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
October 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 99.4% |
Security | Shares | Value | |
Australia — 8.3% | |||
AGL Energy, Ltd. | 18,829 | $ 82,034 | |
Altium, Ltd. | 2,652 | 59,880 | |
Ampol, Ltd. | 3,627 | 63,261 | |
Ansell, Ltd. | 1,409 | 25,437 | |
APA Group | 24,888 | 167,556 | |
ASX, Ltd.(1) | 1,525 | 66,076 | |
Aurizon Holdings, Ltd. | 14,009 | 32,464 | |
Australia and New Zealand Banking Group, Ltd. | 2,177 | 35,667 | |
BHP Group, Ltd. | 8,183 | 196,557 | |
Brambles, Ltd. | 17,422 | 130,434 | |
carsales.com, Ltd.(1) | 5,155 | 66,777 | |
Charter Hall Long Wale REIT | 6,388 | 17,812 | |
Charter Hall Retail REIT(1) | 6,757 | 17,399 | |
Cleanaway Waste Management, Ltd. | 15,558 | 26,911 | |
Coles Group, Ltd. | 12,714 | 132,933 | |
Commonwealth Bank of Australia | 4,049 | 271,472 | |
Cromwell Property Group(1) | 20,061 | 8,997 | |
CSL, Ltd. | 2,345 | 419,791 | |
Dexus | 13,975 | 69,639 | |
Domino's Pizza Enterprises, Ltd.(1) | 933 | 38,042 | |
Elders, Ltd.(1) | 3,009 | 25,087 | |
EVT, Ltd.(1)(2) | 2,551 | 24,355 | |
Goodman Group | 12,811 | 139,393 | |
GPT Group (The)(1) | 22,015 | 60,840 | |
GWA Group, Ltd. | 11,241 | 14,594 | |
Hansen Technologies, Ltd. | 14,633 | 46,081 | |
Harvey Norman Holdings, Ltd.(1) | 17,000 | 45,225 | |
IDP Education, Ltd.(1) | 3,186 | 60,110 | |
IPH, Ltd. | 4,980 | 31,672 | |
IRESS, Ltd. | 3,720 | 24,146 | |
JB Hi-Fi, Ltd.(1) | 1,878 | 51,480 | |
Lendlease Corp., Ltd.(1) | 9,400 | 52,271 | |
Lottery Corp., Ltd. (The)(2) | 26,454 | 72,573 | |
Medibank Private, Ltd. | 16,474 | 29,664 | |
Metcash, Ltd.(1) | 11,800 | 30,977 | |
Mirvac Group(1) | 41,842 | 55,439 | |
Newcrest Mining, Ltd. | 2,354 | 26,071 | |
Nine Entertainment Co. Holdings, Ltd. | 46,592 | 61,530 | |
Northern Star Resources, Ltd.(1) | 3,606 | 20,125 | |
Orica, Ltd. | 4,147 | 36,889 | |
Qube Holdings, Ltd. | 28,277 | 49,229 | |
REA Group, Ltd.(1) | 1,183 | 91,689 | |
Reece, Ltd.(1) | 3,969 | 39,412 | |
Rio Tinto, Ltd. | 2,262 | 128,368 |
Security | Shares | Value | |
Australia (continued) | |||
Shopping Centres Australasia Property Group | 20,523 | $ 35,745 | |
Sonic Healthcare, Ltd. | 2,770 | 57,991 | |
Suncorp Group, Ltd. | 10,185 | 74,503 | |
Tabcorp Holdings, Ltd.(1) | 26,454 | 16,332 | |
Technology One, Ltd. | 10,774 | 82,885 | |
Telstra Group, Ltd.(1) | 78,759 | 197,483 | |
TPG Telecom, Ltd.(1) | 20,255 | 63,540 | |
Transurban Group | 22,607 | 191,774 | |
Washington H. Soul Pattinson & Co., Ltd. | 6,497 | 116,271 | |
Waypoint REIT, Ltd. | 9,833 | 17,168 | |
Wesfarmers, Ltd. | 7,953 | 230,788 | |
Westpac Banking Corp. | 3,483 | 53,781 | |
Whitehaven Coal, Ltd. | 17,283 | 100,393 | |
Woodside Energy Group, Ltd. | 10,133 | 234,259 | |
Woolworths Group, Ltd. | 14,196 | 299,788 | |
Worley, Ltd.(1) | 4,927 | 45,004 | |
$ 4,964,064 | |||
Austria — 1.1% | |||
ams-OSRAM AG(1)(2) | 3,049 | $ 17,258 | |
ANDRITZ AG | 1,698 | 78,917 | |
AT&S Austria Technologie & Systemtechnik AG | 704 | 21,743 | |
BAWAG Group AG(3) | 822 | 39,683 | |
CA Immobilien Anlagen AG | 2,850 | 90,015 | |
Erste Group Bank AG | 2,269 | 55,919 | |
IMMOFINANZ AG | 1,241 | 0 | |
Kontron AG | 1,191 | 17,238 | |
Lenzing AG | 466 | 22,295 | |
Mayr Melnhof Karton AG | 125 | 17,787 | |
Oesterreichische Post AG | 768 | 21,852 | |
OMV AG | 2,018 | 92,916 | |
PIERER Mobility AG(1) | 420 | 24,368 | |
Telekom Austria AG | 8,000 | 46,504 | |
Verbund AG | 1,229 | 96,274 | |
voestalpine AG | 1,029 | 22,340 | |
$ 665,109 | |||
Belgium — 2.2% | |||
Ackermans & van Haaren NV | 831 | $ 115,776 | |
Ageas S.A./NV | 1,164 | 40,296 | |
Anheuser-Busch InBev S.A./NV | 2,419 | 120,999 | |
Cofinimmo S.A. | 488 | 40,473 | |
Deceuninck NV | 12,470 | 25,381 | |
D'Ieteren Group | 881 | 146,623 | |
Econocom Group S.A./NV | 10,730 | 29,162 | |
Elia Group S.A./NV | 938 | 118,594 |
Security | Shares | Value | |
Belgium (continued) | |||
Etablissements Franz Colruyt NV | 478 | $ 11,522 | |
Euronav NV | 5,526 | 96,339 | |
EVS Broadcast Equipment S.A. | 1,740 | 35,562 | |
Fagron | 1,130 | 14,068 | |
Groupe Bruxelles Lambert NV | 459 | 33,840 | |
KBC Group NV | 340 | 17,039 | |
Melexis NV | 909 | 62,518 | |
Montea NV | 196 | 13,369 | |
Proximus SADP | 9,427 | 98,830 | |
Shurgard Self Storage S.A. | 370 | 16,110 | |
Sofina S.A. | 150 | 29,250 | |
Solvay S.A. | 537 | 48,459 | |
UCB S.A. | 1,600 | 120,588 | |
Umicore S.A. | 2,338 | 77,074 | |
VGP NV | 165 | 12,511 | |
$ 1,324,383 | |||
Denmark — 4.3% | |||
Alm Brand A/S | 18,202 | $ 24,875 | |
AP Moller - Maersk A/S, Class A | 34 | 68,023 | |
AP Moller - Maersk A/S, Class B | 45 | 94,013 | |
Bakkafrost P/F | 1,540 | 77,027 | |
Carlsberg A/S, Class B | 2,213 | 260,571 | |
Chr. Hansen Holding A/S | 2,271 | 126,134 | |
Coloplast A/S, Class B | 665 | 74,128 | |
DFDS A/S | 1,410 | 42,818 | |
DSV A/S | 1,214 | 164,046 | |
Jyske Bank A/S(2) | 1,046 | 56,452 | |
Netcompany Group A/S(2)(3) | 1,534 | 52,592 | |
Novo Nordisk A/S, Class B | 3,847 | 418,289 | |
Novozymes A/S, Class B | 4,578 | 240,302 | |
Orsted A/S(1)(3) | 4,338 | 357,910 | |
Pandora A/S | 2,723 | 143,239 | |
Ringkjoebing Landbobank A/S | 652 | 70,913 | |
Scandinavian Tobacco Group A/S(3) | 1,702 | 28,510 | |
SimCorp A/S | 792 | 47,291 | |
Spar Nord Bank A/S | 2,029 | 24,566 | |
Sydbank A/S | 1,310 | 39,890 | |
Topdanmark A/S | 972 | 44,861 | |
Tryg A/S | 5,012 | 108,406 | |
$ 2,564,856 | |||
Finland — 2.2% | |||
Elisa Oyj | 2,351 | $ 113,615 | |
Fortum Oyj | 7,644 | 107,584 | |
Kemira Oyj | 2,727 | 36,008 |
Security | Shares | Value | |
Finland (continued) | |||
Kesko Oyj, Class B | 4,942 | $ 96,175 | |
Kojamo Oyj(1) | 3,939 | 51,265 | |
Kone Oyj, Class B | 1,969 | 80,622 | |
Neste Oyj | 2,521 | 110,492 | |
Nokia Oyj | 23,544 | 104,628 | |
Nokian Renkaat Oyj | 5,452 | 61,481 | |
Nordea Bank Abp | 13,924 | 133,009 | |
Orion Oyj, Class B | 3,636 | 167,322 | |
TietoEVRY Oyj(1) | 956 | 22,790 | |
Tokmanni Group Corp. | 7,427 | 89,801 | |
UPM-Kymmene Oyj | 3,680 | 123,712 | |
Valmet Oyj | 1,377 | 31,317 | |
$ 1,329,821 | |||
France — 8.8% | |||
Air Liquide S.A. | 4,518 | $ 591,016 | |
Altarea SCA | 326 | 43,427 | |
Amundi S.A.(3) | 792 | 37,366 | |
Atos SE(1)(2) | 2,719 | 26,533 | |
AXA S.A. | 8,332 | 205,758 | |
BNP Paribas S.A. | 1,617 | 75,827 | |
Bollore SE | 13,714 | 68,591 | |
Bouygues S.A. | 1,100 | 31,384 | |
Carrefour S.A. | 5,094 | 81,990 | |
Cie Generale des Etablissements Michelin SCA | 2,492 | 63,506 | |
Credit Agricole S.A. | 7,839 | 71,128 | |
Danone S.A. | 2,980 | 148,104 | |
Dassault Systemes SE | 7,700 | 258,095 | |
Edenred | 1,747 | 89,562 | |
Engie S.A. | 23,380 | 303,785 | |
EssilorLuxottica S.A. | 1,642 | 259,646 | |
Eurazeo SE | 634 | 36,179 | |
Gecina S.A. | 1,055 | 94,058 | |
Getlink SE | 2,197 | 34,766 | |
Hermes International | 100 | 129,439 | |
ICADE | 1,083 | 40,286 | |
Klepierre S.A. | 4,222 | 84,855 | |
Legrand S.A. | 560 | 42,675 | |
LVMH Moet Hennessy Louis Vuitton SE | 650 | 410,147 | |
Neoen S.A.(1)(3) | 1,189 | 41,472 | |
Orange S.A. | 25,469 | 242,666 | |
Pernod Ricard S.A.(1) | 786 | 137,952 | |
Remy Cointreau S.A. | 343 | 52,458 | |
Rothschild & Co. | 845 | 29,967 | |
Rubis SCA | 2,794 | 63,450 | |
Sanofi | 3,896 | 335,281 |
Security | Shares | Value | |
France (continued) | |||
Schneider Electric SE | 857 | $ 108,373 | |
SOITEC (2) | 493 | 63,126 | |
Technip Energies NV | 3,214 | 41,489 | |
Teleperformance | 177 | 47,424 | |
Thales S.A. | 600 | 76,308 | |
TotalEnergies SE | 9,935 | 541,988 | |
Ubisoft Entertainment S.A.(2) | 1,529 | 41,950 | |
Vinci S.A. | 1,159 | 106,671 | |
Vivendi SE | 3,744 | 30,645 | |
Wendel SE | 356 | 27,875 | |
$ 5,217,218 | |||
Germany — 8.7% | |||
7C Solarparken AG | 20,398 | $ 88,681 | |
adidas AG | 673 | 65,695 | |
AIXTRON SE | 763 | 18,750 | |
Allianz SE | 1,213 | 218,224 | |
BASF SE | 4,755 | 213,360 | |
Bayer AG | 4,117 | 216,476 | |
Bayerische Motoren Werke AG | 1,291 | 101,333 | |
Bechtle AG | 893 | 30,850 | |
Beiersdorf AG | 2,655 | 254,867 | |
Brenntag SE | 725 | 43,990 | |
Covestro AG(3) | 1,046 | 35,508 | |
Cropenergies AG | 2,253 | 35,906 | |
Daimler Truck Holding AG(2) | 1,859 | 49,584 | |
Delivery Hero SE(2)(3) | 1,222 | 40,215 | |
Deutsche Bank AG | 6,495 | 61,909 | |
Deutsche Boerse AG | 659 | 107,166 | |
Deutsche Lufthansa AG(2) | 5,121 | 35,012 | |
Deutsche Post AG | 3,011 | 106,438 | |
Deutsche Telekom AG | 23,227 | 438,421 | |
Deutsche Wohnen SE | 2,636 | 53,169 | |
E.ON SE | 52,993 | 443,763 | |
Evonik Industries AG | 3,498 | 64,439 | |
Gea Group AG | 1,075 | 37,576 | |
Hamborner REIT AG | 13,027 | 92,935 | |
Hannover Rueck SE | 220 | 35,799 | |
HelloFresh SE(2) | 2,469 | 49,353 | |
Henkel AG & Co. KGaA, PFC Shares | 1,138 | 71,692 | |
K+S AG | 3,195 | 70,542 | |
Merck KGaA | 792 | 129,068 | |
Muenchener Rueckversicherungs-Gesellschaft AG | 361 | 95,295 | |
Nemetschek SE | 733 | 34,947 | |
Puma SE | 927 | 40,984 | |
QIAGEN NV(2) | 1,735 | 74,923 |
Security | Shares | Value | |
Germany (continued) | |||
Rheinmetall AG | 216 | $ 35,111 | |
SAP SE | 3,984 | 383,471 | |
Sartorius AG, PFC Shares | 95 | 33,496 | |
Siemens AG | 1,867 | 203,893 | |
Siemens Healthineers AG(3) | 1,428 | 65,420 | |
Software AG | 2,115 | 46,270 | |
Suedzucker AG | 11,715 | 149,295 | |
Symrise AG | 1,413 | 144,229 | |
Telefonica Deutschland Holding AG | 31,010 | 67,568 | |
United Internet AG | 2,526 | 47,219 | |
Vitesco Technologies Group AG(2) | 915 | 48,960 | |
Volkswagen AG | 307 | 52,476 | |
Volkswagen AG, PFC Shares | 790 | 101,121 | |
Vonovia SE | 14,528 | 321,223 | |
Zalando SE(2)(3) | 1,079 | 24,869 | |
$ 5,181,491 | |||
Hong Kong — 4.3% | |||
AIA Group, Ltd. | 34,200 | $ 259,058 | |
Bank of East Asia, Ltd. (The) | 28,200 | 27,026 | |
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.(1) | 21,000 | 23,480 | |
BOC Hong Kong Holdings, Ltd. | 20,000 | 62,146 | |
Budweiser Brewing Co. APAC, Ltd.(3) | 73,300 | 154,276 | |
Cafe de Coral Holdings, Ltd. | 22,000 | 25,675 | |
China Evergrande New Energy Vehicle Group, Ltd.(2)(4) | 88,500 | 0 | |
China Ruyi Holdings, Ltd.(2) | 112,000 | 17,568 | |
China Traditional Chinese Medicine Holdings Co., Ltd. | 60,000 | 25,935 | |
Chow Tai Fook Jewellery Group, Ltd. | 43,000 | 73,619 | |
CK Asset Holdings, Ltd. | 13,000 | 71,871 | |
CK Hutchison Holdings, Ltd. | 25,000 | 124,446 | |
CLP Holdings, Ltd. | 19,500 | 130,880 | |
Fosun International, Ltd. | 54,000 | 33,000 | |
Galaxy Entertainment Group, Ltd. | 34,000 | 155,334 | |
Hang Seng Bank, Ltd. | 3,700 | 52,088 | |
Henderson Land Development Co., Ltd. | 17,260 | 42,257 | |
HK Electric Investments & HK Electric Investments, Ltd. | 64,500 | 41,010 | |
HKT Trust and HKT, Ltd. | 121,000 | 136,844 | |
Hong Kong & China Gas Co., Ltd. | 147,906 | 114,001 | |
Hysan Development Co., Ltd. | 5,000 | 10,898 | |
Jardine Matheson Holdings, Ltd. | 2,200 | 101,350 | |
Kerry Properties, Ltd. | 10,000 | 15,819 | |
Link REIT | 12,000 | 70,927 | |
Luk Fook Holdings International, Ltd. | 15,000 | 32,586 | |
MTR Corp., Ltd. | 17,000 | 74,803 | |
New World Development Co., Ltd. | 11,000 | 22,500 | |
NWS Holdings, Ltd. | 51,000 | 36,167 |
Security | Shares | Value | |
Hong Kong (continued) | |||
Pacific Basin Shipping, Ltd. | 119,000 | $ 28,810 | |
PAX Global Technology, Ltd. | 75,000 | 58,944 | |
PCCW, Ltd. | 115,000 | 43,936 | |
Power Assets Holdings, Ltd. | 22,000 | 105,194 | |
Sands China, Ltd.(2) | 34,800 | 60,838 | |
Shangri-La Asia, Ltd.(2) | 48,000 | 26,559 | |
Sino Land Co., Ltd.(1) | 32,000 | 34,170 | |
SJM Holdings, Ltd.(1)(2) | 94,000 | 29,333 | |
Sun Hung Kai Properties, Ltd. | 8,000 | 85,971 | |
Swire Properties, Ltd. | 17,200 | 33,057 | |
VSTECS Holdings, Ltd. | 60,000 | 28,849 | |
VTech Holdings, Ltd. | 10,000 | 53,232 | |
Zhongyu Energy Holdings, Ltd. | 36,000 | 26,792 | |
$ 2,551,249 | |||
Ireland — 2.2% | |||
Bank of Ireland Group PLC | 31,887 | $ 229,606 | |
CRH PLC | 6,065 | 218,448 | |
DCC PLC | 1,417 | 78,645 | |
Flutter Entertainment PLC(2) | 1,544 | 203,915 | |
ICON PLC(2) | 1,080 | 213,667 | |
Irish Residential Properties REIT PLC | 42,500 | 45,952 | |
Kerry Group PLC, Class A | 2,357 | 204,717 | |
Kingspan Group PLC | 2,396 | 120,798 | |
$ 1,315,748 | |||
Israel — 2.2% | |||
Amot Investments, Ltd. | 5,499 | $ 33,265 | |
Azrieli Group, Ltd. | 509 | 37,709 | |
Bank Hapoalim B.M. | 4,902 | 47,252 | |
Bank Leumi Le-Israel B.M. | 4,425 | 42,213 | |
Bezeq The Israeli Telecommunication Corp., Ltd. | 74,540 | 131,953 | |
Check Point Software Technologies, Ltd.(2) | 385 | 49,754 | |
Elbit Systems, Ltd. | 297 | 60,094 | |
Electra, Ltd. | 76 | 44,221 | |
Energix-Renewable Energies, Ltd. | 13,304 | 46,447 | |
Fiverr International, Ltd.(2) | 353 | 10,925 | |
Fox Wizel, Ltd. | 369 | 44,985 | |
ICL Group, Ltd. | 12,708 | 114,596 | |
Kenon Holdings, Ltd. | 1,599 | 61,260 | |
Maytronics, Ltd. | 4,367 | 47,087 | |
Mizrahi Tefahot Bank, Ltd. | 781 | 29,523 | |
Nice, Ltd.(2) | 490 | 92,350 | |
Oil Refineries, Ltd. | 76,583 | 28,521 | |
OPC Energy, Ltd.(2) | 1,911 | 23,496 | |
Paz Oil Co., Ltd.(2) | 650 | 77,651 |
Security | Shares | Value | |
Israel (continued) | |||
Reit 1, Ltd. | 7,407 | $ 38,864 | |
Shufersal, Ltd. | 11,960 | 81,645 | |
Strauss Group, Ltd. | 1,358 | 33,974 | |
Teva Pharmaceutical Industries, Ltd. ADR(2) | 13,432 | 119,813 | |
ZIM Integrated Shipping Services, Ltd.(1) | 400 | 9,396 | |
$ 1,306,994 | |||
Italy — 4.4% | |||
Assicurazioni Generali SpA | 4,184 | $ 62,790 | |
Atlantia SpA | 6,270 | 139,868 | |
Banco BPM SpA | 12,713 | 38,463 | |
Brunello Cucinelli SpA | 1,252 | 72,573 | |
Cementir Holding NV | 6,913 | 40,236 | |
Davide Campari-Milano NV | 18,866 | 169,423 | |
De'Longhi SpA | 1,200 | 20,705 | |
DiaSorin SpA | 977 | 127,729 | |
Enel SpA | 40,123 | 179,243 | |
Eni SpA | 20,895 | 274,429 | |
Ferrari NV | 793 | 156,331 | |
FinecoBank Banca Fineco SpA | 1,887 | 25,428 | |
GVS SpA(2)(3) | 4,062 | 20,840 | |
Infrastrutture Wireless Italiane SpA(3) | 21,493 | 189,701 | |
Interpump Group SpA | 778 | 30,121 | |
Intesa Sanpaolo SpA | 70,463 | 134,340 | |
Italgas SpA | 7,381 | 38,029 | |
Italmobiliare SpA | 1,360 | 34,766 | |
Iveco Group NV(2) | 3,449 | 18,637 | |
MFE-MediaForEurope NV, Class B | 9,790 | 4,890 | |
Moncler SpA | 627 | 27,051 | |
Poste Italiane SpA(3) | 5,564 | 48,486 | |
Prysmian SpA | 2,617 | 85,178 | |
RAI Way SpA(3) | 4,122 | 19,746 | |
Recordati Industria Chimica e Farmaceutica SpA | 4,029 | 151,376 | |
Reply SpA | 996 | 108,338 | |
Saipem SpA (1)(2) | 540 | 525 | |
Salvatore Ferragamo SpA(1) | 2,265 | 33,293 | |
Saras SpA(2) | 14,538 | 17,571 | |
STMicroelectronics NV(1) | 7,572 | 235,462 | |
Technogym SpA(3) | 2,741 | 18,844 | |
Terna - Rete Elettrica Nazionale | 8,968 | 59,473 | |
UnipolSai Assicurazioni SpA | 10,716 | 24,162 | |
$ 2,608,047 | |||
Japan — 13.1% | |||
Advance Residence Investment Corp. | 13 | $ 30,266 | |
Air Water, Inc. | 2,000 | 22,330 |
Security | Shares | Value | |
Japan (continued) | |||
Ajinomoto Co., Inc. | 1,400 | $ 38,504 | |
ANA Holdings, Inc.(2) | 1,100 | 21,383 | |
Asahi Intecc Co., Ltd. | 3,900 | 66,437 | |
Asahi Kasei Corp. | 8,100 | 51,936 | |
Astellas Pharma, Inc. | 6,200 | 85,549 | |
Bandai Namco Holdings, Inc. | 800 | 52,882 | |
Bank of Kyoto, Ltd. (The) | 500 | 18,018 | |
Bridgestone Corp. | 1,600 | 57,866 | |
Canon, Inc. | 1,500 | 31,796 | |
Central Japan Railway Co. | 200 | 23,155 | |
Chiba Bank, Ltd. (The) | 7,000 | 38,354 | |
Chubu Electric Power Co., Inc. | 3,500 | 28,490 | |
Chugai Pharmaceutical Co., Ltd. | 2,700 | 62,564 | |
Chugoku Electric Power Co., Inc. (The) | 3,800 | 17,828 | |
Concordia Financial Group, Ltd. | 10,800 | 32,953 | |
CyberAgent, Inc. | 3,200 | 26,289 | |
Daiichi Sankyo Co., Ltd. | 3,800 | 121,641 | |
Daikin Industries, Ltd. | 500 | 74,894 | |
Daito Trust Construction Co., Ltd. | 500 | 49,512 | |
Daiwa House Industry Co., Ltd. | 3,500 | 70,516 | |
Daiwa House REIT Investment Corp. | 23 | 46,421 | |
Daiwa Securities Group, Inc. | 7,000 | 27,312 | |
Disco Corp. | 200 | 47,836 | |
ENEOS Holdings, Inc. | 41,800 | 137,884 | |
FANUC Corp. | 200 | 26,170 | |
Frontier Real Estate Investment Corp. | 8 | 28,244 | |
FUJIFILM Holdings Corp. | 500 | 22,875 | |
Fujitsu, Ltd. | 300 | 34,518 | |
GLP J-REIT | 41 | 42,520 | |
Hirose Electric Co., Ltd. | 315 | 40,862 | |
Hitachi, Ltd. | 1,300 | 58,986 | |
Honda Motor Co., Ltd. | 3,100 | 70,688 | |
Hoya Corp. | 1,300 | 120,850 | |
Hulic Co., Ltd. | 4,000 | 29,057 | |
Idemitsu Kosan Co., Ltd. | 3,700 | 80,957 | |
Industrial & Infrastructure Fund Investment Corp. | 21 | 22,179 | |
ITOCHU Corp. | 1,500 | 38,767 | |
Iwatani Corp. | 1,800 | 66,279 | |
Japan Exchange Group, Inc. | 2,100 | 27,598 | |
Japan Post Bank Co., Ltd. | 2,300 | 15,325 | |
Japan Post Holdings Co., Ltd.(1) | 2,800 | 18,829 | |
Japan Real Estate Investment Corp. | 11 | 46,093 | |
Japan Tobacco, Inc. | 5,900 | 98,810 | |
JSR Corp. | 1,500 | 28,502 | |
Kakaku.com, Inc. | 1,900 | 32,135 | |
Kao Corp. | 1,000 | 37,352 |
Security | Shares | Value | |
Japan (continued) | |||
KDDI Corp. | 6,400 | $ 189,165 | |
Kenedix Office Investment Corp. | 12 | 27,336 | |
Keyence Corp. | 400 | 150,826 | |
Kintetsu Group Holdings Co., Ltd. | 800 | 27,036 | |
Kirin Holdings Co., Ltd. | 3,800 | 55,860 | |
Kobe Bussan Co., Ltd.(1) | 1,400 | 30,367 | |
Komatsu, Ltd. | 2,200 | 43,098 | |
Kubota Corp. | 2,500 | 34,874 | |
Kuraray Co., Ltd. | 4,800 | 33,007 | |
Kyocera Corp. | 900 | 43,584 | |
Kyowa Kirin Co., Ltd. | 2,700 | 63,590 | |
Kyushu Electric Power Co., Inc. | 3,600 | 17,824 | |
Lion Corp. | 5,400 | 54,576 | |
Marubeni Corp. | 7,000 | 61,277 | |
Maruichi Steel Tube, Ltd. | 1,200 | 22,651 | |
MatsukiyoCocokara & Co. | 900 | 32,768 | |
Mitsubishi Chemical Group Corp. | 10,000 | 45,173 | |
Mitsubishi Corp. | 2,200 | 59,596 | |
Mitsubishi Electric Corp. | 2,600 | 22,876 | |
Mitsubishi Estate Co., Ltd. | 7,600 | 95,572 | |
Mitsubishi Gas Chemical Co., Inc. | 2,900 | 36,851 | |
Mitsubishi UFJ Financial Group, Inc.(1)(5) | 28,900 | 136,519 | |
Mitsui & Co., Ltd. | 1,400 | 30,981 | |
Mitsui Chemicals, Inc. | 1,300 | 24,062 | |
Mitsui Fudosan Co., Ltd. | 5,100 | 97,657 | |
Mizuho Financial Group, Inc. | 8,230 | 89,011 | |
MS&AD Insurance Group Holdings, Inc. | 1,800 | 47,666 | |
Murata Manufacturing Co., Ltd. | 1,500 | 71,009 | |
NEC Corp. | 1,500 | 49,651 | |
Nexon Co., Ltd. | 3,000 | 50,203 | |
Nintendo Co., Ltd. | 4,000 | 162,396 | |
Nippon Accommodations Fund, Inc. | 8 | 34,067 | |
Nippon Building Fund, Inc. | 11 | 48,898 | |
Nippon Gas Co., Ltd. | 4,300 | 62,466 | |
Nippon Paint Holdings Co., Ltd. | 10,100 | 64,367 | |
Nippon Prologis REIT, Inc.(1) | 23 | 48,261 | |
Nippon Shokubai Co., Ltd. | 600 | 21,522 | |
Nippon Telegraph & Telephone Corp. | 5,000 | 137,903 | |
Nissan Motor Co., Ltd. | 10,300 | 32,829 | |
Nisshin Seifun Group, Inc. | 4,900 | 52,947 | |
Nissin Foods Holdings Co., Ltd. | 700 | 45,310 | |
Nitto Denko Corp. | 700 | 36,880 | |
NOF Corp. | 800 | 27,517 | |
Nomura Holdings, Inc. | 10,500 | 33,978 | |
Nomura Research Institute, Ltd. | 2,000 | 44,260 | |
NTT Data Corp. | 4,400 | 63,729 |
Security | Shares | Value | |
Japan (continued) | |||
Obic Co., Ltd. | 300 | $ 45,019 | |
Oji Holdings Corp. | 5,000 | 17,334 | |
Omron Corp. | 800 | 37,311 | |
Ono Pharmaceutical Co., Ltd. | 2,500 | 58,834 | |
Oriental Land Co., Ltd. | 500 | 66,964 | |
Osaka Gas Co., Ltd. | 5,500 | 81,442 | |
Otsuka Holdings Co., Ltd. | 2,400 | 76,931 | |
Pan Pacific International Holdings Corp. | 2,000 | 32,821 | |
PeptiDream, Inc.(2) | 1,400 | 15,316 | |
Resona Holdings, Inc. | 12,400 | 46,735 | |
Rinnai Corp. | 600 | 40,839 | |
ROHM Co., Ltd. | 200 | 14,053 | |
Rohto Pharmaceutical Co., Ltd. | 1,800 | 55,994 | |
SECOM Co., Ltd. | 600 | 34,182 | |
Sekisui House, Ltd. | 2,000 | 33,206 | |
Seven & i Holdings Co., Ltd.(1) | 1,800 | 67,191 | |
Shikoku Electric Power Co., Inc. | 2,600 | 12,508 | |
Shimadzu Corp. | 1,200 | 31,611 | |
Shimano, Inc. | 300 | 46,423 | |
Shin-Etsu Chemical Co., Ltd. | 1,600 | 166,288 | |
Shizuoka Financial Group, Inc. | 5,800 | 36,626 | |
Showa Denko K.K. | 1,600 | 23,358 | |
SMC Corp. | 100 | 40,140 | |
SoftBank Corp. | 11,800 | 116,400 | |
Sony Group Corp. | 1,600 | 107,895 | |
Square Enix Holdings Co., Ltd. | 700 | 31,235 | |
Subaru Corp. | 2,400 | 37,514 | |
Sumitomo Chemical Co., Ltd. | 10,900 | 36,703 | |
Sumitomo Corp. | 1,600 | 20,342 | |
Sumitomo Mitsui Financial Group, Inc. | 3,800 | 106,710 | |
Sumitomo Mitsui Trust Holdings, Inc. | 1,500 | 43,154 | |
Sumitomo Realty & Development Co., Ltd. | 2,600 | 59,628 | |
Suntory Beverage & Food, Ltd. | 900 | 30,111 | |
Sysmex Corp. | 500 | 26,912 | |
Takeda Pharmaceutical Co., Ltd. | 5,000 | 132,045 | |
TDK Corp. | 1,000 | 31,238 | |
TEIJIN, Ltd. | 3,300 | 29,961 | |
Toho Co., Ltd. | 500 | 17,779 | |
Tohoku Electric Power Co., Inc. | 12,500 | 52,505 | |
Tokio Marine Holdings, Inc. | 6,000 | 108,631 | |
Tokyo Gas Co., Ltd. | 5,200 | 92,932 | |
Tokyu Corp.(1) | 2,000 | 23,061 | |
Toppan, Inc. | 2,000 | 29,828 | |
Toshiba Corp. | 1,800 | 62,463 | |
Tosoh Corp. | 2,200 | 23,935 | |
Toyo Suisan Kaisha, Ltd. | 1,000 | 37,517 |
Security | Shares | Value | |
Japan (continued) | |||
Toyota Industries Corp. | 400 | $ 20,606 | |
Toyota Motor Corp. | 16,000 | 221,994 | |
Trend Micro, Inc. | 600 | 30,254 | |
Unicharm Corp. | 2,200 | 66,861 | |
Yakult Honsha Co., Ltd.(1) | 1,400 | 77,558 | |
Yamato Holdings Co., Ltd. | 2,000 | 29,619 | |
Yamato Kogyo Co., Ltd. | 1,000 | 29,040 | |
Yamazaki Baking Co., Ltd. | 3,800 | 38,719 | |
Z Holdings Corp. | 11,200 | 28,904 | |
$ 7,815,388 | |||
Netherlands — 4.4% | |||
ABN AMRO Bank NV(3) | 2,263 | $ 22,247 | |
Aegon NV | 12,248 | 56,698 | |
ASML Holding NV(1) | 768 | 360,259 | |
ASR Nederland NV | 1,620 | 71,333 | |
Corbion NV(1) | 2,072 | 55,176 | |
Euronext NV(3) | 576 | 36,558 | |
Flow Traders NV(3) | 619 | 14,894 | |
IMCD NV(1) | 840 | 108,943 | |
ING Groep NV | 3,977 | 39,132 | |
JDE Peet's NV | 1,640 | 46,945 | |
Just Eat Takeaway.com NV(2)(3) | 2,956 | 50,725 | |
Koninklijke Ahold Delhaize NV(1) | 9,251 | 257,994 | |
Koninklijke DSM NV | 1,929 | 226,909 | |
Koninklijke KPN NV | 80,454 | 225,038 | |
Koninklijke Philips NV | 18,081 | 229,355 | |
Koninklijke Vopak NV | 771 | 15,753 | |
NN Group NV | 1,992 | 84,346 | |
NSI NV | 1,000 | 23,910 | |
Prosus NV | 5,634 | 243,624 | |
SBM Offshore NV | 4,496 | 60,846 | |
Signify NV(3) | 1,727 | 47,847 | |
Universal Music Group NV(1) | 7,168 | 140,747 | |
Wolters Kluwer NV | 2,003 | 212,836 | |
$ 2,632,115 | |||
New Zealand — 1.1% | |||
a2 Milk Co., Ltd. (The)(1)(2) | 21,613 | $ 72,811 | |
Auckland International Airport, Ltd.(2) | 12,240 | 54,718 | |
Contact Energy, Ltd. | 9,580 | 42,022 | |
Fisher & Paykel Healthcare Corp., Ltd. | 5,931 | 67,406 | |
Fletcher Building, Ltd. | 7,381 | 22,039 | |
Goodman Property Trust | 27,739 | 33,358 | |
Heartland Group Holdings, Ltd.(1) | 19,544 | 19,414 | |
KMD Brands, Ltd. | 27,332 | 17,159 |
Security | Shares | Value | |
New Zealand (continued) | |||
Mercury NZ, Ltd. | 13,643 | $ 46,131 | |
Pacific Edge, Ltd.(2) | 33,981 | 8,490 | |
Precinct Properties New Zealand, Ltd. | 39,851 | 28,589 | |
Pushpay Holdings, Ltd.(2) | 16,676 | 12,096 | |
SKYCITY Entertainment Group, Ltd.(2) | 40,446 | 68,190 | |
Spark New Zealand, Ltd. | 29,667 | 88,312 | |
Vulcan Steel, Ltd.(1) | 3,600 | 17,275 | |
Xero, Ltd.(2) | 1,231 | 61,130 | |
$ 659,140 | |||
Norway — 2.2% | |||
ArcticZymes Technologies ASA(1)(2) | 4,268 | $ 27,498 | |
Atea ASA | 6,274 | 69,814 | |
Autostore Holdings, Ltd.(1)(2)(3) | 13,450 | 25,419 | |
Borregaard ASA | 2,485 | 33,412 | |
DNB Bank ASA | 6,189 | 109,464 | |
Entra ASA(3) | 6,540 | 59,612 | |
Equinor ASA | 3,918 | 142,747 | |
Europris ASA(3) | 9,810 | 58,410 | |
Gjensidige Forsikring ASA | 1,701 | 31,092 | |
Kongsberg Gruppen ASA | 1,873 | 67,167 | |
Mowi ASA | 4,027 | 60,106 | |
Nordic Semiconductor ASA(2) | 4,420 | 62,398 | |
Norsk Hydro ASA | 6,598 | 41,873 | |
Opera, Ltd. ADR(1)(2) | 6,200 | 29,574 | |
Orkla ASA | 8,207 | 55,358 | |
Salmar ASA | 643 | 21,799 | |
Scatec ASA(3) | 3,300 | 23,376 | |
Schibsted ASA, Class B | 2,498 | 37,138 | |
SFL Corp, Ltd. | 2,400 | 24,480 | |
SpareBank 1 SMN | 2,095 | 22,614 | |
Telenor ASA | 14,322 | 130,156 | |
TOMRA Systems ASA(1) | 2,450 | 39,571 | |
Veidekke ASA | 3,671 | 30,534 | |
Yara International ASA | 2,459 | 109,749 | |
$ 1,313,361 | |||
Portugal — 1.1% | |||
Banco Comercial Portugues S.A. | 634,436 | $ 90,391 | |
Corticeira Amorim SGPS S.A. | 4,721 | 45,619 | |
CTT-Correios de Portugal S.A. | 12,855 | 39,680 | |
EDP-Energias de Portugal S.A. | 19,728 | 86,198 | |
Galp Energia SGPS S.A., Class B | 11,338 | 115,116 | |
Jeronimo Martins SGPS S.A. | 5,858 | 121,220 | |
Navigator Co. S.A. (The) | 16,287 | 62,051 |
Security | Shares | Value | |
Portugal (continued) | |||
NOS SGPS S.A. | 17,214 | $ 67,423 | |
REN - Redes Energeticas Nacionais SGPS S.A. | 11,590 | 29,997 | |
$ 657,695 | |||
Singapore — 2.2% | |||
CapitaLand Ascendas REIT | 23,500 | $ 43,480 | |
CapitaLand Investment, Ltd. | 11,500 | 24,456 | |
ComfortDelGro Corp., Ltd. | 36,500 | 32,766 | |
Flex, Ltd.(2) | 7,557 | 147,966 | |
Genting Singapore, Ltd. | 108,600 | 61,758 | |
Keppel Corp., Ltd. | 8,600 | 42,329 | |
Keppel Infrastructure Trust | 106,657 | 39,911 | |
Mapletree Industrial Trust | 18,060 | 28,082 | |
Mapletree Logistics Trust(1) | 30,900 | 33,164 | |
Mapletree Pan Asia Commercial Trust | 18,500 | 20,761 | |
Olam Group, Ltd. | 33,100 | 31,337 | |
Oversea-Chinese Banking Corp., Ltd. | 10,000 | 85,841 | |
Raffles Medical Group, Ltd. | 38,400 | 36,079 | |
Sea, Ltd. ADR(2) | 965 | 47,941 | |
Sembcorp Industries, Ltd. | 21,400 | 43,991 | |
Singapore Airlines, Ltd.(1)(2) | 14,800 | 54,898 | |
Singapore Exchange, Ltd. | 7,000 | 41,626 | |
Singapore Post, Ltd. | 26,100 | 9,966 | |
Singapore Technologies Engineering, Ltd. | 19,500 | 45,461 | |
Singapore Telecommunications, Ltd. | 42,000 | 73,951 | |
Suntec Real Estate Investment Trust | 27,000 | 24,624 | |
United Overseas Bank, Ltd. | 4,500 | 88,285 | |
UOL Group, Ltd. | 4,600 | 20,092 | |
Venture Corp., Ltd. | 5,000 | 56,267 | |
Wilmar International, Ltd. | 58,400 | 159,990 | |
$ 1,295,022 | |||
Spain — 4.4% | |||
Acerinox S.A. | 6,807 | $ 59,657 | |
Aena SME S.A.(2)(3) | 1,064 | 125,053 | |
Almirall S.A. | 2,741 | 25,539 | |
Amadeus IT Group S.A.(2) | 5,033 | 262,497 | |
Banco Santander S.A.(1) | 70,803 | 183,626 | |
Bankinter S.A.(1) | 12,265 | 74,191 | |
CaixaBank S.A. | 15,438 | 51,193 | |
Cellnex Telecom S.A.(3) | 4,799 | 157,072 | |
Cia de Distribucion Integral Logista Holdings S.A. | 2,665 | 55,116 | |
Ebro Foods S.A.(1) | 2,380 | 37,112 | |
Ercros S.A. | 8,525 | 27,369 | |
Fluidra S.A.(1) | 2,164 | 29,389 | |
Grifols S.A.(1)(2) | 11,886 | 101,121 |
Security | Shares | Value | |
Spain (continued) | |||
Iberdrola S.A. | 28,912 | $ 294,014 | |
Indra Sistemas S.A. | 3,340 | 29,872 | |
Industria de Diseno Textil S.A.(1) | 13,126 | 297,937 | |
Laboratorios Farmaceuticos Rovi S.A. | 1,773 | 80,640 | |
Merlin Properties Socimi S.A. | 18,476 | 156,613 | |
Metrovacesa S.A.(1)(3) | 2,645 | 18,713 | |
Red Electrica Corp. S.A. | 2,456 | 39,728 | |
Repsol S.A. | 23,523 | 320,018 | |
Siemens Gamesa Renewable Energy S.A.(2) | 3,287 | 58,274 | |
Telefonica S.A. | 22,919 | 79,006 | |
Viscofan S.A. | 825 | 49,126 | |
$ 2,612,876 | |||
Sweden — 4.4% | |||
AddLife AB, Class B | 2,191 | $ 20,482 | |
Alfa Laval AB | 2,000 | 49,231 | |
Arjo AB, Class B | 8,801 | 35,107 | |
Assa Abloy AB, Class B | 2,883 | 58,214 | |
Atlas Copco AB, Class A(1) | 6,514 | 69,525 | |
Axfood AB | 2,975 | 73,657 | |
Billerud AB | 2,548 | 32,894 | |
BioGaia AB, Class B | 4,605 | 36,493 | |
Biotage AB | 1,896 | 31,120 | |
Boliden AB | 2,274 | 66,130 | |
Castellum AB(1) | 6,400 | 73,178 | |
Catena AB | 932 | 31,653 | |
Electrolux AB, Class B(1) | 3,051 | 37,641 | |
Elekta AB, Class B | 5,121 | 26,029 | |
Embracer Group AB(1)(2) | 9,503 | 45,716 | |
Epiroc AB, Class A | 2,897 | 44,349 | |
Essity AB, Class B | 8,378 | 177,013 | |
Evolution AB(3) | 1,309 | 122,107 | |
Fabege AB | 7,085 | 51,437 | |
Fingerprint Cards AB, Class B(1)(2) | 29,632 | 14,016 | |
Getinge AB, Class B | 4,555 | 92,434 | |
HMS Networks AB | 1,113 | 28,636 | |
Holmen AB, Class B | 2,532 | 91,887 | |
Hufvudstaden AB, Class A | 2,401 | 28,612 | |
Husqvarna AB, Class B | 3,790 | 22,502 | |
Industrivarden AB, Class A | 1,060 | 24,007 | |
Industrivarden AB, Class C | 1,534 | 34,447 | |
Investor AB, Class A | 2,160 | 36,730 | |
Investor AB, Class B | 5,782 | 94,366 | |
JM AB | 2,031 | 30,580 | |
MIPS AB(1) | 1,251 | 40,460 | |
Mycronic AB | 2,681 | 42,076 |
Security | Shares | Value | |
Sweden (continued) | |||
Oatly Group AB ADR(1)(2) | 7,600 | $ 16,720 | |
Orron Energy AB | 4,713 | 9,777 | |
Sagax AB, Class B | 3,417 | 62,966 | |
Securitas AB, Class B | 1,900 | 15,524 | |
Skanska AB, Class B | 1,238 | 19,253 | |
Spotify Technology S.A.(2) | 1,272 | 102,498 | |
Svenska Cellulosa AB SCA, Class B | 9,048 | 106,746 | |
Svenska Handelsbanken AB, Class A | 7,120 | 66,152 | |
Swedbank AB, Class A | 2,384 | 35,541 | |
Swedish Orphan Biovitrum AB(2) | 3,003 | 55,313 | |
Tele2 AB, Class B | 5,717 | 46,857 | |
Telefonaktiebolaget LM Ericsson, Class B | 25,375 | 141,068 | |
Telia Co. AB(1) | 24,113 | 63,894 | |
Thule Group AB(1)(3) | 1,277 | 25,158 | |
Truecaller AB, Class B(1)(2) | 6,505 | 23,809 | |
Vitrolife AB | 1,099 | 17,762 | |
Volvo AB, Class B | 1,722 | 28,184 | |
Volvo Car AB, Class B(1)(2) | 9,789 | 41,545 | |
Wallenstam AB, Class B(1) | 7,080 | 24,979 | |
Wihlborgs Fastigheter AB | 3,468 | 22,720 | |
$ 2,589,195 | |||
Switzerland — 8.7% | |||
Allreal Holding AG | 346 | $ 49,563 | |
ALSO Holding AG | 245 | 38,506 | |
Baloise Holding AG | 396 | 54,102 | |
Banque Cantonale Vaudoise(1) | 570 | 50,727 | |
Belimo Holding AG | 140 | 57,023 | |
BKW AG | 330 | 38,499 | |
Bucher Industries AG | 149 | 50,238 | |
Cembra Money Bank AG | 670 | 48,588 | |
Cie Financiere Richemont S.A. | 5,971 | 583,567 | |
DKSH Holding AG | 773 | 55,765 | |
EMS-Chemie Holding AG | 104 | 65,394 | |
Flughafen Zurich AG(2) | 295 | 45,765 | |
Forbo Holding AG | 26 | 31,474 | |
Geberit AG | 263 | 116,913 | |
Givaudan S.A. | 78 | 232,981 | |
Helvetia Holding AG | 425 | 42,203 | |
Inficon Holding AG | 86 | 68,380 | |
Intershop Holding AG | 78 | 47,440 | |
Kuehne & Nagel International AG(1) | 464 | 98,770 | |
Landis+Gyr Group AG | 1,111 | 64,023 | |
LEM Holding S.A. | 13 | 21,644 | |
Logitech International S.A.(1) | 2,732 | 135,868 | |
Nestle S.A. | 6,891 | 750,146 |
Security | Shares | Value | |
Switzerland (continued) | |||
Novartis AG | 4,292 | $ 347,183 | |
Roche Holding AG PC | 1,075 | 356,683 | |
Roche Holding AG, Bearer Shares | 147 | 59,666 | |
Schindler Holding AG | 320 | 50,374 | |
Schindler Holding AG PC(1) | 353 | 57,562 | |
Schweiter Technologies AG | 45 | 30,148 | |
SGS S.A. | 36 | 79,362 | |
SIG Group AG | 5,783 | 111,167 | |
Sika AG | 1,387 | 312,735 | |
Stadler Rail AG(1) | 1,511 | 44,462 | |
Swatch Group AG (The), Bearer Shares | 279 | 62,694 | |
Swiss Life Holding AG | 139 | 67,307 | |
Swiss Prime Site AG | 1,669 | 134,676 | |
Swiss Re AG | 262 | 19,463 | |
Swisscom AG | 418 | 206,404 | |
UBS Group AG | 10,259 | 162,648 | |
Zehnder Group AG | 691 | 37,213 | |
Zurich Insurance Group AG | 683 | 291,077 | |
$ 5,178,403 | |||
United Kingdom — 8.7% | |||
3i Group PLC | 3,933 | $ 52,381 | |
Admiral Group PLC | 1,052 | 24,328 | |
Antofagasta PLC | 4,694 | 63,254 | |
Assura PLC | 34,782 | 22,285 | |
AstraZeneca PLC | 4,331 | 508,165 | |
Auto Trader Group PLC(3) | 12,550 | 75,121 | |
Aviva PLC | 9,030 | 43,314 | |
BAE Systems PLC | 8,600 | 80,441 | |
Bellway PLC | 608 | 12,930 | |
Berkeley Group Holdings PLC | 509 | 20,252 | |
Big Yellow Group PLC | 2,400 | 30,882 | |
BP PLC | 23,461 | 129,800 | |
British American Tobacco PLC | 3,774 | 149,048 | |
BT Group PLC | 34,771 | 51,817 | |
Bunzl PLC | 1,400 | 45,620 | |
Burberry Group PLC | 3,492 | 72,763 | |
Capricorn Energy PLC(2) | 43,432 | 123,374 | |
Compass Group PLC | 7,473 | 157,395 | |
Croda International PLC | 729 | 56,475 | |
Derwent London PLC | 1,020 | 25,244 | |
Direct Line Insurance Group PLC | 9,041 | 20,889 | |
Diversified Energy Co. PLC | 103,611 | 149,580 | |
DS Smith PLC | 10,893 | 36,327 | |
Experian PLC | 2,304 | 73,464 | |
Ferguson PLC | 689 | 75,141 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Fresnillo PLC | 1,893 | $ 15,826 | |
Grainger PLC | 11,835 | 30,772 | |
Great Portland Estates PLC | 4,065 | 23,962 | |
Halma PLC | 5,460 | 132,401 | |
Hikma Pharmaceuticals PLC | 1,344 | 19,293 | |
Howden Joinery Group PLC | 5,263 | 31,002 | |
HSBC Holdings PLC | 21,374 | 109,692 | |
InterContinental Hotels Group PLC | 751 | 40,352 | |
Intertek Group PLC | 543 | 22,748 | |
Lloyds Banking Group PLC | 135,333 | 64,996 | |
London Stock Exchange Group PLC | 726 | 62,931 | |
LondonMetric Property PLC | 11,374 | 24,391 | |
Marks & Spencer Group PLC(2) | 30,532 | 36,977 | |
Mondi PLC | 3,379 | 56,694 | |
Moneysupermarket.com Group PLC | 7,023 | 14,773 | |
National Grid PLC | 18,771 | 204,512 | |
NCC Group PLC | 21,199 | 48,480 | |
Next PLC | 582 | 32,871 | |
Noble Corp. PLC | 779 | 27,689 | |
Pearson PLC | 5,346 | 59,090 | |
Pennon Group PLC | 2,714 | 26,081 | |
Persimmon PLC | 2,761 | 41,315 | |
Phoenix Group Holdings PLC | 5,262 | 32,751 | |
Primary Health Properties PLC | 23,037 | 29,351 | |
QinetiQ Group PLC | 8,311 | 34,257 | |
Reckitt Benckiser Group PLC | 1,454 | 96,493 | |
RELX PLC | 3,168 | 85,094 | |
Rentokil Initial PLC | 5,526 | 34,483 | |
Rightmove PLC | 13,046 | 73,465 | |
Rio Tinto PLC | 3,415 | 178,473 | |
Safestore Holdings PLC | 3,803 | 39,401 | |
Sage Group PLC (The) | 15,349 | 127,930 | |
Segro PLC | 8,635 | 77,715 | |
Severn Trent PLC | 3,397 | 97,493 | |
Shell PLC | 13,561 | 375,661 | |
Sirius Real Estate, Ltd. | 24,045 | 19,453 | |
Spectris PLC | 815 | 28,247 | |
Spirax-Sarco Engineering PLC | 358 | 44,118 | |
Standard Chartered PLC | 5,917 | 35,353 | |
Taylor Wimpey PLC | 39,034 | 41,967 | |
Tesco PLC | 31,547 | 77,917 | |
Tritax Big Box REIT PLC | 37,589 | 60,441 | |
Unilever PLC | 2,896 | 131,636 | |
United Utilities Group PLC | 9,445 | 101,781 | |
Vodafone Group PLC | 116,824 | 136,381 | |
$ 5,186,999 |
Security | Shares | Value | |
United States — 0.4% | |||
Atlassian Corp., Class A | 1,238 | $ 250,980 | |
$ 250,980 | |||
Total Common Stocks (identified cost $63,071,488) | $59,220,154 |
Short-Term Investments — 4.0% |
Affiliated Fund — 0.3% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%(6) | 161,268 | $ 161,268 | |
Total Affiliated Fund (identified cost $161,268) | $ 161,268 |
Securities Lending Collateral — 3.7% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 3.12%(7) | 2,195,222 | $ 2,195,222 | |
Total Securities Lending Collateral (identified cost $2,195,222) | $ 2,195,222 | ||
Total Short-Term Investments (identified cost $2,356,490) | $ 2,356,490 |
Total Investments — 103.4% (identified cost $65,427,978) | $61,576,644 | ||
Other Assets, Less Liabilities — (3.4)% | $ (1,999,753) | ||
Net Assets — 100.0% | $59,576,891 |
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 October 31, 2022. The aggregate market value of securities on loan at October 31, 2022 was $4,507,859. |
(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 October 31, 2022, the aggregate value of these securities is $2,037,750 or 3.4% 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 October 31, 2022. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 11.4% | $6,759,593 |
Industrials | 11.3 | 6,713,159 |
Health Care | 10.2 | 6,086,451 |
Consumer Discretionary | 10.2 | 6,061,781 |
Consumer Staples | 9.9 | 5,917,185 |
Materials | 9.2 | 5,461,985 |
Information Technology | 8.8 | 5,250,676 |
Communication Services | 8.3 | 4,961,230 |
Utilities | 7.0 | 4,186,434 |
Real Estate | 7.0 | 4,174,461 |
Energy | 6.1 | 3,647,199 |
Short-Term Investments | 4.0 | 2,356,490 |
Total Investments | 103.4% | $61,576,644 |
Abbreviations: | |
ADR | – American Depositary Receipt |
PC | – Participation Certificate |
PFC Shares | – Preference Shares |
October 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $65,113,948) — including $4,507,859 of securities on loan | $ 61,278,857 |
Affiliated investments, at value (identified cost $314,030) | 297,787 |
Foreign currency, at value (identified cost $73,170) | 72,970 |
Dividends receivable | 97,508 |
Dividends receivable from affiliated investments | 3,809 |
Receivable for investments sold | 1,215,684 |
Securities lending income receivable | 2,486 |
Tax reclaims receivable | 158,951 |
Total assets | $63,128,052 |
Liabilities | |
Collateral for securities loaned | $ 2,195,222 |
Payable for investments purchased | 1,252,757 |
Payable to affiliates: | |
Investment adviser fee | 24,797 |
Trustees' fees | 439 |
Accrued expenses | 77,946 |
Total liabilities | $ 3,551,161 |
Net Assets applicable to investors' interest in Portfolio | $59,576,891 |
Year Ended | |
October 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $269,195) | $ 2,030,837 |
Dividend income from affiliated investments (net of foreign taxes withheld of $1,098) | 8,061 |
Securities lending income, net | 43,535 |
Total investment income | $ 2,082,433 |
Expenses | |
Investment adviser fee | $ 343,604 |
Trustees’ fees and expenses | 4,856 |
Custodian fee | 61,088 |
Legal and accounting services | 60,464 |
Miscellaneous | 6,470 |
Total expenses | $ 476,482 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 179 |
Total expense reductions | $ 179 |
Net expenses | $ 476,303 |
Net investment income | $ 1,606,130 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (1,188,065) |
Investment transactions - affiliated investments | (8,539) |
Foreign currency transactions | (30,499) |
Net realized loss | $ (1,227,103) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (20,016,766) |
Investments - affiliated investments | (18,787) |
Foreign currency | (24,528) |
Net change in unrealized appreciation (depreciation) | $(20,060,081) |
Net realized and unrealized loss | $(21,287,184) |
Net decrease in net assets from operations | $(19,681,054) |
Year Ended October 31, | ||
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,606,130 | $ 1,715,573 |
Net realized loss | (1,227,103) | (639,164) |
Net change in unrealized appreciation (depreciation) | (20,060,081) | 17,468,645 |
Net increase (decrease) in net assets from operations | $(19,681,054) | $18,545,054 |
Capital transactions: | ||
Contributions | $ 11,445,206 | $ 4,433,462 |
Withdrawals | (9,274,277) | (5,907,437) |
Net increase (decrease) in net assets from capital transactions | $ 2,170,929 | $ (1,473,975) |
Net increase (decrease) in net assets | $(17,510,125) | $17,071,079 |
Net Assets | ||
At beginning of year | $ 77,087,016 | $ 60,015,937 |
At end of year | $ 59,576,891 | $77,087,016 |
Year Ended October 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.69% (1) | 0.68% | 0.69% | 0.74% | 0.71% |
Net investment income | 2.34% | 2.31% | 1.74% | 2.53% | 1.90% |
Portfolio Turnover | 22% | 23% | 10% | 37% | 30% |
Total Return | (25.13)% | 31.20% | (5.07)% | 11.59% | (5.77)% |
Net assets, end of year (000’s omitted) | $59,577 | $77,087 | $60,016 | $71,054 | $68,042 |
(1) | Includes a reduction by the investment adviser of a portion of its 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 year ended October 31, 2022). |
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 | $ 65,815,101 |
Gross unrealized appreciation | $ 7,316,815 |
Gross unrealized depreciation | (11,555,272) |
Net unrealized depreciation | $ (4,238,457) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $2,195,222 | $ — | $ — | $ — | $2,195,222 |
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 | $ 51,306 | $ (64,035) | $ (8,534) | $ (18,787) | $ 136,519 | $ 6,073 | 28,900 |
Short-Term Investments | ||||||||
Cash Reserves Fund | 221,857 | 3,408,354 | (3,630,206) | (5) | — | — | 72 | — |
Liquidity Fund | — | 6,391,654 | (6,230,386) | — | — | 161,268 | 1,916 | 161,268 |
Total | $(8,539) | $(18,787) | $297,787 | $8,061 |
• | 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 | $ 393,390 | $ 16,891,473 | $ 0 | $ 17,284,863 |
Developed Europe | 414,628 | 39,962,689 | — | 40,377,317 |
Developed Middle East | 189,888 | 1,117,106 | — | 1,306,994 |
North America | 250,980 | — | — | 250,980 |
Total Common Stocks | $1,248,886 | $57,971,268** | $ 0 | $59,220,154 |
Short-Term Investments: | ||||
Affiliated Fund | $ 161,268 | $ — | $ — | $ 161,268 |
Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
Securities Lending Collateral | $ 2,195,222 | $ — | $ — | $ 2,195,222 |
Total Investments | $3,605,376 | $57,971,268 | $ 0 | $61,576,644 |
* | 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. |
Boston, Massachusetts
December 20, 2022
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with EVM, BMR, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- present). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987- 1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President of the Trust | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Edward J. Perkin 1971 | President of the Portfolio | Since 2014 | Chief Equity Investment Officer and Vice President of EVM and BMR since 2014. Also Vice President of CRM. |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Nicholas Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
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.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 |
Privacy Notice — continued | April 2021 |
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 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. |
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. |
Two International Place
Boston, MA 02110
Equity Fund and Tax-Managed International Equity Portfolio
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
International Equity Fund
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other
mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
(a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2021 and October 31, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Fiscal Years Ended | 10/31/21 | 10/31/22 | ||||||
Audit Fees | $ | 36,100 | $ | 40,200 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 15,975 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 52,075 | $ | 40,200 | ||||
|
|
|
|
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2021 and October 31, 2022; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
Fiscal Years Ended | 10/31/21 | 10/31/22 | ||||||
Registrant | $ | 15,975 | $ | 0 | ||||
Eaton Vance(1) | $ | 51,800 | $ | 52,836 |
(1) | Certain entities that provide ongoing services to the registrant are subsidiaries of Morgan Stanley |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
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: | December 28, 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: | December 28, 2022 | |
By: | /s/ Edward J. Perkin | |
Edward J. Perkin | ||
President | ||
Date: | December 28, 2022 |