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VANGUARD TAX-MANAGED FDS
VANGUARD TAX-MANAGED FDS. Institutional holdings reported to the SEC.

Institutional Holders (2014Q4)
Portfolio Summary: 533 Institutional holders with a total value of $15,839,764,634.
#
Manager Name
Shares
Value ($)
%
Options
Notes
1 WELLS FARGO & COMPANY/MN 70,737,806 2,679,449,000 16.92%
2 BANK OF AMERICA CORP /DE/ 38,290,223 1,450,433,000 9.16%
3 GOLDMAN SACHS GROUP INC 17,802,345 674,352,000 4.26%
4 SCS Capital Management LLC 15,304,038 579,717,000 3.66%
5 Creative Planning 14,134,108 535,400,000 3.38%
6 Windhaven Investment Management, Inc. 13,945,178 528,243,000 3.33%
7 MORGAN STANLEY 12,214,173 462,674,000 2.92%
8 M&T BANK CORP 10,642,108 403,124,000 2.55%
9 VANGUARD GROUP INC 8,751,604 331,511,000 2.09%
10 Betterment LLC 7,440,086 281,830,000 1.78%
11 ENVESTNET ASSET MANAGEMENT INC 7,228,378 273,811,000 1.73%
12 UBS Group AG 7,195,623 272,570,000 1.72%
13 TD AMERITRADE INVESTMENT MANAGEMENT, LLC 7,167,983 271,523,000 1.71%
14 Choate Investment Advisors 5,957,088 225,654,494 1.42%
15 PNC FINANCIAL SERVICES GROUP, INC. 5,432,284 205,775,000 1.30%
16 CITIGROUP INC 5,424,891 205,495,000 1.30%
17 WEALTHFRONT CORP 5,295,607 200,598,000 1.27%
18 TIFF ADVISORY SERVICES, LLC 4,601,504 174,305,000 1.10%
19 JPMORGAN CHASE & CO 4,193,550 158,851,000 1.00%
20 Commonwealth Equity Services, Inc 4,062,989 153,906,000 0.97%
21 Windham Capital Management, LLC 3,954,912 149,812,000 0.95%
22 ROYAL BANK OF CANADA 3,690,351 139,791,000 0.88%
23 THRIVENT FINANCIAL FOR LUTHERANS 3,578,407 135,165,000 0.85%
24 CITY NATIONAL BANK 3,483,572 131,958,000 0.83%
25 Truepoint, Inc. 3,350,825 126,929,000 0.80%
26 COMERICA BANK 3,237,676 122,642,000 0.77%
27 LPL Financial LLC 2,837,131 107,471,000 0.68%
28 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2,818,190 106,753,000 0.67%
29 BINGHAM OSBORN & SCARBOROUGH LLC 2,748,792 104,124,000 0.66%
30 MANNING & NAPIER ADVISORS LLC 2,561,680 97,035,000 0.61% PRN
31 D.A. DAVIDSON & CO. 2,552,844 96,700,000 0.61%
32 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 2,416,800 91,548,000 0.58%
33 AEGON USA Investment Management, LLC 2,305,980 87,351,000 0.55%
34 BOK Financial Private Wealth, Inc. 2,177,916 82,499,000 0.52%
35 ALPS ADVISORS INC 2,091,035 79,208,000 0.50%
36 Robert W. Baird & Co. Inc 2,041,244 77,322,000 0.49%
37 Morningstar Investment Services LLC 2,027,236 76,792,000 0.48%
38 State of New Jersey Common Pension Fund D 2,000,000 75,760,000 0.48%
39 TIAA CREF TRUST CO FSB/MO 1,951,081 73,906,000 0.47%
40 CREDIT SUISSE AG/ 1,908,539 72,295,000 0.46%
41 REGIONS FINANCIAL CORP 1,892,672 71,694,000 0.45%
42 MANAGED ACCOUNT ADVISORS LLC 1,884,913 71,401,000 0.45%
43 COMMERCE BANK 1,839,080 69,664,000 0.44%
44 Ballentine Partners, LLC 1,619,438 61,344,000 0.39%
45 BB&T SECURITIES, LLC 154,887 58,671,000 0.37%
46 Haverford Trust Co 1,503,406 56,949,000 0.36%
47 MONTPELIER RE HOLDINGS LTD 1,464,769 55,485,000 0.35%
48 Alaska Permanent Capital Management, LLC 1,454,559 55,098,000 0.35%
49 NORTHWESTERN MUTUAL INVESTMENT SERVICES LLC 1,412,246 53,496,000 0.34%
50 Emery Howard Portfolio Management, Inc. 1,398,163 52,962,000 0.33%
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From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.