<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10389
Tax-Managed International Growth Portfolio
(Exact Name of Registrant as Specified in Charter)
THE EATON VANCE BUILDING, 255 STATE STREET, BOSTON, MASSACHUSETTS 02109
-----------------------------------------------------------------------
(Address of principal Executive Offices)
Alan R. Dynner
THE EATON VANCE BUILDING, 255 STATE STREET, BOSTON, MASSACHUSETTS 02109
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
October 31, 2003
----------------
Date of Fiscal Year End
April 30, 2003
--------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 97.4%
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Advertising -- 0.2%
- -----------------------------------------------------------------
WPP Group PLC 20,000 $ 142,324
- -----------------------------------------------------------------
$ 142,324
- -----------------------------------------------------------------
Aerospace and Defense -- 0.3%
- -----------------------------------------------------------------
Singapore Technologies Engineering Ltd. 300,000 $ 270,331
- -----------------------------------------------------------------
$ 270,331
- -----------------------------------------------------------------
Airlines -- 0.4%
- -----------------------------------------------------------------
Ryanair Holdings PLC(1) 50,000 $ 342,054
- -----------------------------------------------------------------
$ 342,054
- -----------------------------------------------------------------
Apparel -- 0.6%
- -----------------------------------------------------------------
Adidas-Salomon AG 1,100 $ 94,648
Burberry Group PLC 120,000 501,531
- -----------------------------------------------------------------
$ 596,179
- -----------------------------------------------------------------
Applications Software -- 0.3%
- -----------------------------------------------------------------
Oracle Corp. Japan 7,500 $ 189,292
Satyam Computer Services ADR 10,000 77,000
- -----------------------------------------------------------------
$ 266,292
- -----------------------------------------------------------------
Auto and Parts -- 0.4%
- -----------------------------------------------------------------
Toyoda Gosei Co., Ltd. 20,000 $ 356,364
- -----------------------------------------------------------------
$ 356,364
- -----------------------------------------------------------------
Automobiles -- 1.9%
- -----------------------------------------------------------------
DaimlerChrysler AG 8,500 $ 274,145
Honda Motor Co., Ltd. 6,000 198,725
Nissan Motor Co., Ltd. 30,000 230,169
Toyota Motor Co. 40,000 905,584
Yamaha Motor Co., Ltd. 20,000 148,918
- -----------------------------------------------------------------
$ 1,757,541
- -----------------------------------------------------------------
Banking -- 14.9%
- -----------------------------------------------------------------
ABN Amro Holdings 62,500 $ 1,056,015
Allied Irish Banks PLC 75,789 1,162,982
Banco Bilbao Vizcaya Argentaria SA 20,200 203,340
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Banking (continued)
- -----------------------------------------------------------------
Banco Santander Central Hispano SA 30,000 $ 235,699
Bank of Ireland(1) 60,000 733,212
Barclays PLC 145,000 1,001,723
BNP Paribas SA 12,000 563,268
Commonwealth Bank of Australia 8,900 151,545
Danske Bank A/S 5,300 101,974
DBS Group Holdings Ltd. 60,000 293,985
Deutsche Bank AG 6,000 310,293
HBOS PLC 70,000 820,062
HSBC Holdings PLC 171,780 1,882,022
Lloyds TSB Group PLC 130,000 854,984
National Australia Bank Ltd. 15,000 304,956
Royal Bank of Scotland Group PLC 70,000 1,835,910
Societe Generale 4,400 269,090
Svenska Handelsbanken AB 61,000 969,473
UBS AG 18,000 854,015
UniCredito Italiano SPA 34,900 152,756
- -----------------------------------------------------------------
$13,757,304
- -----------------------------------------------------------------
Beverages -- 1.9%
- -----------------------------------------------------------------
Diageo PLC 75,000 $ 831,889
Heineken NV 5,500 204,211
Interbrew 15,000 334,800
SABMiller PLC 25,000 172,211
Scottish & Newcastle PLC 30,000 171,412
- -----------------------------------------------------------------
$ 1,714,523
- -----------------------------------------------------------------
Biotechnology -- 0.2%
- -----------------------------------------------------------------
Lion Bioscience AG ADR(1) 30,000 $ 147,000
- -----------------------------------------------------------------
$ 147,000
- -----------------------------------------------------------------
Broadcasting and Cable -- 1.0%
- -----------------------------------------------------------------
British Sky Broadcasting Group PLC(1) 50,000 $ 518,233
Capital Radio PLC 60,000 441,117
- -----------------------------------------------------------------
$ 959,350
- -----------------------------------------------------------------
Broadcasting and Publishing -- 0.6%
- -----------------------------------------------------------------
Gruppo Editoriale L'Espresso SPA 150,000 $ 589,918
- -----------------------------------------------------------------
$ 589,918
- -----------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Building Materials -- 0.8%
- -----------------------------------------------------------------
CRH PLC 15,000 $ 230,342
Lafarge SA 2,700 181,395
Sumitomo Osaka Cement Co., Ltd. 130,000 179,859
Taiheiyo Cement Corp. 135,000 186,777
- -----------------------------------------------------------------
$ 778,373
- -----------------------------------------------------------------
Business and Public Services -- 0.1%
- -----------------------------------------------------------------
Sap AG 1,200 $ 122,939
- -----------------------------------------------------------------
$ 122,939
- -----------------------------------------------------------------
Business Services - Miscellaneous -- 0.4%
- -----------------------------------------------------------------
Capita Group PLC 43,800 $ 177,459
Compass Group PLC 40,000 184,118
- -----------------------------------------------------------------
$ 361,577
- -----------------------------------------------------------------
Chemicals -- 1.1%
- -----------------------------------------------------------------
Asahi Kasei Corp. 39,000 $ 106,280
BASF AG 3,400 151,662
Bayer AG 8,000 145,973
JSR Corp. 24,000 250,344
Shin-Etsu Chemical Co., Ltd. 12,000 359,215
- -----------------------------------------------------------------
$ 1,013,474
- -----------------------------------------------------------------
Computer Software & Services -- 0.9%
- -----------------------------------------------------------------
Maconomy A/S(1) 743,000 $ 837,636
- -----------------------------------------------------------------
$ 837,636
- -----------------------------------------------------------------
Construction and Housing -- 0.2%
- -----------------------------------------------------------------
Volker Wessels Stevin 10,000 $ 229,338
- -----------------------------------------------------------------
$ 229,338
- -----------------------------------------------------------------
Consumer Electronics -- 2.2%
- -----------------------------------------------------------------
Philips Electronics NV 30,000 $ 558,112
Pioneer Corp. 20,000 400,805
Sharp Corp. 20,000 209,626
Yamaha Corp. 80,000 904,914
- -----------------------------------------------------------------
$ 2,073,457
- -----------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Consumer Products -- 0.2%
- -----------------------------------------------------------------
Shimano Inc. 10,000 $ 158,729
- -----------------------------------------------------------------
$ 158,729
- -----------------------------------------------------------------
Data Processing and Reproduction -- 1.3%
- -----------------------------------------------------------------
Canon, Inc. 30,000 $ 1,212,477
- -----------------------------------------------------------------
$ 1,212,477
- -----------------------------------------------------------------
Distribution / Wholesale -- 0.5%
- -----------------------------------------------------------------
Li & Fung Ltd. 400,000 $ 448,773
- -----------------------------------------------------------------
$ 448,773
- -----------------------------------------------------------------
Distribution / Wholesale / Retail -- 0.5%
- -----------------------------------------------------------------
Esprit Holdings Ltd. 225,000 $ 441,400
- -----------------------------------------------------------------
$ 441,400
- -----------------------------------------------------------------
Diversified Minerals -- 0.2%
- -----------------------------------------------------------------
Anglo American PLC 10,000 $ 143,203
- -----------------------------------------------------------------
$ 143,203
- -----------------------------------------------------------------
Drugs -- 9.8%
- -----------------------------------------------------------------
Actelion Ltd.(1) 16,000 $ 1,024,552
Altana AG 5,000 246,190
AstraZeneca PLC 15,000 588,556
Aventis SA 8,000 406,313
Biovail Corp.(1) 35,000 1,265,250
GlaxoSmithKline PLC 100,674 2,017,714
Novartis AG 45,000 1,775,050
Roche Holding AG 10,000 636,290
Shire Pharmaceuticals Group PLC(1) 50,000 321,248
Takeda Chemical Industries, Ltd. 20,000 732,853
- -----------------------------------------------------------------
$ 9,014,016
- -----------------------------------------------------------------
Electric Utilities -- 1.2%
- -----------------------------------------------------------------
Iberdrola SA 15,000 $ 241,558
International Power PLC(1) 30,000 53,701
Scottish and Southern Energy PLC 80,000 822,140
- -----------------------------------------------------------------
$ 1,117,399
- -----------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Electrical Equipment -- 0.7%
- -----------------------------------------------------------------
Oki Electric Industry Co., Ltd.(1) 300,000 $ 643,971
- -----------------------------------------------------------------
$ 643,971
- -----------------------------------------------------------------
Electronic Components - Miscellaneous -- 1.8%
- -----------------------------------------------------------------
Olympus Optical Co., Ltd. 30,000 $ 519,453
Siemens AG 20,000 997,034
Yokogawa Electric Corp. 14,000 99,782
- -----------------------------------------------------------------
$ 1,616,269
- -----------------------------------------------------------------
Energy Sources -- 4.2%
- -----------------------------------------------------------------
BP Amoco PLC 348,264 $ 2,206,970
Royal Dutch Petroleum Co. 40,000 1,636,056
- -----------------------------------------------------------------
$ 3,843,026
- -----------------------------------------------------------------
Engineering and Construction -- 0.6%
- -----------------------------------------------------------------
JGC Corp. 30,000 $ 211,303
Vinci SA 5,500 358,152
- -----------------------------------------------------------------
$ 569,455
- -----------------------------------------------------------------
Entertainment / Hotels -- 0.2%
- -----------------------------------------------------------------
Hilton Group PLC 60,000 $ 146,719
- -----------------------------------------------------------------
$ 146,719
- -----------------------------------------------------------------
Financial -- 0.1%
- -----------------------------------------------------------------
Hong Kong Exchanges and Clearing Ltd. 86,000 $ 100,346
- -----------------------------------------------------------------
$ 100,346
- -----------------------------------------------------------------
Financial Services -- 2.1%
- -----------------------------------------------------------------
Fortis 35,000 $ 582,775
ING Groep NV 50,000 811,890
Nomura Securities Co., Ltd. 59,200 586,242
- -----------------------------------------------------------------
$ 1,980,907
- -----------------------------------------------------------------
Food - Retail -- 0.7%
- -----------------------------------------------------------------
Carrefour SA 8,000 $ 347,924
Tesco PLC 90,000 284,808
- -----------------------------------------------------------------
$ 632,732
- -----------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Food and Household Products -- 2.8%
- -----------------------------------------------------------------
Nestle SA 8,500 $ 1,732,839
Parmalat Finanziaria SPA 230,000 588,824
Yakult Honsha Co., Ltd. 17,000 249,455
- -----------------------------------------------------------------
$ 2,571,118
- -----------------------------------------------------------------
Foods -- 0.5%
- -----------------------------------------------------------------
Groupe Danone 3,000 $ 424,526
- -----------------------------------------------------------------
$ 424,526
- -----------------------------------------------------------------
Hotels -- 0.3%
- -----------------------------------------------------------------
InterContinental Hotels Group PLC(1) 12,712 $ 77,204
Shangri-La Asia Ltd. 330,000 208,391
- -----------------------------------------------------------------
$ 285,595
- -----------------------------------------------------------------
Household Durables -- 1.4%
- -----------------------------------------------------------------
Nitori Co., Ltd. 30,000 $ 1,315,613
- -----------------------------------------------------------------
$ 1,315,613
- -----------------------------------------------------------------
Household Durables / Appliances -- 0.5%
- -----------------------------------------------------------------
Electrolux AB 24,000 $ 450,383
- -----------------------------------------------------------------
$ 450,383
- -----------------------------------------------------------------
Household Products -- 0.9%
- -----------------------------------------------------------------
Kao Corp. 25,000 $ 455,937
L'Oreal SA 3,200 228,735
LVMH Moet Hennessy Louis Vuitton SA 3,500 152,725
- -----------------------------------------------------------------
$ 837,397
- -----------------------------------------------------------------
Household Products / Food -- 1.4%
- -----------------------------------------------------------------
Unilever PLC 132,500 $ 1,302,374
- -----------------------------------------------------------------
$ 1,302,374
- -----------------------------------------------------------------
Industrial Automation -- 0.1%
- -----------------------------------------------------------------
Elektrobit Group Oyj(1) 152,200 $ 61,148
- -----------------------------------------------------------------
$ 61,148
- -----------------------------------------------------------------
Industrial Conglomerate -- 0.7%
- -----------------------------------------------------------------
Man AG 5,400 $ 98,351
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Industrial Conglomerate (continued)
- -----------------------------------------------------------------
Sonae, S.G.P.S., SA(1) 1,300,000 $ 565,812
- -----------------------------------------------------------------
$ 664,163
- -----------------------------------------------------------------
Insurance -- 3.2%
- -----------------------------------------------------------------
Aegon NV 62,400 $ 634,406
Assicurazione Generali SPA 40,000 920,923
AXA Company 30,000 455,663
Swiss Reinsurance 15,000 979,872
- -----------------------------------------------------------------
$ 2,990,864
- -----------------------------------------------------------------
Investment Services -- 0.3%
- -----------------------------------------------------------------
Deutsche Boerse AG 5,700 $ 267,170
- -----------------------------------------------------------------
$ 267,170
- -----------------------------------------------------------------
Machinery -- 1.9%
- -----------------------------------------------------------------
Daikin Industries, Ltd. 48,000 $ 798,524
Komatsu Ltd. 100,000 381,519
NTN Corp. 95,000 363,240
Schneider Electric SA 4,200 198,831
- -----------------------------------------------------------------
$ 1,742,114
- -----------------------------------------------------------------
Medical Products -- 1.4%
- -----------------------------------------------------------------
Given Imaging, Ltd.(1) 40,000 $ 318,400
QIAGEN NV(1) 45,000 283,950
Smith & Nephew PLC 100,000 666,870
- -----------------------------------------------------------------
$ 1,269,220
- -----------------------------------------------------------------
Metals - Industrial -- 1.5%
- -----------------------------------------------------------------
Arcelor(1) 11,000 $ 124,479
BHP Billiton Ltd. 120,000 678,597
Rio Tinto Ltd. 30,000 596,399
- -----------------------------------------------------------------
$ 1,399,475
- -----------------------------------------------------------------
Multimedia -- 0.4%
- -----------------------------------------------------------------
Promotora de Informaciones SA (Prisa) 45,000 $ 341,496
- -----------------------------------------------------------------
$ 341,496
- -----------------------------------------------------------------
Oil and Gas - Equipment and Services -- 4.5%
- -----------------------------------------------------------------
Centrica PLC 37,700 $ 100,172
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Oil and Gas - Equipment and Services (continued)
- -----------------------------------------------------------------
Fortum Oyj 110,000 789,347
Shell Transport & Trading Co. PLC 32,200 $ 192,860
Tokyo Gas Co., Ltd. 250,000 813,349
Total Fina Elf SA 17,000 2,229,210
- -----------------------------------------------------------------
$ 4,124,938
- -----------------------------------------------------------------
Paper and Forest Products -- 0.5%
- -----------------------------------------------------------------
Oji Paper Co. Ltd. 35,000 $ 132,358
Stora Enso Oyj 15,000 167,400
UPM-Kymmene Oyj 11,000 160,816
- -----------------------------------------------------------------
$ 460,574
- -----------------------------------------------------------------
Pharmacies - Retail -- 1.5%
- -----------------------------------------------------------------
Boots Group PLC 17,200 $ 157,380
Shoppers Drug Mart Corp.(1) 75,000 1,246,863
- -----------------------------------------------------------------
$ 1,404,243
- -----------------------------------------------------------------
Publishing -- 0.8%
- -----------------------------------------------------------------
Pearson PLC 40,000 $ 333,395
Reed Elsevier PLC 50,000 398,763
- -----------------------------------------------------------------
$ 732,158
- -----------------------------------------------------------------
Real Estate -- 0.3%
- -----------------------------------------------------------------
Henderson Land Development Co., Ltd. 100,000 $ 248,107
- -----------------------------------------------------------------
$ 248,107
- -----------------------------------------------------------------
Restaurants -- 0.0%
- -----------------------------------------------------------------
Mitchells & Butlers PLC(1) 12,712 $ 43,072
- -----------------------------------------------------------------
$ 43,072
- -----------------------------------------------------------------
Retail -- 2.2%
- -----------------------------------------------------------------
Don Quijote Co., Ltd. 8,000 $ 726,480
Inditex 35,000 697,612
Marks & Spencer Group PLC 42,000 195,674
Metro AG 3,700 102,776
Seven - Eleven Japan Co., Ltd. 3,000 71,441
The Daimaru, Inc. 60,000 215,831
- -----------------------------------------------------------------
$ 2,009,814
- -----------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
16
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Semiconductor Components / Integrated Circuits -- 1.0%
- -----------------------------------------------------------------
STMicroelectronics NV 15,000 $ 310,025
Taiwan Semiconductor SP ADR(1) 75,000 627,750
- -----------------------------------------------------------------
$ 937,775
- -----------------------------------------------------------------
Semiconductor Equipment -- 0.7%
- -----------------------------------------------------------------
Arm Holdings PLC(1) 190,000 $ 194,347
Rohm Co. 4,000 412,209
- -----------------------------------------------------------------
$ 606,556
- -----------------------------------------------------------------
Telecommunication Equipment -- 1.6%
- -----------------------------------------------------------------
Nokia Oyj 90,000 $ 1,522,670
- -----------------------------------------------------------------
$ 1,522,670
- -----------------------------------------------------------------
Telecommunications -- 8.5%
- -----------------------------------------------------------------
Nippon Telegraph and Telephone Corp. 400 $ 1,401,979
NTT Mobile Communication Network, Inc. 600 1,237,632
Portugal Telecom, SGPS, SA 50,000 357,678
Telecom Italia Mobile SPA 300,000 1,417,543
Telecom Italia SPA 83,000 677,574
Telefonica SA(1) 40,000 442,382
Vodafone Group PLC 922,954 1,821,762
Vodafone Group PLC ADR 25,000 494,000
- -----------------------------------------------------------------
$ 7,850,550
- -----------------------------------------------------------------
Telecommunications - Services -- 2.2%
- -----------------------------------------------------------------
BCE, Inc. 50,000 $ 991,000
Elisa Oyj(1) 70,000 539,028
TeliaSonera AB(1) 150,000 544,050
- -----------------------------------------------------------------
$ 2,074,078
- -----------------------------------------------------------------
Tobacco -- 0.3%
- -----------------------------------------------------------------
Altadis SA 12,000 $ 309,355
- -----------------------------------------------------------------
$ 309,355
- -----------------------------------------------------------------
Transportation -- 1.1%
- -----------------------------------------------------------------
East Japan Railway Co. 185 $ 837,666
MTR Corp. Ltd. 135,000 145,402
- -----------------------------------------------------------------
$ 983,068
- -----------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------
Utilities - Electrical and Gas -- 2.4%
- -----------------------------------------------------------------
E. ON AG 13,840 $ 662,455
Endesa SA 18,000 255,318
National Grid Transco PLC 100,000 656,881
Scottish Power PLC 100,000 621,320
- -----------------------------------------------------------------
$ 2,195,974
- -----------------------------------------------------------------
Total Common Stocks
(identified cost $95,117,084) $89,810,984
- -----------------------------------------------------------------
Total Investments -- 97.4%
(identified cost $95,117,084) $89,810,984
- -----------------------------------------------------------------
Other Assets, Less Liabilities -- 2.6% $ 2,418,268
- -----------------------------------------------------------------
Net Assets -- 100.0% $92,229,252
- -----------------------------------------------------------------
</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
17
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
COUNTRY CONCENTRATION OF PORTFOLIO
<Table>
<Caption>
PERCENTAGE
COUNTRY OF NET ASSETS VALUE
- --------------------------------------------------------------------
Australia 1.9% $ 1,731,496
Belgium 1.0 917,575
Canada 3.8 3,503,113
Denmark 1.0 939,611
Finland 3.5 3,240,409
France 6.3 5,815,832
Germany 3.9 3,620,636
Hong Kong 1.7 1,592,418
India 0.1 77,000
Ireland 2.7 2,468,591
Israel 0.4 318,400
Italy 4.7 4,347,537
Japan 19.7 18,204,915
Luxembourg 0.1 124,479
Netherlands 6.2 5,724,003
Portugal 1.0 923,490
Singapore 0.6 564,316
South Africa 0.2 143,203
Spain 3.0 2,726,761
Sweden 2.1 1,963,906
Switzerland 7.6 7,002,617
Taiwan 0.7 627,750
United Kingdom 25.2 23,232,926
- --------------------------------------------------------------------
TOTAL COMMON STOCKS 97.4% $89,810,984
- --------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
18
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF APRIL 30, 2003
Assets
- -----------------------------------------------------
Investments, at value (identified cost,
$95,117,084) $89,810,984
Cash 354,828
Foreign currency, at value (identified
cost, $66,092) 66,446
Receivable for investments sold 4,749,073
Dividends receivable 391,773
Prepaid expenses 192
Tax reclaim receivable 155,912
- -----------------------------------------------------
TOTAL ASSETS $95,529,208
- -----------------------------------------------------
Liabilities
- -----------------------------------------------------
Payable for investments purchased $ 3,273,878
Payable to affiliate for Trustees' fees 581
Accrued expenses 25,497
- -----------------------------------------------------
TOTAL LIABILITIES $ 3,299,956
- -----------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $92,229,252
- -----------------------------------------------------
Sources of Net Assets
- -----------------------------------------------------
Net proceeds from capital contributions
and withdrawals $97,481,977
Net unrealized depreciation (computed on
the basis of identified cost) (5,252,725)
- -----------------------------------------------------
TOTAL $92,229,252
- -----------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
APRIL 30, 2003
Investment Income
- ------------------------------------------------------
Dividends (net of foreign taxes,
$159,655) $ 1,168,640
Interest 34,467
- ------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,203,107
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Investment adviser fee $ 467,407
Trustees' fees and expenses 3,271
Custodian fee 82,347
Legal and accounting services 13,656
Miscellaneous 248
- ------------------------------------------------------
TOTAL EXPENSES $ 566,929
- ------------------------------------------------------
NET INVESTMENT INCOME $ 636,178
- ------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $(39,515,396)
Foreign currency transactions (14,417)
- ------------------------------------------------------
NET REALIZED LOSS $(39,529,813)
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 37,478,408
Foreign currency 26,654
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 37,505,062
- ------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $ (2,024,751)
- ------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (1,388,573)
- ------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
19
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) APRIL 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002
- ----------------------------------------------------------------------------
From operations --
Net investment income (loss) $ 636,178 $ (11,212)
Net realized loss (39,529,813) (50,659,462)
Net change in unrealized
appreciation (depreciation) 37,505,062 16,097,067
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS $ (1,388,573) $ (34,573,607)
- ----------------------------------------------------------------------------
Capital transactions --
Contributions $ 73,145,183 $ 138,941,754
Withdrawals (75,446,965) (147,966,444)
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (2,301,782) $ (9,024,690)
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (3,690,355) $ (43,598,297)
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 95,919,607 $ 139,517,904
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 92,229,252 $ 95,919,607
- ----------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
20
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 -----------------------
(UNAUDITED) 2002 2001(1)
- -----------------------------------------------------------------------------
Ratios/Supplemental Data
- -----------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 1.22%(2) 1.20% 1.23%(2)
Net investment income
(loss) 1.36%(2) (0.01)% (0.59)%(2)
Portfolio Turnover 68% 128% 31%
- -----------------------------------------------------------------------------
TOTAL RETURN(3) (1.68)% (27.07)% --
- -----------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $92,229 $95,920 $139,518
- -----------------------------------------------------------------------------
</Table>
(1) For the period from the start of business July 23, 2001, to October 31,
2001.
(2) Annualized.
(3) Total return is required to be disclosed for fiscal years beginning
after December 15, 2000.
SEE NOTES TO FINANCIAL STATEMENTS
21
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Tax-Managed International Growth Portfolio (the Portfolio) is registered
under the Investment Company Act of 1940, as amended, as a diversified
open-end management investment company. The Portfolio, which was organized as
a trust under the laws of the State of New York on June 22, 1998, seeks to
achieve long-term after-tax returns by investing in a diversified portfolio
of foreign equity securities. The Declaration of Trust permits the Trustees
to issue interests in the Portfolio. At April 30, 2003, the Eaton Vance
Tax-Managed International Growth Fund and the Eaton Vance Tax-Managed Equity
Asset Allocation Fund held 74.0% and 25.8% interests in the Portfolio,
respectively. The following is a summary of significant accounting policies
consistently followed by the Portfolio in the preparation of its financial
statements. The policies are in conformity with accounting principles
generally accepted in the United States of America.
A Investment Valuation -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges are valued at closing sale
prices on the exchange where such securities are principally traded.
Marketable securities listed in the NASDAQ National Market System are valued
at the NASDAQ official closing price. Unlisted or listed securities for which
closing sale prices are not available are generally valued at the mean
between the latest bid and asked prices. Futures positions on securities or
currencies are generally valued at closing settlement prices. Short-term debt
securities with a remaining maturity of 60 days or less are valued at
amortized cost, which approximates fair value. Other fixed income and debt
securities, including listed securities and securities for which price
quotations are available, will normally be valued on the basis of valuations
furnished by a pricing service. Over-the-counter options are normally valued
at the mean between the latest bid and asked price. Investments for which
valuations or market quotations are unavailable are valued at fair value
using methods determined in good faith by or at the direction of
the Trustees.
B 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. Interest income is recorded on
the accrual basis.
C Income Taxes -- The Portfolio is 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 the Portfolio's investors include regulated investment
companies that invest all or substantially all of their assets in the
Portfolio, the Portfolio normally must satisfy the applicable source of
income and diversification requirements (under the Internal Revenue Code) in
order for its investors to satisfy them. The Portfolio will allocate at least
annually among its investors each investor's distributive share of the
Portfolio's net investment income, net realized capital gains, and any other
items of income, gain, loss, deduction or credit.
D Foreign Currency Translation -- Investment valuations, other assets, and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions. Recognized gains or losses on
investment transactions attributable to 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.
E Forward Foreign Currency Exchange Contracts -- The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of counterparties
to meet the terms of their contracts and from movements in the value of a
foreign currency relative to the U.S. dollar. The Portfolio will enter into
forward contracts for hedging purposes as well as non-hedging purposes. The
forward foreign currency exchange contracts are adjusted by the daily
exchange rate of the underlying currency and any gains or losses are recorded
for financial statement purposes as unrealized until such time as the
contracts have been closed or offset.
F Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
to the Portfolio. Pursuant to the custodian agreement, IBT receives a fee
reduced by credits which are determined based on the average daily cash
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
expenses on the Statement of Operations.
22
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
G Use of Estimates -- The preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during the
reporting period. Actual results could differ from those estimates.
H Other -- Investment transactions are accounted for on a trade date basis.
I Interim Financial Statements -- The interim financial statements relating to
April 30, 2003 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
BMR receives a monthly advisory fee in the amount of 1.00% annually of the
average daily net assets of the Portfolio up to $500 million and at reduced
rates as daily net assets exceed that level. For the six months ended
April 30, 2003, the advisory fee amounted to $467,407. Except for Trustees of
the Portfolio who are not members of EVM's or BMR's organization, officers
and Trustees receive remuneration for their services to the Portfolio out of
the investment adviser fee. Trustees of the Portfolio that are not affiliated
with BMR may elect to defer receipt of all or a percentage of their annual
fees in accordance with the terms of the Trustees Deferred Compensation Plan.
For the six months ended April 30, 2003, no significant amounts have been
deferred. Certain officers and Trustees of the Portfolio are officers of the
above organizations.
3 Investment Transactions
- -------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $60,032,020 and $62,320,388, respectively, for the six months
ended April 30, 2003.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at April 30, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $ 95,117,084
------------------------------------------------------
Gross unrealized appreciation $ 6,050,445
Gross unrealized depreciation (11,356,545)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (5,306,100)
------------------------------------------------------
</Table>
5 Financial Instruments
- -------------------------------------------
The Portfolio may trade in financial instruments with off-balance sheet risk
in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include written
options, forward foreign currency contracts and financial futures contracts
and may involve, to a varying degree, elements of risk in excess of the
amounts recognized for financial statement purposes.
The notional or contractual amounts of these instruments represent the
investment the Portfolio has in particular classes of financial instruments
and does not necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments is meaningful
only when all related and offsetting transactions are considered. The
Portfolio did not have any open obligations under these financial instruments
at April 30, 2003.
6 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
federal funds rate. In addition, a fee computed at an annual rate of 0.10% on
the daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. The Portfolio
did not have any significant borrowings or allocated fees during the six
months ended April 30, 2003.
23
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
7 Risks Associated with Foreign Investments
- -------------------------------------------
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in domestic investments. For example, there is generally less
publicly available information about foreign companies, particularly those
not subject to the disclosure and reporting requirements of the U.S.
securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to domestic issuers. Investments in
foreign securities also involve the risk of possible adverse changes in
investment or exchange control regulations, expropriation or confiscatory
taxation, limitation on the removal of funds or other assets of the
Portfolio, political or financial instability or diplomatic and other
developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers
(particularly those located in developing countries) may be less liquid and
more volatile than securities of comparable U.S. companies. In general, there
is less overall governmental supervision and regulation of foreign securities
markets, broker-dealers and issuers than in the United States.
24
<Page>
INVESTMENT MANAGEMENT
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO
Officers
Duncan W. Richardson
President
Kiersten Christensen
Vice President and
Portfolio Manager
Kristin S. Anagnost
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
Donald R. Dwight
James B. Hawkes
Samuel L. Hayes, III
William H. Park
Norton H. Reamer
Lynn A. Stout
25
<Page>
ITEM 2. CODE OF ETHICS
Not Required in Filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not Required in Filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Required in Filing.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not Required in Filing.
ITEM 8. [RESERVED]
ITEM 9. 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 significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a) and (b) Exhibit is attached to Filing.
(c) Exhibit is attached to Filing.
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 Growth Portfolio
By: /s/ Duncan W. Richardson
-------------------------
Duncan W. Richardson
President
Date: June 18, 2003
<Page>
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/ Kristin S. Anagnost
-----------------------
Kristin S. Anagnost
Treasurer
Date: June 18, 2003
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: June 18, 2003