N-CSR 1 d646280dncsr.htm TAX-MANAGED INTERNATIONAL EQUITY PORTFOLIO Tax-Managed International Equity Portfolio

 

 

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)

 

 

Maureen A. Gemma

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, 2013

Date of Reporting Period

 

 

 

Item 1. Reports to Stockholders

Tax-Managed International Equity Portfolio

October 31, 2013

 

Portfolio of Investments

 

 

Common Stocks — 98.6%   
   
Security   Shares     Value  
   

Australia — 5.9%

  

AGL Energy, Ltd.

     19,720      $ 291,316   

Amcor, Ltd.

     81,068        830,492   

APA Group

     9,919        56,832   

Australia and New Zealand Banking Group, Ltd.

     12,365        395,684   

BHP Billiton, Ltd.

     9,814        346,958   

Caltex Australia, Ltd.

     2,834        49,519   

CFS Retail Property Trust Group

     26,240        51,354   

Coca-Cola Amatil, Ltd.

     4,616        56,252   

Commonwealth Bank of Australia

     8,579        617,710   

Computershare, Ltd.

     6,596        66,939   

Crown, Ltd.

     5,308        84,622   

CSL, Ltd.

     5,507        362,002   

Federation Centres

     22,983        53,937   

Flight Centre, Ltd.

     1,174        57,636   

Fortescue Metals Group, Ltd.

     15,408        75,567   

GPT Group

     20,014        69,754   

Harvey Norman Holdings, Ltd.

     44,634        137,346   

James Hardie Industries PLC CDI

     5,348        55,316   

Leighton Holdings, Ltd.

     4,691        79,469   

Metcash, Ltd.

     15,823        50,074   

National Australia Bank, Ltd.

     10,650        355,932   

Newcrest Mining, Ltd.

     7,992        77,496   

Orica, Ltd.

     10,197        203,004   

Origin Energy, Ltd.

     22,838        315,723   

Qantas Airways, Ltd(1)

     55,697        65,481   

Rio Tinto, Ltd.

     5,375        323,425   

Seek, Ltd.

     4,745        58,294   

Tabcorp Holdings, Ltd.

     17,246        58,658   

Tatts Group, Ltd.

     20,688        61,428   

Telstra Corp., Ltd.

     131,338        642,673   

Toll Holdings, Ltd.

     9,095        49,548   

Transurban Group

     16,374        109,843   

Wesfarmers, Ltd.(1)

     1,487        60,341   

Westfield Retail Trust

     17,493        51,036   

Westpac Banking Corp.

     3,483        113,083   

Woodside Petroleum, Ltd.

     4,035        147,923   

Woolworths, Ltd.

     9,368        308,923   
                 
    $ 6,791,590   
                 

Austria — 1.0%

  

OMV AG

     14,433      $ 688,492   

Raiffeisen Bank International AG

     8,706        319,336   

Verbund AG

     5,540        129,958   
                 
    $ 1,137,786   
                 
Security   Shares     Value  
   

Belgium — 3.6%

  

Ageas NV SA

     1,164      $ 49,463   

Anheuser-Busch InBev NV

     13,471        1,396,452   

Belgacom SA

     13,840        378,684   

Colruyt SA

     7,459        416,119   

Delhaize Group SA

     915        58,436   

Groupe Bruxelles Lambert SA

     7,005        624,674   

KBC Groep NV

     1,451        79,053   

Solvay SA

     2,273        355,413   

Telenet Group Holding NV

     3,141        172,159   

UCB SA

     5,498        360,899   

Umicore SA

     5,226        248,857   
                 
  $ 4,140,209   
                 

Denmark — 3.9%

  

A.P. Moller-Maersk A/S, Class A

     21      $ 189,627   

A.P. Moller-Maersk A/S, Class B

     30        290,249   

Coloplast A/S, Class B

     14,477        944,257   

Danske Bank A/S(1)

     3,080        71,967   

DSV A/S

     13,873        405,871   

Novo Nordisk A/S, Class B

     8,373        1,394,545   

Novozymes A/S, Class B

     18,246        714,613   

TDC A/S

     14,081        127,195   

Tryg A/S

     2,372        216,606   

William Demant Holding A/S(1)

     1,810        179,239   
                 
  $ 4,534,169   
                 

Finland — 3.3%

  

Elisa Oyj

     13,791      $ 345,516   

Fortum Oyj

     8,270        184,478   

Kesko Oyj, Class B

     2,175        72,275   

Kone Oyj, Class B

     11,111        979,570   

Metso Oyj

     3,262        128,393   

Neste Oil Oyj

     11,956        237,068   

Nokia Oyj(1)

     70,780        537,983   

Nokian Renkaat Oyj

     1,317        66,609   

Orion Oyj, Class B

     7,962        213,988   

Sampo Oyj

     11,184        529,011   

Stora Enso Oyj

     18,840        174,946   

UPM-Kymmene Oyj

     3,364        53,411   

Wartsila Oyj

     6,606        293,118   
                 
  $ 3,816,366   
                 

France — 6.7%

  

ADP

     1,564      $ 167,057   

Air Liquide SA

     7,276        988,908   
 

 

  19   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Portfolio of Investments — continued

 

 

Security   Shares     Value  
   

France (continued)

  

AXA SA

     2,207      $ 54,988   

BNP Paribas SA

     683        50,387   

Carrefour SA

     4,469        163,130   

CGG SA(1)

     3,608        79,304   

Christian Dior SA

     768        145,718   

CNP Assurances

     2,759        48,603   

Compagnie Generale des Etablissements Michelin, Class B

     289        30,113   

Credit Agricole SA(1)

     6,298        75,724   

Dassault Systemes SA

     1,969        239,205   

EDF SA

     2,363        82,700   

Essilor International SA

     2,064        221,189   

Eutelsat Communications SA

     3,731        118,004   

GDF Suez

     14,024        347,568   

Groupe FNAC SA(1)

     53        1,481   

Iliad SA

     316        72,172   

Imerys SA

     879        70,513   

JCDecaux SA

     1,986        79,599   

Kering SA

     430        97,451   

L’Oreal SA

     1,643        280,537   

LVMH Moet Hennessy Louis Vuitton SA

     5,415        1,039,655   

Natixis

     15,283        82,186   

Orange SA

     5,618        77,225   

Pernod-Ricard SA

     5,008        601,504   

Renault SA

     6,653        580,476   

Safran SA

     4,673        297,941   

Sanofi

     4,274        455,707   

SES SA

     2,704        78,648   

Societe BIC SA

     1,535        191,683   

Societe Generale

     1,376        77,730   

Sodexo

     2,236        216,950   

Suez Environnement Co. SA

     3,678        64,134   

Total SA

     5,116        313,882   

Unibail-Rodamco SE

     268        70,020   

Vallourec SA

     845        50,296   

Veolia Environnement

     2,686        46,080   
                 
  $ 7,658,468   
                 

Germany — 6.7%

                

Adidas AG

     2,106      $ 239,969   

BASF SE

     1,133        117,622   

Bayerische Motoren Werke AG

     5,009        566,911   

Beiersdorf AG

     1,184        112,898   

Celesio AG

     1,831        56,926   

Commerzbank AG(1)

     8,618        110,221   

Continental AG

     655        119,778   

Daimler AG

     3,024        247,589   
Security   Shares     Value  
   

Germany (continued)

  

Deutsche Boerse AG

     642      $ 48,296   

Deutsche Lufthansa AG(1)

     3,987        77,081   

Deutsche Post AG

     10,201        344,502   

Deutsche Telekom AG

     13,301        209,021   

E.ON AG

     2,645        48,214   

Fraport AG

     937        72,489   

Fresenius Medical Care AG & Co. KGaA

     705        46,591   

Hannover Rueckversicherung AG

     1,152        92,196   

HeidelbergCement AG

     633        49,842   

Henkel AG & Co. KGaA

     6,387        589,061   

Hochtief AG

     629        56,890   

Linde AG

     7,160        1,359,150   

Muenchener Rueckversicherungs-Gesellschaft AG

     256        53,410   

Osram Licht AG(1)

     7,536        390,310   

Porsche Automobil Holding SE, PFC Shares

     819        76,475   

ProSiebenSat.1 Media AG

     1,725        82,010   

RWE AG

     1,503        55,374   

RWE AG, PFC Shares

     1,456        49,605   

Salzgitter AG

     1,112        48,938   

SAP AG

     18,965        1,484,052   

Siemens AG

     1,047        133,798   

ThyssenKrupp AG(1)

     2,906        74,142   

United Internet AG

     11,282        445,032   

Volkswagen AG

     484        118,360   

Volkswagen AG, PFC Shares

     557        141,260   
                 
  $ 7,718,013   
                 

Hong Kong — 4.9%

                

AAC Technologies Holdings, Inc.

     11,500      $ 50,528   

ASM Pacific Technology, Ltd.

     5,100        49,222   

Bank of East Asia, Ltd.

     62,800        272,158   

BOC Hong Kong (Holdings), Ltd.

     116,500        378,965   

Cathay Pacific Airways, Ltd.

     120,000        237,720   

Cheung Kong Infrastructure Holdings, Ltd.

     50,000        347,937   

CLP Holdings, Ltd.

     41,000        330,198   

Galaxy Entertainment Group, Ltd.(1)

     100,000        746,488   

Hang Seng Bank, Ltd.

     51,700        863,724   

HKT Trust and HKT, Ltd.

     83,000        76,536   

Hong Kong & China Gas Co., Ltd.

     252,340        588,163   

Hopewell Holdings, Ltd.

     51,500        173,770   

Li & Fung, Ltd.

     56,000        78,737   

Link REIT (The)

     22,500        113,479   

MGM China Holdings, Ltd.

     14,000        48,453   

MTR Corp., Ltd.

     75,000        290,063   

Noble Group, Ltd.

     98,000        80,969   

Orient Overseas (International), Ltd.

     9,000        46,486   
 

 

  20   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Portfolio of Investments — continued

 

 

Security   Shares     Value  
   

Hong Kong (continued)

  

Power Assets Holdings, Ltd.

     64,000      $ 532,371   

Sands China, Ltd.

     7,600        54,233   

SJM Holdings, Ltd.

     16,000        51,631   

Wheelock & Co., Ltd.

     10,000        51,162   

Wing Hang Bank, Ltd.

     11,500        163,095   

Wynn Macau, Ltd.

     12,800        48,806   
                 
  $ 5,674,894   
                 

Ireland — 1.2%

                

CRH PLC

     17,461      $ 424,888   

Elan Corp. PLC(1)

     6,498        107,930   

Kerry Group PLC, Class A

     12,840        822,336   
                 
  $ 1,355,154   
                 

Israel — 2.0%

                

Bank Hapoalim B.M.

     57,822      $ 309,549   

Bank Leumi Le-Israel B.M.(1)

     89,574        340,959   

Bezeq Israeli Telecommunication Corp., Ltd.

     144,376        251,025   

Delek Group, Ltd.

     342        118,094   

Israel Chemicals, Ltd.

     15,194        125,613   

Israel Corp., Ltd.(1)

     83        41,763   

Mizrahi Tefahot Bank, Ltd.

     15,499        181,677   

NICE Systems, Ltd.

     6,472        253,775   

Teva Pharmaceutical Industries, Ltd. ADR

     18,418        683,124   
                 
  $ 2,305,579   
                 

Italy — 4.2%

                

Atlantia SpA

     14,359      $ 314,708   

Autogrill SpA(1)

     7,979        71,626   

Enel Green Power SpA

     133,159        323,918   

Enel SpA

     21,568        95,156   

ENI SpA

     58,024        1,473,051   

Fiat SpA(1)

     5,795        45,472   

Finmeccanica SpA(1)

     17,382        127,375   

Luxottica Group SpA

     10,902        590,576   

Pirelli & C. SpA

     3,852        54,186   

Snam Rete Gas SpA

     128,366        661,407   

Telecom Italia SpA

     64,684        63,102   

Telecom Italia SpA, PFC Shares

     365,898        286,187   

Tenaris SA

     5,930        138,729   

Terna Rete Elettrica Nazionale SpA

     113,704        562,878   

UniCredit SpA

     6,750        50,669   
                 
  $ 4,859,040   
                 
Security   Shares     Value  
   

Japan — 12.7%

                

ABC-Mart, Inc.

     1,400      $ 70,015   

Air Water, Inc.

     4,000        57,177   

Aisin Seiki Co., Ltd.

     1,700        69,061   

All Nippon Airways Co., Ltd.

     51,000        106,552   

Amada Co., Ltd.

     7,000        60,218   

Asahi Kasei Corp.

     7,000        53,274   

Bank of Kyoto, Ltd. (The)

     17,000        149,792   

Bank of Yokohama, Ltd. (The)

     28,000        154,400   

Bridgestone Corp.

     1,000        34,283   

Brother Industries, Ltd.

     4,400        49,994   

Calbee, Inc.

     1,800        47,231   

Canon, Inc.

     1,500        47,335   

Chiba Bank, Ltd. (The)

     16,000        114,062   

Chugai Pharmaceutical Co., Ltd.

     9,800        230,264   

Chugoku Bank, Ltd. (The)

     15,000        215,647   

Citizen Holdings Co., Ltd.

     7,100        50,656   

Coca-Cola West Co., Ltd.

     2,800        56,792   

Dai Nippon Printing Co., Ltd.

     5,000        52,530   

Daicel Chemical Industries, Ltd.

     6,000        50,573   

Daihatsu Motor Co., Ltd.

     18,000        349,491   

Denso Corp.

     1,000        48,068   

Electric Power Development Co., Ltd.

     1,800        57,524   

Fuji Electric Co., Ltd.

     14,000        62,761   

Fuji Heavy Industries, Ltd.

     4,000        109,366   

FUJIFILM Holdings Corp.

     2,200        53,820   

Gunma Bank, Ltd. (The)

     39,000        225,660   

Hachijuni Bank, Ltd. (The)

     30,000        185,328   

Hamamatsu Photonics K.K.

     3,800        142,194   

Hino Motors, Ltd.

     5,000        70,648   

Hirose Electric Co., Ltd.

     300        45,771   

Hiroshima Bank, Ltd. (The)

     36,000        153,213   

Hitachi Chemical Co., Ltd.

     3,400        52,162   

Hitachi Construction Machinery Co., Ltd.

     3,500        74,125   

Hitachi, Ltd.

     8,000        55,961   

Hoya Corp.

     2,400        57,550   

Ibiden Co., Ltd.

     3,200        55,474   

IHI Corp.

     14,000        59,280   

Isetan Mitsukoshi Holdings, Ltd.

     5,100        77,292   

Isuzu Motors, Ltd.

     10,000        62,276   

Iyo Bank, Ltd. (The)

     18,000        187,951   

Japan Airlines Co., Ltd.

     5,500        321,488   

Japan Tobacco, Inc.

     4,200        151,971   

JFE Holdings, Inc.

     3,100        70,478   

Joyo Bank, Ltd. (The)

     12,000        62,330   

JSR Corp.

     3,500        66,668   

JTEKT Corp.

     5,800        74,462   
 

 

  21   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Portfolio of Investments — continued

 

 

Security   Shares     Value  
   

Japan (continued)

  

Kamigumi Co., Ltd.

     19,000      $ 165,269   

Kaneka Corp.

     8,000        50,764   

Kansai Paint Co., Ltd.

     18,000        241,864   

Kao Corp.

     4,900        163,187   

Kawasaki Heavy Industries, Ltd.

     22,000        85,966   

KDDI Corp.

     3,600        194,963   

Keikyu Corp.

     8,000        75,305   

Keio Corp.

     24,000        166,282   

Keyence Corp.

     500        214,295   

Kikkoman Corp.

     3,000        54,677   

Kinden Corp.

     5,000        54,914   

Kintetsu Corp.

     24,000        88,324   

Kirin Holdings Co., Ltd.

     6,000        87,693   

Koito Manufacturing Co., Ltd.

     3,000        54,611   

Komatsu, Ltd.

     4,300        94,344   

Konami Corp.

     2,100        50,752   

Kubota Corp.

     4,000        59,226   

Kuraray Co., Ltd.

     4,500        52,836   

Kyowa Hakko Kirin Co., Ltd.

     12,000        132,540   

M3, Inc.

     18        49,294   

Makita Corp.

     1,500        75,854   

Mazda Motor Corp.(1)

     12,000        54,018   

Medipal Holdings Corp.

     4,100        55,284   

MEIJI Holdings Co., Ltd.

     1,000        55,902   

Miraca Holdings, Inc.

     1,300        58,575   

Mitsubishi Electric Corp.

     9,000        98,928   

Mitsubishi Gas Chemical Co., Inc.

     11,000        89,899   

Mitsubishi Logistics Corp.

     4,000        55,588   

Mitsubishi Materials Corp.

     20,000        78,248   

Mitsubishi Tanabe Pharma Corp.

     6,100        86,033   

Mitsui Chemicals, Inc.

     21,000        55,824   

Mitsui O.S.K. Lines, Ltd.

     19,000        80,424   

MS&AD Insurance Group Holdings, Inc.

     2,200        56,886   

Murata Manufacturing Co., Ltd.

     1,200        96,324   

NGK Spark Plug Co., Ltd.

     11,000        251,219   

NHK Spring Co., Ltd.

     5,300        55,479   

Nintendo Co., Ltd.

     400        44,981   

Nippon Electric Glass Co., Ltd.

     10,000        51,437   

Nippon Meat Packers, Inc.

     3,000        43,924   

Nippon Yusen KK

     14,000        42,777   

Nishi-Nippon City Bank, Ltd. (The)

     47,000        126,983   

Nisshin Seifun Group, Inc.

     5,000        54,207   

Nissin Foods Holdings Co., Ltd.

     1,200        51,365   

Nitori Holdings Co., Ltd.

     1,200        112,567   

Nitto Denko Corp.

     2,000        104,882   

NOK Corp.

     3,200        49,467   
Security   Shares     Value  
   

Japan (continued)

  

NSK, Ltd.

     9,000      $ 96,141   

NTT DoCoMo, Inc.

     27,900        442,634   

Odakyu Electric Railway Co., Ltd.

     12,000        115,809   

OMRON Corp.

     2,900        110,667   

Ono Pharmaceutical Co., Ltd.

     3,200        241,952   

Oracle Corp. Japan

     2,800        110,554   

Osaka Gas Co., Ltd.

     15,000        63,181   

Panasonic Corp.

     5,200        53,297   

Rakuten, Inc.

     9,100        118,570   

Ricoh Co., Ltd.

     4,000        42,243   

Rinnai Corp.

     1,400        108,360   

ROHM Co., Ltd.

     1,200        49,257   

Sankyo Co., Ltd.

     1,400        66,582   

Santen Pharmaceutical Co., Ltd.

     2,200        111,685   

Seven Bank, Ltd.

     7,400        26,190   

Shikoku Electric Power Co., Inc.(1)

     2,900        51,763   

Shin-Etsu Chemical Co., Ltd.

     1,900        107,430   

Shinsei Bank, Ltd.

     23,000        53,850   

Shiseido Co., Ltd.

     3,700        63,296   

Shizuoka Bank, Ltd. (The)

     26,000        292,536   

SMC Corp.

     200        46,564   

SoftBank Corp.

     2,700        201,633   

Sony Corp.

     2,800        48,845   

Stanley Electric Co., Ltd.

     2,200        51,174   

Sumco Corp.

     6,100        55,429   

Sumitomo Chemical Co., Ltd.

     21,000        76,910   

Sumitomo Electric Industries, Ltd.

     3,700        55,442   

Sumitomo Metal Mining Co., Ltd.

     5,000        69,253   

Sumitomo Mitsui Trust Holding, Inc.

     11,000        54,330   

Suntory Beverage & Food, Ltd.(1)

     1,700        55,967   

Suruga Bank, Ltd.

     10,000        158,633   

Suzuken Co., Ltd.

     5,000        180,549   

Suzuki Motor Corp.

     2,100        52,805   

Sysmex Corp.

     1,700        112,613   

Taiyo Nippon Sanso Corp.

     8,000        54,859   

Terumo Corp.

     1,000        48,431   

THK Co., Ltd.

     2,500        54,571   

Toho Gas Co., Ltd.

     33,000        172,077   

Tohoku Electric Power Co., Inc.(1)

     3,800        45,996   

Tokyo Electric Power Co., Inc.(1)

     12,500        66,711   

Tokyo Electron, Ltd.

     900        49,385   

Tokyo Gas Co., Ltd.

     22,000        119,372   

TonenGeneral Sekiyu K.K.

     23,000        213,657   

TOTO, Ltd.

     3,000        42,427   

Toyo Seikan Kaisha, Ltd.

     2,500        51,957   

Toyo Suisan Kaisha, Ltd.

     1,000        31,803   
 

 

  22   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Portfolio of Investments — continued

 

 

Security   Shares     Value  
   

Japan (continued)

  

Toyoda Gosei Co., Ltd.

     2,000      $ 50,009   

Toyota Boshoku Corp.

     4,100        54,916   

Toyota Industries Corp.

     1,100        48,521   

Toyota Motor Corp.

     2,700        175,063   

Tsumura & Co.

     1,700        53,431   

Unicharm Corp.

     5,000        321,144   

USS Co., Ltd.

     10,400        152,303   

Yakult Honsha Co., Ltd.

     1,500        76,190   

Yamaha Corp.

     3,400        50,764   

Yamaha Motor Co., Ltd.

     6,600        101,102   

Yamato Holdings Co., Ltd.

     3,200        68,819   

Yaskawa Electric Corp.

     4,000        51,803   

Yokogawa Electric Corp.

     5,100        66,651   

Yokohama Rubber Co., Ltd. (The)

     5,000        48,908   
                 
  $ 14,544,363   
                 

Netherlands — 4.9%

                

Aegon NV

     9,795      $ 77,938   

Akzo Nobel NV

     8,949        649,647   

ASML Holding NV

     14,163        1,341,061   

Delta Lloyd NV

     3,195        67,739   

European Aeronautic Defence and Space Co. NV

     3,366        230,654   

Gemalto NV

     562        63,079   

Heineken Holding NV

     3,202        203,375   

Heineken NV

     7,054        486,071   

ING Groep NV(1)

     6,256        79,499   

Koninklijke Ahold NV

     46,093        876,068   

Koninklijke DSM NV

     9,532        720,548   

Koninklijke KPN NV(1)

     16,902        53,813   

Koninklijke Vopak NV

     1,918        117,963   

QIAGEN NV(1)

     13,623        312,661   

Randstad Holding NV

     887        54,629   

Reed Elsevier NV

     11,930        239,848   

STMicroelectronics NV

     5,561        42,775   
                 
  $ 5,617,368   
                 

New Zealand — 0.5%

                

Auckland International Airport, Ltd.

     79,283      $ 224,437   

Contact Energy, Ltd.

     23,324        101,143   

Fletcher Building, Ltd.

     17,648        145,641   

Telecom Corporation of New Zealand, Ltd.

     52,744        102,347   
                 
  $ 573,568   
                 

Norway — 2.7%

                

Aker Solutions ASA

     18,065      $ 249,579   

Gjensidige Forsikring ASA

     6,519        121,679   
Security   Shares     Value  
   

Norway (continued)

  

Norsk Hydro ASA

     58,621      $ 261,612   

Orkla ASA

     20,563        166,687   

Seadrill, Ltd.

     8,001        370,080   

Statoil ASA

     35,612        842,623   

Telenor ASA

     42,114        1,011,899   

Yara International ASA

     1,858        80,019   
                 
  $ 3,104,178   
                 

Portugal — 0.6%

                

Banco Espirito Santo SA(1)

     39,242      $ 51,563   

EDP-Energias de Portugal SA

     73,323        269,903   

Galp Energia SGPS SA, Class B

     7,743        131,116   

Jeronimo Martins SGPS SA

     9,657        177,849   

Portugal Telecom SGPS SA

     20,164        90,889   
                 
  $ 721,320   
                 

Singapore — 4.1%

                

Ascendas Real Estate Investment Trust

     60,000      $ 114,080   

CapitaMall Trust

     33,000        53,598   

ComfortDelGro Corp., Ltd.

     45,000        69,488   

DBS Group Holdings, Ltd.

     90,300        1,217,377   

Jardine Cycle & Carriage, Ltd.

     2,000        58,942   

Olam International, Ltd.

     66,000        81,652   

Oversea-Chinese Banking Corp., Ltd.

     102,000        853,280   

Singapore Airlines, Ltd.

     37,000        310,370   

Singapore Press Holdings, Ltd.

     33,000        112,883   

Singapore Technologies Engineering, Ltd.

     38,000        128,850   

Singapore Telecommunications, Ltd.

     209,000        634,687   

StarHub, Ltd.

     33,000        118,000   

United Overseas Bank, Ltd.

     33,000        552,638   

UOL Group, Ltd.

     51,000        269,936   

Yangzijiang Shipbuilding Holdings, Ltd.

     83,000        78,737   
                 
  $ 4,654,518   
                 

Spain — 4.6%

                

Abertis Infraestructuras SA

     14,497      $ 310,598   

Acciona SA

     828        52,489   

Acerinox SA

     8,757        115,431   

ACS Actividades de Construccion y Servicios SA

     3,559        116,753   

Amadeus IT Holding SA, Class A

     12,461        462,332   

CaixaBank SA

     50,803        263,320   

Distribuidora Internacional de Alimentacion SA

     10,918        99,539   

Enagas

     17,193        459,054   

Ferrovial SA

     28,385        541,068   

Grifols SA

     5,094        208,785   
 

 

  23   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Portfolio of Investments — continued

 

 

Security   Shares     Value  
   

Spain (continued)

  

Iberdrola SA

     18,069      $ 113,416   

Indra Sistemas SA

     7,412        122,230   

Industria de Diseno Textil SA

     4,511        740,882   

International Consolidated Airlines Group SA(1)

     17,117        95,060   

Red Electrica Corp. SA

     5,529        344,261   

Repsol SA

     14,951        400,849   

Telefonica SA(1)

     40,287        709,023   

Zardoya Otis SA

     6,587        114,591   
                 
  $ 5,269,681   
                 

Sweden — 5.1%

                

Atlas Copco AB, Class A

     1,766      $ 48,931   

Elekta AB, Class B

     3,308        48,856   

Getinge AB, Class B

     3,273        103,689   

Hennes & Mauritz AB, Class B

     18,506        799,678   

Holmen AB, Class B

     6,671        221,591   

Investor AB, Class B

     14,100        452,077   

Lundin Petroleum AB(1)

     2,108        43,442   

Millicom International Cellular SA SDR

     2,789        257,303   

Nordea Bank AB

     68,825        880,376   

Scania AB, Class B

     5,767        115,590   

Skandinaviska Enskilda Banken AB, Class A

     37,448        452,936   

Skanska AB, Class B

     17,255        332,233   

SKF AB, Class B

     5,595        148,040   

Svenska Cellulosa AB SCA, Class B

     3,122        88,513   

Swedbank AB, Class A

     17,314        450,620   

Tele2 AB, Class B

     17,326        208,837   

Telefonaktiebolaget LM Ericsson, Class B

     11,670        139,587   

TeliaSonera AB

     135,801        1,122,937   
                 
    $ 5,915,236   
                 

Switzerland — 7.1%

  

Actelion, Ltd.(1)

     5,582      $ 431,882   

Adecco SA(1)

     4,988        367,834   

ARYZTA AG(1)

     788        58,787   

Baloise Holding AG

     1,367        158,810   

Coca-Cola HBC AG(1)

     8,092        232,730   

Credit Suisse Group AG(1)

     2,430        75,592   

Geberit AG

     236        70,509   

Givaudan SA(1)

     157        222,656   

Lonza Group AG(1)

     774        69,090   

Nestle SA

     21,922        1,582,416   

Novartis AG

     13,636        1,058,461   

Roche Holding AG PC

     3,945        1,090,932   

Schindler Holding AG

     2,365        336,570   
Security   Shares     Value  
   

Switzerland (continued)

  

Sonova Holding AG(1)

     2,191      $ 285,139   

Sulzer AG

     795        124,370   

Swatch Group, Ltd. (The)

     458        50,958   

Swatch Group, Ltd. (The), Bearer Shares

     638        407,485   

Swiss Life Holding AG(1)

     399        79,114   

Swiss Reinsurance Co., Ltd.

     7,299        640,725   

Swisscom AG

     1,047        534,028   

Transocean, Ltd.

     1,218        57,524   

Zurich Insurance Group AG(1)

     830        229,348   
                 
    $ 8,164,960   
                 

United Kingdom — 12.9%

                

Aberdeen Asset Management PLC

     14,295      $ 101,449   

Anglo American PLC

     9,686        230,300   

Associated British Foods PLC

     8,893        323,305   

AstraZeneca PLC

     6,335        335,376   

Aviva PLC

     83,894        602,267   

BAE Systems PLC

     30,618        223,343   

Barclays PLC

     129,770        546,002   

BHP Billiton PLC

     4,062        125,347   

BP PLC

     105,443        818,512   

Bunzl PLC

     2,862        63,133   

Burberry Group PLC

     18,459        453,602   

Capita PLC

     9,433        149,118   

Centrica PLC

     140,577        795,066   

Cobham PLC

     38,227        176,544   

Compass Group PLC

     7,989        114,891   

Croda International PLC

     1,406        54,943   

Diageo PLC

     27,272        869,362   

easyJet PLC

     2,461        51,551   

Experian PLC

     4,935        100,470   

Fresnillo PLC

     4,696        73,411   

GKN PLC

     13,143        77,422   

GlaxoSmithKline PLC

     3,480        91,741   

HSBC Holdings PLC

     40,207        440,723   

Kingfisher PLC

     10,578        63,991   

Lloyds Banking Group PLC(1)

     451,225        558,073   

Marks & Spencer Group PLC

     23,568        190,056   

Melrose Industries PLC

     45,525        233,393   

National Grid PLC

     9,123        114,646   

Next PLC

     1,363        119,027   

Old Mutual PLC

     157,158        512,184   

Prudential PLC

     6,666        136,325   

Randgold Resources, Ltd.

     2,371        175,838   

Reed Elsevier PLC

     7,665        107,374   

Rexam PLC

     14,205        118,286   
 

 

  24   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Portfolio of Investments — continued

 

 

Security   Shares     Value  
   

United Kingdom (continued)

  

Rio Tinto PLC

     4,728      $ 239,237   

Rolls-Royce Holdings PLC(1)

     6,194        114,112   

Rolls-Royce Holdings PLC, PFC
Shares(1)

     3,054,770        4,898   

Royal Dutch Shell PLC, Class A

     29,315        976,330   

Sage Group PLC (The)

     21,582        116,429   

Schroders PLC

     2,674        110,362   

Serco Group PLC

     28,822        257,550   

Severn Trent PLC

     1,894        56,535   

Shire PLC

     2,773        122,956   

Smiths Group PLC

     5,909        135,998   

SSE PLC

     2,331        52,879   

Standard Chartered PLC

     21,102        506,659   

Subsea 7 SA

     10,099        213,571   

Tesco PLC

     91,836        535,692   

Travis Perkins PLC

     7,798        231,893   

TUI Travel PLC

     8,349        51,471   

Tullow Oil PLC

     14,362        217,085   

Unilever PLC

     4,839        196,226   

United Utilities Group PLC

     4,978        56,301   

Vodafone Group PLC

     242,402        887,860   

Whitbread PLC

     4,692        258,018   

WM Morrison Supermarkets PLC

     24,517        110,621   

Wolseley PLC

     4,264        229,535   
                 
    $ 14,829,289   
                 

Total Common Stocks
(identified cost $94,294,434)

   

   $ 113,385,749   
                 
Short-Term Investments — 0.6%     
   
Description   Interest
(000’s omitted)		     Value  
   

Eaton Vance Cash Reserves Fund, LLC, 0.14%(2)

   $ 747      $ 747,388   
                 

Total Short-Term Investments
(identified cost $747,388)

   

   $ 747,388   
                 

Total Investments — 99.2%
(identified cost $95,041,822)

   

   $ 114,133,137   
                 

Other Assets, Less Liabilities — 0.8%

  

   $ 902,633   
                 

Net Assets — 100.0%

  

   $ 115,035,770   
                 

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

ADR   –   American Depositary Receipt
CDI   –   CHESS Depositary Interest
PC   –   Participation Certificate
PFC Shares   –   Preference Shares
SDR   –   Swedish Depositary Receipt

 

(1) 

Non-income producing security.

 

(2) 

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 October 31, 2013.

 

Currency Concentration of Portfolio   
   
Currency   Percentage
of Net Assets		     Value  

Euro

     36.8 %    $ 42,293,405   

British Pound Sterling

     12.9        14,848,448   

Japanese Yen

     12.7        14,544,363   

Swiss Franc

     6.9        7,932,230   

Australian Dollar

     5.9        6,791,590   

Swedish Krona

     5.1        5,915,236   

Hong Kong Dollar

     4.9        5,593,925   

Singapore Dollar

     4.1        4,735,487   

Danish Krone

     3.9        4,534,169   

Norwegian Krone

     2.9        3,317,749   

Israeli Shekel

     1.4        1,622,455   

United States Dollar

     1.2        1,430,512   

New Zealand Dollar

     0.5        573,568   
                 

Total Investments

     99.2 %    $ 114,133,137   
                 

 

Sector Classification of Portfolio   
   
Sector   Percentage
of Net Assets		     Value  

Financials

     17.3 %    $ 19,961,878   

Industrials

     12.2        13,998,489   

Consumer Discretionary

     11.2        12,834,073   

Consumer Staples

     10.8        12,392,580   

Health Care

     9.8        11,261,229   

Materials

     9.4        10,865,829   

Telecommunication Services

     7.9        9,100,189   

Energy

     7.1        8,214,116   

Utilities

     6.8        7,790,604   

Information Technology

     6.1        6,966,762   

Short-Term Investments

     0.6        747,388   
                 

Total Investments

     99.2 %    $ 114,133,137   
                 
 

 

  25   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Statement of Assets and Liabilities

 

 

Assets   October 31, 2013  

Unaffiliated investments, at value (identified cost, $94,294,434)

   $ 113,385,749   

Affiliated investment, at value (identified cost, $747,388)

     747,388   

Foreign currency, at value (identified cost, $143,408)

     141,556   

Dividends receivable

     140,170   

Interest receivable from affiliated investment

     38   

Tax reclaims receivable

     751,234   

Total assets

   $ 115,166,135   
Liabilities        

Payable for investments purchased

   $ 854   

Payable to affiliates:

  

Investment adviser fee

     72,374   

Trustees’ fees

     384   

Accrued expenses

     56,753   

Total liabilities

   $ 130,365   

Net Assets applicable to investors’ interest in Portfolio

   $ 115,035,770   
Sources of Net Assets        

Investors’ capital

   $ 95,868,481   

Net unrealized appreciation

     19,167,289   

Total

   $ 115,035,770   

 

  26   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Statement of Operations

 

 

Investment Income  

Year Ended

October 31, 2013

  

Dividends (net of foreign taxes, $309,055)

   $ 3,492,190   

Interest allocated from affiliated investment

     502   

Expenses allocated from affiliated investment

     (59 ) 

Total investment income

   $ 3,492,633   
Expenses        

Investment adviser fee

   $ 811,992   

Trustees’ fees and expenses

     4,597   

Custodian fee

     128,106   

Legal and accounting services

     36,904   

Miscellaneous

     40,413   

Total expenses

   $ 1,022,012   

Net investment income

   $ 2,470,621   
Realized and Unrealized Gain (Loss)        

Net realized gain (loss) —

  

Investment transactions

   $ 3,685,424   

Investment transactions allocated from affiliated investment

     21   

Foreign currency transactions

     (9,490 ) 

Net realized gain

   $ 3,675,955   

Change in unrealized appreciation (depreciation) —

  

Investments

   $ 14,813,718   

Foreign currency

     23,467   

Net change in unrealized appreciation (depreciation)

   $ 14,837,185   

Net realized and unrealized gain

   $ 18,513,140   

Net increase in net assets from operations

   $ 20,983,761   

 

  27   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Statements of Changes in Net Assets

 

 

    Year Ended October 31,  
Increase (Decrease) in Net Assets   2013     2012  

From operations —

    

Net investment income

   $ 2,470,621      $ 2,679,955   

Net realized gain from investment and foreign currency transactions

     3,675,955        2,592,699   

Net change in unrealized appreciation (depreciation) from investments and foreign currency

     14,837,185        4,557,510   

Net increase in net assets from operations

   $ 20,983,761      $ 9,830,164   

Capital transactions —

    

Contributions

   $ 4,862,027      $ 1,889,335   

Withdrawals

     (14,101,255 )      (17,282,938 ) 

Net decrease in net assets from capital transactions

   $ (9,239,228 )    $ (15,393,603 ) 

Net increase (decrease) in net assets

   $ 11,744,533      $ (5,563,439 ) 
Net Assets                

At beginning of year

   $ 103,291,237      $ 108,854,676   

At end of year

   $ 115,035,770      $ 103,291,237   

 

  28   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Supplementary Data

 

 

    Year Ended October 31,  
Ratios/Supplemental Data   2013     2012     2011     2010     2009  

Ratios (as a percentage of average daily net assets):

                                        

Expenses(1)

     0.94 %      1.03 %      1.13 %      1.13 %      1.12 %(2) 

Net investment income

     2.28 %      2.60 %      1.67 %      1.30 %      2.30 % 

Portfolio Turnover

     30 %      117 %      41 %      72 %      57 % 

Total Return

     21.20 %      10.24 %      (9.16 )%      5.48 %      16.92 % 

Net assets, end of year (000’s omitted)

   $ 115,036      $ 103,291      $ 108,855      $ 174,638      $ 193,608   

 

(1) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(2) 

The investment adviser waived a portion of its investment adviser fee (equal to less than 0.005% of average daily net assets for the year ended October 31, 2009). All of the waiver was borne by the sub-adviser.

 

  29   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2013

 

Notes to Financial Statements

 

 

1  Significant Accounting Policies

Tax-Managed International Equity Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of foreign equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2013, Parametric Tax-Managed International Equity Fund (formerly, Eaton Vance Tax-Managed International Equity Fund) and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 39.0% and 61.0%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices.

Debt Obligations. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Portfolio’s investment in Cash Reserves Fund reflects the Portfolio’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and any other items of income, gain, loss, deduction or credit.

 

  30  

Tax-Managed International Equity Portfolio

October 31, 2013

 

Notes to Financial Statements — continued

 

 

As of October 31, 2013, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.75% of the Portfolio’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million or over, the annual fee is reduced. This fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interests in the Portfolio. For the year ended October 31, 2013, the Portfolio’s investment adviser fee amounted to $811,992 or 0.75% of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp., a portion of its adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $32,437,658 and $39,763,627, respectively, for the year ended October 31, 2013.

 

  31  

Tax-Managed International Equity Portfolio

October 31, 2013

 

Notes to Financial Statements — continued

 

 

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 95,583,272   

Gross unrealized appreciation

   $ 19,828,259   

Gross unrealized depreciation

     (1,278,394 ) 

Net unrealized appreciation

   $ 18,549,865   

The net unrealized appreciation on foreign currency transactions at October 31, 2013 on a federal income tax basis was $75,974.

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $750 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2013.

6  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

7  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

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.

 

  32  

Tax-Managed International Equity Portfolio

October 31, 2013

 

Notes to Financial Statements — continued

 

 

At October 31, 2013, 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

   $ —       $ 32,238,933       $         —       $ 32,238,933   

Developed Europe

     —         78,841,237         —         78,841,237   

Developed Middle East

     683,124         1,622,455         —         2,305,579   

Total Common Stocks

   $ 683,124       $ 112,702,625 *     $ —       $ 113,385,749   

Short-Term Investments

   $ —       $ 747,388       $ —       $ 747,388   

Total Investments

   $ 683,124       $ 113,450,013       $ —       $ 114,133,137   

 

* 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.

The Portfolio held no investments or other financial instruments as of October 31, 2012 whose fair value was determined using Level 3 inputs. At October 31, 2013, there were no investments transferred between Level 1 and Level 2 during the year then ended.

 

  33  

Tax-Managed International Equity Portfolio

October 31, 2013

 

Report of Independent Registered Public Accounting Firm

 

 

To the Trustees and Investors of Tax-Managed International Equity Portfolio:

We have audited the accompanying statement of assets and liabilities of Tax-Managed International Equity Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the supplementary data for each of the five years in the period then ended. These financial statements and supplementary data are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and supplementary data based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and supplementary data are free of material misstatement. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and supplementary data referred to above present fairly, in all material respects, the financial position of Tax-Managed International Equity Portfolio as of October 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the supplementary data for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 11, 2013

 

  34  

Parametric Tax-Managed International Equity Fund

October 31, 2013

 

Management and Organization

 

 

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Tax-Managed International Equity Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 190 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

 

Name and Year of Birth   

Position(s)

with the

Trust and the

Portfolio

      Length of
Service		     

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr.

1958

    Trustee of the Trust and Portfolio and President of the Portfolio      Trustee of the Trust and Portfolio since 2007 and President of the Portfolio since 2013     

Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 190 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio.

Directorships in the Last Five Years.(1) Director of EVC and Hexavest Inc.

            

Noninterested Trustees

Scott E. Eston

1956

    Trustee      Since 2011     

Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997).

Directorships in the Last Five Years. None.

Benjamin C. Esty

1963

    Trustee      Since 2005     

Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration.

Directorships in the Last Five Years.(1) None.

Allen R. Freedman

1940

    Trustee      Since 2007     

Private Investor. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000).

Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).

William H. Park

1947

    Trustee      Since 2003     

Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).

Directorships in the Last Five Years.(1) None.

Ronald A. Pearlman

1940

    Trustee      Since 2003     

Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990).

Directorships in the Last Five Years.(1) None.

 

  35  

Parametric Tax-Managed International Equity Fund

October 31, 2013

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the

Trust and the

Portfolio

      Length of
Service		     

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Helen Frame Peters

1948

    Trustee      Since 2008     

Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).

Directorships in the Last Five Years.(1) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Lynn A. Stout

1957

    Trustee      Since 1998     

Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law.

Directorships in the Last Five Years.(1) None.

Harriett Tee Taggart

1948

    Trustee      Since 2011     

Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).

Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni

1943

   

Chairman of the Board and

Trustee

      Chairman of the Board since 2007 and Trustee since 2005     

Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).

Directorships in the Last Five Years.(1) None.

            

Principal Officers who are not Trustees

Name and Year of Birth   

Position(s)

with the

Trust and the

Portfolio

     

Length of

Service

     

Principal Occupation(s)

During Past Five Years

Payson F. Swaffield(2)

1956

    President of the Trust      Since 2013      Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma

1960

    Vice President, Secretary and Chief Legal Officer      Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008      Vice President of EVM and BMR.

James F. Kirchner(3)

1967

    Treasurer      Since 2013      Vice President of EVM and BMR.

Paul M. O’Neil

1953

    Chief Compliance Officer      Since 2004      Vice President of EVM and BMR.

 

(1)

During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) also served as Board members of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009).

(2)

Prior to October 1, 2013, Mr. Swaffield was Vice President of the Trust since 2011.

(3)

Prior to 2013, Mr. Kirchner served as Assistant Treasurer of the Trust and of the Portfolio since 2007.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-260-0761.

 

  36  

Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

Ÿ  

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

Ÿ  

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

Ÿ  

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

Ÿ  

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

 

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Investment Adviser of Tax-Managed International Equity Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Sub-Adviser of Tax-Managed International Equity Portfolio

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Administrator of Parametric Tax-Managed International Equity Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

 
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038-12/13   IGSRC

Item 2. Code of Ethics

The registrant 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.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting 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, 2012 and October 31, 2013 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

    10/31/12      10/31/13  

Audit Fees

    $ 28,090       $ 28,390   

Audit-Related Fees(1)

    $ 0       $ 0   

Tax Fees(2)

    $ 6,860       $ 7,890   

All Other Fees(3)

    $ 930       $ 0   
  

 

 

     

 

 

  

Total

    $ 35,880       $ 36,280   
  

 

 

     

 

 

  

 

(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, 2012 and October 31, 2013; 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

    10/31/12      10/31/13  

Registrant

    $ 7,790       $ 7,890   

Eaton Vance(1)

    $ 566,619       $ 526,385   

 

(1) Certain entities that provide ongoing services to the registrant are subsidiaries of Eaton Vance Corp.

(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 second fiscal quarter of 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. 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/ Thomas E. Faust Jr.

  Thomas E. Faust Jr.
  President
Date:   December 6, 2013

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 6, 2013

 

By:  

/s/ Thomas E. Faust Jr.

  Thomas E. Faust Jr.
  President
Date:   December 6, 2013