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: 811-10389
Tax-Managed International Equity Portfolio
(Exact Name of Registrant as Specified in Charter)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 98.8% |
Security | Shares | Value | |
Australia — 8.2% | |||
AGL Energy Ltd. | 19,216 | $ 117,036 | |
Altium Ltd.(1) | 3,632 | 153,451 | |
Aristocrat Leisure Ltd. | 1,761 | 44,941 | |
ASX Ltd.(1) | 1,525 | 62,296 | |
Atlas Arteria Ltd.(1) | 13,938 | 46,420 | |
Aurizon Holdings Ltd. | 14,009 | 34,410 | |
Aussie Broadband Ltd.(1)(2) | 16,900 | 40,310 | |
BHP Group Ltd.(1) | 9,711 | 266,335 | |
Brambles Ltd. | 17,422 | 163,900 | |
CAR Group Ltd. | 8,634 | 187,215 | |
Centuria Industrial REIT(1) | 14,596 | 29,803 | |
Charter Hall Long Wale REIT(1) | 17,564 | 37,991 | |
Charter Hall Retail REIT(1) | 18,162 | 38,753 | |
Codan Ltd. | 4,717 | 33,244 | |
Coles Group Ltd. | 13,689 | 142,766 | |
Commonwealth Bank of Australia | 2,648 | 194,018 | |
Computershare Ltd. | 7,415 | 130,269 | |
CSL Ltd. | 2,969 | 527,520 | |
Data#3 Ltd. | 7,498 | 36,879 | |
Dexus (1) | 9,470 | 43,015 | |
Elders Ltd.(1) | 5,348 | 29,057 | |
Endeavour Group Ltd.(1) | 13,721 | 47,185 | |
GrainCorp Ltd., Class A(1) | 5,357 | 29,435 | |
Hansen Technologies Ltd. | 14,633 | 44,341 | |
HomeCo Daily Needs REIT(1)(3) | 42,841 | 33,589 | |
Incitec Pivot Ltd. | 22,926 | 41,166 | |
IRESS Ltd.(1)(2) | 7,406 | 40,476 | |
Lottery Corp. Ltd. | 39,582 | 123,476 | |
Medibank Pvt Ltd. | 16,474 | 37,756 | |
Mirvac Group(1) | 41,842 | 54,824 | |
National Australia Bank Ltd. | 6,485 | 140,579 | |
National Storage REIT(1) | 24,990 | 34,459 | |
New Hope Corp. Ltd.(1) | 6,072 | 17,664 | |
NEXTDC Ltd.(1)(2) | 11,247 | 119,392 | |
Northern Star Resources Ltd. | 2,453 | 23,251 | |
Orica Ltd.(1) | 4,147 | 48,017 | |
Origin Energy Ltd. | 36,919 | 233,011 | |
QBE Insurance Group Ltd. | 5,122 | 58,590 | |
Region RE Ltd.(1) | 30,802 | 43,180 | |
Rio Tinto Ltd.(1) | 1,729 | 143,895 | |
Santos Ltd. | 29,201 | 143,300 | |
Scentre Group(1) | 43,799 | 88,695 | |
Stockland (1) | 21,890 | 62,017 | |
Suncorp Group Ltd. | 5,349 | 57,130 |
Security | Shares | Value | |
Australia (continued) | |||
Tabcorp Holdings Ltd.(1) | 88,897 | $ 41,712 | |
Technology One Ltd. | 8,485 | 87,881 | |
Telstra Group Ltd. | 81,013 | 191,402 | |
TPG Telecom Ltd.(1) | 26,625 | 76,953 | |
Transurban Group(1) | 22,607 | 181,499 | |
Vicinity Ltd. | 39,555 | 48,438 | |
Viva Energy Group Ltd.(4) | 12,311 | 26,955 | |
Weebit Nano Ltd.(1)(2) | 7,492 | 15,065 | |
Wesfarmers Ltd. | 8,581 | 367,603 | |
Whitehaven Coal Ltd. | 7,762 | 38,395 | |
Woodside Energy Group Ltd. | 14,983 | 268,450 | |
Woolworths Group Ltd. | 13,266 | 272,180 | |
Yancoal Australia Ltd.(1) | 6,032 | 21,534 | |
$ 5,663,124 | |||
Austria — 1.1% | |||
ams-OSRAM AG(2) | 11,066 | $ 13,291 | |
ANDRITZ AG(1) | 1,285 | 70,140 | |
AT&S Austria Technologie & Systemtechnik AG(1) | 1,360 | 30,200 | |
BAWAG Group AG(4) | 407 | 24,302 | |
CA Immobilien Anlagen AG(1) | 2,850 | 92,701 | |
Erste Group Bank AG | 2,269 | 105,815 | |
Kontron AG | 1,758 | 35,389 | |
Mayr Melnhof Karton AG(1) | 268 | 32,072 | |
Oesterreichische Post AG | 584 | 18,605 | |
OMV AG | 1,834 | 87,026 | |
PIERER Mobility AG(1) | 420 | 16,603 | |
RHI Magnesita NV | 436 | 19,614 | |
Telekom Austria AG(1) | 8,000 | 68,713 | |
Verbund AG(1) | 1,207 | 92,204 | |
voestalpine AG(1) | 1,326 | 35,411 | |
$ 742,086 | |||
Belgium — 2.1% | |||
Ackermans & van Haaren NV | 948 | $ 162,949 | |
Aedifica SA | 737 | 47,093 | |
Ageas SA | 1,164 | 53,429 | |
Anheuser-Busch InBev SA | 2,419 | 144,593 | |
Argenx SE(2) | 53 | 19,799 | |
Colruyt Group NV | 478 | 22,113 | |
D'ieteren Group | 715 | 154,242 | |
Elia Group SA(1) | 1,018 | 98,015 | |
Groupe Bruxelles Lambert NV | 210 | 15,588 | |
KBC Group NV | 1,598 | 118,706 | |
Melexis NV(1) | 896 | 74,875 | |
Montea NV | 566 | 48,525 |
Security | Shares | Value | |
Belgium (continued) | |||
Proximus SADP | 7,803 | $ 57,490 | |
Retail Estates NV | 587 | 40,972 | |
Solvay SA(1) | 1,865 | 60,246 | |
Syensqo SA(2) | 1,127 | 104,463 | |
UCB SA(1) | 1,600 | 212,176 | |
Xior Student Housing NV(3) | 1,167 | 34,719 | |
$ 1,469,993 | |||
Bermuda — 0.1% | |||
First Pacific Co. Ltd. | 108,000 | $ 50,509 | |
$ 50,509 | |||
Denmark — 4.2% | |||
Carlsberg AS, Class B | 2,327 | $ 313,011 | |
D/S Norden AS | 671 | 28,293 | |
Danske Bank AS(1) | 9,592 | 276,125 | |
DSV AS | 1,212 | 172,188 | |
FLSmidth & Co. AS(1) | 866 | 43,216 | |
ISS AS(1) | 2,025 | 37,915 | |
Matas AS | 1,729 | 27,852 | |
Novo Nordisk AS, Class B(1) | 6,511 | 834,985 | |
Novonesis (Novozymes) B, Class B | 7,287 | 403,530 | |
Orsted AS(1)(2)(4) | 2,785 | 153,059 | |
Pandora AS | 2,118 | 322,359 | |
Scandinavian Tobacco Group AS(4) | 5,079 | 82,047 | |
Topdanmark AS | 1,587 | 66,208 | |
TORM PLC, Class A(1) | 907 | 31,331 | |
Tryg AS(1) | 6,518 | 129,006 | |
$ 2,921,125 | |||
Finland — 2.0% | |||
Citycon OYJ | 3,632 | $ 14,859 | |
Elisa OYJ | 2,763 | 124,582 | |
Fortum OYJ | 10,228 | 134,778 | |
Huhtamaki OYJ(1) | 495 | 18,970 | |
Kesko OYJ, Class B | 7,282 | 124,321 | |
Kojamo OYJ(1)(2) | 3,939 | 43,513 | |
Kone OYJ, Class B | 2,736 | 133,372 | |
Neste OYJ | 4,627 | 104,890 | |
Nokia OYJ | 31,287 | 113,739 | |
Nordea Bank Abp | 13,924 | 161,856 | |
Orion OYJ, Class B(1) | 3,362 | 128,375 | |
Puuilo OYJ | 2,988 | 32,555 | |
TietoEVRY OYJ(1) | 956 | 18,041 | |
Tokmanni Group Corp.(1) | 4,468 | 67,805 |
Security | Shares | Value | |
Finland (continued) | |||
UPM-Kymmene OYJ | 3,802 | $ 133,241 | |
YIT OYJ(1) | 9,254 | 19,210 | |
$ 1,374,107 | |||
France — 8.7% | |||
Air Liquide SA | 3,247 | $ 635,044 | |
Airbus SE | 780 | 128,355 | |
AXA SA(1) | 6,703 | 231,599 | |
BNP Paribas SA | 3,328 | 239,489 | |
Bollore SE | 24,936 | 161,853 | |
Bouygues SA(1) | 1,100 | 40,541 | |
Bureau Veritas SA | 921 | 26,862 | |
Capgemini SE | 1,229 | 258,312 | |
Carmila SA | 1,759 | 29,552 | |
Carrefour SA | 5,094 | 85,698 | |
Cie Generale des Etablissements Michelin SCA | 2,492 | 95,739 | |
Credit Agricole SA | 2,845 | 44,021 | |
Danone SA | 2,980 | 186,510 | |
Dassault Systemes SE | 5,415 | 212,549 | |
Edenred SE | 1,068 | 50,679 | |
Eiffage SA | 269 | 28,702 | |
Engie SA(1)(2) | 33,313 | 578,334 | |
Getlink SE | 2,197 | 37,401 | |
Klepierre SA | 4,222 | 113,371 | |
L'Oreal SA | 540 | 253,181 | |
LVMH Moet Hennessy Louis Vuitton SE | 596 | 489,576 | |
Mercialys SA(1) | 6,224 | 67,370 | |
Nexity SA | 2,880 | 32,302 | |
Orange SA | 30,552 | 340,052 | |
Quadient SA | 948 | 18,141 | |
Safran SA | 556 | 120,559 | |
Sanofi SA | 5,574 | 550,672 | |
Sopra Steria Group | 385 | 84,299 | |
Thales SA | 600 | 100,840 | |
TotalEnergies SE | 8,164 | 592,696 | |
Vinci SA | 1,159 | 135,807 | |
$ 5,970,106 | |||
Germany — 8.6% | |||
Allianz SE | 1,068 | $ 303,082 | |
BASF SE | 3,177 | 166,464 | |
Bayer AG | 4,632 | 135,119 | |
Bayerische Motoren Werke AG | 1,291 | 140,654 | |
Bayerische Motoren Werke AG, PFC Shares | 792 | 81,379 | |
Brenntag SE | 725 | 57,857 | |
Covestro AG(2)(4) | 1,672 | 83,741 |
Security | Shares | Value | |
Germany (continued) | |||
Daimler Truck Holding AG | 1,859 | $ 83,834 | |
Deutsche Boerse AG | 659 | 127,050 | |
Deutsche Lufthansa AG(2) | 5,121 | 36,649 | |
Deutsche Telekom AG | 24,422 | 559,400 | |
Deutsche Wohnen SE | 2,022 | 38,146 | |
E.ON SE | 43,992 | 582,541 | |
Fresenius Medical Care AG | 1,941 | 81,721 | |
Fresenius SE & Co. KGaA | 3,336 | 99,547 | |
FUCHS SE, PFC Shares | 495 | 23,116 | |
GEA Group AG(2) | 1,075 | 43,387 | |
Grand City Properties SA(2) | 3,999 | 44,660 | |
Hamborner REIT AG | 9,515 | 64,921 | |
Hannover Rueck SE | 220 | 54,570 | |
Heidelberg Materials AG | 1,493 | 150,249 | |
Henkel AG & Co. KGaA | 2,701 | 194,225 | |
Henkel AG & Co. KGaA, PFC Shares | 3,830 | 304,262 | |
Knorr-Bremse AG | 398 | 29,534 | |
LEG Immobilien SE(2) | 1,939 | 164,598 | |
Mercedes-Benz Group AG | 2,924 | 221,174 | |
MTU Aero Engines AG | 190 | 45,774 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 361 | 158,771 | |
QIAGEN NV(2) | 1,682 | 70,226 | |
Rheinmetall AG | 216 | 119,026 | |
SAP SE | 3,795 | 685,252 | |
Siemens AG | 1,574 | 294,863 | |
Suedzucker AG | 9,335 | 133,235 | |
Symrise AG | 1,413 | 151,462 | |
Talanx AG | 431 | 32,417 | |
Volkswagen AG, PFC Shares | 790 | 96,779 | |
Vonovia SE | 8,759 | 253,100 | |
$ 5,912,785 | |||
Hong Kong — 4.2% | |||
AIA Group Ltd. | 37,200 | $ 272,466 | |
ASMPT Ltd. | 6,100 | 75,809 | |
Bank of East Asia Ltd. | 52,200 | 65,725 | |
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(1) | 21,000 | 25,559 | |
BOC Hong Kong Holdings Ltd. | 11,500 | 35,249 | |
Budweiser Brewing Co. APAC Ltd.(4) | 17,700 | 24,624 | |
Cathay Pacific Airways Ltd.(1) | 81,000 | 87,200 | |
China Traditional Chinese Medicine Holdings Co. Ltd.(1) | 128,000 | 69,699 | |
Chow Sang Sang Holdings International Ltd. | 42,000 | 45,124 | |
Chow Tai Fook Jewellery Group Ltd. | 59,000 | 80,278 | |
CK Asset Holdings Ltd. | 13,500 | 57,585 | |
CK Hutchison Holdings Ltd. | 22,500 | 109,277 |
Security | Shares | Value | |
Hong Kong (continued) | |||
CLP Holdings Ltd. | 23,000 | $ 180,919 | |
C-Mer Eye Care Holdings Ltd.(2)(3) | 44,000 | 16,581 | |
DFI Retail Group Holdings Ltd. | 23,400 | 45,435 | |
Galaxy Entertainment Group Ltd. | 20,000 | 89,738 | |
Giordano International Ltd. | 154,000 | 39,301 | |
Hang Lung Group Ltd. | 75,000 | 88,997 | |
Hang Seng Bank Ltd. | 6,200 | 81,757 | |
HK Electric Investments & HK Electric Investments Ltd.(3) | 154,000 | 92,127 | |
HKT Trust & HKT Ltd. | 199,000 | 219,691 | |
Hong Kong Resources Holdings Co. Ltd.(2) | 984 | 119 | |
Hongkong Land Holdings Ltd. | 6,900 | 22,047 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 238,000 | 31,307 | |
Jardine Matheson Holdings Ltd. | 2,900 | 110,981 | |
Luk Fook Holdings International Ltd. | 24,000 | 57,537 | |
MTR Corp. Ltd. | 7,500 | 24,648 | |
NWS Holdings Ltd. | 96,000 | 81,153 | |
Orbusneich Medical Group Holdings Ltd.(2) | 18,500 | 8,814 | |
PAX Global Technology Ltd. | 75,000 | 62,751 | |
Power Assets Holdings Ltd. | 30,000 | 172,085 | |
Sino Land Co. Ltd. | 22,000 | 23,522 | |
Sun Hung Kai Properties Ltd. | 14,500 | 133,762 | |
Swire Pacific Ltd., Class B | 37,500 | 50,947 | |
Vitasoy International Holdings Ltd. | 30,000 | 22,391 | |
VSTECS Holdings Ltd. | 60,000 | 38,206 | |
VTech Holdings Ltd. | 10,000 | 57,802 | |
Wharf Holdings Ltd.(1) | 17,000 | 54,695 | |
Yue Yuen Industrial Holdings Ltd. | 57,500 | 101,807 | |
$ 2,857,715 | |||
Ireland — 1.7% | |||
Bank of Ireland Group PLC | 24,074 | $ 256,856 | |
CRH PLC | 3,349 | 259,349 | |
DCC PLC | 2,298 | 156,932 | |
Fineos Corp. Ltd. CDI(2) | 16,777 | 19,528 | |
ICON PLC(2) | 816 | 243,070 | |
Irish Residential Properties REIT PLC | 33,524 | 35,424 | |
Kerry Group PLC, Class A | 2,357 | 202,840 | |
$ 1,173,999 | |||
Israel — 2.0% | |||
Amot Investments Ltd. | 5,499 | $ 23,064 | |
Azrieli Group Ltd. | 509 | 32,749 | |
Bank Hapoalim BM | 6,278 | 56,555 | |
Bank Leumi Le-Israel BM | 7,076 | 55,137 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 74,540 | 92,365 | |
Check Point Software Technologies Ltd.(2) | 385 | 57,527 |
Security | Shares | Value | |
Israel (continued) | |||
Delek Automotive Systems Ltd. | 5,228 | $ 29,449 | |
Delek Group Ltd. | 592 | 69,538 | |
Elbit Systems Ltd. | 375 | 76,334 | |
Enlight Renewable Energy Ltd.(2) | 4,083 | 65,624 | |
Fattal Holdings 1998 Ltd.(2) | 339 | 41,129 | |
Fox Wizel Ltd. | 492 | 39,065 | |
Hilan Ltd. | 404 | 22,681 | |
ICL Group Ltd. | 25,308 | 118,795 | |
Maytronics Ltd. | 2,874 | 24,569 | |
Melisron Ltd. | 379 | 25,999 | |
Nice Ltd.(2) | 248 | 55,455 | |
Nova Ltd.(2) | 138 | 23,354 | |
Oil Refineries Ltd. | 76,583 | 22,189 | |
OPC Energy Ltd.(2) | 4,225 | 31,740 | |
OY Nofar Energy Ltd.(2) | 1,707 | 42,576 | |
Partner Communications Co. Ltd.(2) | 9,362 | 43,754 | |
Plus500 Ltd. | 1,094 | 29,592 | |
Reit 1 Ltd. | 4,966 | 19,959 | |
Shapir Engineering & Industry Ltd.(2) | 3,467 | 18,914 | |
Shufersal Ltd. | 11,960 | 78,745 | |
Strauss Group Ltd. | 2,438 | 44,785 | |
Teva Pharmaceutical Industries Ltd. ADR(2) | 10,532 | 147,975 | |
$ 1,389,618 | |||
Italy — 4.2% | |||
Assicurazioni Generali SpA | 4,184 | $ 102,016 | |
Banca Popolare di Sondrio SpA | 2,091 | 17,470 | |
Banco BPM SpA(1) | 5,911 | 38,809 | |
BPER Banca SpA | 5,464 | 28,376 | |
Buzzi SpA | 2,134 | 76,889 | |
Cementir Holding NV | 1,427 | 15,110 | |
Davide Campari-Milano NV | 14,115 | 141,556 | |
De’Longhi SpA | 1,200 | 39,351 | |
Enav SpA(4) | 5,309 | 21,834 | |
Enel SpA | 40,123 | 263,706 | |
Eni SpA | 21,987 | 353,148 | |
Ferrari NV | 355 | 146,002 | |
Infrastrutture Wireless Italiane SpA(4) | 17,191 | 184,235 | |
Italgas SpA | 7,381 | 40,914 | |
Italmobiliare SpA | 1,360 | 50,029 | |
Leonardo SpA | 5,068 | 116,473 | |
Prysmian SpA | 3,762 | 204,120 | |
RAI Way SpA(4) | 4,122 | 23,409 | |
Recordati Industria Chimica e Farmaceutica SpA | 4,029 | 214,397 | |
Stellantis NV(1) | 6,033 | 133,489 | |
Stevanato Group SpA(1) | 1,200 | 33,648 |
Security | Shares | Value | |
Italy (continued) | |||
STMicroelectronics NV | 7,572 | $ 300,029 | |
Technogym SpA(4) | 2,741 | 25,849 | |
Terna - Rete Elettrica Nazionale | 8,968 | 71,851 | |
UniCredit SpA | 5,306 | 194,753 | |
UnipolSai Assicurazioni SpA | 10,716 | 30,683 | |
$ 2,868,146 | |||
Japan — 12.7% | |||
Activia Properties, Inc. | 16 | $ 39,711 | |
Advance Residence Investment Corp. | 34 | 73,508 | |
Aeon Co. Ltd.(1) | 4,300 | 89,906 | |
Air Water, Inc. | 2,000 | 30,030 | |
Alfresa Holdings Corp. | 3,600 | 53,350 | |
ANA Holdings, Inc. | 1,100 | 20,891 | |
Asahi Kasei Corp. | 8,100 | 56,474 | |
Astellas Pharma, Inc. | 1,300 | 12,477 | |
Bandai Namco Holdings, Inc. | 2,400 | 44,844 | |
Bridgestone Corp. | 1,600 | 70,603 | |
Canon, Inc. | 1,500 | 40,598 | |
Central Japan Railway Co. | 1,500 | 34,302 | |
Chubu Electric Power Co., Inc. | 8,600 | 110,389 | |
Concordia Financial Group Ltd. | 10,800 | 58,192 | |
Daicel Corp. | 3,900 | 36,224 | |
Daiichi Sankyo Co. Ltd. | 6,400 | 215,409 | |
Daiwa House Industry Co. Ltd. | 5,600 | 157,578 | |
East Japan Railway Co. | 2,700 | 49,488 | |
Electric Power Development Co. Ltd. | 2,500 | 42,467 | |
ENEOS Holdings, Inc. | 31,200 | 144,151 | |
FUJIFILM Holdings Corp. | 1,500 | 31,909 | |
Fujitsu Ltd. | 3,000 | 46,344 | |
Fukuoka Financial Group, Inc. | 1,600 | 42,500 | |
Hamamatsu Photonics KK | 700 | 25,649 | |
Hirose Electric Co. Ltd. | 315 | 33,436 | |
Honda Motor Co. Ltd. | 5,700 | 64,852 | |
Inpex Corp. | 5,000 | 74,899 | |
Invincible Investment Corp. | 167 | 74,823 | |
ITOCHU Corp.(1) | 1,900 | 85,718 | |
Iwatani Corp. | 1,800 | 102,208 | |
Japan Hotel REIT Investment Corp. | 145 | 76,197 | |
Japan Logistics Fund, Inc. | 29 | 51,708 | |
Japan Metropolitan Fund Investment Corp. | 93 | 56,147 | |
Japan Post Bank Co. Ltd. | 6,000 | 60,902 | |
Japan Post Holdings Co. Ltd. | 7,500 | 72,025 | |
Japan Prime Realty Investment Corp. | 22 | 47,605 | |
Japan Real Estate Investment Corp. | 4 | 13,565 | |
Japan Tobacco, Inc. | 4,100 | 110,297 |
Security | Shares | Value | |
Japan (continued) | |||
JFE Holdings, Inc. | 1,900 | $ 28,359 | |
Kansai Electric Power Co., Inc. | 7,200 | 107,852 | |
Kansai Paint Co. Ltd. | 3,300 | 42,960 | |
Kao Corp. | 2,100 | 86,630 | |
KDDI Corp. | 6,400 | 177,592 | |
KDX Realty Investment Corp.(1) | 15 | 14,795 | |
Keyence Corp. | 400 | 175,908 | |
Kintetsu Group Holdings Co. Ltd. | 800 | 20,567 | |
Kirin Holdings Co. Ltd. | 3,800 | 55,471 | |
Kobe Steel Ltd. | 3,000 | 36,617 | |
Komatsu Ltd. | 2,200 | 65,684 | |
Kuraray Co. Ltd. | 2,300 | 25,482 | |
Kyocera Corp. | 3,600 | 43,879 | |
Kyowa Kirin Co. Ltd. | 3,500 | 58,778 | |
Lion Corp. | 5,400 | 48,427 | |
Marubeni Corp. | 3,400 | 60,576 | |
Maruichi Steel Tube Ltd. | 1,200 | 30,898 | |
MatsukiyoCocokara & Co. | 2,700 | 38,288 | |
Medipal Holdings Corp. | 4,700 | 73,710 | |
MEIJI Holdings Co. Ltd. | 1,600 | 35,799 | |
Mitsubishi Chemical Group Corp. | 10,000 | 58,339 | |
Mitsubishi Corp. | 4,200 | 96,052 | |
Mitsubishi Electric Corp. | 3,200 | 55,776 | |
Mitsubishi HC Capital, Inc. | 6,100 | 39,504 | |
Mitsubishi Heavy Industries Ltd. | 6,000 | 53,647 | |
Mitsui & Co. Ltd. | 1,800 | 86,896 | |
Mitsui Chemicals, Inc. | 1,300 | 37,002 | |
Mitsui OSK Lines Ltd.(1) | 1,100 | 34,914 | |
Mizuho Financial Group, Inc. | 5,630 | 108,823 | |
MS&AD Insurance Group Holdings, Inc. | 5,400 | 97,087 | |
Murata Manufacturing Co. Ltd. | 4,500 | 82,225 | |
NEC Corp. | 1,500 | 108,603 | |
NH Foods Ltd. | 1,600 | 52,634 | |
Nihon Kohden Corp. | 1,000 | 27,188 | |
Nintendo Co. Ltd. | 6,000 | 292,614 | |
Nippon Accommodations Fund, Inc. | 8 | 33,316 | |
Nippon Building Fund, Inc. | 5 | 19,104 | |
Nippon Shokubai Co. Ltd. | 2,400 | 22,812 | |
Nippon Steel Corp. | 4,400 | 98,643 | |
Nippon Telegraph & Telephone Corp. | 180,100 | 194,447 | |
Nippon Yusen KK | 1,200 | 34,069 | |
Nisshin Seifun Group, Inc. | 4,900 | 63,920 | |
Nissin Foods Holdings Co. Ltd. | 2,100 | 56,040 | |
Nitori Holdings Co. Ltd. | 300 | 40,150 | |
Nitto Denko Corp. | 500 | 41,343 | |
Nomura Real Estate Master Fund, Inc. | 63 | 60,223 |
Security | Shares | Value | |
Japan (continued) | |||
Nomura Research Institute Ltd. | 2,000 | $ 48,396 | |
NTT Data Group Corp. | 4,400 | 68,806 | |
Obic Co. Ltd. | 300 | 38,540 | |
Oji Holdings Corp. | 12,700 | 49,746 | |
Oriental Land Co. Ltd. | 2,500 | 68,979 | |
Osaka Gas Co. Ltd. | 5,500 | 122,297 | |
Otsuka Holdings Co. Ltd. | 2,800 | 119,719 | |
Pan Pacific International Holdings Corp. | 2,000 | 46,972 | |
Panasonic Holdings Corp. | 5,400 | 47,134 | |
Resona Holdings, Inc. | 6,700 | 42,369 | |
Rohm Co. Ltd. | 800 | 11,500 | |
Rohto Pharmaceutical Co. Ltd. | 1,600 | 31,217 | |
Santen Pharmaceutical Co. Ltd. | 7,500 | 72,443 | |
Secom Co. Ltd. | 600 | 41,677 | |
Sekisui House Ltd. | 2,000 | 45,961 | |
Sekisui House Reit, Inc.(1) | 97 | 49,703 | |
Shimadzu Corp. | 1,200 | 32,602 | |
Shionogi & Co. Ltd. | 2,100 | 98,072 | |
Shizuoka Financial Group, Inc. | 5,800 | 54,136 | |
SoftBank Corp. | 14,500 | 174,894 | |
Sompo Holdings, Inc. | 3,600 | 71,244 | |
Subaru Corp. | 2,400 | 53,590 | |
Sumitomo Chemical Co. Ltd. | 10,900 | 23,287 | |
Sumitomo Corp. | 2,400 | 63,113 | |
Sumitomo Electric Industries Ltd. | 2,900 | 44,823 | |
Sumitomo Mitsui Financial Group, Inc. | 2,700 | 153,370 | |
Sumitomo Mitsui Trust Holdings, Inc. | 3,000 | 63,074 | |
Suntory Beverage & Food Ltd. | 1,600 | 52,056 | |
Suzuki Motor Corp. | 2,400 | 27,950 | |
Taiheiyo Cement Corp. | 2,500 | 57,181 | |
Takeda Pharmaceutical Co. Ltd. | 5,600 | 147,180 | |
TDK Corp. | 600 | 26,767 | |
Teijin Ltd. | 3,300 | 32,194 | |
Tohoku Electric Power Co., Inc. | 9,800 | 75,657 | |
Tokio Marine Holdings, Inc. | 3,400 | 107,462 | |
Tokyu Corp.(1) | 3,200 | 37,880 | |
TOPPAN Holdings, Inc. | 2,000 | 47,448 | |
Toray Industries, Inc. | 6,900 | 31,538 | |
Tosoh Corp. | 2,200 | 30,329 | |
Toyo Seikan Group Holdings Ltd. | 2,900 | 44,826 | |
Toyo Suisan Kaisha Ltd. | 1,000 | 62,534 | |
Toyota Motor Corp. | 14,700 | 335,286 | |
Trend Micro, Inc. | 600 | 29,567 | |
United Urban Investment Corp. | 68 | 65,157 | |
West Japan Railway Co. | 1,400 | 26,574 | |
Yakult Honsha Co. Ltd. | 2,000 | 39,119 |
Security | Shares | Value | |
Japan (continued) | |||
Yamaha Motor Co. Ltd.(1) | 2,300 | $ 21,453 | |
Yamato Holdings Co. Ltd. | 2,000 | 26,413 | |
Yamato Kogyo Co. Ltd. | 1,000 | 53,729 | |
Yamazaki Baking Co. Ltd. | 1,300 | 31,464 | |
$ 8,722,447 | |||
Netherlands — 4.4% | |||
ABN AMRO Bank NV(1)(4) | 2,263 | $ 36,250 | |
Akzo Nobel NV | 1,254 | 82,741 | |
ASML Holding NV | 646 | 562,674 | |
ASR Nederland NV(1) | 1,620 | 81,064 | |
DSM-Firmenich AG | 1,849 | 207,374 | |
Eurocommercial Properties NV | 825 | 18,764 | |
Euronext NV(4) | 576 | 51,869 | |
EXOR NV | 350 | 38,211 | |
Fugro NV | 1,341 | 32,526 | |
Heineken NV | 371 | 36,106 | |
Koninklijke Ahold Delhaize NV | 9,251 | 280,807 | |
Koninklijke KPN NV | 65,476 | 237,948 | |
Koninklijke Philips NV | 11,510 | 305,662 | |
NN Group NV | 1,992 | 91,893 | |
Pharming Group NV(2) | 82,396 | 76,739 | |
Prosus NV(1) | 11,033 | 369,164 | |
SBM Offshore NV(1) | 4,496 | 66,422 | |
Universal Music Group NV(1) | 7,168 | 210,848 | |
Wolters Kluwer NV | 1,682 | 251,806 | |
$ 3,038,868 | |||
New Zealand — 1.1% | |||
a2 Milk Co. Ltd.(1)(2) | 23,344 | $ 91,953 | |
Argosy Property Ltd. | 39,042 | 25,813 | |
Auckland International Airport Ltd.(1) | 12,240 | 56,586 | |
Contact Energy Ltd. | 9,580 | 48,910 | |
Fisher & Paykel Healthcare Corp. Ltd. | 5,931 | 99,331 | |
Goodman Property Trust | 27,739 | 37,203 | |
Heartland Group Holdings Ltd.(1) | 19,544 | 12,195 | |
Infratil Ltd. | 6,421 | 41,228 | |
Kiwi Property Group Ltd.(1) | 57,056 | 27,166 | |
KMD Brands Ltd. | 27,332 | 8,689 | |
Meridian Energy Ltd. | 15,507 | 54,691 | |
SKYCITY Entertainment Group Ltd.(1) | 29,814 | 31,245 | |
Spark New Zealand Ltd. | 30,866 | 86,738 | |
Vulcan Steel Ltd. | 3,600 | 17,551 | |
Xero Ltd.(2) | 1,060 | 82,296 | |
$ 721,595 |
Security | Shares | Value | |
Norway — 2.1% | |||
Atea ASA | 2,752 | $ 35,134 | |
Austevoll Seafood ASA | 3,899 | 31,134 | |
Borregaard ASA | 3,526 | 60,397 | |
Crayon Group Holding ASA(2)(4) | 5,673 | 41,746 | |
DNB Bank ASA | 7,243 | 126,239 | |
Elkem ASA(4) | 14,511 | 25,355 | |
Elmera Group ASA(4) | 5,269 | 15,707 | |
Entra ASA(2)(4) | 2,972 | 27,351 | |
Equinor ASA | 6,266 | 166,728 | |
Europris ASA(2)(4) | 6,059 | 38,134 | |
Frontline PLC | 890 | 21,089 | |
Gjensidige Forsikring ASA | 1,701 | 27,273 | |
Golden Ocean Group Ltd. | 3,420 | 48,061 | |
Kitron ASA | 9,412 | 24,200 | |
Kongsberg Gruppen ASA | 1,873 | 132,221 | |
Mowi ASA | 5,946 | 104,393 | |
Opera Ltd. ADR(1) | 3,500 | 43,680 | |
Orkla ASA | 8,207 | 55,827 | |
REC Silicon ASA(2) | 16,371 | 15,815 | |
Scatec ASA(2)(4) | 3,300 | 24,084 | |
Schibsted ASA, Class B | 2,498 | 69,786 | |
SpareBank 1 Nord Norge | 3,559 | 32,115 | |
Stolt-Nielsen Ltd. | 879 | 37,430 | |
Telenor ASA | 11,887 | 136,662 | |
Ultimovacs ASA(2) | 1,725 | 1,074 | |
Wallenius Wilhelmsen ASA | 2,828 | 28,485 | |
Yara International ASA | 2,956 | 84,261 | |
$ 1,454,381 | |||
Portugal — 1.2% | |||
Altri SGPS SA | 6,651 | $ 36,650 | |
Banco Comercial Portugues SA, Class R(2) | 449,035 | 156,780 | |
EDP - Energias de Portugal SA(1)(2) | 23,649 | 88,806 | |
Galp Energia SGPS SA | 8,111 | 174,234 | |
Jeronimo Martins SGPS SA | 4,742 | 97,551 | |
Mota-Engil SGPS SA | 12,306 | 53,258 | |
Navigator Co. SA | 23,179 | 102,377 | |
NOS SGPS SA | 11,659 | 40,270 | |
REN - Redes Energeticas Nacionais SGPS SA | 11,590 | 27,984 | |
Sonae SGPS SA | 15,693 | 15,713 | |
$ 793,623 | |||
Singapore — 4.2% | |||
AEM Holdings Ltd.(1) | 9,200 | $ 15,745 | |
BW LPG Ltd.(4) | 3,082 | 44,506 | |
CapitaLand Ascendas REIT | 17,300 | 32,770 |
Security | Shares | Value | |
Singapore (continued) | |||
CapitaLand Ascott Trust | 27,455 | $ 18,235 | |
CapitaLand Integrated Commercial Trust | 56,100 | 79,970 | |
City Developments Ltd. | 7,700 | 34,511 | |
ComfortDelGro Corp. Ltd. | 52,800 | 57,432 | |
DBS Group Holdings Ltd. | 9,900 | 252,028 | |
First Resources Ltd. | 32,600 | 33,585 | |
Flex Ltd.(2) | 11,457 | 328,243 | |
Frasers Centrepoint Trust | 12,700 | 20,117 | |
Genting Singapore Ltd. | 244,700 | 163,305 | |
Golden Agri-Resources Ltd. | 210,900 | 42,419 | |
Haw Par Corp. Ltd. | 4,700 | 33,757 | |
Hutchison Port Holdings Trust | 154,600 | 19,770 | |
Jardine Cycle & Carriage Ltd. | 2,500 | 48,246 | |
Keppel Ltd. | 19,800 | 99,038 | |
Keppel REIT | 55,680 | 35,752 | |
Lendlease Global Commercial REIT(1) | 77,600 | 30,864 | |
Mapletree Industrial Trust | 27,660 | 45,800 | |
Nanofilm Technologies International Ltd.(1)(3) | 113,000 | 53,373 | |
Netlink NBN Trust(3) | 153,700 | 96,190 | |
Oversea-Chinese Banking Corp. Ltd. | 18,900 | 196,212 | |
Parkway Life Real Estate Investment Trust | 13,500 | 35,436 | |
Raffles Medical Group Ltd. | 38,400 | 28,123 | |
SATS Ltd.(2) | 26,000 | 47,749 | |
Sembcorp Industries Ltd. | 51,100 | 199,702 | |
Sheng Siong Group Ltd. | 41,900 | 47,497 | |
Singapore Exchange Ltd. | 7,000 | 47,751 | |
Singapore Post Ltd. | 55,300 | 18,207 | |
Singapore Technologies Engineering Ltd. | 26,800 | 78,725 | |
Singapore Telecommunications Ltd. | 141,700 | 245,747 | |
StarHub Ltd. | 35,800 | 30,609 | |
Suntec Real Estate Investment Trust(1) | 27,000 | 21,286 | |
Venture Corp. Ltd. | 7,500 | 79,464 | |
Wilmar International Ltd. | 103,000 | 242,109 | |
$ 2,904,273 | |||
Spain — 4.6% | |||
ACS Actividades de Construccion y Servicios SA | 2,126 | $ 85,147 | |
Almirall SA(1) | 2,798 | 25,536 | |
Banco Bilbao Vizcaya Argentaria SA | 20,066 | 216,993 | |
Banco de Sabadell SA | 19,790 | 37,803 | |
Bankinter SA(1) | 12,265 | 96,945 | |
CaixaBank SA | 15,438 | 81,413 | |
Cia de Distribucion Integral Logista Holdings SA | 2,665 | 72,486 | |
Ence Energia y Celulosa SA | 9,147 | 32,578 | |
Ercros SA | 8,525 | 32,004 | |
Ferrovial SE | 5,370 | 193,134 |
Security | Shares | Value | |
Spain (continued) | |||
Grifols SA(2) | 11,886 | $ 108,786 | |
Iberdrola SA(1) | 25,708 | 315,221 | |
Indra Sistemas SA(1) | 3,340 | 63,850 | |
Industria de Diseno Textil SA(1) | 10,558 | 480,716 | |
Laboratorios Farmaceuticos Rovi SA | 1,773 | 159,116 | |
Merlin Properties Socimi SA | 15,993 | 179,908 | |
Metrovacesa SA(2)(4) | 2,900 | 26,732 | |
Redeia Corp. SA | 2,456 | 40,999 | |
Repsol SA | 24,739 | 388,305 | |
Telefonica SA | 88,860 | 398,057 | |
Vidrala SA | 739 | 77,709 | |
Viscofan SA(1) | 825 | 52,453 | |
$ 3,165,891 | |||
Sweden — 4.4% | |||
Alfa Laval AB(1) | 1,197 | $ 50,962 | |
Alleima AB | 7,335 | 45,590 | |
Arjo AB, Class B | 8,801 | 36,938 | |
Assa Abloy AB, Class B | 1,494 | 39,474 | |
Atrium Ljungberg AB, Class B | 2,504 | 44,258 | |
Betsson AB, Class B | 1,812 | 20,029 | |
Bilia AB, Class A(1) | 2,195 | 27,569 | |
BioArctic AB(2)(4) | 1,352 | 23,791 | |
Boliden AB(1) | 2,585 | 84,955 | |
BoneSupport Holding AB(2)(4) | 2,221 | 45,133 | |
Camurus AB(2) | 677 | 30,359 | |
Cibus Nordic Real Estate AB(1) | 2,069 | 26,947 | |
Dios Fastigheter AB(1) | 3,475 | 26,550 | |
Electrolux AB, Class B(1)(2) | 1,813 | 15,765 | |
Elekta AB, Class B | 7,161 | 50,992 | |
Epiroc AB, Class A | 2,897 | 53,558 | |
Epiroc AB, Class B | 1,712 | 28,378 | |
Essity AB, Class B | 13,789 | 344,032 | |
Evolution AB(4) | 1,309 | 144,625 | |
Fabege AB(1) | 3,866 | 29,568 | |
H & M Hennes & Mauritz AB, Class B(1) | 4,833 | 76,820 | |
Hemnet Group AB | 1,721 | 44,727 | |
Hexagon AB, Class B(1) | 13,262 | 138,733 | |
Holmen AB, Class B(1) | 2,015 | 78,479 | |
Hufvudstaden AB, Class A(1) | 2,401 | 27,889 | |
Investor AB, Class B(1) | 3,101 | 75,952 | |
Kindred Group PLC SDR | 2,181 | 24,438 | |
L E Lundbergforetagen AB, Class B(1) | 987 | 48,647 | |
Millicom International Cellular SA SDR(2) | 3,136 | 64,346 | |
Mycronic AB | 1,879 | 65,397 | |
Nyfosa AB | 5,192 | 44,915 |
Security | Shares | Value | |
Sweden (continued) | |||
Olink Holding AB ADR(2) | 700 | $ 16,121 | |
Orron Energy AB(1)(2) | 4,713 | 3,102 | |
Pandox AB(1) | 1,960 | 30,310 | |
Paradox Interactive AB | 1,527 | 23,087 | |
Skandinaviska Enskilda Banken AB, Class A | 7,648 | 100,161 | |
Skanska AB, Class B | 1,238 | 21,267 | |
SKF AB, Class B | 2,466 | 50,696 | |
Spotify Technology SA(2) | 1,019 | 285,768 | |
Svenska Cellulosa AB SCA, Class B | 9,048 | 132,601 | |
Swedbank AB, Class A | 4,828 | 92,322 | |
Swedish Orphan Biovitrum AB(2) | 3,775 | 97,444 | |
Telefonaktiebolaget LM Ericsson, Class B | 20,602 | 104,553 | |
Tethys Oil AB | 4,284 | 14,154 | |
Trelleborg AB, Class B(1) | 1,004 | 35,383 | |
Volvo AB, Class B | 3,167 | 80,610 | |
Wallenstam AB, Class B(1) | 5,276 | 23,322 | |
Wihlborgs Fastigheter AB(1) | 6,283 | 52,624 | |
$ 3,023,341 | |||
Switzerland — 8.0% | |||
ABB Ltd. | 5,264 | $ 255,770 | |
ALSO Holding AG | 245 | 60,348 | |
Baloise Holding AG | 396 | 59,841 | |
Banque Cantonale Vaudoise(1) | 570 | 59,607 | |
BKW AG | 330 | 48,985 | |
Cembra Money Bank AG | 670 | 51,222 | |
Cie Financiere Richemont SA, Class A | 5,772 | 797,846 | |
DKSH Holding AG | 773 | 50,376 | |
Flughafen Zurich AG | 295 | 59,059 | |
Forbo Holding AG | 26 | 30,030 | |
Galenica AG(1)(4) | 858 | 65,653 | |
Givaudan SA | 88 | 376,356 | |
Helvetia Holding AG(1) | 425 | 55,592 | |
Holcim AG | 5,395 | 451,603 | |
Intershop Holding AG | 390 | 52,259 | |
Kuehne & Nagel International AG | 464 | 122,634 | |
Landis & Gyr Group AG | 1,111 | 82,196 | |
Logitech International SA | 2,732 | 212,706 | |
Nestle SA | 6,891 | 691,857 | |
Novartis AG | 3,416 | 331,548 | |
PSP Swiss Property AG | 379 | 46,852 | |
Roche Holding AG | 1,250 | 299,518 | |
Schindler Holding AG | 320 | 77,969 | |
Schindler Holding AG PC | 353 | 87,987 | |
SGS SA | 900 | 79,250 | |
Stadler Rail AG | 1,511 | 44,827 |
Security | Shares | Value | |
Switzerland (continued) | |||
Swatch Group AG, Bearer Shares | 279 | $ 58,621 | |
Swiss Life Holding AG | 172 | 116,058 | |
Swiss Prime Site AG | 1,669 | 154,103 | |
Swiss Re AG | 1,223 | 132,947 | |
Swisscom AG | 366 | 200,790 | |
Zurich Insurance Group AG | 617 | 298,657 | |
$ 5,513,067 | |||
United Kingdom — 9.0% | |||
Admiral Group PLC | 1,759 | $ 59,871 | |
Airtel Africa PLC(4) | 11,960 | 16,516 | |
Assura PLC | 41,543 | 21,269 | |
AstraZeneca PLC | 3,884 | 587,451 | |
Aviva PLC | 12,379 | 71,874 | |
B&M European Value Retail SA | 4,833 | 31,190 | |
Babcock International Group PLC | 2,639 | 16,700 | |
BAE Systems PLC | 5,635 | 93,723 | |
Berkeley Group Holdings PLC | 509 | 29,891 | |
Big Yellow Group PLC | 5,278 | 71,001 | |
Bloomsbury Publishing PLC | 7,288 | 48,458 | |
BP PLC | 12,013 | 77,431 | |
British American Tobacco PLC | 7,381 | 216,679 | |
British Land Co. PLC | 7,798 | 37,603 | |
BT Group PLC | 13,183 | 16,858 | |
Bunzl PLC | 1,400 | 53,687 | |
Bytes Technology Group PLC | 4,672 | 28,417 | |
Centrica PLC | 101,559 | 162,116 | |
Compass Group PLC | 7,473 | 207,852 | |
Computacenter PLC | 1,269 | 40,685 | |
Darktrace PLC(2) | 8,597 | 64,175 | |
Derwent London PLC | 1,158 | 29,672 | |
Direct Line Insurance Group PLC | 9,041 | 20,991 | |
FDM Group Holdings PLC | 2,454 | 10,669 | |
Flutter Entertainment PLC(2) | 1,283 | 237,687 | |
Fresnillo PLC | 3,353 | 23,222 | |
Glencore PLC | 42,265 | 245,921 | |
Grainger PLC | 16,347 | 52,152 | |
Great Portland Estates PLC | 3,877 | 18,887 | |
GSK PLC | 1,386 | 28,755 | |
HSBC Holdings PLC | 29,049 | 251,795 | |
Informa PLC | 20,603 | 203,967 | |
InterContinental Hotels Group PLC | 410 | 39,989 | |
Intertek Group PLC | 919 | 56,561 | |
Johnson Matthey PLC | 1,536 | 33,639 | |
Land Securities Group PLC | 4,810 | 38,875 | |
London Stock Exchange Group PLC | 999 | 110,130 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Manchester United PLC, Class A(1)(2) | 3,500 | $ 56,700 | |
Moneysupermarket.com Group PLC | 30,827 | 82,591 | |
National Grid PLC | 27,610 | 362,165 | |
NCC Group PLC | 21,199 | 35,842 | |
Next PLC | 1,020 | 114,401 | |
Pearson PLC | 7,487 | 90,846 | |
QinetiQ Group PLC | 8,311 | 35,469 | |
RELX PLC | 4,013 | 164,882 | |
Rentokil Initial PLC | 8,784 | 44,341 | |
Rio Tinto PLC | 3,810 | 257,787 | |
Sage Group PLC | 15,349 | 222,574 | |
Shaftesbury Capital PLC | 57,908 | 96,932 | |
Shell PLC | 14,923 | 530,492 | |
Smiths Group PLC | 2,292 | 46,207 | |
Spectris PLC | 1,769 | 73,171 | |
Spirent Communications PLC | 11,297 | 27,308 | |
Standard Chartered PLC | 7,613 | 65,407 | |
Supermarket Income REIT PLC(1) | 58,122 | 52,503 | |
Unilever PLC | 5,865 | 303,401 | |
UNITE Group PLC | 2,593 | 29,976 | |
Vodafone Group PLC | 101,170 | 85,317 | |
Weir Group PLC | 1,354 | 34,551 | |
Whitbread PLC | 806 | 31,767 | |
$ 6,200,989 | |||
Total Common Stocks (identified cost $57,331,333) | $67,931,788 |
Preferred Stocks — 0.0%(5) |
Security | Shares | Value | |
Italy — 0.0%(5) | |||
Danieli & C Officine Meccaniche SpA, 1.369% | 1,102 | $ 28,289 | |
Total Preferred Stocks (identified cost $20,106) | $ 28,289 |
Rights — 0.0%(5) |
Security | Shares | Value | |
Australia — 0.0%(5) | |||
NEXTDC Ltd., Exp. 5/2/24(2) | 1,874 | $ 1,566 | |
Total Rights (identified cost $0) | $ 1,566 |
Short-Term Investments — 7.3% |
Affiliated Fund — 0.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(6) | 45,432 | $ 45,432 | |
Total Affiliated Fund (identified cost $45,432) | $ 45,432 |
Securities Lending Collateral — 7.2% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(7) | 4,975,095 | $ 4,975,095 | |
Total Securities Lending Collateral (identified cost $4,975,095) | $ 4,975,095 | ||
Total Short-Term Investments (identified cost $5,020,527) | $ 5,020,527 |
Total Investments — 106.1% (identified cost $62,371,966) | $72,982,170 | ||
Other Assets, Less Liabilities — (6.1)% | $ (4,190,029) | ||
Net Assets — 100.0% | $68,792,141 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at April 30, 2024. The aggregate market value of securities on loan at April 30, 2024 was $8,743,529. |
(2) | Non-income producing security. |
(3) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At April 30, 2024, the aggregate value of these securities is $326,579 or 0.5% of the Portfolio's net assets. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2024, the aggregate value of these securities is $1,277,507 or 1.9% of the Portfolio's net assets. |
(5) | Amount is less than 0.05%. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2024. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 12.0% | $8,233,322 |
Industrials | 11.2 | 7,719,603 |
Consumer Discretionary | 10.5 | 7,189,652 |
Health Care | 9.8 | 6,750,036 |
Consumer Staples | 9.5 | 6,516,022 |
Materials | 9.3 | 6,420,966 |
Information Technology | 8.8 | 6,071,194 |
Communication Services | 8.6 | 5,924,258 |
Utilities | 7.0 | 4,801,654 |
Real Estate | 6.9 | 4,753,201 |
Energy | 5.2 | 3,581,735 |
Short-Term Investments | 7.3 | 5,020,527 |
Total Investments | 106.1% | $72,982,170 |
Abbreviations: | |
ADR | – American Depositary Receipt |
CDI | – CHESS Depositary Interest |
PC | – Participation Certificate |
PFC Shares | – Preference Shares |
SDR | – Swedish Depositary Receipt |
April 30, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $62,326,534) — including $8,743,529 of securities on loan | $ 72,936,738 |
Affiliated investments, at value (identified cost $45,432) | 45,432 |
Foreign currency, at value (identified cost $387,293) | 384,359 |
Interest and dividends receivable | 228,445 |
Dividends receivable from affiliated investments | 432 |
Securities lending income receivable | 9,099 |
Tax reclaims receivable | 267,126 |
Trustees' deferred compensation plan | 40,764 |
Total assets | $73,912,395 |
Liabilities | |
Collateral for securities loaned | $ 4,975,095 |
Payable to affiliates: | |
Investment adviser fee | 28,388 |
Trustees' fees | 395 |
Trustees' deferred compensation plan | 40,764 |
Accrued expenses | 75,612 |
Total liabilities | $ 5,120,254 |
Net Assets applicable to investors' interest in Portfolio | $68,792,141 |
Six Months Ended | |
April 30, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $146,023) | $ 1,042,689 |
Dividend income from affiliated investments | 2,356 |
Securities lending income, net | 31,943 |
Total investment income | $ 1,076,988 |
Expenses | |
Investment adviser fee | $ 170,724 |
Trustees’ fees and expenses | 2,465 |
Custodian fee | 44,732 |
Legal and accounting services | 27,980 |
Miscellaneous | 4,294 |
Total expenses | $ 250,195 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 71 |
Total expense reductions | $ 71 |
Net expenses | $ 250,124 |
Net investment income | $ 826,864 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (1,020,436) |
Foreign currency transactions | 6,605 |
Net realized loss | $(1,013,831) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 8,852,197 |
Foreign currency | (5,437) |
Net change in unrealized appreciation (depreciation) | $ 8,846,760 |
Net realized and unrealized gain | $ 7,832,929 |
Net increase in net assets from operations | $ 8,659,793 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 826,864 | $ 1,830,919 |
Net realized gain (loss) | (1,013,831) | 154,582 |
Net change in unrealized appreciation (depreciation) | 8,846,760 | 5,622,277 |
Net increase in net assets from operations | $ 8,659,793 | $ 7,607,778 |
Capital transactions: | ||
Contributions | $ 1,562,481 | $ 4,123,770 |
Withdrawals | (4,005,930) | (8,732,642) |
Net decrease in net assets from capital transactions | $ (2,443,449) | $ (4,608,872) |
Net increase in net assets | $ 6,216,344 | $ 2,998,906 |
Net Assets | ||
At beginning of period | $ 62,575,797 | $ 59,576,891 |
At end of period | $68,792,141 | $62,575,797 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, | |||||
Ratios/Supplemental Data | 2023 | 2022 | 2021 | 2020 | 2019 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.73% (1)(2) | 0.72% (2) | 0.69% (2) | 0.68% | 0.69% | 0.74% |
Net investment income | 2.42% (1) | 2.75% | 2.34% | 2.31% | 1.74% | 2.53% |
Portfolio Turnover | 11% (3) | 36% | 22% | 23% | 10% | 37% |
Total Return | 13.92% (3) | 12.91% | (25.13)% | 31.20% | (5.07)% | 11.59% |
Net assets, end of period (000’s omitted) | $68,792 | $62,576 | $59,577 | $77,087 | $60,016 | $71,054 |
(1) | Annualized. |
(2) | Includes a reduction by the investment adviser of a portion of the Portfolio’s adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2024 and the years ended October 31, 2023 and 2022). |
(3) | Not annualized. |
Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.500% |
$1 billion but less than $2.5 billion | 0.475% |
$2.5 billion but less than $5 billion | 0.455% |
$5 billion and over | 0.440% |
Aggregate cost | $ 63,045,208 |
Gross unrealized appreciation | $ 13,615,728 |
Gross unrealized depreciation | (3,678,766) |
Net unrealized appreciation | $ 9,936,962 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $4,975,095 | $ — | $ — | $ — | $4,975,095 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $25,783 | $2,580,732 | $(2,561,083) | $ — | $ — | $45,432 | $2,356 | 45,432 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Asia/Pacific | $ 328,243 | $ 20,591,420 | $ — | $ 20,919,663 |
Developed Europe | 678,987 | 44,943,520 | — | 45,622,507 |
Developed Middle East | 205,502 | 1,184,116 | — | 1,389,618 |
Total Common Stocks | $ 1,212,732 | $ 66,719,056* | $ — | $67,931,788 |
Preferred Stocks | $ — | $ 28,289 | $ — | $ 28,289 |
Rights | 1,566 | — | — | 1,566 |
Short-Term Investments: | ||||
Affiliated Fund | 45,432 | — | — | 45,432 |
Securities Lending Collateral | 4,975,095 | — | — | 4,975,095 |
Total Investments | $ 6,234,825 | $ 66,747,345 | $ — | $72,982,170 |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Officers of Parametric Tax-Managed International Equity Fund | |
Kenneth A. Topping President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Laura T. Donovan Chief Compliance Officer |
James F. Kirchner Treasurer | |
Officers of Tax-Managed International Equity Portfolio | |
R. Kelly Williams, Jr. President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Laura T. Donovan Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Parametric Tax-Managed International Equity Fund and Tax-Managed International Equity Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Anchal Pachnanda* |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see Affiliates definition below.) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
One Post Office Square
Boston, MA 02109
Equity Fund and Tax-Managed International Equity Portfolio
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
International Equity Fund
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Boston, MA 02109
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). |
(a)(2)(i) |
(a)(2)(ii) |
(b) |
Signatures
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.
Tax-Managed International Equity Portfolio | ||
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
Principal Executive Officer | ||
Date: | June 25, 2024 |
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.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Principal Financial Officer | ||
Date: | June 25, 2024 | |
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
Principal Executive Officer | ||
Date: | June 25, 2024 |