | &nbsp;&nbsp;15564 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp;4882 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;7338 |
|  | Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;6490 | &nbsp;&nbsp;&nbsp;&nbsp;6830 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp;3910 |
|  | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;5255 | &nbsp;&nbsp;&nbsp;&nbsp;5455 |
|  | Main Street Natural Gas Inc. Georgia Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp;2246 |
|  | Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
|  | Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;2137 |
|  | Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;1735 |
|  | Milledgeville & Baldwin County GA Development Authority Revenue (Georgia College & State University Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 |
|  | Monroe County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Scherer Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;1525 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1187 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1191 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  | Municipal Electric Authority Georgia Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1243 |
| <sup>5,6,9</sup> | Municipal Electric Authority Georgia Revenue TOB VRDO | &nbsp;&nbsp;4.120% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;1520 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1147 |

---

------

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> | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| <sup>3</sup> | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/30 | &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;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/32 | &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;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 |
|  | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |
|  | Paulding County GA Hospital Authority Revenue (Wellstar Health System Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 |
| <sup>6</sup> | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 |
|  | Private Colleges & University Authority of Georgia Revenue (Emory University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/45 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  | Rockdale County GA Public Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
| <sup>6</sup> | Savannah GA Hospital Authority Revenue (St. Joseph's/Candler Health System Inc.) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Valdosta & Lowndes County GA Hospital Authority Revenue (South Georgia Medical Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597 |
|  | Walton County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  |  |  |  |  | &nbsp;&nbsp;**195881** |
| **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;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
|  | Guam Government Business Privilege Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
|  | Guam Government Waterworks Authority Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Guam Government Waterworks Authority Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
|  | Guam Power Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9548** |
| **Hawaii (0.1%)** | **Hawaii (0.1%)** | **Hawaii (0.1%)** | **Hawaii (0.1%)** | **Hawaii (0.1%)** | **Hawaii (0.1%)** |
|  | Hawaii Department of Budget & Finance Special Purpose Revenue (Queens Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 |
|  | Hawaii Department of Budget & Finance Special Purpose Revenue (Queens Health Systems) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
|  | Hawaii GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | Hawaii GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251 |
|  | Hawaii State Airports System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 |
|  | Honolulu HI City & County GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
|  | Honolulu HI City & County Multifamily Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
|  | Honolulu HI City & County Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Honolulu HI City & County Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 |
|  | Kauai County HI Community Facilities District Special Tax Revenue | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;5/15/42 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
|  | Maui County HI GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**15365** |
| **Idaho (0.1%)** | **Idaho (0.1%)** | **Idaho (0.1%)** | **Idaho (0.1%)** | **Idaho (0.1%)** | **Idaho (0.1%)** |
|  | Canyon County School District No. 139 Vallivue GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 |
|  | Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 |
|  | Idaho Housing & Finance Association Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 |
|  | Idaho Housing & Finance Association Single Family Mortgage Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;7/1/54 | &nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 |
|  | Idaho State Building Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 |
|  | Idaho State Building Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**13152** |

---

------

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 (3.8%)** | **Illinois (3.8%)** | **Illinois (3.8%)** | **Illinois (3.8%)** | **Illinois (3.8%)** | **Illinois (3.8%)** |
|  | Champaign IL GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/41 | &nbsp;&nbsp;1505 | &nbsp;&nbsp;1449 |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;6.100% | &nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1044 |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;4/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1031 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
| <sup>10</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;877 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;1189 |
| <sup>10</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;437 |
| <sup>10</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;1188 |
| <sup>3</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1297 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| <sup>10</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;1191 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1708 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1030 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1018 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;397 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;1225 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1557 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1032 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;925 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1251 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;907 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/38 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1452 |
|  | Chicago IL Board of Education GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1693 |
| <sup>6</sup> | Chicago IL Board of Education GO | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;515 |
|  | Chicago IL Board of Education Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1294 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;961 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/29 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1565 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1566 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;1236 |
|  | Chicago IL GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;446 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;2790 | &nbsp;&nbsp;2956 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1535 | &nbsp;&nbsp;1626 |
|  | Chicago IL GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;483 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1038 |
|  | Chicago IL GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1022 |
| <sup>10</sup> | Chicago IL GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;833 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1029 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1029 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1025 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1330 |
|  | Chicago IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1448 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;1045 | &nbsp;&nbsp;1015 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;1393 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;3435 | &nbsp;&nbsp;3267 |
|  | Chicago IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/45 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;1377 |
| <sup>9</sup> | Chicago IL GO | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1/1/46 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1067 |
|  | Chicago IL GO ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;169 |
|  | Chicago IL Housing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1032 |
|  | Chicago IL Metropolitan Water Reclamation District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2583 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;730 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;815 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;704 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;2430 | &nbsp;&nbsp;2597 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;684 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3017 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;3520 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;3355 | &nbsp;&nbsp;3374 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2034 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1082 |
| <sup>9</sup> | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1085 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;976 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;1080 | &nbsp;&nbsp;1116 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1028 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;898 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1455 |
|  | Chicago IL O'Hare International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;887 |

---

------

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 O'Hare International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1523 |
| <sup>9</sup> | Chicago IL Park District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;1234 |
| <sup>9</sup> | Chicago IL Park District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Chicago IL Park District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;1994 |
| <sup>3</sup> | Chicago IL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Chicago IL Transit Authority Sales Tax Receipts Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | Chicago IL Transit Authority Sales Tax Receipts Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;1486 |
|  | Chicago IL Transit Authority Sales Tax Receipts Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1576 |
| <sup>10</sup> | Chicago IL Wastewater Transmission Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;1245 |
| <sup>9</sup> | Chicago IL Wastewater Transmission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1064 |
| <sup>3</sup> | Chicago IL Water Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Chicago IL Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
| <sup>9</sup> | Cook County IL Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1095 |
| <sup>9</sup> | Cook County IL Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1056 |
| <sup>9</sup> | Cook County IL Community College District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;1362 |
| <sup>3</sup> | Cook County IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;1589 |
|  | Cook County IL GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;1669 |
|  | Cook County IL Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1731 |
|  | Cook County IL Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | Cook County IL School District No. 25 Arlington Heights GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 |
| <sup>7</sup> | Cook County IL School District No. 57 Mount Prospect GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;2265 |
| <sup>7</sup> | Cook County IL School District No. 57 Mount Prospect GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp;2353 |
| <sup>3</sup> | Cook County IL School District No. 87 Berkeley GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
|  | Cook Kane Lake & McHenry Counties IL Community College District No. 512 (William Rainey Harper College) GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2248 |
| <sup>7</sup> | Du Page & Will Counties IL Community School District No. 204 Indian Prairie GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1744 |
| <sup>7</sup> | Du Page & Will Counties IL Community School District No. 204 Indian Prairie GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1249 |
|  | DuPage County IL School District No. 58 Downers Grove GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;1580 |
| <sup>6</sup> | Elwood IL GO | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;1439 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;1272 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;2032 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;1524 |
|  | Illinois Finance Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
|  | Illinois Finance Authority Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
|  | Illinois Finance Authority Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp;1444 |
|  | Illinois Finance Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;1150 |
|  | Illinois Finance Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;1846 |
|  | Illinois Finance Authority Revenue (Benedictine University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 |
|  | Illinois Finance Authority Revenue (DePaul University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  | Illinois Finance Authority Revenue (DePaul University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
|  | Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | Illinois Finance Authority Revenue (Franciscan Communities Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
| <sup>7</sup> | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;1161 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1132 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1207 |
| <sup>7</sup> | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| <sup>7</sup> | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
|  | Illinois Finance Authority Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Illinois Finance Authority Revenue (Lake Forest College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
|  | Illinois Finance Authority Revenue (Mercy Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
| <sup>5</sup> | Illinois Finance Authority Revenue (Northshore University Health System) VRDO | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;48430 | &nbsp;&nbsp;48430 |
|  | Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4119 |
| <sup>5</sup> | Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) VRDO | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp;6750 |
| <sup>5</sup> | Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;18955 | &nbsp;&nbsp;18955 |
|  | Illinois Finance Authority Revenue (Northwest Community Hospital) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1022 |
|  | Illinois Finance Authority Revenue (Northwestern Memorial Healthcare) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
|  | Illinois Finance Authority Revenue (OSF Healthcare System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 |
|  | Illinois Finance Authority Revenue (OSF Healthcare System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1520 |
| <sup>5</sup> | Illinois Finance Authority Revenue (OSF Healthcare System) VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;3335 |
|  | Illinois Finance Authority Revenue (Rush University Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
|  | Illinois Finance Authority Revenue (Silver Cross Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;1887 |
|  | Illinois Finance Authority Revenue (Silver Cross Hospital) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |

---

------

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 Finance Authority Revenue (Silver Cross Hospital) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;423 |
|  | Illinois Finance Authority Revenue (University of Chicago) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1106 |
|  | Illinois Finance Authority Revenue (University of Chicago) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1093 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;1087 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1035 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;1640 | &nbsp;&nbsp;1704 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;1733 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2105 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;1087 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;1142 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1067 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1070 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1404 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1078 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;495 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2162 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1083 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1626 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1060 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1605 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1234 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;2150 | &nbsp;&nbsp;2283 |
|  | Illinois GO | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;485 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/37 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1135 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;928 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;927 |
|  | Illinois GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;524 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1544 |
|  | Illinois GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1155 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;1825 | &nbsp;&nbsp;1643 |
|  | Illinois GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;2125 | &nbsp;&nbsp;2180 |
|  | Illinois GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/43 | &nbsp;&nbsp;1425 | &nbsp;&nbsp;1463 |
| <sup>9</sup> | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;887 |
|  | Illinois GO | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1014 |
|  | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;858 |
| <sup>9</sup> | Illinois GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/45 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;1220 |
|  | Illinois GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/47 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1977 |
| <sup>6</sup> | Illinois Housing Development Authority Multifamily Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;10/5/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;994 |
|  | Illinois Housing Development Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/50 | &nbsp;&nbsp;2615 | &nbsp;&nbsp;2578 |
|  | Illinois Housing Development Authority Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;10/1/52 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;1513 |
|  | Illinois Housing Development Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;883 |
| <sup>9</sup> | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1014 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;4440 | &nbsp;&nbsp;4862 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1025 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1022 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;1382 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1203 |
|  | Illinois Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/43 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;1704 |
|  | Illinois Sports Facilities Authority Revenue (State Tax Supported) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;2075 | &nbsp;&nbsp;2158 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1706 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1208 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/37 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1234 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/37 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2501 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;3040 | &nbsp;&nbsp;3118 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;2622 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;1231 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;1191 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;328 |
|  | Illinois State Toll Highway Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/45 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2096 |
| <sup>9</sup> | Joliet IL GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/15/39 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1582 |
| <sup>9</sup> | Joliet IL GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1052 |
| <sup>3</sup> | Kane County IL School District No. 131 (Aurora East Side) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| <sup>3</sup> | Kendall Kane & Will Counties IL Community Unit School District No. 308 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;5090 | &nbsp;&nbsp;4660 |
| <sup>3</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;881 |
| <sup>3</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;1119 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;1860 | &nbsp;&nbsp;1960 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;2205 | &nbsp;&nbsp;1880 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;622 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/38 | &nbsp;&nbsp;2075 | &nbsp;&nbsp;1143 |

---

------

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 Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 |
| <sup>3,12</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/33 | &nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;6790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4828 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 |
| <sup>10</sup> | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/37 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 |
|  | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/39 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 |
| <sup>9</sup> | Metropolitan Pier & Exposition Authority Illinois Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | Metropolitan Pier & Exposition Authority Illinois Revenue (McCormick Place Expansion Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 |
|  | Northern Illinois Municipal Power Agency Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 |
| <sup>9</sup> | Northern Illinois University Auxiliary Facilities System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
|  | Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
| <sup>3</sup> | Regional Transportation Authority IL Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | Regional Transportation Authority IL Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 |
|  | Regional Transportation Authority IL Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 |
|  | Romeoville IL Revenue (Lewis University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 |
| <sup>9</sup> | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 |
|  | Sales Tax Securitization Corp. Illinois Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458 |
| <sup>9</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| <sup>9</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
| <sup>9</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 |
| <sup>9</sup> | Southern Illinois University Housing & Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
|  | Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters Services Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
| <sup>9</sup> | Southwestern Illinois Development Authority Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 |
|  | University of Illinois Auxiliary Facilities System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/33 | &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;4/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
| <sup>9</sup> | University of Illinois Auxiliary Facilities System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 |
|  | University of Illinois Auxiliary Facilities System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
| <sup>9</sup> | Will County IL Community High School District No. 210 (Lincoln-Way) GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 |
| <sup>9</sup> | Winnebago & Boone Counties IL School District No. 205 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 |
|  |  |  |  |  | &nbsp;&nbsp;**406307** |
| **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;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
|  | Ball State University Student Fee Indiana Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 |
|  | Ball State University Student Fee Indiana Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 |
| <sup>9</sup> | Evansville IN Waterworks District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | Hammond IN Multi-School Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 |
|  | Indiana Finance Authority Health System Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 |
|  | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 |
|  | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 |
| <sup>7</sup> | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 |
| <sup>7</sup> | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 |
| <sup>7</sup> | Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
| <sup>5</sup> | Indiana Finance Authority Health System Revenue (Sisters of St. Francis Health Service Inc.) VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;8010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010 |
|  | Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 |
|  | Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 |

---

------

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 Hospital Revenue (Parkview Health Systems Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 |
|  | Indiana Finance Authority Midwestern Disaster Relief Revenue (Ohio Valley Electric Corp.) | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;1334 |
|  | Indiana Finance Authority Revenue (Butler University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1079 |
|  | Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;1581 |
|  | Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1173 |
|  | Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;1685 |
|  | Indiana Finance Authority Revenue (Marquette Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1652 |
|  | Indiana Finance Authority Revenue (Stadium Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Indiana Finance Authority Student Housing Revenue (Uindy Properties LLC) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1362 |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
|  | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/44 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3035 |
|  | Indiana Municipal Power Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | Indianapolis Department of Public Utilities Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;1519 |
|  | Indianapolis IN Local Public Improvement Bond Bank Revenue (Airport Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 |
|  | Indianapolis IN Local Public Improvement Bond Bank Revenue (Airport Authority Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;1208 |
|  | Indianapolis Local Public Improvement Bond Bank Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;2139 |
|  | IPS Multi-School Building Corp. IN Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/37 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1113 |
|  | Ivy IN Tech Community College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |
|  | Ivy IN Tech Community College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 |
|  | Merrillville Multi School Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/42 | &nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp;4041 |
|  | Northern Indiana Commuter Transportation District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
|  | Northwest Allen IN School Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/41 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;1899 |
|  | Rockport IN Pollution Control Revenue (Indiana Power Co. Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
|  | Silver Creek IN School Building Corp. Revenue (Valorem Property) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/15/35 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | Tippecanoe County IN School Building Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/32 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1097 |
| <sup>9</sup> | Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1283 |
| <sup>9</sup> | Westfield-Washington IN Multi-School Building Corp. Revenue (Hamilton County) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/15/40 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1780 |
|  | Whiting IN Environmental Facilities Revenue (BP Products North America Inc. Project) PUT | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;6/21/35 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;1143 |
|  |  |  |  |  | &nbsp;&nbsp;**63489** |
| **Iowa (0.3%)** | **Iowa (0.3%)** | **Iowa (0.3%)** | **Iowa (0.3%)** | **Iowa (0.3%)** | **Iowa (0.3%)** |
| <sup>9</sup> | Davenport IA Community School District Infrastructure Sales Services & Use Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/42 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;1709 |
|  | Iowa Board of Regents Hospital Revenue (University of Iowa Hospitals & Clinics) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1714 |
|  | Iowa City IA Community School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp;3626 |
|  | Iowa Finance Authority Health Facilities Revenue (Pella Regional Health Center) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
|  | Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  | Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2833 |
|  | Iowa Finance Authority Multifamily Housing Revenue (Union Bluffs Run Project) | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |
|  | Iowa Finance Authority Revenue (Lifespace Communities, Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
|  | Iowa Finance Authority Revenue (Lifespace Communities, Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| <sup>5</sup> | Iowa Finance Authority Revenue (UnityPoint Health) VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;9000 |
| <sup>7</sup> | Iowa Finance Authority State Revolving Fund Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1466 |
| <sup>7</sup> | Iowa Finance Authority State Revolving Fund Revenue (Green Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/42 | &nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;2704 |
|  | Iowa Higher Education Loan Authority Revenue (Des Moines University Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1359 |
|  | Iowa Tobacco Settlement Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 |
| <sup>9</sup> | Waterloo IA Community School District Infrastructure Sales & Services Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;1182 |
| <sup>9</sup> | Waterloo IA Community School District Infrastructure Sales & Services Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;1125 |
|  | Xenia IA Rural Water District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1022 |
|  |  |  |  |  | &nbsp;&nbsp;**31328** |
| **Kansas (0.3%)** | **Kansas (0.3%)** | **Kansas (0.3%)** | **Kansas (0.3%)** | **Kansas (0.3%)** | **Kansas (0.3%)** |
| <sup>3</sup> | Ellis County KS Unified School District No. 489 Hays GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1543 |
| <sup>3,7</sup> | Johnson & Miami KS County Unified School District No. 230 GO (Spring Hill) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;9/1/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2277 |
|  | Johnson County KS Unified School District No. 512 (Shawnee Mission) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp;4797 |
|  | Johnson County KS Unified School District No. 512 (Shawnee Mission) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;1357 |
|  | Kansas Department of Transportation Highway Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;4035 |
|  | Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/28 | &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;11/15/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  | Lyon County KS Unified School District No 253. GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| <sup>3,7</sup> | Sedgwick County KS Unified School District No. 261 GO (Haysville) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/44 | &nbsp;&nbsp;4485 | &nbsp;&nbsp;&nbsp;&nbsp;4575 |
| <sup>3</sup> | Sedgwick County KS Unified School District No. 262 GO (Valley Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;1313 |
|  | Shawnee County KS Unified School District No. 437 (Auburn - Washburn) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1590 |
|  | University of Kansas Hospital Authority Health Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1057 |
| <sup>9</sup> | Wyandotte County KS Unified School District No. 500 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp;3037 |
|  |  |  |  |  | &nbsp;&nbsp;**27103** |

---

------

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 (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** |
|  | Carroll County KY Pollution Control Revenue (Kentucky Utilities Co. Project) PUT | &nbsp;&nbsp;1.550% | &nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
|  | Henderson County KY School District Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp;1910 |
|  | Kentucky Bond Development Corp. Educational Facilities Revenue (Centre College) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
|  | Kentucky Bond Development Corp. Hospital Revenue (Healthcare System Obligated Group) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;2397 |
|  | Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;2095 |
| <sup>10</sup> | Kentucky Economic Development Finance Authority Health System Revenue (Norton Healthcare Inc. & Affiliates) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;1207 |
|  | Kentucky Economic Development Finance Authority Hospital Revenue (Baptist Healthcare System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;1625 |
| <sup>10</sup> | Kentucky Municipal Power Agency Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp;2877 |
| <sup>10</sup> | Kentucky Municipal Power Agency Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
| <sup>9</sup> | Kentucky Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1045 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp;8925 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;10235 | &nbsp;&nbsp;10820 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;8095 | &nbsp;&nbsp;&nbsp;&nbsp;8496 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp;6631 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;5480 | &nbsp;&nbsp;&nbsp;&nbsp;5855 |
|  | Kentucky Public Energy Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;6520 | &nbsp;&nbsp;&nbsp;&nbsp;6889 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;1600 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2064 |
|  | Kentucky State Property & Building Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1055 |
|  | Louisville & Jefferson County KY Metropolitan Government GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;1603 |
|  | Louisville & Jefferson County KY Metropolitan Government Health System Revenue (Norton Healthcare Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | Louisville & Jefferson County KY Metropolitan Government Health System Revenue (Norton Healthcare Inc.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;2328 |
|  | Louisville & Jefferson County KY Metropolitan Government Revenue (Gas & Electric Co. Project) | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1246 |
|  | Louisville & Jefferson County KY Metropolitan Sewer District Sewer & Drainage System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
|  | Madison County KY School District Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;1526 |
|  | Owen County KY Revenue (American Water Capital Corp.) PUT | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
|  | Owen County KY Revenue (American Water Capital Corp.) PUT | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
|  | University of Kentucky Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;1401 |
|  | University of Kentucky Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;1908 |
|  | University of Kentucky Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;2161 |
|  | Warren County KY Hospital Revenue (Bowling Green-Warren Community Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | Warren County KY Hospital Revenue (Bowling Green-Warren Community Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;2606 |
|  |  |  |  |  | &nbsp;&nbsp;**88880** |
| **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;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 |
|  | East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project) VRDO | &nbsp;&nbsp;4.070% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
|  | East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project) VRDO | &nbsp;&nbsp;4.070% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1150 |
|  | Ernest N Morial New Orleans LA Exhibition Hall Authority Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
|  | Ernest N Morial New Orleans LA Exhibition Hall Authority Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
|  | Louisiana Gasoline & Fuels Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;1339 |
|  | Louisiana Gasoline & Fuels Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2073 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1587 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;1837 |
|  | Louisiana GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;4445 | &nbsp;&nbsp;&nbsp;&nbsp;4173 |
|  | Louisiana GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp;1930 |
|  | Louisiana Housing Corp. Multifamily Tax-Exempt Mortgage-Backed Revenue (Ridge Commons Project) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1467 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;2386 |
| <sup>6</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1241 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;1932 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;4003 |

---

------

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) |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;4030 |
| <sup>9</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1394 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (Westlake Chemical Corp. Projects) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 |
| <sup>3,7</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
| <sup>3,7</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| <sup>3,7</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| <sup>3,7</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;1788 |
| <sup>3,7</sup> | Louisiana Office Facilities Corp. Lease Revenue (Northwest Office Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp;2561 |
|  | Louisiana Offshore Terminal Authority Deepwater Port Revenue PUT | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1287 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical Center) PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1607 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/37 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1333 |
|  | Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 |
| <sup>6</sup> | Louisiana Public Facilities Authority Revenue (Acadiana Renaissance Charter Academy Project) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;1693 |
| <sup>6</sup> | Louisiana Public Facilities Authority Revenue (Lafayette Renaissance Charter Academy Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Louisiana Public Facilities Authority Revenue (Ochsner Clinic Foundation Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;1320 |
|  | Louisiana Public Facilities Authority Revenue (Ochsner Clinic Foundation Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Louisiana Stadium & Exposition District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Louisiana Stadium & Exposition District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
| <sup>3</sup> | New Orleans LA Aviation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
|  | St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 |
|  | St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/26 | &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;7/3/28 | &nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;2410 |
|  | St. John the Baptist Parish LA School District No. 1 GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;3407 |
|  | Tangipahoa Parish LA Hospital Service District No. 1 Revenue (North Oaks Health System Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1932 |
|  |  |  |  |  | &nbsp;&nbsp;**62775** |
| **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;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
|  | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
| <sup>3</sup> | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |
| <sup>3</sup> | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
| <sup>3</sup> | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 |
|  | Maine Health & Higher Educational Facilities Authority Revenue (Northeastern University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1063 |
|  | Maine State Housing Authority Revenue PUT | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp;2740 |
|  | Portland ME General Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 |
|  | Portland ME General Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;1079 |
|  | Regional School ME Unit No. 14 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1681 |
|  | Regional School ME Unit No. 14 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  |  |  |  |  | &nbsp;&nbsp;**11003** |
| **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** |
|  | Anne Arundel County MD GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1145 |
|  | Baltimore County MD GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
|  | Baltimore County MD GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/44 | &nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;1932 |
|  | Howard County MD Housing Commission General Revenue (Columbia Landing Apartments) | &nbsp;&nbsp;1.600% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |
|  | Maryland Community Development Administration Department of Housing & Community Development Residential Revenue | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;9/1/41 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
|  | Maryland Community Development Administration Residential Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 |
|  | Maryland Department of Transportation Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
|  | Maryland Department of Transportation Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;1366 |
|  | Maryland Department of Transportation Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;2620 | &nbsp;&nbsp;&nbsp;&nbsp;2602 |
|  | Maryland Economic Development Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1056 |
|  | Maryland Economic Development Corp. Student Housing Revenue | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1320 |
| <sup>3</sup> | Maryland Economic Development Corp. Student Housing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
|  | Maryland GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;1974 |
|  | Maryland GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp;2164 |
|  | Maryland GO | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1023 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare Obligated Group) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;1998 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Frederick Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |

---

------

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 Health & Higher Educational Facilities Authority Revenue (Maryland Medical System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
| <sup>4,6</sup> | Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Medical System) PUT, SIFMA Municipal Swap Index Yield + 0.540% | &nbsp;&nbsp;2.460% | &nbsp;&nbsp;12/8/27 | &nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp;3350 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Meritus Medical Center Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1215 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (Stevenson University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
|  | Maryland Health & Higher Educational Facilities Authority Revenue (University of Pittsburgh Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 |
|  | Maryland State Stadium Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Maryland State Transportation Authority Facilities Projects Revenue | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1213 |
|  | Maryland State Transportation Authority Facilities Projects Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | Washington MD Suburban Sanitary Commission Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  | Washington Suburban Sanitary District Revenue (Montgomery & Prince George's Counties) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/43 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  |  |  |  |  | &nbsp;&nbsp;**34983** |
| **Massachusetts (0.9%)** | **Massachusetts (0.9%)** | **Massachusetts (0.9%)** | **Massachusetts (0.9%)** | **Massachusetts (0.9%)** | **Massachusetts (0.9%)** |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2058 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 |
|  | Commonwealth of Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/45 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3040 |
| <sup>10</sup> | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1133 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1138 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2281 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1139 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp;3389 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1152 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1041 |
|  | Massachusetts Bay Transportation Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/46 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | Massachusetts Clean Water Trust Revolving Fund Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
| <sup>13</sup> | Massachusetts Development Finance Agency Revenue (Agawam Village Issue) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 |
|  | Massachusetts Development Finance Agency Revenue (Amherst College) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1133 |
|  | Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1595 |
|  | Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1824 |
|  | Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;1549 |
|  | Massachusetts Development Finance Agency Revenue (Boston College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1793 |
|  | Massachusetts Development Finance Agency Revenue (Brown University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | Massachusetts Development Finance Agency Revenue (Brown University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
| <sup>6</sup> | Massachusetts Development Finance Agency Revenue (Cape Cod Health Care) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;2611 |
|  | Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;1287 |
|  | Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;1102 |
|  | Massachusetts Development Finance Agency Revenue (Emerson College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 |
|  | Massachusetts Development Finance Agency Revenue (Emerson College) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
|  | Massachusetts Development Finance Agency Revenue (Emerson Hospital) | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;1933 |
|  | Massachusetts Development Finance Agency Revenue (Harvard University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2043 |
|  | Massachusetts Development Finance Agency Revenue (Harvard University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/13/32 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;1298 |
|  | Massachusetts Development Finance Agency Revenue (Harvard University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;1941 |
|  | Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
|  | Massachusetts Development Finance Agency Revenue (Lasell Village Inc.) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
|  | Massachusetts Development Finance Agency Revenue (Lesley University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 |
|  | Massachusetts Development Finance Agency Revenue (Merrimack College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 |
| <sup>6</sup> | Massachusetts Development Finance Agency Revenue (Merrimack College) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
|  | Massachusetts Development Finance Agency Revenue (Seven Hills) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 |
|  | Massachusetts Development Finance Agency Revenue (Seven Hills) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 |
|  | Massachusetts Development Finance Agency Revenue (Simmons University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1007 |
|  | Massachusetts Development Finance Agency Revenue (Southcoast Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
|  | Massachusetts Development Finance Agency Revenue (UMass Memorial Health Care) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;1275 |
|  | Massachusetts Development Finance Agency Revenue (UMass Memorial Health Care) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | Massachusetts Development Finance Agency Revenue (UMass Student Housing Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
|  | Massachusetts Development Finance Agency Revenue (University Student Housing Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | Massachusetts Development Finance Agency Revenue (Wellforce Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2029 |
|  | Massachusetts Development Finance Agency Revenue (Western New England University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1125 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp;5934 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;6659 |
|  | Massachusetts GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;2854 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp;2325 |
|  | Massachusetts GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2130 |

---

------

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 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2590 |
|  | Massachusetts GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Massachusetts Housing Finance Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Massachusetts Housing Finance Agency Revenue | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Massachusetts Housing Finance Agency Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
|  | Massachusetts School Building Authority Dedicated Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |
|  | Massachusetts School Building Authority Dedicated Sales Tax Revenue | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1337 |
|  | Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
| <sup>10</sup> | Massachusetts Turnpike Authority Revenue (Metropolitan Highway System) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/29 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | University of Massachusetts Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2064 |
|  |  |  |  |  | &nbsp;&nbsp;**91268** |
| **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** |
| <sup>14</sup> | Alpena MI Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;5/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 |
|  | Bloomfield Hills MI School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
| <sup>14</sup> | Chippewa Valley MI Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1006 |
|  | Detroit MI Downtown Development Authority Tax Increment Revenue (Catalyst Development Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2762 |
|  | Detroit MI Downtown Development Authority Tax Increment Revenue (Catalyst Development Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | Detroit MI Regional Convention Facility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |
|  | Detroit MI Regional Convention Facility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1071 |
|  | Detroit MI Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1490 |
|  | Detroit MI Unlimited Tax GO | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| <sup>3</sup> | Downriver MI Utility Wastewater Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/34 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1094 |
| <sup>3,14</sup> | Fenton MI Area Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1224 |
|  | Grand Rapids MI Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 |
| <sup>3</sup> | Grand Rapids Public Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1042 |
| <sup>3</sup> | Grand Rapids Public Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
|  | Great Lakes MI Water Authority Sewage Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;2173 |
|  | Great Lakes MI Water Authority Sewage Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;1924 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;1284 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1275 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | Great Lakes MI Water Authority Sewer Disposal System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2552 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;1532 |
| <sup>3</sup> | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;1422 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4040 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1336 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;1909 |
|  | Great Lakes MI Water Authority Water Supply System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| <sup>14</sup> | Howell MI Public Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| <sup>14</sup> | Hudsonville MI Public Schools GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
|  | Ingham County MI Building Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;3621 |
|  | Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;1008 |
| <sup>9</sup> | Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 |
|  | Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1330 |
| <sup>14</sup> | Lanse Creuse MI Public Schools Building Site Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
| <sup>3</sup> | Lansing MI GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
| <sup>3</sup> | Livonia MI Public School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp;3949 |
|  | Michigan Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Michigan Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/36 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1256 |
|  | Michigan Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
|  | Michigan Finance Authority Act 38 Facilities Senior Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/28/35 | &nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
|  | Michigan Finance Authority Act 38 Facilities Senior Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/31/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1088 |
|  | Michigan Finance Authority Act 38 Facilities Senior Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;2/29/44 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1071 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/31 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2193 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | Michigan Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;2699 |
|  | Michigan Finance Authority Revenue (Calvin University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 |
|  | Michigan Finance Authority Revenue (Detroit Water & Sewer) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
|  | Michigan Finance Authority Revenue (Henry Ford Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1247 |
|  | Michigan Finance Authority Revenue (Kalamazoo College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |

---

------

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 Revenue (Kalamazoo College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | Michigan Finance Authority Revenue (McLaren Health Care Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 |
|  | Michigan Finance Authority Revenue (McLaren Health Care Corp.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
|  | Michigan Finance Authority Revenue (Revolving Fund Programs) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196 |
|  | Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 |
|  | Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 |
|  | Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
| <sup>6</sup> | Michigan Finance Authority Revenue (Trinity Health) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 |
|  | Michigan State Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/34 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154 |
|  | Michigan State Hospital Finance Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
|  | Michigan State Hospital Finance Authority Revenue Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | Michigan State Hospital Finance Authority Revenue (Corewell Health) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 |
|  | Michigan State Housing Development Authority Multifamily Revenue PUT | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;12/1/50 | &nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
|  | Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;12/1/55 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 |
|  | Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 |
|  | Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/41 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 |
|  | Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 |
|  | Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/45 | &nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 |
|  | Northville MI Public School GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Northville MI Public Schools GO (Unlimited Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 |
|  | Northville MI Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
|  | Northville MI Public Schools Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
|  | Oakland University MI Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 |
|  | Oakland University MI Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 |
|  | Oakland University MI Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 |
| <sup>14</sup> | Saginaw City School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 |
|  | University of Michigan Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/29 | &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;4/1/30 | &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;4/1/32 | &nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 |
| <sup>3</sup> | University of Michigan Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
|  | Wayne County MI Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 |
|  | Wayne County MI Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 |
|  |  |  |  |  | &nbsp;&nbsp;**127746** |
| **Minnesota (0.7%)** | **Minnesota (0.7%)** | **Minnesota (0.7%)** | **Minnesota (0.7%)** | **Minnesota (0.7%)** | **Minnesota (0.7%)** |
|  | Duluth MN Independent School District No. 709 COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
|  | Goodridge MN Independent School District No. 561 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |
|  | Hennepin County MN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 |
|  | Hennepin County MN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 |
|  | Hennepin County MN GO Sales Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/38 | &nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288 |
|  | Mankato MN Independent School District No. 77 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 |
|  | Minneapolis & St. Paul MN Metropolitan Airports Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
|  | Minneapolis MN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 |
|  | Minneapolis MN Health Care System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
|  | Minneapolis MN Health Care System Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 |
|  | Minneapolis MN Health Care System Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 |
|  | Minnesota Agricultural & Economic Development Board Health Care Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/33 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 |
|  | Minnesota GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155 |
|  | Minnesota GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 |
|  | Minnesota Higher Education Facilities Authority Revenue (Hamline University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | Minnesota Housing Finance Agency Residential Bonds Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 |
|  | Minnesota Housing Finance Agency Residential Bonds Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;1/1/55 | &nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557 |
|  | Minnesota Housing Finance Agency Residential Bonds Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 |
|  | Minnesota Housing Finance Agency Residential Housing Revenue | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 |
|  | Minnesota Housing Finance Agency Residential Housing Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
|  | Minnesota Housing Finance Agency Revenue (Housing Infrastructure) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 |
| <sup>5</sup> | Minnesota Municipal Gas Agency Commodity Supply Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 |
| <sup>4,5</sup> | Minnesota Municipal Gas Agency Commodity Supply Revenue PUT, SOFR + 1.000% | &nbsp;&nbsp;3.948% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |

---

------

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 Public Facilities Authority Revolving Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;8102 |
|  | Osseo MN Independent School District No. 279 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Osseo MN Independent School District No. 279 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1997 |
|  | Owatonna MN Independent School District No. 761 GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;1161 |
|  | Rosemount MN Independent School District No. 196 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4809 |
|  | St. Cloud MN Health Care Revenue (CentraCare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
| <sup>7</sup> | St. Cloud MN Independent School District No. 742 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| <sup>7</sup> | St. Cloud MN Independent School District No. 742 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
| <sup>7</sup> | St. Cloud MN Independent School District No. 742 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
|  | St. Paul MN Housing & Redevelopment Authority Health Care facilities Revenue (Health Partners Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1098 |
|  | West St. Paul MN Independent School District No. 197 GO (Mendota Heights-Eagan) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020 |
|  |  |  |  |  | &nbsp;&nbsp;**78597** |
| **Mississippi (0.4%)** | **Mississippi (0.4%)** | **Mississippi (0.4%)** | **Mississippi (0.4%)** | **Mississippi (0.4%)** | **Mississippi (0.4%)** |
|  | Lowndes County MS Solid Waste Disposal & Pollution Control Revenue PUT | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron Corp.) VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;4600 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;2200 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp;4755 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp;5750 |
|  | Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron U.S.A Inc. Project) VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &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;1/1/26 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1348 |
|  | Mississippi Development Bank SO Revenue (Rankin County School District) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp;1825 |
|  | Mississippi Gaming Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/34 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2590 |
|  | Mississippi Gaming Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/36 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1542 |
|  | Mississippi GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;2169 |
|  | Mississippi GO Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1007 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1019 |
|  | Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | Mississippi State Alcoholic Beverage Control Revenue (ABC Warehouse Construction Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
|  | Mississippi State Alcoholic Beverage Control Revenue (ABC Warehouse Construction Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1051 |
|  | Mississippi State Gaming Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/32 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;2920 |
|  | Mississippi State University Educational Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
|  | Mississippi State University Educational Building Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  |  |  |  |  | &nbsp;&nbsp;**41780** |
| **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;10/1/35 | &nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;1798 |
|  | Clay County MO Public Schools District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/39 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;1452 |
|  | Curators University MO System Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;1396 |
|  | Curators University MO System Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;1205 |
|  | Greene County MO Reorganized School District No. 3 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/39 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Jackson County MO Reorganized School District No. 7 GO (Lee's Summit) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/40 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2444 |
|  | Jackson County MO School District No. 4 GO (Blue Springs) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1110 |
|  | Jackson County MO School District No. 4 GO (Blue Springs) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1628 |
|  | Jackson County MO SO Revenue (Truman Sports Complex Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1219 |
|  | Jackson County MO SO Revenue (Truman Sports Complex Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1505 |
|  | Kansas City MO GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
|  | Kansas City MO GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1570 |
|  | Kansas City MO GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1240 |
|  | Kansas City MO GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |
|  | Kansas City MO Industrial Development Authority Multifamily Revenue | &nbsp;&nbsp;4.390% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
|  | Kansas City MO Sanitary Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | Kansas City MO SO Bonds Revenue (Missouri Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/35 | &nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp;3514 |
|  | Kansas City MO SO Revenue (Downtown Arena Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1080 |
|  | Kansas City MO Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2249 |
|  | Kansas City MO Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1580 |
|  | Metropolitan St. Louis MO Sewer District Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 |
|  | Metropolitan St. Louis MO Sewer District Wastewater System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;4145 | &nbsp;&nbsp;&nbsp;&nbsp;4178 |

---

------

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) |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health Care) VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1052 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;1311 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1111 |
|  | Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008 |
| <sup>5,6</sup> | Missouri Health & Educational Facilities Authority Health Revenue (Mercy Health) TOB VRDO | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;11655 | &nbsp;&nbsp;11655 |
|  | Missouri Health & Educational Facilities Authority Revenue (BJC Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
|  | Missouri Health & Educational Facilities Authority Revenue (Children's Mercy Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1110 |
|  | Missouri Health & Educational Facilities Authority Revenue (Lutheran Senior Services Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2444 |
|  | Missouri Health & Educational Facilities Authority Revenue (Lutheran Senior Services Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp;3926 |
|  | Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1501 |
|  | Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2128 |
| <sup>5</sup> | Missouri Health & Educational Facilities Authority Revenue (St. Louis University) VRDO | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
|  | Missouri Highway & Transportation Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5095 |
|  | Missouri Housing Development Commission Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 |
|  | Missouri Housing Development Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 |
|  | Missouri Housing Development Commission Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
|  | Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie State Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
|  | Springfield MO Public Utilities Board COP | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;2046 |
|  | St. Louis County Industrial Development Authority Revenue | &nbsp;&nbsp;4.910% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1984 |
|  | St. Louis County MO Industrial Development Authority Senior Living Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1504 |
| <sup>3</sup> | St. Louis MO Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1035 |
| <sup>6,11</sup> | St. Louis MO Municipal Finance Corp. Leasehold Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1215 |
| <sup>6,11</sup> | St. Louis MO Municipal Finance Corp. Leasehold Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;1403 |
| <sup>3</sup> | St. Louis MO Municipal Finance Corp. Leasehold Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
|  |  |  |  |  | &nbsp;&nbsp;**80493** |
| **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;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Forsyth MT Pollution Control Revenue | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1014 |
|  | Montana Facility Finance Authority Hospital Revenue (Benefis Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2903** |
| **Multiple States (0.5%)** | **Multiple States (0.5%)** | **Multiple States (0.5%)** | **Multiple States (0.5%)** | **Multiple States (0.5%)** | **Multiple States (0.5%)** |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;1311 |
| <sup>6,15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;1602 |
| <sup>6,15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;1597 |
| <sup>6,15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;1109 |
| <sup>6,15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;11/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;4714 | &nbsp;&nbsp;&nbsp;&nbsp;4253 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;1/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 |
| <sup>6,15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1059 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.033% | &nbsp;&nbsp;12/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;4884 | &nbsp;&nbsp;&nbsp;&nbsp;4884 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;3.157% | &nbsp;&nbsp;12/25/38 | &nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;1741 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.002% | &nbsp;&nbsp;1/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp;3298 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.552% | &nbsp;&nbsp;8/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;2001 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.546% | &nbsp;&nbsp;10/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;&nbsp;4045 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.155% | &nbsp;&nbsp;5/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;1422 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.519% | &nbsp;&nbsp;8/25/41 | &nbsp;&nbsp;13439 | &nbsp;&nbsp;13792 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.563% | &nbsp;&nbsp;4/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp;1159 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;4.095% | &nbsp;&nbsp;11/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;1979 |
| <sup>15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | &nbsp;&nbsp;2.990% | &nbsp;&nbsp;4/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp;2573 |
| <sup>5,6,15</sup> | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue TOB VRDO | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;5600 |
|  |  |  |  |  | &nbsp;&nbsp;**54273** |
| **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;9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1030 |
|  | Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1350 |
|  | Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 4) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;10260 | &nbsp;&nbsp;10784 |
|  | Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 5) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;2120 |
|  | Central Plains Energy Project Nebraska Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp;5282 |
| <sup>7</sup> | Douglas County NB Hospital Authority No. 2 Facilities Revenue (Methodist Healthy System) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 |
| <sup>7</sup> | Douglas County NB Hospital Authority No. 3 Facilities Revenue (Methodist Healthy System) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
|  | Douglas County NE Educational Facilities Revenue (Creighton University Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1105 |
| <sup>5</sup> | Douglas County NE Hospital Authority No. 2 Revenue (Childrens Hospital) VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;2600 |
|  | Omaha NE Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2508 |
|  | Omaha Public Power District NE Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1688 |

---

------

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) |
|  | Omaha Public Power District NE Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1042 |
|  | Papillion-La Vista NE School District No. 27 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;1661 |
|  | Public Power Generation Agency Revenue (Whelan Energy Center Unit 2) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 |
|  |  |  |  |  | &nbsp;&nbsp;**32576** |
| **Nevada (0.4%)** | **Nevada (0.4%)** | **Nevada (0.4%)** | **Nevada (0.4%)** | **Nevada (0.4%)** | **Nevada (0.4%)** |
|  | Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
|  | Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;1253 |
|  | Clark County NV Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | Clark County NV GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;1521 |
|  | Clark County NV GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &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;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
|  | Clark County NV Highway Improvement Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1595 |
|  | Clark County NV Passenger Facility Charge Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  | Clark County NV Pollution Control Refunding Revenue (Southern California Edison Co.) | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1312 |
|  | Clark County NV School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | Clark County NV School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1197 |
|  | Clark County NV School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;1199 |
| <sup>9</sup> | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
| <sup>9</sup> | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 |
|  | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 |
|  | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1268 |
| <sup>3</sup> | Clark County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;2205 |
|  | Las Vegas NV Convention & Visitors Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1191 |
|  | Las Vegas Valley Water District Nevada GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;1894 |
|  | Las Vegas Valley Water District Nevada GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;1671 |
|  | Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;1853 |
| <sup>5,6</sup> | Nevada Housing Divisional Custodial Receipts Revenue TOB VRDO | &nbsp;&nbsp;4.170% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;12150 | &nbsp;&nbsp;12150 |
| <sup>6</sup> | North Las Vegas NV Local Improvement Special Bonds | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
|  | Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
|  | Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/28 | &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;6/1/32 | &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;6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
|  | Reno-Tahoe NV Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
|  | Truckee Meadows NV Water Authority Water Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;1545 |
|  | Washoe County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1250 |
|  | Washoe County NV School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1192 |
|  |  |  |  |  | &nbsp;&nbsp;**47112** |
| **New Hampshire (0.4%)** | **New Hampshire (0.4%)** | **New Hampshire (0.4%)** | **New Hampshire (0.4%)** | **New Hampshire (0.4%)** | **New Hampshire (0.4%)** |
|  | Manchester NH Sewer Revenue (Green Bonds) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 |
|  | Nashua NH GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;1259 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;8/20/39 | &nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;1818 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.168% | &nbsp;&nbsp;1/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;1184 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.168% | &nbsp;&nbsp;1/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
|  | National Finance Authority NH Municipal Certificates Revenue | &nbsp;&nbsp;4.163% | &nbsp;&nbsp;10/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp;1014 |
| <sup>6</sup> | National Finance Authority NH Revenue | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | National Finance Authority NH Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;1/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;5067 |
|  | National Finance Authority NH Revenue | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;1/20/38 | &nbsp;&nbsp;&nbsp;&nbsp;2561 | &nbsp;&nbsp;&nbsp;&nbsp;2338 |
|  | National Finance Authority NH Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;7/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;4929 | &nbsp;&nbsp;&nbsp;&nbsp;4702 |
|  | National Finance Authority NH Revenue PUT | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 |
|  | National Finance Authority NH Revenue PUT | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2008 |
|  | National Finance Authority NH Revenue PUT | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
|  | National Finance Authority NH Revenue (Dickinson College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;1522 |
| <sup>6</sup> | National Finance Authority NH Revenue (Mirador Project) | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
| <sup>6</sup> | National Finance Authority NH Revenue (Princeton Area Projects) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1134 |
| <sup>6</sup> | National Finance Authority NH Revenue (Tamarron Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp;1350 |
| <sup>6</sup> | National Finance Authority NH Revenue (Valencia Project) | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>6</sup> | National Finance Authority NH Revenue (Wildflower Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
|  | National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp;1746 |
|  | National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1683 |
|  | National Finance Authority NH Revenue (Winston-Salem Sustainable Energy Partners) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1250 |
| <sup>6</sup> | National Finance Authority NH Specialty Pharmacy Ltd. Obligation Revenue | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |
|  | National NH Finance Authority Municipal Certificates Revenue | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;9/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
|  | New Hampshire Business Finance Authority Pollution Control Refunding Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | New Hampshire Health & Education Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1086 |
|  | New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;8/3/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | New Hampshire Health & Education Facilities Authority Revenue (Dartmouth Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | New Hampshire Health & Education Facilities Authority Revenue (Dartmouth Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1519 |

---

------

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 Hampshire Health & Education Facilities Authority Revenue (Dartmouth-Hitchcock Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 |
|  |  |  |  |  | &nbsp;&nbsp;**41748** |
| **New Jersey (1.2%)** | **New Jersey (1.2%)** | **New Jersey (1.2%)** | **New Jersey (1.2%)** | **New Jersey (1.2%)** | **New Jersey (1.2%)** |
|  | Cape May County NJ GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;2372 |
| <sup>3</sup> | Casino NJ Reinvestment Development Authority Luxury Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
| <sup>3</sup> | Casino NJ Reinvestment Development Authority Luxury Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1103 |
|  | Cherry Hill Township NJ School District Board of Education GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2944 |
| <sup>3</sup> | Clifton NJ Board of Education School Bonds GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;8/15/34 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1224 |
|  | Hudson County NJ General Improvement Bonds GO | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
| <sup>9</sup> | Lindenwold Boro NJ School District Bonds GO | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;1292 |
| <sup>9</sup> | Montclair NJ Township Board of Education Schools GO | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 |
|  | New Jersey Economic Development Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/27 | &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;7/1/34 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | New Jersey Economic Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
|  | New Jersey Economic Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2035 |
|  | New Jersey Economic Development Authority Revenue Prere. | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2082 |
| <sup>10</sup> | New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
|  | New Jersey Economic Development Authority Revenue (Portal North Bridge Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4196 |
|  | New Jersey Economic Development Authority Revenue (Portal North Bridge Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/41 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5210 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1342 |
| <sup>10</sup> | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1056 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1478 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | New Jersey Economic Development Authority Revenue (School Facilities Construction) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |
|  | New Jersey Educational Facilities Authority Revenue (Princeton University) | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 |
|  | New Jersey Educational Facilities Authority Revenue (Princeton University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;1506 |
|  | New Jersey Educational Facilities Authority Revenue (Princeton University) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1118 |
|  | New Jersey GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;1170 |
|  | New Jersey GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | New Jersey GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 |
|  | New Jersey Health Care Facilities Financing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  | New Jersey Health Care Facilities Financing Authority Revenue (Atlanticare Health System) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
|  | New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph's Healthcare System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  | New Jersey Health Care Facilities Financing Authority Revenue (St. Peter's University Hospitals) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  | New Jersey Housing & Mortgage Finance Agency Multifamily Revenue | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
| <sup>7</sup> | New Jersey Housing & Mortgage Finance Agency Single Family Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;4/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 |
|  | New Jersey State Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2088 |
|  | New Jersey State Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1039 |
|  | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 |
|  | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1015 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1039 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1035 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/42 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1604 |
|  | New Jersey Transportation Trust Fund Authority Program Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1051 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
| <sup>3</sup> | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;1478 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;1362 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1057 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp;2610 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/33 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3323 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1163 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/34 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2770 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/34 | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;1700 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp;3128 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1345 |
|  | New Jersey Transportation Trust Fund Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;1209 |
| <sup>10</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;1137 |
| <sup>10,16</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| <sup>3</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/34 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
| <sup>11</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/35 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 |

---

------

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>11</sup> | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
|  | New Jersey Transportation Trust Fund Authority System Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 |
| <sup>11</sup> | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 |
|  | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527 |
| <sup>10</sup> | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 |
|  | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586 |
|  | New Jersey Transportation Trust Fund Authority Transportation System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472 |
| <sup>7</sup> | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 |
|  | New Jersey Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 |
|  | Tobacco Settlement Financing Corp. New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  |  |  |  |  | &nbsp;&nbsp;**125071** |
| **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;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
|  | Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project) | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 |
|  | Farmington NM Pollution Control Revenue (San Juan & Four Corners Projects) | &nbsp;&nbsp;2.150% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  | Farmington NM Pollution Control Revenue (San Juan Project) PUT | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
|  | Farmington NM Pollution Control Revenue (Southern California Edison Co.) | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
|  | New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 |
| <sup>5</sup> | New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 |
|  | New Mexico Mortgage Finance Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 |
|  | New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;7380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7822 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**21139** |
| **New York (7.2%)** | **New York (7.2%)** | **New York (7.2%)** | **New York (7.2%)** | **New York (7.2%)** | **New York (7.2%)** |
|  | Battery Park City NY Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
|  | Build NY Resource Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
|  | Build NY Resource Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
|  | Build NY Resource Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 |
|  | Dutchess County NY Local Development Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&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;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&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;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |
|  | Erie County NY Fiscal Stability Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |
|  | Genesee County NY Funding Corp. Revenue (Rochester Regional Health Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/35 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;10236 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
|  | Hudson Yards Infrastructure Corp. New York Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
|  | Long Island Power Authority NY Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 |
|  | Long Island Power Authority NY Electric System Revenue PUT | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 |
|  | Long Island Power Authority NY Electric System Revenue PUT | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
|  | Metropolitan Transportation Authority NY Dedicated Tax Green Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 |

---

------

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;11/15/29 | &nbsp;&nbsp;4070 | &nbsp;&nbsp;4392 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;1744 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;1935 | &nbsp;&nbsp;2111 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;330 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1006 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;617 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2786 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2581 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;2685 | &nbsp;&nbsp;2989 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;2275 | &nbsp;&nbsp;2341 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;4915 | &nbsp;&nbsp;5040 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1023 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;1730 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1916 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/39 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1158 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;749 |
| <sup>3</sup> | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1029 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1039 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;1072 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1320 | &nbsp;&nbsp;1377 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;950 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/41 | &nbsp;&nbsp;3090 | &nbsp;&nbsp;3194 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1330 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;713 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;2435 | &nbsp;&nbsp;2175 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;641 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;934 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;883 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| <sup>9</sup> | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/44 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;1502 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/44 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;1823 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;411 |
|  | Metropolitan Transportation Authority NY Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/45 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2579 |
| <sup>5</sup> | Metropolitan Transportation Authority NY Revenue VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;9840 | &nbsp;&nbsp;9840 |
| <sup>5</sup> | Metropolitan Transportation Authority NY Revenue VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;2350 | &nbsp;&nbsp;2350 |
|  | Monroe County NY Industrial Development Agency School Facility Revenue (Rochester Schools Modernization Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;1970 | &nbsp;&nbsp;2047 |
|  | Monroe County NY Industrial Development Corp. Revenue (Rochester Regional Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;2120 | &nbsp;&nbsp;1963 |
|  | Monroe County NY Industrial Development Corp. Revenue (University of Rochester Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;586 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1049 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1102 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1112 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1120 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1019 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1925 | &nbsp;&nbsp;2156 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;1755 | &nbsp;&nbsp;1798 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/33 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1149 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;1940 | &nbsp;&nbsp;2055 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1142 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;3875 | &nbsp;&nbsp;3988 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/37 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1367 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;6640 | &nbsp;&nbsp;6531 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1096 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/39 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;1579 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;2305 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;1625 | &nbsp;&nbsp;1680 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2125 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;949 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;3095 | &nbsp;&nbsp;3294 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;927 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;1878 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6403 |
|  | New York City NY GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;968 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;934 |
|  | New York City NY GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;2715 | &nbsp;&nbsp;2535 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3141 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1322 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/41 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1311 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1051 |

---

------

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;4.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2761 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp;2047 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | New York City NY GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1052 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp;4682 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2557 |
|  | New York City NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1014 |
| <sup>5</sup> | New York City NY GO VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/31 | &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;4.375% | &nbsp;&nbsp;12/15/31 | &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;11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1452 |
| <sup>13</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;0.600% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;1775 |
| <sup>13</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;0.900% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;7/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;7/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| <sup>13</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;12/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>13</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;12/22/26 | &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;12/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2004 |
| <sup>13</sup> | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;7/1/28 | &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;7/3/28 | &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;12/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood Bonds) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 |
| <sup>3</sup> | New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1270 |
| <sup>3</sup> | New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1721 |
| <sup>3</sup> | New York City NY Industrial Development Agency Revenue (Yankee Stadium Projects) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1816 |
| <sup>5</sup> | New York City NY Industrial Development Agency Special Facility Revenue VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/33 | &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;6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2008 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1137 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1023 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2580 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2054 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2544 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;4745 | &nbsp;&nbsp;&nbsp;&nbsp;4387 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1035 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;2773 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2752 |
|  | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;2100 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;4700 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp;3350 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;6200 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;15435 | &nbsp;&nbsp;15435 |
| <sup>5</sup> | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;18590 | &nbsp;&nbsp;18590 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;1732 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2002 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;1696 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1595 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;3357 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1712 |
|  | New York City NY Transitional Finance Authority Building AID Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1085 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1085 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1652 |

---

------

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;5/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1102 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1109 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;2445 | &nbsp;&nbsp;2469 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;2020 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1507 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1128 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;1710 | &nbsp;&nbsp;1738 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;1571 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;1525 | &nbsp;&nbsp;1570 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2513 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;1745 | &nbsp;&nbsp;1751 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1107 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;1580 | &nbsp;&nbsp;1618 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;1235 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;1720 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/38 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1215 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;2740 | &nbsp;&nbsp;2806 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;1485 | &nbsp;&nbsp;1518 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1064 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1056 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1085 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1056 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;2195 | &nbsp;&nbsp;2026 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1831 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1083 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/43 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;2522 |
|  | New York City NY Transitional Finance Authority Future Tax Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1071 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;2610 | &nbsp;&nbsp;2807 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1094 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;1398 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1690 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1127 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;2895 | &nbsp;&nbsp;3019 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1131 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;2093 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2043 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1272 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;2325 | &nbsp;&nbsp;2406 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;2595 | &nbsp;&nbsp;2882 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;248 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/37 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1214 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/37 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;2482 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/37 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;1279 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;197 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/38 | &nbsp;&nbsp;3160 | &nbsp;&nbsp;3090 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/39 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2926 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/39 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;1079 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1945 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;573 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1239 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;1545 | &nbsp;&nbsp;1612 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;1157 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;805 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/41 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;8526 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;2900 | &nbsp;&nbsp;2679 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;528 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2077 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;1124 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;1631 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1140 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1004 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;911 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;1605 | &nbsp;&nbsp;1674 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/44 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;1446 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/44 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5184 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/45 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2061 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/45 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2065 |
|  | New York City NY Transitional Finance Authority Future Tax Secured Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/46 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2058 |
| <sup>5</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;2800 |

---

------

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</sup> | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1150 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1558 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;5710 | &nbsp;&nbsp;&nbsp;&nbsp;5909 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1720 |
|  | New York City NY Transitional Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1375 |
|  | New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | New York Liberty Development Corp. Revenue (1 World Trade Center Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 |
| <sup>9</sup> | New York Liberty Development Corp. Revenue (1 World Trade Center Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1564 |
|  | New York Liberty Development Corp. Revenue (1 World Trade Center Project) | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1302 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;1638 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;1221 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1251 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1150 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
|  | New York Liberty Development Corp. Revenue (4 World Trade Center Project) | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp;2240 |
|  | New York Liberty Development Corp. Revenue (7 World Trade Center Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |
|  | New York Liberty Development Corp. Revenue (Bank of America Tower at One Bryant Park Project) | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;9/15/69 | &nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;2567 |
|  | New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 |
|  | New York Metropolitan Transportation Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;1143 |
|  | New York Metropolitan Transportation Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;1458 |
|  | New York Metropolitan Transportation Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2642 |
|  | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
|  | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;1553 |
|  | New York Power Authority Green Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1154 |
| <sup>3</sup> | New York Power Authority Green Transmission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1083 |
| <sup>3</sup> | New York Power Authority Green Transmission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1014 |
| <sup>11</sup> | New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
| <sup>9</sup> | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1097 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2080 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;10850 | &nbsp;&nbsp;11037 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1098 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;2307 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;1853 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1142 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;4880 | &nbsp;&nbsp;&nbsp;&nbsp;4888 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1115 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;3191 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 |
| <sup>3</sup> | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2652 |
| <sup>3</sup> | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;1784 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1198 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1055 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1433 |
|  | New York State Dormitory Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
|  | New York State Dormitory Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 |
|  | New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | New York State Dormitory Authority Revenue (Montefiore Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;1948 |
|  | New York State Dormitory Authority Revenue (Montefiore Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 |
|  | New York State Dormitory Authority Revenue (Northwell Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1079 |
|  | New York State Dormitory Authority Revenue (Northwell Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
|  | New York State Dormitory Authority Revenue (Northwell Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1082 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2067 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1154 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2064 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2225 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1257 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;1984 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;8022 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3189 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4066 |

---

------

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 (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/37 | &nbsp;&nbsp;2270 | &nbsp;&nbsp;2255 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/38 | &nbsp;&nbsp;3400 | &nbsp;&nbsp;2938 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;983 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1945 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2047 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/39 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2534 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/39 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2915 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1064 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2470 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;952 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;1124 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;1511 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;7980 | &nbsp;&nbsp;7402 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3137 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/43 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1027 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/43 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1834 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1041 |
|  | New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/27 | &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;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4395 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;1522 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/33 | &nbsp;&nbsp;1795 | &nbsp;&nbsp;1832 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/33 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;1669 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/34 | &nbsp;&nbsp;2035 | &nbsp;&nbsp;2319 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/35 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;1424 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2036 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1140 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/36 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1547 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/37 | &nbsp;&nbsp;2160 | &nbsp;&nbsp;2222 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2548 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2064 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2043 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/15/44 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2052 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/46 | &nbsp;&nbsp;2750 | &nbsp;&nbsp;2812 |
|  | New York State Dormitory Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/47 | &nbsp;&nbsp;5310 | &nbsp;&nbsp;5412 |
|  | New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;988 |
|  | New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/34 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1251 |
|  | New York State Energy Research & Development Authority Pollution Control Revenue (Rochester Gas & Electric Corp. Project) | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | New York State Energy Research & Development Authority Pollution Control Revenue (Rochester Gas & Electric Corp. Project) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1007 |
|  | New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/43 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;1831 |
|  | New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/15/45 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2673 |
|  | New York State Homeowner Mortgage Agency Revenue | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;1229 |
|  | New York State Housing Finance Agency Revenue | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;683 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;5/1/27 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;1398 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;429 |
| <sup>13</sup> | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;1061 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1004 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;1475 | &nbsp;&nbsp;1482 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1002 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;2426 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1751 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;527 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.570% | &nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;2045 | &nbsp;&nbsp;2027 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;998 |
|  | New York State Housing Finance Agency Revenue PUT | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;4520 | &nbsp;&nbsp;4422 |
|  | New York State Housing Finance Agency Revenue (Personal Income Tax) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;12/15/28 | &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;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  | New York State Housing Finance Agency Revenue (Personal Income Tax) PUT | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| <sup>17</sup> | New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;9/15/69 | &nbsp;&nbsp;6200 | &nbsp;&nbsp;5731 |
|  | New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;9/15/69 | &nbsp;&nbsp;2505 | &nbsp;&nbsp;2303 |
|  | New York State Mortgage Agency Homeowner Revenue | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;10/1/50 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1280 |

---

------

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>9</sup> | New York State Thruway Authority General Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;987 |
|  | New York State Thruway Authority General Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;936 |
|  | New York State Thruway Authority General Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;924 |
|  | New York State Thruway Authority General Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/45 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;1493 |
|  | New York State Thruway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1045 | &nbsp;&nbsp;1109 |
|  | New York State Thruway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;1399 |
|  | New York State Thruway Authority Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;917 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;1425 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/33 | &nbsp;&nbsp;2010 | &nbsp;&nbsp;2036 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2048 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/37 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2043 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/40 | &nbsp;&nbsp;1590 | &nbsp;&nbsp;1507 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;938 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;1374 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1844 |
|  | New York State Urban Development Corp. Revenue (Personal Income Tax) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/43 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5099 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1115 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/41 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2413 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;3138 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
|  | New York State Urban Development Corp. Sales Tax Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/44 | &nbsp;&nbsp;2630 | &nbsp;&nbsp;2390 |
|  | New York Transportation Development Corp. Special Facility Revenue (Terminal 4 John F. Kennedy International Airport Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1255 |
|  | Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;365 |
|  | Onondaga NY Civic Development Corp. Revenue (Syracuse University Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;749 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1972 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;1277 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/36 | &nbsp;&nbsp;2295 | &nbsp;&nbsp;2416 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1066 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;1329 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;534 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1065 |
|  | Port Authority of New York & New Jersey Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1056 |
|  | Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1372 |
|  | Suffolk County NY Public Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;851 |
|  | Suffolk County NY Public Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;828 |
|  | Suffolk NY Regional Off-Track Betting Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;518 |
|  | Tobacco Settlement Financing Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;1870 | &nbsp;&nbsp;1910 |
|  | Tobacco Settlement Financing Corp. New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;3745 | &nbsp;&nbsp;3777 |
|  | Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;455 |
|  | Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;465 |
|  | Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;287 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5228 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1051 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2171 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2200 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1124 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1125 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;9106 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;636 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1050 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1083 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/45 | &nbsp;&nbsp;1355 | &nbsp;&nbsp;1395 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/46 | &nbsp;&nbsp;1920 | &nbsp;&nbsp;1967 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1425 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1095 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;839 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;880 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1025 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/37 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2046 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;1556 |
|  | Triborough Bridge & Tunnel Authority New York Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2009 |
|  | Triborough Bridge & Tunnel Authority NY Payroll Mobility Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2145 |
|  | Triborough Bridge & Tunnel Authority NY Real Estate Transfer Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1135 |
|  | Triborough Bridge & Tunnel Authority NY Real Estate Transfer Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1554 |
|  | Triborough Bridge & Tunnel Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/40 | &nbsp;&nbsp;1835 | &nbsp;&nbsp;1955 |

---

------

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) |
|  | Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
|  | Utility Debt Securitization Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/35 | &nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 |
|  | Utility Debt Securitization Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 |
|  | Utility Debt Securitization Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/39 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 |
|  | Utility Debt Securitization Authority NY Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
| <sup>6</sup> | Westchester County NY Local Development Corp. Revenue (Purchase Senior Learning Community Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
|  | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 |
| <sup>3</sup> | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
| <sup>3</sup> | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/33 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 |
|  | Westchester NY Tobacco Asset Securitization Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 |
|  | Westchester NY Tobacco Asset Securitization Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 |
| <sup>9</sup> | Yonkers NY GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
|  |  |  |  |  | &nbsp;&nbsp;**771569** |
| **North Carolina (0.3%)** | **North Carolina (0.3%)** | **North Carolina (0.3%)** | **North Carolina (0.3%)** | **North Carolina (0.3%)** | **North Carolina (0.3%)** |
|  | Charlotte NC Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 |
|  | Charlotte NC GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133 |
|  | Charlotte NC Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
|  | Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT | &nbsp;&nbsp;1.950% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 |
| <sup>3</sup> | Fayetteville NC State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/43 | &nbsp;&nbsp;2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 |
|  | Inlivian NC Multifamily Tax-Exempt Mortgage Backed Revenue | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
|  | North Carolina Housing Finance Agency Homeownership Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | North Carolina Ltd. Obligation Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Duke University Health System) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/4/30 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
|  | North Carolina Medical Care Commission Health Care Facilities Revenue (Presbyterian Homes Obligated) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
|  | North Carolina Medical Care Commission Retirement Facilities Revenue (Penick Village Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| <sup>3</sup> | North Carolina Turnpike Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
| <sup>3</sup> | North Carolina Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
|  | North Carolina Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919 |
|  | Pender County NC GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 |
|  | Raleigh NC Combined Enterprise System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
|  | University of North Carolina at Charlotte Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 |
|  | University of North Carolina at Charlotte Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 |
|  | University of North Carolina at Charlotte Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
|  | Wake County NC Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 |
|  | Western California University General Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**34188** |
| **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** |
|  | Cass County ND Joint Water Resource District Revenue | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 |
|  | Grand Forks ND Health Care System Revenue (Altru Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 |
|  | Grand Forks ND Health Care System Revenue (Altru Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |
| <sup>3</sup> | Grand Forks ND Health Care System Revenue (Altru Health System) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
| <sup>3</sup> | Grand Forks ND Health Care System Revenue (Altru Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
|  | Horace ND GO | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |
|  | North Dakota Housing Finance Agency Program Mortgage Bonds Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 |
|  | North Dakota Housing Finance Agency Program Mortgage Bonds Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6165** |
| **Ohio (1.0%)** | **Ohio (1.0%)** | **Ohio (1.0%)** | **Ohio (1.0%)** | **Ohio (1.0%)** | **Ohio (1.0%)** |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
|  | Allen County OH Hospital Facilities Revenue (Mercy Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/40 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
|  | American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |
|  | Bowling Green State University Ohio Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
|  | Buckeye OH Tobacco Settlement Financing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 |
|  | Butler County OH Hospital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 |

---

------

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) |
|  | Centerville OH Health Care Revenue (Graceworks Lutheran Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;727 |
|  | Centerville OH Health Care Revenue (Graceworks Lutheran Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;382 |
|  | Cleveland Ohio Income Tax Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
|  | Cleveland-Cuyahoga County OH Port Authority Cultural Facilities Revenue (Cleveland Museum of Natural History Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;359 |
|  | Cleveland-Cuyahoga County OH Port Authority Revenue (Euclid Avenue) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1047 |
| <sup>3</sup> | Columbus OH City School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;872 |
|  | Columbus OH GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;4967 |
|  | Columbus OH Metropolitan Housing Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;585 |
|  | Columbus OH Metropolitan Housing Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;986 |
|  | Columbus OH Metropolitan Housing Authority Revenue | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1114 |
|  | Columbus OH Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;528 |
|  | Columbus OH Regional Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
|  | Cuyahoga County OH Hospital Revenue (Metro Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1008 |
|  | Franklin County OH Convention Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;699 |
|  | Franklin County OH Convention Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;695 |
|  | Franklin County OH Revenue (Trinity Health Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1181 |
|  | Franklin County OH Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;886 |
|  | Hamilton County OH Health Care Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1069 |
|  | Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1020 |
| <sup>5</sup> | Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | Hamilton County OH Hospital Facilities Revenue (UC Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;655 |
|  | Hamilton County OH Hospital Facilities Revenue (UC Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;2740 | &nbsp;&nbsp;2907 |
|  | Hamilton County OH Hospital Facilities Revenue (UC Health) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1821 |
|  | Hamilton County OH Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;555 |
|  | Lancaster Port Authority OH Gas Supply Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;856 |
|  | Miami Valley OH Career Technology Center GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;888 |
|  | Montgomery County OH Health Care Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;547 |
|  | Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering Health Network) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;831 |
|  | Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering Health Network) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;804 |
|  | Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;929 |
|  | Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;873 |
|  | Montgomery County OH Hospital Revenue (Premier Health Partners) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;2290 | &nbsp;&nbsp;2401 |
|  | Montgomery County OH Hospital Revenue (Premier Health Partners) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/37 | &nbsp;&nbsp;2590 | &nbsp;&nbsp;2647 |
|  | North Ridgeville OH City School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;643 |
|  | Ohio Air Quality Development Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Ohio Air Quality Development Authority Revenue (Duke Energy Corp.) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;738 |
|  | Ohio Air Quality Development Authority Revenue (FirstEnergy Generation Project) | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1946 |
|  | Ohio Air Quality Development Authority Revenue (Valley Electric Corp. Project) | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;298 |
|  | Ohio Capital Facilities Lease-Appropriation Revenue (Adult Correctional Building Fund Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;1605 | &nbsp;&nbsp;1663 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;1061 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1026 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;850 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;656 |
|  | Ohio GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/38 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2040 |
| <sup>7</sup> | Ohio Housing Finance Agency Multifamily Housing Revenue (Pebble Brooke Apartments Project) PUT | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;571 |
|  | Ohio Housing Finance Agency Residential Mortgage Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;959 |
|  | Ohio Parks & Recreation Capital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;1320 | &nbsp;&nbsp;1380 |
|  | Ohio Parks & Recreation Capital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;2240 | &nbsp;&nbsp;2321 |
|  | Ohio Revenue (Transportation Building Fund Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;940 |
|  | Ohio State Higher Educational Facility Commission Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;963 |
| <sup>5</sup> | Ohio State Higher Educational Facility Commission Revenue (Cleveland Clinic Health System Obligated Group) VRDO | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;8050 | &nbsp;&nbsp;8050 |
|  | Ohio State Higher Educational Facility Commission Revenue (John Carroll University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;804 |
|  | Ohio State Higher Educational Facility Commission Revenue (University of Dayton Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;836 |
|  | Ohio State Higher Educational Facility Commission Revenue (Xavier University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;375 |
|  | Ohio State Hospital Revenue (Cleveland Clinic Health System Obligated Group) PUT | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;987 |
|  | Ohio State Hospital Revenue (Cleveland Clinic Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1109 |
|  | Ohio State Hospital Revenue (Cleveland Clinic Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1576 |
|  | Ohio State Hospital Revenue (Premier Health Partners Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
|  | Ohio State Hospital Revenue (University Hospitals Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;518 |
|  | Ohio State Housing Finance Agency Residential Mortgage Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;538 |
|  | Ohio State Housing Finance Agency Residential Mortgage Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;276 |
|  | Ohio Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2549 |

---

------

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) |
|  | Ohio Turnpike Commission Turnpike Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/35 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
|  | Ohio Turnpike Commission Turnpike Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
| <sup>7</sup> | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 |
| <sup>7</sup> | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/38 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
| <sup>7</sup> | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 |
|  | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
| <sup>7</sup> | Ohio Water Development Authority Drinking water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 |
|  | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 |
|  | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 |
|  | Port of Greater Cincinnati Development Authority Ohio Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 |
|  | Princeton OH City School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
|  | Summit County OH Development Finance Authority Parking System Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
|  | University of Cincinnati OH Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/43 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 |
| <sup>5,6</sup> | University of Toledo Revenue TOB VRDO | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 |
|  |  |  |  |  | &nbsp;&nbsp;**111418** |
| **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;6/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
|  | Norman OK Regional Hospital Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 |
|  | Oklahoma Capitol Improvement Authority Facilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
|  | Oklahoma Capitol Improvement Authority Facilities Revenue Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
|  | Oklahoma Capitol Improvement Authority State Highways Capital Improvement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Oklahoma City OK GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/39 | &nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 |
|  | Oklahoma City OK GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486 |
|  | Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 |
|  | Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/33 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
|  | Oklahoma State Industries Authority Educational Facilities Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 |
|  | Oklahoma State University Agricultural Mechanical Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/37 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 |
| <sup>7</sup> | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
|  | Oklahoma Turnpike Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 |
|  | Tulsa County OK Industrial Authority Educational Facilities Lease Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 |
|  | Tulsa OK Metropolitan Utility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 |
| <sup>9</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 |
| <sup>9</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 |
| <sup>9</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 |
| <sup>9</sup> | University of Oklahoma Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**29219** |
| **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;6/15/34 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307 |
|  | Clackamas County OR School District No. 62 GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
|  | Clackamas County School District No. 12 North GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/38 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 |
|  | Clatsop County OR School District No. 10 Seaside GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/33 | &nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 |
|  | Deschutes & Jefferson Counties OR School District No. 2J GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
| <sup>3</sup> | Medford OR Hospital Facilities Authority Revenue (Asante Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 |
| <sup>5,6</sup> | Medford OR Hospital Facilities Authority Revenue (Asante Projects) TOB VRDO | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |
|  | Multnomah County OR School District No. 1 Portland GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 |
|  | Oregon Department of Transportation Grant Anticipation Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 |
|  | Oregon Department of Transportation Highway User Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234 |
|  | Oregon Facilities Authority Revenue (Legacy Health Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | Oregon Facilities Authority Revenue (Reed College Projects) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
|  | Oregon Facilities Authority Revenue (Reed College Projects) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 |
|  | Oregon GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/41 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 |
|  | Oregon GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
|  | Oregon Health & Science University Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |
|  | Oregon Housing & Community Services Department Mortgage Revenue | &nbsp;&nbsp;3.930% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 |
|  | Oregon Housing & Community Services Department Mortgage Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 |
|  | Oregon Housing & Community Services Department Mortgage Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/53 | &nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | Oregon State Business Development Commission Revenue PUT | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 |
|  | Oregon State Department Administrative Services Lottery Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 |

---

------

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) |
|  | Oregon State Department Administrative Services Lottery Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4/1/43 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1562 |
|  | Oregon State Facilities Authority Revenue (Legacy Health Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp;1656 |
|  | Portland OR Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1085 |
|  | Portland OR Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
|  | Portland OR Tax GO (Portland Building Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp;1917 |
|  | Portland OR Water System Revenue | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1252 |
|  | Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |
|  | Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  | Tri-County Metropolitan Transportation District of Oregon Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |
|  | Tri-County Metropolitan Transportation District of Oregon Revenue Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;2754 |
|  | Union County OR Hospital Facility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;1593 |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/36 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1341 |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;2443 | &nbsp;&nbsp;&nbsp;&nbsp;1463 |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/38 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
|  | Washington County OR School District No. 48J Beaverton GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6/15/43 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 |
|  | Washington Multnomah & Yamhill Counties Hillsboro School District No. 1 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2473 |
|  |  |  |  |  | &nbsp;&nbsp;**68301** |
| **Pennsylvania (2.6%)** | **Pennsylvania (2.6%)** | **Pennsylvania (2.6%)** | **Pennsylvania (2.6%)** | **Pennsylvania (2.6%)** | **Pennsylvania (2.6%)** |
|  | Abington PA School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2377 |
|  | Adams County PA General Authority College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  | Adams County PA General Authority College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1295 |
|  | Allegheny County PA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | Allegheny County PA Higher Education Building Authority Revenue (Chatham University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1043 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1033 |
|  | Allegheny County PA Hospital Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2304 |
|  | Allegheny County PA Sanitary Authority Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Allegheny County PA Sanitary Authority Sewer Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;1179 |
|  | Allegheny County PA Sanitary Authority Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
|  | Allegheny County PA Sanitary Authority Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
| <sup>6</sup> | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1332 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1146 |
| <sup>6</sup> | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1021 |
|  | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;1090 |
| <sup>6</sup> | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;5/1/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1969 |
| <sup>9</sup> | Allentown PA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Bethel Park PA School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1118 |
|  | Bethlehem PA Redevelopment Authority University Revenue (Moravian University Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
|  | Bethlehem PA Redevelopment Authority University Revenue (Moravian University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1147 |
|  | Bucks County PA Industrial Development Authority Revenue (Delaware Valley University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;1765 |
|  | Bucks County PA Industrial Development Authority Revenue (Grand View Hospital Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 |
|  | Centennial PA School District Bucks County GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;1575 |
|  | Chester County Industrial Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2858 |
| <sup>9</sup> | Coatesville PA Area School District Building GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| <sup>9</sup> | Coatesville PA Area School District GO | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;11/15/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1958 |
| <sup>3</sup> | Coatesville PA Area School District GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1033 |
| <sup>9</sup> | Coatesville PA School District Building Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| <sup>9</sup> | Coatesville PA School District Building Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
|  | Commonwealth Financing Authority Pennsylvania Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 |
|  | Commonwealth Financing Authority Pennsylvania Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1019 |
|  | Commonwealth Financing Authority Pennsylvania Tobacco Master Settlement Payment Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;1555 |
|  | Cumberland County PA Municipal Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/44 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1743 |
| <sup>6</sup> | Dauphin County PA General Authority Revenue (Harrisburg University of Science & Technology) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 |
|  | Delaware PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 |
|  | Delaware River PA Joint Toll Bridge Commission System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| <sup>5</sup> | Delaware Valley PA Regional Finance Authority Local Government Revenue VRDO | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;6100 |
|  | DuBois PA Hospital Authority Revenue (Penn Highlands Healthcare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;1458 |
| <sup>9,11</sup> | Erie PA Sewer Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| <sup>9,11</sup> | Erie PA Sewer Authority Revenue ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;1150 |
| <sup>9</sup> | Gateway PA School District Alleghany County GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 |
|  | Geisinger Authority PA Health System Revenue (Geisinger Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1419 |
| <sup>3</sup> | Hempfield PA Area School District (Westmoreland Country) GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/37 | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;3392 |
|  | Lancaster County PA Hospital Authority Revenue (Penn State Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1014 |

---

------

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) |
|  | Lancaster County PA Hospital Authority Revenue (St. Anne's Retirement Community Incorporated Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1080 |
|  | Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;854 |
|  | Lancaster PA Higher Education Authority Revenue (Elizabethtown College Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2982 |
|  | Latrobe PA Industrial Development Authority University Revenue (Siton Hill University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| <sup>9</sup> | Lehigh County PA Authority Water & Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;909 |
| <sup>9</sup> | Lehigh County PA Authority Water & Sewer Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;899 |
|  | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;2556 |
|  | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;1220 | &nbsp;&nbsp;1247 |
| <sup>3</sup> | Luzerne County PA Industrial Development Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1008 |
|  | Manheim Township PA School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;552 |
|  | Monroeville PA Finance Authority Revenue (UPMC Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1154 |
|  | Monroeville PA Finance Authority Revenue (UPMC Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1835 |
|  | Montgomery County PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1058 |
|  | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;1608 |
|  | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;694 |
|  | Montgomery County PA Industrial Development Authority Revenue PUT | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;4/3/28 | &nbsp;&nbsp;2935 | &nbsp;&nbsp;3000 |
|  | Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1021 |
|  | Northampton County PA General Purpose Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| <sup>3</sup> | Northampton County PA General Purpose Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;2150 | &nbsp;&nbsp;1917 |
|  | Pennsylvania COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;511 |
|  | Pennsylvania COP | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;522 |
| <sup>3</sup> | Pennsylvania Economic Development Financing Authority Revenue (Capitol Region Parking System) | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;459 |
|  | Pennsylvania Economic Development Financing Authority Revenue (PPL Energy Supply LLC Project) PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/27 | &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;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;343 |
|  | Pennsylvania Economic Development Financing Authority Revenue (University of Pittsburgh Medical Center) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;1273 |
|  | Pennsylvania Economic Development Financing Authority Revenue (University of Pittsburgh Medical Center) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;1985 | &nbsp;&nbsp;2123 |
|  | Pennsylvania Economic Development Financing Authority Revenue (University of Pittsburgh Medical Center) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/35 | &nbsp;&nbsp;4075 | &nbsp;&nbsp;4271 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;1081 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;1510 | &nbsp;&nbsp;1566 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;807 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/37 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1352 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;950 |
|  | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/42 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;1392 |
|  | Pennsylvania Economic Development Financing Authority Revenue (Villanova University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1573 |
|  | Pennsylvania Economic Development Financing Authority Revenue (Waste Management Project) PUT | &nbsp;&nbsp;0.950% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;961 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;3295 | &nbsp;&nbsp;3330 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1542 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2676 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/29 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3042 |
| <sup>3</sup> | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1002 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2763 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3348 |
| <sup>3</sup> | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1125 |
| <sup>3</sup> | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/34 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;1688 |
|  | Pennsylvania GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2751 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1005 |
|  | Pennsylvania GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;894 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1002 |
| <sup>9</sup> | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1003 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;1025 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;714 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/40 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;718 |
|  | Pennsylvania GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;687 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/41 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1408 |
|  | Pennsylvania GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1389 |
|  | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1386 |
|  | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;451 |

---

------

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</sup> | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) VRDO | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;18100 | &nbsp;&nbsp;18100 |
|  | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;1935 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;2128 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1096 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1302 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;2065 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
|  | Pennsylvania Housing Finance Agency Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;2134 |
| <sup>7</sup> | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 |
| <sup>7</sup> | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1133 |
|  | Pennsylvania State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1081 |
|  | Pennsylvania State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  | Pennsylvania State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp;1276 |
|  | Pennsylvania Turnpike Commission Motor License Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1041 |
|  | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1108 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;1577 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1549 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1349 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2244 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;1766 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;1986 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1119 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1673 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1030 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1163 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;1589 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;2089 |
|  | Pennsylvania Turnpike Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | Philadelphia PA Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1605 |
|  | Philadelphia PA Authority for Industrial Development City Service Agreement Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Philadelphia PA Authority for Industrial Development Hospital Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1993 |
| <sup>5</sup> | Philadelphia PA Authority for Industrial Development Hospital Revenue VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;8715 | &nbsp;&nbsp;&nbsp;&nbsp;8715 |
|  | Philadelphia PA Authority for Industrial Development Revenue (Charter School Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
|  | Philadelphia PA Authority for Industrial Development Revenue (Science University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
|  | Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | Philadelphia PA Authority for Industrial Development University Revenue (Saint Joseph's University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1177 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;1319 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1325 |
|  | Philadelphia PA Gas Works Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
|  | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;1633 |
|  | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
| <sup>3</sup> | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
| <sup>3</sup> | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 |
|  | Philadelphia PA Redevelopment Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1029 |
|  | Philadelphia PA School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 |
| <sup>3</sup> | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;1537 |
| <sup>3</sup> | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;1438 |

---

------

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> | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 |
|  | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 |
|  | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 |
| <sup>3</sup> | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 |
|  | Philadelphia PA Water & Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 |
| <sup>3</sup> | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Hotel Room Excise Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 |
|  | Pittsburgh PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 |
|  | Pittsburgh PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| <sup>3</sup> | Pittsburgh PA Water & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 |
| <sup>3</sup> | River Valley School District PA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 |
| <sup>3</sup> | River Valley School District PA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 |
|  | Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 |
|  | Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 |
|  | School District of Philadelphia GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 |
| <sup>3</sup> | Scranton PA GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
|  | Seneca Valley PA School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 |
| <sup>18</sup> | Shaler PA Area School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 |
|  | Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 |
| <sup>3</sup> | State Public School Building Authority PA Lease Revenue (School District of Philadelphia) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 |
| <sup>3</sup> | State Public School Building Authority PA Lease Revenue (School District of Philadelphia) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 |
|  | Swarthmore Borough Authority PA College Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/13/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | University of Pittsburgh Pennsylvania of the Commonwealth System of Higher Education Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Westmoreland County PA Industrial Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
|  | Wilkes-Barre PA Finance Authority Revenue (University of Scranton) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 |
|  |  |  |  |  | &nbsp;&nbsp;**278220** |
| **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;7/1/29 | &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;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 |
| <sup>6</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;4267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 |
|  | Puerto Rico Commonwealth GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;8438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 |
|  | Puerto Rico GO | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 |
|  | Puerto Rico GO | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 |
|  | Puerto Rico GO | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;6627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 |
|  | Puerto Rico GO | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;4315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654 |
|  | Puerto Rico GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;4096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832 |
|  | Puerto Rico GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;8039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7843 |
|  | Puerto Rico GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754 |
|  | Puerto Rico Housing Finance Authority Capital Fund Modernization Program Revenue (Puerto Rico Public Housing Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| <sup>3</sup> | Puerto Rico Public Finance Corp. Revenue ETM | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;4.329% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;17414 | &nbsp;&nbsp;&nbsp;&nbsp;16340 |
|  | Puerto Rico Sales Tax Financing Corp. Revenue | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | &nbsp;&nbsp;4.329% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**82320** |

---

------

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) |
| **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;9/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1108 |
| <sup>3</sup> | Providence RI Public Buildings Authority Revenue (Capital Improvement Program Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/36 | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;1412 |
| <sup>3</sup> | Providence RI Public Buildings Authority Revenue (Capital Improvement Program Projects) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/37 | &nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp;2667 |
|  | Rhode Island Commerce Corp. Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
|  | Rhode Island Health & Educational Building Corp. Hospital financing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
|  | Rhode Island Health & Educational Building Corp. Hospital financing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| <sup>5,6</sup> | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Revenue TOB VRDO | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8318** |
| **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;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
|  | Charleston SC Hospitality Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 |
|  | Charleston SC Hospitality Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
|  | Charleston SC Housing Authority Revenue (Kiawah Homes) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
|  | Florence County SC Public Facilities Corp. Installment Purchase Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1064 |
|  | Georgetown County SC School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1633 |
|  | Greenville County SC Special Source Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
|  | Greenville SC Housing Authority Multifamily Tax-Exempt Mortgage Backed Revenue | &nbsp;&nbsp;4.910% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
|  | Lancaster County SC School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1006 |
|  | Lexington County SC Health Services District Inc. Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1512 |
|  | Orangeburg County School District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1834 |
|  | Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;5290 | &nbsp;&nbsp;&nbsp;&nbsp;5679 |
|  | Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;2458 |
|  | Patriots Energy Group SC Gas System Improvement & Refunding Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 |
|  | Piedmont SC Municipal Power Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2554 |
|  | Piedmont SC Municipal Power Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4050 |
|  | Richland County SC School District No. 2 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp;4248 |
|  | Scago Public Facilities Corp. for Georgetown County Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1097 |
|  | South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/37 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1528 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;1872 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/38 | &nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;1505 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1322 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;1216 |
|  | South Carolina Jobs-Economic Development Authority Health Care Facilities Revenue (Novant Health Obligated Group) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;11/1/45 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;1170 |
|  | South Carolina Jobs-Economic Development Authority Healthcare Revenue (Beaufort Memorial Hospital) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 |
|  | South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue (Bon Secours Mercy Health Inc.) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |
|  | South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue (Bon Secours Mercy Health Inc.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/30 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1325 |
|  | South Carolina Jobs-Economic Development Authority Hospital Revenue (Prisma Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2051 |
|  | South Carolina Jobs-Economic Development Authority Retirement Community Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11/15/28 | &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;10/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
|  | South Carolina Jobs-Economic Development Authority Revenue (Charleston Southern University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
|  | South Carolina Jobs-Economic Development Authority Revenue (Charleston Southern University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1655 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2434 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1022 |
|  | South Carolina Public Service Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/45 | &nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;3460 |
|  | South Carolina State GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;2381 |
|  | South Carolina State GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1894 |
|  | South Carolina Transportation Infrastructure Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;1364 |
| <sup>3</sup> | Spartanburg SC Regional Health Services District Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
|  |  |  |  |  | &nbsp;&nbsp;**64563** |
| **South Dakota (0.1%)** | **South Dakota (0.1%)** | **South Dakota (0.1%)** | **South Dakota (0.1%)** | **South Dakota (0.1%)** | **South Dakota (0.1%)** |
|  | Lincoln County SD Economic Development Revenue (Augustana College Association Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/41 | &nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;2267 |
|  | South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp;2986 |

---

------

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 Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;2097 |
|  | South Dakota Health & Educational Facilities Authority Revenue (Regional Health) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2407 |
|  | South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
|  | South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;1125 |
|  | South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
|  | South Dakota State Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  |  |  |  |  | &nbsp;&nbsp;**12739** |
| **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** |
|  | Chattanooga TN Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | Chattanooga TN Health Educational & Housing Facility Board System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1618 |
|  | Chattanooga TN Health Educational & Housing Facility Board System Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020 |
|  | Cleveland TN Health & Educational Facilities Board Revenue (Hamilton Health Care System Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;1176 |
|  | Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;1648 |
|  | Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Jackson TN Hospital Project Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp;&nbsp;&nbsp;3673 |
| <sup>5,6</sup> | Knox County & Knoxville TN Sports Authority Public Facility Revenue (Multi-Use Stadium Project) TOB VRDO | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;3250 |
|  | Knox County TN GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;3184 |
|  | Knox County TN GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp;3626 |
|  | Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (Covenant Healthcare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1012 |
|  | Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (University Health System Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 |
|  | Memphis TN GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
|  | Memphis TN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1174 |
|  | Memphis TN GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;1242 |
|  | Memphis-Shelby County TN Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | Metropolitan Government of Nashville & Davidson County TN Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
|  | Metropolitan Government of Nashville & Davidson County TN Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
|  | Metropolitan Government of Nashville & Davidson County TN Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 |
|  | Metropolitan Government of Nashville & Davidson County TN GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1539 |
|  | Metropolitan Government of Nashville & Davidson County TN GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1353 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |
|  | Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Vanderbilt University Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1058 |
| <sup>3</sup> | Metropolitan Government of Nashville & Davidson County TN Sports Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;3124 |
|  | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;2954 |
|  | Metropolitan Nashville TN Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;1488 |
|  | Metropolitan Nashville TN Airport Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| <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;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
|  | Shelby County TN Health Educational & Housing Facilities Board Revenue (Baptist Memorial Health Care) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;2087 |
|  | Shelby County TN Health Educational & Housing Facilities Board Revenue (Baptist Memorial Health Care) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1078 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;1368 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1407 |
| <sup>3</sup> | Shelby County TN Health Educational & Housing Facilities Board Revenue (Methodist Le Bonheur HealthCare) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1635 |
|  | Tennergy Corp. TN Gas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;11485 | &nbsp;&nbsp;12078 |
|  | Tennergy Corp. TN Gas Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp;3290 |
|  | Tennessee Energy Acquisition Corp. Commodity Project Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 |
|  | Tennessee Energy Acquisition Corp. Gas Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;1051 |
|  | Tennessee Energy Acquisition Corp. Gas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;1204 |
|  | Tennessee Energy Acquisition Corp. Gas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp;5712 |
|  | Tennessee Housing Development Agency Finance Program Revenue | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 |
|  | Tennessee Housing Development Agency Residential Finance Program Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Tennessee School Bond Authority Higher Educational Facilities Revenue (2nd Program) Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

------

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) |
|  | Williamson County TN Industrial Development Board Multifamily housing Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 |
|  |  |  |  |  | &nbsp;&nbsp;**79429** |
| **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** |
|  | Alamo TX Area Housing Finance Corp. Multifamily Revenue (Cedar Bluff Apartments) PUT | &nbsp;&nbsp;3.390% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
|  | Alamo TX Community College District Maintenance Tax Notes GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1057 |
| <sup>20</sup> | Aldine TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/38 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;1325 |
|  | Allen TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1338 |
| <sup>20</sup> | Allen TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;1049 |
| <sup>20</sup> | Andrews Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;1082 |
| <sup>20</sup> | Angleton TX Independent School District Unlimited Tax Bonds GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |
| <sup>20</sup> | Arlington TX Higher Education Finance Corp. Revenue (Riverwalk Education Foundation Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
| <sup>3</sup> | Arlington TX Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |
| <sup>9</sup> | Arlington TX Special Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1209 |
|  | Atascosa County TX Industrial Development Corp. Pollution Control Refunding Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/37 | &nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;1491 |
|  | Austin TX Affordable PFC Inc. Multifamily Housing Revenue (Eagle's Landing Family Apartments) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 |
|  | Austin TX Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1154 |
|  | Austin TX Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1286 |
|  | Austin TX Community College District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;1857 |
|  | Austin TX Community College District Public Facilities Corp. Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Austin TX Electric Utilities Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Austin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
| <sup>20</sup> | Austin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp;3238 |
| <sup>20</sup> | Austin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
| <sup>20</sup> | Austin TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/43 | &nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;3514 |
| <sup>20</sup> | Austin TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/44 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;1490 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;4995 | &nbsp;&nbsp;&nbsp;&nbsp;5123 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1093 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1792 |
|  | Austin TX Water & Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2607 |
| <sup>20</sup> | Barbers Hill Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 |
| <sup>20</sup> | Barbers Hill Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;1624 |
| <sup>20</sup> | Bastrop Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;4294 |
| <sup>20</sup> | Birdville Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2598 |
| <sup>20</sup> | Boerne TX Independent School District GO PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;1198 |
| <sup>20</sup> | Bonham Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1386 |
| <sup>20</sup> | Brock TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1064 |
| <sup>20</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 |
| <sup>20</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 |
| <sup>20</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
| <sup>20</sup> | Canutillo TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
| <sup>20</sup> | Carrollton-Farmers TX Branch Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;1387 |
| <sup>20</sup> | Carrollton-Farmers TX Branch Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 |
| <sup>20</sup> | Carrollton-Farmers TX Branch Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;2296 |
| <sup>10</sup> | Cedar Hill TX Independent School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1125 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;1917 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2873 |
|  | Central Texas Regional Mobility Authority Revenue | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
|  | Central Texas Regional Mobility Authority Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| <sup>20</sup> | Clear Creek TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 |
| <sup>20</sup> | Clear Creek TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 |
|  | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
| <sup>20</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 |
|  | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1462 |
| <sup>20</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| <sup>20</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;1284 |
| <sup>20</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1745 |
| <sup>20</sup> | Clifton TX Higher Education Finance Corp. Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/44 | &nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;1531 |
|  | Collin County TX Community College District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/34 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2541 |
|  | Collin County TX Community College District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2742 |
|  | Collin County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;4047 |
|  | Collin County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1533 |
| <sup>20</sup> | Comal TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
| <sup>20</sup> | Comal TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |

---

------

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>20</sup> | Community TX Independent School District Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/38 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1447 |
|  | Conroe TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;426 |
| <sup>20</sup> | Conroe TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;2/15/38 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2388 |
| <sup>20</sup> | Conroe TX Independent School District Unlimited Tax Refunding Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;582 |
|  | Conroe TX Local Government Corp. Hotel & Contract Revenue (Conroe Convention Center Hotel) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;279 |
|  | Corpus Christi TX Utility System Junior Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;332 |
|  | Corpus Christi TX Utility System Junior Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;800 |
|  | Corpus Christi TX Utility System Junior Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1073 |
| <sup>20</sup> | Crowley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/39 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;1668 |
| <sup>20</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1059 |
| <sup>20</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2156 |
| <sup>20</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1000 |
| <sup>20</sup> | Cypress-Fairbanks TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;1240 | &nbsp;&nbsp;1401 |
|  | Dallas County TX Hospital District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/33 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2021 |
|  | Dallas TX Area Rapid Transit Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;2065 | &nbsp;&nbsp;2225 |
|  | Dallas TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/39 | &nbsp;&nbsp;6250 | &nbsp;&nbsp;6073 |
|  | Dallas TX Hotel Occupancy Revenue (Kaufman & Rockall Counties) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
| <sup>13</sup> | Dallas TX Housing Finance Corp. Multifamily Revenue (Mondello Apartments) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| <sup>20</sup> | Dallas TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;1985 | &nbsp;&nbsp;2104 |
| <sup>20</sup> | Dallas TX Independent School District GO PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;1877 |
|  | Dallas TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;2145 | &nbsp;&nbsp;1918 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/33 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1269 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1016 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/35 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;2297 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1072 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1863 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/42 | &nbsp;&nbsp;1360 | &nbsp;&nbsp;1419 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/43 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;1447 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/44 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;1197 |
|  | Dallas-Fort Worth TX International Airport Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/1/45 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;993 |
| <sup>20</sup> | Denison TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1639 |
| <sup>6</sup> | Denton County TX Special Assessment Revenue (Green Meadows Project) | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;12/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| <sup>6</sup> | Denton County TX Special Assessment Revenue (Green Meadows Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| <sup>6</sup> | Denton County TX Special Assessment Revenue (Green Meadows Project) | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;12/31/45 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
|  | Denton TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
|  | Denton TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2722 |
| <sup>20</sup> | Denton TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1052 |
| <sup>20</sup> | Denton TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1059 |
| <sup>20</sup> | Eagle Mountain & Saginaw TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1194 |
| <sup>20</sup> | Eagle Mountain & Saginaw TX Independent School District GO PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;510 |
| <sup>20</sup> | Eagle Pass TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/33 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;1189 |
|  | Ector County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1116 |
|  | Ector County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1536 |
| <sup>3,7</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1095 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;767 |
| <sup>3,7</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/35 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1117 |
| <sup>3,7</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1090 |
| <sup>3</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1044 |
| <sup>3,7</sup> | El Paso County TX Hospital District GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;2350 | &nbsp;&nbsp;2458 |
|  | El Paso TX GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;661 |
|  | El Paso TX GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;788 |
|  | El Paso TX Municipal Drain Utilities System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;1519 |
|  | El Paso TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;7000 | &nbsp;&nbsp;7417 |
|  | EP Cimarron Ventanas PFC Residential Development Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;356 |
|  | EP Essential TX Housing WF PFC Residential Development Revenue | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;1998 |
| <sup>6</sup> | Fate TX Special Assessment Bonds Improvement Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;493 |
| <sup>9</sup> | Forney TX Independent School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;429 |
| <sup>9</sup> | Fort Bend County TX Municipal Utility District No. 58 (Unlimited Tax Refunding) GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;385 |
|  | Fort Bend County TX Unlimited Tax Road GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1006 |
|  | Fort Bend County TX Unlimited Tax Road GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/34 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;1672 |
|  | Fort Bend TX Grand Parkway Toll Road Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;757 |
| <sup>20</sup> | Fort Bend TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/38 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;2130 |
|  | Fort Worth TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;2445 | &nbsp;&nbsp;2286 |
|  | Fort Worth TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;2445 | &nbsp;&nbsp;2230 |
| <sup>7</sup> | Fort Worth TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/37 | &nbsp;&nbsp;2300 | &nbsp;&nbsp;2506 |
| <sup>20</sup> | Frisco TX Independent School District GO | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;3620 | &nbsp;&nbsp;3502 |
| <sup>20</sup> | Frisco TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/37 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2229 |
|  | Frisco TX Refunding & Improvement GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;965 |
| <sup>20</sup> | Galveston TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1589 |

---

------

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) |
|  | Galveston TX Wharves & Term Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;625 |
|  | Garland TX Electric Utility System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/46 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;969 |
|  | Garland TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;1388 |
| <sup>20</sup> | Garland TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1578 |
|  | Garland TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/38 | &nbsp;&nbsp;1140 | &nbsp;&nbsp;1165 |
| <sup>20</sup> | Georgetown TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;2534 |
| <sup>20</sup> | Georgetown TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1610 | &nbsp;&nbsp;1690 |
| <sup>9</sup> | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;665 |
| <sup>9</sup> | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1655 | &nbsp;&nbsp;1765 |
| <sup>9</sup> | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;2320 | &nbsp;&nbsp;2438 |
|  | Georgetown TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1061 |
| <sup>20</sup> | Goose Creek TX Consolidated Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1062 |
| <sup>20</sup> | Goose Creek TX Consolidated Independent School District GO PUT | &nbsp;&nbsp;0.600% | &nbsp;&nbsp;8/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;389 |
|  | Granbury TX Combination Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;2047 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;1645 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1035 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/43 | &nbsp;&nbsp;2580 | &nbsp;&nbsp;2609 |
|  | Grand Parkway Transportation Corp. Texas System Toll Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1466 |
|  | Grand Prairie TX Combination Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/35 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;1254 |
| <sup>3</sup> | Greater Texoma TX Utility Authority Contract Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1056 |
| <sup>9</sup> | Greenville TX Electric Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;2880 | &nbsp;&nbsp;3181 |
| <sup>20</sup> | Greenwood TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;9050 | &nbsp;&nbsp;8715 |
|  | Guadalupe-Blanco River Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
|  | Guadalupe-Blanco River Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
|  | Guadalupe-Blanco River Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| <sup>9</sup> | Hale County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/36 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;1784 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1098 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;1445 | &nbsp;&nbsp;1601 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1222 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;809 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;2830 | &nbsp;&nbsp;3030 |
|  | Harris County TX Cultural Education Facilities Finance Corp. Thermal Utility Revenue (TECO Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1036 |
|  | Harris County TX Flood Control Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/39 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1223 |
|  | Harris County TX Flood Control Improvement GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;924 |
|  | Harris County TX Flood Control Improvement GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/15/42 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;3186 |
|  | Harris County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2178 |
|  | Harris County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1203 |
|  | Harris County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;2470 | &nbsp;&nbsp;2473 |
|  | Harris County TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/15/41 | &nbsp;&nbsp;1740 | &nbsp;&nbsp;1668 |
|  | Harris County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/37 | &nbsp;&nbsp;1715 | &nbsp;&nbsp;1875 |
|  | Harris County TX Hospital District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1810 | &nbsp;&nbsp;1876 |
|  | Harris County TX Industrial Development Corp. Marine Terminal Revenue (Energy Transfer LP Project) PUT | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;4495 | &nbsp;&nbsp;4399 |
|  | Harris County TX Permanent Improvement GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;789 |
|  | Harris County TX Toll Road First Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1588 |
|  | Harris County TX Toll Road First Lien Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;952 |
|  | Harris County TX Toll Road First Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/44 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;1320 |
|  | Harris County TX Toll Road Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;1711 |
| <sup>10</sup> | Harris County-Houston TX Sports Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;907 |
| <sup>10</sup> | Harris County-Houston TX Sports Authority Revenue ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;2950 | &nbsp;&nbsp;2652 |
| <sup>10</sup> | Harris County-Houston TX Sports Authority Revenue ETM | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;1081 |
|  | Hidalgo County TX Drain District No. 1 GO | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;488 |
|  | Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;859 |
|  | Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;786 |
|  | Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;357 |
|  | Houston TX Airport System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;1757 |
|  | Houston TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1040 |
|  | Houston TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1502 |
|  | Houston TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/40 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;1661 |
|  | Houston TX GO | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1058 |
|  | Houston TX Hotel Occupancy Tax & Special Convention & Entertainment Facilities Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;480 |
|  | Houston TX Public Improvement Refunding GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;508 |
|  | Houston TX Public Improvement Refunding GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/39 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;1328 |
|  | Houston TX Public Improvement Refunding GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1582 |
|  | Houston TX Refunding Public Improvement Bonds GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;903 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;1394 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;935 |
|  | Houston TX Utility System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;2885 | &nbsp;&nbsp;2926 |

---

------

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>20</sup> | Hurst-Euless-Bedford Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;2615 | &nbsp;&nbsp;2452 |
|  | Irving TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;1425 | &nbsp;&nbsp;1494 |
| <sup>20</sup> | Jacksboro TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/37 | &nbsp;&nbsp;2550 | &nbsp;&nbsp;2782 |
| <sup>20</sup> | Katy TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;2355 | &nbsp;&nbsp;2487 |
| <sup>20</sup> | Katy TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;1360 |
| <sup>7,20</sup> | Klein TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;1915 |
| <sup>7,20</sup> | Klein TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;2680 | &nbsp;&nbsp;2956 |
| <sup>7,20</sup> | Klein TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/38 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1639 |
|  | Laguna-Madre Water District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/42 | &nbsp;&nbsp;3205 | &nbsp;&nbsp;2923 |
|  | Lake Houston Redevelopment Authority Tax Increment Contract Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;678 |
|  | Lake Worth TX Combination TAX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;1775 | &nbsp;&nbsp;1622 |
| <sup>20</sup> | Lamar TX Consolidated Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1052 |
| <sup>20</sup> | Lamar TX Consolidated Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1040 |
|  | Laredo TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1093 |
|  | Laredo TX Combination Tax GO | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;962 |
| <sup>9</sup> | Laredo TX Community College District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;1820 | &nbsp;&nbsp;1794 |
| <sup>20</sup> | Leander TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;1213 |
| <sup>20</sup> | Leander TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/38 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;1313 |
| <sup>20</sup> | Leander TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1243 |
|  | Lewisville TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;3140 | &nbsp;&nbsp;3254 |
| <sup>20</sup> | Lewisville TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1095 |
| <sup>20</sup> | Lewisville TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/44 | &nbsp;&nbsp;2785 | &nbsp;&nbsp;2884 |
|  | Liberty County TX Combination Tax GO | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;8/1/33 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;914 |
| <sup>20</sup> | Liberty Hill TX Independent School District GO (School Building Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;2635 | &nbsp;&nbsp;2758 |
| <sup>20</sup> | Llano TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1617 |
|  | Lower Colorado River Authority Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1086 |
|  | Lower Colorado River Authority Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1034 |
|  | Lower Colorado River Authority Texas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2087 |
|  | Lower Colorado River Authority Texas Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1884 |
| <sup>3</sup> | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/39 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1313 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;3095 | &nbsp;&nbsp;3184 |
| <sup>3</sup> | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/43 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1456 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1003 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/45 | &nbsp;&nbsp;1605 | &nbsp;&nbsp;1639 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/34 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1166 |
|  | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/36 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1143 |
|  | Lower Colorado River Authority TX Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1054 |
| <sup>3</sup> | Lubbock TX Electric Light & Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/38 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;1862 |
|  | Lubbock TX Electric Light & Power System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/40 | &nbsp;&nbsp;2170 | &nbsp;&nbsp;2203 |
|  | Lubbock TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;1392 |
|  | Manor TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;1334 |
|  | Manor TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1241 |
|  | Massachusetts Development Finance Agency Revenue (Merrimack College) | &nbsp;&nbsp;4.530% | &nbsp;&nbsp;2/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;968 |
|  | McKinney TX GO | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;1078 |
|  | McKinney TX GO | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;853 |
|  | McKinney TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;918 |
| <sup>20</sup> | McKinney TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;3475 | &nbsp;&nbsp;3481 |
|  | McKinney TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;443 |
|  | McKinney TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;727 |
| <sup>8</sup> | Mesquite TX Health Facilities Development Corp. Retirement Revenue (Christian Care Centers Inc. Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/24 | &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;2/15/41 | &nbsp;&nbsp;3010 | &nbsp;&nbsp;2827 |
| <sup>20</sup> | Midland TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;970 |
| <sup>20</sup> | Midland TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;2145 | &nbsp;&nbsp;2022 |
|  | Montgomery County TX Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;5730 | &nbsp;&nbsp;5929 |
| <sup>20</sup> | New Caney TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;1484 |
| <sup>20</sup> | New Caney TX Independent School District GO PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;510 |
|  | New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Bella Vida Forefront Living Project) | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;10/1/30 | &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;10/1/30 | &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;10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;732 |

---

------

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>6</sup> | New Hope TX Cultural Education Facilities Finance Corp. Senior Living Revenue (Superior Living Foundation Project) | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;982 |
| <sup>6</sup> | New Hope TX Cultural Education Facilities Finance Corp. Senior Living Revenue (Superior Living Foundation Project) | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;7/1/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;916 |
|  | North East TX Regional Mobility Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;2390 | &nbsp;&nbsp;2408 |
| <sup>9</sup> | North Fort Bend Authority TX Water System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;690 |
| <sup>9</sup> | North Fort Bend Authority TX Water System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;528 |
|  | North Texas Municipal Water District Regional Wastewater System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1519 |
|  | North Texas Municipal Water District Water System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;6335 | &nbsp;&nbsp;6646 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;861 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;828 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;3055 | &nbsp;&nbsp;2432 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;763 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/33 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1434 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1094 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1258 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1437 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/35 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1042 |
| <sup>3</sup> | North Texas Tollway Authority Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;660 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;1860 | &nbsp;&nbsp;1613 |
|  | North Texas Tollway Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1174 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;115 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1011 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/27 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;1113 |
| <sup>3</sup> | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;924 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/32 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1331 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;999 |
| <sup>3</sup> | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/37 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;1495 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/37 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/37 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1229 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/38 | &nbsp;&nbsp;1005 | &nbsp;&nbsp;1029 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1054 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;976 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1045 |
|  | North Texas Tollway Authority System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1044 |
|  | North Texas Tollway Authority System Revenue Prere. | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;651 |
| <sup>20</sup> | Northside TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1309 |
| <sup>20</sup> | Northside TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;1659 |
| <sup>20</sup> | Northside TX Independent School District GO PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1948 |
| <sup>7,20</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;1001 |
| <sup>7,20</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/38 | &nbsp;&nbsp;2450 | &nbsp;&nbsp;2665 |
| <sup>20</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1248 |
| <sup>20</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;1351 |
| <sup>7,20</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;679 |
| <sup>7,20</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/44 | &nbsp;&nbsp;2465 | &nbsp;&nbsp;2563 |
| <sup>7,20</sup> | Northwest Independent School District Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/45 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;2484 |
|  | Odessa TX Combination Tax GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/38 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;1075 |
| <sup>20</sup> | Pasadena Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1043 |
|  | Pearland TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;1103 |
|  | Pearland TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;915 |
| <sup>9</sup> | Pearland TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;570 |
|  | Pearland TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;242 |
|  | Pearland TX Waterworks & Sewer System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;341 |
|  | Pflugerville TX Combination Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;1234 |
|  | Pflugerville TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1251 |
|  | Plano TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;1185 | &nbsp;&nbsp;1216 |
|  | Plano TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1396 |
|  | Plano TX GO | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;9/1/34 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;1356 |
| <sup>20</sup> | Plano TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;4495 | &nbsp;&nbsp;4991 |
| <sup>20</sup> | Plano TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/34 | &nbsp;&nbsp;5620 | &nbsp;&nbsp;5623 |
| <sup>20</sup> | Plano TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;528 |
|  | Port Authority of Houston of Harris County Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;1439 |
|  | Port Authority of Houston of Harris County Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1036 |
| <sup>20</sup> | Prosper TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;3940 | &nbsp;&nbsp;3255 |
| <sup>20</sup> | Rankin TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;888 |
| <sup>20</sup> | Richardson Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/36 | &nbsp;&nbsp;1590 | &nbsp;&nbsp;1739 |
| <sup>20</sup> | Richardson Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/37 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;2008 |
| <sup>20</sup> | Richardson Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/39 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;4811 |
|  | Richardson TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1860 | &nbsp;&nbsp;1728 |
|  | San Angelo TX Combination Tax Ltd. Surplus GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1884 |

---

------

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 Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2721 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp;1259 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1197 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1308 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;1314 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1156 |
|  | San Antonio TX Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1517 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |
|  | San Antonio TX Electric & Gas Systems Revenue PUT | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
|  | San Antonio TX Housing Trust Public Facility Corp. Revenue (Sageland Flats Apartments) | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
| <sup>20</sup> | San Antonio TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1132 |
| <sup>20</sup> | San Antonio TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;1298 |
|  | San Antonio TX Municipal Facilities Corp. Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3251 |
|  | San Antonio TX Municipal Facilities Corp. Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3198 |
|  | San Antonio TX Municipal Facilities Corp. Lease Revenue (City Tower Renovation Project) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp;2132 |
|  | San Antonio TX Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1021 |
|  | San Antonio TX Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 |
|  | San Antonio TX Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;1711 |
|  | San Antonio TX Water Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;1476 |
| <sup>20</sup> | Sanger TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;1886 |
| <sup>20</sup> | Sherman TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 |
|  | Smith County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3083 |
|  | Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1352 |
|  | Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1364 |
| <sup>20</sup> | Southwest TX Independent School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1114 |
| <sup>20</sup> | Spring TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;1788 |
| <sup>20</sup> | Spring TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp;2910 |
|  | Sugar Land TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Cook Children's Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1043 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Cook Children's Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;2304 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | Tarrant County TX Cultural Education Facilities Finance Corp. Revenue (Christus Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3242 |
|  | Tarrant County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
|  | Tarrant County TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
|  | Tarrant County TX Housing Finance Corp. Revenue (Meridian Apartments) | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 |
|  | Tarrant County TX Housing Finance Corp. Revenue (Meridian Apartments) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
|  | Texas A & M University Permanent Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;2740 |
|  | Texas Department of Housing & Community Affairs Residential Mortgage Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | Texas Department of Housing & Community Affairs Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 |
|  | Texas GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;1227 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I Revenue | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;2582 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp;4456 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;1015 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;1478 |
|  | Texas Municipal Gas Acquisition & Supply Corp. IV Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;2082 |
|  | Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;10670 | &nbsp;&nbsp;11334 |
|  | Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp;4815 |
|  | Texas Municipal Gas Acquisition & Supply Corp. V Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;5980 | &nbsp;&nbsp;&nbsp;&nbsp;6356 |
| <sup>3</sup> | Texas Municipal Power Agency Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp;3218 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;2172 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;1019 |

---

------

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 Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/30/40 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1819 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/30/38 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;1126 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/31/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;932 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/31/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1064 |
|  | Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/31/34 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2097 |
| <sup>9</sup> | Texas Public Finance Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;530 |
| <sup>11</sup> | Texas State Turnpike Authority Central System Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;1635 |
|  | Texas State University System Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;1625 | &nbsp;&nbsp;1671 |
|  | Texas State Water Financial Assistance GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;3695 | &nbsp;&nbsp;3862 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;2430 | &nbsp;&nbsp;2630 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1505 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;755 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1251 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;4900 | &nbsp;&nbsp;5056 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1065 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;1183 |
|  | Texas Transportation Commission GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/42 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1354 |
|  | Texas Transportation Commission GO PUT | &nbsp;&nbsp;0.650% | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;1535 |
|  | Texas Transportation Commission Mobility Fund GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;1705 | &nbsp;&nbsp;1769 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/33 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;1660 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/34 | &nbsp;&nbsp;2165 | &nbsp;&nbsp;2414 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2210 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/35 | &nbsp;&nbsp;3470 | &nbsp;&nbsp;3827 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2190 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1460 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1060 |
|  | Texas Transportation Commission Turnpike System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1052 |
|  | Texas Transportation Commission Turnpike System Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;1152 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/28 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1612 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/31 | &nbsp;&nbsp;5795 | &nbsp;&nbsp;5823 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/32 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;1138 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/33 | &nbsp;&nbsp;2210 | &nbsp;&nbsp;2509 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;3197 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/34 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;1311 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/35 | &nbsp;&nbsp;2895 | &nbsp;&nbsp;2900 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/35 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;1521 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/40 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1369 |
|  | Texas Water Development Board Revenue | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;10/15/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2040 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/32 | &nbsp;&nbsp;2070 | &nbsp;&nbsp;2189 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/15/33 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2004 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/34 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2546 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;10/15/36 | &nbsp;&nbsp;2250 | &nbsp;&nbsp;2319 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/15/39 | &nbsp;&nbsp;3045 | &nbsp;&nbsp;2558 |
|  | Texas Water Development Board State Implementation Revenue Fund (Master Trust) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/15/43 | &nbsp;&nbsp;3535 | &nbsp;&nbsp;3583 |
|  | Tomball TX Combination Tax GO | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1290 | &nbsp;&nbsp;1279 |
| <sup>20</sup> | Tomball TX Independent School District Unlimited Tax Building Bonds GO | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;903 |
|  | Travis County TX Housing Finance Corp. Multifamily Housing Revenue (Bluestein Boulevard Apartments) PUT | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1001 |
|  | Trinity River Authority of Texas Denton Creek Regional Wastewater Treatment System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;2645 | &nbsp;&nbsp;2739 |
|  | Trinity River Authority of Texas Red Oak Creek System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;1701 |
|  | Trinity River Authority of Texas Regional Wastewater System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
|  | Trinity River Authority of Texas Regional Wastewater System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;1276 |
|  | Trinity River Authority Revenue (Tarrant County Water Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;674 |
|  | Tyler TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;1190 | &nbsp;&nbsp;1285 |
|  | Tyler TX Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/44 | &nbsp;&nbsp;2470 | &nbsp;&nbsp;2523 |
|  | University of Houston Texas Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;3090 | &nbsp;&nbsp;3021 |
|  | University of Houston Texas Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;1840 | &nbsp;&nbsp;1847 |
|  | University of Houston Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/35 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;4545 |
|  | University of North Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1124 |
|  | University of North Texas Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/15/34 | &nbsp;&nbsp;1110 | &nbsp;&nbsp;1118 |
|  | University of North Texas Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/15/36 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;1301 |
|  | University of Texas Financing System Bonds Revenue | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;590 |
|  | University of Texas Financing System Bonds Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;2625 | &nbsp;&nbsp;2913 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;870 |

---

------

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) |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/35 | &nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/39 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | University of Texas Financing System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/15/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 |
|  | University of Texas Permanent University Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 |
|  | Waco TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |
|  | Waco TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
|  | Waco TX Combination Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068 |
| <sup>20</sup> | Waco TX Independent School District GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
| <sup>20</sup> | Waxahachie TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
| <sup>20</sup> | Weslaco TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
| <sup>9</sup> | West Travis County TX Public Utility Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 |
| <sup>9</sup> | West Travis County TX Public Utility Agency Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 |
| <sup>20</sup> | Whitehouse TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
|  | Williamson County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 |
|  | Williamson County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;6460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7221 |
|  | Williamson County TX GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/39 | &nbsp;&nbsp;5795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 |
|  | Williamson County TX GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 |
| <sup>7,20</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/40 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |
| <sup>7,20</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/41 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691 |
| <sup>7,20</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/42 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 |
| <sup>7,20</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/43 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 |
| <sup>7,20</sup> | Willis TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/45 | &nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/37 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/40 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/43 | &nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/44 | &nbsp;&nbsp;6830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7058 |
| <sup>7,20</sup> | Wimberley TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/45 | &nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 |
| <sup>20</sup> | Wylie TX Independent School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
|  |  |  |  |  | &nbsp;&nbsp;**799880** |
| **Utah (0.4%)** | **Utah (0.4%)** | **Utah (0.4%)** | **Utah (0.4%)** | **Utah (0.4%)** | **Utah (0.4%)** |
|  | Central Utah Water Conservancy District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 |
|  | Central Utah Water Conservancy District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 |
| <sup>3</sup> | Downtown Revitalization Public Infrastructure District UT Sales Tax Revenue (SEG Redevelopment Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
| <sup>3</sup> | Downtown Revitalization Public Infrastructure District UT Sales Tax Revenue (SEG Redevelopment Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/42 | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 |
|  | Duchesne School District UT Municipal Building Authority Lease Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447 |
|  | Granite UT School District Salt Lake County GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 |
|  | Intermountain UT Power Agency Supply Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551 |
|  | Jordan Valley UT Water Conservancy District Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
| <sup>6</sup> | Mida Mountain Village Public Infrastructure District UT Tax Allocation Revenue | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
|  | Nebo UT School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337 |
|  | University of Utah Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/41 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 |
|  | Utah County UT Hospital Revenue (IHC Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 |
|  | Utah County UT Hospital Revenue (IHC Health Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |
|  | Utah Housing Corp. Single Family Mortgage Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;7/1/54 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 |
|  | Utah Housing Corp. Single Family Mortgage Revenue | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;7/1/55 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
| <sup>7</sup> | Utah Housing Corp. Single Family Mortgage Revenue | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;7/1/55 | &nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/39 | &nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 |

---

------

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) |
|  | Utah Transit Authority Sales Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
| <sup>3</sup> | Vineyard UT Redevelopment Agency Tax Increment Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| <sup>6</sup> | Wakara Ridge Public Infrastructure District UT Special Assessment Bonds | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
|  |  |  |  |  | &nbsp;&nbsp;**45436** |
| **Vermont (0.1%)** | **Vermont (0.1%)** | **Vermont (0.1%)** | **Vermont (0.1%)** | **Vermont (0.1%)** | **Vermont (0.1%)** |
|  | University of Vermont & State Agricultural College Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | University of Vermont Educational & Health Buildings Financing Agency Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | Vermont Economic Development Authority Mortgage Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | Vermont GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
|  | Vermont Municipal Bond Bank Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;2094 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6159** |
| **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;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
|  | Matching Fund Special Purpose Securitization Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/26 | &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;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 |
|  | Virgin Islands Transportation & Infrastructure Corp. Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/38 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1235 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1786** |
| **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;7/1/31 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Arlington County Industrial Development Authority Multifamily Housing Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;3251 |
|  | Chesapeake VA Redevelopment & Housing Authority Multifamily Revenue (Forest Cove I Project) PUT | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;7/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1016 |
| <sup>6</sup> | Cutalong II Community Development Authority VA Special Assessment (Cutalong II Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
|  | Danville VA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;1587 |
|  | Fairfax County Industrial Development Authority Health Care Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1677 |
|  | Halifax County VA Industrial Development Authority Revenue (Virginia Electric & Power Co. Project) PUT | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;5/28/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1014 |
|  | Hampton Roads Sanitation District VA Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  | Hampton Roads Sanitation District VA Wastewater Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1119 |
|  | Hampton Roads VA Transportation Accountability Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2093 |
| <sup>6</sup> | Hanover County VA Economic Development Authority Revenue (Covenant Woods) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| <sup>3</sup> | Isle of Wight County VA Economic Development Authority Health System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 |
|  | James City County VA Economic Development Authority Revenue (Williamsburg Landing) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
|  | Mosaic VA District Community Development Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
|  | Norfolk VA Economic Development Authority Hospital Facilities Revenue (Sentara Healthcare) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;2571 |
|  | Norfolk VA Redevelopment & Housing Authority Multifamily Housing Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/26 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1522 |
|  | Prince William County VA Service Authority Water & Sewer System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
|  | Richmond VA Public Utility Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1012 |
|  | Richmond VA Redevelopment & Housing Authority Multifamily Tax-Exempt Mortgage Backed Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
|  | Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |
|  | Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
|  | Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5064 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/35 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1391 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |
|  | Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1042 |
|  | Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;4710 | &nbsp;&nbsp;&nbsp;&nbsp;4733 |
| <sup>5</sup> | Virginia College Building Authority Educational Facilities Revenue (University of Richmond Project) VRDO | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/15/26 | &nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;1432 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/33 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5041 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/35 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;1285 |
|  | Virginia Commonwealth Transportation Board Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/15/35 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1759 |
|  | Virginia Port Authority Commonwealth Port Fund Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1043 |
|  | Virginia Public Building Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/31 | &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;8/1/41 | &nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;1872 |
|  | Virginia Small Business Financing Authority Healthcare Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | Virginia Small Business Financing Authority Healthcare Facilities Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018 |
|  | Virginia Small Business Financing Authority Healthcare Facilities Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  | Virginia Small Business Financing Authority Residential Care Facilities Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 |

---

------

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) |
|  | Wise County VA Industrial development Authority Solid Waste & Sewage Disposal Revenue (Virginia Electric & Power Co. Project) PUT | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;9/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
|  | York County VA Economic Development Authority Pollution Control Revenue PUT | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 |
|  |  |  |  |  | &nbsp;&nbsp;**55457** |
| **Washington (1.7%)** | **Washington (1.7%)** | **Washington (1.7%)** | **Washington (1.7%)** | **Washington (1.7%)** | **Washington (1.7%)** |
|  | Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 |
|  | Chelan County WA Public Utility District No. 1 Consolidated System Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Energy Northwest Washington Electric Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2094 |
|  | Energy Northwest Washington Electric Revenue ETM | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2500 |
|  | Energy Northwest Washington Electric Revenue (Columbia Generating Station) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;1225 |
|  | Energy Northwest Washington Electric Revenue (Columbia Generating Station) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;6188 |
|  | Energy Northwest Washington Electric Revenue (Columbia Generating Station) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/42 | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;1528 |
|  | Franklin County WA Pasco School District No. 1 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Grant County Public Hospital District No. 1 GO | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;2691 |
|  | Highline WA King County School District No. 401 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1355 |
|  | King & Pierce Counties WA Wash School District No. 408 Auburn Unlimited Tax GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/1/38 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | King & Snohomish Counties WA School District No. 417 Northshore Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;1875 |
|  | King & Snohomish Counties WA School District No. 417 Northshore Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1273 |
|  | King County WA GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1506 |
|  | King County WA Housing Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/28 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | King County WA Housing Authority Revenue | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | King County WA Housing Authority Revenue | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1164 |
|  | King County WA School District No. 401 Highline Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1059 |
|  | King County WA School District No. 403 Renton GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 |
|  | King County WA School District No. 412 Shoreline Unlimited Tax GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | King County WA Sewer Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
| <sup>3</sup> | Klickitat County WA Public Utility District No. 1 Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| <sup>3</sup> | Klickitat County WA Public Utility District No. 1 Electric System Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/34 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;1327 |
|  | Pierce County WA Fire Protection District No. 5 GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp;3130 |
|  | Pierce County WA Puyallup School District No. 3 GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/33 | &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;12/1/36 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1359 |
|  | Pierce County WA School District No. 403 Bethel Unlimited Tax GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1732 |
|  | Port Seattle WA Intermediate Lien Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;1257 |
|  | Seattle WA Drain & Wastewater system revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/37 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1668 |
| <sup>7</sup> | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/37 | &nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp;2775 |
| <sup>7</sup> | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;2551 |
| <sup>7</sup> | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1670 |
| <sup>7</sup> | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;2344 |
| <sup>7</sup> | Seattle WA Municipal Light & Power Improvement & Refunding Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1043 |
|  | Seattle WA Water System Improvement Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;3020 | &nbsp;&nbsp;&nbsp;&nbsp;3053 |
|  | Vancouver WA Housing Authority Revenue (Jens Pointe Project) | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 |
|  | Washington (Motor Vehicle Fuel Tax) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  | Washington (Motor Vehicle Fuel Tax) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp;4457 |
|  | Washington (Motor Vehicle Fuel Tax) GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2593 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1573 |
|  | Washington GO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5187 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1753 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/35 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5120 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1030 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5114 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;2237 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp;3330 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/38 | &nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;2134 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2068 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/42 | &nbsp;&nbsp;5015 | &nbsp;&nbsp;&nbsp;&nbsp;5230 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp;3108 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/43 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2028 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/43 | &nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;1495 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/44 | &nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;2422 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/44 | &nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;2836 |
|  | Washington GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/46 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5156 |
|  | Washington Health Care Facilities Authority Revenue (Central Washington Health Services Association) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;1761 |
|  | Washington Health Care Facilities Authority Revenue (CommonSpirit Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1844 |
|  | Washington Health Care Facilities Authority Revenue (MultiCare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | Washington Health Care Facilities Authority Revenue (MultiCare Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3000 |
|  | Washington Health Care Facilities Authority Revenue (MultiCare Health System) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
|  | Washington Health Care Facilities Authority Revenue (Providence Health & Services) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
|  | Washington Health Care Facilities Authority Revenue (Providence St. Joseph Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/33 | &nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp;7192 |

---

------

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 Health Care Facilities Authority Revenue (Seattle Cancer Care Alliance) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 |
|  | Washington Health Care Facilities Authority Revenue (Seattle Children's Hospital) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;5565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966 |
|  | Washington Higher Education Facilities Authority Revenue (Gonzaga University) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
|  | Washington Higher Education Facilities Authority Revenue (Seattle University Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
|  | Washington Higher Education Facilities Authority Revenue (Whitworth University Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5091 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
|  | Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 |
|  | Washington State Health Care Facilities Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5119 |
|  | Washington State Housing Finance Commission Multifamily Revenue (Camas Flats Apartments Project) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;12/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;5813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;4/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
|  | Washington State Housing Finance Commission Municipal Certificates Revenue | &nbsp;&nbsp;4.084% | &nbsp;&nbsp;3/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 |
| <sup>6</sup> | Washington State Housing Finance Commission Nonprofit Revenue | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 |
| <sup>6,9</sup> | Washington State Housing Finance Commission Nonprofit Revenue (Blakeley & Laurel Villages Portfolio) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim Court) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim Court) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107 |
|  | Washington State Housing Finance Commission Nonprofit Revenue (Radford & Nordheim Court) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 |
|  | Washington State Motor Vehicle Fuel Tax Related Fees GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 |
|  | Washington State University Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 |
|  |  |  |  |  | &nbsp;&nbsp;**182409** |
| **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;9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 |
|  | West Virginia Economic Development Authority Lottery Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317 |
|  | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue (Amos Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 |
|  | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue (Amos Project) PUT | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 |
|  | West Virginia GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981 |
|  | West Virginia Higher Education Policy Commission Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 |
|  | West Virginia Hospital Finance Authority Hospital Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 |
|  | West Virginia Hospital Finance Authority Hospital Revenue (Cabell Huntington Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
|  | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 |
|  | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
| <sup>7</sup> | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
|  | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 |
| <sup>7</sup> | West Virginia Hospital Finance Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426 |
| <sup>7</sup> | West Virginia Hospital Finance Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  | West Virginia Parkways Authority Turnpike Toll Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**23536** |
| **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;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 |
|  | Madison WI Metropolitan School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 |
|  | Milwaukee WI GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 |
| <sup>9</sup> | Milwaukee WI GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 |
|  | New Richmond WI School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
|  | Oshkosh WI GO | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
|  | Public Finance Authority Health Care Facilities Revenue (Appalachian Regional Healthcare System Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
|  | Public Finance Authority Health Care System Revenue (Cone Health) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 |
| <sup>5</sup> | Public Finance Authority Health Care System Revenue (Cone Health) VRDO | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;23350 | &nbsp;&nbsp;&nbsp;&nbsp;23350 |
|  | Public Finance Authority Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 |
|  | Public Finance Authority Revenue (Aggie Apartment) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| <sup>6</sup> | Public Finance Authority Revenue (Anticipation Improvement & Refunding Bonds) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 |
| <sup>6</sup> | Public Finance Authority Revenue (Canyon Campus Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| <sup>6</sup> | Public Finance Authority Revenue (Charter School Project) | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
| <sup>6</sup> | Public Finance Authority Revenue (Clover Garden School) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
|  | Public Finance Authority Revenue (Duke Energy Progress Project) PUT | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 |
|  | Public Finance Authority Revenue (Duke Energy Progress Project) PUT | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 |
| <sup>9</sup> | Public Finance Authority Revenue (Eastern Michigan University Student Housing Project) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
| <sup>6</sup> | Public Finance Authority Revenue (Inperium Project) | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |

---

------

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) |
|  | Public Finance Authority Revenue (Kahala NUI Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
|  | Public Finance Authority Revenue (Kahala NUI Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
|  | Public Finance Authority Revenue (St. Joseph Health) Prere. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
|  | Public Finance Authority Revenue (St. Joseph Health) PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 |
|  | Public Finance Authority Revenue (Texas Biomedical Research Institute Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 |
|  | Public Finance Authority Student Housing Facilities Revenue (Campus Real Estate Holding Corp. LLC Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&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;6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
|  | Public Finance Authority Student Housing Revenue (KSU Bixby Real Estate Foundation LLC Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
|  | Public Finance Authority WI Educational Facilities Revenue (Lenoir-Rhyne University) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 |
| <sup>6</sup> | Public Finance Authority WI Tax Increment Revenue (Miami Worldcenter Project) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
|  | Public Finance Authority WI Tax-Exempt Revenue PUT | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404 |
| <sup>9</sup> | Racine WI Unified School District GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 |
|  | Sheboygan WI Area School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
| <sup>3</sup> | Sparta WI Area School District GO | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 |
|  | University of Wisconsin Hospitals & Clinics Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
|  | Waunakee WI Community School District GO | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 |
| <sup>3</sup> | Wisconsin Center District Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/34 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 |
| <sup>3</sup> | Wisconsin Center District Tax Revenue | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;12/15/39 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/26 | &nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/27 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186 |
|  | Wisconsin GO | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 |
| <sup>6</sup> | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
|  | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/35 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 |
|  | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 |
|  | Wisconsin Health & Educational Facilities Authority Revenue | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8/15/39 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 |
|  | Wisconsin Health & Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/22/29 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  | Wisconsin Health & Educational Facilities Authority Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/3/34 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health & Hospitals Corp.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/24/26 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health & Hospitals Corp.) PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/29/26 | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Agnesian HealthCare Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/15/34 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Aspirus Inc. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Aspirus Inc. Obligated Group) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/15/38 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/1/41 | &nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Children's Hospital of Wisconsin Inc.) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 |
| <sup>5</sup> | Wisconsin Health & Educational Facilities Authority Revenue (Froedtert Health Inc.) VRDO | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;4190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Froedtert Thedacare Health Inc.) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (MarshField Clinic Health System) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (Oakwood Lutheran Senior Ministries) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 |
|  | Wisconsin Health & Educational Facilities Authority Revenue (ThedaCare Inc. Obligated Group) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/39 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 |
|  | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;9/1/39 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
|  | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
|  | Wisconsin Housing & Economic Development Authority Housing Revenue PUT | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 |
|  | Wisconsin Housing & Economic Development Authority Multifamily Revenue PUT | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 |
|  | Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University) | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 |
|  | Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 |
|  | Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 |
|  | Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
|  | Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
|  | Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
|  |  |  |  |  | &nbsp;&nbsp;**109066** |
| **Wyoming (0.1%)** | **Wyoming (0.1%)** | **Wyoming (0.1%)** | **Wyoming (0.1%)** | **Wyoming (0.1%)** | **Wyoming (0.1%)** |
|  | Laramie County WY Hospital Revenue (Cheyenne Regional Medical Center Project) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |

---

------

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) |
|  | Lincoln County WY Pollution Control Revenue (ExxonMobile Project) VRDO | &nbsp;&nbsp;4.070% | &nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 |
|  | Wyoming Community Development Authority Housing Revenue | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| <sup>9</sup> | Wyoming Municipal Power Agency Power Supply Revenue Prere. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13048** |
| **Total Tax-Exempt Municipal Bonds (Cost $5,774,010)** | **Total Tax-Exempt Municipal Bonds (Cost $5,774,010)** | **Total Tax-Exempt Municipal Bonds (Cost $5,774,010)** | **Total Tax-Exempt Municipal Bonds (Cost $5,774,010)** | **Total Tax-Exempt Municipal Bonds (Cost $5,774,010)** | &nbsp;&nbsp;**5672022** |
| **Total Investments (100.8%) (Cost $6,923,440)** | **Total Investments (100.8%) (Cost $6,923,440)** | **Total Investments (100.8%) (Cost $6,923,440)** | **Total Investments (100.8%) (Cost $6,923,440)** |  | &nbsp;&nbsp;**10755211** |
| **Other Assets and Liabilities—Net (-0.8%)** | **Other Assets and Liabilities—Net (-0.8%)** | **Other Assets and Liabilities—Net (-0.8%)** | **Other Assets and Liabilities—Net (-0.8%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(80771)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**10674440** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc. |
| 4 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 5 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 6 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the aggregate value was $145,474, representing 1.4% of net assets. |
| 7 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2025. |
| 8 | Non-income-producing security—security in default. |
| 9 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 10 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 11 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 12 | Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co. |
| 13 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 14 | Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund. |
| 15 | 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. |
| 16 | Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp. |
| 17 | Securities with a value of $965 have been segregated as initial margin for open futures contracts. |
| 18 | Scheduled principal and interest payments are guaranteed by XL Capital Assurance Inc. |
| 19 | Step bond. |
| 20 | 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. |

---

------

#### 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 | September 2025 | &nbsp;&nbsp;&nbsp;330 | 103187 | &nbsp;&nbsp;3846 |
| Short Futures Contracts | Short Futures Contracts | Short Futures Contracts | Short Futures Contracts | Short Futures Contracts |
| Long U.S. Treasury Bond | September 2025 | (116) | &nbsp;&nbsp;(13395) | &nbsp;&nbsp;&nbsp;&nbsp;(397) |
| Ultra 10-Year U.S. Treasury Note | September 2025 | (106) | &nbsp;&nbsp;(12112) | &nbsp;&nbsp;&nbsp;&nbsp;(202) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(599) |
|  |  |  |  | &nbsp;&nbsp;3247 |

---

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

------

Tax-Managed Balanced Fund

Statement of Assets and Liabilities

As of June 30, 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 $6,917,738) | 10749612 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $5,702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599 |
| Total Investments in Securities | 10755211 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15017 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65355 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |
| **Total Assets** | **10849118** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154735 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11241 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**174678** |
| **Net Assets** | **10674440** |
| **<br>At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;6944759 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3729681 |
| **Net Assets** | **10674440** |
| **Net Assets** |  |
| **Applicable to 230,794,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **10674440** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$46.25** |

---

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;Six Months Ended<br> June 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28936 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92777 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121713 |
| **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;112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117105** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18221 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21378** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206365 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6942 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213307** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**351790** |

---

---

| | |
|:---|:---|
| 1 | Dividend income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated company of the fund were $647, ($1165), and $42, respectively. Purchases and sales were $38,032 and $75,023, respectively. |
| 2 | Dividends are net of foreign withholding taxes of $1. |

---

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

------

Tax-Managed Balanced Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212995 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90748 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808104 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351790 | &nbsp;&nbsp;&nbsp;&nbsp;1111847 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(119253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211807) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981081 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172825 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(504773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717239) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436667 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318768 | &nbsp;&nbsp;&nbsp;&nbsp;1336707 |
| **Net Assets** |  |  |
| **Beginning of Period** | **10355672** | &nbsp;&nbsp;&nbsp;&nbsp;**9018965** |
| **End of Period** | **10674440** | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$45.23** | &nbsp;&nbsp;&nbsp;**$41.19** | &nbsp;&nbsp;&nbsp;**$36.39** | &nbsp;&nbsp;&nbsp;**$42.43** | &nbsp;&nbsp;&nbsp;**$38.06** | &nbsp;&nbsp;&nbsp;**$34.25** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.509 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.658 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.030 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.808 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.539 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.466 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(.519) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.656) |
| 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;(.519) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.656) |
| **Net Asset Value, End of Period** | **$46.25** | &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** |
| **Total Return<sup>3</sup>** | **3.43%** | &nbsp;&nbsp;&nbsp;**12.17%** | &nbsp;&nbsp;&nbsp;**15.53%** | &nbsp;&nbsp;&nbsp;**-12.66%** | &nbsp;&nbsp;&nbsp;**13.10%** | &nbsp;&nbsp;&nbsp;**13.30%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $10674 | &nbsp;&nbsp;&nbsp;$10356 | &nbsp;&nbsp;&nbsp;$9019 | &nbsp;&nbsp;&nbsp;$7729 | &nbsp;&nbsp;&nbsp;$8816 | &nbsp;&nbsp;&nbsp;$6859 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.09% |
| Ratio of Net Investment Income to Average Net Assets | 2.29% | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;1.90% |
| Portfolio Turnover Rate | 10% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;22%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6%<sup>5</sup> | &nbsp;&nbsp;&nbsp;20%<sup>5</sup> |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The tax character of distributions is determined at fiscal year-end. Tax-exempt dividends represent 74%, 68%, 63%, 63%, and 62% of dividends from net investment income for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

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

------

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 six months ended June 30, 2025, the fund's average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

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

For the six months ended June 30, 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 is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest

------

Tax-Managed Balanced Fund

income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date.

Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2025, the fund had contributed to Vanguard capital in the amount of $272,000, 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.**

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 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 | 5083189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5083189 |
| Tax-Exempt Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5672022 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5672022 |
| Total | 5083189 | &nbsp;&nbsp;&nbsp;5672022 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10755211 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | &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;3846 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599) | &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;(599) |

---

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

D. As of June 30, 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;6922782 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3967937 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(132261) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3835676 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $131,650,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

E. During the six months ended June 30, 2025, the fund purchased $1,136,636,000 of investment securities and sold $976,126,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $22,700,000 and sales were $55,655,000, 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.

------

Tax-Managed Balanced Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;11031 | &nbsp;&nbsp;&nbsp;&nbsp;22496 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;2138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 |
| Redeemed | (11312) | &nbsp;&nbsp;&nbsp;(16422) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979 |

---

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.

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.

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

------

Tax-Managed Capital Appreciation Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 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 (100.0%)** | **Common Stocks (100.0%)** | **Common Stocks (100.0%)** | **Common Stocks (100.0%)** |
| **Basic Materials (1.4%)** | **Basic Materials (1.4%)** | **Basic Materials (1.4%)** | **Basic Materials (1.4%)** |
|  | Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;243288 | &nbsp;&nbsp;114146 |
|  | Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133718 | &nbsp;&nbsp;&nbsp;&nbsp;36029 |
|  | Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83062 | &nbsp;&nbsp;&nbsp;&nbsp;23429 |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;535204 | &nbsp;&nbsp;&nbsp;&nbsp;23201 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;522914 | &nbsp;&nbsp;&nbsp;&nbsp;21962 |
|  | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;308907 | &nbsp;&nbsp;&nbsp;&nbsp;17997 |
|  | Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43502 | &nbsp;&nbsp;&nbsp;&nbsp;13655 |
|  | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111637 | &nbsp;&nbsp;&nbsp;&nbsp;11294 |
|  | Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;363031 | &nbsp;&nbsp;&nbsp;&nbsp;10713 |
|  | Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7814 |
|  | Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668 |
|  | International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;151130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7077 |
|  | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;188237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867 |
|  | Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5587 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528 |
|  | Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;119360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5439 |
| <sup>\*</sup> | RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 |
|  | Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 |
| <sup>\*</sup> | MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 |
|  | Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 |
|  | FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 |
|  | CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 |
|  | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 |
|  | Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;166781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 |
|  | Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 |
|  | Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 |
| <sup>\*</sup> | Cleveland-Cliffs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
|  | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 |
|  | International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
|  | 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;18 |
|  |  |  | &nbsp;&nbsp;**354728** |
| **Consumer Discretionary (15.4%)** | **Consumer Discretionary (15.4%)** | **Consumer Discretionary (15.4%)** | **Consumer Discretionary (15.4%)** |
| <sup>\*</sup> | Amazon.com Inc. | &nbsp;&nbsp;4102354 | &nbsp;&nbsp;900015 |
| <sup>\*</sup> | Tesla Inc. | &nbsp;&nbsp;1208442 | &nbsp;&nbsp;383874 |
| <sup>\*</sup> | Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191867 | &nbsp;&nbsp;256935 |
|  | Walmart Inc. | &nbsp;&nbsp;1925328 | &nbsp;&nbsp;188259 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185494 | &nbsp;&nbsp;183628 |
|  | Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401901 | &nbsp;&nbsp;147353 |
|  | Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;805429 | &nbsp;&nbsp;&nbsp;&nbsp;99881 |
|  | Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14559 | &nbsp;&nbsp;&nbsp;&nbsp;84286 |
|  | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;277959 | &nbsp;&nbsp;&nbsp;&nbsp;81211 |
| <sup>\*</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;866641 | &nbsp;&nbsp;&nbsp;&nbsp;80858 |
|  | Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281040 | &nbsp;&nbsp;&nbsp;&nbsp;62354 |
| <sup>\*</sup> | O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;618790 | &nbsp;&nbsp;&nbsp;&nbsp;55772 |
| <sup>\*</sup> | Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68431 | &nbsp;&nbsp;&nbsp;&nbsp;52510 |
|  | TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409999 | &nbsp;&nbsp;&nbsp;&nbsp;50631 |
| <sup>\*</sup> | Copart Inc. | &nbsp;&nbsp;1025902 | &nbsp;&nbsp;&nbsp;&nbsp;50341 |
|  | Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;175101 | &nbsp;&nbsp;&nbsp;&nbsp;47839 |
|  | Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;466201 | &nbsp;&nbsp;&nbsp;&nbsp;42718 |
|  | NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;436074 | &nbsp;&nbsp;&nbsp;&nbsp;30979 |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98505 | &nbsp;&nbsp;&nbsp;&nbsp;30846 |
| <sup>\*</sup> | Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;534600 | &nbsp;&nbsp;&nbsp;&nbsp;30018 |
|  | General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;551083 | &nbsp;&nbsp;&nbsp;&nbsp;27119 |
| <sup>\*</sup> | AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227 | &nbsp;&nbsp;&nbsp;&nbsp;26828 |
|  | eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343916 | &nbsp;&nbsp;&nbsp;&nbsp;25608 |
| <sup>\*</sup> | Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;176486 | &nbsp;&nbsp;&nbsp;&nbsp;23356 |
|  | Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86666 | &nbsp;&nbsp;&nbsp;&nbsp;23083 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | ROBLOX Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;215068 | &nbsp;&nbsp;22625 |
|  | DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162652 | &nbsp;&nbsp;20969 |
| <sup>\*</sup> | United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263107 | &nbsp;&nbsp;20951 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140313 | &nbsp;&nbsp;20792 |
|  | Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304711 | &nbsp;&nbsp;20736 |
| <sup>\*</sup> | Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78407 | &nbsp;&nbsp;19041 |
|  | Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146662 | &nbsp;&nbsp;18711 |
| <sup>\*</sup> | Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122564 | &nbsp;&nbsp;18541 |
|  | Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112726 | &nbsp;&nbsp;18002 |
| <sup>\*</sup> | Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53308 | &nbsp;&nbsp;17963 |
| <sup>\*</sup> | Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55784 | &nbsp;&nbsp;15941 |
| <sup>\*</sup> | Warner Bros Discovery Inc. | &nbsp;&nbsp;1390867 | &nbsp;&nbsp;15939 |
|  | Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156960 | &nbsp;&nbsp;15484 |
|  | Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;274795 | &nbsp;&nbsp;15399 |
| <sup>\*</sup> | AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76111 | &nbsp;&nbsp;15119 |
|  | Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307256 | &nbsp;&nbsp;15111 |
|  | Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68336 | &nbsp;&nbsp;14895 |
|  | Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;130676 | &nbsp;&nbsp;14454 |
| <sup>\*</sup> | Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;445384 | &nbsp;&nbsp;13344 |
|  | PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124533 | &nbsp;&nbsp;13133 |
| <sup>\*</sup> | Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127974 | &nbsp;&nbsp;12675 |
| <sup>\*</sup> | BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113096 | &nbsp;&nbsp;12195 |
|  | Ford Motor Co. | &nbsp;&nbsp;1078471 | &nbsp;&nbsp;11701 |
| <sup>\*</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;414330 | &nbsp;&nbsp;11651 |
|  | Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68205 | &nbsp;&nbsp;11505 |
| <sup>\*</sup> | Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;159810 | &nbsp;&nbsp;11505 |
|  | Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52371 | &nbsp;&nbsp;10931 |
|  | Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134742 | &nbsp;&nbsp;10887 |
|  | Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76726 | &nbsp;&nbsp;10715 |
|  | Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93872 | &nbsp;&nbsp;10714 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;102072 | &nbsp;&nbsp;10667 |
| <sup>\*</sup> | Alaska Air Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186439 | &nbsp;&nbsp;&nbsp;&nbsp;9225 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;282052 | &nbsp;&nbsp;&nbsp;&nbsp;9150 |
| <sup>\*</sup> | CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134585 | &nbsp;&nbsp;&nbsp;&nbsp;9045 |
| <sup>\*</sup> | NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;8900 |
| <sup>\*</sup> | Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430967 | &nbsp;&nbsp;&nbsp;&nbsp;8499 |
| <sup>\*</sup> | Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35041 | &nbsp;&nbsp;&nbsp;&nbsp;8325 |
|  | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72316 | &nbsp;&nbsp;&nbsp;&nbsp;8271 |
| <sup>\*</sup> | Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16778 | &nbsp;&nbsp;&nbsp;&nbsp;7849 |
| <sup>\*</sup> | Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;563827 | &nbsp;&nbsp;&nbsp;&nbsp;7747 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Live Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94390 | &nbsp;&nbsp;&nbsp;&nbsp;7502 |
|  | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107670 | &nbsp;&nbsp;&nbsp;&nbsp;7386 |
| <sup>\*</sup> | DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;169950 | &nbsp;&nbsp;&nbsp;&nbsp;7289 |
|  | Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;136844 | &nbsp;&nbsp;&nbsp;&nbsp;7221 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71269 | &nbsp;&nbsp;&nbsp;&nbsp;6768 |
|  | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;302760 | &nbsp;&nbsp;&nbsp;&nbsp;6658 |
| <sup>\*</sup> | Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96414 | &nbsp;&nbsp;&nbsp;&nbsp;6577 |
| <sup>\*</sup> | Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27479 | &nbsp;&nbsp;&nbsp;&nbsp;6393 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23166 | &nbsp;&nbsp;&nbsp;&nbsp;6354 |
|  | Interpublic Group of Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;259529 | &nbsp;&nbsp;&nbsp;&nbsp;6353 |
| <sup>\*</sup> | Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53344 | &nbsp;&nbsp;&nbsp;&nbsp;5817 |
|  | Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76898 | &nbsp;&nbsp;&nbsp;&nbsp;5677 |
| <sup>\*</sup> | MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;163296 | &nbsp;&nbsp;&nbsp;&nbsp;5616 |
|  | Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80282 | &nbsp;&nbsp;&nbsp;&nbsp;5389 |
| <sup>\*</sup> | Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;257285 | &nbsp;&nbsp;&nbsp;&nbsp;5218 |
| <sup>\*</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50047 | &nbsp;&nbsp;&nbsp;&nbsp;5158 |
| <sup>\*</sup> | Duolingo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11713 | &nbsp;&nbsp;&nbsp;&nbsp;4803 |
|  | News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;153012 | &nbsp;&nbsp;&nbsp;&nbsp;4548 |
| <sup>\*</sup> | Capri Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;244112 | &nbsp;&nbsp;&nbsp;&nbsp;4321 |
| <sup>\*</sup> | GameStop Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;175132 | &nbsp;&nbsp;&nbsp;&nbsp;4271 |
|  | RB Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39397 | &nbsp;&nbsp;&nbsp;&nbsp;4184 |
| <sup>\*</sup> | Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33124 | &nbsp;&nbsp;&nbsp;&nbsp;4094 |
| <sup>\*</sup> | Skechers USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64614 | &nbsp;&nbsp;&nbsp;&nbsp;4077 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20316 | &nbsp;&nbsp;&nbsp;&nbsp;4019 |
| <sup>\*</sup> | Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20393 | &nbsp;&nbsp;&nbsp;&nbsp;3854 |
| <sup>\*</sup> | Liberty Media Corp.-Liberty Live Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46770 | &nbsp;&nbsp;&nbsp;&nbsp;3796 |
|  | BorgWarner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112717 | &nbsp;&nbsp;&nbsp;&nbsp;3774 |
| <sup>\*</sup> | Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28707 | &nbsp;&nbsp;&nbsp;&nbsp;3766 |
| <sup>\*</sup> | Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48673 | &nbsp;&nbsp;&nbsp;&nbsp;3697 |
| <sup>\*</sup> | elf Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29282 | &nbsp;&nbsp;&nbsp;&nbsp;3644 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622 |
|  | Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 |
|  | Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 |
| <sup>\*</sup> | Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 |
| <sup>\*</sup> | Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837 |
| <sup>\*</sup> | Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 |
| <sup>\*</sup> | Dutch Bros Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 |
| <sup>\*</sup> | American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497 |
| <sup>\*</sup> | Light & Wonder Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 |
| <sup>\*</sup> | On Holding AG Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306 |
| <sup>\*</sup> | Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 |
|  | Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208 |
|  | Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197 |
|  | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 |
|  | U-Haul Holding Co. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 |
|  | New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 |
|  | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 |
|  | Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 |
| <sup>\*</sup> | Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 |
|  | News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 |
|  | Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 |
|  | VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 |
|  | Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 |
|  | Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 |
| <sup>\*</sup> | YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 |
|  | Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 |
|  | Harley-Davidson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274 |
| <sup>\*</sup> | Chewy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
|  | Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 |
| <sup>\*</sup> | QuantumScape Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;170879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 |
| <sup>\*</sup> | SiteOne Landscape Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
| <sup>\*</sup> | Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 |
| <sup>\*</sup> | Under Armour Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;151414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 |
| <sup>\*</sup> | Amer Sports Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
| <sup>\*</sup> | SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
|  | Macy's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 |
|  | Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |
| <sup>\*</sup> | U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
|  | Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 |
|  | Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 |
|  | Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| <sup>\*</sup> | Kura Sushi USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| <sup>\*</sup> | Under Armour Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |
|  | Lithia Motors Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |
| <sup>\*</sup> | Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 |
|  | Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
|  | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 |
|  | Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
|  | Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
| <sup>\*</sup> | TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
|  | Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
|  | Paramount Global Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
|  | Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
|  | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
|  | Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
|  | 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;34 |
|  | H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
|  |  |  | **3784582** |
| **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** |
|  | Procter & Gamble Co. | &nbsp;&nbsp;1108586 | &nbsp;&nbsp;&nbsp;&nbsp;176620 |
|  | Coca-Cola Co. | &nbsp;&nbsp;1448114 | &nbsp;&nbsp;&nbsp;&nbsp;102454 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;558103 | &nbsp;&nbsp;101647 |
|  | PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;524138 | &nbsp;&nbsp;&nbsp;&nbsp;69207 |
|  | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66291 | &nbsp;&nbsp;&nbsp;&nbsp;48577 |
|  | Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;593003 | &nbsp;&nbsp;&nbsp;&nbsp;39992 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;371028 | &nbsp;&nbsp;&nbsp;&nbsp;33726 |
|  | Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108183 | &nbsp;&nbsp;&nbsp;&nbsp;32439 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;450391 | &nbsp;&nbsp;&nbsp;&nbsp;31068 |
|  | Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;415662 | &nbsp;&nbsp;&nbsp;&nbsp;29815 |
| <sup>\*</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243748 | &nbsp;&nbsp;&nbsp;&nbsp;26576 |
|  | Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329705 | &nbsp;&nbsp;&nbsp;&nbsp;24573 |
| <sup>\*</sup> | Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;317853 | &nbsp;&nbsp;&nbsp;&nbsp;19910 |
|  | Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192413 | &nbsp;&nbsp;&nbsp;&nbsp;18493 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;535411 | &nbsp;&nbsp;&nbsp;&nbsp;17701 |
|  | Kenvue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;743778 | &nbsp;&nbsp;&nbsp;&nbsp;15567 |
|  | McCormick & Co. Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;188289 | &nbsp;&nbsp;&nbsp;&nbsp;14276 |
|  | Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27851 | &nbsp;&nbsp;&nbsp;&nbsp;14211 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241258 | &nbsp;&nbsp;&nbsp;&nbsp;14145 |
|  | Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78631 | &nbsp;&nbsp;&nbsp;&nbsp;13049 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;232055 | &nbsp;&nbsp;&nbsp;&nbsp;12248 |
| <sup>\*</sup> | US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156099 | &nbsp;&nbsp;&nbsp;&nbsp;12021 |
|  | Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9393 |
| <sup>\*</sup> | Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8330 |
|  | Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842 |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649 |
| <sup>\*</sup> | Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503 |
|  | General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7361 |
|  | Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6843 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6618 |
|  | Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 |
|  | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5848 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843 |
|  | Walgreens Boots Alliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381 |
|  | J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5229 |
|  | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;100788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 |
|  | Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740 |
|  | Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;143688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 |
|  | Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;103441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 |
| <sup>\*</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 |
|  | Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 |
|  | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 |
| <sup>\*</sup> | BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 |
|  | Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  |  |  | &nbsp;&nbsp;**996670** |
| **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;1798440 | &nbsp;&nbsp;193872 |
|  | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;661545 | &nbsp;&nbsp;&nbsp;&nbsp;94727 |
|  | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;612761 | &nbsp;&nbsp;&nbsp;&nbsp;54989 |
|  | Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184685 | &nbsp;&nbsp;&nbsp;&nbsp;44974 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188281 | &nbsp;&nbsp;&nbsp;&nbsp;31275 |
|  | EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;496689 | &nbsp;&nbsp;&nbsp;&nbsp;28967 |
|  | EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235362 | &nbsp;&nbsp;&nbsp;&nbsp;28152 |
|  | Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189588 | &nbsp;&nbsp;&nbsp;&nbsp;26266 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;533473 | &nbsp;&nbsp;&nbsp;&nbsp;22411 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155741 | &nbsp;&nbsp;&nbsp;&nbsp;20935 |
|  | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;582126 | &nbsp;&nbsp;&nbsp;&nbsp;19676 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;158889 | &nbsp;&nbsp;&nbsp;&nbsp;18955 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283640 | &nbsp;&nbsp;&nbsp;&nbsp;17815 |
|  | Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147980 | &nbsp;&nbsp;&nbsp;&nbsp;17305 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93422 | &nbsp;&nbsp;&nbsp;&nbsp;16263 |
|  | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;502823 | &nbsp;&nbsp;&nbsp;&nbsp;15995 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;355855 | &nbsp;&nbsp;&nbsp;&nbsp;14334 |
|  | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;14071 |
|  | Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89730 | &nbsp;&nbsp;&nbsp;&nbsp;12329 |
|  | Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9224 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8363 |
|  | Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7853 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;379737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7739 |
|  | Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921 |
|  | Civitas Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759 |
|  | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428 |
|  | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423 |
|  | ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 |
|  | TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;105599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637 |
|  | NOV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 |
|  | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651 |
|  | Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812 |
| <sup>\*</sup> | New Fortress Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
|  |  |  | &nbsp;&nbsp;**763265** |
| **Financials (11.4%)** | **Financials (11.4%)** | **Financials (11.4%)** | **Financials (11.4%)** |
| <sup>\*</sup> | Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;888043 | &nbsp;&nbsp;431385 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;1278390 | &nbsp;&nbsp;370618 |
|  | Bank of America Corp. | &nbsp;&nbsp;3152321 | &nbsp;&nbsp;149168 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;1544233 | &nbsp;&nbsp;123724 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;741372 | &nbsp;&nbsp;104430 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129923 | &nbsp;&nbsp;&nbsp;&nbsp;91953 |
|  | S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141683 | &nbsp;&nbsp;&nbsp;&nbsp;74708 |
|  | Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274121 | &nbsp;&nbsp;&nbsp;&nbsp;73152 |
|  | Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;778874 | &nbsp;&nbsp;&nbsp;&nbsp;66298 |
|  | Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;632535 | &nbsp;&nbsp;&nbsp;&nbsp;57712 |
|  | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;162609 | &nbsp;&nbsp;&nbsp;&nbsp;47111 |
|  | Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256444 | &nbsp;&nbsp;&nbsp;&nbsp;47050 |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;119670 | &nbsp;&nbsp;&nbsp;&nbsp;42693 |
|  | Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77718 | &nbsp;&nbsp;&nbsp;&nbsp;41480 |
|  | CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148854 | &nbsp;&nbsp;&nbsp;&nbsp;41027 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186521 | &nbsp;&nbsp;&nbsp;&nbsp;40781 |
| <sup>\*</sup> | Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;425202 | &nbsp;&nbsp;&nbsp;&nbsp;39812 |
|  | Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77041 | &nbsp;&nbsp;&nbsp;&nbsp;38643 |
|  | Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36799 | &nbsp;&nbsp;&nbsp;&nbsp;38611 |
|  | Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;342394 | &nbsp;&nbsp;&nbsp;&nbsp;37961 |
|  | Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232553 | &nbsp;&nbsp;&nbsp;&nbsp;34785 |
|  | Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299701 | &nbsp;&nbsp;&nbsp;&nbsp;31606 |
|  | KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229744 | &nbsp;&nbsp;&nbsp;&nbsp;30563 |
| <sup>\*</sup> | Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87001 | &nbsp;&nbsp;&nbsp;&nbsp;30493 |
|  | Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90932 | &nbsp;&nbsp;&nbsp;&nbsp;29109 |
|  | Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;321915 | &nbsp;&nbsp;&nbsp;&nbsp;28786 |
|  | Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;303617 | &nbsp;&nbsp;&nbsp;&nbsp;27644 |
|  | W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;359793 | &nbsp;&nbsp;&nbsp;&nbsp;26434 |
|  | American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306158 | &nbsp;&nbsp;&nbsp;&nbsp;26204 |
|  | Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95557 | &nbsp;&nbsp;&nbsp;&nbsp;25565 |
|  | Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109659 | &nbsp;&nbsp;&nbsp;&nbsp;22075 |
|  | PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116531 | &nbsp;&nbsp;&nbsp;&nbsp;21724 |
|  | SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;645142 | &nbsp;&nbsp;&nbsp;&nbsp;21154 |
|  | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35992 | &nbsp;&nbsp;&nbsp;&nbsp;20758 |
|  | Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131001 | &nbsp;&nbsp;&nbsp;&nbsp;20092 |
|  | Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125719 | &nbsp;&nbsp;&nbsp;&nbsp;17836 |
| <sup>\*</sup> | NU Holdings Ltd. Class A | &nbsp;&nbsp;1243327 | &nbsp;&nbsp;&nbsp;&nbsp;17058 |
|  | Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153360 | &nbsp;&nbsp;&nbsp;&nbsp;16902 |
|  | First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346 | &nbsp;&nbsp;&nbsp;&nbsp;16329 |
|  | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;349547 | &nbsp;&nbsp;&nbsp;&nbsp;15817 |
| <sup>\*</sup> | Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851 | &nbsp;&nbsp;&nbsp;&nbsp;15681 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145423 | &nbsp;&nbsp;&nbsp;&nbsp;15464 |
|  | Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140725 | &nbsp;&nbsp;&nbsp;&nbsp;15119 |
|  | Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76302 | &nbsp;&nbsp;&nbsp;&nbsp;15069 |
|  | Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57911 | &nbsp;&nbsp;&nbsp;&nbsp;14074 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152862 | &nbsp;&nbsp;&nbsp;&nbsp;13927 |
|  | East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133603 | &nbsp;&nbsp;&nbsp;&nbsp;13491 |
|  | Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104117 | &nbsp;&nbsp;&nbsp;&nbsp;12941 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;313995 | &nbsp;&nbsp;&nbsp;&nbsp;12915 |
|  | MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158443 | &nbsp;&nbsp;&nbsp;&nbsp;12742 |
|  | Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;226008 | &nbsp;&nbsp;&nbsp;&nbsp;12523 |
|  | Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59104 | &nbsp;&nbsp;&nbsp;&nbsp;11724 |
|  | Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178803 | &nbsp;&nbsp;&nbsp;&nbsp;11116 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;120864 | &nbsp;&nbsp;&nbsp;&nbsp;10861 |
|  | LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28094 | &nbsp;&nbsp;&nbsp;&nbsp;10534 |
|  | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;240120 | &nbsp;&nbsp;&nbsp;&nbsp;10323 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 |
|  | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9365 |
|  | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9295 |
|  | Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9266 |
|  | M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8948 |
|  | Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505 |
|  | Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8378 |
|  | Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8161 |
|  | T. Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998 |
|  | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7971 |
|  | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;114794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962 |
|  | Cullen/Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818 |
|  | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211 |
|  | Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756 |
|  | Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074 |
|  | BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756 |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 |
|  | First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 |
|  | Rocket Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;196206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782 |
|  | Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 |
| <sup>\*</sup> | SoFi Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 |
|  | Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473 |
|  | Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409 |
| <sup>\*</sup> | Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 |
| <sup>\*</sup> | Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 |
|  | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 |
|  | Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 |
|  | Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 |
|  | Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 |
|  | Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 |
|  | Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 |
| <sup>\*</sup> | Mr. Cooper Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 |
|  | Ryan Specialty Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 |
|  | FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 |
|  | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 |
| <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;311 |
|  | Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
|  | 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;157 |
|  | Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
|  | 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;110 |
|  | 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;108 |
|  | 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;104 |
|  | 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;102 |
|  | 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;90 |
|  | First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
|  | 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;30 |
|  | XP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
|  | 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 |
|  |  |  | **2812813** |
| **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** |
|  | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;344542 | &nbsp;&nbsp;&nbsp;&nbsp;268581 |
|  | Johnson & Johnson | &nbsp;&nbsp;1002356 | &nbsp;&nbsp;&nbsp;&nbsp;153110 |
|  | AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;729615 | &nbsp;&nbsp;&nbsp;&nbsp;135431 |
|  | UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360369 | &nbsp;&nbsp;&nbsp;&nbsp;112424 |
|  | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;695513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94597 |
|  | Merck & Co. Inc. | &nbsp;&nbsp;1047941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82955 |
| <sup>\*</sup> | Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;754950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81089 |
| <sup>\*</sup> | Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79555 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65955 |
|  | Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61566 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55824 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;494442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54819 |
| <sup>\*</sup> | Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53955 |
|  | Pfizer Inc. | &nbsp;&nbsp;2121043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51414 |
|  | Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;233975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46219 |
|  | Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43407 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Elevance Health Inc. | &nbsp;&nbsp;101321 | &nbsp;&nbsp;39410 |
|  | Cigna Group | &nbsp;&nbsp;113958 | &nbsp;&nbsp;37672 |
|  | Medtronic plc | &nbsp;&nbsp;399672 | &nbsp;&nbsp;34839 |
|  | HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85223 | &nbsp;&nbsp;32649 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;137780 | &nbsp;&nbsp;23147 |
| <sup>\*</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61836 | &nbsp;&nbsp;21583 |
| <sup>\*</sup> | Edwards Lifesciences Corp. | &nbsp;&nbsp;272298 | &nbsp;&nbsp;21296 |
|  | Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40120 | &nbsp;&nbsp;21063 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;444831 | &nbsp;&nbsp;20591 |
| <sup>\*</sup> | Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55289 | &nbsp;&nbsp;18029 |
|  | Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66721 | &nbsp;&nbsp;17515 |
| <sup>\*</sup> | Dexcom Inc. | &nbsp;&nbsp;190178 | &nbsp;&nbsp;16601 |
|  | Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;88320 | &nbsp;&nbsp;15213 |
|  | Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59958 | &nbsp;&nbsp;14658 |
| <sup>\*</sup> | IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26994 | &nbsp;&nbsp;14478 |
| <sup>\*</sup> | Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;45827 | &nbsp;&nbsp;13197 |
|  | Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71179 | &nbsp;&nbsp;12786 |
| <sup>\*</sup> | Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97362 | &nbsp;&nbsp;12228 |
| <sup>\*</sup> | Cooper Cos. Inc. | &nbsp;&nbsp;163636 | &nbsp;&nbsp;11644 |
|  | GE HealthCare Technologies Inc. | &nbsp;&nbsp;152298 | &nbsp;&nbsp;11281 |
|  | ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43081 | &nbsp;&nbsp;11115 |
| <sup>\*</sup> | Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34469 | &nbsp;&nbsp;10829 |
|  | Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90485 | &nbsp;&nbsp;10678 |
|  | Revvity Inc. | &nbsp;&nbsp;106266 | &nbsp;&nbsp;10278 |
| <sup>\*</sup> | IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64444 | &nbsp;&nbsp;10156 |
| <sup>\*</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35069 | &nbsp;&nbsp;10077 |
| <sup>\*</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62490 | &nbsp;&nbsp;&nbsp;&nbsp;9482 |
| <sup>\*</sup> | Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54694 | &nbsp;&nbsp;&nbsp;&nbsp;9240 |
| <sup>\*</sup> | Incyte Corp. | &nbsp;&nbsp;132550 | &nbsp;&nbsp;&nbsp;&nbsp;9027 |
| <sup>\*</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50862 | &nbsp;&nbsp;&nbsp;&nbsp;8952 |
| <sup>\*</sup> | Henry Schein Inc. | &nbsp;&nbsp;118789 | &nbsp;&nbsp;&nbsp;&nbsp;8678 |
| <sup>\*</sup> | Exelixis Inc. | &nbsp;&nbsp;192821 | &nbsp;&nbsp;&nbsp;&nbsp;8499 |
|  | Bio-Techne Corp. | &nbsp;&nbsp;164179 | &nbsp;&nbsp;&nbsp;&nbsp;8447 |
| <sup>\*</sup> | Hologic Inc. | &nbsp;&nbsp;129253 | &nbsp;&nbsp;&nbsp;&nbsp;8422 |
|  | STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;34875 | &nbsp;&nbsp;&nbsp;&nbsp;8378 |
| <sup>\*</sup> | Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80601 | &nbsp;&nbsp;&nbsp;&nbsp;8112 |
| <sup>\*</sup> | Exact Sciences Corp. | &nbsp;&nbsp;152477 | &nbsp;&nbsp;&nbsp;&nbsp;8103 |
| <sup>\*</sup> | Centene Corp. | &nbsp;&nbsp;148680 | &nbsp;&nbsp;&nbsp;&nbsp;8070 |
|  | Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87957 | &nbsp;&nbsp;&nbsp;&nbsp;8023 |
| <sup>\*</sup> | Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;192255 | &nbsp;&nbsp;&nbsp;&nbsp;7596 |
| <sup>\*</sup> | Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;62222 | &nbsp;&nbsp;&nbsp;&nbsp;6603 |
|  | Bruker Corp. | &nbsp;&nbsp;157426 | &nbsp;&nbsp;&nbsp;&nbsp;6486 |
|  | Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;33917 | &nbsp;&nbsp;&nbsp;&nbsp;6144 |
| <sup>\*</sup> | Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22171 | &nbsp;&nbsp;&nbsp;&nbsp;5690 |
| <sup>\*</sup> | DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36758 | &nbsp;&nbsp;&nbsp;&nbsp;5236 |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40804 | &nbsp;&nbsp;&nbsp;&nbsp;5129 |
| <sup>\*</sup> | Envista Holdings Corp. | &nbsp;&nbsp;259837 | &nbsp;&nbsp;&nbsp;&nbsp;5077 |
| <sup>\*</sup> | Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16965 | &nbsp;&nbsp;&nbsp;&nbsp;5054 |
| <sup>\*</sup> | Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56521 | &nbsp;&nbsp;&nbsp;&nbsp;4287 |
|  | Viatris Inc. | &nbsp;&nbsp;461678 | &nbsp;&nbsp;&nbsp;&nbsp;4123 |
|  | Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34279 | &nbsp;&nbsp;&nbsp;&nbsp;4057 |
|  | Organon & Co. | &nbsp;&nbsp;409864 | &nbsp;&nbsp;&nbsp;&nbsp;3967 |
| <sup>\*</sup> | Revolution Medicines Inc. | &nbsp;&nbsp;102283 | &nbsp;&nbsp;&nbsp;&nbsp;3763 |
|  | West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16884 | &nbsp;&nbsp;&nbsp;&nbsp;3694 |
| <sup>\*</sup> | Elanco Animal Health Inc. | &nbsp;&nbsp;235886 | &nbsp;&nbsp;&nbsp;&nbsp;3368 |
| <sup>\*</sup> | Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86173 | &nbsp;&nbsp;&nbsp;&nbsp;3133 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24560 | &nbsp;&nbsp;&nbsp;&nbsp;3012 |
| <sup>\*</sup> | Viking Therapeutics Inc. | &nbsp;&nbsp;103365 | &nbsp;&nbsp;&nbsp;&nbsp;2739 |
| <sup>\*</sup> | Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14019 | &nbsp;&nbsp;&nbsp;&nbsp;2654 |
| <sup>\*</sup> | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24021 | &nbsp;&nbsp;&nbsp;&nbsp;2292 |
| <sup>\*</sup> | Tempus AI Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35751 | &nbsp;&nbsp;&nbsp;&nbsp;2272 |
|  | Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73107 | &nbsp;&nbsp;&nbsp;&nbsp;2214 |
| <sup>\*</sup> | Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29633 | &nbsp;&nbsp;&nbsp;&nbsp;2175 |
| <sup>\*</sup> | Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11733 | &nbsp;&nbsp;&nbsp;&nbsp;1974 |
| <sup>\*</sup> | Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70222 | &nbsp;&nbsp;&nbsp;&nbsp;1937 |
| <sup>\*</sup> | Roivant Sciences Ltd. | &nbsp;&nbsp;169645 | &nbsp;&nbsp;&nbsp;&nbsp;1912 |
| <sup>\*</sup> | Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31069 | &nbsp;&nbsp;&nbsp;&nbsp;1906 |
| <sup>\*</sup> | Avantor Inc. | &nbsp;&nbsp;138589 | &nbsp;&nbsp;&nbsp;&nbsp;1865 |
| <sup>\*</sup> | Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28819 | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
|  | Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;36041 | &nbsp;&nbsp;&nbsp;&nbsp;1299 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Summit Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 |
| <sup>\*</sup> | Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 |
| <sup>\*</sup> | Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 |
| <sup>\*</sup> | Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| <sup>\*</sup> | Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| <sup>\*</sup> | Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| <sup>\*</sup> | BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| <sup>\*</sup> | GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
|  | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
|  |  |  | **2143253** |
| **Industrials (12.5%)** | **Industrials (12.5%)** | **Industrials (12.5%)** | **Industrials (12.5%)** |
|  | Visa Inc. Class A | &nbsp;&nbsp;685195 | &nbsp;&nbsp;&nbsp;&nbsp;243278 |
|  | Mastercard Inc. Class A | &nbsp;&nbsp;355641 | &nbsp;&nbsp;&nbsp;&nbsp;199849 |
|  | GE Aerospace | &nbsp;&nbsp;454373 | &nbsp;&nbsp;&nbsp;&nbsp;116951 |
|  | RTX Corp. | &nbsp;&nbsp;608271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88820 |
|  | American Express Co. | &nbsp;&nbsp;261186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83313 |
|  | Caterpillar Inc. | &nbsp;&nbsp;190677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74023 |
|  | Accenture plc Class A | &nbsp;&nbsp;233002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69642 |
| <sup>\*</sup> | Boeing Co. | &nbsp;&nbsp;331125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69381 |
|  | GE Vernova Inc. | &nbsp;&nbsp;124491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65874 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;281190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59826 |
|  | Deere & Co. | &nbsp;&nbsp;116336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59156 |
|  | TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58894 |
|  | Union Pacific Corp. | &nbsp;&nbsp;254771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58618 |
|  | Eaton Corp. plc | &nbsp;&nbsp;154407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55122 |
|  | Honeywell International Inc. | &nbsp;&nbsp;222868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51901 |
| <sup>\*</sup> | Fiserv Inc. | &nbsp;&nbsp;299009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51552 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45551 |
|  | Sherwin-Williams Co. | &nbsp;&nbsp;124871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42876 |
| <sup>\*</sup> | PayPal Holdings Inc. | &nbsp;&nbsp;542647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40330 |
|  | Automatic Data Processing Inc. | &nbsp;&nbsp;116121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35812 |
|  | Cintas Corp. | &nbsp;&nbsp;151800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33832 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33633 |
|  | Illinois Tool Works Inc. | &nbsp;&nbsp;134085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33153 |
|  | General Dynamics Corp. | &nbsp;&nbsp;110221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32147 |
|  | Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30810 |
|  | CSX Corp. | &nbsp;&nbsp;940456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30687 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;115127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29469 |
|  | Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;66629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29144 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29132 |
|  | PACCAR Inc. | &nbsp;&nbsp;297707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 |
|  | AMETEK Inc. | &nbsp;&nbsp;154174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27899 |
|  | Emerson Electric Co. | &nbsp;&nbsp;206721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27562 |
|  | Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25405 |
| <sup>\*</sup> | Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24903 |
|  | FedEx Corp. | &nbsp;&nbsp;107576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24453 |
|  | Howmet Aerospace Inc. | &nbsp;&nbsp;130321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24257 |
|  | Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23990 |
|  | WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23814 |
|  | Carrier Global Corp. | &nbsp;&nbsp;311701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22813 |
|  | Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;87366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22787 |
|  | 3M Co. | &nbsp;&nbsp;148881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22666 |
|  | Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22053 |
|  | United Parcel Service Inc. Class B | &nbsp;&nbsp;211365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21335 |
| <sup>\*</sup> | Keysight Technologies Inc. | &nbsp;&nbsp;127923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20961 |
|  | BWX Technologies Inc. | &nbsp;&nbsp;144342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20794 |
|  | Johnson Controls International plc | &nbsp;&nbsp;193908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20481 |
|  | L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19784 |
|  | United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18985 |
|  | Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18901 |
|  | Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17456 |
|  | Global Payments Inc. | &nbsp;&nbsp;213540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17092 |
|  | Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16746 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;156938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15540 |
|  | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15523 |
|  | Expeditors International of Washington Inc. | &nbsp;&nbsp;132304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15116 |
|  | Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15040 |
| <sup>\*</sup> | Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14823 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Block Inc. Class A | &nbsp;&nbsp;218182 | &nbsp;&nbsp;14821 |
|  | Crown Holdings Inc. | &nbsp;&nbsp;142565 | &nbsp;&nbsp;14681 |
| <sup>\*</sup> | Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28442 | &nbsp;&nbsp;14571 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43511 | &nbsp;&nbsp;14453 |
|  | Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87124 | &nbsp;&nbsp;14140 |
|  | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;99539 | &nbsp;&nbsp;13689 |
|  | Ingersoll Rand Inc. | &nbsp;&nbsp;161927 | &nbsp;&nbsp;13469 |
|  | IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76543 | &nbsp;&nbsp;13439 |
|  | Synchrony Financial | &nbsp;&nbsp;200256 | &nbsp;&nbsp;13365 |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80218 | &nbsp;&nbsp;13031 |
|  | HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38927 | &nbsp;&nbsp;12768 |
| <sup>\*</sup> | Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;38549 | &nbsp;&nbsp;11887 |
|  | Ball Corp. | &nbsp;&nbsp;211487 | &nbsp;&nbsp;11862 |
|  | Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89582 | &nbsp;&nbsp;11588 |
|  | JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77704 | &nbsp;&nbsp;11158 |
|  | Textron Inc. | &nbsp;&nbsp;138654 | &nbsp;&nbsp;11133 |
|  | Fidelity National Information Services Inc. | &nbsp;&nbsp;136373 | &nbsp;&nbsp;11102 |
|  | ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69239 | &nbsp;&nbsp;10859 |
|  | EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19710 | &nbsp;&nbsp;10543 |
| <sup>\*</sup> | Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946 | &nbsp;&nbsp;10509 |
|  | Fortive Corp. | &nbsp;&nbsp;199415 | &nbsp;&nbsp;10395 |
|  | Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;10286 |
|  | Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77472 | &nbsp;&nbsp;10184 |
|  | DuPont de Nemours Inc. | &nbsp;&nbsp;140582 | &nbsp;&nbsp;&nbsp;&nbsp;9643 |
| <sup>\*</sup> | Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27925 | &nbsp;&nbsp;&nbsp;&nbsp;9266 |
|  | Toro Co. | &nbsp;&nbsp;128813 | &nbsp;&nbsp;&nbsp;&nbsp;9104 |
|  | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79188 | &nbsp;&nbsp;&nbsp;&nbsp;8991 |
| <sup>\*</sup> | Trimble Inc. | &nbsp;&nbsp;115806 | &nbsp;&nbsp;&nbsp;&nbsp;8799 |
|  | Graco Inc. | &nbsp;&nbsp;101920 | &nbsp;&nbsp;&nbsp;&nbsp;8762 |
| <sup>\*</sup> | Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58805 | &nbsp;&nbsp;&nbsp;&nbsp;8468 |
|  | Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25791 | &nbsp;&nbsp;&nbsp;&nbsp;8423 |
|  | Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81491 | &nbsp;&nbsp;&nbsp;&nbsp;8227 |
|  | Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45517 | &nbsp;&nbsp;&nbsp;&nbsp;8201 |
|  | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16669 | &nbsp;&nbsp;&nbsp;&nbsp;8144 |
|  | Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20638 | &nbsp;&nbsp;&nbsp;&nbsp;7706 |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41472 | &nbsp;&nbsp;&nbsp;&nbsp;7599 |
|  | Genpact Ltd. | &nbsp;&nbsp;171163 | &nbsp;&nbsp;&nbsp;&nbsp;7533 |
| <sup>\*</sup> | Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51711 | &nbsp;&nbsp;&nbsp;&nbsp;7406 |
|  | Donaldson Co. Inc. | &nbsp;&nbsp;101876 | &nbsp;&nbsp;&nbsp;&nbsp;7065 |
| <sup>\*</sup> | Affirm Holdings Inc. Class A | &nbsp;&nbsp;101883 | &nbsp;&nbsp;&nbsp;&nbsp;7044 |
| <sup>\*</sup> | XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51150 | &nbsp;&nbsp;&nbsp;&nbsp;6460 |
|  | Smurfit WestRock plc | &nbsp;&nbsp;147887 | &nbsp;&nbsp;&nbsp;&nbsp;6381 |
|  | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;86699 | &nbsp;&nbsp;&nbsp;&nbsp;6351 |
|  | Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65885 | &nbsp;&nbsp;&nbsp;&nbsp;6258 |
| <sup>\*</sup> | Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53216 | &nbsp;&nbsp;&nbsp;&nbsp;6210 |
|  | Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24846 | &nbsp;&nbsp;&nbsp;&nbsp;6089 |
|  | Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41466 | &nbsp;&nbsp;&nbsp;&nbsp;6032 |
| <sup>\*</sup> | QXO Inc. | &nbsp;&nbsp;265009 | &nbsp;&nbsp;&nbsp;&nbsp;5708 |
|  | Hubbell Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;13349 | &nbsp;&nbsp;&nbsp;&nbsp;5452 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;28697 | &nbsp;&nbsp;&nbsp;&nbsp;5408 |
|  | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;44437 | &nbsp;&nbsp;&nbsp;&nbsp;5015 |
| <sup>\*</sup> | MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28849 | &nbsp;&nbsp;&nbsp;&nbsp;4917 |
|  | FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41701 | &nbsp;&nbsp;&nbsp;&nbsp;4797 |
|  | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88132 | &nbsp;&nbsp;&nbsp;&nbsp;4614 |
| <sup>\*</sup> | Rocket Lab Corp. | &nbsp;&nbsp;125262 | &nbsp;&nbsp;&nbsp;&nbsp;4481 |
| <sup>\*</sup> | Spirit AeroSystems Holdings Inc. Class A | &nbsp;&nbsp;115715 | &nbsp;&nbsp;&nbsp;&nbsp;4415 |
|  | Tetra Tech Inc. | &nbsp;&nbsp;110185 | &nbsp;&nbsp;&nbsp;&nbsp;3962 |
|  | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37770 | &nbsp;&nbsp;&nbsp;&nbsp;3896 |
|  | PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33704 | &nbsp;&nbsp;&nbsp;&nbsp;3834 |
|  | Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;20174 | &nbsp;&nbsp;&nbsp;&nbsp;3831 |
| <sup>\*</sup> | Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34649 | &nbsp;&nbsp;&nbsp;&nbsp;3633 |
|  | MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41591 | &nbsp;&nbsp;&nbsp;&nbsp;3536 |
|  | CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36813 | &nbsp;&nbsp;&nbsp;&nbsp;3532 |
|  | Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85801 | &nbsp;&nbsp;&nbsp;&nbsp;3522 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;145038 | &nbsp;&nbsp;&nbsp;&nbsp;3424 |
|  | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23601 | &nbsp;&nbsp;&nbsp;&nbsp;3421 |
| <sup>\*</sup> | Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32912 | &nbsp;&nbsp;&nbsp;&nbsp;3262 |
| <sup>\*</sup> | Axalta Coating Systems Ltd. | &nbsp;&nbsp;109313 | &nbsp;&nbsp;&nbsp;&nbsp;3245 |
| <sup>\*</sup> | Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66471 | &nbsp;&nbsp;&nbsp;&nbsp;3223 |
|  | Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25893 | &nbsp;&nbsp;&nbsp;&nbsp;2974 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836 |
|  | Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675 |
| <sup>\*</sup> | GXO Logistics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 |
|  | Amcor plc | &nbsp;&nbsp;286657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634 |
| <sup>\*</sup> | Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616 |
|  | Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;24782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 |
|  | Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;83683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 |
|  | Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 |
| <sup>\*</sup> | Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 |
|  | CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;25386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 |
| <sup>\*</sup> | TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;94022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 |
|  | ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 |
|  | Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 |
|  | AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 |
| <sup>\*</sup> | Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 |
|  | Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951 |
| <sup>\*</sup> | ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949 |
|  | Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;13424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 |
|  | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| <sup>\*</sup> | FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 |
| <sup>\*</sup> | Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 |
| <sup>\*</sup> | Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 |
| <sup>\*</sup> | Aurora Innovation Inc. Class A | &nbsp;&nbsp;310763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 |
| <sup>\*</sup> | Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 |
|  | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;16149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  | WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 |
| <sup>\*</sup> | AZEK Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 |
|  | RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 |
| <sup>\*</sup> | WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
|  | A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 |
|  | HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 |
|  | Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
|  | Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;19179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
|  | Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 |
|  | AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
|  | Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| <sup>\*</sup> | Loar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| <sup>\*</sup> | Hayward Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
|  | Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  | Watsco Inc. | &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;21 |
|  | Snap-on Inc. | &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;19 |
|  | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
|  | Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
|  |  |  | **3072815** |
| **Real Estate (2.2%)** | **Real Estate (2.2%)** | **Real Estate (2.2%)** | **Real Estate (2.2%)** |
|  | Welltower Inc. | &nbsp;&nbsp;355755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54690 |
|  | American Tower Corp. | &nbsp;&nbsp;201166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44462 |
| <sup>\*</sup> | CBRE Group Inc. Class A | &nbsp;&nbsp;301340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42224 |
|  | Prologis Inc. | &nbsp;&nbsp;390625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41063 |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37044 |
|  | SBA Communications Corp. | &nbsp;&nbsp;124725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29290 |
|  | Digital Realty Trust Inc. | &nbsp;&nbsp;126547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22061 |
|  | Ventas Inc. | &nbsp;&nbsp;346123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21858 |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;101086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20571 |
|  | Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;59780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17541 |
|  | Crown Castle Inc. | &nbsp;&nbsp;168903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17351 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;105773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15595 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13980 |
| <sup>\*</sup> | CoStar Group Inc. | &nbsp;&nbsp;173645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13961 |
|  | Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13241 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;341378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12314 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;191794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11828 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9351 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8963 |
|  | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8163 |
|  | Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8045 |
|  | Park Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803 |
| <sup>\*</sup> | Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589 |
|  | Invitation Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268 |
| <sup>\*</sup> | Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6014 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942 |
|  | Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276 |
|  | Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3842 |
| <sup>\*</sup> | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711 |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 |
|  | CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243 |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466 |
|  | BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 |
|  | Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 |
|  | Americold Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 |
|  | VICI Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 |
|  | Medical Properties Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 |
|  | 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;768 |
|  | 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;670 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |
|  | 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;468 |
|  | Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
|  | Lineage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
|  | 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;145 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| <sup>\*</sup> | Seaport Entertainment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
|  | 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;25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**552589** |
| **Technology (36.7%)** | **Technology (36.7%)** | **Technology (36.7%)** | **Technology (36.7%)** |
|  | NVIDIA Corp. | &nbsp;&nbsp;10155915 | &nbsp;&nbsp;1604533 |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3199555 | &nbsp;&nbsp;1591491 |
|  | Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6321769 | &nbsp;&nbsp;1297037 |
|  | Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954232 | &nbsp;&nbsp;&nbsp;&nbsp;704309 |
|  | Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1963970 | &nbsp;&nbsp;&nbsp;&nbsp;541368 |
|  | Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2438020 | &nbsp;&nbsp;&nbsp;&nbsp;429652 |
|  | Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2157070 | &nbsp;&nbsp;&nbsp;&nbsp;382643 |
|  | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660028 | &nbsp;&nbsp;&nbsp;&nbsp;144302 |
| <sup>\*</sup> | Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917739 | &nbsp;&nbsp;&nbsp;&nbsp;125106 |
|  | Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384082 | &nbsp;&nbsp;&nbsp;&nbsp;104735 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355111 | &nbsp;&nbsp;&nbsp;&nbsp;104680 |
|  | Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97148 |
| <sup>\*</sup> | Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96256 |
|  | Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88167 |
| <sup>\*</sup> | ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83868 |
|  | Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82235 |
|  | KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79674 |
| <sup>\*</sup> | Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74937 |
|  | Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74088 |
|  | QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72698 |
|  | Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68337 |
| <sup>\*</sup> | Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66390 |
| <sup>\*</sup> | Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64881 |
|  | Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55181 |
| <sup>\*</sup> | Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51374 |
| <sup>\*</sup> | Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46924 |
| <sup>\*</sup> | Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45421 |
|  | Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42606 |
| <sup>\*</sup> | MicroStrategy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41907 |
| <sup>\*</sup> | Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41383 |
| <sup>\*</sup> | DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37410 |
|  | Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1608430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36029 |
| <sup>\*</sup> | AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34306 |
|  | Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29895 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Snowflake Inc. Class A | &nbsp;&nbsp;126989 | &nbsp;&nbsp;28416 |
|  | Marvell Technology Inc. | &nbsp;&nbsp;332636 | &nbsp;&nbsp;25746 |
|  | Corning Inc. | &nbsp;&nbsp;448584 | &nbsp;&nbsp;23591 |
|  | Vertiv Holdings Co. Class A | &nbsp;&nbsp;172527 | &nbsp;&nbsp;22154 |
| <sup>\*</sup> | Cloudflare Inc. Class A | &nbsp;&nbsp;113000 | &nbsp;&nbsp;22129 |
|  | VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76465 | &nbsp;&nbsp;22083 |
| <sup>\*</sup> | Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;87503 | &nbsp;&nbsp;21001 |
|  | Teradyne Inc. | &nbsp;&nbsp;218445 | &nbsp;&nbsp;19643 |
|  | Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;234923 | &nbsp;&nbsp;18331 |
| <sup>\*</sup> | Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44912 | &nbsp;&nbsp;18154 |
|  | Western Digital Corp. | &nbsp;&nbsp;248268 | &nbsp;&nbsp;15887 |
|  | Dell Technologies Inc. Class C | &nbsp;&nbsp;120894 | &nbsp;&nbsp;14822 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;711355 | &nbsp;&nbsp;14547 |
|  | NetApp Inc. | &nbsp;&nbsp;134948 | &nbsp;&nbsp;14379 |
| <sup>\*</sup> | Arrow Electronics Inc. | &nbsp;&nbsp;103474 | &nbsp;&nbsp;13186 |
|  | Microchip Technology Inc. | &nbsp;&nbsp;185080 | &nbsp;&nbsp;13024 |
| <sup>\*</sup> | Super Micro Computer Inc. | &nbsp;&nbsp;241387 | &nbsp;&nbsp;11830 |
| <sup>\*</sup> | GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;65117 | &nbsp;&nbsp;11725 |
|  | Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15563 | &nbsp;&nbsp;11383 |
| <sup>\*</sup> | ANSYS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32359 | &nbsp;&nbsp;11365 |
| <sup>\*</sup> | Atlassian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54002 | &nbsp;&nbsp;10967 |
| <sup>\*</sup> | Zoom Communications Inc. | &nbsp;&nbsp;120820 | &nbsp;&nbsp;&nbsp;&nbsp;9422 |
|  | Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42664 | &nbsp;&nbsp;&nbsp;&nbsp;9305 |
| <sup>\*</sup> | Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39213 | &nbsp;&nbsp;&nbsp;&nbsp;9233 |
| <sup>\*</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50661 | &nbsp;&nbsp;&nbsp;&nbsp;8731 |
|  | Dolby Laboratories Inc. Class A | &nbsp;&nbsp;115638 | &nbsp;&nbsp;&nbsp;&nbsp;8587 |
| <sup>\*</sup> | Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;63928 | &nbsp;&nbsp;&nbsp;&nbsp;8587 |
| <sup>\*</sup> | Maplebear Inc. | &nbsp;&nbsp;183116 | &nbsp;&nbsp;&nbsp;&nbsp;8284 |
|  | SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96201 | &nbsp;&nbsp;&nbsp;&nbsp;7965 |
| <sup>\*</sup> | Pure Storage Inc. Class A | &nbsp;&nbsp;136249 | &nbsp;&nbsp;&nbsp;&nbsp;7845 |
|  | HP Inc. | &nbsp;&nbsp;314111 | &nbsp;&nbsp;&nbsp;&nbsp;7683 |
| <sup>\*</sup> | Pinterest Inc. Class A | &nbsp;&nbsp;209652 | &nbsp;&nbsp;&nbsp;&nbsp;7518 |
| <sup>\*</sup> | HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13223 | &nbsp;&nbsp;&nbsp;&nbsp;7360 |
| <sup>\*</sup> | Toast Inc. Class A | &nbsp;&nbsp;165968 | &nbsp;&nbsp;&nbsp;&nbsp;7351 |
| <sup>\*</sup> | ON Semiconductor Corp. | &nbsp;&nbsp;132764 | &nbsp;&nbsp;&nbsp;&nbsp;6958 |
| <sup>\*</sup> | Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21862 | &nbsp;&nbsp;&nbsp;&nbsp;6863 |
|  | Gen Digital Inc. | &nbsp;&nbsp;230287 | &nbsp;&nbsp;&nbsp;&nbsp;6770 |
| <sup>\*</sup> | Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33371 | &nbsp;&nbsp;&nbsp;&nbsp;6590 |
| <sup>\*</sup> | Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;52471 | &nbsp;&nbsp;&nbsp;&nbsp;6525 |
| <sup>\*</sup> | Dayforce Inc. | &nbsp;&nbsp;116791 | &nbsp;&nbsp;&nbsp;&nbsp;6469 |
| <sup>\*</sup> | Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10607 | &nbsp;&nbsp;&nbsp;&nbsp;6288 |
| <sup>\*</sup> | MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27702 | &nbsp;&nbsp;&nbsp;&nbsp;5817 |
|  | Avnet Inc. | &nbsp;&nbsp;105416 | &nbsp;&nbsp;&nbsp;&nbsp;5596 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10869 | &nbsp;&nbsp;&nbsp;&nbsp;5181 |
| <sup>\*</sup> | Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;66303 | &nbsp;&nbsp;&nbsp;&nbsp;5068 |
|  | Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32104 | &nbsp;&nbsp;&nbsp;&nbsp;5065 |
| <sup>\*</sup> | Reddit Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32905 | &nbsp;&nbsp;&nbsp;&nbsp;4955 |
| <sup>\*</sup> | Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52818 | &nbsp;&nbsp;&nbsp;&nbsp;4712 |
| <sup>\*</sup> | Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47099 | &nbsp;&nbsp;&nbsp;&nbsp;4709 |
| <sup>\*</sup> | Dynatrace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80921 | &nbsp;&nbsp;&nbsp;&nbsp;4468 |
| <sup>\*</sup> | Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44586 | &nbsp;&nbsp;&nbsp;&nbsp;3473 |
| <sup>\*</sup> | Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37575 | &nbsp;&nbsp;&nbsp;&nbsp;3398 |
| <sup>\*</sup> | EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19143 | &nbsp;&nbsp;&nbsp;&nbsp;3385 |
|  | Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14598 | &nbsp;&nbsp;&nbsp;&nbsp;3378 |
|  | CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17242 | &nbsp;&nbsp;&nbsp;&nbsp;3079 |
| <sup>\*</sup> | Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63272 | &nbsp;&nbsp;&nbsp;&nbsp;2869 |
| <sup>\*</sup> | Unity Software Inc. | &nbsp;&nbsp;108226 | &nbsp;&nbsp;&nbsp;&nbsp;2619 |
|  | Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81537 | &nbsp;&nbsp;&nbsp;&nbsp;2519 |
| <sup>\*</sup> | Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56905 | &nbsp;&nbsp;&nbsp;&nbsp;2388 |
|  | Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13611 | &nbsp;&nbsp;&nbsp;&nbsp;2102 |
| <sup>\*</sup> | Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25701 | &nbsp;&nbsp;&nbsp;&nbsp;2050 |
| <sup>\*</sup> | Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;69642 | &nbsp;&nbsp;&nbsp;&nbsp;1992 |
| <sup>\*</sup> | F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 | &nbsp;&nbsp;&nbsp;&nbsp;1884 |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19377 | &nbsp;&nbsp;&nbsp;&nbsp;1645 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37029 | &nbsp;&nbsp;&nbsp;&nbsp;1383 |
| <sup>\*</sup> | Confluent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54599 | &nbsp;&nbsp;&nbsp;&nbsp;1361 |
|  | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14779 | &nbsp;&nbsp;&nbsp;&nbsp;1348 |
| <sup>\*</sup> | Rubrik Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11453 | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8890 | &nbsp;&nbsp;&nbsp;&nbsp;1001 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | SentinelOne Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
|  | Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
|  | Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| <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;496 |
| <sup>\*</sup> | Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
| <sup>\*</sup> | DXC Technology Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 |
| <sup>\*</sup> | Angi Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
|  | Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| <sup>\*</sup> | Samsara Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| <sup>\*</sup> | Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
|  | 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;116 |
| <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;72 |
| <sup>\*</sup> | Informatica Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
|  | 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;38 |
|  |  |  | **9053115** |
| **Telecommunications (2.0%)** | **Telecommunications (2.0%)** | **Telecommunications (2.0%)** | **Telecommunications (2.0%)** |
|  | Cisco Systems Inc. | &nbsp;&nbsp;1579260 | &nbsp;&nbsp;&nbsp;&nbsp;109569 |
|  | T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73284 |
|  | AT&T Inc. | &nbsp;&nbsp;2403260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69550 |
|  | Comcast Corp. Class A | &nbsp;&nbsp;1522871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54351 |
| <sup>\*</sup> | Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41939 |
|  | Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;944042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40849 |
|  | Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34725 |
| <sup>\*</sup> | Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18095 |
|  | Juniper Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958 |
| <sup>\*</sup> | Frontier Communications Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8061 |
| <sup>\*</sup> | Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866 |
| <sup>\*</sup> | Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 |
| <sup>\*</sup> | Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4422 |
| <sup>\*</sup> | Liberty Broadband Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165 |
| <sup>\*</sup> | AST SpaceMobile Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178 |
|  | Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
| <sup>\*</sup> | Liberty Broadband Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |
|  | 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;281 |
| <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;**487934** |
| **Utilities (2.5%)** | **Utilities (2.5%)** | **Utilities (2.5%)** | **Utilities (2.5%)** |
|  | NextEra Energy Inc. | &nbsp;&nbsp;1002500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69594 |
|  | Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45794 |
|  | Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;455463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41825 |
|  | Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39347 |
|  | Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;311555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36763 |
|  | American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32212 |
|  | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28633 |
|  | PG&E Corp. | &nbsp;&nbsp;1584081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22082 |
|  | CenterPoint Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;588810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21633 |
|  | WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21519 |
|  | Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20555 |
|  | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;257919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19543 |
|  | Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16779 |
|  | NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15596 |
|  | CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;219773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15226 |
|  | Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14311 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13556 |
|  | Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13347 |
|  | Xcel Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12316 |
|  | NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 |
|  | DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11243 |
|  | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;172448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10971 |
|  | Dominion Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10435 |
|  | Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;203221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 |
|  | Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 |
|  | Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705 |
|  | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;139472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197 |
|  | Essential Utilities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7133 |
|  | Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458 |
| <sup>\*</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171 |
| <sup>\*</sup> | Talen Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907 |

---

------

Tax-Managed Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | AES Corp. | &nbsp;&nbsp;348313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664 |
|  | MDU Resources Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |
|  | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
|  | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;13356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
|  | PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
|  | IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
|  | Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 |
|  | Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
|  | OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**615992** |
| **Total Common Stocks (Cost $6,459,247)** | **Total Common Stocks (Cost $6,459,247)** | **Total Common Stocks (Cost $6,459,247)** | **24637756** |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>2</sup> | Vanguard Market Liquidity Fund, 4.355% **(Cost $131)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**131** |
| **Total Investments (100.0%) (Cost $6,459,378)** | **Total Investments (100.0%) (Cost $6,459,378)** | **Total Investments (100.0%) (Cost $6,459,378)** | **24637887** |
| **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;**8222** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**24646109** |

---

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.

------

#### 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 | September 2025 | 26 | 8130 | &nbsp;&nbsp;3 |

---

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

------

Tax-Managed Capital Appreciation Fund

Statement of Assets and Liabilities

As of June 30, 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 $6,459,247) | 24637756 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Total Investments in Securities | 24637887 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Total Assets** | **24656446** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4889 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10337** |
| **Net Assets** | **24646109** |
| **<br>At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;7147651 |
| Total Distributable Earnings (Loss) | 17498458 |
| **Net Assets** | **24646109** |
| **Admiral<sup>™</sup> Shares—Net Assets** |  |
| **Applicable to 65,337,853 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **20824681** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$318.72** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 24,132,386 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**3821428** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$158.35** |

---

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;Six Months Ended<br> June 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133728 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134571 |
| **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;195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 |
| &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;357 |
| &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;26 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| 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;2 |
| 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;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**124770** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103718 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**106161** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150435 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1150587** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1381518** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $39. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $725, $7, and ($9), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $116,593 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237926 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43381) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1150587 | &nbsp;&nbsp;&nbsp;&nbsp;4314642 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1381518 | &nbsp;&nbsp;&nbsp;&nbsp;4509187 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(107512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36734) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(127630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243834) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(101612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193468 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249462 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1226134 | &nbsp;&nbsp;&nbsp;&nbsp;4514815 |
| **Net Assets** |  |  |
| **Beginning of Period** | **23419975** | &nbsp;&nbsp;&nbsp;**18905160** |
| **End of Period** | **24646109** | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$302.51** | &nbsp;&nbsp;&nbsp;**$247.12** | &nbsp;&nbsp;&nbsp;**$197.82** | &nbsp;&nbsp;&nbsp;**$247.92** | &nbsp;&nbsp;&nbsp;**$197.63** | &nbsp;&nbsp;&nbsp;**$165.93** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.606 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.666 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;16.249 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.640 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;17.855 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.306 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.645) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.606) |
| 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;(1.645) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.606) |
| **Net Asset Value, End of Period** | **$318.72** | &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** |
| **Total Return<sup>2</sup>** | **5.93%** | &nbsp;&nbsp;&nbsp;**23.76%** | &nbsp;&nbsp;&nbsp;**26.64%** | &nbsp;&nbsp;&nbsp;**-19.06%** | &nbsp;&nbsp;&nbsp;**26.87%** | &nbsp;&nbsp;&nbsp;**21.07%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $20825 | &nbsp;&nbsp;&nbsp;$19866 | &nbsp;&nbsp;&nbsp;$16162 | &nbsp;&nbsp;&nbsp;$12846 | &nbsp;&nbsp;&nbsp;$15850 | &nbsp;&nbsp;&nbsp;$12543 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.08% | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.60% |
| Portfolio Turnover Rate<sup>4</sup> | 3% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

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

------

Tax-Managed Capital Appreciation Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$150.30** | &nbsp;&nbsp;&nbsp;**$122.77** | &nbsp;&nbsp;&nbsp;&nbsp;**$98.28** | &nbsp;&nbsp;&nbsp;**$123.18** | &nbsp;&nbsp;&nbsp;&nbsp;**$98.19** | &nbsp;&nbsp;&nbsp;**$82.46** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.820 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.360 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.069 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;15.690 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.889 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;17.050 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.839) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(1.320) |
| 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;(.839) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(1.320) |
| **Net Asset Value, End of Period** | **$158.35** | &nbsp;&nbsp;&nbsp;**$150.30** | &nbsp;&nbsp;&nbsp;**$122.77** | &nbsp;&nbsp;&nbsp;&nbsp;**$98.28** | &nbsp;&nbsp;&nbsp;**$123.18** | &nbsp;&nbsp;&nbsp;**$98.19** |
| **Total Return** | **5.95%** | &nbsp;&nbsp;&nbsp;**23.81%** | &nbsp;&nbsp;&nbsp;**26.67%** | &nbsp;&nbsp;&nbsp;**-19.04%** | &nbsp;&nbsp;&nbsp;**26.91%** | &nbsp;&nbsp;&nbsp;**21.08%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $3821 | &nbsp;&nbsp;&nbsp;$3554 | &nbsp;&nbsp;&nbsp;$2743 | &nbsp;&nbsp;&nbsp;$2082 | &nbsp;&nbsp;&nbsp;$2546 | &nbsp;&nbsp;&nbsp;$1627 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | 1.11% | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;1.63% |
| Portfolio Turnover Rate<sup>3</sup> | 3% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

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

------

Tax-Managed Capital Appreciation Fund

Notes to Financial Statements

Vanguard Tax-Managed Capital Appreciation Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

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

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

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the six months ended June 30, 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 six months ended June 30, 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 Capital Appreciation 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.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2025, the fund had contributed to Vanguard capital in the amount of $615,000, representing less than 0.01% of the fund's net assets and 0.25% 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 June 30, 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 | 24637756 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24637756 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Total | 24637887 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24637887 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

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

D. As of June 30, 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;6459415 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;18194207 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15732) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;18178475 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $785,349,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

E. During the six months ended June 30, 2025, the fund purchased $742,193,000 of investment securities and sold $614,426,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $121,663,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $149,657,000 and sales were $33,019,000, resulting in net realized gain of $982,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

Tax-Managed Capital Appreciation Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 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;547336 | &nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;1223198 | &nbsp;&nbsp;&nbsp;&nbsp;4341 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;72735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 |
| Redeemed | (721683) | &nbsp;&nbsp;&nbsp;(2400) | &nbsp;&nbsp;&nbsp;(1309195) | &nbsp;&nbsp;&nbsp;(4568) |
| Net Increase (Decrease)—Admiral Shares | (101612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333) | &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;105376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312423 | &nbsp;&nbsp;&nbsp;&nbsp;2153 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;10728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| Redeemed | &nbsp;&nbsp;(42246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(987) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;73858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &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 subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

------

Tax-Managed Small-Cap Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 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;6663198 | &nbsp;&nbsp;&nbsp;&nbsp;29185 |
|  | Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;654674 | &nbsp;&nbsp;&nbsp;&nbsp;23293 |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110192 | &nbsp;&nbsp;&nbsp;&nbsp;23025 |
|  | Cinemark Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;679316 | &nbsp;&nbsp;&nbsp;&nbsp;20502 |
| <sup>\*</sup> | Cargurus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;565241 | &nbsp;&nbsp;&nbsp;&nbsp;18918 |
|  | TEGNA Inc. | &nbsp;&nbsp;1073656 | &nbsp;&nbsp;&nbsp;&nbsp;17994 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444929 | &nbsp;&nbsp;&nbsp;&nbsp;16614 |
| <sup>\*</sup> | Yelp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;436545 | &nbsp;&nbsp;&nbsp;&nbsp;14960 |
| <sup>\*</sup> | DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;924776 | &nbsp;&nbsp;&nbsp;&nbsp;13844 |
|  | Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281328 | &nbsp;&nbsp;&nbsp;&nbsp;13563 |
|  | John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;270733 | &nbsp;&nbsp;&nbsp;&nbsp;12083 |
| <sup>\*</sup> | TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;719993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9396 |
| <sup>\*</sup> | Ziff Davis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7161 |
| <sup>\*</sup> | QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;374032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022 |
| <sup>\*</sup> | Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;385661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661 |
|  | Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 |
| <sup>\*</sup> | Angi Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;282151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306 |
| <sup>\*</sup> | Cars.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 |
|  | Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;276500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777 |
| <sup>\*</sup> | Thryv Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 |
|  | Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059 |
|  | Shutterstock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861 |
| <sup>\*</sup> | TechTarget Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
|  |  |  | &nbsp;&nbsp;**259334** |
| **Consumer Discretionary (13.2%)** | **Consumer Discretionary (13.2%)** | **Consumer Discretionary (13.2%)** | **Consumer Discretionary (13.2%)** |
| <sup>\*</sup> | Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293058 | &nbsp;&nbsp;&nbsp;&nbsp;52847 |
|  | BorgWarner Inc. | &nbsp;&nbsp;1468930 | &nbsp;&nbsp;&nbsp;&nbsp;49180 |
| <sup>\*</sup> | Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276967 | &nbsp;&nbsp;&nbsp;&nbsp;40213 |
| <sup>\*</sup> | Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;266313 | &nbsp;&nbsp;&nbsp;&nbsp;37444 |
|  | Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84980 | &nbsp;&nbsp;&nbsp;&nbsp;37112 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;687199 | &nbsp;&nbsp;&nbsp;&nbsp;34470 |
|  | Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;511954 | &nbsp;&nbsp;&nbsp;&nbsp;34286 |
| <sup>\*</sup> | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132167 | &nbsp;&nbsp;&nbsp;&nbsp;31527 |
| <sup>\*</sup> | Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202957 | &nbsp;&nbsp;&nbsp;&nbsp;30849 |
| <sup>\*</sup> | Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241092 | &nbsp;&nbsp;&nbsp;&nbsp;30674 |
| <sup>\*</sup> | Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485789 | &nbsp;&nbsp;&nbsp;&nbsp;28632 |
|  | Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152850 | &nbsp;&nbsp;&nbsp;&nbsp;27562 |
| <sup>\*</sup> | Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;371610 | &nbsp;&nbsp;&nbsp;&nbsp;26957 |
| <sup>\*</sup> | Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54121 | &nbsp;&nbsp;&nbsp;&nbsp;23512 |
|  | Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;287222 | &nbsp;&nbsp;&nbsp;&nbsp;22849 |
| <sup>\*</sup> | Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181563 | &nbsp;&nbsp;&nbsp;&nbsp;22272 |
| <sup>\*</sup> | M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193902 | &nbsp;&nbsp;&nbsp;&nbsp;21740 |
|  | Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328262 | &nbsp;&nbsp;&nbsp;&nbsp;21655 |
| <sup>\*</sup> | Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;345101 | &nbsp;&nbsp;&nbsp;&nbsp;21607 |
|  | Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230181 | &nbsp;&nbsp;&nbsp;&nbsp;21239 |
|  | Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317100 | &nbsp;&nbsp;&nbsp;&nbsp;19870 |
|  | Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;441071 | &nbsp;&nbsp;&nbsp;&nbsp;19764 |
| <sup>\*</sup> | Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;621472 | &nbsp;&nbsp;&nbsp;&nbsp;18911 |
| <sup>\*</sup> | Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583646 | &nbsp;&nbsp;&nbsp;&nbsp;18648 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387441 | &nbsp;&nbsp;&nbsp;&nbsp;18012 |
| <sup>\*</sup> | Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;997614 | &nbsp;&nbsp;&nbsp;&nbsp;17827 |
|  | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;163944 | &nbsp;&nbsp;&nbsp;&nbsp;14950 |
|  | Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;840632 | &nbsp;&nbsp;&nbsp;&nbsp;14417 |
|  | Newell Brands Inc. | &nbsp;&nbsp;2666803 | &nbsp;&nbsp;&nbsp;&nbsp;14401 |
|  | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;418436 | &nbsp;&nbsp;&nbsp;&nbsp;13679 |
|  | Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156711 | &nbsp;&nbsp;&nbsp;&nbsp;13341 |
| <sup>\*</sup> | Foot Locker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541159 | &nbsp;&nbsp;&nbsp;&nbsp;13258 |
|  | Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;176034 | &nbsp;&nbsp;&nbsp;&nbsp;12819 |
| <sup>\*</sup> | Green Brick Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194980 | &nbsp;&nbsp;&nbsp;&nbsp;12260 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11958 |
| <sup>\*</sup> | National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;501255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11534 |
|  | Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11416 |
|  | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;472686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11335 |
| <sup>\*</sup> | Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;565784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11010 |
|  | American Eagle Outfitters Inc. | &nbsp;&nbsp;1123433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10807 |
| <sup>\*</sup> | Hanesbrands Inc. | &nbsp;&nbsp;2332192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10681 |
|  | La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10128 |
|  | Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10118 |
| <sup>\*</sup> | Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;516616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9568 |
|  | Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9340 |
|  | Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 |
| <sup>\*</sup> | Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;785502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491 |
|  | Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019 |
| <sup>\*</sup> | Sabre Corp. | &nbsp;&nbsp;2531883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 |
|  | Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 |
| <sup>\*</sup> | LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7670 |
|  | Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;843058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520 |
|  | Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 |
| <sup>\*</sup> | Topgolf Callaway Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;910364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328 |
|  | Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187 |
| <sup>\*</sup> | BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6727 |
|  | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;773076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556 |
| <sup>\*</sup> | Fox Factory Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527 |
|  | Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 |
| <sup>\*</sup> | Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;621945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759 |
| <sup>\*</sup> | G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;256555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747 |
| <sup>\*</sup> | Dave & Buster's Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5680 |
|  | Winnebago Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518 |
| <sup>\*</sup> | XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315 |
| <sup>\*</sup> | Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5054 |
| <sup>\*</sup> | Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;156519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442 |
| <sup>\*</sup> | Dream Finders Homes Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;175055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399 |
|  | Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;179056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 |
| <sup>\*</sup> | Pursuit Attractions & Hospitality Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 |
|  | Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856 |
|  | Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 |
|  | Bloomin' Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;439085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 |
|  | Oxford Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747 |
|  | Golden Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669 |
| <sup>\*</sup> | American Axle & Manufacturing Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;847779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459 |
| <sup>\*</sup> | Mister Car Wash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;569796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 |
| <sup>\*</sup> | MarineMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395 |
|  | Ethan Allen Interiors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 |
|  | Monro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798 |
|  | Caleres Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713 |
|  | Shoe Carnival Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 |
|  | Guess? Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 |
|  |  |  | &nbsp;&nbsp;**1154090** |
| **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** |
|  | Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;270813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26981 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21765 |
|  | WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21267 |
| <sup>\*</sup> | Simply Good Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp;619958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19585 |
|  | PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16918 |
|  | Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16062 |
| <sup>\*</sup> | Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191 |
|  | J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11888 |
| <sup>\*</sup> | Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;368480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |
| <sup>\*</sup> | United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9351 |
|  | Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8848 |
|  | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;404467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154 |
| <sup>\*</sup> | Grocery Outlet Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;645605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018 |
|  | Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 |
|  | WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;451670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
|  | Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;299577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013 |
|  | Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6978 |
| <sup>\*</sup> | TreeHouse Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291 |
| <sup>\*</sup> | National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;208362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520 |
|  | John B Sanfilippo & Son Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 |
|  | Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885 |
|  | MGP Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 |
| <sup>\*</sup> | USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 |
| <sup>\*</sup> | Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 |
|  | B&G Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 |
|  |  |  | &nbsp;&nbsp;**257964** |
| **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |
|  | Archrock Inc. | &nbsp;&nbsp;1160381 | &nbsp;&nbsp;&nbsp;&nbsp;28812 |
|  | Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;1236456 | &nbsp;&nbsp;&nbsp;&nbsp;27796 |
|  | Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335644 | &nbsp;&nbsp;&nbsp;&nbsp;23408 |
|  | California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;463747 | &nbsp;&nbsp;&nbsp;&nbsp;21179 |
|  | Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;441292 | &nbsp;&nbsp;&nbsp;&nbsp;19293 |
|  | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;778033 | &nbsp;&nbsp;&nbsp;&nbsp;19225 |
|  | Northern Oil & Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;649072 | &nbsp;&nbsp;&nbsp;&nbsp;18401 |
| <sup>\*</sup> | Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;594721 | &nbsp;&nbsp;&nbsp;&nbsp;16456 |
| <sup>\*</sup> | Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;733481 | &nbsp;&nbsp;&nbsp;&nbsp;15198 |
| <sup>\*</sup> | Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322261 | &nbsp;&nbsp;&nbsp;&nbsp;14866 |
|  | Patterson-UTI Energy Inc. | &nbsp;&nbsp;2207740 | &nbsp;&nbsp;&nbsp;&nbsp;13092 |
|  | Liberty Energy Inc. Class A | &nbsp;&nbsp;1049018 | &nbsp;&nbsp;&nbsp;&nbsp;12043 |
|  | Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;779466 | &nbsp;&nbsp;&nbsp;&nbsp;10461 |
|  | Crescent Energy Co. Class A | &nbsp;&nbsp;1194884 | &nbsp;&nbsp;&nbsp;&nbsp;10276 |
|  | Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;663466 | &nbsp;&nbsp;&nbsp;&nbsp;10058 |
|  | World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9881 |
|  | International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9565 |
| <sup>\*</sup> | Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9196 |
|  | CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512 |
| <sup>\*</sup> | Talos Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;755546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6407 |
|  | Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;244190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953 |
| <sup>\*</sup> | Helix Energy Solutions Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;943032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885 |
| <sup>\*</sup> | Bristow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;160749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 |
| <sup>\*</sup> | REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913 |
|  | Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759 |
|  | Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918 |
| <sup>\*</sup> | Innovex International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 |
| <sup>\*</sup> | ProPetro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;596278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560 |
|  | RPC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;582427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755 |
| <sup>\*</sup> | Vital Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 |
|  |  |  | &nbsp;&nbsp;**345198** |
| **Financials (19.2%)** | **Financials (19.2%)** | **Financials (19.2%)** | **Financials (19.2%)** |
| <sup>\*</sup> | Mr. Cooper Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422391 | &nbsp;&nbsp;&nbsp;&nbsp;63025 |
|  | Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;492077 | &nbsp;&nbsp;&nbsp;&nbsp;43692 |
|  | Lincoln National Corp. | &nbsp;&nbsp;1123728 | &nbsp;&nbsp;&nbsp;&nbsp;38881 |
|  | Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;949916 | &nbsp;&nbsp;&nbsp;&nbsp;34216 |
|  | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;109591 | &nbsp;&nbsp;&nbsp;&nbsp;30460 |
|  | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;468400 | &nbsp;&nbsp;&nbsp;&nbsp;30305 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;345168 | &nbsp;&nbsp;&nbsp;&nbsp;30064 |
|  | Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;450940 | &nbsp;&nbsp;&nbsp;&nbsp;28103 |
| <sup>\*</sup> | Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369440 | &nbsp;&nbsp;&nbsp;&nbsp;28092 |
|  | ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357464 | &nbsp;&nbsp;&nbsp;&nbsp;27707 |
| <sup>\*</sup> | Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171305 | &nbsp;&nbsp;&nbsp;&nbsp;26424 |
| <sup>\*</sup> | StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288126 | &nbsp;&nbsp;&nbsp;&nbsp;26260 |
|  | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;832137 | &nbsp;&nbsp;&nbsp;&nbsp;26029 |
|  | BGC Group Inc. Class A | &nbsp;&nbsp;2431199 | &nbsp;&nbsp;&nbsp;&nbsp;24871 |
|  | PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150465 | &nbsp;&nbsp;&nbsp;&nbsp;24828 |
|  | First Bancorp | &nbsp;&nbsp;1182601 | &nbsp;&nbsp;&nbsp;&nbsp;24634 |
|  | Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;542562 | &nbsp;&nbsp;&nbsp;&nbsp;24301 |
|  | StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;416764 | &nbsp;&nbsp;&nbsp;&nbsp;23130 |
| <sup>\*</sup> | NMI Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;538949 | &nbsp;&nbsp;&nbsp;&nbsp;22738 |
|  | United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;753035 | &nbsp;&nbsp;&nbsp;&nbsp;22433 |
| <sup>\*</sup> | Genworth Financial Inc. Class A | &nbsp;&nbsp;2859784 | &nbsp;&nbsp;&nbsp;&nbsp;22249 |
|  | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;487382 | &nbsp;&nbsp;&nbsp;&nbsp;22190 |
|  | Fulton Financial Corp. | &nbsp;&nbsp;1196367 | &nbsp;&nbsp;&nbsp;&nbsp;21582 |
|  | First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;862891 | &nbsp;&nbsp;&nbsp;&nbsp;21538 |
|  | Blackstone Mortgage Trust Inc. Class A | &nbsp;&nbsp;1114667 | &nbsp;&nbsp;&nbsp;&nbsp;21457 |
|  | Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;590229 | &nbsp;&nbsp;&nbsp;&nbsp;21207 |
|  | HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;769168 | &nbsp;&nbsp;&nbsp;&nbsp;20660 |
|  | WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;372600 | &nbsp;&nbsp;&nbsp;&nbsp;20493 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181650 | &nbsp;&nbsp;20258 |
|  | BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;536840 | &nbsp;&nbsp;19106 |
|  | Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328057 | &nbsp;&nbsp;18657 |
| <sup>\*</sup> | Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322056 | &nbsp;&nbsp;18348 |
|  | Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;413676 | &nbsp;&nbsp;18338 |
|  | Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317591 | &nbsp;&nbsp;18141 |
|  | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;267774 | &nbsp;&nbsp;16839 |
|  | Goosehead Insurance Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;159398 | &nbsp;&nbsp;16818 |
|  | Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99956 | &nbsp;&nbsp;16719 |
|  | Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;244440 | &nbsp;&nbsp;16507 |
|  | BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129051 | &nbsp;&nbsp;15953 |
|  | EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442134 | &nbsp;&nbsp;15939 |
|  | CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;802485 | &nbsp;&nbsp;15881 |
|  | WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;538891 | &nbsp;&nbsp;15779 |
|  | Walker & Dunlop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222666 | &nbsp;&nbsp;15693 |
|  | Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;824986 | &nbsp;&nbsp;15642 |
|  | Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410870 | &nbsp;&nbsp;14980 |
|  | Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;231628 | &nbsp;&nbsp;14859 |
|  | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;341834 | &nbsp;&nbsp;14630 |
|  | Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;524962 | &nbsp;&nbsp;14499 |
|  | Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180569 | &nbsp;&nbsp;14287 |
| <sup>\*</sup> | NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;495752 | &nbsp;&nbsp;14144 |
|  | NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332798 | &nbsp;&nbsp;13828 |
|  | Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;784804 | &nbsp;&nbsp;13758 |
|  | First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;566421 | &nbsp;&nbsp;13741 |
|  | Arbor Realty Trust Inc. | &nbsp;&nbsp;1275364 | &nbsp;&nbsp;13646 |
|  | Pacific Premier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;636501 | &nbsp;&nbsp;13424 |
|  | City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;107567 | &nbsp;&nbsp;13168 |
|  | First Bancorp (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;287867 | &nbsp;&nbsp;12692 |
|  | Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;194263 | &nbsp;&nbsp;12647 |
| <sup>\*</sup> | Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213887 | &nbsp;&nbsp;12564 |
| <sup>\*</sup> | SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;614359 | &nbsp;&nbsp;12527 |
|  | Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164667 | &nbsp;&nbsp;12408 |
|  | Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;872895 | &nbsp;&nbsp;12264 |
| <sup>\*</sup> | Trupanion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218256 | &nbsp;&nbsp;12080 |
|  | Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179041 | &nbsp;&nbsp;12057 |
|  | First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;717767 | &nbsp;&nbsp;11649 |
|  | FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256788 | &nbsp;&nbsp;11632 |
| <sup>\*</sup> | Payoneer Global Inc. | &nbsp;&nbsp;1675911 | &nbsp;&nbsp;11480 |
|  | Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;262452 | &nbsp;&nbsp;11278 |
| <sup>\*</sup> | Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174770 | &nbsp;&nbsp;10775 |
|  | National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;262693 | &nbsp;&nbsp;&nbsp;&nbsp;9880 |
|  | S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;257608 | &nbsp;&nbsp;&nbsp;&nbsp;9743 |
|  | Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154671 | &nbsp;&nbsp;&nbsp;&nbsp;9505 |
|  | Northwest Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;734471 | &nbsp;&nbsp;&nbsp;&nbsp;9387 |
|  | WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;799496 | &nbsp;&nbsp;&nbsp;&nbsp;9202 |
| <sup>\*</sup> | Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163065 | &nbsp;&nbsp;&nbsp;&nbsp;8986 |
|  | Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900658 | &nbsp;&nbsp;&nbsp;&nbsp;8718 |
|  | Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184697 | &nbsp;&nbsp;&nbsp;&nbsp;8714 |
|  | Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307763 | &nbsp;&nbsp;&nbsp;&nbsp;8611 |
|  | HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55857 | &nbsp;&nbsp;&nbsp;&nbsp;8501 |
|  | Hilltop Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269508 | &nbsp;&nbsp;&nbsp;&nbsp;8180 |
|  | Veritex Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306843 | &nbsp;&nbsp;&nbsp;&nbsp;8009 |
|  | Westamerica Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;162776 | &nbsp;&nbsp;&nbsp;&nbsp;7885 |
|  | Berkshire Hills Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309757 | &nbsp;&nbsp;&nbsp;&nbsp;7756 |
|  | PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262745 | &nbsp;&nbsp;&nbsp;&nbsp;7712 |
|  | Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42350 | &nbsp;&nbsp;&nbsp;&nbsp;7682 |
|  | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;592804 | &nbsp;&nbsp;&nbsp;&nbsp;7623 |
|  | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86057 | &nbsp;&nbsp;&nbsp;&nbsp;7448 |
|  | Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90393 | &nbsp;&nbsp;&nbsp;&nbsp;7176 |
| <sup>\*</sup> | ProAssurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;309387 | &nbsp;&nbsp;&nbsp;&nbsp;7063 |
|  | Ellington Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;537769 | &nbsp;&nbsp;&nbsp;&nbsp;6986 |
|  | Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192766 | &nbsp;&nbsp;&nbsp;&nbsp;6793 |
|  | Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;620211 | &nbsp;&nbsp;&nbsp;&nbsp;6655 |
|  | Dime Community Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242164 | &nbsp;&nbsp;&nbsp;&nbsp;6524 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;461338 | &nbsp;&nbsp;&nbsp;&nbsp;6505 |
| <sup>\*</sup> | Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162945 | &nbsp;&nbsp;&nbsp;&nbsp;6308 |
|  | Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164569 | &nbsp;&nbsp;&nbsp;&nbsp;6114 |
|  | Redwood Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;933035 | &nbsp;&nbsp;&nbsp;&nbsp;5514 |
|  | Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175617 | &nbsp;&nbsp;&nbsp;&nbsp;5168 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | EZCORP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;357957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968 |
|  | ARMOUR Residential REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937 |
|  | Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;171586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810 |
|  | Brookline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;441290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 |
|  | Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 |
|  | Franklin BSP Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 |
|  | Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364 |
|  | Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;983388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297 |
|  | New York Mortgage Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;634660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252 |
|  | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4046 |
|  | Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934 |
| <sup>\*</sup> | World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876 |
|  | United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 |
|  | KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710 |
| <sup>\*</sup> | PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 |
|  | Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 |
|  | TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 |
|  | AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 |
|  | Capitol Federal Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;376214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 |
|  |  |  | &nbsp;&nbsp;**1672306** |
| **Health Care (10.5%)** | **Health Care (10.5%)** | **Health Care (10.5%)** | **Health Care (10.5%)** |
| <sup>\*</sup> | Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;615785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45199 |
| <sup>\*</sup> | Glaukos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;367019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37909 |
| <sup>\*</sup> | Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37525 |
|  | Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34664 |
| <sup>\*</sup> | TG Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;879130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31640 |
| <sup>\*</sup> | Alkermes plc | &nbsp;&nbsp;1075769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30778 |
| <sup>\*</sup> | TransMedics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29624 |
| <sup>\*</sup> | ADMA Biologics Inc. | &nbsp;&nbsp;1544727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28129 |
| <sup>\*</sup> | Integer Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;228174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28059 |
| <sup>\*</sup> | Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26757 |
| <sup>\*</sup> | RadNet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;434354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24719 |
| <sup>\*</sup> | Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24532 |
| <sup>\*</sup> | Krystal Biotech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22396 |
| <sup>\*</sup> | Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21958 |
| <sup>\*</sup> | ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21295 |
| <sup>\*</sup> | CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18252 |
| <sup>\*</sup> | ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;812021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17515 |
|  | Organon & Co. | &nbsp;&nbsp;1750362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16943 |
| <sup>\*</sup> | Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16194 |
| <sup>\*</sup> | Privia Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;655850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15085 |
| <sup>\*</sup> | Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14223 |
|  | Concentra Group Holdings Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;690979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14213 |
| <sup>\*</sup> | Vericel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;323503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13765 |
| <sup>\*</sup> | Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13654 |
| <sup>\*</sup> | Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;823524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13012 |
| <sup>\*</sup> | QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;437812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12618 |
|  | Premier Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;558147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12240 |
| <sup>\*</sup> | UFP Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11866 |
| <sup>\*</sup> | Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11835 |
|  | LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11594 |
| <sup>\*</sup> | Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;357645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11216 |
| <sup>\*</sup> | Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016 |
|  | Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;724034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10991 |
|  | CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;198717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10349 |
| <sup>\*</sup> | Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8927 |
| <sup>\*</sup> | Azenta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8512 |
|  | National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367 |
| <sup>\*</sup> | Dynavax Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;831766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8251 |
| <sup>\*</sup> | Tandem Diabetes Care Inc. | &nbsp;&nbsp;&nbsp;&nbsp;436245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8132 |
| <sup>\*</sup> | Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8098 |
| <sup>\*</sup> | Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967 |
| <sup>\*</sup> | Certara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;680460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7961 |
| <sup>\*</sup> | Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7819 |
| <sup>\*</sup> | Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;542433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784 |
|  | US Physical Therapy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7679 |
| <sup>\*</sup> | ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419 |
| <sup>\*</sup> | Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7306 |
| <sup>\*</sup> | Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;296781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7093 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Astrana Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826 |
| <sup>\*</sup> | AdaptHealth Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;704953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6648 |
| <sup>\*</sup> | Collegium Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643 |
| <sup>\*</sup> | Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6186 |
| <sup>\*</sup> | Neogen Corp. | &nbsp;&nbsp;1273419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 |
| <sup>\*</sup> | NeoGenomics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;820556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998 |
| <sup>\*</sup> | STAAR Surgical Co. | &nbsp;&nbsp;&nbsp;&nbsp;331327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560 |
| <sup>\*</sup> | Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 |
| <sup>\*</sup> | AMN Healthcare Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167 |
| <sup>\*</sup> | BioLife Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109 |
| <sup>\*</sup> | Owens & Minor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;497078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523 |
|  | HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234 |
| <sup>\*</sup> | Avanos Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 |
| <sup>\*</sup> | Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;484320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807 |
|  | Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409 |
|  | Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382 |
| <sup>\*</sup> | Vir Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;648746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 |
| <sup>\*</sup> | Myriad Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;577282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 |
| <sup>\*</sup> | Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;618550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056 |
|  | Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;303699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 |
| <sup>\*</sup> | Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 |
| <sup>\*</sup> | Cytek Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;699901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 |
|  | Simulations Plus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 |
| <sup>\*,1</sup> | OmniAb Inc. 12.5 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,1</sup> | OmniAb Inc. 15 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;**915291** |
| **Industrials (19.3%)** | **Industrials (19.3%)** | **Industrials (19.3%)** | **Industrials (19.3%)** |
| <sup>\*</sup> | AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185732 | &nbsp;&nbsp;&nbsp;&nbsp;52924 |
| <sup>\*</sup> | SPX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312915 | &nbsp;&nbsp;&nbsp;&nbsp;52470 |
| <sup>\*</sup> | Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;1046687 | &nbsp;&nbsp;&nbsp;&nbsp;48619 |
| <sup>\*</sup> | Dycom Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189177 | &nbsp;&nbsp;&nbsp;&nbsp;46233 |
| <sup>\*</sup> | Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197548 | &nbsp;&nbsp;&nbsp;&nbsp;45580 |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277977 | &nbsp;&nbsp;&nbsp;&nbsp;45155 |
|  | Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410827 | &nbsp;&nbsp;&nbsp;&nbsp;43720 |
|  | Air Lease Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;681765 | &nbsp;&nbsp;&nbsp;&nbsp;39876 |
|  | JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300892 | &nbsp;&nbsp;&nbsp;&nbsp;36185 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;1515943 | &nbsp;&nbsp;&nbsp;&nbsp;34912 |
|  | Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;189931 | &nbsp;&nbsp;&nbsp;&nbsp;34372 |
|  | ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173779 | &nbsp;&nbsp;&nbsp;&nbsp;33343 |
|  | Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900775 | &nbsp;&nbsp;&nbsp;&nbsp;32941 |
|  | WillScot Holdings Corp. | &nbsp;&nbsp;1195279 | &nbsp;&nbsp;&nbsp;&nbsp;32751 |
|  | CSW Industrials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107858 | &nbsp;&nbsp;&nbsp;&nbsp;30937 |
|  | Arcosa Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329125 | &nbsp;&nbsp;&nbsp;&nbsp;28538 |
| <sup>\*</sup> | SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272998 | &nbsp;&nbsp;&nbsp;&nbsp;28111 |
| <sup>\*</sup> | GMS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254090 | &nbsp;&nbsp;&nbsp;&nbsp;27632 |
|  | Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142255 | &nbsp;&nbsp;&nbsp;&nbsp;27249 |
| <sup>\*</sup> | Verra Mobility Corp. Class A | &nbsp;&nbsp;1068849 | &nbsp;&nbsp;&nbsp;&nbsp;27138 |
|  | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;355974 | &nbsp;&nbsp;&nbsp;&nbsp;26104 |
|  | Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279745 | &nbsp;&nbsp;&nbsp;&nbsp;25104 |
|  | Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;606684 | &nbsp;&nbsp;&nbsp;&nbsp;24904 |
|  | Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222472 | &nbsp;&nbsp;&nbsp;&nbsp;24772 |
|  | Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264868 | &nbsp;&nbsp;&nbsp;&nbsp;24768 |
|  | Mueller Water Products Inc. Class A | &nbsp;&nbsp;1005971 | &nbsp;&nbsp;&nbsp;&nbsp;24184 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;996603 | &nbsp;&nbsp;&nbsp;&nbsp;23530 |
|  | Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73681 | &nbsp;&nbsp;&nbsp;&nbsp;23390 |
| <sup>\*</sup> | GEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;899652 | &nbsp;&nbsp;&nbsp;&nbsp;21547 |
| <sup>\*</sup> | Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;974019 | &nbsp;&nbsp;&nbsp;&nbsp;21487 |
|  | Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;247289 | &nbsp;&nbsp;&nbsp;&nbsp;21470 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332471 | &nbsp;&nbsp;&nbsp;&nbsp;21122 |
|  | Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;298729 | &nbsp;&nbsp;&nbsp;&nbsp;20305 |
|  | Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;391879 | &nbsp;&nbsp;&nbsp;&nbsp;20186 |
|  | Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;270823 | &nbsp;&nbsp;&nbsp;&nbsp;19599 |
|  | ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409591 | &nbsp;&nbsp;&nbsp;&nbsp;19337 |
| <sup>\*</sup> | MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103880 | &nbsp;&nbsp;&nbsp;&nbsp;18849 |
|  | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97695 | &nbsp;&nbsp;&nbsp;&nbsp;18388 |
|  | AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194532 | &nbsp;&nbsp;&nbsp;&nbsp;18379 |
| <sup>\*</sup> | Mercury Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330758 | &nbsp;&nbsp;&nbsp;&nbsp;17815 |
| <sup>\*</sup> | OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;692264 | &nbsp;&nbsp;&nbsp;&nbsp;16926 |
| <sup>\*</sup> | AAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238126 | &nbsp;&nbsp;&nbsp;&nbsp;16381 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15817 |
|  | Enerpac Tool Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;377783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15323 |
| <sup>\*</sup> | CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;722294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15219 |
|  | HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;298171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14664 |
| <sup>\*</sup> | RXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;931622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14645 |
|  | Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;204509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14342 |
|  | Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;524842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14176 |
|  | Hub Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;417575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13959 |
|  | Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13416 |
|  | Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13050 |
|  | Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12722 |
| <sup>\*</sup> | Hayward Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;888498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12261 |
| <sup>\*</sup> | Sunrun Inc. | &nbsp;&nbsp;1481581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12119 |
| <sup>\*</sup> | Triumph Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12041 |
|  | CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12037 |
|  | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12023 |
| <sup>\*</sup> | Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12016 |
|  | Pitney Bowes Inc. | &nbsp;&nbsp;1026368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11198 |
|  | Werner Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11029 |
|  | Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10711 |
|  | Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;455289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10453 |
| <sup>\*</sup> | DNOW Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10392 |
|  | Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892 |
|  | Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;126911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9833 |
| <sup>\*</sup> | Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;840974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 |
|  | Hillenbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8878 |
| <sup>\*</sup> | JetBlue Airways Corp. | &nbsp;&nbsp;2007001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8490 |
|  | MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;420307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162 |
|  | Interface Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;377005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891 |
| <sup>\*</sup> | NV5 Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523 |
| <sup>\*</sup> | Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;472243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7098 |
| <sup>\*</sup> | DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016 |
|  | Schneider National Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;286993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 |
| <sup>\*</sup> | Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6718 |
| <sup>\*</sup> | Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230 |
|  | Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898 |
|  | Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5891 |
|  | Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5889 |
| <sup>\*</sup> | Hertz Global Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618 |
| <sup>\*</sup> | American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 |
| <sup>\*</sup> | Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170 |
| <sup>\*</sup> | Enviri Corp. | &nbsp;&nbsp;&nbsp;&nbsp;549849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773 |
|  | Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638 |
|  | Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;352532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579 |
|  | Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;241310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561 |
| <sup>\*</sup> | Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622 |
|  | Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;594812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408 |
| <sup>\*</sup> | Titan International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 |
| <sup>\*</sup> | Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 |
|  | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;204567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255 |
|  | National Presto Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 |
| <sup>\*</sup> | Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 |
|  | Heartland Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 |
|  |  |  | &nbsp;&nbsp;**1681380** |
| **Information Technology (13.0%)** | **Information Technology (13.0%)** | **Information Technology (13.0%)** | **Information Technology (13.0%)** |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;616615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52357 |
|  | Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48149 |
| <sup>\*</sup> | Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;882185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40007 |
| <sup>\*</sup> | Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39273 |
|  | InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37749 |
| <sup>\*</sup> | Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;363660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35577 |
| <sup>\*</sup> | SPS Commerce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;257624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35060 |
| <sup>\*</sup> | MARA Holdings Inc. | &nbsp;&nbsp;2229364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34956 |
|  | Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33382 |
| <sup>\*</sup> | Box Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;933226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31888 |
| <sup>\*</sup> | ACI Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;688532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31610 |
| <sup>\*</sup> | Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;601921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29187 |
| <sup>\*</sup> | SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27967 |
| <sup>\*</sup> | TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;668063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27270 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26109 |
| <sup>\*</sup> | Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;561810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25360 |
| <sup>\*</sup> | Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;184020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 |
| <sup>\*</sup> | OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23389 |
| <sup>\*</sup> | Cleanspark Inc. | &nbsp;&nbsp;1844356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20343 |
| <sup>\*</sup> | Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;377188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20063 |
| <sup>\*</sup> | BlackLine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18879 |
|  | Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18627 |
| <sup>\*</sup> | FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;526276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18109 |
| <sup>\*</sup> | Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18089 |
| <sup>\*</sup> | DXC Technology Co. | &nbsp;&nbsp;1167832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17856 |
| <sup>\*</sup> | Agilysys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17175 |
|  | Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;606651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16841 |
| <sup>\*</sup> | Impinj Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16786 |
| <sup>\*</sup> | Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16344 |
| <sup>\*</sup> | Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;910232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16339 |
| <sup>\*</sup> | Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15486 |
| <sup>\*</sup> | Viavi Solutions Inc. | &nbsp;&nbsp;1427207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14372 |
| <sup>\*</sup> | LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14184 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;624072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13923 |
| <sup>\*</sup> | ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13014 |
|  | Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12764 |
|  | Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;719475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11425 |
| <sup>\*</sup> | Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;666914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11311 |
| <sup>\*</sup> | DigitalOcean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11293 |
| <sup>\*</sup> | NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;959811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11259 |
| <sup>\*</sup> | NetScout Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;433879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10764 |
| <sup>\*</sup> | Knowles Corp. | &nbsp;&nbsp;&nbsp;&nbsp;573530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10106 |
|  | Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;710677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10049 |
|  | Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9231 |
|  | A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839 |
|  | CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;207114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825 |
| <sup>\*</sup> | Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8744 |
| <sup>\*</sup> | Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;432337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8141 |
| <sup>\*</sup> | Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;543879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7941 |
| <sup>\*</sup> | SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7792 |
| <sup>\*</sup> | Veeco Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;382054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763 |
| <sup>\*</sup> | Rogers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 |
| <sup>\*</sup> | Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 |
| <sup>\*</sup> | Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958 |
| <sup>\*</sup> | MaxLinear Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;489374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6954 |
| <sup>\*</sup> | Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565 |
| <sup>\*</sup> | Sprinklr Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;693379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 |
| <sup>\*</sup> | Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;301910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809 |
| <sup>\*</sup> | ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397 |
|  | PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697 |
|  | Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;872156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4596 |
| <sup>\*</sup> | Grid Dynamics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;392882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538 |
| <sup>\*</sup> | Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;214630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 |
| <sup>\*</sup> | PDF Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 |
| <sup>\*</sup> | Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791 |
| <sup>\*</sup> | N-able Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 |
| <sup>\*</sup> | CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178 |
| <sup>\*</sup> | Corsair Gaming Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 |
|  |  |  | &nbsp;&nbsp;**1134718** |
| **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
|  | Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;723132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40011 |
|  | FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;821181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34284 |
|  | Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33596 |
|  | Element Solutions Inc. | &nbsp;&nbsp;1425504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32288 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;960054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29790 |
|  | Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;278033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27392 |
| <sup>\*</sup> | MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;802793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26709 |
|  | HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;363290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21852 |
|  | Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18289 |
|  | Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;354068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16227 |
| <sup>\*</sup> | O-I Glass Inc. | &nbsp;&nbsp;1013773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14943 |
|  | Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14036 |
|  | Chemours Co. | &nbsp;&nbsp;1026844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11757 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213260 | &nbsp;&nbsp;&nbsp;&nbsp;11744 |
|  | Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;223892 | &nbsp;&nbsp;&nbsp;&nbsp;11217 |
|  | Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140568 | &nbsp;&nbsp;&nbsp;&nbsp;11157 |
| <sup>\*</sup> | Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235996 | &nbsp;&nbsp;&nbsp;&nbsp;10169 |
|  | Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 |
|  | Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773 |
| <sup>\*</sup> | Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525 |
|  | Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;136428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446 |
| <sup>\*</sup> | Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;351684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6337 |
|  | Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170 |
|  | Koppers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 |
|  | SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 |
|  | AdvanSix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273 |
| <sup>\*</sup> | Metallus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256 |
|  |  |  | &nbsp;&nbsp;**427965** |
| **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** |
|  | Essential Properties Realty Trust Inc. | &nbsp;&nbsp;1244816 | &nbsp;&nbsp;&nbsp;&nbsp;39722 |
|  | Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398926 | &nbsp;&nbsp;&nbsp;&nbsp;39362 |
|  | CareTrust REIT Inc. | &nbsp;&nbsp;1220784 | &nbsp;&nbsp;&nbsp;&nbsp;37356 |
|  | Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;660048 | &nbsp;&nbsp;&nbsp;&nbsp;37009 |
|  | Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841838 | &nbsp;&nbsp;&nbsp;&nbsp;29490 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;465995 | &nbsp;&nbsp;&nbsp;&nbsp;28845 |
|  | Macerich Co. | &nbsp;&nbsp;1605286 | &nbsp;&nbsp;&nbsp;&nbsp;25973 |
|  | Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;790287 | &nbsp;&nbsp;&nbsp;&nbsp;24167 |
|  | Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800937 | &nbsp;&nbsp;&nbsp;&nbsp;22835 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;719523 | &nbsp;&nbsp;&nbsp;&nbsp;22370 |
| <sup>\*</sup> | Cushman & Wakefield plc | &nbsp;&nbsp;1569053 | &nbsp;&nbsp;&nbsp;&nbsp;17369 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;1130376 | &nbsp;&nbsp;&nbsp;&nbsp;17001 |
|  | Medical Properties Trust Inc. | &nbsp;&nbsp;3931087 | &nbsp;&nbsp;&nbsp;&nbsp;16943 |
|  | Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625086 | &nbsp;&nbsp;&nbsp;&nbsp;16821 |
|  | Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;857583 | &nbsp;&nbsp;&nbsp;&nbsp;16002 |
|  | LXP Industrial Trust | &nbsp;&nbsp;1896069 | &nbsp;&nbsp;&nbsp;&nbsp;15662 |
|  | Apple Hospitality REIT Inc. | &nbsp;&nbsp;1339178 | &nbsp;&nbsp;&nbsp;&nbsp;15628 |
|  | Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;875257 | &nbsp;&nbsp;&nbsp;&nbsp;14284 |
|  | Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;614178 | &nbsp;&nbsp;&nbsp;&nbsp;14022 |
|  | Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;751827 | &nbsp;&nbsp;&nbsp;&nbsp;13961 |
|  | St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;268170 | &nbsp;&nbsp;&nbsp;&nbsp;12792 |
|  | Sunstone Hotel Investors Inc. | &nbsp;&nbsp;1307201 | &nbsp;&nbsp;&nbsp;&nbsp;11346 |
|  | Global Net Lease Inc. | &nbsp;&nbsp;1400206 | &nbsp;&nbsp;&nbsp;&nbsp;10572 |
|  | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;601996 | &nbsp;&nbsp;&nbsp;&nbsp;10415 |
|  | DiamondRock Hospitality Co. | &nbsp;&nbsp;1335812 | &nbsp;&nbsp;&nbsp;&nbsp;10232 |
|  | LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;289165 | &nbsp;&nbsp;&nbsp;&nbsp;10008 |
|  | Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536 |
|  | Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831 |
|  | Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;694775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733 |
|  | Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8680 |
|  | Alexander & Baldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8318 |
|  | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;816022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8152 |
|  | Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;503721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8009 |
| <sup>\*</sup> | Uniti Group Inc. | &nbsp;&nbsp;1653639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7144 |
|  | Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;115866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974 |
|  | Easterly Government Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;291459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 |
|  | American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 |
|  | NexPoint Residential Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410 |
|  | eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;565844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149 |
|  | Brandywine Realty Trust | &nbsp;&nbsp;1107700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752 |
|  | Marcus & Millichap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 |
|  | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;345025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306 |
|  | Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;620375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262 |
|  | Safehold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;525968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 |
|  | Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;609057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 |
|  | Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652 |
|  |  |  | &nbsp;&nbsp;**662012** |
| **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** |
|  | Clearway Energy Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;755475 | &nbsp;&nbsp;&nbsp;&nbsp;24175 |
|  | MDU Resources Group Inc. | &nbsp;&nbsp;1411858 | &nbsp;&nbsp;&nbsp;&nbsp;23536 |
|  | Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;281486 | &nbsp;&nbsp;&nbsp;&nbsp;21700 |

---

------

Tax-Managed Small-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | MGE Energy Inc. | &nbsp;&nbsp;237478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21003 |
|  | American States Water Co. | &nbsp;&nbsp;271797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20836 |
|  | California Water Service Group | &nbsp;&nbsp;428832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19503 |
|  | Avista Corp. | &nbsp;&nbsp;498195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18906 |
|  | Chesapeake Utilities Corp. | &nbsp;&nbsp;151565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18221 |
|  | H2O America | &nbsp;&nbsp;174287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 |
|  | Northwest Natural Holding Co. | &nbsp;&nbsp;210613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366 |
|  | Middlesex Water Co. | &nbsp;&nbsp;123791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6707 |
|  | Unitil Corp. | &nbsp;&nbsp;117798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**198154** |
| **Total Common Stocks (Cost $6,109,527)** | **Total Common Stocks (Cost $6,109,527)** | **Total Common Stocks (Cost $6,109,527)** | **8708412** |
| **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** |
| **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** |
| <sup>2</sup> | Vanguard Market Liquidity Fund, 4.355% **(Cost $36,615)** | &nbsp;&nbsp;366189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36615** |
| **Total Investments (100.2%) (Cost $6,146,142)** | **Total Investments (100.2%) (Cost $6,146,142)** |  | &nbsp;&nbsp;**8745027** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18693)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**8726334** |

---

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 | September 2025 | 160 | 17534 | &nbsp;&nbsp;30 |

---

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

------

Tax-Managed Small-Cap Fund

Statement of Assets and Liabilities

As of June 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $6,109,527) | 8708412 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $36,615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36615 |
| Total Investments in Securities | 8745027 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9426 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| **Total Assets** | **8759334** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29246 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33000** |
| **Net Assets** | **8726334** |
| **<br>At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 7100589 |
| Total Distributable Earnings (Loss) | 1625745 |
| **Net Assets** | **8726334** |
| **Admiral<sup>™</sup> Shares—Net Assets** |  |
| **Applicable to 87,290,930 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **7792283** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$89.27** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 10,439,915 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**934051** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$89.47** |

---

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;Six Months Ended<br> June 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39245 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39784 |
| **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;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| &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;9 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35996** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35658) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2285) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(37943)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436606) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(436471)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(438418)** |

---

---

| | |
|:---|:---|
| 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 $467, $2, and ($2), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $90,007 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151686 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(37943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572472 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(436471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36534 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(438418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760692 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(54697) | &nbsp;&nbsp;&nbsp;&nbsp;(123180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14452) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(61304) | &nbsp;&nbsp;&nbsp;&nbsp;(137632) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(252660) | &nbsp;&nbsp;&nbsp;&nbsp;(116072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(15244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10728 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(267904) | &nbsp;&nbsp;&nbsp;&nbsp;(105344) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(767626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517716 |
| **Net Assets** |  |  |
| **Beginning of Period** | **9493960** | &nbsp;&nbsp;&nbsp;**8976244** |
| **End of Period** | **8726334** | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$94.06** | &nbsp;&nbsp;&nbsp;**$87.91** | &nbsp;&nbsp;&nbsp;**$77.06** | &nbsp;&nbsp;&nbsp;**$93.29** | &nbsp;&nbsp;&nbsp;**$74.30** | &nbsp;&nbsp;&nbsp;**$67.84** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.359 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.819 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(4.531) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.451 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(4.172) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.270 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.618) | &nbsp;&nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.315) | &nbsp;&nbsp;&nbsp;&nbsp;(1.162) | &nbsp;&nbsp;&nbsp;&nbsp;(1.085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.810) |
| 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;(.618) | &nbsp;&nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.315) | &nbsp;&nbsp;&nbsp;&nbsp;(1.162) | &nbsp;&nbsp;&nbsp;&nbsp;(1.085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.810) |
| **Net Asset Value, End of Period** | **$89.27** | &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** |
| **Total Return<sup>2</sup>** | **-4.43%** | &nbsp;&nbsp;&nbsp;**8.61%** | &nbsp;&nbsp;&nbsp;**15.95%** | &nbsp;&nbsp;&nbsp;**-16.14%** | &nbsp;&nbsp;&nbsp;**27.08%** | &nbsp;&nbsp;&nbsp;**11.05%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $7792 | &nbsp;&nbsp;&nbsp;$8493 | &nbsp;&nbsp;&nbsp;$8048 | &nbsp;&nbsp;&nbsp;$7150 | &nbsp;&nbsp;&nbsp;$8631 | &nbsp;&nbsp;&nbsp;$6689 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.19% | &nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;1.39% |
| Portfolio Turnover Rate<sup>4</sup> | 10% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;31% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

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

------

Tax-Managed Small-Cap Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &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 | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$94.27** | &nbsp;&nbsp;&nbsp;**$88.11** | &nbsp;&nbsp;&nbsp;**$77.23** | &nbsp;&nbsp;&nbsp;**$93.50** | &nbsp;&nbsp;&nbsp;**$74.47** | &nbsp;&nbsp;&nbsp;**$67.99** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.378 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.844 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(4.546) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.466 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(4.168) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.310 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.632) | &nbsp;&nbsp;&nbsp;&nbsp;(1.389) | &nbsp;&nbsp;&nbsp;&nbsp;(1.342) | &nbsp;&nbsp;&nbsp;&nbsp;(1.189) | &nbsp;&nbsp;&nbsp;&nbsp;(1.115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.830) |
| 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;(.632) | &nbsp;&nbsp;&nbsp;&nbsp;(1.389) | &nbsp;&nbsp;&nbsp;&nbsp;(1.342) | &nbsp;&nbsp;&nbsp;&nbsp;(1.189) | &nbsp;&nbsp;&nbsp;&nbsp;(1.115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.830) |
| **Net Asset Value, End of Period** | **$89.47** | &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** |
| **Total Return** | **-4.41%** | &nbsp;&nbsp;&nbsp;**8.64%** | &nbsp;&nbsp;&nbsp;**15.99%** | &nbsp;&nbsp;&nbsp;**-16.12%** | &nbsp;&nbsp;&nbsp;**27.11%** | &nbsp;&nbsp;&nbsp;**11.10%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $934 | &nbsp;&nbsp;&nbsp;$1001 | &nbsp;&nbsp;&nbsp;$928 | &nbsp;&nbsp;&nbsp;$752 | &nbsp;&nbsp;&nbsp;$889 | &nbsp;&nbsp;&nbsp;$646 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | 1.23% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;1.42% |
| Portfolio Turnover Rate<sup>3</sup> | 10% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;31% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

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

------

Tax-Managed Small-Cap Fund

Notes to Financial Statements

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

The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

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

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

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the six months ended June 30, 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 six months ended June 30, 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.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2025, the fund had contributed to Vanguard capital in the amount of $221,000, 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 June 30, 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 | 8708412 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8708412 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36615 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36615 |
| Total | 8745027 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8745027 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |

---

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

D. As of June 30, 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;6164784 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3280629 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(700356) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;2580273 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $922,748,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

E. During the six months ended June 30, 2025, the fund purchased $917,690,000 of investment securities and sold $952,496,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $219,676,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $400,603,000 and sales were $88,523,000, resulting in net realized loss of $3,154,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

Tax-Managed Small-Cap Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 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;382180 | &nbsp;&nbsp;&nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp;1219531 | &nbsp;&nbsp;&nbsp;&nbsp;13525 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;35859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
| Redeemed | (670699) | &nbsp;&nbsp;&nbsp;(7763) | &nbsp;&nbsp;&nbsp;(1418616) | &nbsp;&nbsp;&nbsp;(15697) |
| Net Increase (Decrease)—Admiral Shares | (252660) | &nbsp;&nbsp;&nbsp;(3008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116072) | &nbsp;&nbsp;&nbsp;&nbsp;(1252) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;22796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &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;3656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &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;(41696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96391) | &nbsp;&nbsp;&nbsp;&nbsp;(1081) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;(15244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) | &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.

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

Q1032 082025

------

**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.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Tax-Managed Funds (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker<br> Non-Votes |
| Tara Bunch | 157482034774 | 765506519 | N/A | N/A |
| Mark Loughridge | 156790545183 | 1456996109 | N/A | N/A |
| Scott C. Malpass | 157043028724 | 1204512568 | N/A | N/A |
| John Murphy | 157492625757 | 754915536 | N/A | N/A |
| Lubos Pastor | 157490323368 | 757217925 | N/A | N/A |
| Rebecca Patterson | 157567214920 | 680326373 | N/A | N/A |
| André F. Perold | 157326557170 | 920984123 | N/A | N/A |
| Salim Ramji | 157145405326 | 1102135966 | N/A | N/A |
| Sarah Bloom Raskin | 157074546383 | 1172994910 | N/A | N/A |
| Grant Reid | 157386943757 | 860597536 | N/A | N/A |
| David Thomas | 157310800894 | 936740398 | N/A | N/A |
| Barbara Venneman | 157544022324 | 703518969 | N/A | N/A |
| Peter F. Volanakis | 156757370592 | 1490170701 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

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

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

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

**Trustees Approve Advisory Arrangements –** **Tax-Managed Funds**

The board of trustees of Vanguard Tax-Managed Balanced Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index and Fixed Income Groups. The board of trustees of Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund has also renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund's internalized management structure was in the best interests of the funds and their shareholders.

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

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the portfolio's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services**

The board reviewed the quality of each fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. Both the Equity Index Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each group's management team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.

**Investment performance**

The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

**Cost**

The board concluded that each fund's expense ratio was below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that each fund's arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

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

**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) | Not applicable. |
| [(a)(2)](tm2519836d5_ex99-cert.htm) | [Certifications filed herewith.](tm2519836d5_ex99-cert.htm) |
| [(a)(2)](tm2519836d5_ex99-906cert.htm) | [Certifications filed herewith.](tm2519836d5_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: August 18, 2025

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: August 18, 2025

---

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

---

Date: August 18, 2025

---

| | |
|:---|:---|
| \* By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## 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: August 18, 2025

---

| |
|:---|
| /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: August 18, 2025

---

| |
|:---|
| /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:

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

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

Date: August 18, 2025

---

| |
|:---|
| /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:

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

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

Date: August 18, 2025

---

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

---