<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
----------
Date of Fiscal Year End
October 31, 2003
----------------
Date of Reporting Period
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO as of October 31, 2003
PORTFOLIO OF INVESTMENTS
COMMON STOCKS -- 96.7%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
ADVERTISING -- 0.2%
WPP Group PLC 20,000 $ 190,567
$ 190,567
AEROSPACE AND DEFENSE -- 0.3%
Singapore Technologies Engineering, Ltd. 200,000 $ 221,718
Thales SA 2,000 57,660
- --------------------------------------------------------------------------------
$ 279,378
- --------------------------------------------------------------------------------
AIRLINES -- 0.2%
Ryanair Holdings PLC(1) 25,000 $ 212,156
- --------------------------------------------------------------------------------
$ 212,156
- --------------------------------------------------------------------------------
APPAREL -- 0.6%
Burberry Group PLC 80,000 $ 534,879
Hennes & Mauritz AB 4,600 97,592
- --------------------------------------------------------------------------------
$ 632,471
- --------------------------------------------------------------------------------
APPLICATIONS SOFTWARE -- 0.4%
Oracle Corp. Japan 7,500 $ 440,033
- --------------------------------------------------------------------------------
$ 440,033
- --------------------------------------------------------------------------------
AUTO AND PARTS -- 0.2%
Compagnie Generale des Etablissements Michelin 2,800 $ 109,856
Denso Corp. 6,000 113,795
- --------------------------------------------------------------------------------
$ 223,651
- --------------------------------------------------------------------------------
AUTOMOBILES -- 2.2%
DaimlerChrysler AG 10,000 $ 373,046
Honda Motor Co., Ltd. 12,000 473,734
Nissan Motor Co., Ltd. 40,000 448,265
Toyota Motor Co. 35,000 996,498
Volkswagen AG 2,000 100,882
- --------------------------------------------------------------------------------
$ 2,392,425
- --------------------------------------------------------------------------------
BANKING -- 17.6%
ABN Amro Holdings 35,000 $ 734,409
Allied Irish Banks PLC 40,789 596,509
Banco Bilbao Vizcaya Argentaria SA 51,000 585,168
Banco Comercial Portugues SA 110,000 212,272
Banco Espirito Santo SA 7,000 $ 100,417
Banco Santander Central Hispano SA 60,000 575,437
Bank of Ireland 40,000 492,900
Barclays PLC 145,000 1,222,907
BNP Paribas SA 15,000 788,175
Commonwealth Bank of Australia 20,900 407,814
Credit Agricole SA 5,000 106,194
Danske Bank A/S 14,000 282,428
DBS Group Holdings, Ltd. 80,000 657,112
Deutsche Bank AG 8,000 527,682
HBOS PLC 60,000 697,956
HSBC Holdings PLC 171,780 2,579,793
Lloyds TSB Group PLC 120,000 833,372
Mitsubishi Tokyo Financial Group, Inc. 170 1,221,631
Mizuho Financial Group, Inc.(1) 35 85,642
National Australia Bank Ltd. 20,000 434,103
Royal Bank of Scotland Group PLC 55,000 1,473,716
Sanpaolo IMI SPA 24,000 270,072
Societe Generale 4,400 326,848
Sumitomo Mitsui Financial Group, Inc. 120 603,629
Sumitomo Trust and Banking Co., Ltd. (The) 140,000 781,917
Svenska Handelsbanken AB 51,000 898,940
UBS AG 18,000 1,105,328
UFJ Holdings, Inc.(1) 20 85,505
UniCredito Italiano SPA 79,900 393,827
- --------------------------------------------------------------------------------
$ 19,081,703
- --------------------------------------------------------------------------------
BEVERAGES -- 1.5%
Diageo PLC 75,000 $ 881,990
Heineken NV 7,000 249,821
Interbrew 5,000 117,064
SABMiller PLC 25,000 211,164
Scottish & Newcastle PLC 20,000 117,344
- --------------------------------------------------------------------------------
$ 1,577,383
- --------------------------------------------------------------------------------
BROADCASTING AND CABLE -- 0.5%
Antena 3 Television SA(1) 264 $ 8,619
British Sky Broadcasting Group PLC(1) 50,000 543,024
- --------------------------------------------------------------------------------
$ 551,643
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements.
17
<Page>
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
BROADCASTING AND PUBLISHING -- 0.4%
Gruppo Editoriale L'Espresso SPA 90,000 $ 482,321
- --------------------------------------------------------------------------------
$ 482,321
- --------------------------------------------------------------------------------
BUILDING MATERIALS -- 1.1%
Compagnie de Saint-Gobain 5,000 $ 210,936
CRH PLC 15,000 269,758
Lafarge SA 3,200 229,152
Sumitomo Osaka Cement Co., Ltd. 80,000 147,724
Taiheiyo Cement Corp. 135,000 334,016
- --------------------------------------------------------------------------------
$ 1,191,586
- --------------------------------------------------------------------------------
BUSINESS AND PUBLIC SERVICES -- 0.4%
Sap AG 3,200 $ 465,558
- --------------------------------------------------------------------------------
$ 465,558
- --------------------------------------------------------------------------------
BUSINESS SERVICES - MISCELLANEOUS -- 0.6%
Adecco SA 2,000 $ 117,947
Capita Group PLC 28,800 120,836
Group 4 Falck A/S 4,800 107,717
Mitsubishi Corp. 12,000 124,546
PHS Group PLC 132,000 190,207
- --------------------------------------------------------------------------------
$ 661,253
- --------------------------------------------------------------------------------
CHEMICALS -- 2.0%
Asahi Kasei Corp. 39,000 $ 185,892
BASF AG 11,000 504,595
Bayer AG 10,000 240,289
JSR Corp. 24,000 508,664
L'Air Liquide SA 1,800 266,794
Shin-Etsu Chemical Co., Ltd. 12,000 446,446
- --------------------------------------------------------------------------------
$ 2,152,680
- --------------------------------------------------------------------------------
COMPUTER SOFTWARE & Services -- 1.1%
Itochu Techno-Science Corp. 8,000 $ 268,522
Maconomy A/S(1) 273,000 482,426
Softbank Corp. 5,000 256,970
TietoEnator Oyj 6,000 159,030
- --------------------------------------------------------------------------------
$ 1,166,948
- --------------------------------------------------------------------------------
COMPUTERS AND BUSINESS EQUIPMENT -- 0.5%
NEC Corp. 65,000 $ 574,112
- --------------------------------------------------------------------------------
$ 574,112
- --------------------------------------------------------------------------------
CONSUMER ELECTRONICS -- 3.4%
Philips Electronics NV 25,000 $ 673,959
Pioneer Corp. 16,000 398,781
Samsung Electronics Co., Ltd. 570 226,362
Sharp Corp. 40,000 629,827
Sony Corp. 9,000 313,549
Toshiba Corp. 86,000 344,986
Yamaha Corp. 52,000 1,047,710
- --------------------------------------------------------------------------------
$ 3,635,174
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS -- 0.3%
Kingfisher PLC 26,250 $ 125,839
Shimano Inc. 10,000 191,022
- --------------------------------------------------------------------------------
$ 316,861
- --------------------------------------------------------------------------------
DATA PROCESSING AND REPRODUCTION -- 1.1%
Canon, Inc. 25,000 $ 1,209,806
- --------------------------------------------------------------------------------
$ 1,209,806
- --------------------------------------------------------------------------------
DISTRIBUTION / WHOLESALE / RETAIL -- 0.3%
Celesio AG 1,200 $ 50,220
Esprit Holdings, Ltd. 100,000 314,202
- --------------------------------------------------------------------------------
$ 364,422
- --------------------------------------------------------------------------------
DIVERSIFIED OPERATIONS -- 0.1%
Keppel Corp., Ltd. 40,000 $ 136,707
- --------------------------------------------------------------------------------
$ 136,707
- --------------------------------------------------------------------------------
DRUGS -- 7.5%
Altana AG 1,900 $ 119,736
AstraZeneca PLC 28,000 1,315,204
Aventis SA 10,000 529,519
Biovail Corp.(1) 4,000 96,200
GlaxoSmithKline PLC 100,674 2,155,985
Novartis AG 48,000 1,829,633
Roche Holding AG 13,000 1,075,748
Schering AG 2,000 93,395
Takeda Chemical Industries, Ltd. 15,000 530,768
</Table>
See notes to financial statements.
18
<Page>
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
DRUGS (CONTINUED)
Teva Pharmaceutical Industries, Ltd. ADR 6,000 $ 341,340
- --------------------------------------------------------------------------------
$ 8,087,528
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 1.1%
CLP Holdings, Ltd. 24,000 $ 108,477
Enel SPA 14,000 87,559
Iberdrola SA 15,000 250,228
International Power PLC(1) 40,000 90,447
Scottish and Southern Energy PLC 45,000 468,485
Tokyo Electric Power Co., Inc. (The) 10,000 213,308
- --------------------------------------------------------------------------------
$ 1,218,504
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT -- 1.2%
Hitachi, Ltd. 50,000 $ 293,810
Mitsubishi Electric Corp. 24,000 107,191
Oki Electric Industry Co., Ltd.(1) 200,000 885,978
- --------------------------------------------------------------------------------
$ 1,286,979
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS -- 3.1%
Fanuc, Ltd. 8,000 $ 481,012
Matsushita Electric Industrial Co., Ltd. 40,000 527,221
Olympus Optical Co., Ltd. 30,000 657,661
Siemens AG 13,000 876,525
Venture Corp., Ltd. 36,000 390,821
Yokogawa Electric Corp. 41,000 479,238
- --------------------------------------------------------------------------------
$ 3,412,478
- --------------------------------------------------------------------------------
ENERGY SOURCES -- 3.9%
BP PLC 393,264 $ 2,729,459
Royal Dutch Petroleum Co. 33,000 1,464,297
- --------------------------------------------------------------------------------
$ 4,193,756
- --------------------------------------------------------------------------------
ENGINEERING AND CONSTRUCTION -- 0.4%
Vinci SA 5,500 $ 398,650
- --------------------------------------------------------------------------------
$ 398,650
- --------------------------------------------------------------------------------
ENTERTAINMENT -- 0.2%
Nintendo Co., Ltd. 2,300 $ 177,623
- --------------------------------------------------------------------------------
$ 177,623
- --------------------------------------------------------------------------------
ENTERTAINMENT / HOTELS -- 0.3%
Hilton Group PLC 110,000 $ 362,129
- --------------------------------------------------------------------------------
$ 362,129
- --------------------------------------------------------------------------------
FINANCIAL -- 0.6%
Hong Kong Exchanges and Clearing, Ltd. 250,000 $ 544,059
Singapore Exchange, Ltd. 103,000 98,211
- --------------------------------------------------------------------------------
$ 642,270
- --------------------------------------------------------------------------------
FINANCIAL SERVICES -- 3.8%
Credit Suisse Group 22,000 $ 775,153
Fortis 35,000 622,112
ING Groep NV 50,000 1,038,113
Man Group PLC 5,000 122,944
Muenchener Rueckversicherungs-Gesellschaft AG 1,300 155,039
Nomura Holdings, Inc. 79,200 1,360,164
- --------------------------------------------------------------------------------
$ 4,073,525
- --------------------------------------------------------------------------------
FOOD - RETAIL -- 0.8%
Carrefour SA 10,000 $ 524,985
Tesco PLC 90,000 360,814
- --------------------------------------------------------------------------------
$ 885,799
- --------------------------------------------------------------------------------
FOOD AND HOUSEHOLD PRODUCTS -- 2.0%
Nestle SA 8,000 $ 1,761,336
Parmalat Finanziaria SPA 120,000 373,860
- --------------------------------------------------------------------------------
$ 2,135,196
- --------------------------------------------------------------------------------
FOODS -- 0.6%
Cadbury Schweppes PLC 30,000 $ 192,307
Groupe Danone 3,000 452,678
- --------------------------------------------------------------------------------
$ 644,985
- --------------------------------------------------------------------------------
HOTELS -- 0.5%
Accor SA 2,600 $ 102,251
Compass Group PLC 65,000 374,750
InterContinental Hotels Group PLC(1) 12,712 115,354
- --------------------------------------------------------------------------------
$ 592,355
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES -- 0.1%
Nitori Co., Ltd. 1,500 $ 95,647
- --------------------------------------------------------------------------------
$ 95,647
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements.
19
<Page>
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES / APPLIANCES -- 0.4%
Electrolux AB 20,000 $ 410,212
- --------------------------------------------------------------------------------
$ 410,212
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 1.2%
Kao Corp. 12,000 $ 246,691
L'Oreal SA 5,200 384,462
LVMH Moet Hennessy Louis Vuitton SA 4,500 310,998
Reckitt Benckiser PLC 8,000 168,337
Shiseido Co., Ltd. 15,000 157,457
- --------------------------------------------------------------------------------
$ 1,267,945
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS / FOOD -- 0.6%
Unilever PLC 82,500 $ 703,492
- --------------------------------------------------------------------------------
$ 703,492
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATE -- 0.4%
Hutchison Whampoa, Ltd. 25,000 $ 193,962
Sonae, S.G.P.S., SA(1) 400,000 274,350
- --------------------------------------------------------------------------------
$ 468,312
- --------------------------------------------------------------------------------
INSURANCE -- 3.2%
Aegon NV 47,400 $ 621,556
Assicurazione Generali SPA 30,000 690,525
AXA Company 30,000 568,463
Prudential PLC 15,000 116,390
Swiss Reinsurance 15,000 944,135
Zurich Financial Services AG(1) 4,000 512,225
- --------------------------------------------------------------------------------
$ 3,453,294
- --------------------------------------------------------------------------------
INVESTMENT SERVICES -- 0.2%
Deutsche Boerse AG 4,000 $ 222,363
- --------------------------------------------------------------------------------
$ 222,363
- --------------------------------------------------------------------------------
MACHINERY -- 1.8%
Daikin Industries, Ltd. 40,000 $ 853,231
Komatsu, Ltd. 60,000 324,737
Mitsubishi Heavy Industries, Ltd. 75,000 206,031
Sandvik AB 3,700 110,039
Schneider Electric SA 4,200 245,834
SKF AB 6,500 229,975
- --------------------------------------------------------------------------------
$ 1,969,847
- --------------------------------------------------------------------------------
MACHINERY AND ENGINEERING -- 0.1%
Smiths Group PLC 9,000 $ 107,137
- --------------------------------------------------------------------------------
$ 107,137
- --------------------------------------------------------------------------------
MANUFACTURING - DIVERSIFIED -- 0.1%
Linde AG 2,500 $ 114,652
- --------------------------------------------------------------------------------
$ 114,652
- --------------------------------------------------------------------------------
MEDICAL PRODUCTS -- 0.6%
Fujisawa Pharmaceutical Co., Ltd. 5,000 $ 103,243
Smith & Nephew PLC 45,000 357,569
Terumo Corp. 12,000 228,135
- --------------------------------------------------------------------------------
$ 688,947
- --------------------------------------------------------------------------------
METALS - INDUSTRIAL -- 1.6%
Arcelor 6,000 $ 85,583
Assa Abloy AB 20,000 197,414
BHP Billiton, Ltd. 60,000 498,956
Nippon Steel Corp. 60,000 123,346
Rio Tinto PLC 5,000 121,247
Rio Tinto, Ltd. 30,000 758,864
- --------------------------------------------------------------------------------
$ 1,785,410
- --------------------------------------------------------------------------------
MULTIMEDIA -- 0.9%
News Corp., Ltd. 27,000 $ 240,431
Promotora de Informaciones SA (Prisa) 35,000 388,159
Vivendi Universal SA(1) 15,000 315,096
- --------------------------------------------------------------------------------
$ 943,686
- --------------------------------------------------------------------------------
OIL AND GAS - EQUIPMENT AND SERVICES -- 4.6%
Centrica PLC 70,000 $ 219,161
Eni SPA 45,000 714,589
Fortum Oyj 90,000 829,676
Shell Transport & Trading Co. PLC 142,200 888,007
Tokyo Gas Co., Ltd. 50,000 171,465
Total Fina Elf SA 14,000 2,175,968
- --------------------------------------------------------------------------------
$ 4,998,866
- --------------------------------------------------------------------------------
PAPER AND FOREST PRODUCTS -- 0.5%
Oji Paper Co., Ltd. 35,000 $ 186,246
Stora Enso Oyj 15,000 203,670
UPM-Kymmene Oyj 11,000 205,879
- --------------------------------------------------------------------------------
$ 595,795
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements.
20
<Page>
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
PHARMACIES - RETAIL -- 0.5%
Boots Group PLC 42,200 $ 510,230
- --------------------------------------------------------------------------------
$ 510,230
- --------------------------------------------------------------------------------
PHOTO EQUIPMENT AND SUPPLIES -- 0.5%
Fuji Photo Film Co., Ltd. 18,000 $ 530,495
- --------------------------------------------------------------------------------
$ 530,495
- --------------------------------------------------------------------------------
PUBLISHING -- 0.7%
Pearson PLC 40,000 $ 414,056
Reed Elsevier NV 9,000 100,231
Reed Elsevier PLC 30,000 233,161
- --------------------------------------------------------------------------------
$ 747,448
- --------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Cheung Kong Holdings, Ltd. 30,000 $ 250,138
Henderson Land Development Co., Ltd. 50,000 209,897
Mitsui Fudosan Co., Ltd. 45,000 418,747
Sun Hung Kai Properties, Ltd. 20,000 169,334
- --------------------------------------------------------------------------------
$ 1,048,116
- --------------------------------------------------------------------------------
RETAIL -- 2.1%
Don Quijote Co., Ltd. 9,000 $ 483,831
Inditex 5,000 103,288
Ito-Yokado Co., Ltd. 6,000 220,494
Marks & Spencer Group PLC 80,000 390,638
Metro AG 3,700 151,318
Pinault-Printemps-Redoute SA 1,200 122,272
Seven - Eleven Japan Co., Ltd. 13,000 411,516
The Daimaru, Inc. 60,000 353,664
- --------------------------------------------------------------------------------
$ 2,237,021
- --------------------------------------------------------------------------------
SEMICONDUCTOR COMPONENTS /
INTEGRATED CIRCUITS -- 1.0%
NEC Electronics Corp.(1) 5,000 $ 384,773
STMicroelectronics NV 20,000 532,425
Taiwan Semiconductor Manufacturing Co., Ltd.(1) 98,000 193,260
- --------------------------------------------------------------------------------
$ 1,110,458
- --------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT -- 0.1%
ASML Holding NV(1) 9,000 $ 156,205
- --------------------------------------------------------------------------------
$ 156,205
- --------------------------------------------------------------------------------
TELECOMMUNICATION EQUIPMENT -- 1.7%
Nokia Oyj $ 85,000 $ 1,443,651
Telefonaktiebolaget LM Ericsson(1) 220,000 377,908
- --------------------------------------------------------------------------------
$ 1,821,559
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS -- 6.9%
Nippon Telegraph and Telephone Corp. 200 $ 893,255
NTT Docomo, Inc. 400 865,966
Portugal Telecom, SGPS, SA 50,000 420,244
TDC A/S 12,000 385,641
Telecom Italia Mobile SPA 180,000 830,723
Telecom Italia SPA(1) 273,972 715,016
Telefonica SA 78,000 970,223
Vodafone Group PLC 927,954 1,948,681
Vodafone Group PLC ADR 20,000 423,000
- --------------------------------------------------------------------------------
$ 7,452,749
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS - SERVICES -- 2.2%
Alcatel SA(1) 17,000 $ 224,304
BT Group PLC 90,000 283,306
Deutsche Telekom AG(1) 30,000 472,556
Elisa Oyj(1) 30,000 357,469
France Telecom SA(1) 13,000 314,642
Koninklijke (Royal) KPN NV(1) 44,000 334,521
Telenor ASA 45,000 244,978
TeliaSonera AB 40,000 175,305
- --------------------------------------------------------------------------------
$ 2,407,081
- --------------------------------------------------------------------------------
TOBACCO -- 0.3%
Altadis SA 8,000 $ 193,998
British American Tobacco PLC 14,500 175,316
- --------------------------------------------------------------------------------
$ 369,314
- --------------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
East Japan Railway Co. 50 $ 226,497
MTR Corp., Ltd. 120,000 163,025
Nippon Express Co., Ltd. 28,000 126,329
Nippon Yusen Kabushiki Kaisha 38,000 161,768
- --------------------------------------------------------------------------------
$ 677,619
- --------------------------------------------------------------------------------
UTILITIES - ELECTRICAL AND GAS -- 1.5%
E. ON AG 10,340 $ 522,640
</Table>
See notes to financial statements.
21
<Page>
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
UTILITIES - ELECTRICAL AND GAS (CONTINUED)
Endesa SA 18,000 $ 285,626
National Grid Transco PLC 80,000 510,782
Scottish Power PLC 50,000 296,966
- --------------------------------------------------------------------------------
$ 1,616,014
- --------------------------------------------------------------------------------
WATER UTILITIES -- 0.3%
Severn Trent PLC 9,000 $ 108,130
Veolia Environnement 10,000 223,200
- --------------------------------------------------------------------------------
$ 331,330
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $90,386,374) $ 104,891,859
- --------------------------------------------------------------------------------
</Table>
PREFERRED STOCKS -- 0.2%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
MULTIMEDIA -- 0.2%
News Corp., Ltd. 30,000 $ 220,741
- --------------------------------------------------------------------------------
$ 220,741
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(IDENTIFIED COST $211,948) $ 220,741
- --------------------------------------------------------------------------------
</Table>
RIGHTS -- 0.0%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
BANKING -- 0.0%
Credit Agricole SA(1) 5,000 $ 1,162
- --------------------------------------------------------------------------------
$ 1,162
- --------------------------------------------------------------------------------
FINANCIAL SERVICES -- 0.0%
Muenchener Rueckversicherungs-Gesellschaft AG(1) 1,300 $ 10,745
- --------------------------------------------------------------------------------
$ 10,745
- --------------------------------------------------------------------------------
TOTAL RIGHTS
(IDENTIFIED COST $0) $ 11,907
- --------------------------------------------------------------------------------
</Table>
SHORT-TERM INVESTMENTS -- 2.8%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- --------------------------------------------------------------------------------
Investors Bank & Trust Company Time Deposit,
1.08%, 11/3/03 $ 3,007 $ 3,007,000
- --------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST, $3,007,000) $ 3,007,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.7%
(IDENTIFIED COST $93,605,322) $ 108,131,507
- --------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 0.3% $ 322,516
- --------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 108,454,023
- --------------------------------------------------------------------------------
</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
See notes to financial statements.
22
<Page>
COUNTRY CONCENTRATION OF PORTFOLIO
<Table>
<Caption>
PERCENTAGE
COUNTRY OF NET ASSETS VALUE
- --------------------------------------------------------------------------------
Australia 2.4% $ 2,560,908
Belgium 0.7 739,176
Canada 0.1 96,200
Denmark 1.2 1,258,212
Finland 2.9 3,199,374
France 8.3 8,990,099
Germany 4.6 5,001,242
Hong Kong 1.8 1,953,095
Ireland 1.4 1,571,323
Israel 0.3 341,340
Italy 4.2 4,558,492
Japan 23.7 25,720,759
Luxembourg 0.1 85,583
Netherlands 4.9 5,373,112
Norway 0.2 244,978
Portugal 0.9 1,007,283
Republic of Korea 0.2 226,362
Singapore 1.4 1,504,569
Spain 3.1 3,360,746
Sweden 2.3 2,497,385
Switzerland 8.0 8,653,929
Taiwan 0.2 193,260
United Kingdom 24.0 25,987,080
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS, PREFERRED STOCKS AND RIGHTS 96.9 $ 105,124,507
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS 2.8 $ 3,007,000
</Table>
See notes to financial statements.
23
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO as of October 31, 2003
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2003
<Table>
ASSETS
Investments, at value (identified cost, $93,605,322) $ 108,131,507
Cash 88
Foreign currency, at value (identified cost, $24,938) 24,798
Receivable for investments sold 725,814
Interest and dividends receivable 108,253
Tax reclaim receivable 111,754
- --------------------------------------------------------------------------------
TOTAL ASSETS $ 109,102,214
- --------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased $ 611,830
Payable for Trustees' fees 675
Accrued expenses 35,686
- --------------------------------------------------------------------------------
TOTAL LIABILITIES $ 648,191
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS' INTEREST IN PORTFOLIO $ 108,454,023
- --------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Net proceeds from capital contributions and withdrawals $ 93,917,174
Net unrealized appreciation (computed on the basis
of identified cost) 14,536,849
- --------------------------------------------------------------------------------
TOTAL $ 108,454,023
- --------------------------------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED
OCTOBER 31, 2003
<Table>
INVESTMENT INCOME
Dividends (net of foreign taxes, $300,202) $ 2,262,066
Interest 49,975
- --------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 2,312,041
- --------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 970,995
Trustees' fees and expenses 6,770
Custodian fee 184,431
Legal and accounting services 27,967
Miscellaneous 5,024
- --------------------------------------------------------------------------------
TOTAL EXPENSES $ 1,195,187
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,116,854
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (41,906,122)
Foreign currency transactions 61,857
- --------------------------------------------------------------------------------
NET REALIZED LOSS $ (41,844,265)
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 57,312,533
Foreign currency (17,897)
- --------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 57,294,636
- --------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 15,450,371
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 16,567,225
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements.
24
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
INCREASE (DECREASE) YEAR ENDED YEAR ENDED
IN NET ASSETS OCTOBER 31, 2003 OCTOBER 31, 2002
- -------------------------------------------------------------------------------------
From operations --
Net investment income (loss) $ 1,116,854 $ (11,212)
Net realized loss (41,844,265) (50,659,462)
Net change in unrealized
appreciation (depreciation) 57,294,636 16,097,067
- -------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 16,567,225 $ (34,573,607)
- -------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 103,561,358 $ 138,941,754
Withdrawals (107,594,167) (147,966,444)
- -------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ (4,032,809) $ (9,024,690)
- -------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 12,534,416 $ (43,598,297)
- -------------------------------------------------------------------------------------
NET ASSETS
AT BEGINNING OF YEAR $ 95,919,607 $ 139,517,904
- -------------------------------------------------------------------------------------
AT END OF YEAR $ 108,454,023 $ 95,919,607
- -------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
25
<Page>
SUPPLEMENTARY DATA
<Table>
<Caption>
YEAR ENDED OCTOBER 31,
-------------------------------------------
2003 2002 2001(1)
- -----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratios (As a percentage of average daily net assets):
Expenses 1.23% 1.20% 1.23%(2)
Net investment income (loss) 1.15% (0.01)% (0.59)%(2)
Portfolio Turnover 100% 128% 31%
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 17.52% (27.07)% --
- -----------------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S OMITTED) $ 108,454 $ 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.
26
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO as of October 31, 2003
NOTES TO FINANCIAL STATEMENTS
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 October 31, 2003, the Eaton
Vance Tax-Managed International Growth Fund and the Eaton Vance Tax-Managed
Equity Asset Allocation Fund held 65.5% and 34.3% 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 or are considered by the
investment adviser to not reflect current market conditions 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.
27
<Page>
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.
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 year
ended October 31, 2003, the advisory fee amounted to $970,995. 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 year ended October 31, 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 $92,528,139 and $96,899,320, respectively, for the year ended
October 31, 2003.
4 FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation (depreciation) in value of the
investments owned at October 31, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $ 94,973,105
--------------------------------------------------
Gross unrealized appreciation $ 16,255,886
Gross unrealized depreciation (3,097,484)
--------------------------------------------------
NET UNREALIZED APPRECIATION $ 13,158,402
--------------------------------------------------
</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 October 31, 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 year ended October 31, 2003.
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
28
<Page>
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.
8 INTERESTHOLDER MEETING (UNAUDITED)
The Portfolio held a Special Meeting of Interestholders on June 6, 2003 to
elect Trustees. The results of the vote were as follows:
<Table>
<Caption>
INTEREST IN THE PORTFOLIO
---------------------------
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
------------------------------------------------------
Jessica M. Bibliowicz 99% 1%
Donald R. Dwight 99% 1%
James B. Hawkes 99% 1%
Samuel L. Hayes, III 99% 1%
William H. Park 99% 1%
Norton H. Reamer 99% 1%
Lynn A. Stout 99% 1%
</Table>
Results are rounded to the nearest whole number. Donald R. Dwight retired as
a Trustee effective July 1, 2003 pursuant to the mandatory retirement policy
of the Portfolio.
29
<Page>
TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO as of October 31, 2003
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND INVESTORS OF TAX-MANAGED INTERNATIONAL GROWTH PORTFOLIO:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Tax-Managed International Growth Portfolio (the
Portfolio) as of October 31, 2003, and the related statement of operations for
the year then ended, the statements of changes in net assets for the two years
then ended and the supplementary data for the years ended October 31, 2003 and
2002, and for the period from the start of business, July 23, 2001, to October
31, 2001. These financial statements and supplementary data are the
responsibility of the Portfolio's management. Our responsibility is to express
an opinion on these financial statements and supplementary data based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and supplementary data are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities held as of October 31, 2003 by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and supplementary data referred to
above present fairly, in all material respects, the financial position of the
Tax-Managed International Growth Portfolio as of October 31, 2003, the results
of its operations for the year then ended, the changes in its net assets and the
supplementary data for the respective stated periods in conformity with
accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 16, 2003
30
<Page>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and
Tax-Managed International Growth 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 The Eaton Vance Building, 255 State Street, Boston,
Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV"
refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR"
refers to Boston Management and Research and "EVD" refers to Eaton Vance
Distributors, Inc. EVC and EV are the corporate parent and trustee,
respectively, of EVM and BMR. EVD is the Fund's principal underwriter, the
Portfolio's placement agent and a wholly-owned subsidiary of EVM.
<Table>
<Caption>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX OTHER
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE (1) HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(S)
Jessica M. Bibliowicz Trustee Since 1998 Chairman, President and Chief 192 Director of
11/28/59 Executive Officer of National National
Financial Partners (financial Financial
services company) (since April Partners
1999). President and Chief
Operating Officer of John A.
Levin & Co. (registered
investment adviser) (July 1997
to April 1999) and a Director
of Baker, Fentress & Company,
which owns John A. Levin & Co.
(July 1997 to April 1999). Ms.
Bibliowicz is an interested
person because of her
affiliation with a brokerage
firm.
James B. Hawkes Trustee Trustee of Chairman, President and Chief 194 Director of EVC
11/9/41 the Trust Executive Officer of BMR, EVC,
since EVM and EV; Director of EV;
1991; of Vice President and Director of
the EVD. Trustee and/or officer of
Portfolio 194 registered investment
since 1998 companies in the Eaton Vance
Fund Complex. Mr. Hawkes is an
interested person because of
his positions with BMR, EVM,
EVC and EV, which are
affiliates of the Trust and
the Portfolio.
NONINTERESTED TRUSTEES(S)
Samuel L. Hayes, III Trustee Trustee of Jacob H. Schiff Professor of 194 Director of
2/23/35 the Trust Investment Banking Emeritus, Tiffany & Co.
since Harvard University Graduate School (specialty
1986; of of Business Administration. retailer) and
the Telect, Inc.
Portfolio (telecommunication
since 1998 services company)
William H. Park Trustee Since 2003 President and Chief Executive 191 None
9/19/47 Officer, Prizm Capital Management,
LLC (investment management firm)
(since 2002). Executive Vice
President and Chief Financial
Officer, United Asset Management
Corporation (a holding company
owning institutional investment
management firms) (1982-2001).
</Table>
31
<Page>
<Table>
<Caption>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX OTHER
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE (1) HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(S) (CONTINUED)
Ronald A. Pearlman Trustee Since 2003 Professor of Law, Georgetown 191 None
7/10/40 University Law Center (since 1999).
Tax Partner Covington & Burling,
Washington, DC (1991-2000).
Norton H. Reamer Trustee Trustee of President and Chief Executive 194 None
9/21/35 the Officer of Asset Management Finance
Trust Corp. (a specialty finance company
since serving the investment management
1986; of industry) (since October 2003).
the President, Unicorn Corporation (an
Portfolio investment and financial advisory
since 1998 services company) (since
September 2000). Formerly, Chairman,
Hellman, Jordan Management Co.,
Inc. (an investment management
company) (2000-2003). Formerly,
Advisory Director of Berkshire
Capital Corporation (investment
banking firm) (2002-2003).
Formerly, Chairman of the Board,
United Asset Management Corporation
(a holding company owning
institutional investment management
firms) and Chairman, President and
Director, UAM Funds (mutual funds)
(1980-2000).
Lynn A. Stout Trustee Since 1998 Professor of Law, University of 194 None
9/14/57 California at Los Angeles School of
Law (since July 2001). Formerly,
Professor of Law, Georgetown
University Law Center.
</Table>
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
<Table>
<Caption>
POSITION(S) TERM OF
WITH THE OFFICE AND
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas E. Faust Jr. President of the Trust Since 2002 Executive Vice President of EVM, BMR, EVC and EV; Chief
5/31/58 Investment Officer of EVM and BMR and Director of EVC. Chief
Executive Officer of Belair Capital Fund LLC, Belcrest Capital
Fund LLC, Belmar Capital Fund LLC, Belport Capital Fund LLC and
Belrose Capital Fund LLC (private investment companies sponsored
by EVM). Officer of 53 registered investment companies managed by
EVM or BMR.
William H. Ahern, Jr. Vice President of Since 1995 Vice President of EVM and BMR. Officer of 35 registered investment
7/28/59 the Trust companies managed by EVM or BMR.
Kiersten Christensen Vice President of Since 2002 Vice President of EVM and BMR since August 2000. Previously, a
10/21/65 the Portfolio portfolio manager and equity analyst at Lloyd George Investment
Management (Bermuda) Limited. Officer of 1 registered investment
company managed by EVM or BMR.
Thomas J. Fetter Vice President of Since 1997 Vice President of EVM and BMR. Trustee and President of The
8/20/43 the Trust Massachusetts Health & Education Tax-Exempt Trust. Officer of 127
registered investment companies managed by EVM or BMR.
Robert B. MacIntosh Vice President of Since 1998 Vice President of EVM and BMR. Officer of 127 registered investment
1/22/57 the Trust companies managed by EVM or BMR.
Michael R. Mach Vice President of Since 1999 Vice President of EVM and BMR. Previously, Managing Director and
7/15/47 the Trust Senior Analyst for Robertson Stephens (1998-1999). Officer of 25
registered investment companies managed by EVM or BMR.
</Table>
32
<Page>
<Table>
<Caption>
POSITION(S) TERM OF
WITH THE OFFICE AND
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS
- ------------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES (CONTINUED)
Duncan W. Richardson Vice President of the Vice President Senior Vice President and Chief Equity Investment Officer of EVM
10/26/57 Trust; President of of the Trust and BMR. Officer of 41 registered investment companies managed by
the Portfolio since 2001; EVM or BMR.
President of
the Portfolio
since 2002
Walter A. Row, III Vice President of the Since 2001 Director of Equity Research and a Vice President of EVM and BMR.
7/20/57 Trust Officer of 22 registered investment companies managed by EVM or BMR.
Judith A. Saryan Vice President of Since 2003 Vice President of EVM and BMR. Previously, Portfolio Manager and
8/21/54 the Trust Equity Analyst for State Street Global Advisers (1980-1999). Officer
of 24 registered investment companies managed by EVM or BMR.
Susan Schiff Vice President of Since 2002 Vice President of EVM and BMR. Officer of 26 registered investment
3/13/61 the Trust companies managed by EVM or BMR.
Alan R. Dynner Secretary Secretary of Vice President, Secretary and Chief Legal Officer of BMR, EVM, EVD,
10/10/40 the Trust since EV and EVC. Officer of 194 registered investment companies managed
1997; of the by EVM or BMR.
Portfolio since
1998
Kristin S. Anagnost Treasurer of the Since 2002(2) Assistant Vice President of EVM and BMR. Officer of 109 registered
6/12/65 Portfolio investment companies managed by EVM or BMR.
James L. O'Connor Treasurer of the Trust Since 1989 Vice President of BMR, EVM, and EVD. Officer of 115 registered
4/1/45 investment companies managed by EVM or BMR.
</Table>
(1) Includes both master and feeder funds in a master-feeder structure.
(2) Prior to 2002, Ms. Anagnost served as Assistant Treasurer of the Portfolio
since 1998.
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 by
calling 1-800-225-6265.
33
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (a fixed income
investment management firm). Previously, he served as Executive Vice President
and Chief Financial Officer of United Asset Management Corporation ("UAM") (a
holding company
<Page>
owning institutional investment management firms). Mr. Hayes is the Jacob H.
Schiff Professor of Investment Banking Emeritus of the Harvard University
Graduate School of Business Administration. Mr. Reamer is the President of
Unicorn Capital (an investment and financial advisory services company),
Chairman of Hellman, Jordan Management Co., Inc. (an investment management
company) and Advisory Director of Berkshire Capital Corporation (an investment
banking firm). Previously, Mr. Reamer was Chairman of the Board of UAM and
Chairman, President and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this 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)(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.
<Page>
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: December 16, 2003
-----------------
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: December 16, 2003
-----------------
By: /S/ Duncan W. Richardson
-----------------------------
Duncan W. Richardson
President
Date: December 16, 2003