N-CSRS 1 d741069dncsrs.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

April 30, 2014

Date of Reporting Period

 

 

 

Item 1. Reports to Stockholders

Tax-Managed International Equity Portfolio

April 30, 2014

 

Portfolio of Investments (Unaudited)

 

 

Common Stocks — 98.7%   
   
Security   Shares     Value  
   

Australia — 5.8%

  

AGL Energy, Ltd.

     19,720      $ 289,489   

Amcor, Ltd.

     81,068        778,007   

APA Group

     9,919        61,481   

Australia and New Zealand Banking Group, Ltd.

     12,365        397,631   

BHP Billiton, Ltd.

     9,814        345,616   

Caltex Australia, Ltd.

     2,834        58,829   

CFS Retail Property Trust Group

     26,240        49,127   

Commonwealth Bank of Australia

     8,579        631,079   

Computershare, Ltd.

     6,596        76,030   

Crown, Ltd.

     5,308        79,427   

CSL, Ltd.

     5,507        351,073   

Federation Centres

     22,983        53,350   

Flight Centre, Ltd.

     1,174        58,881   

Fortescue Metals Group, Ltd.

     15,408        72,879   

GPT Group

     20,014        73,038   

Harvey Norman Holdings, Ltd.

     44,634        136,600   

James Hardie Industries PLC CDI

     5,348        68,659   

Leighton Holdings, Ltd.

     4,691        83,416   

Metcash, Ltd.

     15,823        40,876   

National Australia Bank, Ltd.

     10,650        350,677   

Newcrest Mining, Ltd.(1)

     16,991        165,716   

Orica, Ltd.

     11,816        241,147   

Origin Energy, Ltd.

     22,838        317,263   

Orora, Ltd.

     81,068        105,116   

Rio Tinto, Ltd.

     5,375        309,972   

Seek, Ltd.

     4,745        74,315   

Tabcorp Holdings, Ltd.

     17,246        59,769   

Tatts Group, Ltd.

     20,688        58,187   

Telstra Corp., Ltd.

     131,338        638,579   

Toll Holdings, Ltd.

     9,095        44,862   

Transurban Group

     16,374        110,587   

Wesfarmers, Ltd.

     1,468        58,425   

Westfield Retail Trust

     17,493        51,971   

Westpac Banking Corp.

     3,483        114,084   

Woodside Petroleum, Ltd.

     5,370        204,120   

Woolworths, Ltd.

     10,893        378,553   
                 
    $ 6,988,831   
                 

Austria — 0.9%

  

Andritz AG

     832      $ 51,683   

OMV AG

     14,433        674,807   

Raiffeisen Bank International AG

     8,706        275,201   

Verbund AG

     2,497        48,413   
                 
    $ 1,050,104   
                 
Security   Shares     Value  

Belgium — 3.7%

  

Ageas NV SA

     1,164      $ 50,094   

Anheuser-Busch InBev NV

     13,471        1,468,283   

Belgacom SA

     13,840        423,608   

Colruyt SA

     7,459        421,773   

Delhaize Group SA

     915        68,134   

Groupe Bruxelles Lambert SA

     7,005        708,275   

KBC Groep NV

     1,451        88,544   

Solvay SA

     2,273        368,351   

Telenet Group Holding NV

     3,141        184,207   

UCB SA

     5,498        450,982   

Umicore SA

     5,226        256,172   
                 
    $ 4,488,423   
                 

Denmark — 4.3%

  

A.P. Moller-Maersk A/S, Class A

     105      $ 238,546   

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

     150        358,089   

Coloplast A/S, Class B

     13,112        1,101,316   

Danske Bank A/S

     3,080        87,143   

DSV A/S

     13,873        463,347   

Novo Nordisk A/S, Class B

     36,172        1,641,702   

Novozymes A/S, Class B

     17,402        834,340   

TDC A/S

     14,081        132,233   

Tryg A/S

     2,372        225,277   

William Demant Holding A/S(1)

     1,810        162,198   
                 
    $ 5,244,191   
                 

Finland — 3.4%

  

Elisa Oyj

     13,791      $ 412,147   

Fortum Oyj

     8,270        186,836   

Kesko Oyj, Class B

     2,175        89,028   

Kone Oyj, Class B

     22,222        952,556   

Metso Oyj

     3,262        131,295   

Neste Oil Oyj

     11,956        245,884   

Nokia Oyj(1)

     70,780        529,970   

Nokian Renkaat Oyj

     1,317        52,409   

Orion Oyj, Class B

     7,962        243,021   

Sampo Oyj

     11,184        555,840   

Stora Enso Oyj

     18,840        192,387   

UPM-Kymmene Oyj

     3,364        58,916   

Valmet Corp.

     3,262        38,114   

Wartsila Oyj

     6,606        368,780   
                 
    $ 4,057,183   
                 

France — 6.7%

  

ADP

     1,564      $ 194,493   

Air Liquide SA

     7,276        1,040,959   
 

 

  15   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

France (continued)

  

AXA SA

     2,207      $ 57,594   

BNP Paribas SA

     683        51,324   

Carrefour SA

     4,469        174,206   

Christian Dior SA

     768        158,020   

CNP Assurances

     2,759        63,649   

Compagnie Generale des Etablissements Michelin, Class B

     289        35,440   

Credit Agricole SA(1)

     6,298        99,373   

Dassault Systemes SA

     1,969        242,301   

EDF SA

     2,363        90,741   

Essilor International SA

     2,064        221,028   

Eutelsat Communications SA

     3,731        128,341   

GDF Suez

     14,024        353,453   

Groupe FNAC SA(1)

     53        2,535   

Iliad SA

     316        85,190   

Imerys SA

     879        77,191   

JCDecaux SA

     1,986        81,525   

Kering SA

     430        95,104   

L’Oreal SA

     1,643        283,163   

Lagardere SCA

     1,361        57,040   

LVMH Moet Hennessy Louis Vuitton SA

     5,415        1,066,724   

Natixis

     15,283        108,489   

Orange SA

     5,618        91,019   

Pernod-Ricard SA

     5,008        601,002   

Renault SA

     6,033        589,846   

Safran SA

     4,673        314,503   

Sanofi

     4,274        461,249   

SES SA

     2,704        101,876   

Societe BIC SA

     1,535        203,653   

Societe Generale

     1,376        85,693   

Sodexo

     2,236        241,074   

Suez Environnement Co. SA

     3,678        72,271   

Total SA

     5,116        366,020   

Unibail-Rodamco SE

     268        72,425   

Vallourec SA

     845        49,936   

Veolia Environnement

     2,686        50,110   
                 
  $ 8,068,560   
                 

Germany — 6.9%

  

Adidas AG

     2,106      $ 225,135   

BASF SE

     1,621        188,045   

Bayerische Motoren Werke AG

     5,009        629,656   

Beiersdorf AG

     372        37,343   

Celesio AG

     1,831        63,635   

Commerzbank AG(1)

     8,618        153,669   

Continental AG

     655        154,124   

Daimler AG

     3,024        281,532   
Security   Shares     Value  

Germany (continued)

  

Deutsche Boerse AG

     642      $ 47,080   

Deutsche Lufthansa AG

     3,987        100,125   

Deutsche Post AG

     10,201        384,914   

Deutsche Telekom AG

     13,301        223,471   

E.ON AG

     2,645        50,665   

Fraport AG

     937        69,298   

Fresenius Medical Care AG & Co. KGaA

     705        48,573   

Hannover Rueckversicherung AG

     1,152        107,346   

HeidelbergCement AG

     633        55,000   

Henkel AG & Co. KGaA

     6,135        630,790   

Hochtief AG

     629        58,645   

Kabel Deutschland Holding AG

     217        29,397   

Linde AG

     7,160        1,487,023   

Muenchener Rueckversicherungs-Gesellschaft AG

     256        59,177   

Osram Licht AG(1)

     7,536        395,635   

Porsche Automobil Holding SE, PFC Shares

     819        90,577   

ProSiebenSat.1 Media AG

     1,725        75,499   

RWE AG

     1,503        57,356   

RWE AG, PFC Shares

     1,456        42,009   

Salzgitter AG

     1,112        47,233   

SAP AG

     18,965        1,532,884   

Siemens AG

     1,047        138,120   

ThyssenKrupp AG(1)

     2,906        82,944   

United Internet AG

     11,282        484,665   

Volkswagen AG

     484        129,784   

Volkswagen AG, PFC Shares

     557        150,571   
                 
  $ 8,311,920   
                 

Hong Kong — 4.7%

  

ASM Pacific Technology, Ltd.

     5,100      $ 56,671   

Bank of East Asia, Ltd.

     62,800        259,419   

BOC Hong Kong (Holdings), Ltd.

     116,500        344,843   

Cathay Pacific Airways, Ltd.

     120,000        227,097   

Cheung Kong Infrastructure Holdings, Ltd.

     45,000        293,787   

CLP Holdings, Ltd.

     41,000        327,772   

Galaxy Entertainment Group, Ltd.(1)

     100,000        790,066   

Hang Seng Bank, Ltd.

     51,700        845,393   

HKT Trust and HKT, Ltd.

     83,000        87,663   

Hong Kong & China Gas Co., Ltd.

     252,340        582,251   

Hopewell Holdings, Ltd.

     51,500        177,276   

Li & Fung, Ltd.

     56,000        81,512   

Link REIT (The)

     22,500        112,021   

MGM China Holdings, Ltd.

     14,000        48,828   

MTR Corp., Ltd.

     75,000        284,384   

Orient Overseas (International), Ltd.

     9,000        43,053   

Power Assets Holdings, Ltd.

     76,500        661,294   
 

 

  16   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Hong Kong (continued)

  

Sands China, Ltd.

     7,600      $ 55,797   

SJM Holdings, Ltd.

     16,000        44,614   

Wing Hang Bank, Ltd.

     14,500        233,774   

Wynn Macau, Ltd.

     12,800        50,574   
                 
  $ 5,608,089   
                 

Ireland — 1.3%

  

CRH PLC

     17,461      $ 508,352   

Kerry Group PLC, Class A

     12,840        1,013,367   
                 
  $ 1,521,719   
                 

Israel — 2.3%

  

Bank Hapoalim B.M.

     75,290      $ 425,313   

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

     89,574        350,483   

Bezeq Israeli Telecommunication Corp., Ltd.

     144,376        261,642   

Delek Group, Ltd.

     342        138,609   

Israel Chemicals, Ltd.

     15,194        134,851   

Israel Corp., Ltd.(1)

     179        101,079   

Mizrahi Tefahot Bank, Ltd.

     15,499        207,188   

NICE Systems, Ltd.

     6,472        280,098   

Teva Pharmaceutical Industries, Ltd. ADR

     17,561        858,030   
                 
  $ 2,757,293   
                 

Italy — 4.5%

  

Atlantia SpA

     14,359      $ 374,037   

Autogrill SpA(1)

     7,979        76,593   

Enel Green Power SpA

     133,159        381,101   

Enel SpA

     21,568        122,160   

ENI SpA

     58,024        1,502,782   

Fiat SpA(1)

     5,795        69,961   

Finmeccanica SpA(1)

     17,382        160,860   

Luxottica Group SpA

     10,902        625,301   

Pirelli & C. SpA

     3,852        64,853   

Snam Rete Gas SpA

     128,366        772,114   

Telecom Italia SpA(1)

     64,684        83,121   

Telecom Italia SpA, PFC Shares

     365,898        363,693   

Tenaris SA

     5,930        131,087   

Terna Rete Elettrica Nazionale SpA

     113,704        616,012   

UniCredit SpA

     6,750        60,478   
                 
  $ 5,404,153   
                 

Japan — 11.8%

                

ABC-Mart, Inc.

     1,400      $ 62,869   

Air Water, Inc.

     4,000        56,125   
Security   Shares     Value  

Japan (continued)

                

Aisin Seiki Co., Ltd.

     900      $ 31,805   

All Nippon Airways Co., Ltd.

     51,000        111,371   

Amada Co., Ltd.

     7,000        50,625   

Asahi Kasei Corp.

     7,000        47,592   

Bank of Kyoto, Ltd. (The)

     17,000        138,517   

Bank of Yokohama, Ltd. (The)

     28,000        140,731   

Bridgestone Corp.

     1,000        35,805   

Brother Industries, Ltd.

     4,400        61,545   

Calbee, Inc.

     1,800        44,143   

Canon, Inc.

     1,500        47,002   

Chiba Bank, Ltd. (The)

     16,000        101,703   

Chugai Pharmaceutical Co., Ltd.

     9,800        247,341   

Chugoku Bank, Ltd. (The)

     18,000        238,614   

Citizen Holdings Co., Ltd.

     7,100        52,142   

Coca-Cola West Co., Ltd.

     2,800        48,731   

Dai Nippon Printing Co., Ltd.

     5,000        45,037   

Daicel Chemical Industries, Ltd.

     6,000        50,249   

Daihatsu Motor Co., Ltd.

     18,000        298,150   

Denso Corp.

     1,000        45,553   

Electric Power Development Co., Ltd.

     1,800        47,733   

Fuji Electric Co., Ltd.

     14,000        63,536   

Fuji Heavy Industries, Ltd.

     4,000        105,179   

FUJIFILM Holdings Corp.

     2,200        56,831   

Gunma Bank, Ltd. (The)

     39,000        207,296   

Hachijuni Bank, Ltd. (The)

     30,000        164,008   

Hamamatsu Photonics K.K.

     3,800        171,220   

Hino Motors, Ltd.

     5,000        65,871   

Hiroshima Bank, Ltd. (The)

     55,000        226,283   

Hitachi Chemical Co., Ltd.

     3,400        50,020   

Hitachi Construction Machinery Co., Ltd.

     3,500        64,948   

Hitachi, Ltd.

     8,000        57,031   

Hoya Corp.

     2,400        70,986   

Ibiden Co., Ltd.

     3,200        57,760   

IHI Corp.

     14,000        55,821   

Isetan Mitsukoshi Holdings, Ltd.

     5,100        63,465   

Isuzu Motors, Ltd.

     10,000        58,075   

ITOCHU Techno-Solutions Corp.

     1,500        62,684   

Iyo Bank, Ltd. (The)

     18,000        161,838   

Japan Airlines Co., Ltd.

     5,500        284,732   

Japan Tobacco, Inc.

     4,200        138,048   

JFE Holdings, Inc.

     1,600        29,570   

Joyo Bank, Ltd. (The)

     12,000        58,405   

JSR Corp.

     3,500        57,354   

JTEKT Corp.

     5,800        84,625   

JX Holdings, Inc.

     26,600        138,208   

Kamigumi Co., Ltd.

     19,000        181,114   
 

 

  17   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Japan (continued)

                

Kaneka Corp.

     8,000      $ 46,923   

Kansai Paint Co., Ltd.

     18,000        251,655   

Kao Corp.

     4,900        184,472   

Kawasaki Heavy Industries, Ltd.

     22,000        81,654   

KDDI Corp.

     3,600        191,994   

Keikyu Corp.

     8,000        66,404   

Keio Corp.

     24,000        169,862   

Keyence Corp.

     500        192,881   

Kikkoman Corp.

     3,000        60,955   

Kinden Corp.

     5,000        46,032   

Kintetsu Corp.

     24,000        84,342   

Kirin Holdings Co., Ltd.

     6,000        83,100   

Koito Manufacturing Co., Ltd.

     3,000        65,249   

Komatsu, Ltd.

     1,500        33,024   

Konami Corp.

     2,100        47,889   

Kubota Corp.

     4,000        51,554   

Kuraray Co., Ltd.

     4,500        50,597   

Kyowa Hakko Kirin Co., Ltd.

     12,000        136,653   

M3, Inc.

     3,600        49,387   

Makita Corp.

     1,500        79,783   

Mazda Motor Corp.

     12,000        53,655   

Medipal Holdings Corp.

     4,100        57,668   

MEIJI Holdings Co., Ltd.

     1,000        61,367   

Miraca Holdings, Inc.

     1,300        56,352   

Mitsubishi Electric Corp.

     9,000        102,481   

Mitsubishi Logistics Corp.

     4,000        57,388   

Mitsubishi Materials Corp.

     20,000        58,011   

Mitsubishi Tanabe Pharma Corp.

     6,100        83,645   

Mitsui Chemicals, Inc.

     21,000        51,172   

Mitsui O.S.K. Lines, Ltd.

     19,000        63,385   

MS&AD Insurance Group Holdings, Inc.

     3,400        76,269   

Murata Manufacturing Co., Ltd.

     1,200        100,037   

NGK Spark Plug Co., Ltd.

     11,000        251,841   

NHK Spring Co., Ltd.

     5,300        47,975   

Nintendo Co., Ltd.

     400        41,984   

Nippon Electric Glass Co., Ltd.

     10,000        48,919   

Nippon Meat Packers, Inc.

     3,000        51,994   

Nippon Telegraph & Telephone Corp.

     1,400        77,690   

Nippon Yusen KK

     14,000        37,947   

Nishi-Nippon City Bank, Ltd. (The)

     47,000        106,906   

Nisshin Seifun Group, Inc.

     5,000        58,173   

Nissin Foods Holdings Co., Ltd.

     1,200        57,440   

Nitori Holdings Co., Ltd.

     2,400        110,085   

Nitto Denko Corp.

     3,000        129,888   

NOK Corp.

     3,200        52,316   

NSK, Ltd.

     9,000        94,615   
Security   Shares     Value  

Japan (continued)

                

NTT DoCoMo, Inc.

     30,500      $ 486,492   

Odakyu Electric Railway Co., Ltd.

     12,000        105,351   

OMRON Corp.

     2,900        102,702   

Ono Pharmaceutical Co., Ltd.

     3,200        253,804   

Oracle Corp. Japan

     2,800        129,040   

Osaka Gas Co., Ltd.

     15,000        56,540   

Panasonic Corp.

     5,200        56,680   

Rakuten, Inc.

     9,100        118,078   

Ricoh Co., Ltd.

     4,000        46,092   

Rinnai Corp.

     2,000        166,677   

ROHM Co., Ltd.

     1,200        57,386   

Sankyo Co., Ltd.

     1,400        55,987   

Santen Pharmaceutical Co., Ltd.

     2,200        98,053   

Seven Bank, Ltd.

     7,400        28,055   

Shikoku Electric Power Co., Inc.(1)

     2,900        33,945   

Shin-Etsu Chemical Co., Ltd.

     1,900        111,458   

Shinsei Bank, Ltd.

     23,000        44,841   

Shiseido Co., Ltd.

     3,700        66,104   

Shizuoka Bank, Ltd. (The)

     26,000        248,430   

SMC Corp.

     200        47,611   

SoftBank Corp.

     2,700        201,091   

Sony Corp.

     2,800        49,156   

Stanley Electric Co., Ltd.

     2,200        48,761   

Sumco Corp.

     6,100        46,815   

Sumitomo Chemical Co., Ltd.

     21,000        78,784   

Sumitomo Electric Industries, Ltd.

     3,700        51,212   

Sumitomo Metal Mining Co., Ltd.

     5,000        75,523   

Sumitomo Mitsui Trust Holding, Inc.

     11,000        45,328   

Suntory Beverage & Food, Ltd.

     1,700        59,368   

Suruga Bank, Ltd.

     10,000        171,540   

Suzuken Co., Ltd.

     5,000        180,225   

Suzuki Motor Corp.

     2,100        54,180   

Sysmex Corp.

     5,200        164,850   

Taiyo Nippon Sanso Corp.

     8,000        63,766   

Terumo Corp.

     2,000        39,691   

THK Co., Ltd.

     2,500        52,841   

Toho Gas Co., Ltd.

     22,000        107,944   

Tokyo Electric Power Co., Inc.(1)

     12,500        47,278   

Tokyo Electron, Ltd.

     900        51,188   

Tokyo Gas Co., Ltd.

     22,000        115,267   

TonenGeneral Sekiyu K.K.

     23,000        217,254   

TOTO, Ltd.

     3,000        42,436   

Toyo Seikan Kaisha, Ltd.

     2,500        37,180   

Toyo Suisan Kaisha, Ltd.

     1,000        32,031   

Toyoda Gosei Co., Ltd.

     2,000        36,852   

Toyota Boshoku Corp.

     4,100        42,383   
 

 

  18   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Japan (continued)

                

Toyota Industries Corp.

     1,100      $ 50,708   

Toyota Motor Corp.

     2,700        145,876   

Tsumura & Co.

     1,700        40,407   

Unicharm Corp.

     5,000        271,140   

USS Co., Ltd.

     10,400        151,592   

Yakult Honsha Co., Ltd.

     1,500        81,075   

Yamaha Corp.

     3,400        45,555   

Yamaha Motor Co., Ltd.

     6,600        101,883   

Yamato Holdings Co., Ltd.

     3,200        65,850   

Yaskawa Electric Corp.

     4,000        45,103   

Yokogawa Electric Corp.

     5,100        69,726   

Yokohama Rubber Co., Ltd. (The)

     5,000        44,660   
                 
  $ 14,241,749   
                 

Netherlands — 4.5%

  

Aegon NV

     9,795      $ 89,785   

Akzo Nobel NV

     8,949        689,628   

ASML Holding NV

     14,163        1,155,901   

Delta Lloyd NV

     3,195        84,086   

European Aeronautic Defence and Space Co. NV

     3,366        231,379   

Gemalto NV

     562        62,835   

Heineken Holding NV

     4,039        258,139   

Heineken NV

     7,054        489,953   

ING Groep NV(1)

     6,256        89,428   

Koninklijke Ahold NV

     42,547        822,514   

Koninklijke DSM NV

     9,532        684,472   

Koninklijke KPN NV(1)

     16,902        60,050   

Koninklijke Vopak NV

     1,284        64,022   

QIAGEN NV(1)

     13,623        299,075   

Randstad Holding NV

     887        51,836   

Reed Elsevier NV

     11,930        243,501   

STMicroelectronics NV

     5,561        53,031   
                 
  $ 5,429,635   
                 

New Zealand — 0.5%

  

Auckland International Airport, Ltd.

     71,354      $ 244,382   

Contact Energy, Ltd.

     23,324        114,566   

Fletcher Building, Ltd.

     17,648        150,067   

Telecom Corporation of New Zealand, Ltd.

     52,744        126,003   
                 
  $ 635,018   
                 

Norway — 2.9%

  

Aker Solutions ASA

     18,065      $ 289,446   

Gjensidige Forsikring ASA

     6,519        120,306   

Norsk Hydro ASA

     58,621        314,396   
Security   Shares     Value  

Norway (continued)

  

Orkla ASA

     20,563      $ 170,068   

Seadrill, Ltd.

     8,001        279,961   

Statoil ASA

     35,612        1,085,646   

Subsea 7 SA

     10,099        202,225   

Telenor ASA

     42,114        989,553   

Yara International ASA

     1,858        87,830   
                 
  $ 3,539,431   
                 

Portugal — 0.7%

  

Banco Espirito Santo SA(1)

     39,242      $ 69,557   

EDP-Energias de Portugal SA

     73,323        356,178   

Galp Energia SGPS SA, Class B

     7,743        134,202   

Jeronimo Martins SGPS SA

     9,657        168,895   

Portugal Telecom SGPS SA

     20,164        83,775   
                 
  $ 812,607   
                 

Singapore — 4.1%

  

Ascendas Real Estate Investment Trust

     60,000      $ 109,822   

CapitaMall Trust

     33,000        52,603   

ComfortDelGro Corp., Ltd.

     45,000        76,312   

DBS Group Holdings, Ltd.

     97,300        1,318,139   

Jardine Cycle & Carriage, Ltd.

     2,000        74,992   

Noble Group, Ltd.

     98,000        100,909   

Olam International, Ltd.

     129,000        230,190   

Oversea-Chinese Banking Corp., Ltd.

     102,000        786,642   

Singapore Airlines, Ltd.

     37,000        306,746   

Singapore Press Holdings, Ltd.

     33,000        110,351   

Singapore Technologies Engineering, Ltd.

     38,000        116,065   

Singapore Telecommunications, Ltd.

     235,000        719,832   

StarHub, Ltd.

     19,000        63,028   

United Overseas Bank, Ltd.

     33,000        574,369   

UOL Group, Ltd.

     51,000        261,847   

Yangzijiang Shipbuilding Holdings, Ltd.

     83,000        72,995   
                 
  $ 4,974,842   
                 

Spain — 4.8%

  

Abertis Infraestructuras SA

     14,497      $ 326,321   

Acciona SA

     828        67,354   

Acerinox SA

     8,757        153,131   

ACS Actividades de Construccion y Servicios SA

     3,559        152,768   

Amadeus IT Holding SA, Class A

     12,461        518,259   

CaixaBank SA

     50,803        309,630   

Distribuidora Internacional de Alimentacion SA

     10,918        97,667   

Enagas

     17,193        529,695   

Ferrovial SA

     28,385        630,951   
 

 

  19   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Spain (continued)

  

Grifols SA

     5,648      $ 301,928   

Iberdrola SA

     18,069        126,222   

Indra Sistemas SA

     7,412        139,212   

Industria de Diseno Textil SA

     4,511        677,764   

International Consolidated Airlines Group SA(1)

     17,117        117,132   

Red Electrica Corp. SA

     5,529        455,126   

Repsol SA

     14,951        402,547   

Telefonica SA

     40,287        676,101   

Zardoya Otis SA

     6,587        115,556   
                 
  $ 5,797,364   
                 

Sweden — 5.1%

  

Atlas Copco AB, Class A

     1,766      $ 51,360   

Getinge AB, Class B

     3,273        95,928   

Hennes & Mauritz AB, Class B

     18,506        757,504   

Holmen AB, Class B

     6,671        235,773   

Investor AB, Class B

     14,100        546,175   

Lundin Petroleum AB(1)

     2,108        45,251   

Millicom International Cellular SA SDR

     2,789        276,431   

Nordea Bank AB

     68,825        997,315   

Scania AB, Class B

     5,767        175,699   

Skandinaviska Enskilda Banken AB, Class A

     37,448        517,266   

Skanska AB, Class B

     17,255        396,163   

SKF AB, Class B

     5,595        145,292   

Svenska Cellulosa AB SCA, Class B

     3,122        87,769   

Swedbank AB, Class A

     17,314        463,356   

Tele2 AB, Class B

     17,326        221,411   

Telefonaktiebolaget LM Ericsson, Class B

     11,670        140,722   

TeliaSonera AB

     135,801        988,503   
                 
  $ 6,141,918   
                 

Switzerland — 7.3%

  

Actelion, Ltd.(1)

     5,582      $ 549,568   

Adecco SA(1)

     4,988        418,753   

ARYZTA AG(1)

     788        72,839   

Baloise Holding AG

     1,367        166,464   

Compagnie Financiere Richemont SA, Class A

     679        69,081   

Credit Suisse Group AG(1)

     2,430        77,037   

Geberit AG

     236        78,822   

Givaudan SA(1)

     157        247,773   

Lonza Group AG(1)

     774        81,007   

Nestle SA

     21,922        1,694,226   

Novartis AG

     13,636        1,185,412   

Roche Holding AG PC

     3,945        1,157,250   

Schindler Holding AG

     2,365        360,994   
Security   Shares     Value  

Switzerland (continued)

  

Sonova Holding AG(1)

     2,558      $ 369,541   

Sulzer AG

     795        122,670   

Swatch Group, Ltd. (The)

     458        55,262   

Swatch Group, Ltd. (The), Bearer Shares

     638        410,260   

Swiss Life Holding AG(1)

     399        98,304   

Swiss Reinsurance Co., Ltd.

     7,299        638,232   

Swisscom AG

     1,047        636,973   

Transocean, Ltd.

     1,218        52,032   

Zurich Insurance Group AG(1)

     830        238,010   
                 
  $ 8,780,510   
                 

United Kingdom — 12.5%

  

Aberdeen Asset Management PLC

     14,295      $ 105,732   

Anglo American PLC

     9,686        258,937   

Associated British Foods PLC

     8,893        446,522   

AstraZeneca PLC

     6,335        500,051   

Aviva PLC

     83,894        747,646   

BAE Systems PLC

     30,618        207,145   

Barclays PLC

     129,770        554,123   

BHP Billiton PLC

     4,062        131,870   

BP PLC

     105,443        890,267   

Bunzl PLC

     2,862        81,543   

Burberry Group PLC

     18,459        463,584   

Capita PLC

     9,433        172,977   

Centrica PLC

     140,577        784,003   

Cobham PLC

     38,227        199,425   

Coca-Cola HBC AG

     8,092        205,072   

Compass Group PLC

     7,989        127,256   

Croda International PLC

     1,406        61,238   

Diageo PLC

     26,228        803,621   

easyJet PLC

     2,461        68,095   

Experian PLC

     4,935        94,885   

GKN PLC

     13,143        85,443   

GlaxoSmithKline PLC

     3,480        96,154   

HSBC Holdings PLC

     40,207        410,819   

Kingfisher PLC

     10,578        74,854   

Lloyds Banking Group PLC(1)

     451,225        575,408   

Marks & Spencer Group PLC

     23,568        176,202   

Melrose Industries PLC

     38,521        186,021   

National Grid PLC

     9,123        129,667   

Next PLC

     1,363        150,369   

Old Mutual PLC

     157,158        531,207   

Prudential PLC

     6,666        153,245   

Randgold Resources, Ltd.

     2,371        190,588   

Reed Elsevier PLC

     7,665        113,041   

Rexam PLC

     14,205        119,094   
 

 

  20   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

United Kingdom (continued)

  

Rio Tinto PLC

     4,728      $ 257,050   

Rolls-Royce Holdings PLC(1)

     6,194        110,021   

Rolls-Royce Holdings PLC, PFC
Shares(1)

     829,996        1,402   

Royal Dutch Shell PLC, Class A

     29,315        1,158,945   

Sage Group PLC (The)

     21,582        155,681   

Schroders PLC

     2,674        115,640   

Serco Group PLC

     28,822        164,277   

Severn Trent PLC

     1,894        59,039   

Shire PLC

     2,773        158,593   

Smiths Group PLC

     9,498        214,405   

SSE PLC

     4,577        118,025   

Standard Chartered PLC

     21,102        457,011   

Tesco PLC

     91,836        454,949   

Travis Perkins PLC

     7,798        225,131   

TUI Travel PLC

     8,349        60,390   

Tullow Oil PLC

     12,708        189,035   

Unilever PLC

     4,839        216,463   

United Utilities Group PLC

     4,978        66,959   

Vodafone Group PLC

     98,455        373,795   

Whitbread PLC

     4,692        323,635   

WM Morrison Supermarkets PLC

     24,517        83,227   

Wolseley PLC

     4,126        239,078   
   
    $ 15,098,855   
   

Total Common Stocks
(identified cost $94,502,503)

   

   $ 118,952,395   
   
Short-Term Investments — 0.1%   
   
Description   Interest
(000’s omitted)		     Value  

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

   $ 133      $ 133,170   
   

Total Short-Term Investments
(identified cost $133,170)

   

   $ 133,170   
   

Total Investments — 98.8%
(identified cost $94,635,673)

   

   $ 119,085,565   
   

Other Assets, Less Liabilities — 1.2%

  

   $ 1,473,056   
   

Net Assets — 100.0%

  

   $ 120,558,621   
   

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 April 30, 2014.

 

Currency Concentration of Portfolio   
   
Currency   Percentage
of Net Assets		     Value  

Euro

     37.3 %    $ 44,941,668   

British Pound Sterling

     12.5        15,098,855   

Japanese Yen

     11.8        14,241,749   

Swiss Franc

     7.3        8,780,510   

Australian Dollar

     5.8        6,988,831   

Swedish Krona

     5.1        6,141,918   

Hong Kong Dollar

     4.7        5,608,089   

Danish Krone

     4.3        5,244,191   

Singapore Dollar

     4.1        4,974,842   

Norwegian Krone

     2.9        3,539,431   

Israeli Shekel

     1.6        1,899,263   

Other currency, less than 1% each

     1.4        1,626,218   
   

Total Investments

     98.8 %    $ 119,085,565   
   

 

Sector Classification of Portfolio   
   
Sector   Percentage
of Net Assets		     Value  

Financials

     17.3 %    $ 20,874,030   

Industrials

     12.2        14,690,581   

Consumer Discretionary

     11.0        13,285,918   

Consumer Staples

     10.7        12,865,198   

Materials

     10.2        12,347,669   

Health Care

     9.8        11,805,390   

Telecommunication Services

     7.5        8,975,088   

Energy

     7.3        8,788,442   

Utilities

     6.9        8,274,856   

Information Technology

     5.8        7,045,223   

Short-Term Investments

     0.1        133,170   
   

Total Investments

     98.8 %    $ 119,085,565   
   
 

 

  21   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets   April 30, 2014  

Unaffiliated investments, at value (identified cost, $94,502,503)

   $ 118,952,395   

Affiliated investment, at value (identified cost, $133,170)

     133,170   

Foreign currency, at value (identified cost, $356,262)

     357,781   

Dividends receivable

     452,264   

Interest receivable from affiliated investment

     18   

Tax reclaims receivable

     774,702   

Total assets

   $ 120,670,330   
Liabilities   

Payable to affiliates:

  

Investment adviser fee

   $ 73,415   

Trustees’ fees

     455   

Accrued expenses

     37,839   

Total liabilities

   $ 111,709   

Net Assets applicable to investors’ interest in Portfolio

   $ 120,558,621   
Sources of Net Assets   

Investors’ capital

   $ 96,019,098   

Net unrealized appreciation

     24,539,523   

Total

   $ 120,558,621   

 

  22   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Statement of Operations (Unaudited)

 

 

Investment Income  

Six Months Ended

April 30, 2014

  

Dividends (net of foreign taxes, $187,957)

   $ 2,334,480   

Interest allocated from affiliated investment

     201   

Expenses allocated from affiliated investment

     (25 ) 

Total investment income

   $ 2,334,656   
Expenses   

Investment adviser fee

   $ 433,292   

Trustees’ fees and expenses

     2,800   

Custodian fee

     57,072   

Legal and accounting services

     18,932   

Miscellaneous

     10,870   

Total expenses

   $ 522,966   

Deduct —

  

Reduction of custodian fee

   $ 2   

Total expense reductions

   $ 2   

Net expenses

   $ 522,964   

Net investment income

   $ 1,811,692   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

  

Investment transactions

   $ 58,940   

Investment transactions allocated from affiliated investment

     2   

Foreign currency transactions

     14,177   

Net realized gain

   $ 73,119   

Change in unrealized appreciation (depreciation) —

  

Investments

   $ 5,358,577   

Foreign currency

     13,657   

Net change in unrealized appreciation (depreciation)

   $ 5,372,234   

Net realized and unrealized gain

   $ 5,445,353   

Net increase in net assets from operations

   $ 7,257,045   

 

  23   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets  

Six Months Ended

April 30, 2014

(Unaudited)

    

Year Ended

October 31, 2013

  

From operations —

    

Net investment income

   $ 1,811,692      $ 2,470,621   

Net realized gain from investment and foreign currency transactions

     73,119        3,675,955   

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

     5,372,234        14,837,185   

Net increase in net assets from operations

   $ 7,257,045      $ 20,983,761   

Capital transactions —

    

Contributions

   $ 2,087,314      $ 4,862,027   

Withdrawals

     (3,821,508 )      (14,101,255 ) 

Net decrease in net assets from capital transactions

   $ (1,734,194 )    $ (9,239,228 ) 

Net increase in net assets

   $ 5,522,851      $ 11,744,533   
Net Assets   

At beginning of period

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

At end of period

   $ 120,558,621      $ 115,035,770   

 

  24   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Supplementary Data

 

 

    Six Months Ended
April 30, 2014
(Unaudited)		     Year Ended October 31,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

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

                                                

Expenses(1)

     0.90 %(2)      0.94 %      1.03 %      1.13 %      1.13 %      1.12 %(3) 

Net investment income

     3.13 %(2)(4)      2.28 %      2.60 %      1.67 %      1.30 %      2.30 % 

Portfolio Turnover

     2 %(5)      30 %      117 %      41 %      72 %      57 % 

Total Return

     6.35 %(5)      21.20 %      10.24 %      (9.16 )%      5.48 %      16.92 % 

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

   $ 120,559      $ 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) 

Annualized.

 

(3) 

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.

 

(4) 

Includes special dividends equal to 0.75% of average daily net assets.

 

(5) 

Not annualized.

 

  25   See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2014

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Tax-Managed International Equity Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of foreign equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2014, Parametric Tax-Managed International Equity Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 38.0% and 62.0%, 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.

 

  26  

Tax-Managed International Equity Portfolio

April 30, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

As of April 30, 2014, 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.

I  Interim Financial Statements — The interim financial statements relating to April 30, 2014 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), 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. The 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 interest in the Portfolio. For the six months ended April 30, 2014, the Portfolio’s investment adviser fee amounted to $433,292 or 0.75% (annualized) 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 six months ended April 30, 2014, 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 $2,503,362 and $2,354,233, respectively, for the six months ended April 30, 2014.

 

  27  

Tax-Managed International Equity Portfolio

April 30, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 95,177,123   

Gross unrealized appreciation

   $ 25,672,503   

Gross unrealized depreciation

     (1,764,061 ) 

Net unrealized appreciation

   $ 23,908,442   

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 six months ended April 30, 2014.

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.

 

  28  

Tax-Managed International Equity Portfolio

April 30, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

At April 30, 2014, 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

   $ 110,587       $ 32,337,942       $         —       $ 32,448,529   

Developed Europe

     —         83,746,573         —         83,746,573   

Developed Middle East

     858,030         1,899,263         —         2,757,293   

Total Common Stocks

   $ 968,617       $ 117,983,778 *     $ —       $ 118,952,395   

Short-Term Investments

   $ —       $ 133,170       $ —       $ 133,170   

Total Investments

   $ 968,617       $ 118,116,948       $ —       $ 119,085,565   

 

* 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, 2013 whose fair value was determined using Level 3 inputs. At April 30, 2014, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

 

  29  

Parametric Tax-Managed International Equity Fund

April 30, 2014

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 28, 2014, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2014, as well as information considered throughout the year at meetings of the Board and its committees. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

 

Ÿ  

An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

 

Ÿ  

An independent report comparing each fund’s total expense ratio and its components to comparable funds;

 

Ÿ  

An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

Ÿ  

Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

 

Ÿ  

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

Ÿ  

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

Ÿ  

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

 

Ÿ  

Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

 

Ÿ  

Data relating to portfolio turnover rates of each fund;

 

Ÿ  

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

 

Ÿ  

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

 

Ÿ  

Reports detailing the financial results and condition of each adviser;

 

Ÿ  

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

 

Ÿ  

Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

Ÿ  

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

 

Ÿ  

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

 

Ÿ  

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

 

Ÿ  

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  30  

Parametric Tax-Managed International Equity Fund

April 30, 2014

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

Ÿ  

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

 

Ÿ  

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

 

Ÿ  

The terms of each advisory agreement.

Over the course of the twelve-month period ended April 30, 2014, with respect to one or more funds, the Board met nine times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, seventeen, eleven, six and ten times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund, and considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement. In evaluating each advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Tax-Managed International Equity Portfolio (the “Portfolio”), the portfolio in which Parametric Tax-Managed International Equity Fund (the “Fund”) invests, with Boston Management and Research (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), each an affiliate of Eaton Vance Management, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement of the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser. The Board noted the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

 

  31  

Parametric Tax-Managed International Equity Fund

April 30, 2014

 

Board of Trustees’ Contract Approval — continued

 

 

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2013 for the Fund. The Board notes that actions have been taken by the Adviser to improve Fund performance, including the engagement of the Sub-Adviser in May 2012, and concluded that additional time is required to evaluate the effectiveness of such actions.

Management Fees and Expenses

The Board reviewed contractual fee rates for investment advisory and administrative services payable by the Portfolio and by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2013, as compared to a group of similarly managed funds selected by an independent data provider. The Board noted that the Adviser had waived fees and/or paid expenses for the Fund. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services to be provided by the Adviser and the Sub-adviser, the Board concluded that the management fees to be charged for advisory and related services are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their relationship with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services to be rendered, the profits expected to be realized by the Adviser and its affiliates, including the Sub-adviser, are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund and the Portfolio, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from economies of scale in the future.

 

  32  

Parametric Tax-Managed International Equity Fund

April 30, 2014

 

Officers and Trustees

 

 

Officers of Parametric Tax-Managed International Equity Fund

 

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Officers of Tax-Managed International Equity Portfolio

 

 

Thomas E. Faust Jr.

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees of Parametric Tax-Managed International Equity Fund and Tax-Managed International Equity Portfolio

 

 

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Allen R. Freedman

Cynthia E. Frost

George J. Gorman

 

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

 

 

* Interested Trustee

 

  33  

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.

 

  34  

 

 

This Page Intentionally Left Blank

 

 

This Page Intentionally Left Blank

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

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

 
* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

LOGO

7689    4.30.14

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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: June 6, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer

Date: June 6, 2014

 

By:  

/s/ Thomas E. Faust Jr.

  Thomas E. Faust Jr.
  President

Date: June 6, 2014