Dark
Light
System
Security
VANGUARD TAX-MANAGED FDS
VANGUARD TAX-MANAGED FDS. Institutional holdings reported to the SEC.

Institutional Holders (2015Q2)
Portfolio Summary: 581 Institutional holders with a total value of $18,908,998,079.
#
Manager Name
Shares
Value ($)
%
Options
Notes
51 Emery Howard Portfolio Management, Inc. 1,447,432 57,391,000 0.30%
52 CURIAN CAPITAL LLC 1,354,076 53,689,000 0.28%
53 SIGMA INVESTMENT COUNSELORS INC 1,354,061 53,689,000 0.28%
54 Acropolis Investment Management, LLC 1,353,611 53,671,000 0.28%
55 LOCKHEED MARTIN INVESTMENT MANAGEMENT CO 1,332,800 52,846,000 0.28%
56 PALLADIUM PARTNERS LLC 1,316,278 52,190,000 0.28%
57 FIRSTMERIT BANK N A TRUSTEE 1,301,949 51,622,000 0.27%
58 GLENMEDE TRUST CO NA 1,290,877 51,181,000 0.27%
59 Cambridge Investment Research Advisors, Inc. 1,288,133 51,074,000 0.27%
60 FIFTH THIRD BANCORP 1,269,008 50,316,000 0.27%
61 Perpetual Ltd 1,154,200 45,764,000 0.24%
62 Bank of New York Mellon Corp 1,146,997 45,479,000 0.24%
63 SUSQUEHANNA INTERNATIONAL GROUP, LLP 1,140,510 45,221,000 0.24%
64 UNITED CAPITAL FINANCIAL ADVISORS, LLC 1,133,894 44,959,000 0.24%
65 DAVIS R M INC 1,118,969 44,367,000 0.23%
66 Convergent Wealth Advisors 1,078,436 42,760,000 0.23%
67 McCutchen Group LLC 1,056,640 41,896,000 0.22%
68 Wind River Trust Co 1,103,748 41,192,000 0.22%
69 GRIMES & Co WEALTH MANAGEMENT, LLC 989,438 39,231,000 0.21%
70 BOK Financial Private Wealth, Inc. 969,705 38,449,000 0.20%
71 HM PAYSON & CO 936,683 37,139,000 0.20%
72 LINCOLN NATIONAL CORP 912,504 36,184,000 0.19%
73 Ameritas Investment Partners, Inc. 896,725 35,555,000 0.19%
74 COUNTRY TRUST BANK 861,350 34,153,000 0.18%
75 RiverFront Investment Group, LLC 840,171 33,312,000 0.18%
76 Calvert Investment Management, Inc. 812,800 32,228,000 0.17%
77 ALLIANCEBERNSTEIN L.P. 777,519 30,829,000 0.16%
78 TWIN CAPITAL MANAGEMENT INC 776,450 30,786,000 0.16%
79 Karpus Management, Inc. 772,511 30,630,000 0.16%
80 FDx Advisors, Inc. 770,956 30,568,000 0.16%
81 DT Investment Partners, LLC 797,663 30,421,000 0.16%
82 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 740,812 29,373,000 0.16%
83 LADENBURG THALMANN FINANCIAL SERVICES INC. 719,159 28,507,000 0.15%
84 HL FINANCIAL SERVICES LLC 684,901 27,156,000 0.14%
85 BLAIR WILLIAM & CO/IL 684,429 27,137,000 0.14%
86 Transamerica Financial Advisors, LLC 665,412 26,384,000 0.14%
87 PLANNING ALTERNATIVES LTD /ADV 655,820 26,003,000 0.14%
88 PARK AVENUE SECURITIES LLC 634,943 25,341,000 0.13%
89 IFC Holdings Incorporated/FL 618,819 25,334,000 0.13%
90 Veritable, L.P. 636,076 25,220,000 0.13%
91 AMERIPRISE FINANCIAL INC 629,297 24,950,000 0.13%
92 MCF Advisors LLC 623,405 24,718,000 0.13%
93 BROWN ADVISORY INC 612,178 24,273,000 0.13%
94 CIBC BANK USA 607,837 24,101,000 0.13%
95 PROFFITT & GOODSON INC 588,583 23,337,000 0.12%
96 Efficient Market Advisors, LLC 584,168 23,163,000 0.12%
97 SII INVESTMENTS INC/WI 528,798 20,970,000 0.11%
98 DUFF & PHELPS INVESTMENT MANAGEMENT CO 527,590 20,919,000 0.11%
99 NATIONAL PLANNING CORP 518,367 20,729,000 0.11%
100 Wealth Architects, LLC 513,905 20,376,000 0.11%
Page 2 of 12

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.