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

Institutional Holders (2016Q2)
Portfolio Summary: 650 Institutional holders with a total value of $23,469,742,907.
#
Manager Name
Shares
Value ($)
%
Options
Notes
51 RAYMOND JAMES & ASSOCIATES 1,634,795 57,806,000 0.25%
52 Regis Management CO LLC 1,614,525 57,090,000 0.24%
53 PLANNING ALTERNATIVES LTD /ADV 1,586,329 56,093,000 0.24%
54 Janney Montgomery Scott LLC 1,536,580 55,098,000 0.23%
55 FIRSTMERIT BANK N A TRUSTEE 1,535,188 54,284,000 0.23%
56 Allworth Financial LP 1,529,996 54,101,000 0.23%
57 LADENBURG THALMANN FINANCIAL SERVICES INC. 1,477,913 52,257,000 0.22%
58 IFC Holdings Incorporated/FL 1,467,589 52,005,000 0.22%
59 SIGMA INVESTMENT COUNSELORS INC 1,412,635 49,951,000 0.21%
60 COUNTRY TRUST BANK 1,393,828 49,286,000 0.21%
61 Mariner, LLC 1,350,621 47,758,000 0.20%
62 DUBUQUE BANK & TRUST CO 1,349,740 47,727,000 0.20%
63 UNITED CAPITAL FINANCIAL ADVISORS, LLC 1,315,686 46,049,000 0.20%
64 Cambridge Investment Research Advisors, Inc. 1,289,785 45,607,000 0.19%
65 DAVIS R M INC 1,286,301 45,484,000 0.19%
66 TIFF ADVISORY SERVICES, LLC 1,259,418 44,533,000 0.19%
67 Emery Howard Portfolio Management, Inc. 1,252,056 44,273,000 0.19%
68 McCutchen Group LLC 1,232,283 43,574,000 0.19%
69 ALLIANCEBERNSTEIN L.P. 1,198,003 42,361,000 0.18%
70 SII INVESTMENTS INC/WI 1,192,739 42,186,000 0.18%
71 HM PAYSON & CO 1,089,358 38,520,000 0.16%
72 LVW Advisors, LLC 1,076,677 38,071,000 0.16%
73 Ameritas Investment Partners, Inc. 1,067,609 37,750,000 0.16%
74 HT Partners LLC 1,060,873 37,512,000 0.16%
75 Perpetual Ltd 1,051,800 37,192,000 0.16%
76 LOCKHEED MARTIN INVESTMENT MANAGEMENT CO 1,040,000 36,774,000 0.16%
77 PARAMETRIC PORTFOLIO ASSOCIATES LLC 1,030,135 36,426,000 0.16%
78 COMERICA BANK 965,730 35,791,000 0.15%
79 Composition Wealth, LLC 970,917 35,108,000 0.15%
80 Raymond James Financial Services Advisors, Inc. 990,851 35,037,000 0.15%
81 Cerity Partners OCIO LLC 996,004 34,831,000 0.15%
82 AXIS CAPITAL HOLDINGS LTD 969,980 34,298,000 0.15%
83 MANUFACTURERS LIFE INSURANCE COMPANY, THE 964,789 34,115,000 0.15%
84 BADGLEY PHELPS & BELL INC 936,276 33,107,000 0.14%
85 LINCOLN NATIONAL CORP 922,855 32,633,000 0.14%
86 GENOVESE BURFORD & BROTHERS WEALTH & RETIREMENT PLAN MANAGEMENT, LLC 905,486 32,017,000 0.14%
87 AMERIPRISE FINANCIAL INC 897,608 31,733,000 0.14%
88 BROWN ADVISORY INC 883,195 31,229,000 0.13%
89 SIMMONS BANK 876,052 30,977,000 0.13%
90 Choate Investment Advisors 847,231 29,958,088 0.13%
91 Wind River Trust Co 802,336 29,670,000 0.13%
92 BOK Financial Private Wealth, Inc. 832,084 29,422,000 0.13%
93 NATIONAL PLANNING CORP 787,832 28,709,000 0.12%
94 INVESTMENT CENTERS OF AMERICA INC 810,821 28,672,000 0.12%
95 BANK OF HAWAII 793,599 28,062,000 0.12%
96 JMG Financial Group, Ltd. 781,332 27,628,000 0.12%
97 FIDUCIARY WEALTH PARTNERS, LLC 748,446 26,465,000 0.11%
98 PROFFITT & GOODSON INC 741,372 26,215,000 0.11%
99 Veritable, L.P. 734,502 25,972,000 0.11%
100 PARK AVENUE SECURITIES LLC 703,807 24,943,000 0.11%
Page 2 of 13

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.