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)

Deidre E. Walsh

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, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments

Common Stocks — 99.3%
Security	Shares		Value
Australia — 9.3%
Ampol, Ltd.		7,108	$	164,417
ASX, Ltd.(1)		1,525		95,904
Atlas Arteria, Ltd.(1)		14,585		68,544
Atlassian Corp. PLC, Class A(2)		1,600		733,008
Aurizon Holdings, Ltd.		14,009		35,715
AusNet Services(1)		136,596		254,021
Beach Energy, Ltd.(1)		59,556		62,564
BHP Group, Ltd.(1)		8,972		246,434
Brambles, Ltd.		17,422		132,175
carsales.com, Ltd.		3,542		66,285
Charter Hall Long Wale REIT		6,388		23,435
Charter Hall Retail REIT		6,757		20,963
Cleanaway Waste Management, Ltd.		15,558		31,641
Coles Group, Ltd.		6,080		78,791
Commonwealth Bank of Australia		4,049		320,933
Computershare, Ltd.		10,972		156,125
Cromwell Property Group		20,061		12,277
CSL, Ltd.		2,517		572,719
Dexus		13,975		114,634
Domain Holdings Australia, Ltd.		29,017		126,042
Domino’s Pizza Enterprises, Ltd.(1)		933		95,705
Endeavour Group, Ltd.(2)		14,196		72,946
Goodman Group		10,280		170,205
GPT Group (The)		22,015		85,948
GWA Group, Ltd.		11,241		23,075
Hansen Technologies, Ltd.		14,633		69,877
Harvey Norman Holdings, Ltd.(1)		17,000		63,777
IDP Education, Ltd.(1)		3,186		90,142
Integrated Research, Ltd.(1)(2)		9,777		11,204
IRESS, Ltd.		3,720		33,913
JB Hi-Fi, Ltd.		3,464		132,253
Lendlease Corp., Ltd.(1)		4,427		35,072
Medibank Pvt, Ltd.		16,474		41,401
Mirvac Group		41,842		89,298
National Australia Bank, Ltd.		5,991		130,256
Newcrest Mining, Ltd.		2,354		44,104
NEXTDC, Ltd.(2)		5,120		45,705
Northern Star Resources, Ltd.		3,606		24,964
Orica, Ltd.		4,147		47,605
Origin Energy, Ltd.(1)		36,532		139,917
Qube Holdings, Ltd.(1)		14,130		34,125
REA Group, Ltd.(1)		1,183		143,579
Rio Tinto, Ltd.		2,262		154,976
Shopping Centres Australasia Property Group		20,523		43,116

Security	Shares		Value
Australia (continued)
Spark Infrastructure Group		101,573	$	215,345
Suncorp Group, Ltd.		10,185		90,125
Tabcorp Holdings, Ltd.(1)		26,454		99,609
Technology One, Ltd.		10,774		100,050
Telstra Corp., Ltd.		28,006		80,951
TPG Telecom, Ltd.(1)		20,255		103,401
Transurban Group		18,774		191,291
Washington H. Soul Pattinson & Co., Ltd.(1)		4,310		106,141
Waypoint REIT		10,481		21,609
Wesfarmers, Ltd.		7,953		344,092
Westpac Banking Corp.		3,483		67,762
Whitehaven Coal, Ltd.(2)		32,210		63,743
Woodside Petroleum, Ltd.(1)		9,507		166,197
Woolworths Group, Ltd.		14,196		408,913
			$	7,199,019
Austria — 1.1%
ams AG(1)(2)		3,049	$	60,365
ANDRITZ AG		1,052		59,752
BAWAG Group AG(2)(3)		822		51,700
CA Immobilien Anlagen AG		2,034		87,277
Erste Group Bank AG		2,269		97,308
Lenzing AG(2)		466		56,195
Oesterreichische Post AG		768		32,424
OMV AG		2,018		122,176
PIERER Mobility AG		420		38,998
S&T AG		1,191		28,620
Telekom Austria AG		8,000		69,120
Verbund AG		1,229		128,114
voestalpine AG		1,029		39,083
			$	871,132
Belgium — 2.2%
Ackermans & van Haaren NV		184	$	31,642
Ageas S.A./NV		1,164		56,626
Anheuser-Busch InBev S.A./NV		2,419		147,964
Befimmo S.A.		1,120		45,812
bpost S.A.(2)		3,251		27,852
Cofinimmo S.A.		488		78,731
D’ieteren Group(2)		637		109,834
Deceuninck NV		4,520		19,275
Econocom Group S.A./NV		10,730		45,366
Elia Group S.A./NV(1)		938		109,430
Etablissements Franz Colruyt NV(1)		478		23,469
Euronav S.A.		5,526		58,805

19 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Belgium (continued)
EVS Broadcast Equipment S.A.		1,740	$	40,818
Fagron		1,130		19,596
Groupe Bruxelles Lambert S.A.		459		53,258
Melexis NV		909		104,841
Montea NV		196		29,092
Ontex Group NV(1)(2)		2,798		26,384
Proximus SADP		3,256		61,316
Shurgard Self Storage S.A.		466		28,560
Sofina S.A.		150		66,376
Telenet Group Holding NV		3,139		112,772
Tessenderlo Group S.A.(2)		1,340		48,902
UCB S.A.		1,564		186,938
Umicore S.A.		2,338		134,053
VGP NV		165		42,674
			$	1,710,386
Denmark — 2.3%
Ambu AS(1)		375	$	10,675
Bakkafrost P/F		532		49,212
Carlsberg A/S, Class B		904		149,265
Chr. Hansen Holding A/S		934		74,344
Coloplast A/S, Class B		178		29,071
Drilling Co. of 1972 A/S (The)(2)		483		17,313
DSV A/S		253		58,802
Jyske Bank A/S(2)		586		28,589
Netcompany Group A/S(1)(3)		252		28,696
NKT A/S(2)		460		22,164
Novo Nordisk A/S, Class B		2,404		263,610
Novozymes A/S, Class B(1)		1,992		146,529
Orsted A/S(1)(3)		1,577		222,739
Pandora A/S(1)		1,497		209,484
Ringkjoebing Landbobank A/S(1)		652		82,830
Scandinavian Tobacco Group AS(3)		1,702		38,271
SimCorp A/S		792		95,907
Sydbank A/S		1,310		45,018
Topdanmark A/S		972		51,585
Tryg A/S		1,584		37,593
Vestas Wind Systems AS(1)		3,305		142,874
			$	1,804,571
Finland — 2.1%
Elisa Oyj		2,351	$	141,883
Fortum Oyj		7,644		227,333
Huhtamaki Oyj		736		32,092
Kemira Oyj(1)		2,727		41,881

Security	Shares		Value
Finland (continued)
Kesko Oyj, Class B		4,942	$	160,835
Kojamo Oyj		2,484		55,653
Kone Oyj, Class B		1,249		85,180
Neste Oyj		2,706		150,648
Nokia Oyj(2)		23,544		135,131
Nordea Bank Abp		13,924		170,525
Orion Oyj, Class B(1)		2,432		105,314
TietoEVRY Oyj(1)		956		29,318
Tokmanni Group Corp.		7,427		168,985
UPM-Kymmene Oyj		2,265		79,934
Valmet Oyj		1,377		55,901
			$	1,640,613
France — 8.7%
Air Liquide S.A.		4,818	$	804,402
Albioma S.A.		1,781		70,063
Alstom S.A.		840		29,936
Altarea SCA		326		69,710
Amundi S.A.(3)		792		70,565
Atos SE		790		41,216
AXA S.A.		8,332		242,403
Bouygues S.A.		1,100		44,567
Carrefour S.A.		5,094		92,221
Cie Generale des Etablissements Michelin SCA		623		97,947
Credit Agricole S.A.		7,839		118,267
Danone S.A.		1,400		91,260
Dassault Systemes SE		7,700		449,660
Devoteam S.A.(2)		373		72,558
Engie S.A.		10,227		145,481
EssilorLuxottica S.A.		1,642		339,725
Eurazeo SE		634		59,427
Gaztransport & Technigaz S.A.		853		70,510
Gecina S.A.		1,055		147,635
Getlink SE(1)		2,197		33,814
Hermes International		100		158,792
ICADE		610		47,837
Klepierre S.A.(2)		4,222		100,510
L’Oreal S.A.		773		353,613
Legrand S.A.		560		61,090
LVMH Moet Hennessy Louis Vuitton SE		650		509,679
Neoen S.A.(1)(2)(3)		335		15,424
Nexity S.A.		947		43,294
Orange S.A.		5,077		55,364
Remy Cointreau S.A.		343		69,289
Rothschild & Co.		845		37,271

20 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
France (continued)
Rubis SCA		2,794	$	89,546
Sanofi		5,890		591,616
Schneider Electric SE		718		123,796
SCOR SE		1,880		63,290
Societe BIC S.A.		422		24,530
Suez S.A.		7,363		167,628
Technip Energies NV(2)		3,214		49,465
Teleperformance		177		73,935
Thales S.A.		600		55,367
TotalEnergies SE		9,935		497,495
Ubisoft Entertainment S.A.(2)		1,529		80,064
Vinci S.A.		1,159		123,909
Vivendi SE		7,168		92,342
Wendel SE		356		47,423
Worldline S.A.(2)(3)		1,349		78,669
			$	6,702,605
Germany — 8.8%
adidas AG		579	$	189,507
Allianz SE		1,358		315,342
BASF SE		4,404		316,972
Bayerische Motoren Werke AG		1,291		130,437
Bechtle AG		1,070		80,265
Beiersdorf AG		2,259		240,207
Carl Zeiss Meditec AG		264		53,167
Continental AG(2)		589		69,250
Covestro AG(3)		1,939		124,171
Delivery Hero SE(2)(3)		754		94,043
Deutsche Bank AG(2)		6,495		83,430
Deutsche Boerse AG		570		94,624
Deutsche Post AG		1,746		108,090
Deutsche Telekom AG		26,429		491,504
E.ON SE		27,081		343,382
Evotec SE(2)		969		46,972
Fresenius Medical Care AG & Co. KGaA		1,012		67,226
Hamborner REIT AG		3,512		39,415
Henkel AG & Co. KGaA, PFC Shares		2,888		258,729
Knorr-Bremse AG		346		36,518
KWS Saat SE and Co. KGaA		425		36,280
LEG Immobilien SE		1,359		202,142
Merck KGaA		988		233,489
MorphoSys AG(2)		591		27,816
Muenchener Rueckversicherungs-Gesellschaft AG		660		195,417
Puma SE		927		114,994
QIAGEN NV(2)		1,735		95,603

Security	Shares		Value
Germany (continued)
Rational AG		97	$	96,277
RWE AG		7,472		287,610
SAP SE		4,054		587,064
Sartorius AG, PFC Shares		199		128,900
Scout24 SE(3)		625		43,529
Siemens AG		2,649		430,679
Siemens Energy AG(2)		1,324		38,000
Siemens Healthineers AG(3)		1,428		94,970
STRATEC SE		127		20,283
Suedzucker AG		2,296		36,424
Symrise AG		1,413		195,449
TeamViewer AG(2)(3)		3,627		54,134
Telefonica Deutschland Holding AG(3)		39,958		104,107
Uniper SE		1,223		54,065
Vitesco Technologies Group AG(2)		117		6,708
Vonovia SE		6,304		382,418
Zalando SE(2)(3)		1,079		101,944
			$	6,751,553
Hong Kong — 4.5%
AIA Group, Ltd.		23,600	$	264,485
Alibaba Health Information Technology, Ltd.(1)(2)		122,000		152,767
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.(1)		46,000		58,617
BOC Hong Kong Holdings, Ltd.		7,000		22,182
Budweiser Brewing Co. APAC Ltd.(3)		67,300		184,591
Cafe de Coral Holdings, Ltd.		22,000		40,145
China Traditional Chinese Medicine Holdings Co., Ltd.		134,000		63,762
China Youzan, Ltd.(2)		504,000		63,922
Chow Tai Fook Jewellery Group, Ltd.(1)		63,400		129,311
CK Hutchison Holdings, Ltd.		11,500		77,101
CLP Holdings, Ltd.		15,000		146,864
Fosun International, Ltd.		54,000		63,267
Galaxy Entertainment Group, Ltd.(2)		35,000		188,325
Hang Lung Properties, Ltd.		14,000		32,492
Hang Seng Bank, Ltd.		2,400		45,607
Henderson Land Development Co., Ltd.		15,260		63,896
HK Electric Investments & HK Electric Investments, Ltd.		64,500		64,273
HKT Trust and HKT, Ltd.		152,000		206,269
Hong Kong & China Gas Co., Ltd.		111,906		173,849
Hong Kong Exchanges & Clearing, Ltd.		2,700		162,653
Hongkong Land Holdings, Ltd.		8,100		44,730
Hysan Development Co., Ltd.		5,000		17,358
Jardine Matheson Holdings, Ltd.		2,800		162,633
Kerry Properties, Ltd.		10,000		28,267
Link REIT		12,000		106,313

21 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
MGM China Holdings, Ltd.(1)(2)		75,200	$	55,176
MTR Corp., Ltd.		17,000		92,737
New World Development Co., Ltd.		11,000		47,712
NWS Holdings, Ltd.		51,000		50,645
Pacific Basin Shipping, Ltd.		119,000		54,919
Power Assets Holdings, Ltd.		17,500		106,948
Sands China, Ltd.(2)		7,200		16,410
Shangri-La Asia, Ltd.(2)		48,000		39,045
Sino Land Co., Ltd.(1)		32,000		42,060
SJM Holdings, Ltd.(1)(2)		94,000		69,910
Sun Hung Kai Properties, Ltd.		8,000		106,067
SUNeVision Holdings, Ltd.		42,000		38,562
Swire Properties, Ltd.		7,400		19,839
Vitasoy International Holdings, Ltd.(1)		14,000		33,746
VSTECS Holdings, Ltd.		60,000		56,622
VTech Holdings, Ltd.		10,000		77,005
			$	3,471,082
Ireland — 2.2%
Bank of Ireland Group PLC(2)		45,892	$	273,387
CRH PLC		6,065		290,233
DCC PLC		1,267		105,719
Flutter Entertainment PLC(2)		1,213		229,629
ICON PLC(2)		980		281,035
Irish Residential Properties REIT PLC		42,500		80,238
Kerry Group PLC, Class A		1,947		261,246
Kingspan Group PLC		1,672		192,489
			$	1,713,976
Israel — 2.2%
Amot Investments, Ltd.		5,499	$	42,032
Azrieli Group, Ltd.		884		82,675
Bank Hapoalim B.M.		8,234		81,096
Bank Leumi Le-Israel B.M.		4,425		42,278
Bezeq The Israeli Telecommunication Corp., Ltd.(2)		126,713		158,944
Check Point Software Technologies, Ltd.(2)		385		46,046
Elbit Systems, Ltd.		637		100,411
Electra, Ltd.		118		77,755
Energix-Renewable Energies, Ltd.		13,304		62,616
Fiverr International, Ltd.(1)(2)		353		60,133
ICL Group, Ltd		20,090		172,171
Kenon Holdings, Ltd.		2,504		100,520
Maytronics, Ltd.		4,367		103,228
Mizrahi Tefahot Bank, Ltd.		1,469		53,450
Nice, Ltd.(2)		490		138,523

Security	Shares		Value
Israel (continued)
OPC Energy, Ltd.(2)		1,911	$	20,004
Paz Oil Co., Ltd.(2)		650		82,845
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		693		52,175
Reit 1, Ltd.		7,407		46,315
Shufersal, Ltd.		7,005		58,016
Teva Pharmaceutical Industries, Ltd. ADR(2)		15,917		139,115
			$	1,720,348
Italy — 4.6%
Assicurazioni Generali SpA		4,184	$	91,107
Atlantia SpA(2)		6,270		121,189
Brunello Cucinelli SpA(2)		1,252		75,959
Cementir Holding NV		6,913		72,582
Davide Campari-Milano NV		18,866		267,976
De’Longhi SpA		1,200		46,944
DiaSorin SpA		977		220,864
Enel SpA		29,175		244,247
Eni SpA		20,895		299,476
Ferrari NV		1,054		250,100
Infrastrutture Wireless Italiane SpA(3)		25,801		285,052
Interpump Group SpA		778		57,309
Intesa Sanpaolo SpA(1)		43,996		125,044
Italgas SpA		7,381		46,895
Italmobiliare SpA		1,360		47,730
Mediaset NV(1)		9,790		27,501
Poste Italiane SpA(3)		5,564		79,464
Prysmian SpA		3,437		129,950
RAI Way SpA(3)		4,122		24,951
Recordati Industria Chimica e Farmaceutica SpA		2,623		164,349
Reply SpA		996		193,327
Retelit SpA		14,503		51,791
Saipem SpA(2)		25,787		56,499
Salvatore Ferragamo SpA(1)(2)		2,265		48,195
Saras SpA(2)		14,538		10,793
STMicroelectronics NV		7,572		359,376
Technogym SpA(3)		2,741		28,810
Terna SpA(1)		8,968		66,819
UnipolSai Assicurazioni SpA		10,716		31,030
			$	3,525,329
Japan — 12.9%
Advance Residence Investment Corp.		13	$	42,727
Aeon Co., Ltd.		3,000		69,014
Aeon Mall Co., Ltd.		1,800		26,370
Air Water, Inc.		2,000		30,600

22 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Ajinomoto Co., Inc.		2,100	$	62,875
ANA Holdings, Inc.(2)		1,100		25,631
Asahi Intecc Co., Ltd.		1,300		34,267
Astellas Pharma, Inc.		6,200		104,524
Bandai Namco Holdings, Inc.		1,300		99,344
Bank of Kyoto, Ltd. (The)		1,000		44,973
Bridgestone Corp.		900		39,815
Canon, Inc.		3,000		68,218
Central Japan Railway Co.		200		29,668
Chiba Bank, Ltd. (The)		7,000		43,388
Chubu Electric Power Co., Inc.		8,000		82,809
Chugai Pharmaceutical Co., Ltd.		2,700		100,951
Chugoku Electric Power Co., Inc. (The)		4,500		37,327
Citizen Watch Co., Ltd.		8,200		35,761
Concordia Financial Group, Ltd.		10,800		42,926
CyberAgent, Inc.		3,200		53,618
Daicel Corp.		3,400		25,457
Daido Steel Co., Ltd.		700		26,819
Daiichi Sankyo Co., Ltd.		4,700		118,592
Daikin Industries, Ltd.		500		109,507
Daito Trust Construction Co., Ltd.		300		37,195
Daiwa House Industry Co., Ltd.		2,800		92,373
Daiwa House REIT Investment Corp.		23		66,002
Daiwa Securities Group, Inc.		7,000		39,327
Dentsu Group, Inc.		2,200		80,396
East Japan Railway Co.		600		37,372
ENEOS Holdings, Inc.		10,300		41,532
Fast Retailing Co., Ltd.		100		66,382
Frontier Real Estate Investment Corp.		8		35,393
FUJIFILM Holdings Corp.		500		38,639
Fujitsu, Ltd.		300		51,849
GLP J-REIT		28		45,672
Hankyu Hanshin Holdings, Inc.		1,000		31,006
Hirose Electric Co., Ltd.		315		52,678
Hisamitsu Pharmaceutical Co., Inc.		600		20,470
Hoya Corp.		1,100		161,929
Hulic Co., Ltd.		4,000		38,462
Idemitsu Kosan Co., Ltd.		3,700		101,056
Industrial & Infrastructure Fund Investment Corp.		21		38,505
Ito En, Ltd.		600		39,963
ITOCHU Corp.(1)		1,500		42,781
Iwatani Corp.		1,800		106,318
Japan Airlines Co., Ltd.(2)		900		19,369
Japan Exchange Group, Inc.		2,100		49,724
Japan Post Bank Co., Ltd.(1)		4,800		37,450
Japan Post Holdings Co., Ltd.		5,300		40,725

Security	Shares		Value
Japan (continued)
Japan Real Estate Investment Corp.		11	$	67,422
Japan Tobacco, Inc.		1,100		21,594
JSR Corp.		1,500		54,404
Kajima Corp.		2,000		24,626
Kakaku.com, Inc.		1,900		63,051
Kamigumi Co., Ltd.		1,500		30,202
Kansai Paint Co., Ltd.		1,400		32,418
Kao Corp.		1,600		90,509
KDDI Corp.		6,400		195,712
Kenedix Office Investment Corp.		6		37,990
Keyence Corp.		400		241,446
Kintetsu Group Holdings Co., Ltd.(2)		800		25,182
Kirin Holdings Co., Ltd.		3,800		66,142
Kobayashi Pharmaceutical Co., Ltd.		500		40,033
Kobe Bussan Co., Ltd.(1)		1,400		48,225
Konami Holdings Corp.		800		44,024
Kuraray Co., Ltd.		2,500		22,623
Kyocera Corp.		500		29,274
Kyowa Kirin Co., Ltd.		1,300		42,754
Kyushu Electric Power Co., Inc.		6,600		46,493
Lion Corp.		2,100		34,974
M3, Inc.		1,500		88,395
Makita Corp.		1,000		46,412
Marubeni Corp.		7,000		59,397
Maruichi Steel Tube, Ltd.		1,200		27,266
MatsukiyoCocokara & Co.		900		39,906
MEIJI Holdings Co., Ltd.		800		50,487
Mitsubishi Chemical Holdings Corp.		10,000		82,774
Mitsubishi Corp.		2,200		69,956
Mitsubishi Electric Corp.(1)		2,600		34,917
Mitsubishi Estate Co., Ltd.		7,600		115,497
Mitsubishi Gas Chemical Co., Inc.		1,600		32,202
Mitsubishi UFJ Financial Group, Inc.(4)		32,200		176,569
Mitsui & Co., Ltd.		3,900		89,250
Mitsui Chemicals, Inc.		1,300		38,654
Mitsui Fudosan Co., Ltd.		4,200		96,028
Mizuho Financial Group, Inc.		6,730		88,822
MS&AD Insurance Group Holdings, Inc.		1,800		58,153
Murata Manufacturing Co., Ltd.		1,500		111,268
NEC Corp.		1,500		76,803
Nexon Co., Ltd.		3,000		51,063
Nichirei Corp.		1,500		36,533
Nidec Corp.		500		55,379
Nintendo Co., Ltd.		300		132,497
Nippon Accommodations Fund, Inc.		8		44,618
Nippon Building Fund, Inc.		11		71,466

23 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Nippon Paint Holdings Co., Ltd.		6,000	$	64,199
Nippon Prologis REIT, Inc.		26		86,841
Nippon Shokubai Co., Ltd.		600		31,347
Nippon Telegraph & Telephone Corp.		6,800		190,529
Nissin Foods Holdings Co., Ltd.		700		53,508
Nitori Holdings Co., Ltd.		400		73,484
Nitto Denko Corp.		700		54,698
NOF Corp.		800		40,149
Nomura Research Institute, Ltd.		2,000		80,068
NTT Data Corp.		4,400		88,268
Obic Co., Ltd.		300		55,477
Oji Holdings Corp.		9,300		46,098
Ono Pharmaceutical Co., Ltd.		2,500		52,454
Oriental Land Co., Ltd.		500		78,970
Osaka Gas Co., Ltd.		4,100		66,084
Otsuka Holdings Co., Ltd.		2,400		94,918
Pan Pacific International Holdings Corp.		2,000		41,994
PeptiDream, Inc.(2)		800		19,338
Pigeon Corp.		2,100		48,628
Rakuten Group, Inc.(1)		3,000		32,844
Resona Holdings, Inc.		12,400		46,582
Ricoh Co., Ltd.		4,000		38,951
Rinnai Corp.		600		61,604
Santen Pharmaceutical Co., Ltd.		2,700		38,056
Sekisui House, Ltd.		2,000		41,582
Shikoku Electric Power Co., Inc.		5,200		33,867
Shimadzu Corp.		1,200		48,753
Shimano, Inc.(1)		300		83,704
Shin-Etsu Chemical Co., Ltd.		1,300		231,833
Shizuoka Bank, Ltd. (The)		5,800		46,704
Showa Denko K.K.		1,600		40,128
SMC Corp.		100		59,677
SoftBank Corp.		6,600		90,088
Sony Group Corp.		1,600		185,274
Square Enix Holdings Co., Ltd.		700		38,346
Sumitomo Corp.		1,600		22,799
Sumitomo Mitsui Financial Group, Inc.		4,400		142,778
Sumitomo Mitsui Trust Holdings, Inc.		1,500		49,341
Sumitomo Realty & Development Co., Ltd.		2,100		75,894
Suntory Beverage & Food, Ltd.		900		34,922
Sysmex Corp.		500		61,995
TEIJIN, Ltd.		1,400		18,792
Terumo Corp.		2,100		92,643
Toho Gas Co., Ltd.		1,500		44,434
Tokio Marine Holdings, Inc.		2,000		105,340
Tokyo Gas Co., Ltd.		3,800		65,941

Security	Shares		Value
Japan (continued)
Tokyu Corp.		2,000	$	28,196
Toppan, Inc.		2,000		32,284
Toshiba Corp.		1,800		77,638
Tosoh Corp.		2,200		37,050
Toyo Suisan Kaisha, Ltd.		1,000		43,089
Toyobo Co., Ltd.		1,800		21,613
Toyota Industries Corp.		400		34,005
Toyota Motor Corp.		14,500		255,840
Trend Micro, Inc.		600		33,912
Tsuruha Holdings, Inc.		500		61,673
Unicharm Corp.		2,200		88,974
Welcia Holdings Co., Ltd.		1,200		44,798
West Japan Railway Co.		400		18,882
Yakult Honsha Co., Ltd.		1,100		55,581
Yamato Holdings Co., Ltd.		2,000		49,166
Yamato Kogyo Co., Ltd.		1,000		33,530
Yamazaki Baking Co., Ltd.(1)		2,000		30,382
Z Holdings Corp.		11,200		69,530
			$	9,917,226
Netherlands — 4.6%
ABN AMRO Bank NV(1)(3)		4,063	$	59,757
Aegon NV		12,248		62,125
ASML Holding NV		768		624,307
ASR Nederland NV		1,620		75,726
Boskalis Westminster NV		954		28,452
Corbion NV		2,072		98,384
Euronext NV(3)		576		64,803
Flow Traders(1)(3)		619		21,012
GrandVision NV(2)(3)		1,280		42,004
IMCD NV(1)		840		186,517
JDE Peet’s NV(1)		4,140		120,552
Koninklijke Ahold Delhaize NV		6,507		211,689
Koninklijke DSM NV(1)		1,609		351,531
Koninklijke KPN NV		80,454		240,391
Koninklijke Philips NV		7,493		353,484
Koninklijke Vopak NV(1)		1,452		57,787
NN Group NV		1,992		106,486
NSI NV		1,000		40,084
Prosus NV(2)		2,848		250,860
SBM Offshore NV(1)		4,496		70,984
Signify NV(3)		1,727		83,684
Universal Music Group NV(2)		7,168		208,108
Wolters Kluwer NV		2,003		209,751
			$	3,568,478

24 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
New Zealand — 1.2%
a2 Milk Co., Ltd. (The)(1)(2)		19,927	$	93,865
Auckland International Airport, Ltd.(2)		12,240		70,158
Contact Energy, Ltd.		9,580		56,214
Fisher & Paykel Healthcare Corp., Ltd.		3,040		68,107
Fletcher Building, Ltd.		27,491		141,395
Goodman Property Trust(1)		27,739		49,462
Mercury NZ, Ltd.		13,643		60,000
Precinct Properties New Zealand, Ltd.		27,851		33,340
Pushpay Holdings, Ltd.(2)		16,676		22,739
Restaurant Brands New Zealand, Ltd.(2)		1,138		12,703
SKYCITY Entertainment Group, Ltd.		23,126		53,031
Spark New Zealand, Ltd.		29,667		97,120
Xero, Ltd.(2)		655		74,685
Z Energy, Ltd.		22,601		58,330
			$	891,149
Norway — 2.4%
Atea ASA(2)		6,274	$	117,236
Borregaard ASA		2,485		60,344
DNB Bank ASA(1)(2)		4,962		118,079
Entra ASA(3)		6,540		163,243
Equinor ASA		6,138		155,527
Europris ASA(3)		9,810		72,643
Fjordkraft Holding ASA(3)		4,604		27,411
Gjensidige Forsikring ASA		1,701		42,352
Golar LNG, Ltd.(2)		2,500		32,575
Kongsberg Gruppen ASA		1,873		61,466
Medistim ASA		801		35,933
Mowi ASA		4,027		116,772
Nordic Nanovector ASA(1)(2)		9,318		29,419
Nordic Semiconductor ASA(2)		343		10,191
Opera, Ltd. ADR(2)		6,200		51,646
Orkla ASA		8,207		79,825
Scatec ASA(3)		3,300		65,092
SFL Corp, Ltd.		2,400		18,984
SpareBank 1 SMN		2,095		34,895
Telenor ASA		10,353		163,583
Tomra Systems ASA		2,037		131,653
Veidekke ASA		3,671		52,899
Yara International ASA		3,318		173,408
			$	1,815,176
Portugal — 1.2%
Banco Comercial Portugues S.A.(2)		762,050	$	137,486
Corticeira Amorim SGPS S.A.		4,721		65,736

Security	Shares		Value
Portugal (continued)
CTT - Correios de Portugal S.A.		12,855	$	70,645
EDP - Energias de Portugal S.A.		19,728		111,318
EDP Renovaveis S.A.		1,584		44,112
Galp Energia SGPS S.A., Class B		13,571		140,975
Jeronimo Martins SGPS S.A.		7,537		170,748
Navigator Co. S.A. (The)		25,712		100,497
NOS SGPS S.A.		17,214		67,158
			$	908,675
Singapore — 2.3%
Ascendas Real Estate Investment Trust		23,500	$	53,825
CapitaLand Integrated Commercial Trust		32,338		51,497
CapitaLand Investment, Ltd./Singapore(2)		11,500		29,336
ComfortDelGro Corp., Ltd.		36,500		42,303
Flex, Ltd.(2)		9,257		156,443
Genting Singapore, Ltd.		72,700		42,035
Jardine Cycle & Carriage, Ltd.		5,500		91,945
Keppel Corp., Ltd.		17,800		71,032
Keppel Infrastructure Trust		106,657		41,947
Mapletree Industrial Trust		18,060		36,867
Mapletree Logistics Trust		30,900		46,336
Olam International, Ltd.		33,100		41,726
Oversea-Chinese Banking Corp., Ltd.		14,700		128,505
Raffles Medical Group, Ltd.		38,400		39,058
Sea, Ltd. ADR(2)		565		194,117
Sembcorp Industries, Ltd.		21,400		31,939
Singapore Airlines, Ltd.(1)(2)		14,800		57,010
Singapore Exchange, Ltd.		7,000		50,237
Singapore Post, Ltd.		26,100		12,688
Singapore Technologies Engineering, Ltd.		19,500		55,377
Singapore Telecommunications, Ltd.		42,000		77,920
Suntec Real Estate Investment Trust		27,000		29,893
United Overseas Bank, Ltd.		4,500		89,452
Venture Corp., Ltd.		5,000		69,842
Wilmar International, Ltd.		58,400		186,713
			$	1,728,043
Spain — 4.3%
Acerinox S.A.		6,807	$	94,769
Aena SME S.A.(2)(3)		685		112,502
Almirall S.A.(1)		5,540		82,384
Amadeus IT Group S.A.(2)		5,033		336,697
Banco Santander S.A.(1)		70,803		268,562
Bankinter S.A.		5,974		32,893
CaixaBank S.A.		13,396		38,509

25 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Spain (continued)
Cellnex Telecom S.A.(3)		5,230	$	321,643
Cia de Distribucion Integral Logista Holdings S.A.		1,300		27,706
Ebro Foods S.A.(1)		2,380		47,232
Ence Energia y Celulosa S.A.(1)(2)		8,328		21,433
Faes Farma S.A.		13,215		53,833
Fluidra S.A.		2,164		82,650
Grifols S.A.(1)		6,503		148,949
Iberdrola S.A.		27,670		327,037
Indra Sistemas S.A.(2)		3,340		40,395
Industria de Diseno Textil S.A.(1)		10,118		366,517
Laboratorios Farmaceuticos Rovi S.A.		473		33,186
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros		5,974		11,994
Merlin Properties Socimi S.A.		19,382		209,901
Pharma Mar S.A.(1)		265		20,613
Red Electrica Corp. S.A.		2,456		51,138
Repsol S.A.		32,787		419,953
Siemens Gamesa Renewable Energy S.A.(1)(2)		2,569		69,711
Viscofan S.A.		825		56,414
Zardoya Otis S.A.		7,399		59,494
			$	3,336,115
Sweden — 4.6%
Alfa Laval AB		2,000	$	85,790
Arjo AB, Class B		8,801		120,022
Assa Abloy AB, Class B		2,883		84,595
Atlas Copco AB, Class A(1)		751		48,363
Avanza Bank Holding AB		5,229		207,882
Axfood AB(1)		2,453		60,143
BillerudKorsnas AB		2,548		53,370
BioGaia AB, Class B		921		56,802
Castellum AB(1)		6,400		170,583
Dometic Group AB(3)		2,511		36,624
Electrolux AB, Series B		1,760		40,044
Epiroc AB, Class A(1)		2,897		72,082
Essity AB, Class B		6,715		217,510
Evolution AB(3)		903		146,595
Fabege AB		7,085		119,924
Fingerprint Cards AB, Class B(1)(2)		20,825		49,840
Getinge AB, Class B		2,649		118,548
Holmen AB, Class B		2,532		112,411
Husqvarna AB, Class B		3,790		54,011
ICA Gruppen AB(1)		1,559		80,669
Industrivarden AB, Class A		64		2,111
Investor AB, Class B		4,544		104,848
JM AB		2,031		82,289

Security	Shares		Value
Sweden (continued)
Lundin Energy AB		4,713	$	186,133
Mycronic AB		2,681		62,215
Nibe Industrier AB, Class B		6,124		91,086
Securitas AB, Class B(1)		1,900		31,477
Skanska AB, Class B		1,238		31,477
Spotify Technology S.A.(2)		772		223,417
Svenska Cellulosa AB SCA, Class B		9,048		141,376
Svenska Handelsbanken AB, Class A(1)		4,221		48,383
Swedish Orphan Biovitrum AB(2)		2,203		59,867
Tele2 AB, Class B(1)		4,040		57,099
Telefonaktiebolaget LM Ericsson, Class B		16,748		182,811
Telia Co. AB(1)		10,233		40,306
Thule Group AB(3)		822		47,496
Vitrolife AB		1,099		71,526
Wallenstam AB, Class B		3,540		62,132
Wihlborgs Fastigheter AB		1,734		41,110
			$	3,502,967
Switzerland — 9.0%
Allreal Holding AG		346	$	73,177
ALSO Holding AG(2)		375		111,287
Baloise Holding AG		396		63,107
Banque Cantonale Vaudoise		570		45,892
Belimo Holding AG		140		81,394
BKW AG		330		43,721
Cembra Money Bank AG		670		44,725
Cie Financiere Richemont S.A.		6,338		784,330
Comet Holding AG		287		106,790
DKSH Holding AG		773		61,960
dormakaba Holding AG		68		50,402
Ems-Chemie Holding AG		72		71,419
Forbo Holding AG		26		50,583
Geberit AG(2)		221		172,590
Givaudan S.A.		74		348,683
Helvetia Holding AG		425		50,571
Implenia AG(2)		883		18,009
Ina Invest Holding AG(2)		176		3,552
Inficon Holding AG		86		110,347
Intershop Holding AG		78		48,788
Kuehne & Nagel International AG		464		146,137
Landis+Gyr Group AG		1,111		76,379
Logitech International S.A.		2,351		196,668
Mobilezone Holding AG		4,644		62,492
Nestle S.A.		7,334		967,407
Novartis AG		3,902		322,745

26 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Switzerland (continued)
Partners Group Holding AG		75	$	131,022
Roche Holding AG PC(2)		1,212		469,521
Roche Holding AG, Bearer Shares		130		55,916
Schindler Holding AG		219		56,223
Schindler Holding AG PC		353		91,917
Schweiter Technologies AG		26		37,338
SGS S.A.(2)		23		68,092
SIG Combibloc Group AG		3,912		102,309
Sika AG		1,308		443,124
Stadler Rail AG(1)		954		41,899
Swatch Group AG (The)		155		42,663
Swiss Life Holding AG		264		144,821
Swiss Prime Site AG		1,328		135,013
Swisscom AG(2)		445		242,313
Tecan Group AG		86		52,692
UBS Group AG		8,639		157,253
Valora Holding AG(2)		245		46,626
VAT Group AG(3)		206		98,474
Zehnder Group AG		691		74,379
Zur Rose Group AG(1)(2)		90		32,012
Zurich Insurance Group AG(2)		683		302,720
			$	6,939,482
United Kingdom — 8.8%
3i Group PLC		3,933	$	73,449
abrdn PLC		8,792		30,562
Admiral Group PLC		1,052		41,325
Assura PLC		34,782		34,678
AstraZeneca PLC		2,948		368,799
Atlantica Sustainable Infrastructure PLC		1,400		55,090
Auto Trader Group PLC(3)		12,550		104,045
Avast PLC(3)		12,144		92,937
Aviva PLC		11,882		64,114
BAE Systems PLC		8,600		64,845
Bellway PLC		608		27,587
Berkeley Group Holdings PLC		509		30,361
BHP Group PLC		7,729		204,135
Big Yellow Group PLC		2,400		48,525
BP PLC		49,126		235,358
British American Tobacco PLC		3,774		131,276
BT Group PLC(2)		20,087		38,162
Bunzl PLC		1,400		51,744
Burberry Group PLC		1,532		40,489
Cairn Energy PLC		43,432		108,433
Compass Group PLC(2)		5,483		116,353

Security	Shares		Value
United Kingdom (continued)
Croda International PLC		489	$	63,292
Derwent London PLC		1,020		47,181
Direct Line Insurance Group PLC		9,041		36,136
Diversified Energy Co. PLC		103,611		163,675
Essentra PLC		5,799		23,096
Experian PLC		1,492		68,410
Farfetch, Ltd., Class A(2)		500		19,605
Ferguson PLC		689		103,669
Fresnillo PLC		4,030		47,427
Future PLC		1,398		67,444
GlaxoSmithKline PLC		12,470		258,888
Grainger PLC		6,665		28,032
Great Portland Estates PLC		4,065		40,648
Halma PLC		5,460		221,421
Hikma Pharmaceuticals PLC		1,344		44,301
Howden Joinery Group PLC		5,263		66,252
HSBC Holdings PLC		31,013		186,859
Intertek Group PLC		543		36,364
Land Securities Group PLC		6,288		59,073
Lloyds Banking Group PLC		63,432		43,412
London Stock Exchange Group PLC		726		70,672
LondonMetric Property PLC		11,374		40,680
Marks & Spencer Group PLC(2)		30,532		76,750
Mondi PLC		3,379		84,386
Moneysupermarket.com Group PLC		13,551		39,342
National Grid PLC		16,891		216,265
NCC Group PLC		21,199		72,069
Next PLC		582		63,432
Ocado Group PLC(2)		1,421		35,071
Pearson PLC		5,346		43,990
Pennon Group PLC		4,784		76,307
Persimmon PLC		2,761		102,870
Phoenix Group Holdings PLC		5,262		47,245
Primary Health Properties PLC		12,669		26,608
QinetiQ Group PLC		8,311		30,667
Reckitt Benckiser Group PLC		1,454		118,040
RELX PLC		3,168		98,231
Rentokil Initial PLC		5,526		44,478
Rightmove PLC		13,046		123,318
Rio Tinto PLC		3,415		212,930
Royal Dutch Shell PLC, Class A		8,657		198,322
Royal Mail PLC		6,900		39,777
S4 Capital PLC(2)		5,993		59,518
Safestore Holdings PLC		3,803		62,516
Sage Group PLC (The)		15,349		149,277
Segro PLC		8,635		152,620

27 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Severn Trent PLC		3,397	$	127,225
Shaftesbury PLC(1)		2,388		20,382
Spectris PLC		815		41,934
Spirax-Sarco Engineering PLC		358		76,422
Taylor Wimpey PLC		12,334		26,096
Tritax Big Box REIT PLC		37,589		115,678
Unilever PLC(5)		2,896		155,033
Unilever PLC(5)		2,083		111,528
United Utilities Group PLC		9,445		134,243
Vodafone Group PLC		79,033		116,483
			$	6,797,857
Total Common Stocks (identified cost $60,331,563)			$	76,515,782
Short-Term Investments — 3.0%
Affiliated Fund — 0.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.09%(6)		221,857	$	221,857
Total Affiliated Fund (identified cost $221,857)			$	221,857
Securities Lending Collateral — 2.7%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%(7)		2,115,682	$	2,115,682
Total Securities Lending Collateral (identified cost $2,115,682)			$	2,115,682
Total Short-Term Investments (identified cost $2,337,539)			$	2,337,539
Total Investments — 102.3% (identified cost $62,669,102)			$	78,853,321
Other Assets, Less Liabilities — (2.3)%			$	(1,766,305	)
Net Assets — 100.0%			$	77,087,016

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

⁽¹⁾  All or a portion of this security was on loan at October 31, 2021. The aggregate market value of securities on loan at October 31, 2021 was $5,914,310.

⁽²⁾  Non-income producing security.

⁽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, 2021, the aggregate value of these securities is $3,285,795 or 4.3% of the Portfolio’s net assets.

⁽⁴⁾  Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021 (see Note 7).

⁽⁵⁾  Securities are traded on separate exchanges for the same entity.

⁽⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2021.

⁽⁷⁾  Represents investment of cash collateral received in connection with securities lending.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Industrials		11.0	%	$	8,491,738
Consumer Discretionary		11.0			8,456,432
Financials		10.8			8,339,815
Information Technology		10.5			8,085,414
Health Care		9.8			7,524,353
Consumer Staples		9.5			7,287,858
Materials		9.1			7,013,790
Communication Services		7.8			6,021,756
Real Estate		7.6			5,870,450
Utilities		6.9			5,349,147
Energy		5.3			4,075,029
Short-Term Investments		3.0			2,337,539
Total Investments		102.3	%	$	78,853,321

Abbreviations:

ADR	–	American Depositary Receipt
PC	–	Participation Certificate
PFC Shares	–	Preference Shares

28 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Statement of Assets and Liabilities

Assets	October 31, 2021
Unaffiliated investments, at value including $5,914,310 of securities on loan (identified cost, $62,273,220)	$	78,454,895
Affiliated investments, at value (identified cost, $395,882)		398,426
Foreign currency, at value (identified cost, $121,973)		122,131
Dividends receivable		103,572
Dividends receivable from affiliated investments		3,297
Receivable for investments sold		34,509
Securities lending income receivable		4,406
Tax reclaims receivable		192,089
Total assets	$	79,313,325
Liabilities
Collateral for securities loaned	$	2,115,682
Payable to affiliates:
Investment adviser fee		32,331
Trustees’ fees		341
Accrued expenses		77,955
Total liabilities	$	2,226,309
Net Assets applicable to investors’ interest in Portfolio	$	77,087,016

29 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Statement of Operations

Investment Income	Year Ended October 31, 2021
Dividends (net of foreign taxes, $293,417)	$	2,160,798
Dividends from affiliated investments (net of foreign taxes, $1,154)		6,554
Securities lending income, net		53,625
Total investment income	$	2,220,977
Expenses
Investment adviser fee	$	371,000
Trustees’ fees and expenses		4,120
Custodian fee		70,447
Legal and accounting services		52,991
Miscellaneous		6,846
Total expenses	$	505,404
Net investment income	$	1,715,573
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(643,490	)
Investment transactions — affiliated investments		1
Foreign currency transactions		4,325
Net realized loss	$	(639,164	)
Change in unrealized appreciation (depreciation) —
Investments	$	17,468,764
Investments — affiliated investments		7,207
Foreign currency		(7,326	)
Net change in unrealized appreciation (depreciation)	$	17,468,645
Net realized and unrealized gain	$	16,829,481
Net increase in net assets from operations	$	18,545,054

30 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	1,715,573		$	1,123,205
Net realized loss		(639,164	)		(545,875	)
Net change in unrealized appreciation (depreciation)		17,468,645			(4,821,882	)
Net increase (decrease) in net assets from operations	$	18,545,054		$	(4,244,552	)
Capital transactions —
Contributions	$	4,433,462		$	4,925,657
Withdrawals		(5,907,437	)		(11,718,737	)
Net decrease in net assets from capital transactions	$	(1,473,975	)	$	(6,793,080	)
Net increase (decrease) in net assets	$	17,071,079		$	(11,037,632	)
Net Assets
At beginning of year	$	60,015,937		$	71,053,569
At end of year	$	77,087,016		$	60,015,937

31 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2021			2020			2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.68	%		0.69	%		0.74	%		0.71	%		0.68	%
Net investment income		2.31	%		1.74	%		2.53	%		1.90	%		2.30	%
Portfolio Turnover		23	%		10	%		37	%		30	%		26	%
Total Return		31.20	%		(5.07	)%		11.59	%		(5.77	)%		22.05	%
Net assets, end of year (000’s omitted)	$	77,087		$	60,016		$	71,054		$	68,042		$	75,680

32 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2021

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, 2021, 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 National Market System 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 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, 2021

Notes to Financial Statements — continued

As of October 31, 2021, 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) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement and related fee reduction agreement with BMR in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $1 billion		0.500	%
$1 billion but less than $2.5 billion		0.475	%
$2.5 billion but less than $5 billion		0.455	%
$5 billion and over		0.440	%

For the year ended October 31, 2021, the Portfolio’s investment adviser fee amounted to $371,000 or 0.50% of the Portfolio’s average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Portfolio to Parametric Portfolio Associates LLC (Parametric), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, BMR entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. BMR pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio may invest 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, 2021, 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 $16,898,367 and $16,680,228, respectively, for the year ended October 31, 2021.

34

Tax-Managed International Equity Portfolio

October 31, 2021

Notes to Financial Statements — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	63,161,936
Gross unrealized appreciation	$	19,246,106
Gross unrealized depreciation		(3,554,721	)
Net unrealized appreciation	$	15,691,385

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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an arrangement fee totaling $150,000 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, 2021.

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, 2021, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $5,914,310 and $6,384,903, respectively. Collateral received was comprised of cash of $2,115,682 and U.S. government and/or agencies securities of $4,269,221. 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, 2021.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	2,115,682	$	—	$	—	$	—	$	2,115,682

The carrying amount of the liability for collateral for securities loaned at October 31, 2021 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, 2021.

35

Tax-Managed International Equity Portfolio

October 31, 2021

Notes to Financial Statements — continued

7  Investments in Affiliated Issuers and Funds

The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At October 31, 2021, the value of the Portfolio’s investment in affiliated issuers and funds was $398,426, which represents 0.5% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the year ended October 31, 2021 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Shares/Units, end of period
Common Stocks
Mitsubishi UFJ Financial Group, Inc.(1)	$	—	$	—	$	—		$	—	$	7,207	$	176,569	$	6,379		32,200
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		137,978		6,228,241		(6,144,363	)		1		—		221,857		175		221,857
Totals								$	1	$	7,207	$	398,426	$	6,554

⁽¹⁾  May be deemed to be an affiliated issuer as of March 1, 2021 (see Note 2).

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, 2021, 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	$	1,112,904	$	22,093,615		$	—	$	23,206,519
Developed Europe		897,168		50,691,747			—		51,588,915
Developed Middle East		245,294		1,475,054			—		1,720,348
Total Common Stocks	$	2,255,366	$	74,260,416	*	$	—	$	76,515,782
Short-Term Investments —
Affiliated Fund	$	—	$	221,857		$	—	$	221,857
Securities Lending Collateral		2,115,682		—			—		2,115,682
Total Investments	$	4,371,048	$	74,482,273		$	—	$	78,853,321

* 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.

36

Tax-Managed International Equity Portfolio

October 31, 2021

Notes to Financial Statements — continued

Level 3 investments at the beginning and/or end of the period were valued at $0 and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2021 is not presented.

8  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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 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.

37

Tax-Managed International Equity Portfolio

October 31, 2021

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, 2021, 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, 2021, 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, 2021, 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 17, 2021

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

38

Parametric

Tax-Managed International Equity Fund

October 31, 2021

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 on June 8, 2021, 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 January 1, 2020 through December 31, 2020 (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.

39

Parametric

Tax-Managed International Equity Fund

October 31, 2021

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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 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 of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 137 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust and Portfolio, and his former position with EVC, which was an affiliate of the Trust and Portfolio prior to March 1, 2021. Other Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
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	Chairperson of the Board and Trustee	2021 (Chairperson) and 2014 (Trustee)	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. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, 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).

40

Parametric

Tax-Managed International Equity Fund

October 31, 2021

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	Trustee	2003	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. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). 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 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
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.
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	2009	Vice President of EVM and BMR. Also Vice President of CRM.

41

Parametric

Tax-Managed International Equity Fund

October 31, 2021

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.
Kimberly M. Roessiger 1985	Secretary	2021	Vice President of EVM and BMR.
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.

42

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

43

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎   buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

44

Eaton Vance Funds

IMPORTANT NOTICES

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.

45

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

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Investment Adviser and 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    10.31.21

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, William H. Park and Scott E. Wennerholm, 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). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management 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, 2020 and October 31, 2021 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	10/31/20		10/31/21
Audit Fees	$	36,100	$	36,100
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	15,975	$	15,975
All Other Fees(3)	$	0	$	0
Total	$	52,075	$	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, 2020 and October 31, 2021; 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	10/31/20		10/31/21
Registrant	$	15,975	$	15,975
Eaton Vance(1)	$	51,800	$	51,800

⁽¹⁾ Certain entities that provide ongoing services to the registrant are subsidiaries of Morgan Stanley

(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, 2021

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, 2021
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	December 23, 2021