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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments

Common Stocks — 99.0%
Security	Shares		Value
Australia — 8.9%
APA Group		38,093	$	305,973
Asx, Ltd.		638		36,214
Atlas Arteria, Ltd.		10,339		57,179
Atlassian Corp. PLC, Class A(1)		2,300		277,817
Aurizon Holdings, Ltd.		7,700		31,325
AusNet Services		95,565		122,072
BHP Group, Ltd.		8,972		219,926
Brambles, Ltd.		17,422		144,028
BWP Trust		8,592		24,565
Caltex Australia, Ltd.		4,560		85,722
Charter Hall Group		4,698		36,606
Charter Hall Long Wale REIT		6,388		25,302
Coca-Cola Amatil, Ltd.		15,577		109,314
Coles Group, Ltd.		14,004		144,925
Commonwealth Bank of Australia		4,049		219,537
Computershare, Ltd.		10,972		119,764
Cromwell Property Group		28,254		25,817
Crown Resorts, Ltd.		4,819		41,398
CSL, Ltd.		3,230		569,631
Dexus		13,975		115,244
Domain Holdings Australia, Ltd.		11,297		24,650
Domino’s Pizza Enterprises, Ltd.(2)		933		32,825
GPT Group (The)		22,015		90,366
GWA Group, Ltd.		11,241		22,547
Hansen Technologies, Ltd.		14,633		34,241
Harvey Norman Holdings, Ltd.(2)		17,000		47,966
Integrated Research, Ltd.		9,777		19,930
IRESS, Ltd.		3,720		32,669
James Hardie Industries PLC CDI		4,004		68,765
JB Hi-Fi, Ltd.		3,464		88,525
Link Administration Holdings, Ltd.		13,718		52,899
Mirvac Group		41,842		92,717
National Australia Bank, Ltd.		5,991		117,598
Newcrest Mining, Ltd.		2,354		51,384
Northern Star Resources, Ltd.		3,606		24,443
Oil Search, Ltd.		19,405		95,769
Orica, Ltd.		4,147		65,538
Qantas Airways, Ltd.		19,011		84,088
REA Group, Ltd.		1,183		88,783
Rio Tinto, Ltd.		2,553		159,647
Santos, Ltd.		13,252		74,125
Scentre Group		51,564		136,240
Shopping Centres Australasia Property Group		20,523		38,069
Sonic Healthcare, Ltd.		1,319		25,978
Spark Infrastructure Group		66,000		92,039

Security	Shares		Value
Australia (continued)
Star Entertainment Group, Ltd. (The)(2)		18,186	$	58,968
Suncorp Group, Ltd.		4,024		37,361
Sydney Airport		17,791		107,750
Tabcorp Holdings, Ltd.		14,343		47,528
Technology One, Ltd.		10,774		54,732
Telstra Corp., Ltd.		119,713		288,322
TPG Telecom, Ltd.		9,828		44,296
Transurban Group		15,294		156,640
Vocus Group, Ltd.(1)		18,112		41,525
Washington H. Soul Pattinson & Co., Ltd.		4,310		64,427
Wesfarmers, Ltd.		10,096		277,387
Westpac Banking Corp.		8,556		166,119
Woodside Petroleum, Ltd.		12,096		268,089
Woolworths Group, Ltd.		12,710		327,742
			$	6,315,046
Austria — 1.1%
ams AG(1)		2,564	$	115,207
ANDRITZ AG		1,561		70,192
CA Immobilien Anlagen AG		1,063		40,960
Erste Group Bank AG		2,269		80,250
IMMOFINANZ AG		2,066		59,399
Lenzing AG		182		19,171
Oesterreichische Post AG		1,473		54,287
OMV AG		1,720		100,554
Rhi Magnesita NV		859		38,714
Telekom Austria AG		8,000		61,987
UNIQA Insurance Group AG		2,006		19,291
Verbund AG		1,581		85,651
Wienerberger AG		1,390		37,649
			$	783,312
Belgium — 2.2%
Ackermans & van Haaren NV		184	$	28,206
Ageas		1,164		67,129
Anheuser-Busch InBev SA/NV		2,330		188,071
Barco NV		627		136,551
Befimmo SA		1,120		72,401
Bekaert SA		1,080		30,140
bpost SA		3,481		39,782
Cofinimmo SA		488		72,196
Colruyt SA		478		26,589
D’Ieteren SA/NV		637		40,232
Econocom Group SA/NV		10,730		27,980
Elia System Operator SA/NV		938		80,905
Euronav SA		5,526		62,320

18 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Belgium (continued)
Groupe Bruxelles Lambert SA		459	$	46,109
KBC Ancora		539		25,698
Orange Belgium SA		1,916		42,188
Proximus SA		4,820		148,122
Retail Estates NV		566		54,037
Sofina SA		150		33,194
Solvay SA		1,005		109,270
Tessenderlo Group SA(1)		1,340		44,332
UCB SA		2,340		188,601
			$	1,564,053
Denmark — 2.2%
ALK-Abello A/S(1)		138	$	29,642
Carlsberg A/S, Class B		1,041		146,598
Chr. Hansen Holding A/S		850		65,259
DSV Panalpina A/S		1,752		170,275
ISS A/S		813		21,285
Jyske Bank A/S(1)		949		31,569
Maersk Drilling A/S(1)		483		27,265
Novo Nordisk A/S, Class B		3,886		213,686
Novozymes A/S, Class B		2,980		140,476
Orsted A/S(3)		2,397		210,389
Pandora A/S		2,868		141,123
Ringkjoebing Landbobank A/S		652		45,021
Rockwool International A/S, Class B		97		19,064
Royal Unibrew A/S		1,034		84,829
SimCorp A/S		1,160		103,794
Sydbank A/S		1,310		25,697
Topdanmark A/S		972		43,534
Tryg A/S		1,584		44,275
Vestas Wind Systems A/S		342		27,862
			$	1,591,643
Finland — 2.3%
Citycon Oyj(2)		2,400	$	25,151
Elisa Oyj		2,351		128,434
Fortum Oyj		7,644		186,801
Huhtamaki Oyj		736		34,081
Kemira Oyj		2,727		44,299
Kesko Oyj, Class B		2,268		151,113
Kone Oyj, Class B		1,663		105,893
Neste Oyj		5,038		182,035
Nokia Oyj		23,544		86,430
Nordea Bank AB		10,249		75,016
Orion Oyj, Class B		3,174		140,813
Sampo Oyj, Class A		1,342		54,995

Security	Shares		Value
Finland (continued)
Tieto Oyj		956	$	27,210
Tokmanni Group Corp.		15,729		201,392
UPM-Kymmene Oyj		3,184		103,701
Valmet Oyj		1,377		30,818
Wartsila Oyj Abp		2,646		27,954
			$	1,606,136
France — 8.9%
Air Liquide SA		4,818	$	640,606
Airbus SE		1,329		190,656
Altarea SCA		208		45,734
Alten SA		634		69,741
Altran Technologies SA		4,941		78,557
Atos SE		1,046		81,177
AXA SA		8,332		220,558
Cie Generale des Etablissements Michelin SCA		484		58,931
CNP Assurances		2,759		54,764
Covivio		1,309		148,243
Danone SA		2,873		238,003
Dassault Systemes SE		1,540		233,890
Devoteam SA(2)		244		20,728
Engie SA		22,570		377,930
EssilorLuxottica SA		1,642		250,724
Eurazeo SE		634		44,240
Eutelsat Communications SA		985		18,685
Gecina SA		1,055		181,111
Getlink SE		2,197		36,802
Hermes International		100		72,035
Ingenico Group SA		754		80,626
Legrand SA		560		43,749
LVMH Moet Hennessy Louis Vuitton SE		650		277,586
Orange SA(2)		31,518		507,266
Pernod-Ricard SA		1,615		298,344
Quadient		1,050		22,487
Renault SA		569		29,053
Sanofi		5,890		542,982
SCOR SE		1,880		79,297
Societe BIC SA		422		29,309
Societe Generale SA		3,005		85,459
Suez		5,207		81,216
Talend SA ADR(1)(2)		500		17,780
Teleperformance		177		40,158
Thales SA		600		58,656
Total SA		10,463		553,160
Unibail-Rodamco-Westfield		1,203		186,071
Veolia Environnement SA		5,261		138,489

19 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
France (continued)
Vinci SA		1,159	$	130,035
Wendel SA		356		50,480
			$	6,315,318
Germany — 9.0%
adidas AG		579	$	178,984
Allianz SE		1,565		382,208
Aroundtown SA		7,804		65,964
BASF SE		5,529		420,310
Bayer AG		2,172		168,495
Bayerische Motoren Werke AG		1,291		98,858
Beiersdorf AG		2,259		267,261
Continental AG		589		78,891
Delivery Hero SE(1)(3)		754		35,380
Deutsche Boerse AG		570		88,270
Deutsche Lufthansa AG		2,863		49,596
Deutsche Post AG		3,135		111,058
Deutsche Telekom AG		31,693		557,656
Deutsche Wohnen SE		4,814		181,499
E.ON SE		27,081		273,097
Fraport AG Frankfurt Airport Services Worldwide		341		28,502
Fresenius SE & Co. KGaA		2,385		125,583
FUCHS PETROLUB SE, PFC Shares		1,970		83,930
GEA Group AG		1,196		36,528
Gerresheimer AG		1,197		96,532
Henkel AG & Co. KGaA		2,341		225,246
Hochtief AG		235		29,362
Hugo Boss AG		915		38,579
Knorr-Bremse AG		346		34,917
KWS Saat SE and Co. KGaA		425		28,570
Merck KGaA		988		117,835
Metro AG		7,704		125,802
MTU Aero Engines AG		178		47,603
Muenchener Rueckversicherungs-Gesellschaft AG		660		183,374
Puma SE		1,330		100,066
QIAGEN NV(1)		1,735		52,187
RWE AG		11,705		356,704
SAP SE		4,641		614,939
Siemens AG		2,649		305,695
Siemens Healthineers AG(3)		2,235		94,990
Software AG		800		25,449
Symrise AG		1,413		135,799
TAG Immobilien AG		1,340		32,564
Telefonica Deutschland Holding AG(3)		20,469		65,006
TLG Immobilien AG		3,290		96,485
TUI AG		2,680		35,060

Security	Shares		Value
Germany (continued)
Vonovia SE		4,578	$	243,801
Zalando SE(1)(3)		1,079		46,782
			$	6,365,417
Hong Kong — 4.5%
AIA Group, Ltd.		31,200	$	310,696
Alibaba Health Information Technology, Ltd.(1)		120,000		120,779
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		33,000		44,727
BOC Hong Kong Holdings, Ltd.		7,000		24,049
Budweiser Brewing Co., APAC, Ltd.(1)		20,500		74,953
Cafe de Coral Holdings, Ltd.		10,000		27,286
China Youzan, Ltd.(1)		492,000		30,120
Chow Tai Fook Jewellery Group, Ltd.		29,800		26,794
CK Hutchison Holdings, Ltd.		16,500		152,346
CLP Holdings, Ltd.		18,000		186,937
Esprit Holdings, Ltd.(1)		109,900		21,011
First Pacific Co., Ltd.		106,000		40,552
Global Cord Blood Corp.(1)		5,000		24,850
Hang Lung Group, Ltd.		6,000		15,028
Hang Lung Properties, Ltd.		14,000		30,775
Hang Seng Bank, Ltd.		3,700		77,201
Henderson Land Development Co., Ltd.		7,260		36,261
HK Electric Investments & HK Electric Investments, Ltd.		34,000		33,938
HKBN, Ltd.		35,000		62,464
HKT Trust and HKT, Ltd.		109,000		169,567
Hong Kong & China Gas Co., Ltd.		93,170		180,834
Hongkong Land Holdings, Ltd.		8,100		44,496
Hysan Development Co., Ltd.		7,000		27,589
Jardine Matheson Holdings, Ltd.		2,400		136,826
Jardine Strategic Holdings, Ltd.		1,800		58,125
Kerry Properties, Ltd.		10,000		32,337
Li & Fung, Ltd.		286,000		31,277
Link REIT		9,000		98,023
Luk Fook Holdings International, Ltd.		18,000		47,810
MTR Corp., Ltd.		12,500		71,672
Nexteer Automotive Group, Ltd.		48,000		44,737
NOVA Group Holdings, Ltd.(2)		80,000		19,281
NWS Holdings, Ltd.		25,000		37,207
Power Assets Holdings, Ltd.		9,500		67,793
Sands China, Ltd.		24,000		118,215
Shangri-La Asia, Ltd.		48,000		49,268
SJM Holdings, Ltd.		36,000		38,457
Sun Hung Kai Properties, Ltd.		5,000		75,766
SUNeVision Holdings, Ltd.		42,000		31,113
Swire Pacific, Ltd., Class A		4,000		38,129
Tongda Group Holdings, Ltd.		420,000		34,183

20 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
Town Health International Medical Group, Ltd.(4)		266,000	$	0
Vitasoy International Holdings, Ltd.		38,000		154,520
VSTECS Holdings, Ltd.		60,000		30,577
VTech Holdings, Ltd.		7,100		62,251
Wharf Real Estate Investment Co., Ltd.		10,000		58,817
Yue Yuen Industrial Holdings, Ltd.		22,000		62,000
			$	3,161,637
Ireland — 2.2%
AIB Group PLC		17,873	$	57,319
Bank of Ireland Group PLC		28,763		138,639
Cairn Homes PLC		18,600		24,114
CRH PLC(1)		6,262		227,998
Dalata Hotel Group PLC		6,009		35,523
Flutter Entertainment PLC(2)		1,971		203,698
Grafton Group PLC		9,729		98,518
Green REIT PLC		26,026		55,361
ICON PLC(1)		1,212		178,043
Irish Residential Properties REIT PLC		42,500		83,227
Kerry Group PLC, Class A		1,947		235,323
Kingspan Group PLC		3,244		168,054
UDG Healthcare PLC		8,000		80,194
			$	1,586,011
Israel — 2.2%
Amot Investments, Ltd.		5,499	$	38,709
Bank Hapoalim B.M.		3,259		26,084
Bank Leumi Le-Israel B.M.		9,550		69,564
Bezeq The Israeli Telecommunication Corp., Ltd.		163,729		108,031
Check Point Software Technologies, Ltd.(1)		585		65,760
Delta-Galil Industries, Ltd.		2,301		58,321
Elbit Systems, Ltd.		1,014		166,252
Electra, Ltd.		173		61,237
First International Bank of Israel, Ltd.(1)		1,152		31,626
Israel Chemicals, Ltd.		34,547		153,563
Kenon Holdings, Ltd.		2,504		54,835
Melisron, Ltd.		729		44,203
Mellanox Technologies, Ltd.(1)		300		33,810
Mizrahi Tefahot Bank, Ltd.		1,469		36,447
Nice, Ltd.(1)		490		77,293
Oil Refineries, Ltd.		139,185		71,461
Paz Oil Co., Ltd.		650		99,669
Reit 1, Ltd.		7,407		46,859
Sella Capital Real Estate, Ltd.		15,640		43,056
Shufersal, Ltd.		7,005		47,368

Security	Shares		Value
Israel (continued)
Strauss Group, Ltd.		3,028	$	91,690
Teva Pharmaceutical Industries, Ltd. ADR(1)		18,817		153,358
			$	1,579,196
Italy — 4.4%
Assicurazioni Generali SpA		4,184	$	84,841
ASTM SpA		935		29,475
Atlantia SpA		4,194		103,617
Autogrill SpA		2,584		25,547
Bio-On SpA(1)(4)		2,850		16,560
Brunello Cucinelli SpA		1,252		39,242
Cementir Holding NV		6,913		46,499
COSMO Pharmaceuticals NV(1)		417		30,946
Davide Campari-Milano SpA		18,866		173,045
De’Longhi SpA		1,200		22,104
DiaSorin SpA		977		110,158
Enav SpA(3)		5,849		34,062
Enel SpA		38,800		300,714
Eni SpA		21,212		321,807
Ferrari NV		1,054		168,805
IMA Industria Macchine Automatiche SpA		484		32,955
Infrastrutture Wireless Italiane SpA(3)		25,801		264,806
Interpump Group SpA		778		21,327
Intesa Sanpaolo SpA		54,086		135,530
Italgas SpA		7,381		47,517
Italmobiliare SpA		1,360		36,382
Leonardo SpA		4,673		54,289
Mediaset SpA(1)		9,790		29,279
Mediobanca Banca di Credito Finanziario SpA		2,651		31,524
Poste Italiane SpA(3)		5,564		67,583
Prada SpA		6,900		23,721
RAI Way SpA(3)		4,122		25,422
Recordati SpA		2,026		85,141
Reply SpA		996		64,906
Retelit SpA		14,503		27,120
Salvatore Ferragamo SpA		2,265		42,362
Saras SpA		14,538		27,919
Societa Iniziative Autostradali e Servizi SpA		2,080		35,969
STMicroelectronics NV		18,358		416,913
Technogym SpA(3)		2,741		30,241
Terna Rete Elettrica Nazionale SpA		12,961		85,664
Unione di Banche Italiane SpA		9,342		28,458
UnipolSai Assicurazioni SpA		10,716		29,908
			$	3,152,358

21 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Japan — 13.3%
Activia Properties, Inc.		6	$	31,657
Aeon Mall Co., Ltd.		1,800		28,798
Air Water, Inc.		2,000		37,442
Ajinomoto Co., Inc.		2,100		39,926
ANA Holdings, Inc.		1,100		37,772
Asahi Group Holdings, Ltd.		1,200		60,093
Asahi Intecc Co., Ltd.		2,000		55,031
Asahi Kasei Corp.		6,000		66,608
Bandai Namco Holdings, Inc.		1,300		79,936
Bridgestone Corp.		900		37,395
Canon, Inc.		3,000		82,319
Central Japan Railway Co.		200		41,027
Chubu Electric Power Co., Inc.		6,200		93,014
Chugai Pharmaceutical Co., Ltd.		1,500		126,234
Chugoku Electric Power Co., Inc. (The)		4,500		59,948
Citizen Watch Co., Ltd.		8,200		43,596
Daicel Corp.		3,400		30,394
Daido Steel Co., Ltd.		700		30,547
Daiichi Sankyo Co., Ltd.		2,100		138,083
Daikin Industries, Ltd.		500		69,980
Daiwa House REIT Investment Corp.		23		66,971
Daiwa Securities Group, Inc.		7,000		31,464
Dentsu, Inc.		1,000		35,750
East Japan Railway Co.		600		54,469
FamilyMart Co., Ltd.		2,000		49,612
Fast Retailing Co., Ltd.		100		61,669
Frontier Real Estate Investment Corp.		8		35,715
FUJIFILM Holdings Corp.		1,700		74,634
GLP J-REIT		28		36,527
Hankyu Hanshin Holdings, Inc.		1,000		40,017
Hirose Electric Co., Ltd.		315		39,681
Hitachi, Ltd.		1,900		70,913
Hulic Co., Ltd.		4,000		43,427
Inpex Corp.		11,000		101,689
ITOCHU Corp.		3,300		68,996
Iwatani Corp.		1,000		34,677
Japan Airlines Co., Ltd.		900		28,046
Japan Exchange Group, Inc.		2,100		34,668
Japan Hotel REIT Investment Corp.		63		52,255
Japan Post Bank Co., Ltd.		4,800		47,748
Japan Post Holdings Co., Ltd.		5,300		48,650
Japan Prime Realty Investment Corp.		11		52,866
Japan Real Estate Investment Corp.		11		75,084
Japan Retail Fund Investment Corp.		31		72,257
Japan Tobacco, Inc.		3,200		72,329
JFE Holdings, Inc.		4,200		52,532

Security	Shares		Value
Japan (continued)
JXTG Holdings, Inc.		37,400	$	174,816
Kajima Corp.		2,000		27,485
Kakaku.com, Inc.		1,900		44,118
Kamigumi Co., Ltd.		1,500		33,917
Kansai Electric Power Co., Inc. (The)		6,700		78,163
Kansai Paint Co., Ltd.		1,400		33,719
Kao Corp.		1,500		120,598
KDDI Corp.		13,200		365,259
Kenedix Office Investment Corp.		6		46,980
Keyence Corp.		300		189,689
Kintetsu Group Holdings Co., Ltd.		800		43,605
Kirin Holdings Co., Ltd.		2,400		50,914
Konica Minolta, Inc.		2,800		20,551
Kuraray Co., Ltd.		2,500		29,743
KYORIN Holdings, Inc.		1,400		24,522
Kyushu Electric Power Co., Inc.		4,800		47,969
Lawson, Inc.		800		44,133
Lion Corp.		2,100		43,948
Makita Corp.		1,000		33,631
Marubeni Corp.		7,000		49,266
Maruichi Steel Tube, Ltd.		1,200		32,770
Medipal Holdings Corp.		1,100		25,132
Megmilk Snow Brand Co., Ltd.		1,400		33,672
MEIJI Holdings Co., Ltd.		500		36,039
Mitsubishi Chemical Holdings Corp.		5,000		38,106
Mitsubishi Corp.		1,300		33,065
Mitsubishi UFJ Financial Group, Inc.		32,000		165,897
Mitsui & Co., Ltd.		3,900		66,978
Mizuho Financial Group, Inc.		67,300		104,482
Mori Hills REIT Investment Corp.		25		41,319
MS&AD Insurance Group Holdings, Inc.		1,800		58,124
Murata Manufacturing Co., Ltd.		1,500		81,672
NEC Corp.		1,500		59,446
NH Foods, Ltd.		1,000		42,016
Nippon Accommodations Fund, Inc.		8		50,338
Nippon Building Fund, Inc.		11		83,453
Nippon Paint Holdings Co., Ltd.		1,200		65,353
Nippon Prologis REIT, Inc.		26		72,625
Nippon Shinyaku Co., Ltd.		300		27,065
Nippon Shokubai Co., Ltd.		600		36,998
Nippon Steel Corp.		4,500		65,680
Nippon Telegraph & Telephone Corp.		3,400		168,786
Nissan Chemical Corp.		900		36,952
Nissan Motor Co., Ltd.		4,100		25,873
Nisshin Seifun Group, Inc.		1,300		25,771
Nissin Foods Holdings Co., Ltd.		400		30,214

22 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Nitori Holdings Co., Ltd.		400	$	60,884
Nomura Real Estate Master Fund, Inc.		21		40,143
Nomura Research Institute, Ltd.		3,600		76,430
NTT Data Corp.		4,400		57,776
NTT DoCoMo, Inc.		12,000		328,981
Obic Co., Ltd.		300		37,562
Oji Holdings Corp.		4,300		22,232
Olympus Corp.		5,100		69,392
Ono Pharmaceutical Co., Ltd.		2,500		47,092
Oriental Land Co., Ltd.		700		102,621
ORIX Corp.		3,500		55,002
Orix JREIT, Inc.		11		24,872
Osaka Gas Co., Ltd.		6,100		119,283
Otsuka Holdings Co., Ltd.		2,400		100,056
Pan Pacific International Holdings Corp.		2,000		31,483
Rakuten, Inc.		3,000		28,600
Recruit Holdings Co., Ltd.		2,300		76,438
Resona Holdings, Inc.		7,500		32,614
Ricoh Co., Ltd.		4,000		35,622
Rinnai Corp.		600		44,102
Santen Pharmaceutical Co., Ltd.		1,500		26,570
Seiko Epson Corp.		1,700		24,040
Sekisui House, Ltd.		2,000		43,129
Seven & i Holdings Co., Ltd.		2,200		83,117
Shikoku Electric Power Co., Inc.		2,600		25,775
Shimadzu Corp.		1,200		32,047
Shimano, Inc.		300		49,935
Shin-Etsu Chemical Co., Ltd.		1,300		144,952
Shionogi & Co., Ltd.		1,100		66,025
Sompo Holdings, Inc.		1,600		62,890
Sony Corp.		1,600		97,391
Sony Financial Holdings, Inc.		1,200		25,816
Subaru Corp.		1,100		31,523
Sumitomo Corp.		1,600		25,988
Sumitomo Mitsui Financial Group, Inc.		3,500		124,261
Sumitomo Mitsui Trust Holdings, Inc.		1,500		54,668
Suntory Beverage & Food, Ltd.		900		38,476
Suzuki Motor Corp.		1,000		47,214
Sysmex Corp.		500		32,624
Taiheiyo Cement Corp.		1,500		42,433
Taisho Pharmaceutical Holdings Co., Ltd.		600		42,705
Taiyo Nippon Sanso Corp.		1,300		30,433
Takeda Pharmaceutical Co., Ltd.		3,800		137,306
TEIJIN, Ltd.		1,400		28,054
Terumo Corp.		1,800		58,746
Toho Gas Co., Ltd.		1,500		58,423

Security	Shares		Value
Japan (continued)
Tokio Marine Holdings, Inc.		2,200	$	118,944
Tokyo Gas Co., Ltd.		3,800		92,762
Tokyu Corp.		2,000		37,827
Toppan Printing Co., Ltd.		2,000		36,991
Toray Industries, Inc.		9,300		65,724
Toshiba Corp.		1,800		61,553
Toyo Suisan Kaisha, Ltd.		1,000		42,105
Toyobo Co., Ltd.		1,800		24,331
Toyota Motor Corp.		3,200		222,019
Trend Micro, Inc.		600		30,284
Tsuruha Holdings, Inc.		200		22,498
Unicharm Corp.		1,500		50,836
United Urban Investment Corp.		36		72,627
West Japan Railway Co.		400		34,756
Yakult Honsha Co., Ltd.		600		34,386
Yamato Holdings Co., Ltd.		2,000		33,545
Yamato Kogyo Co., Ltd.		1,000		25,942
Yamazaki Baking Co., Ltd.		2,000		34,097
Z Holdings Corp.		11,200		34,482
			$	9,484,733
Netherlands — 4.4%
ABN AMRO Bank NV(3)		1,800	$	33,552
Accell Group		1,483		36,838
Akzo Nobel NV		2,765		254,915
ASML Holding NV		1,965		515,054
ASR Nederland NV		1,620		59,387
Cimpress NV(1)		241		31,841
Corbion NV		2,072		59,859
Eurocommercial Properties NV		1,255		40,051
GrandVision NV(3)		1,280		39,130
IMCD NV		840		65,591
ING Groep NV		19,984		226,288
InterXion Holding NV(1)		702		61,930
Koninklijke KPN NV		47,300		146,837
Koninklijke Philips NV		7,345		322,255
Koninklijke Vopak NV		1,452		79,766
NN Group NV		1,302		49,680
NXP Semiconductors NV		500		56,840
Prosus NV(1)		3,222		222,186
Randstad NV		1,087		60,325
Signify NV(3)		769		22,532
Unilever NV(2)		10,005		591,362
Wolters Kluwer NV		2,003		147,527
			$	3,123,746

23 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
New Zealand — 1.1%
A2 Milk Co., Ltd.(1)		10,259	$	85,174
Auckland International Airport, Ltd.		12,240		72,948
Contact Energy, Ltd.		9,580		45,310
Fisher & Paykel Healthcare Corp., Ltd.		6,665		81,748
Fletcher Building, Ltd.		21,151		62,144
Goodman Property Trust		27,739		37,869
Mercury NZ, Ltd.		13,643		43,385
Precinct Properties New Zealand, Ltd.		27,851		32,478
Pushpay Holdings, Ltd.(1)		12,186		24,541
Restaurant Brands New Zealand, Ltd.(1)		1,138		8,693
SKYCITY Entertainment Group, Ltd.		23,126		57,938
Spark New Zealand, Ltd.		19,416		55,698
Xero, Ltd.(1)		1,765		83,721
Z Energy, Ltd.		22,601		77,611
			$	769,258
Norway — 2.2%
Atea ASA		6,274	$	79,275
Borregaard ASA		5,977		57,588
DNB ASA		6,391		116,363
Entra ASA(3)		6,540		97,938
Equinor ASA		7,438		138,091
Europris ASA(3)		9,810		26,623
Fjordkraft Holding ASA(3)		4,604		24,978
Gjensidige Forsikring ASA		1,701		31,800
Golar LNG, Ltd.(2)		2,500		34,425
Kongsberg Gruppen ASA		1,873		27,671
Mowi ASA		4,027		98,307
Nordic Nanovector ASA(1)		8,892		20,002
Opera, Ltd. ADR(1)		2,900		29,203
Orkla ASA		11,104		106,730
Scatec Solar ASA(3)		3,300		36,712
Ship Finance International, Ltd.		2,400		34,728
SpareBank 1 SMN		3,485		37,549
SpareBank 1 SR-Bank ASA		2,455		26,159
Telenor ASA		11,588		216,878
Tomra Systems ASA		4,059		109,403
Veidekke ASA		5,744		62,287
Yara International ASA		3,318		129,257
			$	1,541,967
Portugal — 1.1%
Altri SGPS SA		9,653	$	58,923
Banco Comercial Portugues SA		599,339		135,914
Corticeira Amorim SGPS SA		2,318		24,950
CTT-Correios de Portugal SA		18,519		59,206

Security	Shares		Value
Portugal (continued)
EDP Renovaveis SA		2,527	$	28,824
EDP-Energias de Portugal SA		23,100		95,154
Galp Energia SGPS SA, Class B		7,678		122,808
Jeronimo Martins SGPS SA		7,890		132,581
NOS SGPS SA		22,214		132,068
Semapa-Sociedade de Investimento e Gestao		1,523		20,975
			$	811,403
Singapore — 2.3%
Ascendas Real Estate Investment Trust		23,500	$	54,733
CapitaLand Commercial Trust, Ltd.		20,500		30,873
CapitaLand Mall Trust		15,800		29,480
ComfortDelGro Corp., Ltd.		14,100		23,810
DBS Group Holdings, Ltd.		5,300		101,023
Ezion Holdings, Ltd.(1)(4)		160,000		0
First Resources, Ltd.		21,600		24,255
Flex, Ltd.(1)		14,057		165,170
Genting Singapore, Ltd.		146,700		101,210
Hutchison Port Holdings Trust		187,500		29,044
Jardine Cycle & Carriage, Ltd.		2,600		62,510
Keppel Infrastructure Trust		106,657		41,972
Mapletree Industrial Trust		17,200		32,218
Mapletree Logistics Trust		30,900		38,140
Raffles Medical Group, Ltd.		38,400		28,509
SATS, Ltd.		7,300		27,072
Sembcorp Industries, Ltd.		21,400		35,928
Sheng Siong Group, Ltd.		43,800		37,649
Singapore Airlines, Ltd.		4,000		27,647
Singapore Exchange, Ltd.		7,000		45,959
Singapore Post, Ltd.		26,100		18,402
Singapore Technologies Engineering, Ltd.		19,500		57,122
Singapore Telecommunications, Ltd.		95,100		230,290
Suntec Real Estate Investment Trust		27,000		36,885
United Overseas Bank, Ltd.		4,500		88,593
Venture Corp., Ltd.		7,600		88,157
Wilmar International, Ltd.		60,800		167,168
			$	1,623,819
Spain — 4.3%
Aena SME SA(3)		685	$	125,740
Almirall SA		2,800		52,590
Amadeus IT Group SA		4,056		300,056
Applus Services SA		2,203		26,622
Banco Bilbao Vizcaya Argentaria SA		14,580		76,790
Banco Santander SA		36,890		148,124
Bankia SA		9,179		17,512

24 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Spain (continued)
Bankinter SA		3,250	$	22,509
CaixaBank SA		13,396		38,414
Cellnex Telecom SA(3)		1,600		69,038
Cia de Distribucion Integral Logista Holdings SA		1,300		27,257
Coca-Cola European Partners PLC		4,700		251,497
Ebro Foods SA		2,380		52,248
Ence Energia y Celulosa SA(2)		5,468		21,592
Endesa SA		1,800		49,023
Faes Farma SA		12,265		70,482
Ferrovial SA		3,459		102,052
Grifols SA		6,503		209,790
Iberdrola SA		25,551		262,639
Industria de Diseno Textil SA(2)		9,271		288,892
Merlin Properties Socimi SA		18,477		271,997
Prosegur Cash SA(3)		10,000		15,637
Prosegur Cia de Seguridad SA		4,500		17,463
Red Electrica Corp. SA		1,244		25,001
Repsol SA		19,251		317,251
Telefonica SA		28,419		218,237
Tubacex SA		12,500		37,098
			$	3,115,551
Sweden — 4.4%
Alfa Laval AB		2,000	$	46,291
Arjo AB, Class B		8,801		36,298
Assa Abloy AB, Class B		2,883		68,467
Attendo AB(3)		5,579		28,487
Avanza Bank Holding AB		5,229		44,612
Axfood AB		2,453		52,835
BillerudKorsnas AB		5,767		69,360
BioGaia AB, Class B		921		35,092
Bonava AB, Class B		2,000		19,289
Castellum AB		6,400		130,788
Elekta AB, Class B		9,796		136,466
Epiroc AB, Class A(2)		2,897		32,641
Epiroc AB, Class B		2,729		29,723
Essity AB, Class B		7,154		223,496
Fabege AB		7,085		105,811
Fingerprint Cards AB, Class B(1)(2)		20,825		38,739
Granges AB		4,911		47,805
Hennes & Mauritz AB, Class B		8,337		174,739
Hexpol AB		5,839		52,097
Holmen AB, Class B		2,532		74,721
Husqvarna AB, Class B		3,790		29,035
ICA Gruppen AB		1,559		68,988
JM AB		2,031		52,028

Security	Shares		Value
Sweden (continued)
Lundin Petroleum AB		4,713	$	156,085
Modern Times Group MTG AB, Class B(1)		3,758		34,851
Mycronic AB		2,681		44,626
NetEnt AB		6,918		19,570
Nibe Industrier AB, Class B		2,889		39,557
Nordic Entertainment Group AB, Class B		1,265		35,958
Nyfosa AB(1)		5,600		37,423
Pandox AB		1,500		30,017
Securitas AB, Class B		1,900		30,423
Skandinaviska Enskilda Banken AB, Class A		10,460		100,325
Skanska AB, Class B		1,238		26,378
Svenska Cellulosa AB SCA, Class B		9,048		92,327
Svenska Handelsbanken AB, Class A		9,558		95,922
Swedbank AB, Class A		6,479		90,792
Swedish Orphan Biovitrum AB(1)		3,766		59,722
Tele2 AB, Class B		4,040		57,833
Telefonaktiebolaget LM Ericsson, Class B		27,249		238,123
Telia Co. AB(2)		50,998		224,336
Trelleborg AB, Class B		1,700		27,490
Volvo AB, Class B		2,772		41,541
Wallenstam AB, Class B		3,540		38,771
			$	3,119,878
Switzerland — 9.0%
Adecco Group AG		1,216	$	72,287
ALSO Holding AG		375		55,824
Baloise Holding AG		396		73,242
Banque Cantonale Vaudoise		57		44,695
Belimo Holding AG		7		43,908
BKW AG		600		44,285
Cembra Money Bank AG		670		71,050
Cie Financiere Richemont SA		8,503		668,175
Comet Holding AG		287		28,715
DKSH Holding AG		773		36,757
dormakaba Holding AG		68		43,559
Ems-Chemie Holding AG		243		152,239
Flughafen Zurich AG		187		33,696
Forbo Holding AG		69		109,951
Geberit AG		315		160,048
Givaudan SA		117		343,738
Helvetia Holding AG		425		59,699
Implenia AG		883		33,651
Inficon Holding AG		86		61,697
Intershop Holding AG		78		42,903
Kuehne & Nagel International AG		464		74,962
Landis+Gyr Group AG		1,111		103,160

25 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Switzerland (continued)
Mobilezone Holding AG		4,644	$	50,488
Nestle SA		8,426		901,425
Novartis AG		4,810		420,275
Partners Group Holding AG		131		102,371
PSP Swiss Property AG		1,056		139,777
Roche Holding AG PC		1,423		428,260
Schindler Holding AG		219		51,862
Schindler Holding AG PC		455		111,473
Schweiter Technologies AG, Bearer Shares		26		26,722
SGS SA		46		119,973
SIG Combibloc Group AG		3,912		54,239
Sika AG		1,945		334,358
Sonova Holding AG		129		29,603
Stadler Rail AG(1)		954		46,337
Swiss Life Holding AG		201		100,664
Swiss Prime Site AG		1,328		136,879
Swiss Re AG		1,248		130,901
Swisscom AG		487		249,098
Temenos AG		1,415		202,445
Valiant Holding AG		270		27,424
Valora Holding AG		245		70,167
Zehnder Group AG		691		30,206
Zurich Insurance Group AG		683		267,531
			$	6,390,719
United Kingdom — 9.0%
3i Group PLC		1,796	$	26,245
Associated British Foods PLC		1,512		43,644
Assura PLC		34,782		33,709
AstraZeneca PLC		4,222		411,718
Auto Trader Group PLC(3)		7,214		52,563
Avast PLC(3)		5,278		28,340
Aviva PLC		5,903		31,817
BAE Systems PLC		8,600		64,240
Barclays PLC		19,449		42,186
Barratt Developments PLC		3,866		31,615
Bellway PLC		608		24,885
Berkeley Group Holdings PLC		552		31,464
BHP Group PLC		7,729		163,936
Big Yellow Group PLC		2,400		35,519
BP PLC		46,348		293,909
BT Group PLC		35,867		95,186
Bunzl PLC		1,400		36,421
Compass Group PLC		5,483		145,980
ConvaTec Group PLC(3)		24,595		62,833
Croda International PLC		1,035		64,575

Security	Shares		Value
United Kingdom (continued)
Derwent London PLC		1,020	$	46,940
Diageo PLC		4,200		171,910
Direct Line Insurance Group PLC		9,041		31,876
Elementis PLC		14,188		27,303
Essentra PLC		5,799		28,609
Experian PLC		2,631		82,933
BMO Commercial Property Trust		14,249		21,689
Ferguson PLC		689		58,836
Fresnillo PLC		4,030		37,232
Great Portland Estates PLC		4,065		41,491
Halma PLC		5,460		132,489
Howden Joinery Group PLC		5,263		39,390
HSBC Holdings PLC		24,670		186,385
Imperial Brands PLC		1,796		39,396
Informa PLC		6,492		65,253
Inmarsat PLC		10,117		72,174
InterContinental Hotels Group PLC		671		40,605
Intertek Group PLC		543		37,649
Land Securities Group PLC		6,288		76,591
Lloyds Banking Group PLC		117,231		86,236
London Stock Exchange Group PLC		511		46,051
LondonMetric Property PLC		32,609		97,897
Marks & Spencer Group PLC		10,387		24,470
Meggitt PLC		3,859		31,224
Merlin Entertainments PLC(3)		8,625		50,814
Micro Focus International PLC		6,709		92,082
Mondi PLC		3,379		70,060
Moneysupermarket.com Group PLC		13,551		60,297
National Grid PLC		30,876		361,011
NCC Group PLC		21,199		51,502
Next PLC		582		49,637
Paragon Banking Group PLC		4,937		32,183
Persimmon PLC		1,061		31,296
Phoenix Group Holdings PLC		2,631		24,032
QinetiQ Group PLC		8,311		33,881
Reckitt Benckiser Group PLC		1,454		112,513
RELX PLC		5,362		129,092
Rentokil Initial PLC		5,526		32,522
Rightmove PLC		13,046		101,266
Rio Tinto PLC		3,415		177,791
Royal Dutch Shell PLC, Class A		9,872		286,170
Royal Mail PLC		6,900		18,882
RSA Insurance Group PLC		4,203		28,435
Safestore Holdings PLC		3,803		34,531
Sage Group PLC (The)		15,349		143,054
Segro PLC		8,635		94,461
Severn Trent PLC		3,397		99,319

26 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Shaftesbury PLC		2,131	$	26,113
Smith & Nephew PLC		6,274		134,680
Sophos Group PLC(3)		4,259		31,328
Spirax-Sarco Engineering PLC		358		36,739
Standard Life Aberdeen PLC		8,792		34,567
Tate & Lyle PLC		7,007		61,117
Taylor Wimpey PLC		12,334		26,453
Tritax Big Box REIT PLC		37,589		73,214
Unilever PLC		2,083		124,728
UNITE Group PLC (The)		2,424		35,305
United Utilities Group PLC		9,445		106,649
Victrex PLC		874		24,829
Vodafone Group PLC		98,554		201,121
WH Smith PLC		1,016		28,791
Whitbread PLC		600		31,582
WM Morrison Supermarkets PLC		8,786		22,697
			$	6,360,158
Total Common Stocks (identified cost $66,810,192)			$	70,361,359
Rights(1) — 0.0%
Security	Shares		Value
BUWOG AG(4)		1,234	$	0
Total Rights (identified cost $0)			$	0
Warrants(1) — 0.0%
Security	Shares		Value
Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763(4)		96,000	$	0
Total Warrants (identified cost $0)			$	0

Short-Term Investments — 2.4%
Description	Units/ Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 1.97% (5)		343,801	$	343,801
State Street Navigator Securities Lending Government Money Market Portfolio, 1.75%(6)		1,355,834		1,355,834
Total Short-Term Investments (identified cost $1,699,635)			$	1,699,635
Total Investments — 101.4% (identified cost $68,509,827)			$	72,060,994
Other Assets, Less Liabilities — (1.4)%			$	(1,007,425	)
Net Assets — 100.0%			$	71,053,569

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

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at October 31, 2019. The aggregate market value of securities on loan at October 31, 2019 was $1,933,519.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2019, the aggregate value of these securities is $1,620,906 or 2.3% of the Portfolio’s net assets.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 9).

⁽⁵⁾  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, 2019.

⁽⁶⁾  Represents investment of cash collateral received in connection with securities lending.

27 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		38.5	%	$	27,327,998
Japanese Yen		13.4			9,484,733
British Pound Sterling		9.3			6,612,644
Swiss Franc		9.2			6,536,872
Australian Dollar		8.6			6,120,950
United States Dollar		4.8			3,385,178
Swedish Krona		4.5			3,194,894
Hong Kong Dollar		4.1			2,921,061
Danish Krone		2.2			1,591,643
Norwegian Krone		2.0			1,443,611
Singapore Dollar		2.0			1,429,605
Israeli Shekel		1.9			1,326,268
New Zealand Dollar		1.0			685,537
Total Investments		101.4	%	$	72,060,994

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Industrials		10.7	%	$	7,600,148
Financials		10.6			7,575,569
Consumer Staples		10.5			7,463,806
Consumer Discretionary		9.9			7,027,948
Information Technology		9.5			6,793,857
Health Care		9.5			6,740,544
Materials		9.1			6,465,525
Communication Services		8.4			5,958,951
Real Estate		8.1			5,739,566
Utilities		7.2			5,109,097
Energy		5.5			3,886,348
Short-Term Investments		2.4			1,699,635
Total Investments		101.4	%	$	72,060,994

Abbreviations:

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

Currency Abbreviations:

SGD – Singapore Dollar

28 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Statement of Assets and Liabilities

Assets	October 31, 2019
Unaffiliated investments, at value including $1,933,519 of securities on loan (identified cost, $68,166,026)	$	71,717,193
Affiliated investment, at value (identified cost, $343,801)		343,801
Foreign currency, at value (identified cost, $54,701)		54,782
Dividends receivable		123,968
Dividends receivable from affiliated investment		358
Receivable for investments sold		6,890,318
Securities lending income receivable		1,509
Tax reclaims receivable		279,755
Total assets	$	79,411,684
Liabilities
Collateral for securities loaned	$	1,355,834
Payable for investments purchased		6,899,893
Payable to affiliates:
Investment adviser fee		29,561
Trustees’ fees		327
Accrued expenses		72,500
Total liabilities	$	8,358,115
Net Assets applicable to investors’ interest in Portfolio	$	71,053,569

29 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Statement of Operations

Investment Income	Year Ended October 31, 2019
Dividends (net of foreign taxes, $318,887)	$	2,224,252
Dividends from affiliated investment		4,175
Securities lending income, net		2,577
Total investment income	$	2,231,004
Expenses
Investment adviser fee	$	341,403
Trustees’ fees and expenses		4,033
Custodian fee		68,967
Legal and accounting services		54,323
Miscellaneous		33,961
Total expenses	$	502,687
Net investment income	$	1,728,317
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $2,128)	$	3,994,374
Investment transactions — affiliated investment		(27	)
Foreign currency transactions		(10,941	)
Net realized gain	$	3,983,406
Change in unrealized appreciation (depreciation) —
Investments	$	1,665,670
Investments — affiliated investment		24
Foreign currency		12,559
Net change in unrealized appreciation (depreciation)	$	1,678,253
Net realized and unrealized gain	$	5,661,659
Net increase in net assets from operations	$	7,389,976

30 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	1,728,317		$	1,416,578
Net realized gain (loss)		3,983,406			(211,552	)
Net change in unrealized appreciation (depreciation)		1,678,253			(5,289,631	)
Net increase (decrease) in net assets from operations	$	7,389,976		$	(4,084,605	)
Capital transactions —
Contributions	$	4,518,129		$	5,441,279
Withdrawals		(8,896,244	)		(8,995,378	)
Net decrease in net assets from capital transactions	$	(4,378,115	)	$	(3,554,099	)
Net increase (decrease) in net assets	$	3,011,861		$	(7,638,704	)
Net Assets
At beginning of year	$	68,041,708		$	75,680,412
At end of year	$	71,053,569		$	68,041,708

31 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.74	%		0.71	%		0.68	%		0.97	%		0.92	%
Net investment income		2.53	%		1.90	%		2.30	%		2.19	%		2.06	%
Portfolio Turnover		37	%		30	%		26	%		14	%		11	%
Total Return		11.59	%		(5.77	)%		22.05	%		0.74	%		0.31	%
Net assets, end of year (000’s omitted)	$	71,054		$	68,042		$	75,680		$	65,395		$	71,918

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

32 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2019

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, 2019, Parametric Tax-Managed International Equity Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 52.0% and 48.0%, 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 (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ 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 ask prices.

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

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). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

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

33

Tax-Managed International Equity Portfolio

October 31, 2019

Notes to Financial Statements — continued

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of October 31, 2019, 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  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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 agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.50% of the Portfolio’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion or over, the annual fee is reduced. The fee reductions 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 vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2019, the Portfolio’s investment adviser fee amounted to $341,403 or 0.50% of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp., a portion of its investment 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, 2019, 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 $24,887,814 and $27,310,924, respectively, for the year ended October 31, 2019.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	68,855,743
Gross unrealized appreciation	$	8,801,041
Gross unrealized depreciation		(5,595,790	)
Net unrealized appreciation	$	3,205,251

34

Tax-Managed International Equity Portfolio

October 31, 2019

Notes to Financial Statements — continued

5  Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral.

At October 31, 2019, the value of the securities loaned (all common stock) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $1,933,519 and $2,029,920, respectively. Collateral received was comprised of cash of $1,355,834 and U.S. government and/or agencies securities of $674,086. The securities lending transactions have no contractual maturity date and each of the Portfolio and borrower has the option to terminate a loan at any time. The carrying amount of the liability for collateral for securities loaned at October 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2019.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. 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, 2019.

7  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.

35

Tax-Managed International Equity Portfolio

October 31, 2019

Notes to Financial Statements — continued

8  Investments in Affiliated Funds

At October 31, 2019, the value of the Portfolio’s investment in affiliated funds was $343,801, which represents 0.5% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2019 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC, 1.97%	$	349,200	$	6,463,709	$	(6,469,105	)	$	(27	)	$	24	$	343,801	$	4,175		343,801

9  Fair Value Measurements

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

• Level 1 – quoted prices in active markets for identical investments

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

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	542,790	$	20,811,703		$	0	$	21,354,493
Developed Europe		964,972		46,446,138			16,560		47,427,670
Developed Middle East		252,928		1,326,268			—		1,579,196
Total Common Stocks	$	1,760,690	$	68,584,109	**	$	16,560	$	70,361,359
Rights	$	—	$	—		$	0	$	0
Warrants		—		—			0		0
Short-Term Investments		1,355,834		343,801			—		1,699,635
Total Investments	$	3,116,524	$	68,927,910		$	16,560	$	72,060,994

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2019 is not presented.

36

Tax-Managed International Equity Portfolio

October 31, 2019

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

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, 2019, 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, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2019, and 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 financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2019

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

37

Parametric

Tax-Managed International Equity Fund

October 31, 2019

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 159 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 serve until his or her successor is elected.

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	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 159 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 Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

38

Parametric

Tax-Managed International Equity Fund

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). 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) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	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). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President of the Trust	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016.
Edward J. Perkin 1972	President of the Portfolio	2014	Chief Equity Investment Officer and Vice President of EVM and BMR since 2014. Formerly, Chief Investment Officer, International and Emerging Markets Equity, and Managing Director, Portfolio Manager, Europe, EAFE and Global at Goldman Sachs Asset Management (2002-2014). Also Vice President of CRM since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.

39

Parametric

Tax-Managed International Equity Fund

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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.

40

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:

• 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.

• 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.

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

• 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 (International) Limited, Eaton Vance Advisers International Ltd., 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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.

41

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Investment Adviser of Tax-Managed International Equity Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser of Tax-Managed International Equity Portfolio

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

38    10.31.19

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. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, 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) (a 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, 2018 and October 31, 2019 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	10/31/18		10/31/19
Audit Fees	$	35,590	$	36,100
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	16,438	$	16,685
All Other Fees(3)	$	0	$	0
Total	$	52,028	$	52,785

⁽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, 2018 and October 31, 2019; 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	10/31/18		10/31/19
Registrant	$	16,438	$	16,685
Eaton Vance(1)	$	126,485	$	59,903

⁽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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Tax-Managed International Equity Portfolio

By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	December 23, 2019

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	December 23, 2019
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	December 23, 2019