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, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments

Common Stocks — 99.1%
Security	Shares		Value
Australia — 9.3%
AGL Energy, Ltd.		18,091	$	158,559
Ampol, Ltd.		7,108		129,608
ASX, Ltd.		638		35,725
Atlas Arteria, Ltd.		10,339		40,953
Atlassian Corp. PLC, Class A(1)		1,800		344,916
Aurizon Holdings, Ltd.		7,700		20,418
AusNet Services		95,565		134,344
BHP Group, Ltd.		8,972		215,073
Brambles, Ltd.		17,422		117,499
Charter Hall Group		4,698		40,734
Charter Hall Long Wale REIT		6,388		21,417
Coca-Cola Amatil, Ltd.		15,577		136,171
Commonwealth Bank of Australia		4,049		196,585
Computershare, Ltd.		10,972		93,766
Cromwell Property Group		28,090		17,287
CSL, Ltd.		2,517		509,585
Dexus		13,975		84,549
Domain Holdings Australia, Ltd.(2)		29,017		80,487
Domino’s Pizza Enterprises, Ltd.		933		55,571
GPT Group (The)		22,015		62,352
GWA Group, Ltd.(2)		11,241		20,833
Hansen Technologies, Ltd.		14,633		40,658
Harvey Norman Holdings, Ltd.(2)		17,000		53,180
IDP Education, Ltd.(2)		3,186		43,224
Inghams Group, Ltd.(2)		17,894		36,006
Integrated Research, Ltd.		9,777		24,145
IRESS, Ltd.(2)		3,720		24,071
James Hardie Industries PLC CDI		4,004		97,217
JB Hi-Fi, Ltd.(2)		3,464		115,751
Medibank Pvt, Ltd.		16,474		30,925
Mirvac Group		41,842		62,050
National Australia Bank, Ltd.		5,991		78,380
Newcrest Mining, Ltd.		2,354		48,816
NEXTDC, Ltd.(1)		5,120		45,844
Northern Star Resources, Ltd.		3,606		38,093
Orica, Ltd.(2)		4,147		44,517
Qantas Airways, Ltd.(1)		19,011		55,929
REA Group, Ltd.(2)		1,183		98,381
Rio Tinto, Ltd.		2,553		166,082
Santos, Ltd.		28,331		94,183
Scentre Group(2)		51,564		76,094
Shopping Centres Australasia Property Group		20,523		33,484
Sonic Healthcare, Ltd.		1,319		32,306
Spark Infrastructure Group		66,000		92,101
Suncorp Group, Ltd.		4,024		23,240

Security	Shares		Value
Australia (continued)
Sydney Airport		17,791	$	68,212
Tabcorp Holdings, Ltd.		26,454		61,125
Technology One, Ltd.		10,774		68,014
Telstra Corp., Ltd.		44,335		83,491
TPG Telecom, Ltd.(1)		20,255		102,234
Transurban Group		15,294		144,829
Vocus Group, Ltd.(1)		38,063		92,180
Washington H. Soul Pattinson & Co., Ltd.(2)		4,310		76,750
Wesfarmers, Ltd.		10,096		326,804
Westpac Banking Corp.		8,556		108,292
Woodside Petroleum, Ltd.		7,652		94,382
Woolworths Group, Ltd.		14,196		381,877
			$	5,579,299
Austria — 1.1%
ams AG(1)		3,049	$	65,284
ANDRITZ AG		1,052		35,480
BAWAG Group AG(1)(3)		822		30,188
CA Immobilien Anlagen AG		2,034		55,871
Erste Group Bank AG(1)		2,269		46,640
IMMOFINANZ AG(1)		1,276		17,112
Lenzing AG(1)(2)		466		32,620
Oesterreichische Post AG(2)		768		24,390
OMV AG		2,994		69,210
S&T AG(1)		1,191		21,550
Telekom Austria AG(2)		8,000		53,809
Verbund AG		2,140		123,423
Wienerberger AG		2,605		65,759
			$	641,336
Belgium — 2.1%
Ackermans & van Haaren NV(1)		184	$	22,649
Ageas S.A./NV		1,164		46,873
Anheuser-Busch InBev S.A./NV		2,330		120,522
Barco NV		4,389		68,850
Befimmo S.A.		1,120		43,599
Bekaert S.A.		2,338		49,730
bpost S.A.(1)		3,481		30,846
Cofinimmo S.A.		488		66,322
D’Ieteren S.A./NV		637		31,914
Econocom Group S.A./NV(1)		10,730		23,608
Elia Group S.A./NV		938		90,724
Etablissements Franz Colruyt NV		478		28,276
Euronav S.A.(2)		5,526		40,378
Groupe Bruxelles Lambert S.A.		459		37,642
KBC Ancora(1)		539		15,277

18 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Belgium (continued)
Orange Belgium S.A.		3,259	$	54,311
Proximus SADP		5,756		111,898
Sofina S.A.		150		38,985
Solvay S.A.		1,005		81,656
Tessenderlo Group S.A.(1)		1,340		45,613
UCB S.A.		1,564		154,479
Warehouses De Pauw CVA		2,032		68,079
			$	1,272,231
Denmark — 2.2%
ALK-Abello A/S(1)		138	$	46,174
Bakkafrost P/F(1)		532		30,434
Carlsberg A/S, Class B		904		114,465
Chr. Hansen Holding A/S		607		61,252
Drilling Co. of 1972 A/S (The)(1)(2)		483		9,124
DSV PANALPINA A/S		558		90,531
Novo Nordisk A/S, Class B		2,404		153,293
Novozymes A/S, Class B		1,992		119,801
Orsted A/S(3)		1,200		190,451
Pandora A/S		1,743		138,271
Ringkjoebing Landbobank A/S		652		49,677
Rockwool International A/S, Class B		97		37,967
Royal Unibrew A/S(2)		227		22,135
SimCorp A/S		792		94,465
Sydbank A/S(1)		1,310		22,403
Topdanmark A/S		972		38,063
Tryg A/S		1,584		43,960
Vestas Wind Systems A/S		342		58,675
			$	1,321,141
Finland — 2.2%
Citycon Oyj(2)		2,400	$	18,476
Elisa Oyj		2,351		115,595
Fortum Oyj		7,644		143,681
Huhtamaki Oyj		736		35,952
Kemira Oyj		2,727		33,689
Kesko Oyj, Class B		7,675		196,945
Kone Oyj, Class B		1,249		99,437
Neste Oyj		2,706		141,128
Nokia Oyj(1)		23,544		79,371
Nordea Bank Abp(1)		10,249		76,921
Orion Oyj, Class B(2)		2,432		104,089
Sampo Oyj, Class A		1,342		50,642
TietoEVRY Oyj		956		23,846
Tokmanni Group Corp.		7,427		117,943

Security	Shares		Value
Finland (continued)
UPM-Kymmene Oyj		2,265	$	64,007
Valmet Oyj(2)		1,377		32,865
			$	1,334,587
France — 8.6%
Air Liquide S.A.		4,818	$	704,576
Alstom S.A.(1)		840		37,531
Altarea SCA		208		26,638
Alten S.A.(1)		634		50,763
Atos SE(1)		1,046		71,458
AXA S.A.		8,332		133,806
BNP Paribas S.A.(1)		1,912		66,681
Bouygues S.A.		1,100		36,073
Cie Generale des Etablissements Michelin SCA		623		67,285
CNP Assurances(1)		2,759		31,118
Covivio		1,309		77,952
Danone S.A.		2,873		159,351
Dassault Systemes SE		1,540		262,586
Devoteam S.A.(1)		373		42,371
Engie S.A.(1)		22,570		272,974
EssilorLuxottica S.A.(1)		1,642		202,719
Eurazeo SE(1)		634		28,833
Gecina S.A.		1,055		130,971
Getlink SE(1)		2,197		29,550
Hermes International		100		93,110
Klepierre S.A.(2)		3,270		41,431
Legrand S.A.		560		41,451
LVMH Moet Hennessy Louis Vuitton SE		650		304,686
Orange S.A.		31,518		353,935
Pernod-Ricard S.A.		1,615		260,180
Safran S.A.(1)		692		72,992
Sanofi		5,890		531,828
SCOR SE(1)		1,880		45,656
Societe BIC S.A.		422		20,214
Suez S.A.		5,207		95,326
Teleperformance		177		53,132
Thales S.A.		600		39,096
TOTAL SE(2)		11,380		344,777
Veolia Environnement S.A.		5,261		97,921
Vinci S.A.		1,159		91,544
Vivendi S.A.		3,886		112,164
Wendel SE		356		30,809
Worldline S.A.(1)(3)		1,187		87,925
			$	5,151,413

19 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Germany — 8.9%
adidas AG(1)		579	$	172,024
Allianz SE		1,358		239,218
Aroundtown S.A.(1)		9,891		47,444
BASF SE		6,113		334,737
Bayer AG		2,172		102,063
Bayerische Motoren Werke AG		1,291		88,225
Beiersdorf AG		2,259		236,538
Continental AG		589		62,582
Delivery Hero SE(1)(3)		754		86,555
Deutsche Boerse AG		570		83,992
Deutsche Lufthansa AG(1)		2,863		24,493
Deutsche Telekom AG		26,429		401,688
Deutsche Wohnen SE		3,837		193,665
E.ON SE		27,081		282,026
Fraport AG Frankfurt Airport Services Worldwide(1)		341		12,333
Fresenius SE & Co. KGaA		2,385		88,468
HeidelbergCement AG		818		46,784
Henkel AG & Co. KGaA		2,341		211,635
Hochtief AG		235		17,288
HUGO BOSS AG		915		20,978
Knorr-Bremse AG		346		40,076
KWS Saat SE and Co. KGaA		425		31,297
Merck KGaA		988		146,354
Metro AG		7,704		75,448
MTU Aero Engines AG		354		60,506
Muenchener Rueckversicherungs-Gesellschaft AG		660		154,689
Puma SE(1)		927		81,152
QIAGEN NV(1)		1,735		82,388
Rational AG		97		72,756
RWE AG		7,472		276,522
SAP SE		4,054		432,499
Siemens AG		2,649		310,770
Siemens Energy AG(1)		1,324		28,990
Siemens Healthineers AG(3)		1,428		61,302
Symrise AG		1,413		174,238
TAG Immobilien AG		1,340		39,489
Telefonica Deutschland Holding AG(3)		39,958		100,785
Vonovia SE		4,578		292,367
Zalando SE(1)(3)		1,079		100,481
			$	5,314,845
Hong Kong — 4.5%
AIA Group, Ltd.		24,000	$	228,412
Alibaba Health Information Technology, Ltd.(1)		102,000		267,488
ASM Pacific Technology, Ltd.		3,600		36,304
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.(2)		33,000		34,284

Security	Shares		Value
Hong Kong (continued)
BOC Hong Kong Holdings, Ltd.		7,000	$	19,442
Budweiser Brewing Co. APAC Ltd.(3)		48,200		142,147
Cafe de Coral Holdings, Ltd.		22,000		45,474
China Youzan, Ltd.(1)		492,000		116,558
Chow Tai Fook Jewellery Group, Ltd.		63,400		81,028
CK Hutchison Holdings, Ltd.		22,000		132,879
CLP Holdings, Ltd.		15,000		138,218
Dairy Farm International Holdings, Ltd.(2)		13,400		50,475
Hang Lung Properties, Ltd.		14,000		34,083
Hang Seng Bank, Ltd.		2,400		36,974
Henderson Land Development Co., Ltd.		15,260		53,900
HK Electric Investments & HK Electric Investments, Ltd.		34,000		34,613
HKBN, Ltd.		35,000		60,631
HKT Trust and HKT, Ltd.		89,000		115,101
Hong Kong & China Gas Co., Ltd.		71,578		103,273
Hong Kong Exchanges & Clearing, Ltd.		2,200		105,421
Hongkong Land Holdings, Ltd.		8,100		29,736
Jardine Matheson Holdings, Ltd.		2,800		124,112
Jardine Strategic Holdings, Ltd.		1,800		38,974
Kerry Properties, Ltd.		10,000		24,535
Link REIT		9,000		68,687
MTR Corp., Ltd.		12,500		61,941
Nexteer Automotive Group, Ltd.(2)		48,000		40,085
NOVA Group Holdings, Ltd.		80,000		1,137
NWS Holdings, Ltd.		25,000		21,945
Power Assets Holdings, Ltd.		14,000		72,096
Sands China, Ltd.		24,000		84,230
Shangri-La Asia, Ltd.(1)		48,000		37,768
SJM Holdings, Ltd.		36,000		37,379
Sun Hung Kai Properties, Ltd.		5,000		64,359
SUNeVision Holdings, Ltd.		42,000		36,862
Swire Pacific, Ltd., Class A		4,000		18,241
Town Health International Medical Group, Ltd.(1)(4)		266,000		0
VSTECS Holdings, Ltd.		60,000		37,607
VTech Holdings, Ltd.		3,500		23,223
Wharf Real Estate Investment Co., Ltd.(2)		10,000		38,488
Yue Yuen Industrial Holdings, Ltd.		22,000		35,834
			$	2,733,944
Ireland — 2.4%
AIB Group PLC(1)(2)		48,209	$	54,533
Bank of Ireland Group PLC(1)		42,431		105,282
CRH PLC		6,065		212,225
Flutter Entertainment PLC(1)		1,560		272,701
Grafton Group PLC(1)		3,665		31,862
ICON PLC(1)		980		176,694

20 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Ireland (continued)
Irish Residential Properties REIT PLC(2)		42,500	$	67,586
Kerry Group PLC, Class A		1,947		233,060
Kingspan Group PLC(1)		2,773		241,998
UDG Healthcare PLC		4,495		42,248
			$	1,438,189
Israel — 2.3%
Amot Investments, Ltd.		5,499	$	25,201
Azrieli Group, Ltd.		1,206		56,605
Bank Hapoalim B.M.		8,234		48,064
Bank Leumi Le-Israel B.M.		9,550		45,010
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		126,713		142,877
Check Point Software Technologies, Ltd.(1)		385		43,721
Elbit Systems, Ltd.		637		71,779
Electra, Ltd.		173		75,173
Fattal Holdings 1998, Ltd.(1)		817		49,183
First International Bank of Israel, Ltd.		1,152		25,466
ICL Group, Ltd		34,547		125,332
Kenon Holdings, Ltd.		2,504		60,730
Maytronics, Ltd.		4,367		66,589
Melisron, Ltd.		729		26,366
Mizrahi Tefahot Bank, Ltd.		1,469		28,646
Nice, Ltd.(1)		490		111,440
Paz Oil Co., Ltd.		650		60,093
Reit 1, Ltd.		7,407		28,074
Shufersal, Ltd.		7,005		52,723
Strauss Group, Ltd.		3,028		87,255
Teva Pharmaceutical Industries, Ltd. ADR(1)		15,917		138,796
			$	1,369,123
Italy — 4.4%
Assicurazioni Generali SpA		4,184	$	56,125
ASTM SpA(1)		2,079		38,693
Atlantia SpA(1)(2)		4,194		64,380
Autogrill SpA(1)		2,584		9,686
Bio-On SpA(1)(4)		2,850		0
Brunello Cucinelli SpA(1)(2)		1,252		37,593
Cementir Holding NV		6,913		44,030
COSMO Pharmaceuticals NV(1)(2)		417		33,714
Davide Campari-Milano NV		18,866		197,175
De’Longhi SpA(1)		1,200		38,378
DiaSorin SpA		977		214,479
Enav SpA(3)		5,849		20,296
Enel SpA		29,175		231,956
Eni SpA		21,212		148,591

Security	Shares		Value
Italy (continued)
Ferrari NV		1,054	$	188,025
IMA Industria Macchine Automatiche SpA(1)		484		38,078
Infrastrutture Wireless Italiane SpA(3)		25,801		278,693
Interpump Group SpA		778		29,386
Intesa Sanpaolo SpA(1)		69,966		116,151
Italgas SpA		7,381		42,653
Italmobiliare SpA		1,360		43,940
Leonardo SpA(2)		4,673		22,281
Mediaset SpA(1)		9,790		16,646
Mediobanca Banca di Credito Finanziario SpA		2,651		18,821
Poste Italiane SpA(3)		5,564		45,423
Prada SpA(1)		6,900		27,310
RAI Way SpA(3)		4,122		25,108
Recordati Industria Chimica e Farmaceutica SpA		2,026		105,037
Reply SpA		996		107,007
Retelit SpA		14,503		36,755
Salvatore Ferragamo SpA(1)		2,265		29,218
Saras SpA(1)(2)		14,538		7,449
STMicroelectronics NV		7,572		231,000
Technogym SpA(1)(3)		2,741		20,385
Terna Rete Elettrica Nazionale SpA		8,968		60,550
UnipolSai Assicurazioni SpA		10,716		24,888
			$	2,649,900
Japan — 13.6%
Activia Properties, Inc.		6	$	21,678
Aeon Mall Co., Ltd.		1,800		28,079
Air Water, Inc.(2)		2,000		28,576
Ajinomoto Co., Inc.		2,100		42,191
ANA Holdings, Inc.(1)		1,100		23,992
Asahi Group Holdings, Ltd.		1,200		37,137
Asahi Kasei Corp.		6,000		51,993
Bandai Namco Holdings, Inc.		1,300		97,155
Bridgestone Corp.		900		29,335
Canon, Inc.		3,000		52,219
Central Japan Railway Co.(2)		200		24,184
Chubu Electric Power Co., Inc.		6,200		69,451
Chugai Pharmaceutical Co., Ltd.		2,700		104,220
Chugoku Electric Power Co., Inc. (The)		4,500		56,537
Citizen Watch Co., Ltd.		8,200		21,724
Daicel Corp.		3,400		24,265
Daido Steel Co., Ltd.		700		22,925
Daiichi Sankyo Co., Ltd.		3,600		95,017
Daikin Industries, Ltd.		500		93,567
Daiwa House REIT Investment Corp.		23		53,205
Daiwa Securities Group, Inc.		7,000		28,363

21 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Dentsu Group, Inc.		1,000	$	28,828
East Japan Railway Co.		600		31,376
ENEOS Holdings, Inc.		37,400		126,198
Fast Retailing Co., Ltd.		100		69,754
Frontier Real Estate Investment Corp.		8		26,783
FUJIFILM Holdings Corp.		1,700		86,687
GLP J-REIT		28		43,166
Hankyu Hanshin Holdings, Inc.		1,000		30,533
Hirose Electric Co., Ltd.		315		43,969
Hitachi, Ltd.		1,900		64,038
Hulic Co., Ltd.		4,000		37,052
Inpex Corp.		11,000		52,166
ITOCHU Corp.		1,500		36,028
Iwatani Corp.		1,000		45,373
Japan Airlines Co., Ltd.(1)		900		15,719
Japan Exchange Group, Inc.		2,100		51,268
Japan Hotel REIT Investment Corp.		63		30,508
Japan Post Bank Co., Ltd.(2)		4,800		38,283
Japan Post Holdings Co., Ltd.		5,300		36,366
Japan Prime Realty Investment Corp.		11		29,728
Japan Real Estate Investment Corp.		11		53,908
Japan Retail Fund Investment Corp.		31		44,684
Japan Tobacco, Inc.		3,200		60,247
JFE Holdings, Inc.(1)		4,200		29,510
Kajima Corp.		2,000		21,371
Kakaku.com, Inc.		1,900		50,212
Kamigumi Co., Ltd.		1,500		26,836
Kansai Electric Power Co., Inc. (The)		8,700		79,173
Kansai Paint Co., Ltd.		1,400		36,095
Kao Corp.		1,000		71,199
KDDI Corp.		6,400		173,152
Kenedix Office Investment Corp.(2)		6		34,702
Keyence Corp.		400		181,529
Kintetsu Group Holdings Co., Ltd.		800		31,964
Kirin Holdings Co., Ltd.		2,400		43,268
Kuraray Co., Ltd.		2,500		23,122
Kyushu Electric Power Co., Inc.		4,800		40,241
Lion Corp.		2,100		42,822
Makita Corp.(2)		1,000		44,204
Marubeni Corp.		7,000		36,548
Maruichi Steel Tube, Ltd.		1,200		27,530
MEIJI Holdings Co., Ltd.		500		36,225
Mitsubishi Chemical Holdings Corp.		5,000		28,141
Mitsubishi Corp.		1,300		29,005
Mitsubishi Estate Co., Ltd.(2)		5,400		80,546
Mitsubishi UFJ Financial Group, Inc.		32,200		126,929

Security	Shares		Value
Japan (continued)
Mitsui & Co., Ltd.		3,900	$	61,088
Mizuho Financial Group, Inc.		6,730		82,860
Mori Hills REIT Investment Corp.		25		30,793
MS&AD Insurance Group Holdings, Inc.		1,800		49,257
Murata Manufacturing Co., Ltd.		1,500		105,193
NEC Corp.		1,500		75,555
NH Foods, Ltd.		1,000		40,963
Nintendo Co., Ltd.		300		162,207
Nippon Accommodations Fund, Inc.		8		45,829
Nippon Building Fund, Inc.		11		55,559
Nippon Paint Holdings Co., Ltd.		1,200		108,096
Nippon Prologis REIT, Inc.		26		85,577
Nippon Sanso Holdings Corp.		1,300		19,060
Nippon Shokubai Co., Ltd.		600		29,381
Nippon Steel Corp.(1)		4,500		43,646
Nippon Telegraph & Telephone Corp.		6,800		143,044
Nissan Chemical Corp.		900		47,764
Nissin Foods Holdings Co., Ltd.		400		34,636
Nitori Holdings Co., Ltd.		400		82,223
Nomura Real Estate Master Fund, Inc.		21		25,077
Nomura Research Institute, Ltd.		2,000		58,955
NTT Data Corp.		4,400		49,659
NTT DOCOMO, Inc.(2)		9,200		342,564
Obic Co., Ltd.(2)		300		53,113
Oji Holdings Corp.		4,300		18,122
Olympus Corp.		5,100		97,635
Ono Pharmaceutical Co., Ltd.		2,500		71,313
Oriental Land Co., Ltd.		500		69,989
ORIX Corp.		3,500		40,933
Orix JREIT, Inc.		26		36,541
Otsuka Holdings Co., Ltd.		2,400		88,888
Pan Pacific International Holdings Corp.		2,000		42,437
Rakuten, Inc.		3,000		29,188
Recruit Holdings Co., Ltd.		2,300		87,516
Resona Holdings, Inc.		7,500		24,727
Ricoh Co., Ltd.		4,000		26,269
Rinnai Corp.		600		59,122
Sekisui House, Ltd.		2,000		33,227
Seven & i Holdings Co., Ltd.		2,200		66,868
Shikoku Electric Power Co., Inc.		5,200		37,375
Shimadzu Corp.		1,200		34,312
Shimano, Inc.		300		68,615
Shin-Etsu Chemical Co., Ltd.		1,300		173,637
Shionogi & Co., Ltd.		1,100		51,887
Sompo Holdings, Inc.		1,600		59,737
Sony Corp.		1,600		133,386

22 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Subaru Corp.(2)		1,100	$	20,188
Sumitomo Corp.		1,600		17,505
Sumitomo Mitsui Financial Group, Inc.		3,500		96,887
Sumitomo Mitsui Trust Holdings, Inc.		1,500		40,331
Suntory Beverage & Food, Ltd.		900		31,039
Suzuki Motor Corp.(2)		1,000		42,948
Sysmex Corp.		500		46,964
Taiheiyo Cement Corp.		1,500		35,208
Takeda Pharmaceutical Co., Ltd.		3,800		117,430
TEIJIN, Ltd.		1,400		21,445
Terumo Corp.		1,800		66,247
Toho Gas Co., Ltd.		1,500		77,433
Tokio Marine Holdings, Inc.		2,000		89,389
Tokyo Gas Co., Ltd.		3,800		86,106
Tokyu Corp.		2,000		23,729
Toppan Printing Co., Ltd.		2,000		25,433
Toray Industries, Inc.		9,300		42,082
Toshiba Corp.		1,800		45,533
Toyo Suisan Kaisha, Ltd.		1,000		49,766
Toyobo Co., Ltd.		1,800		23,998
Toyota Motor Corp.		2,600		170,682
Trend Micro, Inc.		600		33,609
Tsuruha Holdings, Inc.		200		28,005
Unicharm Corp.		1,500		69,406
United Urban Investment Corp.		36		38,436
West Japan Railway Co.		400		17,159
Yakult Honsha Co., Ltd.		600		29,036
Yamato Holdings Co., Ltd.		2,000		52,941
Yamato Kogyo Co., Ltd.		1,000		24,015
Yamazaki Baking Co., Ltd.		2,000		32,852
Z Holdings Corp.		11,200		78,098
			$	8,140,522
Netherlands — 4.7%
ABN AMRO Bank NV(1)(3)		1,800	$	14,786
Accell Group(1)		1,483		40,047
Akzo Nobel NV		2,765		265,961
ASML Holding NV		1,092		395,089
ASR Nederland NV		1,620		49,160
Corbion NV		2,072		94,105
Eurocommercial Properties NV		1,255		13,700
Euronext NV(3)		412		42,898
GrandVision NV(1)(3)		1,280		35,582
IMCD NV		840		97,222
ING Groep NV(1)		19,984		136,885
Koninklijke KPN NV		57,331		154,838

Security	Shares		Value
Netherlands (continued)
Koninklijke Philips NV(1)		7,493	$	347,051
Koninklijke Vopak NV		1,452		75,412
NN Group NV		1,302		45,311
Prosus NV		3,222		321,671
Randstad NV(1)		1,087		54,238
Signify NV(1)(3)		769		27,296
Unilever NV(2)		7,819		440,786
Wolters Kluwer NV		2,003		162,176
			$	2,814,214
New Zealand — 1.1%
a2 Milk Co., Ltd. (The)(1)		5,085	$	49,239
Auckland International Airport, Ltd.(1)		12,240		56,621
Contact Energy, Ltd.		9,580		46,705
Fisher & Paykel Healthcare Corp., Ltd.		3,040		70,328
Fletcher Building, Ltd.(1)		27,491		74,449
Goodman Property Trust		27,739		45,499
Mercury NZ, Ltd.		13,643		48,233
Precinct Properties New Zealand, Ltd.		27,851		32,580
Pushpay Holdings, Ltd.(1)		4,169		25,077
Restaurant Brands New Zealand, Ltd.(1)		1,138		8,928
SKYCITY Entertainment Group, Ltd.		23,126		42,791
Spark New Zealand, Ltd.		29,667		88,042
Xero, Ltd.(1)		655		50,814
Z Energy, Ltd.		22,601		42,236
			$	681,542
Norway — 2.1%
Atea ASA(1)		6,274	$	72,896
Borregaard ASA		2,485		33,288
DNB ASA(1)		4,962		67,011
Entra ASA(3)		6,540		85,497
Equinor ASA		8,940		114,072
Europris ASA(3)		9,810		50,991
Fjordkraft Holding ASA(3)		4,604		37,918
Gjensidige Forsikring ASA		1,701		32,413
Golar LNG, Ltd.(1)(2)		2,500		18,875
Kongsberg Gruppen ASA(2)		1,873		30,435
Mowi ASA(2)		4,027		63,618
Nordic Nanovector ASA(1)(2)		8,892		12,990
Opera, Ltd. ADR(1)(2)		6,200		56,420
Orkla ASA		8,207		77,472
Scatec Solar ASA(3)		3,300		73,002
SFL Corp, Ltd.		2,400		15,624
SpareBank 1 SMN		3,485		30,063

23 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Norway (continued)
SpareBank 1 SR-Bank ASA(1)		2,455	$	19,579
Telenor ASA		9,462		146,209
Tomra Systems ASA		2,037		82,268
Veidekke ASA(1)		3,671		42,308
Yara International ASA		3,318		116,115
			$	1,279,064
Portugal — 1.0%
Banco Comercial Portugues S.A.(1)		599,339	$	52,705
Corticeira Amorim SGPS S.A.		2,318		26,587
CTT - Correios de Portugal S.A.(1)		18,519		45,311
EDP - Energias de Portugal S.A.		23,100		113,945
EDP Renovaveis S.A.		2,527		48,040
Galp Energia SGPS S.A., Class B		7,678		62,354
Jeronimo Martins SGPS S.A.		7,890		125,323
Navigator Co. S.A. (The)(1)		20,914		46,080
NOS SGPS S.A.		22,214		76,344
Semapa-Sociedade de Investimento e Gestao		1,523		11,446
			$	608,135
Singapore — 2.3%
Ascendas Real Estate Investment Trust		23,500	$	49,588
CapitaLand Mall Trust		30,560		38,737
ComfortDelGro Corp., Ltd.		36,500		36,101
Ezion Holdings, Ltd.(1)(4)		160,000		0
Flex, Ltd.(1)		9,357		132,402
Genting Singapore, Ltd.		146,700		69,274
Hutchison Port Holdings Trust		187,500		27,209
Jardine Cycle & Carriage, Ltd.		2,600		33,821
Keppel Infrastructure Trust		106,657		42,624
Mapletree Industrial Trust		17,200		38,333
Mapletree Logistics Trust		30,900		44,140
Oversea-Chinese Banking Corp., Ltd.		14,700		90,666
Raffles Medical Group, Ltd.		38,400		21,663
SATS, Ltd.(2)		7,300		15,920
Sembcorp Industries, Ltd.		21,400		24,770
Singapore Airlines, Ltd.		14,800		36,728
Singapore Exchange, Ltd.		7,000		44,396
Singapore Post, Ltd.		26,100		12,725
Singapore Technologies Engineering, Ltd.		19,500		49,848
Singapore Telecommunications, Ltd.		108,900		161,882
Suntec Real Estate Investment Trust		27,000		26,516
United Overseas Bank, Ltd.		4,500		62,525
Venture Corp., Ltd.		7,600		107,135

Security	Shares		Value
Singapore (continued)
Wilmar International, Ltd.		69,400	$	205,462
			$	1,372,465
Spain — 4.3%
Acerinox S.A.(1)		4,630	$	36,754
Aena SME S.A.(1)(3)		685		92,294
Almirall S.A.		5,461		58,410
Amadeus IT Group S.A.		5,033		239,803
Applus Services S.A.(1)		2,203		17,268
Banco Bilbao Vizcaya Argentaria S.A.		32,747		94,480
Banco Santander S.A.(1)		74,459		149,108
CaixaBank S.A.		13,396		24,442
Cellnex Telecom S.A.(3)		2,405		154,379
Cia de Distribucion Integral Logista Holdings S.A.		1,300		21,949
Coca-Cola European Partners PLC		5,000		178,550
Ebro Foods S.A.(2)		2,380		53,288
Endesa S.A.		1,800		48,293
Faes Farma S.A.		12,615		47,541
Ferrovial S.A.		5,203		112,684
Grifols S.A.(2)		6,503		175,738
Iberdrola S.A.		26,615		314,259
Industria de Diseno Textil S.A.(2)		10,118		249,807
Merlin Properties Socimi S.A.		21,513		144,805
Red Electrica Corp. S.A.		1,244		21,912
Repsol S.A.		37,564		235,829
Telefonica S.A.		32,650		106,212
Tubacex S.A.(1)		12,500		13,830
			$	2,591,635
Sweden — 4.4%
Alfa Laval AB(1)		2,000	$	40,624
Arjo AB, Class B		8,801		62,563
Assa Abloy AB, Class B		2,883		61,790
Avanza Bank Holding AB		5,229		99,593
Axfood AB		2,453		57,015
BillerudKorsnas AB		2,548		39,802
BioGaia AB, Class B		921		43,704
Bonava AB, Class B(1)		2,000		15,543
Castellum AB		6,400		133,252
Elekta AB, Class B(2)		9,796		114,574
Epiroc AB, Class A		2,897		43,257
Essity AB, Class B(2)		4,649		134,557
Fabege AB		7,085		89,462
Fingerprint Cards AB, Class B(1)(2)		20,825		35,124
Granges AB(1)(2)		4,911		44,298

24 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Sweden (continued)
Hennes & Mauritz AB, Class B		4,570	$	74,301
Holmen AB, Class B		2,532		95,885
Husqvarna AB, Class B		3,790		39,081
ICA Gruppen AB(2)		1,559		73,800
JM AB(2)		2,031		58,655
Lundin Energy AB		4,713		90,098
Modern Times Group MTG AB, Class B(1)		3,758		50,051
Mycronic AB		2,681		56,565
NetEnt AB		6,918		65,612
Nibe Industrier AB, Class B(1)		1,531		36,865
Nordic Entertainment Group AB, Class B(1)		1,265		45,158
Nyfosa AB(1)		5,600		46,302
Pandox AB(1)		1,500		14,975
Securitas AB, Class B(1)		1,900		26,820
Skandinaviska Enskilda Banken AB, Class A(1)		10,460		89,760
Skanska AB, Class B		1,238		23,219
Svenska Cellulosa AB SCA, Class B(1)		9,048		122,388
Svenska Handelsbanken AB, Class A(1)		9,558		77,445
Swedish Orphan Biovitrum AB(1)		3,766		64,949
Tele2 AB, Class B		4,040		47,680
Telefonaktiebolaget LM Ericsson, Class B		16,748		186,983
Telia Co. AB(2)		41,615		159,225
Volvo AB, Class B(1)		2,772		53,880
Wallenstam AB, Class B		3,540		46,927
			$	2,661,782
Switzerland — 9.0%
Adecco Group AG		1,216	$	59,625
ALSO Holding AG		375		87,737
Baloise Holding AG		396		54,155
Banque Cantonale Vaudoise		570		55,233
Belimo Holding AG		7		52,057
BKW AG		330		32,780
Cembra Money Bank AG		670		74,440
Cie Financiere Richemont S.A.		7,871		491,967
Comet Holding AG		287		40,348
DKSH Holding AG		773		49,735
dormakaba Holding AG		68		31,266
Ems-Chemie Holding AG		72		63,330
Flughafen Zurich AG(1)		187		25,236
Forbo Holding AG		26		39,808
Geberit AG		221		125,786
Givaudan S.A.		85		346,625
Helvetia Holding AG		425		33,326
Implenia AG		883		17,711
Ina Invest Holding AG(1)		176		3,272

Security	Shares		Value
Switzerland (continued)
Inficon Holding AG		86	$	63,146
Intershop Holding AG		78		47,829
Kuehne & Nagel International AG		464		92,736
Landis+Gyr Group AG(1)		1,111		62,049
Logitech International S.A.		2,351		197,781
Mobilezone Holding AG		4,644		43,498
Nestle S.A.		6,807		765,637
Novartis AG		3,902		304,054
Partners Group Holding AG		75		67,523
PSP Swiss Property AG		649		78,481
Roche Holding AG PC		1,070		343,825
Schindler Holding AG		219		56,292
Schindler Holding AG PC		353		90,426
Schweiter Technologies AG		26		35,510
SGS S.A., Class R		23		57,450
SIG Combibloc Group AG		3,912		80,465
Sika AG		1,308		321,774
Sonova Holding AG(1)		345		81,892
Stadler Rail AG(1)(2)		954		37,946
Swatch Group AG (The)		155		32,824
Swiss Life Holding AG		264		88,807
Swiss Prime Site AG		1,328		111,725
Swiss Re AG		1,673		120,055
Swisscom AG		445		226,327
Valora Holding AG(1)		245		34,975
Zehnder Group AG		691		33,048
Zurich Insurance Group AG		683		226,855
			$	5,387,367
United Kingdom — 8.6%
3i Group PLC		3,933	$	49,122
Admiral Group PLC		1,052		37,476
Assura PLC		34,782		34,338
AstraZeneca PLC		2,948		295,995
Auto Trader Group PLC(3)		12,550		94,356
Avast PLC(3)		12,144		74,628
Aveva Group PLC		907		50,346
Aviva PLC		7,746		25,837
BAE Systems PLC		8,600		44,207
Barclays PLC(1)		20,448		28,342
Barratt Developments PLC(1)		3,866		24,165
Bellway PLC		608		18,395
Berkeley Group Holdings PLC		552		29,023
BHP Group PLC		7,729		149,729
Big Yellow Group PLC		2,400		34,202
BMO Commercial Property Trust		14,249		11,354

25 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
BP PLC		80,334	$	204,907
BT Group PLC		55,954		73,487
Bunzl PLC		1,400		43,521
Compass Group PLC		5,483		75,050
Croda International PLC		489		38,220
Derwent London PLC		1,020		35,125
Diageo PLC		4,200		135,735
Direct Line Insurance Group PLC		9,041		30,897
Elementis PLC(1)		14,188		13,675
Essentra PLC(1)		5,799		18,507
Experian PLC		1,492		54,658
Ferguson PLC		689		68,432
Fresnillo PLC		4,030		60,783
GlaxoSmithKline PLC		7,783		129,964
Great Portland Estates PLC		4,065		30,390
Halma PLC		5,460		167,554
Howden Joinery Group PLC(1)		5,263		43,451
HSBC Holdings PLC		14,993		62,830
Imperial Brands PLC		1,796		28,427
InterContinental Hotels Group PLC(1)		671		34,094
Intertek Group PLC		543		39,113
Land Securities Group PLC		6,288		41,488
London Stock Exchange Group PLC		726		78,261
LondonMetric Property PLC		11,374		31,801
Marks & Spencer Group PLC		30,532		35,175
Meggitt PLC(1)		3,859		13,674
Mondi PLC		3,379		64,043
Moneysupermarket.com Group PLC		13,551		42,800
National Grid PLC		21,734		258,537
NCC Group PLC		21,199		50,308
Next PLC		582		43,956
Pearson PLC(2)		5,346		35,320
Persimmon PLC		2,761		83,594
Phoenix Group Holdings PLC		5,262		45,186
QinetiQ Group PLC		8,311		25,455
Reckitt Benckiser Group PLC		1,454		128,081
RELX PLC		3,168		62,688
Rentokil Initial PLC(1)		5,526		37,622
Rightmove PLC(1)		13,046		104,409
Rio Tinto PLC		3,415		193,157
Royal Dutch Shell PLC, Class A		16,638		209,297
Royal Mail PLC		6,900		20,310
RSA Insurance Group PLC		4,203		23,081
Safestore Holdings PLC		3,803		39,589
Sage Group PLC (The)		15,349		126,290
Segro PLC		8,635		100,897

Security	Shares		Value
United Kingdom (continued)
Severn Trent PLC		3,397	$	106,911
Shaftesbury PLC		2,131		12,561
Shaftesbury PLC		257		183
Spirax-Sarco Engineering PLC		358		52,337
Standard Life Aberdeen PLC		8,792		25,618
Tate & Lyle PLC		7,007		54,015
Taylor Wimpey PLC(1)		12,334		16,899
Tritax Big Box REIT PLC		37,589		76,267
Unilever PLC		2,083		118,708
UNITE Group PLC (The)(1)		5,785		62,430
United Utilities Group PLC		9,445		105,584
Vodafone Group PLC		119,033		158,786
WH Smith PLC		1,016		13,134
Whitbread PLC(1)		1,423		39,620
WM Morrison Supermarkets PLC		8,786		18,546
			$	5,146,953
Total Common Stocks (identified cost $60,781,439)			$	59,489,687
Rights(1) — 0.0%
Security	Shares		Value
BUWOG AG(4)		1,234	$	0
Mapletree Logistics Trust, Exp. 12/11/20		587		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

26 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued

Short-Term Investments — 3.8%
Description	Units/ Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%(5)		137,978	$	137,978
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(6)		2,122,914		2,122,914
Total Short-Term Investments (identified cost $2,260,892)			$	2,260,892
Total Investments — 102.9% (identified cost $63,042,331)			$	61,750,579
Other Assets, Less Liabilities — (2.9)%			$	(1,734,642	)
Net Assets — 100.0%			$	60,015,937

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, 2020. The aggregate market value of securities on loan at October 31, 2020 was $3,908,749.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2020, the aggregate value of these securities is $1,973,366 or 3.3% of the Portfolio’s net assets.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽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, 2020.

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

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Consumer Discretionary		10.8	%	$	6,492,751
Industrials		10.5			6,303,725
Consumer Staples		10.4			6,228,034
Materials		10.1			6,071,706
Health Care		9.9			5,939,911
Financials		9.8			5,882,127
Information Technology		9.8			5,875,038
Communication Services		8.8			5,298,716
Utilities		7.4			4,447,200
Real Estate		7.4			4,442,365
Energy		4.2			2,508,114
Short-Term Investments		3.8			2,260,892
Total Investments		102.9	%	$	61,750,579

Abbreviations:

ADR	–	American Depositary Receipt
CDI	–	CHESS Depositary Interest
PC	–	Participation Certificate

Currency Abbreviations:

SGD – Singapore Dollar

27 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Statement of Assets and Liabilities

Assets	October 31, 2020
Unaffiliated investments, at value including $3,908,749 of securities on loan (identified cost, $62,904,353)	$	61,612,601
Affiliated investment, at value (identified cost, $137,978)		137,978
Foreign currency, at value (identified cost, $58,625)		58,013
Dividends receivable		95,408
Dividends receivable from affiliated investment		8
Receivable for investments sold		37,500
Securities lending income receivable		4,533
Tax reclaims receivable		275,918
Total assets	$	62,221,959
Liabilities
Collateral for securities loaned	$	2,122,914
Payable to affiliates:
Investment adviser fee		26,925
Trustees’ fees		319
Accrued expenses		55,864
Total liabilities	$	2,206,022
Net Assets applicable to investors’ interest in Portfolio	$	60,015,937

28 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Statement of Operations

Investment Income	Year Ended October 31, 2020
Dividends (net of foreign taxes, $234,767)	$	1,452,271
Dividends from affiliated investment		1,462
Non-cash dividends		83,633
Securities lending income, net		32,582
Total investment income	$	1,569,948
Expenses
Investment adviser fee	$	323,552
Trustees’ fees and expenses		3,957
Custodian fee		64,736
Legal and accounting services		53,314
Miscellaneous		1,184
Total expenses	$	446,743
Net investment income	$	1,123,205
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(543,008	)
Investment transactions — affiliated investment		164
Foreign currency transactions		(3,031	)
Net realized loss	$	(545,875	)
Change in unrealized appreciation (depreciation) —
Investments	$	(4,842,919	)
Foreign currency		21,037
Net change in unrealized appreciation (depreciation)	$	(4,821,882	)
Net realized and unrealized loss	$	(5,367,757	)
Net decrease in net assets from operations	$	(4,244,552	)

29 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	1,123,205		$	1,728,317
Net realized gain (loss)		(545,875	)		3,983,406
Net change in unrealized appreciation (depreciation)		(4,821,882	)		1,678,253
Net increase (decrease) in net assets from operations	$	(4,244,552	)	$	7,389,976
Capital transactions —
Contributions	$	4,925,657		$	4,518,129
Withdrawals		(11,718,737	)		(8,896,244	)
Net decrease in net assets from capital transactions	$	(6,793,080	)	$	(4,378,115	)
Net increase (decrease) in net assets	$	(11,037,632	)	$	3,011,861
Net Assets
At beginning of year	$	71,053,569		$	68,041,708
At end of year	$	60,015,937		$	71,053,569

30 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016
Ratios (as a percentage of average daily net assets):
Expenses		0.69	%		0.74	%		0.71	%		0.68	%		0.97	%
Net investment income		1.74	%		2.53	%		1.90	%		2.30	%		2.19	%
Portfolio Turnover		10	%		37	%		30	%		26	%		14	%
Total Return		(5.07	)%		11.59	%		(5.77	)%		22.05	%		0.74	%
Net assets, end of year (000’s omitted)	$	60,016		$	71,054		$	68,042		$	75,680		$	65,395

31 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

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, 2020, Parametric Tax-Managed International Equity Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 50.7% and 49.3%, 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. Non-cash dividends are recorded at the fair value of the securities received. 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.

32

Tax-Managed International Equity Portfolio

October 31, 2020

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, 2020, 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 and an indirect subsidiary of Eaton Vance Corp., 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, 2020, the Portfolio’s investment adviser fee amounted to $323,552 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, 2020, 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 $6,360,392 and $11,845,731, respectively, for the year ended October 31, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	63,293,426
Gross unrealized appreciation	$	10,291,846
Gross unrealized depreciation		(11,834,693	)
Net unrealized depreciation	$	(1,542,847	)

33

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements — continued

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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, 2020.

6  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, 2020, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $3,908,749 and $4,277,330, respectively. Collateral received was comprised of cash of $2,122,914 and U.S. government and/or agencies securities of $2,154,416. 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 following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2020.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	2,122,914	$	—	$	—	$	—	$	2,122,914

The carrying amount of the liability for collateral for securities loaned at October 31, 2020 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 8) at October 31, 2020.

7  Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $137,978, which represents 0.2% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	343,801	$	6,178,005	$	(6,383,992	)	$	164	$	—	$	137,978	$	1,462		137,978

34

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements — continued

8  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, 2020, 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	$	477,318	$	18,030,454		$	0	$	18,507,772
Developed Europe		475,153		39,137,639			0		39,612,792
Developed Middle East		182,517		1,186,606			—		1,369,123
Total Common Stocks	$	1,134,988	$	58,354,699	**	$	0	$	59,489,687
Rights	$	—	$	0		$	0	$	0
Warrants		—		—			0		0
Short-Term Investments		2,122,914		137,978			—		2,260,892
Total Investments	$	3,257,902	$	58,492,677		$	0	$	61,750,579

* 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, 2020 is not presented.

9  Risks and Uncertainties

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.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in

35

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements — continued

general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

10  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance’s Fund investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement and sub-advisory agreement for the Portfolio will be submitted for approval.

36

Tax-Managed International Equity Portfolio

October 31, 2020

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, 2020, 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, 2020, 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, 2020, 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, 2020

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, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

38

Parametric

Tax-Managed International Equity Fund

October 31, 2020

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 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	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 142 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 DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

39

Parametric

Tax-Managed International Equity Fund

October 31, 2020

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	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). 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. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). 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	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships 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
Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Edward J. Perkin 1972	President of the Portfolio	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of CRM.

40

Parametric

Tax-Managed International Equity Fund

October 31, 2020

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)
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
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.

41

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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. Certain information filed on Form N-PORT may be viewed 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.

42

This Page Intentionally Left Blank

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    10.31.20

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and 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, 2019 and October 31, 2020 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	10/31/19		10/31/20
Audit Fees	$	36,100	$	36,100
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	16,685	$	15,975
All Other Fees(3)	$	0	$	0
Total	$	52,785	$	52,075

⁽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, 2019 and October 31, 2020; 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	10/31/19		10/31/20
Registrant	$	16,685	$	15,975
Eaton Vance(1)	$	59,903	$	51,800

⁽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 21, 2020

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 21, 2020

By:	/s/ Edward J. Perkin
	Edward J. Perkin President
Date:	December 21, 2020