N-Q 1 d701058dnq.htm TAX-MANAGED INTERNATIONAL EQUITY PORTFOLIO Tax-Managed International Equity Portfolio

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-10389

Investment Company Act File Number

Tax-Managed International Equity Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

October 31

Date of Fiscal Year End

January 31, 2019

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Tax-Managed International Equity Portfolio

January 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.6%

 

                                                 
Security    Shares      Value  

Australia — 8.9%

 

Alumina, Ltd.

      20,000      $ 35,569  

Amcor, Ltd.

      5,650        56,097  

AMP, Ltd.

      7,605        12,539  

APA Group

      38,093        254,645  

Aristocrat Leisure, Ltd.

      4,960        89,209  

Asaleo Care, Ltd.

      27,800        18,250  

Atlas Arteria, Ltd.

      10,339        50,096  

Atlassian Corp. PLC, Class A(1)

      2,300        226,320  

Aurizon Holdings, Ltd.

      7,700        24,674  

AusNet Services

      95,565        114,835  

Australia and New Zealand Banking Group, Ltd.

      6,934        126,226  

Australian Pharmaceutical Industries, Ltd.

      30,804        28,258  

BHP Group, Ltd.

      2,861        73,050  

Boral, Ltd.

      11,300        40,880  

Brambles, Ltd.

      17,422        135,176  

Caltex Australia, Ltd.

      4,560        89,129  

carsales.com, Ltd.

      9,828        90,381  

Class, Ltd.

      12,536        12,067  

Cleanaway Waste Management, Ltd.

      36,318        47,805  

Coca-Cola Amatil, Ltd.

      11,103        67,811  

Cochlear, Ltd.

      850        120,126  

Coles Group, Ltd.(1)

      10,096        91,808  

Commonwealth Bank of Australia

      3,589        182,871  

Computershare, Ltd.

      10,972        142,138  

Crown Resorts, Ltd.

      4,819        41,993  

CSL, Ltd.

      3,230        459,287  

Dexus

      13,975        117,014  

Domino’s Pizza Enterprises, Ltd.

      933        30,943  

DuluxGroup, Ltd.

      5,657        28,210  

GPT Group (The)

      22,015        93,087  

GrainCorp, Ltd., Class A

      7,142        49,330  

GWA Group, Ltd.

      11,241        22,859  

Hansen Technologies, Ltd.

      14,633        36,590  

Harvey Norman Holdings, Ltd.

      17,000        41,748  

Incitec Pivot, Ltd.

      11,120        26,839  

Integrated Research, Ltd.

      9,777        17,401  

IRESS, Ltd.

      3,720        31,833  

James Hardie Industries PLC CDI

      4,004        44,597  

JB Hi-Fi, Ltd.

      3,464        56,444  

Link Administration Holdings, Ltd.

      13,718        71,477  

Mirvac Group

      41,842        73,365  

National Australia Bank, Ltd.

      4,515        78,401  

Navitas, Ltd.

      9,965        40,756  

Newcrest Mining, Ltd.

      2,354        41,879  

Nine Entertainment Co. Holdings, Ltd.

      48,528        51,519  

 

1

 

 

                                                 
Security    Shares      Value  

Oil Search, Ltd.

      19,405      $ 110,486  

Orica, Ltd.

      4,147        51,770  

Qantas Airways, Ltd.

      19,011        75,370  

Rio Tinto, Ltd.

      2,553        162,334  

Scentre Group

      51,564        149,344  

Shopping Centres Australasia Property Group

      20,523        37,242  

Southern Cross Media Group, Ltd.

      63,616        48,660  

Spark Infrastructure Group

      66,000        115,972  

SpeedCast International, Ltd.

      16,723        35,439  

Star Entertainment Group, Ltd. (The)

      18,186        58,845  

Sydney Airport

      17,791        84,922  

Technology One, Ltd.

      10,774        54,766  

Telstra Corp., Ltd.

      119,713        271,417  

Transurban Group

      15,294        135,631  

Vicinity Centres

      46,900        89,291  

Washington H. Soul Pattinson & Co., Ltd.

      4,310        82,662  

Wesfarmers, Ltd.

      10,096        236,838  

Westpac Banking Corp.

      8,556        152,913  

Woodside Petroleum, Ltd.

      12,096        302,562  

Woolworths Group, Ltd.

      4,098        87,566  
     

 

 

  
   $ 5,929,562  
     

 

 

  

Austria — 1.1%

 

ams AG

      3,570      $ 95,697  

ANDRITZ AG

      758        37,421  

CA Immobilien Anlagen AG

      1,063        38,056  

Erste Group Bank AG

      1,664        58,082  

EVN AG

      2,151        34,811  

IMMOFINANZ AG

      1,276        33,736  

Lenzing AG

      182        17,806  

Oesterreichische Post AG

      1,473        55,425  

OMV AG

      1,720        85,523  

Rhi Magnesita NV

      859        48,081  

Telekom Austria AG

      8,000        61,164  

UNIQA Insurance Group AG

      2,006        18,315  

Verbund AG

      2,690        137,479  

Wienerberger AG

      1,390        31,206  
     

 

 

  
   $ 752,802  
     

 

 

  

Belgium — 2.3%

 

Ageas

      1,164      $ 54,122  

Anheuser-Busch InBev SA/NV

      2,330        178,020  

Barco NV

      627        76,699  

Befimmo SA

      1,120        67,173  

Bekaert SA

      1,080        29,089  

bpost SA

      3,481        31,912  

Colruyt SA

      478        34,328  

D’ieteren SA/NV

      637        24,135  

Econocom Group SA/NV

      10,730        38,909  

Elia System Operator SA/NV

      938        68,635  

Euronav SA

      5,526        43,267  

Ion Beam Applications(1)

      987        14,029  

KBC Group NV

      1,466        99,527  

Proximus SA

      4,820        129,396  

 

2

 

 

                                                 
Security    Shares      Value  

Retail Estates NV

      566      $ 50,216  

Solvay SA

      1,005        109,414  

Telenet Group Holding NV

      2,260        104,616  

Tessenderlo Group SA(1)

      1,340        47,454  

UCB SA

      2,340        202,768  

Warehouses De Pauw CVA

      678        99,067  
     

 

 

  
   $ 1,502,776  
     

 

 

  

Denmark — 2.2%

 

Carlsberg A/S, Class B

      1,415      $ 161,995  

Chr. Hansen Holding A/S

      850        80,721  

Columbus AS

      24,816        50,329  

Danske Bank A/S

      5,139        95,212  

Dfds A/S

      623        29,412  

DSV A/S

      969        77,334  

GN Store Nord A/S

      950        40,951  

ISS A/S

      813        23,041  

Novo Nordisk A/S, Class B

      3,886        182,122  

Novozymes A/S, Class B

      2,980        124,615  

Orsted A/S(3)

      3,312        239,334  

Pandora A/S

      2,868        124,550  

Ringkjoebing Landbobank A/S

      652        34,900  

Rockwool International A/S, Class B

      97        26,017  

Royal Unibrew A/S

      1,034        77,874  

Topdanmark A/S

      972        46,310  

Vestas Wind Systems A/S

      658        54,393  
     

 

 

  
   $ 1,469,110  
     

 

 

  

Finland — 2.1%

 

Amer Sports Oyj

      2,592      $ 115,053  

Citycon Oyj

      12,000        24,542  

DNA Oyj

      1,977        41,652  

Elisa Oyj

      2,351        98,360  

Fortum Oyj

      6,320        143,641  

Huhtamaki Oyj

      736        24,258  

Kemira Oyj

      2,727        33,168  

Kesko Oyj, Class B

      1,695        97,535  

Kone Oyj, Class B

      1,663        80,860  

Neste Oyj

      2,006        183,790  

Nokia Oyj

      23,544        148,743  

Oriola Oyj, Series B

      8,766        21,814  

Orion Oyj, Class B

      3,174        112,204  

Sampo Oyj, Class A

      1,342        61,484  

Tieto Oyj

      956        27,420  

Tokmanni Group Corp.

      3,676        35,891  

UPM-Kymmene Oyj

      3,184        92,469  

Valmet Oyj

      1,377        31,025  

Wartsila Oyj Abp

      2,646        43,206  
     

 

 

  
   $ 1,417,115  
     

 

 

  

France — 9.0%

 

Air Liquide SA

      4,380      $ 531,730  

Airbus SE

      1,329        153,180  

 

3

 

 

                                                 
Security    Shares      Value  

Altarea SCA

      208      $ 43,015  

Alten SA

      634        60,759  

Altran Technologies SA

      4,941        46,676  

Atos SE

      1,046        95,374  

AXA SA

      8,332        193,220  

Carrefour SA

      5,220        103,230  

Cie Generale des Etablissements Michelin SCA

      484        52,573  

CNP Assurances

      2,759        62,681  

Covivio(4)

      1,309        133,799  

Covivio(4)

      447        45,510  

Credit Agricole SA

      5,930        67,729  

Dassault Systemes SE

      1,540        193,011  

Devoteam SA

      244        28,553  

Engie SA

      22,570        361,827  

EssilorLuxottica SA

      1,642        208,007  

Eutelsat Communications SA

      985        20,889  

Gecina SA

      1,055        155,045  

Getlink SE

      2,197        32,131  

Hermes International

      100        59,929  

Ingenico Group SA

      754        41,099  

L’Oreal SA

      1,130        272,358  

Lagardere SCA

      1,361        35,561  

Legrand SA

      560        33,178  

LVMH Moet Hennessy Louis Vuitton SE

      650        208,520  

Neopost SA

      1,050        26,354  

Orange SA

      31,518        488,857  

Pernod-Ricard SA

      1,164        193,123  

Peugeot SA

      1,588        39,947  

Renault SA

      569        40,265  

Rubis SCA

      846        50,499  

Safran SA

      819        107,608  

Sanofi

      5,890        511,946  

SCOR SE

      1,284        54,030  

Societe BIC SA

      422        42,264  

Societe Generale SA

      3,005        93,694  

Suez

      5,207        66,736  

Talend SA ADR(1)

      500        18,600  

Teleperformance

      177        30,462  

Thales SA

      600        66,354  

Total SA

      9,623        527,544  

Unibail-Rodamco-Westfield

      1,203        216,361  

Veolia Environnement SA

      5,261        111,142  

Vinci SA

      1,159        101,981  
     

 

 

  
   $ 6,027,351  
     

 

 

  

Germany — 8.9%

 

adidas AG

      579      $ 137,768  

Allianz SE

      1,913        405,886  

alstria office REIT AG

      5,110        76,906  

BASF SE

      3,829        280,504  

Bayerische Motoren Werke AG

      1,291        108,767  

Bechtle AG

      400        31,828  

Beiersdorf AG

      2,259        226,130  

Brenntag AG

      1,027        48,626  

Continental AG

      589        93,083  

 

4

 

 

                                                 
Security    Shares      Value  

Covestro AG(3)

      1,484      $ 82,005  

Delivery Hero SE(1)(3)

      754        27,848  

Deutsche Boerse AG

      570        75,894  

Deutsche Lufthansa AG

      975        24,615  

Deutsche Post AG

      3,135        92,596  

Deutsche Telekom AG

      29,991        487,679  

Deutsche Wohnen SE

      4,814        240,495  

Dialog Semiconductor PLC(1)

      1,816        53,094  

Evonik Industries AG

      928        25,379  

Fresenius Medical Care AG & Co. KGaA

      1,285        94,512  

Fresenius SE & Co. KGaA

      2,385        123,662  

GEA Group AG

      1,196        32,950  

Gerresheimer AG

      1,197        81,062  

Grand City Properties SA

      4,854        120,770  

HeidelbergCement AG

      1,361        94,245  

Henkel AG & Co. KGaA

      2,341        214,579  

Hugo Boss AG

      915        65,606  

Innogy SE(3)

      3,825        181,222  

KWS Saat SE

      85        26,846  

LEG Immobilien AG

      1,088        127,809  

Merck KGaA

      988        103,739  

Metro AG

      7,704        130,374  

MTU Aero Engines AG

      316        68,143  

Muenchener Rueckversicherungs-Gesellschaft AG

      660        147,286  

Nemetschek SE

      338        43,380  

ProSiebenSat.1 Media SE

      1,883        33,613  

Puma SE

      133        74,127  

Rheinmetall AG

      332        34,485  

RWE AG

      9,895        246,105  

RWE AG, PFC Shares

      1,810        44,422  

SAP SE

      3,975        411,036  

Sartorius AG, PFC Shares

      212        31,824  

Siemens AG

      2,649        290,854  

Siemens Healthineers AG(1)(3)

      2,235        88,197  

Software AG

      800        29,065  

Symrise AG

      907        75,336  

Telefonica Deutschland Holding AG(3)

      8,948        31,370  

TLG Immobilien AG

      3,290        101,010  

TUI AG

      2,680        40,579  

Uniper SE

      5,829        169,022  

Zalando SE(1)(3)

      1,826        55,718  
     

 

 

  
   $ 5,932,051  
     

 

 

  

Hong Kong — 4.4%

 

AIA Group, Ltd.

      31,200      $ 281,721  

Alibaba Health Information Technology, Ltd.(1)

      56,000        51,598  

ASM Pacific Technology, Ltd.

      7,800        84,039  

Beijing Tong Ren Tang Chinese Medicine Co., Ltd.

      15,000        26,459  

BOC Hong Kong Holdings, Ltd.

      7,000        27,047  

CK Asset Holdings, Ltd.

      10,000        84,188  

CK Hutchison Holdings, Ltd.

      6,000        60,595  

CLP Holdings, Ltd.

      18,000        209,647  

Esprit Holdings, Ltd.(1)

      109,900        22,854  

 

5

 

 

                                                 
Security    Shares      Value  

First Pacific Co., Ltd.

      106,000      $ 45,974  

Galaxy Entertainment Group, Ltd.

      20,000        139,253  

Global Cord Blood Corp.

      5,000        31,400  

Hang Lung Group, Ltd.

      6,000        17,633  

Hang Lung Properties, Ltd.

      14,000        30,655  

Hang Seng Bank, Ltd.

      3,700        85,125  

Henderson Land Development Co., Ltd.

      6,600        37,519  

HK Electric Investments & HK Electric Investments, Ltd.

      34,000        34,687  

HKBN, Ltd.

      35,000        54,109  

HKT Trust and HKT, Ltd.

      62,000        91,435  

Hong Kong & China Gas Co., Ltd.

      84,700        184,057  

Hongkong Land Holdings, Ltd.

      8,100        58,271  

Hutchison Telecommunications Hong Kong Holdings, Ltd.

      66,000        26,151  

Hysan Development Co., Ltd.

      7,000        36,427  

Jardine Matheson Holdings, Ltd.

      2,400        160,547  

Jardine Strategic Holdings, Ltd.

      1,800        69,005  

Kerry Properties, Ltd.

      10,000        41,535  

Li & Fung, Ltd.

      80,000        13,597  

Link REIT

      9,000        98,929  

Luk Fook Holdings International, Ltd.

      8,000        23,255  

Mega Expo Holdings, Ltd.

      80,000        41,191  

Melco Resorts & Entertainment, Ltd. ADR

      2,100        45,318  

MGM China Holdings, Ltd.

      17,200        33,397  

MTR Corp., Ltd.

      12,500        69,910  

Nexteer Automotive Group, Ltd.

      19,000        28,765  

NWS Holdings, Ltd.

      25,000        57,173  

PCCW, Ltd.

      105,000        62,505  

Shangri-La Asia, Ltd.

      22,000        28,728  

SmarTone Telecommunication Holdings, Ltd.

      19,000        22,558  

Swire Pacific, Ltd., Class A

      4,000        47,373  

Techtronic Industries Co., Ltd.

      14,500        84,644  

Town Health International Medical Group, Ltd.(1)(5)

      266,000        11,695  

Vitasoy International Holdings, Ltd.

      38,000        154,592  

VTech Holdings, Ltd.

      7,100        67,820  

Wharf Real Estate Investment Co., Ltd.

      5,000        34,205  

Yuan Heng Gas Holdings, Ltd.(1)

      280,000        20,990  

Yue Yuen Industrial Holdings, Ltd.

      10,500        35,814  
     

 

 

  
   $ 2,974,390  
     

 

 

  

Ireland — 2.2%

 

Bank of Ireland Group PLC

      28,763      $ 172,595  

Cairn Homes PLC(1)

      18,600        27,671  

CRH PLC

      6,262        180,249  

Dalata Hotel Group PLC

      6,009        39,287  

Glanbia PLC

      1,979        37,818  

Grafton Group PLC

      9,729        93,933  

Hibernia REIT PLC

      44,450        66,842  

ICON PLC(1)

      1,212        169,535  

Irish Residential Properties REIT PLC

      42,500        72,910  

Kerry Group PLC, Class A

      1,947        198,805  

Kingspan Group PLC

      3,244        132,676  

Paddy Power Betfair PLC

      1,971        160,995  

Smurfit Kappa Group PLC

      1,300        37,486  

UDG Healthcare PLC

      8,000        60,903  
     

 

 

  
   $ 1,451,705  
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Israel — 2.2%

 

Airport City, Ltd.(1)

      2,500      $ 32,960  

Amot Investments, Ltd.

      5,499        29,001  

Bank Leumi Le-Israel B.M.

      9,550        63,139  

Bezeq The Israeli Telecommunication Corp., Ltd.

      163,729        131,323  

Check Point Software Technologies, Ltd.(1)

      585        65,473  

Delek Automotive Systems, Ltd.

      4,964        22,418  

Delta-Galil Industries, Ltd.

      2,301        66,561  

Elbit Systems, Ltd.

      1,014        125,606  

Electra, Ltd.

      173        40,808  

First International Bank of Israel, Ltd.(1)

      1,152        27,277  

Israel Chemicals, Ltd.

      23,646        137,243  

Israel Discount Bank, Ltd., Series A

      10,120        35,793  

Kenon Holdings, Ltd.

      2,504        45,849  

Melisron, Ltd.

      729        33,578  

Mizrahi Tefahot Bank, Ltd.

      1,469        27,327  

Nice, Ltd.(1)

      490        54,020  

Oil Refineries, Ltd.

      139,185        67,800  

Orbotech, Ltd.(1)

      716        43,912  

Paz Oil Co., Ltd.

      650        97,225  

Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.

      1,044        56,742  

Reit 1, Ltd.

      7,407        30,625  

Sella Capital Real Estate, Ltd.

      15,640        26,823  

Strauss Group, Ltd.

      2,228        54,124  

Teva Pharmaceutical Industries, Ltd. ADR(1)

      8,917        177,002  
     

 

 

  
   $ 1,492,629  
     

 

 

  

Italy — 4.4%

 

Amplifon SpA

      6,413      $ 114,892  

Assicurazioni Generali SpA

      4,184        73,250  

Atlantia SpA

      4,194        99,268  

Autogrill SpA

      2,584        23,243  

Bio-On SpA(1)

      750        51,631  

Brembo SpA

      2,325        26,558  

Cementir Holding SpA

      6,913        47,094  

COSMO Pharmaceuticals NV(1)

      417        37,182  

Davide Campari-Milano SpA

      18,866        169,503  

De’Longhi SpA

      1,200        29,941  

DiaSorin SpA

      977        89,467  

Enav SpA(3)

      5,849        29,942  

Enel SpA

      38,800        234,504  

ENI SpA

      14,674        248,810  

Ferrari NV

      868        108,075  

FinecoBank Banca Fineco SpA

      4,241        46,116  

IMA Industria Macchine Automatiche SpA

      484        32,088  

Infrastrutture Wireless Italiane SpA(3)

      25,801        205,397  

International Game Technology PLC

      1,216        19,894  

Interpump Group SpA

      778        25,065  

Intesa Sanpaolo SpA

      54,086        123,755  

Italgas SpA

      7,381        44,688  

Italmobiliare SpA

      1,360        30,249  

Leonardo SpA

      4,673        45,282  

Mediobanca Banca di Credito Finanziario SpA

      2,651        23,103  

Moncler SpA

      1,030        38,764  

 

7

 

 

                                                 
Security    Shares      Value  

Pirelli & C SpA(1)(3)

      4,416      $ 28,865  

Poste Italiane SpA(3)

      5,564        47,915  

Prada SpA

      6,900        22,835  

Prysmian SpA

      2,843        61,077  

Reply SpA

      996        55,214  

Saras SpA

      14,538        30,976  

Snam SpA

      16,332        77,991  

STMicroelectronics NV

      18,358        292,437  

Telecom Italia SpA(1)

      309,776        172,361  

Terna Rete Elettrica Nazionale SpA

      12,961        79,879  

Unione di Banche Italiane SpA

      9,342        23,969  

UnipolSai Assicurazioni SpA

      10,716        26,749  
     

 

 

  
   $ 2,938,029  
     

 

 

  

Japan — 13.3%

 

Activia Properties, Inc.

      6      $ 25,968  

Aeon Co., Ltd.

      2,700        54,951  

Aeon Mall Co., Ltd.

      1,800        29,921  

Air Water, Inc.

      2,000        33,367  

Aisin Seiki Co., Ltd.

      1,000        39,535  

Ajinomoto Co., Inc.

      2,100        36,361  

ANA Holdings, Inc.

      1,100        40,546  

Asahi Intecc Co., Ltd.

      1,000        43,522  

Asahi Kasei Corp.

      6,000        65,834  

Astellas Pharma, Inc.

      5,600        83,094  

Bandai Namco Holdings, Inc.

      1,300        57,430  

Bridgestone Corp.

      900        34,642  

Canon, Inc.

      3,000        86,281  

Central Japan Railway Co.

      200        43,224  

Chubu Electric Power Co., Inc.

      6,200        98,137  

Chugai Pharmaceutical Co., Ltd.

      1,500        88,570  

Chugoku Electric Power Co., Inc. (The)

      4,500        61,579  

Citizen Watch Co., Ltd.

      8,200        43,771  

Daicel Corp.

      3,400        35,660  

Daido Steel Co., Ltd.

      700        29,261  

Daiichi Sankyo Co., Ltd.

      1,700        58,969  

Daikin Industries, Ltd.

      500        54,121  

Daito Trust Construction Co., Ltd.

      400        55,557  

Daiwa House REIT Investment Corp.

      23        54,162  

Daiwa Securities Group, Inc.

      7,000        34,911  

Dentsu, Inc.

      1,000        47,434  

Don Quijote Holdings Co., Ltd.

      500        29,076  

East Japan Railway Co.

      600        55,590  

Eisai Co., Ltd.

      1,500        116,470  

FamilyMart UNY Holdings Co., Ltd.

      500        58,571  

Frontier Real Estate Investment Corp.

      8        32,674  

FUJIFILM Holdings Corp.

      1,700        73,042  

GLP J-REIT

      28        29,758  

Gunma Bank, Ltd. (The)

      5,000        22,038  

Hankyu Hanshin Holdings, Inc.

      1,000        35,695  

Hirose Electric Co., Ltd.

      315        33,834  

Hisamitsu Pharmaceutical Co., Inc.

      400        20,484  

Hulic Co., Ltd.

      4,000        36,910  

Idemitsu Kosan Co., Ltd.

      2,600        91,747  

ITOCHU Corp.

      3,300        60,536  

 

8

 

 

                                                 
Security    Shares      Value  

Japan Airlines Co., Ltd.

      900      $ 32,768  

Japan Exchange Group, Inc.

      2,100        36,978  

Japan Hotel REIT Investment Corp.

      63        48,328  

Japan Post Bank Co., Ltd.

      2,100        24,442  

Japan Post Holdings Co., Ltd.

      3,600        44,255  

Japan Prime Realty Investment Corp.

      11        44,864  

Japan Real Estate Investment Corp.

      11        64,478  

Japan Retail Fund Investment Corp.

      31        63,594  

Japan Tobacco, Inc.

      3,200        81,010  

JFE Holdings, Inc.

      2,000        35,255  

JXTG Holdings, Inc.

      31,100        169,872  

Kajima Corp.

      2,000        28,449  

Kakaku.com, Inc.

      1,900        33,356  

Kamigumi Co., Ltd.

      1,500        33,207  

Kao Corp.

      1,200        84,838  

KDDI Corp.

      13,200        329,797  

Kenedix Office Investment Corp.

      6        41,207  

Keyence Corp.

      300        154,385  

Kintetsu Group Holdings Co., Ltd.

      800        34,915  

Konica Minolta, Inc.

      2,800        28,193  

Kuraray Co., Ltd.

      2,500        38,447  

KYORIN Holdings, Inc.

      1,400        29,727  

Kyushu Electric Power Co., Inc.

      4,800        59,479  

Lawson, Inc.

      300        18,492  

Leopalace21 Corp.

      4,200        19,900  

Lion Corp.

      2,100        43,766  

M3, Inc.

      2,400        34,735  

Makita Corp.

      1,000        35,432  

Marubeni Corp.

      7,000        54,562  

Maruichi Steel Tube, Ltd.

      1,200        38,544  

Megmilk Snow Brand Co., Ltd.

      1,400        37,150  

MEIJI Holdings Co., Ltd.

      500        38,663  

Mitsubishi Chemical Holdings Corp.

      5,000        42,968  

Mitsubishi Motors Corp.

      6,600        41,007  

Mitsubishi UFJ Financial Group, Inc.

      32,000        171,645  

Mitsui & Co., Ltd.

      3,900        63,718  

Mizuho Financial Group, Inc.

      67,300        110,463  

Mori Hills REIT Investment Corp.

      25        33,202  

MS&AD Insurance Group Holdings, Inc.

      1,800        53,286  

Murata Manufacturing Co., Ltd.

      500        75,108  

NEC Corp.

      1,500        50,407  

NH Foods, Ltd.

      1,000        39,571  

Nikon Corp.

      1,500        25,648  

Nintendo Co., Ltd.

      300        90,986  

Nippon Accommodations Fund, Inc.

      8        42,531  

Nippon Building Fund, Inc.

      11        71,175  

Nippon Paint Holdings Co., Ltd.

      1,200        40,273  

Nippon Prologis REIT, Inc.

      26        56,703  

Nippon Shokubai Co., Ltd.

      600        39,771  

Nippon Steel & Sumitomo Metal Corp.

      4,500        83,332  

Nippon Telegraph & Telephone Corp.

      3,400        146,160  

Nissan Chemical Corp.

      900        47,852  

Nissan Motor Co., Ltd.

      4,100        35,014  

Nissin Foods Holdings Co., Ltd.

      400        25,465  

 

9

 

 

                                                 
Security    Shares      Value  

Nitori Holdings Co., Ltd.

      400      $ 52,088  

Nitto Denko Corp.

      500        28,283  

Nomura Real Estate Master Fund, Inc.

      43        61,620  

Nomura Research Institute, Ltd.

      1,200        49,106  

NTT Data Corp.

      4,400        52,453  

NTT DoCoMo, Inc.

      12,000        288,321  

Obic Co., Ltd.

      300        28,430  

Oji Holdings Corp.

      4,300        24,900  

Okinawa Electric Power Co., Inc. (The)

      2,612        49,417  

Olympus Corp.

      800        32,817  

Omron Corp.

      1,300        53,389  

Ono Pharmaceutical Co., Ltd.

      2,500        54,615  

Oriental Land Co., Ltd.

      700        71,774  

Orix JREIT, Inc.

      34        59,428  

Osaka Gas Co., Ltd.

      6,100        120,770  

Otsuka Holdings Co., Ltd.

      1,800        73,828  

Rakuten, Inc.(1)

      3,000        22,649  

Recruit Holdings Co., Ltd.

      2,300        61,733  

Ricoh Co., Ltd.

      4,000        42,612  

Rinnai Corp.

      600        39,727  

Seiko Epson Corp.

      1,700        26,460  

Sekisui House, Ltd.

      2,000        29,891  

Seven & i Holdings Co., Ltd.

      2,200        95,795  

Shimadzu Corp.

      1,200        27,597  

Shimano, Inc.

      300        42,095  

Shionogi & Co., Ltd.

      1,100        67,845  

Shiseido Co., Ltd.

      1,200        71,384  

Showa Shell Sekiyu K.K.

      3,400        50,657  

Sompo Holdings, Inc.

      1,600        60,327  

Sony Corp.

      1,600        80,171  

Subaru Corp.

      1,100        25,830  

Sumitomo Corp.

      1,600        24,774  

Sumitomo Mitsui Financial Group, Inc.

      3,500        130,207  

Sumitomo Mitsui Trust Holdings, Inc.

      900        34,091  

Suntory Beverage & Food, Ltd.

      900        39,849  

Suzuki Motor Corp.

      1,000        52,221  

T&D Holdings, Inc.

      2,400        29,794  

Taiheiyo Cement Corp.

      1,500        51,501  

Taisho Pharmaceutical Holdings Co., Ltd.

      600        60,941  

Takeda Pharmaceutical Co., Ltd.

      2,400        96,896  

TEIJIN, Ltd.

      1,400        24,196  

Toho Gas Co., Ltd.

      1,500        64,429  

Tohoku Electric Power Co., Inc.

      6,300        85,413  

Tokio Marine Holdings, Inc.

      2,200        107,725  

Tokyo Gas Co., Ltd.

      3,800        99,922  

Tokyu Corp.

      2,000        34,229  

Toppan Printing Co., Ltd.

      2,000        32,778  

Toray Industries, Inc.

      9,300        68,923  

Toshiba Corp.

      1,800        57,000  

Tosoh Corp.

      2,500        35,506  

Toyo Ink SC Holdings Co., Ltd.

      1,400        31,728  

Toyo Suisan Kaisha, Ltd.

      1,000        35,998  

Toyobo Co., Ltd.

      1,800        26,709  

 

10

 

 

                                                 
Security    Shares      Value  

Toyota Motor Corp.

      3,200      $ 196,960  

Trend Micro, Inc.(1)

      600        31,924  

Ube Industries, Ltd.

      1,100        24,874  

Unicharm Corp.

      1,500        46,421  

United Urban Investment Corp.

      36        57,477  

West Japan Railway Co.

      400        29,214  

Yahoo! Japan Corp.

      11,200        30,273  

Yakult Honsha Co., Ltd.

      600        40,043  

Yamato Holdings Co., Ltd.

      2,000        53,291  

Yamato Kogyo Co., Ltd.

      1,000        26,114  

Yamazaki Baking Co., Ltd.

      2,000        39,285  
     

 

 

  
   $ 8,929,324  
     

 

 

  

Netherlands — 4.4%

 

ABN AMRO Group NV(3)

      1,800      $ 44,885  

Accell Group

      1,483        32,610  

AerCap Holdings NV(1)

      1,200        56,712  

Akzo Nobel NV(1)

      2,765        238,005  

ASM International NV

      820        39,723  

ASML Holding NV

      2,086        364,773  

ASR Nederland NV

      1,620        68,329  

Cimpress NV(1)

      241        20,044  

Corbion NV

      2,072        58,686  

Eurocommercial Properties NV

      1,255        40,662  

Gemalto NV(1)

      831        48,192  

GrandVision NV(3)

      1,280        28,539  

IMCD NV

      840        61,302  

ING Groep NV

      19,984        237,126  

InterXion Holding NV(1)

      1,208        72,528  

Koninklijke Ahold Delhaize NV

      9,355        246,468  

Koninklijke KPN NV

      47,300        145,411  

Koninklijke Philips NV

      6,477        255,356  

Koninklijke Vopak NV

      1,452        73,789  

NN Group NV

      1,302        54,980  

NXP Semiconductors NV

      500        43,515  

QIAGEN NV(1)

      1,735        64,080  

Signify NV(3)

      769        19,050  

TKH Group NV

      800        38,637  

Unilever NV

      8,484        454,320  

Wolters Kluwer NV

      2,003        124,568  
     

 

 

  
   $ 2,932,290  
     

 

 

  

New Zealand — 1.1%

 

A2 Milk Co., Ltd.(1)

      10,259      $ 90,223  

Air New Zealand, Ltd.

      10,500        20,419  

Auckland International Airport, Ltd.

      12,240        62,297  

Contact Energy, Ltd.

      9,580        40,084  

Fisher & Paykel Healthcare Corp., Ltd.

      3,630        31,592  

Fletcher Building, Ltd.(1)

      21,151        73,118  

Goodman Property Trust

      27,739        30,596  

Kiwi Property Group, Ltd.

      28,800        28,330  

Mercury NZ, Ltd.

      13,643        33,339  

Precinct Properties New Zealand, Ltd.

      27,851        28,809  

Pushpay Holdings, Ltd.(1)

      12,186        29,793  

 

11

 

 

                                                 
Security    Shares      Value  

Restaurant Brands New Zealand, Ltd.

      6,134      $ 36,282  

SKYCITY Entertainment Group, Ltd.

      9,440        25,089  

Spark New Zealand, Ltd.

      19,416        54,580  

Summerset Group Holdings, Ltd.

      7,300        30,878  

Xero, Ltd.(1)

      1,765        56,232  

Z Energy, Ltd.

      13,924        57,816  
     

 

 

  
   $ 729,477  
     

 

 

  

Norway — 2.2%

 

Atea ASA

      6,274      $ 86,696  

Austevoll Seafood ASA

      4,763        60,826  

Borregaard ASA

      5,977        53,113  

DNB ASA

      6,391        113,435  

Entra ASA(3)

      6,540        94,770  

Equinor ASA

      7,438        170,079  

Europris ASA(3)

      9,810        31,578  

Gjensidige Forsikring ASA

      1,701        29,381  

Golar LNG, Ltd.

      1,000        22,270  

Kongsberg Automotive ASA(1)

      23,898        20,368  

Kongsberg Gruppen ASA

      1,873        26,109  

Marine Harvest ASA(1)

      4,027        88,959  

Nordic Nanovector ASA(1)

      2,000        10,121  

Salmar ASA

      1,386        72,573  

SpareBank 1 SMN

      3,485        35,823  

Telenor ASA

      11,588        219,383  

Tomra Systems ASA

      4,059        105,459  

Veidekke ASA

      5,744        62,723  

Wallenius Wilhelmsen ASA(1)

      7,664        27,222  

Yara International ASA

      3,318        137,203  
     

 

 

  
   $ 1,468,091  
     

 

 

  

Portugal — 1.1%

 

Altri SGPS SA

      5,303      $ 43,880  

Banco Comercial Portugues SA(1)

      332,057        91,555  

Corticeira Amorim SGPS SA

      2,318        25,817  

CTT-Correios de Portugal SA

      18,519        66,679  

EDP Renovaveis SA

      2,527        22,765  

EDP-Energias de Portugal SA

      23,100        84,375  

Galp Energia SGPS SA, Class B

      7,678        119,965  

Jeronimo Martins SGPS SA

      7,890        111,818  

NOS SGPS SA

      22,214        144,098  

Semapa-Sociedade de Investimento e Gestao

      1,523        26,610  
     

 

 

  
   $ 737,562  
     

 

 

  

Singapore — 2.2%

 

Ascendas Real Estate Investment Trust

      23,500      $ 47,925  

BOC Aviation, Ltd.(3)

      5,700        48,467  

CapitaLand Commercial Trust, Ltd.

      20,500        28,697  

CapitaLand Mall Trust

      15,800        28,215  

ComfortDelGro Corp., Ltd.

      14,100        24,467  

DBS Group Holdings, Ltd.

      5,300        94,459  

Ezion Holdings, Ltd.(1)

      160,000        6,469  

 

12

 

 

                                                 
Security    Shares      Value  

First Resources, Ltd.

      21,600      $ 27,459  

Flex, Ltd.(1)

      11,557        111,178  

Genting Singapore, Ltd.

      146,700        120,223  

Jardine Cycle & Carriage, Ltd.

      2,600        73,061  

Keppel Infrastructure Trust

      95,400        36,152  

Mapletree Industrial Trust

      17,200        25,597  

Mapletree Logistics Trust

      30,900        31,489  

Raffles Medical Group, Ltd.

      38,400        31,724  

Sheng Siong Group, Ltd.

      43,800        36,149  

Singapore Airlines, Ltd.

      4,000        28,736  

Singapore Airport Terminal Services, Ltd.

      7,300        26,334  

Singapore Exchange, Ltd.

      7,000        39,805  

Singapore Post, Ltd.

      26,100        19,134  

Singapore Technologies Engineering, Ltd.

      19,500        54,000  

Singapore Telecommunications, Ltd.

      95,100        213,823  

Suntec Real Estate Investment Trust

      27,000        38,741  

United Overseas Bank, Ltd.

      4,500        84,335  

Venture Corp., Ltd.

      5,900        71,666  

Wilmar International, Ltd.

      60,800        150,587  
     

 

 

  
   $ 1,498,892  
     

 

 

  

Spain — 4.4%

 

Aena SME SA(3)

      685      $ 118,407  

Almirall SA

      2,800        47,505  

Amadeus IT Group SA

      4,056        294,946  

Banco Bilbao Vizcaya Argentaria SA

      14,580        86,534  

Banco de Sabadell SA

      40,257        46,159  

Bankia SA

      9,179        26,757  

Bankinter SA

      3,250        25,377  

CaixaBank SA

      13,396        50,664  

Cellnex Telecom SA(3)

      1,600        45,087  

Cia de Distribucion Integral Logista Holdings SA

      1,300        33,570  

Coca-Cola European Partners PLC(1)

      4,700        223,626  

Ebro Foods SA

      2,380        48,999  

Enagas SA

      2,600        75,785  

Ence Energia y Celulosa SA

      5,468        42,460  

Endesa SA

      1,800        45,021  

Ercros SA

      10,000        41,558  

Ferrovial SA

      1,591        35,678  

Fluidra SA(1)

      2,723        30,881  

Grifols SA

      5,371        140,110  

Grifols SA ADR

      5,800        107,996  

Iberdrola SA

      24,972        206,391  

Industria de Diseno Textil SA

      9,271        259,340  

Lar Espana Real Estate Socimi SA

      5,104        49,160  

Merlin Properties Socimi SA

      15,440        207,140  

NH Hotel Group SA

      4,264        21,270  

Prosegur Cash SA(3)

      10,000        23,401  

Prosegur Cia de Seguridad SA

      4,500        24,360  

Red Electrica Corp. SA

      1,244        28,668  

Repsol SA

      13,378        234,818  

 

13

 

 

                                                 
Security    Shares      Value  

Siemens Gamesa Renewable Energy SA(1)

      3,710      $ 52,671  

Telefonica SA

      28,419        244,448  

Tubacex SA

      12,500        40,674  
     

 

 

  
   $ 2,959,461  
     

 

 

  

Sweden — 4.5%

 

Alfa Laval AB

      2,000      $ 45,344  

Arjo AB, Class B

      4,020        14,303  

Assa Abloy AB, Class B

      2,883        53,722  

Attendo AB(3)

      5,579        42,856  

BillerudKorsnas AB

      5,767        72,828  

BioGaia AB, Class B

      921        37,447  

Bonava AB, Class B

      2,000        25,056  

Castellum AB

      6,400        121,331  

Dometic Group AB(3)

      3,500        24,972  

Elekta AB, Class B

      13,663        182,665  

Epiroc AB, Class A(1)

      2,897        27,818  

Epiroc AB, Class B(1)

      2,729        24,460  

Essity Aktiebolag, Class B

      7,154        197,941  

Fabege AB

      7,085        103,383  

Granges AB

      4,911        47,233  

Hennes & Mauritz AB, Class B

      8,337        129,722  

Hexagon AB, Class B

      1,254        61,410  

Hexpol AB

      5,839        51,685  

Holmen AB, Class B

      1,298        27,816  

Hufvudstaden AB, Class A

      4,938        82,011  

Husqvarna AB, Class B

      3,790        28,968  

Kungsleden AB

      6,500        49,343  

Lundin Petroleum AB

      4,713        150,748  

Modern Times Group MTG AB, Class B

      1,265        42,621  

Mycronic AB

      2,681        34,322  

NetEnt AB

      6,918        33,504  

Nibe Industrier AB, Class B

      2,889        32,853  

Nordea Bank AB

      10,249        93,279  

Pandox AB

      1,500        26,116  

Sandvik AB

      2,777        44,376  

Securitas AB, Class B

      1,900        30,552  

Skandinaviska Enskilda Banken AB, Class A

      10,460        109,795  

Skanska AB, Class B

      1,238        21,678  

Svenska Cellulosa AB SCA, Class B

      9,048        79,586  

Svenska Handelsbanken AB, Class A

      9,558        103,942  

Swedbank AB, Class A

      4,442        100,906  

Swedish Match AB

      2,446        109,586  

Tele2 AB, Class B

      4,040        50,578  

Telefonaktiebolaget LM Ericsson, Class B

      27,249        242,883  

Telia Co. AB

      50,998        222,247  

Thule Group AB(3)

      1,481        30,237  

Trelleborg AB, Class B

      1,700        28,635  
     

 

 

  
   $ 3,040,758  
     

 

 

  

 

14

 

 

                                                 
Security    Shares      Value  

Switzerland — 8.7%

 

Adecco Group AG

      1,216      $ 60,935  

Allreal Holding AG

      417        67,643  

ALSO Holding AG

      375        48,515  

Ascom Holding AG

      1,636        21,008  

Baloise Holding AG

      236        36,551  

Banque Cantonale Vaudoise

      57        45,204  

Belimo Holding AG

      7        30,389  

BKW AG

      600        42,223  

Cembra Money Bank AG

      670        57,858  

Clariant AG

      6,883        136,717  

Comet Holding AG

      287        25,543  

Compagnie Financiere Richemont SA, Class A

      8,503        586,094  

Daetwyler Holding AG, Bearer Shares

      260        39,275  

DKSH Holding AG

      352        26,383  

dormakaba Holding AG

      30        19,763  

Emmi AG

      57        48,127  

Ems-Chemie Holding AG

      178        88,905  

Flughafen Zurich AG

      187        33,031  

Forbo Holding AG

      69        96,206  

Geberit AG

      233        91,087  

Georg Fischer AG

      32        28,365  

Givaudan SA

      132        320,239  

Helvetia Holding AG

      85        50,323  

Inficon Holding AG

      86        45,748  

Intershop Holding AG

      78        39,005  

Julius Baer Group, Ltd.

      1,336        53,697  

Komax Holding AG

      194        51,430  

Kuehne & Nagel International AG

      464        62,747  

Landis+Gyr Group AG

      1,111        71,752  

Mobilezone Holding AG

      4,644        50,017  

Mobimo Holding AG

      275        67,413  

Nestle SA

      9,029        787,183  

Novartis AG

      4,810        419,917  

Panalpina Welttransport Holding AG

      330        58,065  

Partners Group Holding AG

      131        90,102  

PSP Swiss Property AG

      1,056        108,641  

Roche Holding AG PC

      1,423        378,569  

Schindler Holding AG

      219        46,256  

Schindler Holding AG PC

      257        54,669  

Schweiter Technologies AG, Bearer Shares

      26        24,618  

SFS Group AG

      327        26,316  

SGS SA

      46        111,046  

Sika AG

      1,945        256,849  

Sulzer AG

      480        44,091  

Swiss Life Holding AG

      201        82,923  

Swiss Re AG

      1,614        154,790  

Swisscom AG

      548        262,658  

Temenos AG

      1,180        159,281  

Valiant Holding AG

      270        29,161  

Valora Holding AG

      353        93,813  

Zehnder Group AG

      691        23,104  

Zurich Insurance Group AG

      620        194,589  
     

 

 

  
   $ 5,848,834  
     

 

 

  

 

15

 

 

                                                 
Security    Shares      Value  

United Kingdom — 9.0%

 

Antofagasta PLC

      2,458      $ 28,100  

Assura PLC

      34,782        27,315  

AstraZeneca PLC

      3,743        271,150  

Auto Trader Group PLC(3)

      7,214        43,294  

Aveva Group PLC

      886        31,671  

Aviva PLC

      5,903        32,104  

Babcock International Group PLC

      3,446        24,002  

BAE Systems PLC

      8,600        57,855  

Barratt Developments PLC

      3,866        27,345  

Barrick Gold Corp.

      2,016        26,612  

Berkeley Group Holdings PLC

      552        27,179  

BHP Group PLC

      5,162        115,333  

Big Yellow Group PLC

      2,400        30,190  

BP PLC

      31,208        213,186  

British American Tobacco PLC

      4,022        141,776  

BT Group PLC

      35,867        109,373  

Bunzl PLC

      1,400        44,145  

Burberry Group PLC

      1,413        33,402  

Cairn Energy PLC(1)

      15,590        38,255  

Carnival PLC

      457        25,857  

Centrica PLC

      40,776        73,276  

Cineworld Group PLC

      12,376        42,473  

Compass Group PLC

      5,483        117,328  

Cranswick PLC

      994        37,670  

Croda International PLC

      474        30,010  

Derwent London PLC

      1,020        43,383  

Direct Line Insurance Group PLC

      5,000        22,100  

Electrocomponents PLC

      6,322        45,128  

Elementis PLC

      6,330        15,154  

Essentra PLC

      5,799        28,415  

Experian PLC

      2,631        66,058  

F&C Commercial Property Trust, Ltd.

      14,249        24,280  

Ferguson PLC

      689        46,138  

Fresnillo PLC

      2,137        28,215  

GlaxoSmithKline PLC

      12,020        233,483  

Great Portland Estates PLC

      4,065        39,049  

Halma PLC

      4,420        81,292  

Hammerson PLC

      11,181        54,661  

Howden Joinery Group PLC

      5,263        34,915  

HSBC Holdings PLC

      24,670        207,728  

Imperial Brands PLC

      1,796        59,617  

Informa PLC

      6,492        57,664  

Inmarsat PLC

      10,117        49,115  

Intertek Group PLC

      543        35,039  

Johnson Matthey PLC

      1,560        62,321  

Kcom Group PLC

      18,722        17,016  

Kingfisher PLC

      14,750        43,090  

Land Securities Group PLC

      6,288        71,509  

 

16

 

 

                                                 
Security    Shares      Value  

Legal & General Group PLC

      20,937      $ 71,330  

Lloyds Banking Group PLC

      117,231        89,373  

London Stock Exchange Group PLC

      511        30,732  

LondonMetric Property PLC

      32,609        80,315  

Merlin Entertainments PLC(3)

      8,625        38,222  

Micro Focus International PLC

      6,024        114,848  

Mimecast, Ltd.(1)

      800        30,056  

Mondi PLC

      1,350        32,647  

Moneysupermarket.com Group PLC

      13,551        53,893  

National Grid PLC

      30,876        336,221  

NCC Group PLC

      10,809        18,222  

Next PLC

      582        37,014  

Paragon Banking Group PLC

      4,937        26,890  

Pearson PLC

      5,912        70,287  

Persimmon PLC

      1,061        33,098  

Phoenix Group Holdings PLC

      2,631        21,936  

Playtech PLC

      4,633        23,560  

QinetiQ Group PLC

      8,311        33,073  

Reckitt Benckiser Group PLC

      1,112        85,562  

RELX PLC

      5,362        118,766  

Rentokil Initial PLC

      5,526        24,404  

Rightmove PLC

      13,046        80,786  

Rio Tinto PLC

      2,924        161,762  

Rolls-Royce Holdings PLC

      6,692        77,784  

Royal Dutch Shell PLC, Class A

      7,981        247,414  

Royal Mail PLC

      6,900        24,312  

RPC Group PLC

      3,999        41,639  

RSA Insurance Group PLC

      4,203        28,340  

Safestore Holdings PLC

      3,803        28,785  

Segro PLC

      8,635        73,404  

Severn Trent PLC

      3,397        89,264  

Shaftesbury PLC

      2,131        24,656  

Smith & Nephew PLC

      3,742        70,494  

Spectris PLC

      1,521        51,926  

St. James’s Place PLC

      1,932        23,814  

Standard Life Aberdeen PLC

      4,707        15,561  

Stobart Group, Ltd.

      10,700        21,501  

TalkTalk Telecom Group PLC

      20,733        30,395  

Tate & Lyle PLC

      7,007        63,251  

Taylor Wimpey PLC

      12,334        26,743  

Tritax Big Box REIT PLC

      37,589        68,891  

Unilever PLC

      2,083        109,428  

UNITE Group PLC (The)

      2,424        28,950  

United Utilities Group PLC

      9,445        103,300  

Victrex PLC

      874        26,245  

WH Smith PLC

      1,016        26,081  

Whitbread PLC

      600        38,445  

William Hill PLC

      6,621        15,324  

WM Morrison Supermarkets PLC

      8,786        27,018  
     

 

 

  
   $ 6,010,233  
     

 

 

  

Total Common Stocks
(identified cost $63,080,699)

 

    $ 66,042,442  
     

 

 

  

 

17

 

 

                                                 

Rights(1) — 0.0%(2)

 

Security    Shares      Value  

BUWOG AG, Exp. 3/29/19(5)

      1,234      $ 0  

Tritax Big Box REIT PLC, Exp. 2/8/19

      4,903        624  
     

 

 

  

Total Rights
(identified cost $0)

 

    $ 624  
     

 

 

  

Warrants(1) — 0.0%

 

Security    Shares      Value  

Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763

      96,000      $ 0  
     

 

 

  

Total Warrants
(identified cost $0)

 

    $ 0  
     

 

 

  

Short-Term Investments — 0.8%

 

Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 2.61%(6)

      510,028      $ 510,028  
     

 

 

  

Total Short-Term Investments
(identified cost $510,015)

 

    $ 510,028  
     

 

 

  

Total Investments — 99.4%
(identified cost $63,590,714)

 

    $ 66,553,094  
     

 

 

  

Other Assets, Less Liabilities — 0.6%

 

    $ 431,162  
     

 

 

  

Net Assets — 100.0%

 

    $ 66,984,256  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

(1)

Non-income producing security.

 

(2)

Amount is less than 0.05%.

 

(3)

Security exempt from registration pursuant to Rule 144A under 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 January 31, 2019, the aggregate value of these securities is $1,651,578 or 2.5% of the Portfolio’s net assets.

 

(4)

Securities are traded on separate exchanges for the same entity.

 

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3.

 

(6)

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2019. Net income from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2019 was $977.

 

18

 

 

Currency Concentration of Portfolio

 

                                                 
Currency    Percentage of
Net Assets		     Value  

Euro

      38.1 %    $ 25,519,482  

Japanese Yen

      13.3       8,929,324  

British Pound Sterling

      9.3       6,224,297  

Swiss Franc

      9.0       5,981,713  

Australian Dollar

      8.6       5,759,474  

Swedish Krona

      4.5       3,040,758  

Hong Kong Dollar

      4.0       2,681,151  

United States Dollar

      3.4       2,283,230  

Danish Krone

      2.2       1,469,110  

Norwegian Krone

      2.2       1,445,821  

Singapore Dollar

      2.0       1,339,247  

Israeli Shekel

      1.8       1,206,242  

New Zealand Dollar

      1.0       673,245  
  

 

 

    

 

 

  

Total Investments

      99.4 %    $ 66,553,094  
  

 

 

    

 

 

  

Sector Classification of Portfolio

 

                                                 
Sector    Percentage of
Net Assets		     Value  

Industrials

      10.7 %    $ 7,185,339  

Financials

      10.5       7,014,971  

Consumer Staples

      10.3       6,869,520  

Consumer Discretionary

      9.5       6,395,278  

Health Care

      9.3       6,240,401  

Materials

      9.1       6,075,141  

Communication Services

      8.9       5,949,267  

Information Technology

      8.8       5,910,964  

Real Estate

      8.6       5,756,697  

Utilities

      7.4       4,953,863  

Energy

      5.5       3,691,625  

Short-Term Investments

      0.8       510,028  
  

 

 

    

 

 

  

Total Investments

      99.4 %    $ 66,553,094  
  

 

 

    

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

CDI

   -   CHESS Depositary Interest

PC

   -   Participation Certificate

PFC Shares

   -   Preference Shares

Currency Abbreviations:

 

SGD

   -   Singapore Dollar

 

19

 

 

The Portfolio did not have any open derivative instruments at January 31, 2019.

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 January 31, 2019, 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

    $ 506,024      $ 19,543,926     $ 11,695      $ 20,061,645  

Developed Europe

      856,898        43,631,270       —        44,488,168  

Developed Middle East

      286,387        1,206,242       —        1,492,629  

Total Common Stocks

    $ 1,649,309      $ 64,381,438 **    $ 11,695      $ 66,042,442  

Rights

    $ —      $ 624     $ 0      $ 624  

Warrants

      —        0       —        0  

Short-Term Investments

      —        510,028       —        510,028  

Total Investments

    $ 1,649,309      $ 64,892,090     $ 11,695      $ 66,553,094  

 

*

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.

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 fiscal year to date ended January 31, 2019 is not presented.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

 

20

 

 

Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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:   March 22, 2019

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/ Edward J. Perkin
  Edward J. Perkin
  President
Date:   March 22, 2019

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   March 22, 2019