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)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited)
Common Stocks — 99.2% | ||||||||
Security | Shares | Value | ||||||
Australia — 8.8% | ||||||||
Ampol, Ltd. | 7,108 | $ | 167,118 | |||||
Ansell, Ltd. | 1,409 | 26,987 | ||||||
APA Group(1) | 10,983 | 88,250 | ||||||
ASX, Ltd.(1) | 1,525 | 92,201 | ||||||
Atlassian Corp. PLC, Class A(2) | 1,600 | 359,728 | ||||||
Aurizon Holdings, Ltd. | 14,009 | 39,563 | ||||||
Beach Energy, Ltd. | 59,556 | 67,901 | ||||||
BHP Group, Ltd. | 8,183 | 273,438 | ||||||
Brambles, Ltd. | 17,422 | 128,650 | ||||||
carsales.com, Ltd. | 5,155 | 76,104 | ||||||
Charter Hall Long Wale REIT | 6,388 | 23,974 | ||||||
Charter Hall Retail REIT | 6,757 | 21,107 | ||||||
Cleanaway Waste Management, Ltd. | 15,558 | 34,874 | ||||||
Coles Group, Ltd. | 12,714 | 167,172 | ||||||
Commonwealth Bank of Australia | 4,049 | 294,296 | ||||||
Cromwell Property Group | 20,061 | 12,040 | ||||||
CSL, Ltd. | 2,517 | 480,370 | ||||||
Dexus | 13,975 | 109,264 | ||||||
Domino’s Pizza Enterprises, Ltd.(1) | 933 | 48,909 | ||||||
Elders, Ltd. | 3,009 | 30,250 | ||||||
EVENT Hospitality and Entertainment, Ltd.(2) | 2,551 | 26,124 | ||||||
Goodman Group | 10,280 | 171,099 | ||||||
GPT Group (The) | 22,015 | 78,261 | ||||||
GWA Group, Ltd. | 11,241 | 17,955 | ||||||
Hansen Technologies, Ltd.(1) | 14,633 | 56,636 | ||||||
Harvey Norman Holdings, Ltd.(1) | 17,000 | 60,555 | ||||||
IDP Education, Ltd.(1) | 3,186 | 59,105 | ||||||
IPH, Ltd. | 4,980 | 26,401 | ||||||
IRESS, Ltd. | 3,720 | 28,616 | ||||||
JB Hi-Fi, Ltd.(1) | 1,878 | 69,554 | ||||||
Lendlease Corp., Ltd.(1) | 4,427 | 37,923 | ||||||
Medibank Pvt, Ltd. | 16,474 | 37,019 | ||||||
Metcash, Ltd.(1) | 11,800 | 39,612 | ||||||
Mirvac Group | 41,842 | 70,717 | ||||||
Newcrest Mining, Ltd. | 2,354 | 44,207 | ||||||
NEXTDC, Ltd.(2) | 5,120 | 39,751 | ||||||
Nine Entertainment Co. Holdings, Ltd. | 27,192 | 50,965 | ||||||
Northern Star Resources, Ltd.(1) | 3,606 | 24,787 | ||||||
Orica, Ltd.(1) | 4,147 | 47,652 | ||||||
Qube Holdings, Ltd. | 28,277 | 58,433 | ||||||
REA Group, Ltd. | 1,183 | 105,982 | ||||||
Reece, Ltd.(1) | 3,969 | 48,222 | ||||||
Rio Tinto, Ltd. | 2,262 | 178,933 | ||||||
Shopping Centres Australasia Property Group | 20,523 | 43,924 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Sonic Healthcare, Ltd. | 2,770 | $ | 71,539 | |||||
Suncorp Group, Ltd. | 10,185 | 81,775 | ||||||
Tabcorp Holdings, Ltd.(1) | 26,454 | 101,166 | ||||||
Technology One, Ltd. | 10,774 | 77,748 | ||||||
Telstra Corp., Ltd. | 68,000 | 193,028 | ||||||
TPG Telecom, Ltd. | 20,255 | 83,031 | ||||||
Transurban Group | 22,607 | 227,011 | ||||||
Washington H. Soul Pattinson & Co., Ltd. | 4,310 | 83,985 | ||||||
Waypoint REIT, Ltd. | 9,833 | 18,536 | ||||||
Wesfarmers, Ltd. | 7,953 | 275,198 | ||||||
Westpac Banking Corp. | 3,483 | 58,305 | ||||||
Whitehaven Coal, Ltd. | 32,210 | 110,611 | ||||||
Woodside Petroleum, Ltd. | 8,655 | 188,299 | ||||||
Woolworths Group, Ltd. | 14,196 | 384,045 | ||||||
$ | 5,918,906 | |||||||
Austria — 1.1% | ||||||||
ams-OSRAM AG(2) | 3,049 | $ | 37,299 | |||||
ANDRITZ AG | 1,052 | 44,722 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 704 | 36,049 | ||||||
BAWAG Group AG(3) | 822 | 39,032 | ||||||
CA Immobilien Anlagen AG(1) | 2,034 | 57,446 | ||||||
Erste Group Bank AG | 2,269 | 70,647 | ||||||
IMMOFINANZ AG | 1,241 | 30,023 | ||||||
Lenzing AG | 466 | 42,308 | ||||||
Oesterreichische Post AG | 768 | 24,740 | ||||||
OMV AG | 2,018 | 103,155 | ||||||
PIERER Mobility AG | 420 | 34,570 | ||||||
S&T AG | 1,191 | 20,135 | ||||||
Telekom Austria AG | 8,000 | 57,038 | ||||||
Verbund AG(1) | 1,229 | 131,367 | ||||||
voestalpine AG | 1,029 | 26,777 | ||||||
$ | 755,308 | |||||||
Belgium — 2.4% | ||||||||
Ackermans & van Haaren NV | 701 | $ | 124,972 | |||||
Ageas S.A./NV | 1,164 | 55,699 | ||||||
Anheuser-Busch InBev S.A./NV(1) | 2,419 | 139,188 | ||||||
Befimmo S.A. | 1,120 | 55,907 | ||||||
Cofinimmo S.A. | 488 | 65,531 | ||||||
Deceuninck NV(1) | 4,520 | 12,683 | ||||||
D’Ieteren Group | 637 | 102,247 | ||||||
Econocom Group S.A./NV | 10,730 | 40,998 | ||||||
Elia Group S.A./NV | 938 | 149,309 | ||||||
Etablissements Franz Colruyt NV | 478 | 17,553 | ||||||
Euronav NV | 5,526 | 63,896 |
16 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
Belgium (continued) | ||||||||
EVS Broadcast Equipment S.A. | 1,740 | $ | 38,571 | |||||
Fagron | 1,130 | 21,196 | ||||||
Groupe Bruxelles Lambert S.A. | 459 | 43,311 | ||||||
Melexis NV | 909 | 78,024 | ||||||
Montea NV | 196 | 23,401 | ||||||
Proximus SADP | 7,427 | 129,811 | ||||||
Shurgard Self Storage S.A. | 466 | 26,966 | ||||||
Sofina S.A. | 150 | 45,969 | ||||||
Solvay S.A. | 537 | 50,498 | ||||||
UCB S.A. | 1,564 | 177,784 | ||||||
Umicore S.A. | 2,338 | 89,881 | ||||||
VGP NV | 165 | 42,916 | ||||||
$ | 1,596,311 | |||||||
Denmark — 2.3% | ||||||||
AP Moller - Maersk A/S, Class A | 13 | $ | 36,798 | |||||
AP Moller - Maersk A/S, Class B | 18 | 52,096 | ||||||
Bakkafrost P/F | 532 | 36,526 | ||||||
Carlsberg A/S, Class B | 904 | 114,838 | ||||||
Chr. Hansen Holding A/S(1) | 934 | 72,768 | ||||||
Coloplast A/S, Class B | 178 | 23,982 | ||||||
Drilling Co. of 1972 A/S (The)(2) | 483 | 24,086 | ||||||
DSV A/S | 522 | 85,583 | ||||||
Jyske Bank A/S(2) | 586 | 32,402 | ||||||
Netcompany Group A/S(2)(3) | 252 | 14,014 | ||||||
Novo Nordisk A/S, Class B | 2,404 | 274,600 | ||||||
Novozymes A/S, Class B | 1,992 | 138,861 | ||||||
Orsted A/S(3) | 1,991 | 220,265 | ||||||
Pandora A/S(1) | 1,497 | 131,446 | ||||||
Ringkjoebing Landbobank A/S | 652 | 79,954 | ||||||
Scandinavian Tobacco Group A/S(3) | 1,702 | 35,479 | ||||||
SimCorp A/S | 792 | 55,445 | ||||||
Sydbank A/S | 1,310 | 45,029 | ||||||
Topdanmark A/S | 972 | 54,545 | ||||||
Tryg A/S | 1,584 | 37,663 | ||||||
$ | 1,566,380 | |||||||
Finland — 2.2% | ||||||||
Elisa Oyj | 2,351 | $ | 137,819 | |||||
Fortum Oyj | 7,644 | 127,088 | ||||||
Kemira Oyj | 2,727 | 35,771 | ||||||
Kesko Oyj, Class B | 4,942 | 124,422 | ||||||
Kojamo Oyj | 3,939 | 78,359 | ||||||
Kone Oyj, Class B | 1,969 | 94,665 | ||||||
Neste Oyj | 4,468 | 191,717 | ||||||
Nokia Oyj(2) | 23,544 | 119,370 |
Security | Shares | Value | ||||||
Finland (continued) | ||||||||
Nordea Bank Abp | 13,924 | $ | 138,823 | |||||
Orion Oyj, Class B | 3,636 | 142,613 | ||||||
TietoEVRY Oyj(1) | 956 | 23,983 | ||||||
Tokmanni Group Corp. | 7,427 | 96,511 | ||||||
UPM-Kymmene Oyj | 3,680 | 127,300 | ||||||
Valmet Oyj | 1,377 | 36,877 | ||||||
$ | 1,475,318 | |||||||
France — 8.8% | ||||||||
Air Liquide S.A. | 4,818 | $ | 833,554 | |||||
Albioma S.A. | 1,781 | 94,671 | ||||||
Alstom S.A.(1) | 840 | 18,463 | ||||||
Altarea SCA | 326 | 49,897 | ||||||
Amundi S.A.(3) | 792 | 47,623 | ||||||
Atos SE | 790 | 19,246 | ||||||
AXA S.A.(1) | 8,332 | 220,423 | ||||||
Bollore SE | 7,614 | 35,530 | ||||||
Bouygues S.A.(1) | 1,100 | 37,822 | ||||||
Carrefour S.A. | 5,094 | 108,031 | ||||||
Cie Generale des Etablissements Michelin SCA | 623 | 77,165 | ||||||
Credit Agricole S.A.(1) | 7,839 | 84,646 | ||||||
Danone S.A. | 2,098 | 126,869 | ||||||
Dassault Systemes SE | 7,700 | 340,527 | ||||||
Edenred | 743 | 37,315 | ||||||
Engie S.A.(1) | 16,365 | 193,115 | ||||||
EssilorLuxottica S.A. | 1,642 | 279,547 | ||||||
Eurazeo SE | 634 | 48,716 | ||||||
Gaztransport & Technigaz S.A. | 853 | 101,574 | ||||||
Gecina S.A. | 1,055 | 118,844 | ||||||
Getlink SE | 2,197 | 40,203 | ||||||
Hermes International | 100 | 123,306 | ||||||
ICADE | 610 | 36,421 | ||||||
Klepierre S.A. | 4,222 | 101,056 | ||||||
Lagardere S.A. | 905 | 23,703 | ||||||
Legrand S.A. | 560 | 49,624 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 650 | 420,638 | ||||||
Neoen S.A.(2)(3) | 335 | 13,385 | ||||||
Nexity S.A. | 947 | 28,757 | ||||||
Orange S.A. | 15,431 | 183,712 | ||||||
Pernod Ricard S.A. | 615 | 126,926 | ||||||
Remy Cointreau S.A. | 343 | 67,994 | ||||||
Rothschild & Co. | 845 | 33,106 | ||||||
Rubis SCA | 2,794 | 74,313 | ||||||
Sanofi(1) | 5,890 | 622,543 | ||||||
Schneider Electric SE | 718 | 103,011 | ||||||
SCOR SE | 1,880 | 53,155 |
17 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
France (continued) | ||||||||
Technip Energies NV(2) | 3,214 | $ | 39,056 | |||||
Teleperformance | 177 | 63,527 | ||||||
Thales S.A. | 600 | 76,815 | ||||||
TotalEnergies SE | 9,935 | 487,838 | ||||||
Ubisoft Entertainment S.A.(2) | 1,529 | 69,130 | ||||||
Vinci S.A.(1) | 1,159 | 112,462 | ||||||
Vivendi SE(1) | 7,168 | 82,329 | ||||||
Wendel SE | 356 | 35,470 | ||||||
$ | 5,942,058 | |||||||
Germany — 8.9% | ||||||||
7C Solarparken AG | 10,508 | $ | 48,768 | |||||
adidas AG | 496 | 100,023 | ||||||
Allianz SE | 1,358 | 306,411 | ||||||
BASF SE | 3,663 | 192,904 | ||||||
Bayer AG | 2,559 | 168,564 | ||||||
Bayerische Motoren Werke AG | 1,291 | 105,431 | ||||||
Bechtle AG | 1,660 | 76,708 | ||||||
Beiersdorf AG | 2,967 | 298,007 | ||||||
Brenntag SE | 725 | 55,944 | ||||||
Covestro AG(3) | 1,939 | 83,485 | ||||||
Daimler Truck Holding AG(2) | 1,045 | 28,105 | ||||||
Delivery Hero SE(2)(3) | 1,222 | 42,957 | ||||||
Deutsche Bank AG(2) | 6,495 | 64,946 | ||||||
Deutsche Boerse AG | 570 | 99,234 | ||||||
Deutsche Post AG | 2,299 | 98,219 | ||||||
Deutsche Telekom AG | 26,429 | 486,853 | ||||||
Deutsche Wohnen SE | 3,511 | 100,554 | ||||||
E.ON SE | 42,145 | 438,601 | ||||||
Evonik Industries AG | 3,498 | 91,495 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,012 | 62,933 | ||||||
Hamborner REIT AG | 9,210 | 85,959 | ||||||
HelloFresh SE(2) | 1,527 | 64,369 | ||||||
Henkel AG & Co. KGaA, PFC Shares | 1,638 | 105,178 | ||||||
K+S AG(2) | 1,581 | 53,103 | ||||||
Knorr-Bremse AG | 346 | 24,675 | ||||||
Merck KGaA | 988 | 183,301 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 660 | 157,173 | ||||||
Nemetschek SE | 684 | 54,278 | ||||||
Puma SE | 927 | 68,207 | ||||||
QIAGEN NV(2) | 1,735 | 80,013 | ||||||
Rational AG | 97 | 59,174 | ||||||
SAP SE | 4,054 | 410,856 | ||||||
Sartorius AG, PFC Shares | 46 | 17,247 | ||||||
Siemens AG | 2,649 | 325,708 | ||||||
Siemens Healthineers AG(3) | 1,428 | 76,355 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
STRATEC SE | 127 | $ | 14,375 | |||||
Suedzucker AG | 11,715 | 152,572 | ||||||
Symrise AG | 1,413 | 168,139 | ||||||
TeamViewer AG(2)(3) | 2,797 | 33,561 | ||||||
Telefonica Deutschland Holding AG(3) | 31,010 | 93,263 | ||||||
Uniper SE | 4,579 | 117,702 | ||||||
United Internet AG | 2,526 | 81,264 | ||||||
VERBIO Vereinigte BioEnergie AG | 449 | 31,818 | ||||||
Vitesco Technologies Group AG(2) | 1,032 | 41,473 | ||||||
Volkswagen AG | 307 | 66,576 | ||||||
Volkswagen AG, PFC Shares | 790 | 122,344 | ||||||
Vonovia SE | 6,989 | 278,449 | ||||||
Zalando SE(2)(3) | 1,079 | 42,455 | ||||||
$ | 5,959,729 | |||||||
Hong Kong — 4.7% | ||||||||
AIA Group, Ltd. | 32,400 | $ | 318,290 | |||||
Bank of East Asia, Ltd. (The) | 28,200 | 41,728 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.(1) | 46,000 | 66,362 | ||||||
BOC Hong Kong Holdings, Ltd. | 20,000 | 72,397 | ||||||
Budweiser Brewing Co. APAC Ltd.(3) | 67,300 | 167,456 | ||||||
Cafe de Coral Holdings, Ltd. | 22,000 | 34,539 | ||||||
China Evergrande New Energy Vehicle Group, Ltd.(2)(4) | 88,500 | 28,872 | ||||||
China Traditional Chinese Medicine Holdings Co., Ltd. | 134,000 | 65,288 | ||||||
Chow Tai Fook Jewellery Group, Ltd. | 63,400 | 106,304 | ||||||
CK Asset Holdings, Ltd. | 12,000 | 81,350 | ||||||
CK Hutchison Holdings, Ltd. | 11,500 | 80,706 | ||||||
CLP Holdings, Ltd. | 15,000 | 146,376 | ||||||
Fosun International, Ltd. | 54,000 | 56,910 | ||||||
Galaxy Entertainment Group, Ltd. | 35,000 | 199,716 | ||||||
Hang Seng Bank, Ltd. | 2,400 | 42,493 | ||||||
Henderson Land Development Co., Ltd. | 15,260 | 61,712 | ||||||
HK Electric Investments & HK Electric Investments, Ltd. | 64,500 | 63,665 | ||||||
HKT Trust and HKT, Ltd. | 152,000 | 217,710 | ||||||
Hong Kong & China Gas Co., Ltd. | 111,906 | 123,423 | ||||||
Hysan Development Co., Ltd. | 5,000 | 14,711 | ||||||
Jardine Matheson Holdings, Ltd. | 2,800 | 148,313 | ||||||
Kerry Properties, Ltd. | 10,000 | 27,041 | ||||||
Link REIT | 12,000 | 103,653 | ||||||
MGM China Holdings, Ltd.(1)(2) | 75,200 | 43,043 | ||||||
MTR Corp., Ltd. | 17,000 | 90,323 | ||||||
New World Development Co., Ltd. | 11,000 | 42,073 | ||||||
NWS Holdings, Ltd. | 51,000 | 46,169 | ||||||
Pacific Basin Shipping, Ltd. | 119,000 | 54,598 | ||||||
Power Assets Holdings, Ltd. | 17,500 | 117,753 | ||||||
Sands China, Ltd.(2) | 34,800 | 76,705 |
18 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Shangri-La Asia, Ltd.(2) | 48,000 | $ | 36,343 | |||||
Sino Land Co., Ltd. | 32,000 | 42,297 | ||||||
SJM Holdings, Ltd.(1)(2) | 94,000 | 39,486 | ||||||
Sun Hung Kai Properties, Ltd. | 8,000 | 92,137 | ||||||
SUNeVision Holdings, Ltd. | 110,000 | 91,385 | ||||||
Swire Properties, Ltd. | 7,400 | 17,735 | ||||||
VSTECS Holdings, Ltd. | 60,000 | 51,657 | ||||||
VTech Holdings, Ltd. | 10,000 | 70,739 | ||||||
$ | 3,181,458 | |||||||
Ireland — 2.2% | ||||||||
Bank of Ireland Group PLC(2) | 45,892 | $ | 278,138 | |||||
CRH PLC | 6,065 | 239,718 | ||||||
DCC PLC | 1,267 | 95,999 | ||||||
Flutter Entertainment PLC(2) | 2,027 | 203,692 | ||||||
ICON PLC(2) | 980 | 221,686 | ||||||
Irish Residential Properties REIT PLC | 42,500 | 65,291 | ||||||
Kerry Group PLC, Class A | 1,947 | 214,880 | ||||||
Kingspan Group PLC | 1,672 | 155,642 | ||||||
$ | 1,475,046 | |||||||
Israel — 2.2% | ||||||||
Amot Investments, Ltd. | 5,499 | $ | 41,742 | |||||
Azrieli Group, Ltd. | 884 | 75,934 | �� | |||||
Bank Hapoalim B.M. | 4,902 | 45,447 | ||||||
Bank Leumi Le-Israel B.M. | 4,425 | 46,439 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd.(2) | 95,648 | 151,629 | ||||||
Check Point Software Technologies, Ltd.(2) | 385 | 48,622 | ||||||
Elbit Systems, Ltd. | 297 | 64,469 | ||||||
Electra, Ltd. | 118 | 80,972 | ||||||
Energix-Renewable Energies, Ltd. | 13,304 | 45,074 | ||||||
Fiverr International, Ltd.(1)(2) | 353 | 18,797 | ||||||
ICL Group, Ltd. | 12,708 | 137,809 | ||||||
Kenon Holdings, Ltd. | 1,599 | 91,323 | ||||||
Maytronics, Ltd. | 4,367 | 77,540 | ||||||
Mizrahi Tefahot Bank, Ltd. | 1,469 | 54,338 | ||||||
Nice, Ltd.(2) | 490 | 101,885 | ||||||
OPC Energy, Ltd.(2) | 1,911 | 21,008 | ||||||
Paz Oil Co., Ltd.(2) | 650 | 100,740 | ||||||
Reit 1, Ltd. | 7,407 | 48,052 | ||||||
Shufersal, Ltd. | 7,005 | 58,937 | ||||||
Strauss Group, Ltd. | 1,358 | 36,301 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR(2) | 15,917 | 138,637 | ||||||
$ | 1,485,695 |
Security | Shares | Value | ||||||
Italy — 4.4% | ||||||||
Assicurazioni Generali SpA(1) | 4,184 | $ | 79,216 | |||||
Atlantia SpA(2) | 6,270 | 149,574 | ||||||
Brunello Cucinelli SpA(2) | 1,252 | 64,082 | ||||||
Cementir Holding NV | 6,913 | 48,122 | ||||||
Davide Campari-Milano NV | 18,866 | 212,869 | ||||||
De’Longhi SpA | 1,200 | 29,100 | ||||||
DiaSorin SpA | 977 | 127,979 | ||||||
Enel SpA | 34,588 | 224,922 | ||||||
Eni SpA | 20,895 | 292,087 | ||||||
Ferrari NV | 1,054 | 221,925 | ||||||
FinecoBank Banca Fineco SpA | 1,887 | 26,232 | ||||||
GVS SpA(3) | 4,062 | 33,833 | ||||||
Infrastrutture Wireless Italiane SpA(3) | 25,801 | 275,305 | ||||||
Interpump Group SpA | 778 | 31,454 | ||||||
Intesa Sanpaolo SpA | 43,996 | 89,651 | ||||||
Italgas SpA | 7,381 | 47,790 | ||||||
Italmobiliare SpA | 1,360 | 43,086 | ||||||
Iveco Group NV(2) | 3,449 | 20,292 | ||||||
MFE-MediaForEurope NV, Class B(1) | 9,790 | 9,016 | ||||||
Poste Italiane SpA(3) | 5,564 | 54,522 | ||||||
Prysmian SpA | 3,437 | 111,788 | ||||||
RAI Way SpA(3) | 4,122 | 24,235 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 2,623 | 126,398 | ||||||
Reply SpA | 996 | 146,628 | ||||||
Saipem SpA(1)(2) | 25,787 | 29,185 | ||||||
Salvatore Ferragamo SpA(2) | 2,265 | 39,367 | ||||||
Saras SpA(2) | 14,538 | 13,531 | ||||||
STMicroelectronics NV | 7,572 | 279,952 | ||||||
Technogym SpA(1)(3) | 2,741 | 20,689 | ||||||
Terna - Rete Elettrica Nazionale | 8,968 | 73,144 | ||||||
UnipolSai Assicurazioni SpA | 10,716 | 30,142 | ||||||
$ | 2,976,116 | |||||||
Japan — 13.0% | ||||||||
Advance Residence Investment Corp. | 13 | $ | 35,599 | |||||
Aeon Co., Ltd. | 3,000 | 57,016 | ||||||
Aeon Mall Co., Ltd. | 1,800 | 21,902 | ||||||
Air Water, Inc. | 2,000 | 26,546 | ||||||
Ajinomoto Co., Inc. | 2,100 | 54,561 | ||||||
ANA Holdings, Inc.(2) | 1,100 | 20,736 | ||||||
Asahi Intecc Co., Ltd. | 2,500 | 48,310 | ||||||
Asahi Kasei Corp. | 8,100 | 66,458 | ||||||
Astellas Pharma, Inc. | 6,200 | 94,399 | ||||||
Bandai Namco Holdings, Inc. | 800 | 54,162 | ||||||
Bank of Kyoto, Ltd. (The) | 500 | 21,784 | ||||||
Bridgestone Corp. | 1,600 | 58,646 |
19 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Canon, Inc. | 3,000 | $ | 69,027 | |||||
Central Japan Railway Co. | 200 | 25,177 | ||||||
Chiba Bank, Ltd. (The) | 7,000 | 40,343 | ||||||
Chubu Electric Power Co., Inc. | 8,000 | 80,761 | ||||||
Chugai Pharmaceutical Co., Ltd. | 2,700 | 80,906 | ||||||
Chugoku Electric Power Co., Inc. (The) | 4,500 | 29,639 | ||||||
Concordia Financial Group, Ltd. | 10,800 | 39,302 | ||||||
CyberAgent, Inc. | 3,200 | 33,808 | ||||||
Daicel Corp. | 3,400 | 20,784 | ||||||
Daido Steel Co., Ltd. | 700 | 19,967 | ||||||
Daiichi Sankyo Co., Ltd. | 6,000 | 151,073 | ||||||
Daikin Industries, Ltd. | 500 | 76,409 | ||||||
Daito Trust Construction Co., Ltd. | 500 | 48,156 | ||||||
Daiwa House Industry Co., Ltd. | 3,500 | 84,141 | ||||||
Daiwa House REIT Investment Corp. | 23 | 55,982 | ||||||
Daiwa Securities Group, Inc. | 7,000 | 34,308 | ||||||
East Japan Railway Co. | 600 | 31,288 | ||||||
ENEOS Holdings, Inc. | 31,700 | 111,540 | ||||||
Fast Retailing Co., Ltd. | 100 | 46,041 | ||||||
Frontier Real Estate Investment Corp. | 8 | 30,996 | ||||||
FUJIFILM Holdings Corp. | 800 | 43,977 | ||||||
Fujitsu, Ltd. | 300 | 45,345 | ||||||
GLP J-REIT | 28 | 37,782 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,000 | 26,392 | ||||||
Hirose Electric Co., Ltd. | 315 | 39,965 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 1,100 | 30,136 | ||||||
Hitachi, Ltd. | 1,300 | 61,654 | ||||||
Hoya Corp. | 1,100 | 109,166 | ||||||
Hulic Co., Ltd. | 4,000 | 33,774 | ||||||
Idemitsu Kosan Co., Ltd. | 3,700 | 97,514 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 21 | 30,133 | ||||||
Ito En, Ltd.(1) | 600 | 24,657 | ||||||
ITOCHU Corp. | 1,500 | 45,271 | ||||||
Iwatani Corp. | 1,800 | 71,616 | ||||||
Japan Exchange Group, Inc. | 2,100 | 31,270 | ||||||
Japan Post Bank Co., Ltd. | 2,300 | 17,352 | ||||||
Japan Post Holdings Co., Ltd. | 5,300 | 37,163 | ||||||
Japan Real Estate Investment Corp. | 11 | 53,238 | ||||||
Japan Tobacco, Inc. | 3,400 | 57,840 | ||||||
JSR Corp. | 1,500 | 40,733 | ||||||
Kajima Corp. | 2,000 | 22,289 | ||||||
Kakaku.com, Inc. | 1,900 | 39,789 | ||||||
Kansai Paint Co., Ltd. | 1,400 | 19,281 | ||||||
Kao Corp. | 1,600 | 64,126 | ||||||
KDDI Corp. | 6,400 | 211,934 | ||||||
Kenedix Office Investment Corp. | 6 | 31,360 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Keyence Corp. | 400 | $ | 160,802 | |||||
Kintetsu Group Holdings Co., Ltd. | 800 | 22,937 | ||||||
Kirin Holdings Co., Ltd. | 3,800 | 55,395 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 500 | 34,097 | ||||||
Kobe Bussan Co., Ltd. | 1,400 | 34,131 | ||||||
Kuraray Co., Ltd. | 2,500 | 19,994 | ||||||
Kyocera Corp. | 900 | 47,256 | ||||||
Kyowa Kirin Co., Ltd. | 1,300 | 27,400 | ||||||
Kyushu Electric Power Co., Inc. | 6,600 | 41,424 | ||||||
Lasertec Corp. | 200 | 26,720 | ||||||
Makita Corp. | 1,000 | 29,557 | ||||||
Marubeni Corp. | 7,000 | 76,409 | ||||||
Maruichi Steel Tube, Ltd.(1) | 1,200 | 25,611 | ||||||
MatsukiyoCocokara & Co. | 900 | 29,750 | ||||||
MEIJI Holdings Co., Ltd. | 800 | 39,878 | ||||||
Mitsubishi Chemical Holdings Corp. | 10,000 | 60,976 | ||||||
Mitsubishi Corp.(1) | 2,200 | 73,866 | ||||||
Mitsubishi Electric Corp. | 2,600 | 27,233 | ||||||
Mitsubishi Estate Co., Ltd. | 7,600 | 110,706 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,600 | 23,365 | ||||||
Mitsubishi UFJ Financial Group, Inc.(5) | 26,800 | 155,798 | ||||||
Mitsui & Co., Ltd. | 1,400 | 33,902 | ||||||
Mitsui Chemicals, Inc. | 1,300 | 29,702 | ||||||
Mitsui Fudosan Co., Ltd. | 5,100 | 108,088 | ||||||
Mizuho Financial Group, Inc. | 6,730 | 81,720 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,800 | 53,581 | ||||||
Murata Manufacturing Co., Ltd. | 1,500 | 89,411 | ||||||
NEC Corp. | 1,500 | 58,194 | ||||||
Nexon Co., Ltd. | 3,000 | 68,313 | ||||||
Nichirei Corp. | 1,500 | 27,541 | ||||||
Nidec Corp. | 500 | 32,325 | ||||||
Nintendo Co., Ltd. | 400 | 182,556 | ||||||
Nippon Accommodations Fund, Inc. | 8 | 39,403 | ||||||
Nippon Building Fund, Inc. | 11 | 57,104 | ||||||
Nippon Paint Holdings Co., Ltd. | 6,000 | 47,528 | ||||||
Nippon Prologis REIT, Inc. | 23 | 63,659 | ||||||
Nippon Shokubai Co., Ltd. | 600 | 24,139 | ||||||
Nippon Telegraph & Telephone Corp. | 5,000 | 147,347 | ||||||
Nissin Foods Holdings Co., Ltd. | 700 | 48,694 | ||||||
Nitori Holdings Co., Ltd. | 400 | 41,152 | ||||||
Nitto Denko Corp. | 700 | 46,985 | ||||||
NOF Corp. | 800 | 30,028 | ||||||
Nomura Research Institute, Ltd. | 2,000 | 56,553 | ||||||
NTT Data Corp. | 4,400 | 81,127 | ||||||
Obic Co., Ltd. | 300 | 44,322 | ||||||
Oji Holdings Corp. | 9,300 | 44,054 |
20 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Ono Pharmaceutical Co., Ltd. | 2,500 | $ | 64,226 | |||||
Oriental Land Co., Ltd. | 500 | 75,635 | ||||||
Osaka Gas Co., Ltd. | 4,100 | 73,896 | ||||||
Otsuka Holdings Co., Ltd. | 2,400 | 80,646 | ||||||
Pan Pacific International Holdings Corp. | 2,000 | 30,627 | ||||||
PeptiDream, Inc.(2) | 2,200 | 35,483 | ||||||
Pigeon Corp. | 2,100 | 35,816 | ||||||
Rakuten Group, Inc.(1) | 3,000 | 21,090 | ||||||
Resona Holdings, Inc. | 12,400 | 53,920 | ||||||
Ricoh Co., Ltd. | 4,000 | 29,208 | ||||||
Rinnai Corp. | 600 | 38,352 | ||||||
Santen Pharmaceutical Co., Ltd. | 2,700 | 21,964 | ||||||
Sekisui House, Ltd. | 2,000 | 34,736 | ||||||
Seven & i Holdings Co., Ltd. | 2,500 | 110,542 | ||||||
Shikoku Electric Power Co., Inc. | 5,200 | 29,897 | ||||||
Shimadzu Corp. | 1,200 | 39,231 | ||||||
Shimano, Inc. | 300 | 53,155 | ||||||
Shin-Etsu Chemical Co., Ltd. | 1,300 | 178,665 | ||||||
Shizuoka Bank, Ltd. (The) | 5,800 | 37,526 | ||||||
Showa Denko K.K. | 1,600 | 31,133 | ||||||
SMC Corp. | 100 | 48,422 | ||||||
SoftBank Corp. | 11,800 | 137,327 | ||||||
Sony Group Corp. | 1,600 | 138,082 | ||||||
Square Enix Holdings Co., Ltd. | 700 | 27,948 | ||||||
Sumitomo Chemical Co., Ltd. | 10,900 | 46,349 | ||||||
Sumitomo Corp. | 1,600 | 25,318 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 3,800 | 114,813 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,500 | 46,556 | ||||||
Sumitomo Realty & Development Co., Ltd. | 2,600 | 68,974 | ||||||
Suntory Beverage & Food, Ltd. | 900 | 35,461 | ||||||
Sysmex Corp. | 800 | 52,478 | ||||||
Takeda Pharmaceutical Co., Ltd. | 5,000 | 145,083 | ||||||
TDK Corp. | 600 | 18,535 | ||||||
TEIJIN, Ltd. | 1,400 | 14,961 | ||||||
Toho Gas Co., Ltd. | 1,500 | 35,189 | ||||||
Tokio Marine Holdings, Inc. | 2,000 | 108,137 | ||||||
Tokyo Gas Co., Ltd. | 5,200 | 99,603 | ||||||
Tokyu Corp. | 2,000 | 24,458 | ||||||
Toppan, Inc. | 2,000 | 33,059 | ||||||
Toshiba Corp. | 1,800 | 74,751 | ||||||
Tosoh Corp. | 2,200 | 30,379 | ||||||
Toyo Suisan Kaisha, Ltd. | 1,000 | 30,876 | ||||||
Toyobo Co., Ltd. | 1,800 | 14,799 | ||||||
Toyota Industries Corp. | 400 | 23,991 | ||||||
Toyota Motor Corp. | 14,500 | 248,439 | ||||||
Trend Micro, Inc. | 600 | 33,454 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Tsuruha Holdings, Inc. | 500 | $ | 25,554 | |||||
Unicharm Corp. | 2,200 | 76,542 | ||||||
Welcia Holdings Co., Ltd. | 1,200 | 24,599 | ||||||
Yakult Honsha Co., Ltd. | 500 | 25,890 | ||||||
Yamato Holdings Co., Ltd. | 2,000 | 37,424 | ||||||
Yamato Kogyo Co., Ltd. | 1,000 | 32,273 | ||||||
Yamazaki Baking Co., Ltd. | 2,000 | 24,724 | ||||||
Z Holdings Corp. | 17,000 | 66,739 | ||||||
$ | 8,721,192 | |||||||
Netherlands — 4.4% | ||||||||
ABN AMRO Bank NV(1)(3) | 2,263 | $ | 28,132 | |||||
Aegon NV(1) | 12,248 | 63,502 | ||||||
ASML Holding NV | 768 | 435,870 | ||||||
ASR Nederland NV | 1,620 | 73,627 | ||||||
Boskalis Westminster NV | 954 | 33,133 | ||||||
Corbion NV | 2,072 | 71,837 | ||||||
Euronext NV(3) | 576 | 46,150 | ||||||
Flow Traders(1)(3) | 619 | 20,208 | ||||||
IMCD NV(1) | 840 | 133,747 | ||||||
ING Groep NV | 3,977 | 37,679 | ||||||
JDE Peet’s NV | 1,640 | 48,247 | ||||||
Just Eat Takeaway.com NV(1)(2)(3) | 2,956 | 80,292 | ||||||
Koninklijke Ahold Delhaize NV | 9,251 | 272,867 | ||||||
Koninklijke DSM NV | 1,609 | 270,488 | ||||||
Koninklijke KPN NV | 80,454 | 277,614 | ||||||
Koninklijke Philips NV | 7,407 | 193,553 | ||||||
Koninklijke Vopak NV(1) | 771 | 20,732 | ||||||
NN Group NV | 1,992 | 97,571 | ||||||
NSI NV | 1,000 | 39,117 | ||||||
Prosus NV(1) | 4,499 | 216,981 | ||||||
SBM Offshore NV | 4,496 | 65,152 | ||||||
Signify NV(3) | 1,727 | 73,065 | ||||||
Universal Music Group NV | 7,168 | 166,344 | ||||||
Wolters Kluwer NV | 2,003 | 202,268 | ||||||
$ | 2,968,176 | |||||||
New Zealand — 1.1% | ||||||||
a2 Milk Co., Ltd. (The)(1)(2) | 19,927 | $ | 63,142 | |||||
Auckland International Airport, Ltd.(2) | 12,240 | 61,482 | ||||||
Contact Energy, Ltd. | 9,580 | 50,330 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 3,040 | 41,776 | ||||||
Fletcher Building, Ltd. | 7,381 | 29,402 | ||||||
Goodman Property Trust | 27,739 | 40,379 | ||||||
Heartland Group Holdings, Ltd. | 19,544 | 28,852 | ||||||
KMD Brands, Ltd. | 27,332 | 24,221 |
21 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
New Zealand (continued) | ||||||||
Mercury NZ, Ltd. | 13,643 | $ | 52,895 | |||||
Pacific Edge, Ltd.(2) | 33,981 | 19,637 | ||||||
Precinct Properties New Zealand, Ltd. | 27,851 | 27,217 | ||||||
Pushpay Holdings, Ltd.(2) | 16,676 | 14,065 | ||||||
SKYCITY Entertainment Group, Ltd. | 23,126 | 43,203 | ||||||
Spark New Zealand, Ltd. | 29,667 | 93,828 | ||||||
Xero, Ltd.(2) | 1,231 | 81,175 | ||||||
Z Energy, Ltd. | 22,601 | 54,923 | ||||||
$ | 726,527 | |||||||
Norway — 2.2% | ||||||||
Atea ASA | 6,274 | $ | 74,759 | |||||
Borregaard ASA | 2,485 | 47,401 | ||||||
DNB Bank ASA(1) | 4,962 | 96,150 | ||||||
Elmera Group ASA(3) | 4,604 | 10,390 | ||||||
Entra ASA(3) | 6,540 | 107,830 | ||||||
Equinor ASA | 6,138 | 207,462 | ||||||
Europris ASA(3) | 9,810 | 49,847 | ||||||
Gjensidige Forsikring ASA | 1,701 | 36,366 | ||||||
Kongsberg Gruppen ASA | 1,873 | 80,450 | ||||||
Mowi ASA | 4,027 | 113,751 | ||||||
Nordic Nanovector ASA(1)(2) | 9,318 | 14,138 | ||||||
Nordic Semiconductor ASA(2) | 1,783 | 35,448 | ||||||
Opera, Ltd. ADR(2) | 6,200 | 35,092 | ||||||
Orkla ASA(1) | 8,207 | 66,597 | ||||||
Scatec ASA(1)(3) | 3,300 | 39,886 | ||||||
Schibsted ASA, Class B | 1,364 | 26,219 | ||||||
SFL Corp, Ltd. | 2,400 | 23,808 | ||||||
SpareBank 1 SMN | 2,095 | 29,356 | ||||||
Telenor ASA | 10,353 | 146,013 | ||||||
Tomra Systems ASA | 1,225 | 48,174 | ||||||
Veidekke ASA | 3,671 | 47,534 | ||||||
Yara International ASA | 2,459 | 125,036 | ||||||
$ | 1,461,707 | |||||||
Portugal — 1.2% | ||||||||
Banco Comercial Portugues S.A.(2) | 634,436 | $ | 98,077 | |||||
Corticeira Amorim SGPS S.A. | 4,721 | 48,839 | ||||||
CTT-Correios de Portugal S.A. | 12,855 | 58,105 | ||||||
EDP-Energias de Portugal S.A.(1) | 19,728 | 91,946 | ||||||
Galp Energia SGPS S.A., Class B(1) | 13,571 | 165,181 | ||||||
Jeronimo Martins SGPS S.A. | 5,858 | 121,944 | ||||||
Navigator Co. S.A. (The) | 25,712 | 105,476 | ||||||
NOS SGPS S.A. | 17,214 | 72,794 | ||||||
REN - Redes Energeticas Nacionais SGPS S.A. | 11,590 | 35,328 | ||||||
$ | 797,690 |
Security | Shares | Value | ||||||
Singapore — 2.3% | ||||||||
Ascendas Real Estate Investment Trust | 23,500 | $ | 48,351 | |||||
CapitaLand Investment, Ltd.(2) | 11,500 | 34,870 | ||||||
ComfortDelGro Corp., Ltd. | 36,500 | 38,557 | ||||||
Flex, Ltd.(2) | 9,257 | 152,648 | ||||||
Genting Singapore, Ltd. | 108,600 | 63,052 | ||||||
Keppel Corp., Ltd. | 17,800 | 87,786 | ||||||
Keppel Infrastructure Trust | 106,657 | 42,587 | ||||||
Mapletree Commercial Trust | 18,500 | 24,881 | ||||||
Mapletree Industrial Trust | 18,060 | 33,936 | ||||||
Mapletree Logistics Trust | 30,900 | 39,686 | ||||||
Olam Group, Ltd. | 33,100 | 40,449 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 14,700 | 130,515 | ||||||
Raffles Medical Group, Ltd. | 38,400 | 33,160 | ||||||
Sea, Ltd. ADR(2) | 965 | 79,863 | ||||||
Sembcorp Industries, Ltd. | 21,400 | 45,321 | ||||||
Singapore Airlines, Ltd.(1)(2) | 14,800 | 58,337 | ||||||
Singapore Exchange, Ltd. | 7,000 | 49,254 | ||||||
Singapore Post, Ltd. | 26,100 | 13,403 | ||||||
Singapore Technologies Engineering, Ltd. | 19,500 | 57,430 | ||||||
Singapore Telecommunications, Ltd. | 42,000 | 83,823 | ||||||
Suntec Real Estate Investment Trust | 27,000 | 35,669 | ||||||
United Overseas Bank, Ltd. | 4,500 | 96,328 | ||||||
UOL Group, Ltd. | 4,600 | 24,171 | ||||||
Venture Corp., Ltd. | 5,000 | 61,380 | ||||||
Wilmar International, Ltd. | 58,400 | 186,161 | ||||||
$ | 1,561,618 | |||||||
Spain — 4.5% | ||||||||
Acerinox S.A. | 6,807 | $ | 71,672 | |||||
Aena SME S.A.(2)(3) | 1,064 | 150,992 | ||||||
Almirall S.A. | 2,700 | 35,076 | ||||||
Amadeus IT Group S.A.(2) | 5,033 | 315,382 | ||||||
Banco Santander S.A.(1) | 70,803 | 206,911 | ||||||
Bankinter S.A. | 12,265 | 72,178 | ||||||
CaixaBank S.A.(1) | 33,334 | 107,599 | ||||||
Cellnex Telecom S.A.(3) | 4,799 | 223,683 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 2,665 | 49,104 | ||||||
Ebro Foods S.A.(1) | 2,380 | 42,791 | ||||||
Ercros SA(2) | 8,525 | 29,233 | ||||||
Fluidra S.A.(1) | 2,164 | 58,567 | ||||||
Grifols S.A.(1) | 5,904 | 98,885 | ||||||
Iberdrola S.A. | 28,131 | 323,248 | ||||||
Indra Sistemas S.A.(2) | 3,340 | 34,037 | ||||||
Industria de Diseno Textil S.A.(1) | 10,976 | 230,137 | ||||||
Laboratorios Farmaceuticos Rovi S.A. | 1,773 | 121,062 |
22 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros(1) | 5,974 | $ | 8,582 | |||||
Merlin Properties Socimi S.A. | 18,476 | 200,717 | ||||||
Metrovacesa SA(3) | 2,645 | 21,121 | ||||||
Red Electrica Corp. S.A. | 2,456 | 49,450 | ||||||
Repsol S.A. | 32,787 | 489,112 | ||||||
Telefonica S.A. | 14,746 | 71,734 | ||||||
Viscofan S.A. | 825 | 45,543 | ||||||
$ | 3,056,816 | |||||||
Sweden — 4.4% | ||||||||
Alfa Laval AB(1) | 2,000 | $ | 55,673 | |||||
Arjo AB, Class B | 8,801 | 66,068 | ||||||
Assa Abloy AB, Class B(1) | 2,883 | 72,860 | ||||||
Atlas Copco AB, Class A(1) | 751 | 34,048 | ||||||
Axfood AB(1) | 2,975 | 88,036 | ||||||
BillerudKorsnas AB | 2,548 | 39,319 | ||||||
BioGaia AB, Class B | 921 | 57,910 | ||||||
Boliden AB(1) | 711 | 30,830 | ||||||
Castellum AB(1) | 6,400 | 126,741 | ||||||
Electrolux AB, Class B(1) | 3,051 | 46,529 | ||||||
Elekta AB, Class B | 5,121 | 34,491 | ||||||
Embracer Group AB(1)(2) | 4,344 | 29,035 | ||||||
Epiroc AB, Class A(1) | 2,897 | 58,731 | ||||||
Essity AB, Class B | 7,328 | 193,247 | ||||||
Evolution AB(3) | 1,309 | 134,301 | ||||||
Fabege AB | 7,085 | 85,999 | ||||||
Fingerprint Cards AB, Class B(1)(2) | 29,632 | 34,129 | ||||||
Getinge AB, Class B | 2,649 | 76,630 | ||||||
HMS Networks AB | 1,113 | 45,555 | ||||||
Holmen AB, Class B | 2,532 | 146,346 | ||||||
Husqvarna AB, Class B(1) | 3,790 | 36,229 | ||||||
Industrivarden AB, Class A(1) | 1,060 | 27,160 | ||||||
Investor AB, Class A | 2,160 | 45,115 | ||||||
Investor AB, Class B | 5,782 | 111,262 | ||||||
JM AB | 2,031 | 46,906 | ||||||
Lundin Energy AB | 4,713 | 194,863 | ||||||
MIPS AB | 368 | 26,135 | ||||||
Mycronic AB | 2,681 | 46,884 | ||||||
Oatly Group AB ADR(1)(2) | 7,600 | 27,056 | ||||||
Securitas AB, Class B(1) | 1,900 | 22,433 | ||||||
Skanska AB, Class B | 1,238 | 23,649 | ||||||
Spotify Technology S.A.(2) | 972 | 98,804 | ||||||
Svenska Cellulosa AB SCA, Class B | 9,048 | 175,104 | ||||||
Svenska Handelsbanken AB, Class A | 7,120 | 71,815 | ||||||
Swedbank AB, Class A | 5,109 | 80,820 |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Swedish Orphan Biovitrum AB(2) | 2,203 | $ | 46,344 | |||||
Tele2 AB, Class B(1) | 4,040 | 53,547 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 21,275 | 169,715 | ||||||
Telia Co. AB | 19,206 | 79,717 | ||||||
Thule Group AB(1)(3) | 1,277 | 44,295 | ||||||
Vitrolife AB | 1,099 | 28,259 | ||||||
Wallenstam AB, Class B | 3,540 | 39,141 | ||||||
Wihlborgs Fastigheter AB | 1,734 | 30,063 | ||||||
$ | 2,981,794 | |||||||
Switzerland — 9.0% | ||||||||
Allreal Holding AG | 346 | $ | 65,263 | |||||
ALSO Holding AG | 245 | 55,403 | ||||||
Baloise Holding AG | 396 | 68,881 | ||||||
Banque Cantonale Vaudoise | 570 | 48,172 | ||||||
Belimo Holding AG | 140 | 69,191 | ||||||
BKW AG | 330 | 40,171 | ||||||
Bucher Industries AG | 58 | 20,911 | ||||||
Cembra Money Bank AG | 670 | 48,344 | ||||||
Cie Financiere Richemont S.A. | 5,363 | 623,131 | ||||||
DKSH Holding AG | 773 | 66,373 | ||||||
Ems-Chemie Holding AG | 104 | 92,781 | ||||||
Flughafen Zurich AG(2) | 154 | 26,041 | ||||||
Forbo Holding AG | 26 | 38,061 | ||||||
Geberit AG | 221 | 126,030 | ||||||
Givaudan S.A. | 74 | 294,115 | ||||||
Helvetia Holding AG | 425 | 54,615 | ||||||
Inficon Holding AG | 86 | 78,301 | ||||||
Intershop Holding AG | 78 | 50,792 | ||||||
Kuehne & Nagel International AG | 464 | 129,802 | ||||||
Landis+Gyr Group AG | 1,111 | 62,004 | ||||||
LEM Holding S.A. | 13 | 29,948 | ||||||
Logitech International S.A. | 2,732 | 177,795 | ||||||
Mobilezone Holding AG | 4,644 | 75,196 | ||||||
Nestle S.A. | 6,911 | 892,169 | ||||||
Novartis AG | 4,292 | 379,281 | ||||||
Roche Holding AG PC | 1,212 | 449,426 | ||||||
Roche Holding AG, Bearer Shares | 218 | 87,580 | ||||||
Schindler Holding AG | 320 | 61,432 | ||||||
Schindler Holding AG PC | 353 | 67,820 | ||||||
Schweiter Technologies AG(1) | 45 | 45,275 | ||||||
SGS S.A. | 32 | 82,225 | ||||||
SIG Group AG | 5,783 | 121,070 | ||||||
Sika AG | 1,144 | 349,444 | ||||||
Stadler Rail AG(1) | 1,511 | 54,897 | ||||||
Swatch Group AG (The) | 155 | 39,780 |
23 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Swiss Life Holding AG | 264 | $ | 154,365 | |||||
Swiss Prime Site AG | 1,328 | 129,805 | ||||||
Swiss Re AG | 262 | 21,486 | ||||||
Swisscom AG | 418 | 247,164 | ||||||
UBS Group AG | 8,639 | 146,661 | ||||||
Valora Holding AG | 245 | 40,059 | ||||||
Zehnder Group AG | 691 | 54,033 | ||||||
Zurich Insurance Group AG | 683 | 310,949 | ||||||
$ | 6,076,242 | |||||||
United Kingdom — 9.1% | ||||||||
3i Group PLC | 3,933 | $ | 64,364 | |||||
Admiral Group PLC | 1,052 | 33,114 | ||||||
Antofagasta PLC | 2,417 | 46,271 | ||||||
Assura PLC | 34,782 | 28,697 | ||||||
AstraZeneca PLC | 4,331 | 577,934 | ||||||
Auto Trader Group PLC(3) | 12,550 | 99,047 | ||||||
Avast PLC(3) | 12,144 | 86,102 | ||||||
Aviva PLC | 11,882 | 63,748 | ||||||
BAE Systems PLC | 8,600 | 79,435 | ||||||
Bellway PLC | 608 | 18,466 | ||||||
Berkeley Group Holdings PLC | 509 | 25,815 | ||||||
Big Yellow Group PLC | 2,400 | 43,373 | ||||||
BP PLC | 23,461 | 113,265 | ||||||
British American Tobacco PLC | 3,774 | 158,177 | ||||||
BT Group PLC | 20,087 | 44,545 | ||||||
Bunzl PLC | 1,400 | 54,013 | ||||||
Burberry Group PLC | 1,532 | 30,235 | ||||||
Capricorn Energy PLC(2) | 43,432 | 111,709 | ||||||
Compass Group PLC | 5,483 | 115,701 | ||||||
Croda International PLC | 729 | 70,805 | ||||||
Derwent London PLC | 1,020 | 38,701 | ||||||
Direct Line Insurance Group PLC | 9,041 | 28,695 | ||||||
Diversified Energy Co. PLC | 103,611 | 156,541 | ||||||
DS Smith PLC | 10,893 | 44,762 | ||||||
Experian PLC | 2,304 | 79,567 | ||||||
Ferguson PLC | 689 | 86,434 | ||||||
Fresnillo PLC | 1,893 | 18,317 | ||||||
Grainger PLC | 11,835 | 44,023 | ||||||
Great Portland Estates PLC | 4,065 | 34,528 | ||||||
Halma PLC | 5,460 | 167,598 | ||||||
Hikma Pharmaceuticals PLC | 1,344 | 31,571 | ||||||
Howden Joinery Group PLC | 5,263 | 49,828 | ||||||
HSBC Holdings PLC | 21,374 | 133,569 | ||||||
InterContinental Hotels Group PLC | 751 | 47,944 | ||||||
Intertek Group PLC | 543 | 33,837 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Lloyds Banking Group PLC | 135,333 | $ | 76,864 | |||||
London Stock Exchange Group PLC | 726 | 71,578 | ||||||
LondonMetric Property PLC | 11,374 | 38,443 | ||||||
Marks & Spencer Group PLC(2) | 30,532 | 52,122 | ||||||
Mondi PLC | 3,379 | 63,478 | ||||||
Moneysupermarket.com Group PLC | 7,023 | 15,385 | ||||||
National Grid PLC | 18,771 | 278,880 | ||||||
NCC Group PLC(1) | 21,199 | 48,117 | ||||||
Next PLC | 582 | 43,592 | ||||||
Pearson PLC | 5,346 | 51,909 | ||||||
Pennon Group PLC | 2,714 | 37,714 | ||||||
Persimmon PLC | 2,761 | 71,908 | ||||||
Phoenix Group Holdings PLC | 5,262 | 39,856 | ||||||
Primary Health Properties PLC | 23,037 | 41,778 | ||||||
QinetiQ Group PLC | 8,311 | 35,260 | ||||||
Reckitt Benckiser Group PLC | 1,454 | 113,391 | ||||||
RELX PLC | 3,168 | 94,376 | ||||||
Rentokil Initial PLC | 5,526 | 37,954 | ||||||
Rightmove PLC | 13,046 | 100,286 | ||||||
Rio Tinto PLC | 3,415 | 241,291 | ||||||
Safestore Holdings PLC | 3,803 | 59,828 | ||||||
Sage Group PLC (The) | 15,349 | 140,851 | ||||||
Segro PLC | 8,635 | 144,568 | ||||||
Severn Trent PLC | 3,397 | 133,507 | ||||||
Shell PLC | 13,561 | 364,057 | ||||||
Sirius Real Estate, Ltd. | 24,045 | 36,549 | ||||||
Spectris PLC | 815 | 29,808 | ||||||
Spirax-Sarco Engineering PLC | 358 | 54,021 | ||||||
Standard Chartered PLC | 5,917 | 40,451 | ||||||
Taylor Wimpey PLC | 12,334 | 19,398 | ||||||
Tesco PLC | 31,547 | 107,175 | ||||||
Tritax Big Box REIT PLC | 37,589 | 114,747 | ||||||
Unilever PLC | 2,896 | 134,415 | ||||||
United Utilities Group PLC | 9,445 | 135,728 | ||||||
Vodafone Group PLC | 116,824 | 176,867 | ||||||
$ | 6,106,883 | |||||||
Total Common Stocks | $ | 66,790,970 |
24 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Short-Term Investments — 5.1% | ||||||||
Affiliated Fund — 0.1% | ||||||||
Security | Shares | Value | ||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.30%(6) | 65,993 | $ | 65,993 | |||||
Total Affiliated Fund | $ | 65,993 | ||||||
Securities Lending Collateral — 5.0% | ||||||||
Security | Shares | Value | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31%(7) | 3,352,039 | $ | 3,352,039 | |||||
Total Securities Lending Collateral | $ | 3,352,039 | ||||||
Total Short-Term Investments | $ | 3,418,032 | ||||||
Total Investments — 104.3% | $ | 70,209,002 | ||||||
Other Assets, Less Liabilities — (4.3)% | $ | (2,862,997 | ) | |||||
Net Assets — 100.0% | $ | 67,346,005 |
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, 2022. The aggregate market value of securities on loan at April 30, 2022 was $5,592,383. |
(2) | Non-income producing security. |
(3) | 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, 2022, the aggregate value of these securities is $2,533,255 or 3.8% of the Portfolio’s net assets. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). |
(5) | Represents an investment in an issuer that may be deemed to be an affiliate (see Note 7). |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2022. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Sector Classification of Portfolio | ||||||||
Sector | Percentage of Net Assets | Value | ||||||
Financials | 11.1 | % | $ | 7,479,100 | ||||
Industrials | 10.9 | 7,318,907 | ||||||
Consumer Discretionary | 10.0 | 6,716,013 | ||||||
Health Care | 9.7 | 6,553,675 | ||||||
Consumer Staples | 9.7 | 6,514,444 | ||||||
Materials | 9.5 | 6,400,135 | ||||||
Information Technology | 9.0 | 6,084,919 | ||||||
Communication Services | 8.5 | 5,747,563 | ||||||
Real Estate | 7.8 | 5,223,040 | ||||||
Utilities | 6.5 | 4,409,102 | ||||||
Energy | 6.5 | 4,344,072 | ||||||
Short-Term Investments | 5.1 | 3,418,032 | ||||||
Total Investments | 104.3 | % | $ | 70,209,002 |
Abbreviations:
ADR | – | American Depositary Receipt | ||
PC | – | Participation Certificate | ||
PFC Shares | – | Preference Shares |
25 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Statement of Assets and Liabilities (Unaudited)
Assets | April 30, 2022 | |||
Unaffiliated investments, at value (identified cost $64,194,854) — including $5,592,383 of securities on loan | $ | 69,987,211 | ||
Affiliated investments, at value (identified cost $207,044) | 221,791 | |||
Foreign currency, at value (identified cost $150,661) | 147,771 | |||
Dividends receivable | 203,915 | |||
Dividends receivable from affiliated investments | 2,699 | |||
Securities lending income receivable | 5,304 | |||
Tax reclaims receivable | 206,685 | |||
Total assets | $ | 70,775,376 | ||
Liabilities | ||||
Collateral for securities loaned | $ | 3,352,039 | ||
Payable to affiliates: | ||||
Investment adviser fee | 28,979 | |||
Trustees’ fees | 356 | |||
Accrued expenses | 47,997 | |||
Total liabilities | $ | 3,429,371 | ||
Net Assets applicable to investors’ interest in Portfolio | $ | 67,346,005 |
26 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Statement of Operations (Unaudited)
Investment Income | Six Months Ended April 30, 2022 | |||
Dividend income (net of foreign taxes withheld of $127,492) | $ | 955,233 | ||
Dividend income from affiliated investments (net of foreign taxes withheld of $487) | 2,771 | |||
Securities lending income, net | 17,954 | |||
Total investment income | $ | 975,958 | ||
Expenses | ||||
Investment adviser fee | $ | 181,583 | ||
Trustees’ fees and expenses | 2,145 | |||
Custodian fee | 34,033 | |||
Legal and accounting services | 26,983 | |||
Miscellaneous | 3,280 | |||
Total expenses | $ | 248,024 | ||
Deduct: | ||||
Waiver and/or reimbursement of expenses by affiliate | $ | 2 | ||
Total expense reductions | $ | 2 | ||
Net expenses | $ | 248,022 | ||
Net investment income | $ | 727,936 | ||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss): | ||||
Investment transactions | $ | (126,919 | ) | |
Investment transactions - affiliated investments | (2,328 | ) | ||
Foreign currency transactions | 674 | |||
Net realized loss | $ | (128,573 | ) | |
Change in unrealized appreciation (depreciation): | ||||
Investments | $ | (10,389,318 | ) | |
Investments - affiliated investments | 12,203 | |||
Foreign currency | (24,389 | ) | ||
Net change in unrealized appreciation (depreciation) | $ | (10,401,504 | ) | |
Net realized and unrealized loss | $ | (10,530,077 | ) | |
Net decrease in net assets from operations | $ | (9,802,141 | ) |
27 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets | Six Months Ended April 30, 2022 (Unaudited) | Year Ended October 31, 2021 | ||||||
From operations: | ||||||||
Net investment income | $ | 727,936 | $ | 1,715,573 | ||||
Net realized loss | (128,573 | ) | (639,164 | ) | ||||
Net change in unrealized appreciation (depreciation) | (10,401,504 | ) | 17,468,645 | |||||
Net increase (decrease) in net assets from operations | $ | (9,802,141 | ) | $ | 18,545,054 | |||
Capital transactions: | ||||||||
Contributions | $ | 3,697,942 | $ | 4,433,462 | ||||
Withdrawals | (3,636,812 | ) | (5,907,437 | ) | ||||
Net increase (decrease) in net assets from capital transactions | $ | 61,130 | $ | (1,473,975 | ) | |||
Net increase (decrease) in net assets | $ | (9,741,011 | ) | $ | 17,071,079 | |||
Net Assets | ||||||||
At beginning of period | $ | 77,087,016 | $ | 60,015,937 | ||||
At end of period | $ | 67,346,005 | $ | 77,087,016 |
28 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Financial Highlights
Six Months Ended April 30, 2022 | Year Ended October 31, | |||||||||||||||||||||||
Ratios/Supplemental Data | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||||||||||
Expenses | 0.68 | %(1)(2) | 0.68 | % | 0.69 | % | 0.74 | % | 0.71 | % | 0.68 | % | ||||||||||||
Net investment income | 2.01 | %(1) | 2.31 | % | 1.74 | % | 2.53 | % | 1.90 | % | 2.30 | % | ||||||||||||
Portfolio Turnover | 12 | %(3) | 23 | % | 10 | % | 37 | % | 30 | % | 26 | % | ||||||||||||
Total Return | (12.73 | )%(3) | 31.20 | % | (5.07 | )% | 11.59 | % | (5.77 | )% | 22.05 | % | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 67,346 | $ | 77,087 | $ | 60,016 | $ | 71,054 | $ | 68,042 | $ | 75,680 |
(1) | Annualized. |
(2) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2022). |
(3) | Not annualized. |
29 | See Notes to Financial Statements. |
Tax-Managed International Equity Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Tax-Managed International Equity Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of foreign equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2022, Parametric Tax-Managed International Equity Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 53.3% and 46.7%, respectively, in the Portfolio.
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the Portfolio’s financial statements for such outstanding reclaims.
D Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.
As of April 30, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
30 |
Tax-Managed International Equity Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
H Interim Financial Statements — The interim financial statements relating to April 30, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:
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 | % |
For the six months ended April 30, 2022, the investment adviser fee amounted to $181,583 or 0.50% (annualized) of the Portfolio’s average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Portfolio to Parametric Portfolio Associates LLC (Parametric), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended April 30, 2022, the investment adviser fee paid was reduced by $2 relating to the Portfolio’s investment in the Liquidity Fund. Prior to April 26, 2022, the Portfolio may have invested its cash in Eaton Vance Cash Reserves Fund (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). EVM did not receive a fee for advisory services provided to Cash Reserves Fund.
Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.
3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $9,698,669 and $8,917,124, respectively, for the six months ended April 30, 2022.
31 |
Tax-Managed International Equity Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2022, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 64,894,732 | ||
Gross unrealized appreciation | $ | 11,728,465 | ||
Gross unrealized depreciation | (6,414,195 | ) | ||
Net unrealized appreciation | $ | 5,314,270 |
5 Line of Credit
The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2022.
6 Securities Lending Agreement
The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral.
At April 30, 2022, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $5,592,383 and $5,882,165, respectively. Collateral received was comprised of cash of $3,352,039 and U.S. government and/or agencies securities of $2,530,126. The securities lending transactions have no contractual maturity date and each of the Portfolio and borrower has the option to terminate a loan at any time.
The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of April 30, 2022.
Remaining Contractual Maturity of the Transactions | ||||||||||||||||||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | ||||||||||||||||
Common Stocks | $ | 3,352,039 | $ | — | $ | — | $ | — | $ | 3,352,039 |
32 |
Tax-Managed International Equity Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
The carrying amount of the liability for collateral for securities loaned at April 30, 2022 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2022.
7 Investments in Affiliated Issuers and Funds
The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At April 30, 2022, the value of the Portfolio’s investment in affiliated issuers and funds was $221,791, which represents 0.3% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the six months ended April 30, 2022 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period | ||||||||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||||||||||
Mitsubishi UFJ Financial Group, Inc. | $ | 176,569 | $ | — | $ | (30,651 | ) | $ | (2,323 | ) | $ | 12,203 | $ | 155,798 | $ | 2,695 | 26,800 | |||||||||||||||
Short-Term Investments | ||||||||||||||||||||||||||||||||
Cash Reserves Fund | 221,857 | 3,408,354 | (3,630,206 | ) | (5 | ) | — | — | 72 | — | ||||||||||||||||||||||
Liquidity Fund | — | 148,196 | (82,203 | ) | — | — | 65,993 | 4 | 65,993 | |||||||||||||||||||||||
Total | $ | (2,328 | ) | $ | 12,203 | $ | 221,791 | $ | 2,771 |
8 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | 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) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At April 30, 2022, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3* | Total | ||||||||||||
Common Stocks: | ||||||||||||||||
Asia/Pacific | $ | 632,688 | $ | 19,448,141 | $ | 28,872 | $ | 20,109,701 | ||||||||
Developed Europe | 406,446 | 44,789,128 | — | 45,195,574 | ||||||||||||
Developed Middle East | 206,056 | 1,279,639 | — | 1,485,695 | ||||||||||||
Total Common Stocks | $ | 1,245,190 | $ | 65,516,908 | ** | $ | 28,872 | $ | 66,790,970 | |||||||
Short-Term Investments: | ||||||||||||||||
Affiliated Fund | $ | 65,993 | $ | — | $ | — | $ | 65,993 | ||||||||
Securities Lending Collateral | 3,352,039 | — | — | 3,352,039 | ||||||||||||
Total Investments | $ | 4,663,222 | $ | 65,516,908 | $ | 28,872 | $ | 70,209,002 |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio. |
** | 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. |
33 |
Tax-Managed International Equity Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2022 is not presented.
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.
34 |
Parametric
Tax-Managed International Equity Fund
April 30, 2022
Officers of Parametric Tax-Managed International Equity Fund
Eric A. Stein
President
Deidre E. Walsh
Vice President and Chief Legal Officer
James F. Kirchner
Treasurer
Jill R. Damon
Secretary
Richard F. Froio
Chief Compliance Officer
Officers of Tax-Managed International Equity Portfolio
Edward J. Perkin
President
Deidre E. Walsh
Vice President and Chief Legal Officer
James F. Kirchner
Treasurer
Jill R. Damon
Secretary
Richard F. Froio
Chief Compliance Officer
Trustees of Parametric Tax-Managed International Equity Fund and Tax-Managed International Equity Portfolio
George J. Gorman
Chairperson
Alan C. Bowser**
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
Valerie A. Mosley
William H. Park
Helen Frame Peters
Keith Quinton
Marcus L. Smith
Susan J. Sutherland
Scott E. Wennerholm
Nancy A. Wiser**
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
35 |
Eaton Vance Funds
Privacy Notice | April 2021 |
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 number 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 investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For our investment management affiliates to market to you | Yes | Yes | ||
For our affiliates to market to you | No | We don’t share | ||
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.com
Please 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 | |
36 |
Eaton Vance Funds
Privacy Notice — continued | April 2021 |
Page 2 |
Who we are | ||
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management 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 information
We 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 you
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. | |
Definitions | ||
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
∎ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. | |
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 doesn’t jointly market. | |
Other important information | ||
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. |
37 |
Eaton Vance Funds
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.
38 |
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Investment Adviser of Tax-Managed International Equity Portfolio
Boston Management and Research
Two International Place
Boston, MA 02110
Investment Sub-Adviser of Parametric Tax-Managed International Equity Fund and Tax-Managed International Equity Portfolio
Parametric Portfolio Associates LLC
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Investment Adviser and Administrator of Parametric Tax-Managed International Equity Fund
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Fund Offices
Two International Place
Boston, MA 02110
* | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org. |
7689 4.30.22
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) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
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/ Edward J. Perkin | |
Edward J. Perkin | ||
President |
Date: June 23, 2022
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 | ||
Treasurer |
Date: June 23, 2022
By: | /s/ Edward J. Perkin | |
Edward J. Perkin | ||
President |
Date: June 23, 2022