<PAGE>
[EATON VANCE LOGO] [PHOTO OF EIFEL TOWER FRANCE]
Annual Report October 31, 2000
EATON VANCE
TAX-MANAGED
INTERNATIONAL
GROWTH
FUND
[PHOTO OF PAGODA]
[PHOTO OF SKYLINE OF AUSTRALIA]
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
LETTER TO SHAREHOLDERS
[PHOTO]
James B. Hawkes
President
Eaton Vance Tax-Managed International Growth Fund, Class A shares, had a total
return of -0.21% during the year ended October 31, 2000. That return was the
result of a decrease in net asset value per share (NAV) from $12.16 on October
31, 1999 to $12.07 on October 31, 2000 and the reinvestment of $0.070 per share
in dividend income.(1)
Class B shares had a total return of -1.05% for the same period, the result of a
decrease in NAV from $12.03 to $11.88 and the reinvestment of $0.026 per share
in dividend income.(1) Class C shares had a total return of -1.05% for the same
period, the result of a decrease in NAV from $12.00 to $11.86 and the
reinvestment of $0.016 per share in dividend income.(1)
By comparison, the Morgan Stanley Capital International Europe, Australasia, and
Far East Index (EAFE) - a broad-based, unmanaged market index of international
stocks - had a total return of -2.90% between October 31, 1999 and October 31,
2000.(2)
CURRENCY VOLATILITY AND A FALL BACK TO EARTH FOR TECH STOCKS AFFECTED THE
EUROPEAN AND JAPANESE MARKETS OVER THE PAST YEAR...
Europe and Japan were not immune to the tech sell-off that occurred in the U.S.
markets this year. While currency instability and severe stock market movements
may be unnerving to investors, we believe that periodic corrections can be a
healthy part of the investment cycle, wringing out excesses and restoring value
to the marketplace. They can also provide excellent buying opportunities in
international companies with good growth prospects. We believe that good quality
international companies will continue to provide opportunities for patient,
growth-oriented investors.
A WELL-DIVERSIFIED PORTFOLIO SHOULD INCLUDE
INTERNATIONAL EQUITIES...
International markets historically have provided excellent investment
opportunities and a long-term record of strong returns. At Eaton Vance, we
believe that investors should diversify their portfolios by allocating between
international investments and those in the U.S. markets. This can help reduce
the overall long-term volatility of one's portfolio, while increasing the
potential for better returns.
On the following pages, portfolio manager Armin Lang discusses the international
equity markets and the Fund's performance over the past 12 months.
Sincerely,
/s/ James B. Hawkes
James B. Hawkes
President
December 12, 2000
--------------------------------------------------------------------------------
FUND INFORMATION
AS OF OCTOBER 31, 2000
<TABLE>
<CAPTION>
PERFORMANCE(3) Class A Class B Class C
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -0.21% -1.05% -1.05%
Life of Fund+ 7.95 7.13 7.03
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year -5.94% -5.99% -2.03%
Life of Fund+ 5.45 5.69 7.03
+Inception Dates - Class A: 4/22/98; Class B: 4/22/98; Class C:4/22/98
</TABLE>
<TABLE>
<CAPTION>
TEN LARGEST HOLDINGS(4)
--------------------------------------------------------------------------------
<S> <C>
Vodafone Group, PLC 2.8%
Fast Retailing Co., Ltd. 2.7
Parmalat Finanziaria SPA 2.0
Promise Co. Ltd. 1.9
ASR Verzekeringsgroep 1.9
Versatel Telecom International ADR 1.8
Epcos AG - ADR 1.8
Lloyds TSB Group PLC 1.8
SK Telecom Co., Ltd. ADR 1.7
Aegon N.V. 1.7
</TABLE>
(1) These returns do not include the 5.75% maximum sales charge for the Fund's
Class A shares or the applicable contingent deferred sales charges (CDSC) for
Class B and Class C shares. (2) It is not possible to invest directly in an
Index. (3) Returns are historical and are calculated by determining the
percentage change in net asset value with all distributions reinvested. SEC
returns for Class A reflect the maximum 5.75% sales charge. SEC returns for
Class B reflect applicable CDSC based on the following schedule: 5% - 1st and
2nd years; 4% - 3rd year; 3% - 4th year; 2% - 5th year; 1% - 6th year. SEC
1-Year return for Class C reflects 1% CDSC. (4) Ten largest equity holdings
accounted for 20.1% of the Portfolio's net assets. Holdings are subject to
change.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost.
MUTUAL FUND SHARES ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE SUBJECT
TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTED.
2
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
MANAGEMENT DISCUSSION
AN INTERVIEW WITH ARMIN J. LANG, PORTFOLIO MANAGER OF EATON VANCE
TAX-MANAGED INTERNATIONAL GROWTH FUND
[PHOTO]
Armin J. Lang
Portfolio Manager
Q: Armin, would you please give us some insight on the international markets
over the past year?
A: This has been a very interesting year in many respects. First, the fiscal
year from October 1999 to October 2000 was characterized by a dramatic
change of direction. The first six months were a boom phase during which it
seemed investors could do no wrong - stocks only went in one direction.
However, in the past six months, this pattern was inverted.
Second, this year was notable because currency movements overshadowed
equity movements. Take, for example, the Morgan Stanley EAFE Index, the
Fund's benchmark. With net dividends included, its returns in US dollars
differed from its returns measured in local currencies by almost 15% over
the course of the fiscal year. What accounted for this? The Euro lost about
20% over the fiscal year, the Yen was down about 4%, and the British pound
was down about 12%. These represented enormous swings. To put that into
perspective, if you look at the same index over the past 20 years, the
difference between the local currency and U.S. dollar measurements has been
only 5 basis points (0.05%). That's something that's important to bear in
mind - that over the long term, there has been currency equilibrium. In the
shorter term, however, there have been massive, unpredictable swings. So,
we might see a rebound if the pendulum swings the other way, although it
would be impossible to predict when that might occur.
Q: How has the Euro currency crisis affected the performance of the companies
held by the Fund?
A: I would argue that it has been beneficial for European companies, because
they often have been able to reap windfall profits. The companies that we
invest in are global companies. If they have sales into the United States,
they will realize higher U.S. dollar revenues, which clearly would be
beneficial, given the strength of the dollar. For the economies of Europe,
on the other hand, the currency crisis has been more negative. Most of the
European Union nations are importers of oil, and not only have they had the
negative effect of high oil prices, but they paid in U.S.dollars. That has
helped to create the perception of inflation that we've seen during the
currency crisis. I believe the impact on the companies held by
--------------------------------------------------------------------------------
GLOBAL WEIGHTINGS+
------------------------------------
BY TOTAL NET ASSETS
[PIE CHART]
<TABLE>
<S> <C>
Asia 3.1%
Japan 21.2%
United Kingdom 15.3%
Europe 49.7%
Other 7.9%
</TABLE>
<TABLE>
<CAPTION>
FIVE LARGEST SECTOR POSITIONS+
------------------------------------
BY TOTAL NET ASSETS
<S> <C>
Telecommunications 17.1%
Banking 8.2%
Financial Services 7.2%
Insurance 6.4%
Electronic Components - Instruments 6.2%
</TABLE>
+ Global weightings and sector positions are subject to change due to active
management. Five largest sector positions accounted for 45.1% of the Fund.
3
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONL GROWTH FUND AS OF OCTOBER 31, 2000
MANAGEMENT DISCUSSION
the Fund has been negligible. What HAS made an important difference is big
moves in the currency. A twenty percent decline for the Euro over the past
year represents a significant move and has created an environment of
instability. To illustrate the point, international equities for the fiscal
year, when measured in local currency, have been up by about 12%. However,
they're down by about 3% when measured in U.S. dollars. The difference in
performance is accounted for purely by currency values.
Q: How was the Fund's performance in this context?
A: Overall, I would characterize it as a good year for the Fund. The performance
was basically flat, when measured in U.S. dollars. In local currency,
however, we would have been up about 15%. For the EAFE Index, Morgan
Stanley has subcategories separating the growth segment of the universe
from the value portion. Since we are a growth fund, we pay special
attention to the growth part of the index, which was down about 7%. So, we
outperformed the growth portion of the benchmark by a decent margin.
Q: Talk about some of the industries represented in the Fund's holdings.
A: Over the past year, some previously high-flying industries, such as
technology and telecommunications, took a big hit. The telecom sector,
overall, underperformed the Index, while some of the more stable industries
have outperformed. But because the Fund didn't have too much exposure to
any one industry, we didn't specifically benefit from any over- or
underweighting. The Fund mirrors the EAFE Index benchmark pretty closely in
that regard, as well as in our regional allocations. Our goal is to invest
in the best companies we can within those guidelines.
Q: You mentioned telecommunications, the Fund's largest weighting at
October 31, 2000. What more can you tell us about this area?
A: The downturn in telecom was international, because valuations had gone up
dramatically in the global markets during the course of 1999 and into 2000
to unsustainable levels. Now that big wave is rolling over. Some of these
companies are down as much as 70%, which certainly is a huge decline. But
keep in mind that the stocks are coming down from unrealistic levels of
valuation. Actually, some of the telecom stocks are very attractive at
these price levels - they're still good companies with solid growth
characteristics, and now many are available at reasonable prices.
Q: Is there a cyclical pattern or relationship among regional markets in the
U.S., Europe, and Japan?
A: If you look at the returns of the last 12 months, you'll see that the U.S.
stock market was up 6.5%, Europe was up 21%, and Japan was down 7.5%, all in
local currency. There's no pattern; they move independently,especially when
tracked over long periods of time. However, in the intraday or daily
movements, you can often see a relationship at work. If NASDAQ goes down 5%
in a day, there's likely to be some spillover several hours later in Japan,
but that's just on a day-to-day basis.
That's why diversification is so important. With internationally diversified
holdings, an investor can cover the range of stock market movements over
time. The evidence that diversification works holds up extremely well, but
it doesn't work over an hour or a day. Investors should maintain a
long-term investment horizon, which can help reduce the impact of long-term
volatility in the global markets.
4
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND
AS OF OCTOBER 31, 2000
PERFORMANCE
[MOUNTAIN GRAPH]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE TAX-MANAGED
INTERNATIONAL GROWTH FUND CLASS A VS. THE MORGAN STANLEY EUROPE, AUSTRALASIA &
FAR EAST INDEX*
April 30, 1998 - October 31, 2000
<TABLE>
<CAPTION>
Eaton Vance
Tax-Managed
International
Growth Fund, Class A
Class A With Maximum
EAFE Index (at NAV) sales charge
<S> <C> <C> <C>
4/30/1998 $10,000 $10,000 $10,000
5/31/1998 $9,951 $9,990 $9,415
6/30/1998 $10,027 $9,949 $9,377
7/31/1998 $10,128 $10,102 $9,521
8/31/1998 $8,874 $8,861 $8,351
9/30/1998 $8,602 $8,433 $7,948
10/31/1998 $9,498 $8,993 $8,476
11/30/1998 $9,985 $9,552 $9,003
12/31/1998 $10,379 $9,766 $9,204
1/31/1999 $10,348 $9,512 $8,965
2/28/1999 $10,101 $9,359 $8,821
3/31/1999 $10,523 $9,908 $9,338
4/30/1999 $10,950 $10,234 $9,645
5/31/1999 $10,386 $9,939 $9,367
6/30/1999 $10,791 $10,661 $10,048
7/31/1999 $11,111 $11,200 $10,556
8/31/1999 $11,152 $11,587 $10,920
9/30/1999 $11,264 $11,811 $11,131
10/31/1999 $11,686 $12,370 $11,659
11/30/1999 $12,092 $13,143 $12,387
12/31/1999 $13,177 $14,185 $13,369
1/31/2000 $12,340 $13,776 $12,983
2/29/2000 $12,672 $14,174 $13,359
3/31/2000 $13,163 $14,880 $14,024
4/30/2000 $12,471 $13,990 $13,186
5/31/2000 $12,166 $13,520 $12,742
6/30/2000 $12,642 $14,031 $13,224
7/31/2000 $12,112 $13,244 $12,482
8/31/2000 $12,217 $13,602 $12,819
9/30/2000 $11,622 $12,896 $12,154
10/31/2000 $11,348 $12,344 $11,634
</TABLE>
[MOUNTAIN GRAPH]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE TAX-MANAGED
INTERNATIONAL GROWTH FUND CLASS B VS. THE MORGAN STANLEY EUROPE, AUSTRALASIA &
FAR EAST INDEX*
April 30, 1998 - October 31, 2000
<TABLE>
<CAPTION>
Eaton Vance
Tax-Managed
International
Growth Fund, Class B
Class B With Applicable
EAFE Index (at NAV) CDSC
<S> <C> <C> <C>
4/30/1998 $10,000 $10,000 COLUMN OF
5/31/1998 $9,951 $9,980 DATA TO
6/30/1998 $10,027 $9,929 COME
7/31/1998 $10,128 $10,081
8/31/1998 $8,874 $8,840
9/30/1998 $8,602 $8,403
10/31/1998 $9,498 $8,962
11/30/1998 $9,985 $9,512
12/31/1998 $10,379 $9,725
1/31/1999 $10,348 $9,461
2/28/1999 $10,101 $9,298
3/31/1999 $10,523 $9,837
4/30/1999 $10,950 $10,153
5/31/1999 $10,386 $9,868
6/30/1999 $10,791 $10,570
7/31/1999 $11,111 $11,109
8/31/1999 $11,152 $11,475
9/30/1999 $11,264 $11,689
10/31/1999 $11,686 $12,238
11/30/1999 $12,092 $12,991
12/31/1999 $13,177 $14,005
1/31/2000 $12,340 $13,598
2/29/2000 $12,672 $13,975
3/31/2000 $13,163 $14,668
4/30/2000 $12,471 $13,771
5/31/2000 $12,166 $13,302
6/30/2000 $12,642 $13,802
7/31/2000 $12,112 $13,017
8/31/2000 $12,217 $13,363
9/30/2000 $11,622 $12,660
10/31/2000 $11,348 $12,109
</TABLE>
[MOUNTAIN GRAPH]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE TAX-MANAGED
INTERNATIONAL GROWTH FUND CLASS C VS. THE MORGAN STANLEY EUROPE, AUSTRALASIA &
FAR EAST INDEX*
April 30, 1998 - October 31, 2000
<TABLE>
<CAPTION>
Eaton Vance
Tax-Managed
International
Growth Fund,
EAFE Index Class C
<S> <C> <C>
4/30/1998 $10,000 $10,000
5/31/1998 $9,951 $9,969
6/30/1998 $10,027 $9,929
7/31/1998 $10,128 $10,071
8/31/1998 $8,874 $8,830
9/30/1998 $8,602 $8,393
10/31/1998 $9,498 $8,952
11/30/1998 $9,985 $9,502
12/31/1998 $10,379 $9,705
1/31/1999 $10,348 $9,440
2/28/1999 $10,101 $9,288
3/31/1999 $10,523 $9,817
4/30/1999 $10,950 $10,132
5/31/1999 $10,386 $9,837
6/30/1999 $10,791 $10,539
7/31/1999 $11,111 $11,078
8/31/1999 $11,152 $11,434
9/30/1999 $11,264 $11,648
10/31/1999 $11,686 $12,208
11/30/1999 $12,092 $12,950
12/31/1999 $13,177 $13,964
1/31/2000 $12,340 $13,557
2/29/2000 $12,672 $13,934
3/31/2000 $13,163 $14,616
4/30/2000 $12,471 $13,740
5/31/2000 $12,166 $13,261
6/30/2000 $12,642 $13,760
7/31/2000 $12,112 $12,976
8/31/2000 $12,217 $13,323
9/30/2000 $11,622 $12,620
10/31/2000 $11,348 $12,080
</TABLE>
<TABLE>
<CAPTION>
PERFORMANCE+ Class A Class B Class C
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -0.21% -1.05% -1.05%
Life of Fund+ 7.95 7.13 7.03
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year -5.94% -5.99% -2.03%
Life of Fund+ 5.45 5.69 7.03
</TABLE>
+Inception Dates - Class A: 4/22/98; Class B: 4/22/98; Class C:4/22/98
* Source: TowersData, Bethesda, MD. Investment operations commenced
4/22/98. Index information is available only at month-end; therefore, the line
comparison begins at the next month-end following the commencement of the
Fund's investment operations.
The chart compares the Fund's total return with that of the Morgan Stanley
Capital International Europe, Australasia, and Far East Index (EAFE), a
broad-based, unmanaged market index of international stocks. Returns are
calculated by determining the percentage change in net asset value (NAV) with
all distributions reinvested. The Index's returns use net dividends which
reflect the deduction of withholding taxes. The lines on the chart represent
the total returns of $10,000 hypothetical investments in the Fund and the EAFE
Index. The Index's total returns do not reflect any commissions or expenses
that would have been incurred if an investor individually purchased or sold
the securities represented in the Index. It is not possible to invest directly
in an Index.
+ Returns are historical and are calculated by determining the percentage change
in net asset value with all distributions reinvested. SEC returns for Class A
reflect the maximum 5.75% sales charge. SEC returns for Class B reflect
applicable CDSC based on the following schedule: 5% - 1st and 2nd years; 4% -
3rd year; 3% - 4th year; 2% - 5th year; 1% - 6th year. SEC 1-Year return for
Class C reflects 1% CDSC.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost.
5
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
PERFORMANCE
AFTER-TAX PERFORMANCE
AS OF OCTOBER 31, 2000
The table below sets forth the Fund's pre-tax and after-tax performance.
After-tax performance reflects the impact of federal income taxes on Fund
distributions of dividends and capital gains, while pre-tax performance does
not. Because the objective of the Fund is to provide long-term, after-tax
returns to shareholders, it is important for investors to know the effect of
taxes on the Fund's return.
PRE-TAX AND AFTER-TAX AVERAGE ANNUAL RETURNS
AT NET ASSET VALUE FOR THE PERIOD ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
1 YEAR Pre-Tax After-Tax Tax-Efficiency
-------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A -0.21% -0.38% N.A.
Class B -1.05% -1.08% N.A.
Class C -1.05% -1.05% N.A.
<CAPTION>
LIFE OF FUND* Pre-Tax After-Tax Tax-Efficiency
-------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A 7.95% 7.88% 99.12%
Class B 7.13% 7.12% 99.86%
Class C 7.03% 7.02% 99.86%
</TABLE>
*Inception Dates - Class A: 4/22/98; Class B: 4/22/98; Class C: 4/22/98
Source:TowersData, Bethesda, Md
Pre-tax returns are calculated by determining the percentage change in net asset
value with all distributions reinvested in Fund shares. After-tax returns are
calculated similarly, except that distributions are reduced by federal income
taxes before reinvestment. After-tax returns have been adjusted to reflect tax
credits available to shareholders as a result of foreign income taxes paid by
the Fund. Because the Fund did not have a positive return for the 1 year ended
10/31/00, tax efficiency is not determinable.
The highest historical federal tax rates (currently 39.6% for dividends and 20%
for capital gains) are used. If an investor is in a lower tax bracket, the
impact of taxes on returns will be reduced. The after-tax calculations do not
take into account state or local taxes or the federal alternative minimum tax.
If an investor sells Fund shares, any realized gains will be subject to taxes
not reflected in the after-tax returns shown above.
The performance does not include the effects of the Class A shares initial sales
charge (5.75% maximum) or any applicable contingent deferred sales charge (5.00%
maximum for Class B shares and 1% for Class C shares redeemed in the first
year).
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost.
The after-tax returns shown above are not applicable to shares held in
tax-deferred accounts (such as IRA or 401(k) accounts)and shares held by
non-taxable entities (such as qualified pension plans and charities).
6
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
PORTFOLIO OF INVESTMENTS
COMMON STOCKS -- 96.0%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------
Appliances and Household Durables -- 0.2%
-----------------------------------------------------------------------
Sony Corp. 5,300 $ 423,262
-----------------------------------------------------------------------
$ 423,262
-----------------------------------------------------------------------
Auto and Parts -- 0.2%
-----------------------------------------------------------------------
Bridgestone Corp. 50,000 $ 495,467
-----------------------------------------------------------------------
$ 495,467
-----------------------------------------------------------------------
Automobiles -- 0.4%
-----------------------------------------------------------------------
Toyota Motor Co. 23,000 $ 918,399
-----------------------------------------------------------------------
$ 918,399
-----------------------------------------------------------------------
Banking -- 8.2%
-----------------------------------------------------------------------
ABN Amro Holdings 74,778 $ 1,730,324
Allied Irish Banks PLC 310,399 3,157,130
Banco Popular Espanol 36,000 1,075,604
Bank of Scotland 200,950 1,876,271
Commerzbank AG 12,000 339,209
Dexia 7,177 1,077,339
HSBC Holdings PLC 23,125 329,754
Lloyds TSB Group PLC 381,110 3,884,937
National Australia Bank Ltd. 156,327 2,171,032
Svenska Handelbanken "A" 117,200 1,836,367
Vontobel Holding AG 110 308,631
-----------------------------------------------------------------------
$ 17,786,598
-----------------------------------------------------------------------
Banks and Money Services -- 1.3%
-----------------------------------------------------------------------
Comdirect Bank 82,500 $ 2,027,883
UBS AG 6,000 830,877
-----------------------------------------------------------------------
$ 2,858,760
-----------------------------------------------------------------------
Biotechnology -- 1.4%
-----------------------------------------------------------------------
Lion Bioscience AG ADR(1) 40,000 $ 3,082,500
-----------------------------------------------------------------------
$ 3,082,500
-----------------------------------------------------------------------
Broadcasting and Cable -- 1.7%
-----------------------------------------------------------------------
Mih Ltd. 80,000 $ 2,030,000
Primacom AG - ADR 170,000 1,615,000
-----------------------------------------------------------------------
$ 3,645,000
-----------------------------------------------------------------------
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------
Broadcasting and Publishing -- 0.4%
-----------------------------------------------------------------------
Nippon Television Network 1,400 $ 788,534
-----------------------------------------------------------------------
$ 788,534
-----------------------------------------------------------------------
Business and Public Services -- 1.1%
-----------------------------------------------------------------------
Sap AG 15,030 $ 2,457,436
-----------------------------------------------------------------------
$ 2,457,436
-----------------------------------------------------------------------
Business Products and Services -- 3.1%
-----------------------------------------------------------------------
Sagem S.A. 17,000 $ 3,112,387
Tycom, Ltd. 110,000 3,685,000
-----------------------------------------------------------------------
$ 6,797,387
-----------------------------------------------------------------------
Business Services - Miscellaneous -- 1.2%
-----------------------------------------------------------------------
Rentokil Initial PLC 1,100,000 $ 2,539,723
-----------------------------------------------------------------------
$ 2,539,723
-----------------------------------------------------------------------
Chemicals -- 0.5%
-----------------------------------------------------------------------
Sumitomo Bakelite Co. Ltd. 102,000 $ 1,140,599
-----------------------------------------------------------------------
$ 1,140,599
-----------------------------------------------------------------------
Construction and Housing -- 1.4%
-----------------------------------------------------------------------
Volker Wessels Stevin 174,484 $ 3,068,772
-----------------------------------------------------------------------
$ 3,068,772
-----------------------------------------------------------------------
Data Processing and Reproduction -- 0.5%
-----------------------------------------------------------------------
Canon, Inc. 26,000 $ 1,031,047
-----------------------------------------------------------------------
$ 1,031,047
-----------------------------------------------------------------------
Drugs -- 4.6%
-----------------------------------------------------------------------
Astrazeneca PLC 32,000 $ 1,499,961
Glaxo Wellcome PLC 25,715 740,840
Novartis AG 1,500 2,274,901
Roche Holding AG 100 913,186
Smithkline Beecham PLC 70,731 914,105
Takeda Chemical Industries Ltd. 55,000 3,621,669
-----------------------------------------------------------------------
$ 9,964,662
-----------------------------------------------------------------------
Electric Power -- 0.3%
-----------------------------------------------------------------------
Enel Spa 200,000 $ 737,412
-----------------------------------------------------------------------
$ 737,412
-----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------
Electric Products - Miscellaneous -- 1.4%
-----------------------------------------------------------------------
Murata Mfg Co., Ltd. 25,000 $ 2,990,201
-----------------------------------------------------------------------
$ 2,990,201
-----------------------------------------------------------------------
Electrical and Electronics -- 0.7%
-----------------------------------------------------------------------
Siemens AG 12,000 $ 1,520,594
-----------------------------------------------------------------------
$ 1,520,594
-----------------------------------------------------------------------
Electronic Components - Instruments -- 6.2%
-----------------------------------------------------------------------
Epcos AG - ADR 52,900 $ 3,977,419
Infineon Technologies AG 70,275 2,948,472
Invensys PLC 495,629 1,183,911
Kyocera Corp. 20,000 2,600,971
Rohm Co. 11,000 2,771,408
-----------------------------------------------------------------------
$ 13,482,181
-----------------------------------------------------------------------
Electronic Components - Miscellaneous -- 0.8%
-----------------------------------------------------------------------
Alcatel Optronics ADR 30,000 $ 1,841,250
-----------------------------------------------------------------------
$ 1,841,250
-----------------------------------------------------------------------
Electronics -- 0.1%
-----------------------------------------------------------------------
Philips Electronics N.V. 5,354 $ 210,157
-----------------------------------------------------------------------
$ 210,157
-----------------------------------------------------------------------
Energy Sources -- 1.1%
-----------------------------------------------------------------------
BP Amoco PLC 186,556 $ 1,583,399
Royal Dutch Petroleum Co. 14,000 829,343
-----------------------------------------------------------------------
$ 2,412,742
-----------------------------------------------------------------------
Engineering and Building -- 0.3%
-----------------------------------------------------------------------
Technip SA 5,950 $ 760,518
-----------------------------------------------------------------------
$ 760,518
-----------------------------------------------------------------------
Financial Services -- 7.2%
-----------------------------------------------------------------------
Abbey National 253,235 $ 3,497,041
Acom Co. Ltd. 45,000 3,639,069
ING Groep NV 25,869 1,774,298
Nomura Securities Co. Ltd. 120,000 2,544,189
Promise Co. Ltd. 55,000 4,125,378
-----------------------------------------------------------------------
$ 15,579,975
-----------------------------------------------------------------------
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------
Food and Household Products -- 3.4%
-----------------------------------------------------------------------
Nestle 700 $ 1,450,142
Parmalat Finanziaria SPA 3,000,000 4,373,616
Unilever PLC 250,000 1,692,604
-----------------------------------------------------------------------
$ 7,516,362
-----------------------------------------------------------------------
Industrial Automation -- 1.0%
-----------------------------------------------------------------------
JOT Automation Group Oyj 602,200 $ 2,092,741
-----------------------------------------------------------------------
$ 2,092,741
-----------------------------------------------------------------------
Insurance -- 6.4%
-----------------------------------------------------------------------
Aegon N.V. 93,269 $ 3,699,765
Allianz AG Holding 3,000 1,013,306
ASR Verzekeringsgroep 43,649 4,069,658
AXA Company 4,600 608,238
Schweizer Rueckversicherung 1,700 3,351,593
Scor SA 24,500 1,125,528
-----------------------------------------------------------------------
$ 13,868,088
-----------------------------------------------------------------------
Internet Service Provider -- 1.9%
-----------------------------------------------------------------------
Pacific Century Cyberworks Co., Ltd.(1) 71,331 $ 54,876
Terra Networks SA 15,000 358,535
Terra Networks SA ADR 150,500 3,640,219
-----------------------------------------------------------------------
$ 4,053,630
-----------------------------------------------------------------------
Investment Services -- 1.8%
-----------------------------------------------------------------------
Tecis Holding AG 14,000 $ 1,012,204
Zurich Financial Services 5,824 2,817,765
-----------------------------------------------------------------------
$ 3,829,969
-----------------------------------------------------------------------
Leisure and Tourism -- 0.9%
-----------------------------------------------------------------------
Tabcorp Holdings Ltd. 365,000 $ 1,983,732
-----------------------------------------------------------------------
$ 1,983,732
-----------------------------------------------------------------------
Machinery -- 0.3%
-----------------------------------------------------------------------
Buderus 39,600 $ 753,533
-----------------------------------------------------------------------
$ 753,533
-----------------------------------------------------------------------
Merchandising -- 0.7%
-----------------------------------------------------------------------
Autobacs Seven Co. Ltd. 35,800 $ 796,721
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------
Merchandising (continued)
-----------------------------------------------------------------------
Woolworths Ltd. 171,862 $ 684,507
-----------------------------------------------------------------------
$ 1,481,228
-----------------------------------------------------------------------
Miscellaneous Materials and Commodities -- 0.4%
-----------------------------------------------------------------------
Mayr-Melnhof 21,336 $ 827,361
-----------------------------------------------------------------------
$ 827,361
-----------------------------------------------------------------------
Multi-Industry -- 1.1%
-----------------------------------------------------------------------
International Muller NV 126,543 $ 2,466,930
-----------------------------------------------------------------------
$ 2,466,930
-----------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 0.5%
-----------------------------------------------------------------------
Repsol SA 62,600 $ 993,279
-----------------------------------------------------------------------
$ 993,279
-----------------------------------------------------------------------
Photo Equipment and Supplies -- 0.4%
-----------------------------------------------------------------------
Fuji Photo Film 25,000 $ 927,283
-----------------------------------------------------------------------
$ 927,283
-----------------------------------------------------------------------
Retail -- 5.3%
-----------------------------------------------------------------------
Colruyt NV 39,118 $ 1,506,959
Don Quijote Co., Ltd. 45,000 3,523,674
Fast Retailing Co., Ltd. 24,000 5,901,639
JJB Sports PLC 110,000 676,461
-----------------------------------------------------------------------
$ 11,608,733
-----------------------------------------------------------------------
Retail - Food and Drug -- 0.4%
-----------------------------------------------------------------------
Pizzaexpress PLC 80,000 $ 766,709
-----------------------------------------------------------------------
$ 766,709
-----------------------------------------------------------------------
Telecommunication Equipment -- 2.7%
-----------------------------------------------------------------------
Nokia Oyj 80,000 $ 3,288,010
Nokia Oyj ADR 60,000 2,565,000
-----------------------------------------------------------------------
$ 5,853,010
-----------------------------------------------------------------------
Telecommunications -- 17.1%
-----------------------------------------------------------------------
360networks, Inc. 200,000 $ 3,625,000
Cable and Wireless Optus Ltd.(1) 100,000 211,736
France Telecom SA 9,000 939,819
Global Crossing Ltd.(1) 150,000 3,543,750
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------
Telecommunications (continued)
-----------------------------------------------------------------------
Global TeleSystems, Inc. 500,000 $ 1,343,750
Kingston Comm (Hull) PLC 160,000 733,020
KPNQwest NV 130,000 3,201,250
Nippon Telegraph and Telephone Corp. 320 2,910,157
Nippon Telegraph and Telephone Corp. ADR 20,000 913,750
NTT Mobile Communication Network, Inc. 140 3,449,034
Portugal Telecom 44,500 396,041
Sonera Oyj 150,000 3,300,554
Swisscom AG 2,500 634,698
Tele Danmark 11,000 519,867
Telecom Italia Spa 86,500 737,573
Telecom Italia Spa RNC 18,500 214,354
Telefonica 34,100 649,454
Versatel Telecom International ADR(1) 200,000 4,000,000
Vodafone Group PLC 1,445,050 6,017,039
-----------------------------------------------------------------------
$ 37,340,846
-----------------------------------------------------------------------
Telecommunications - Cellular -- 1.7%
-----------------------------------------------------------------------
China Mobile (Hong Kong) Ltd. 100,000 $ 3,062,500
Cosmote Mobile Communications - GDR 47,000 705,000
-----------------------------------------------------------------------
$ 3,767,500
-----------------------------------------------------------------------
Telecommunications - Services -- 2.1%
-----------------------------------------------------------------------
Energis PLC 100,000 $ 856,013
SK Telecom Co., Ltd. ADR 150,000 3,768,750
-----------------------------------------------------------------------
$ 4,624,763
-----------------------------------------------------------------------
Transportation -- 1.8%
-----------------------------------------------------------------------
Firstgroup PLC 960,862 $ 3,254,462
Mitsui O.S.K. Lines Ltd. 277,000 608,847
-----------------------------------------------------------------------
$ 3,863,309
-----------------------------------------------------------------------
Utilities - Electrical and Gas -- 1.8%
-----------------------------------------------------------------------
Endesa SA 75,000 $ 1,220,544
Scottish Power PLC 170,000 1,277,485
Suez Lyonnaise des Eaux SA 9,500 1,447,786
-----------------------------------------------------------------------
$ 3,945,815
-----------------------------------------------------------------------
Total Common Stocks
(identified cost $209,105,369) $209,097,997
-----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
PREFERRED STOCKS -- 1.2%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------
Construction and Housing -- 1.2%
-----------------------------------------------------------------------
Dyckerhoff 165,385 $ 2,621,372
-----------------------------------------------------------------------
$ 2,621,372
-----------------------------------------------------------------------
Total Preferred Stocks
(identified cost $3,726,175) $ 2,621,372
-----------------------------------------------------------------------
</TABLE>
SHORT-TERM INVESTMENTS -- 1.9%
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
<S> <C> <C>
-----------------------------------------------------------------------
General Electric Capital Corp.,
6.65%, 11/1/00 $ 4,095 $ 4,095,000
-----------------------------------------------------------------------
Total Short-Term Investments
(at amortized cost, $4,095,000) $ 4,095,000
-----------------------------------------------------------------------
Total Investments -- 99.1%
(identified cost $216,926,544) $215,814,369
-----------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.9% $ 2,055,729
-----------------------------------------------------------------------
Net Assets -- 100.0% $217,870,098
-----------------------------------------------------------------------
</TABLE>
ADR - American Depositary Receipt
GDR - Global Depository Receipt
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
COUNTRY CONCENTRATION OF PORTFOLIO
<TABLE>
<CAPTION>
PERCENTAGE
COUNTRY OF NET ASSETS VALUE
<S> <C> <C>
---------------------------------------------------------------------
Australia 2.3% $ 5,051,007
Austria 0.4 827,361
Belgium 1.2 2,584,298
Bermuda 1.7 3,685,000
Canada 1.7 3,625,000
Denmark 0.2 519,867
Finland 5.2 11,246,306
France 4.5 9,835,525
Germany 10.7 23,368,928
Greece 0.3 705,000
Hong Kong 1.4 3,117,376
Ireland 1.5 3,157,130
Italy 2.8 6,062,955
Japan 21.2 46,121,297
Netherlands 12.4 27,080,497
Portugal 0.2 396,041
Republic of Korea 1.7 3,768,750
Spain 3.7 7,937,635
Sweden 0.8 1,836,367
Switzerland 5.8 12,581,793
United Kingdom 15.3 33,323,736
United States 2.2 4,887,500
---------------------------------------------------------------------
TOTAL COMMON STOCKS AND PREFERRED STOCKS 97.2 $211,719,369
---------------------------------------------------------------------
SHORT-TERM INVESTMENTS 1.9 $ 4,095,000
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF OCTOBER 31, 2000
<S> <C>
Assets
------------------------------------------------------
Investments, at value
(identified cost, $216,926,544) $215,814,369
Cash 1,489
Foreign currency, at value
(cost $145,000) 145,210
Receivable for investments sold 206,373
Receivable for Fund shares sold 1,727,079
Dividends receivable 134,225
Receivable for open forward foreign
currency contracts 40
Tax reclaim receivable 148,633
Deferred organization expenses 32,749
Prepaid expenses 1,730
------------------------------------------------------
TOTAL ASSETS $218,211,897
------------------------------------------------------
Liabilities
------------------------------------------------------
Payable for Fund shares redeemed $ 152,211
Payable to affiliate for service fees 31,757
Accrued expenses 157,831
------------------------------------------------------
TOTAL LIABILITIES $ 341,799
------------------------------------------------------
NET ASSETS $217,870,098
------------------------------------------------------
Sources of Net Assets
------------------------------------------------------
Paid-in capital $223,789,761
Accumulated net realized loss (computed
on the basis of identified cost) (3,772,192)
Accumulated net investment loss (1,019,517)
Net unrealized depreciation (computed on
the basis of identified cost) (1,127,954)
------------------------------------------------------
TOTAL $217,870,098
------------------------------------------------------
Class A Shares
------------------------------------------------------
NET ASSETS $ 84,136,145
SHARES OUTSTANDING 6,969,871
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 12.07
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $12.07) $ 12.81
------------------------------------------------------
Class B Shares
------------------------------------------------------
NET ASSETS $ 79,099,377
SHARES OUTSTANDING 6,657,700
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 11.88
------------------------------------------------------
Class C Shares
------------------------------------------------------
NET ASSETS $ 54,634,576
SHARES OUTSTANDING 4,608,336
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 11.86
------------------------------------------------------
</TABLE>
On sales of $50,000 or more, the offering price of Class A shares is reduced.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
OCTOBER 31, 2000
<S> <C>
Investment Income
------------------------------------------------------
Dividends (net of foreign taxes,
$303,091) $ 2,494,870
Interest 364,721
------------------------------------------------------
TOTAL INVESTMENT INCOME $ 2,859,591
------------------------------------------------------
Expenses
------------------------------------------------------
Investment adviser fee $ 1,566,601
Trustees fees and expenses 11,895
Distribution and service fees
Class A 128,800
Class B 609,004
Class C 383,257
Custodian fee 199,484
Transfer and dividend disbursing agent
fees 195,580
Registration fees 91,768
Legal and accounting services 54,500
Printing and postage 21,527
Amortization of organization expenses 12,828
Miscellaneous 41,521
------------------------------------------------------
TOTAL EXPENSES $ 3,316,765
------------------------------------------------------
NET INVESTMENT LOSS $ (457,174)
------------------------------------------------------
Realized and Unrealized Gain (Loss)
------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (3,616,688)
Foreign currency transactions (133,285)
------------------------------------------------------
NET REALIZED LOSS $ (3,749,973)
------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(12,608,939)
Foreign currency (15,789)
------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $(12,624,728)
------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(16,374,701)
------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(16,831,875)
------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INCREASE (DECREASE) YEAR ENDED YEAR ENDED
IN NET ASSETS OCTOBER 31, 2000 OCTOBER 31, 1999
<S> <C> <C>
----------------------------------------------------------------------------
From operations --
Net investment loss $ (457,174) $ (123,573)
Net realized loss (3,749,973) (6,014)
Net change in unrealized
appreciation (depreciation) (12,624,728) 13,260,629
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ (16,831,875) $ 13,131,042
----------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (144,409) $ --
In excess of net investment income
Class A (42,134) --
Class B (68,603) --
Class C (24,749) --
----------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (279,895) $ --
----------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 126,070,357 $ 19,812,005
Class B 64,790,317 14,226,821
Class C 50,889,965 9,320,792
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 168,161 --
Class B 63,421 --
Class C 22,898 --
Cost of shares redeemed
Class A (64,579,529) (3,770,105)
Class B (5,381,201) (2,957,284)
Class C (5,863,480) (1,845,706)
----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ 166,180,909 $ 34,786,523
----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 149,069,139 $ 47,917,565
----------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------
At beginning of year $ 68,800,959 $ 20,883,394
----------------------------------------------------------------------------
AT END OF YEAR $ 217,870,098 $ 68,800,959
----------------------------------------------------------------------------
Accumulated net
investment loss included
in net assets
----------------------------------------------------------------------------
AT END OF YEAR $ (1,019,517) $ (149,163)
----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------
YEAR ENDED OCTOBER 31,
------------------------------------------------
2000(1) 1999(1) 1998(1)(2)
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $12.160 $ 8.840 $10.000
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.025 $ 0.016 $ 0.012
Net realized and unrealized
gain (loss) (0.045) 3.304 (1.172)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.020) $ 3.320 $(1.160)
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.054) $ -- $ --
In excess of net investment
income (0.016) -- --
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.070) $ -- $ --
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $12.070 $12.160 $ 8.840
----------------------------------------------------------------------------------
TOTAL RETURN(3) (0.21)% 37.56% (11.60)%
----------------------------------------------------------------------------------
Ratios/Supplemental Data+
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $84,136 $27,833 $ 6,659
Ratios (As a percentage of
average daily net assets):
Net expenses 1.62% 1.73% 1.97%(4)
Net expenses after
custodian fee reduction 1.62% 1.73% 1.95%(4)
Net investment income 0.19% 0.15% 0.25%(4)
Portfolio Turnover 40% 60% 14%
----------------------------------------------------------------------------------
+ The operating expenses of the Fund may reflect a reduction of the investment
adviser fee, an allocation of expenses to the Investment Adviser, or both. Had
such actions not been taken, the ratios and net investment income per share
would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses 2.20%(4)
Expenses after custodian
fee reduction 2.18%(4)
Net investment income 0.02%(4)
Net investment income per
share $ 0.001
----------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the start of business, April 22, 1998, to October
31, 1998.
(3) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS B
------------------------------------------------
YEAR ENDED OCTOBER 31,
------------------------------------------------
2000(1) 1999(1) 1998(1)(2)
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $12.030 $ 8.810 $10.000
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment loss $(0.073) $(0.055) $(0.039)
Net realized and unrealized
gain (loss) (0.051) 3.275 (1.151)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.124) $ 3.220 $(1.190)
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
In excess of net investment
income $(0.026) $ -- $ --
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.026) $ -- $ --
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $11.880 $12.030 $ 8.810
----------------------------------------------------------------------------------
TOTAL RETURN(3) (1.05)% 36.55% (11.90)%
----------------------------------------------------------------------------------
Ratios/Supplemental Data+
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $79,099 $26,498 $ 9,808
Ratios (As a percentage of
average daily net assets):
Net expenses 2.38% 2.53% 2.72%(4)
Net expenses after
custodian fee reduction 2.38% 2.53% 2.70%(4)
Net investment loss (0.56)% (0.53)% (0.80)%(4)
Portfolio Turnover 40% 60% 14%
----------------------------------------------------------------------------------
+ The operating expenses of the Fund may reflect a reduction of the investment
adviser fee, an allocation of expenses to the Investment Adviser, or both. Had
such actions not been taken, the ratios and net investment loss per share would
have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses 2.95%(4)
Expenses after custodian
fee reduction 2.93%(4)
Net investment loss (1.03)%(4)
Net investment loss per share $(0.050)
----------------------------------------------------------------------------------
</TABLE>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, April 22, 1998, to October
31, 1998.
(3) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS C
------------------------------------------------
YEAR ENDED OCTOBER 31,
------------------------------------------------
2000(1) 1999(1) 1998(1)(2)
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $12.000 $ 8.800 $10.000
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment loss $(0.077) $(0.080) $(0.055)
Net realized and unrealized
gain (loss) (0.047) 3.280 (1.145)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.124) $ 3.200 $(1.200)
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
In excess of net investment
income $(0.016) $ -- $ --
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.016) $ -- $ --
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $11.860 $12.000 $ 8.800
----------------------------------------------------------------------------------
TOTAL RETURN(3) (1.05)% 36.36% (12.00)%
----------------------------------------------------------------------------------
Ratios/Supplemental Data+
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $54,635 $14,470 $ 4,416
Ratios (As a percentage of
average daily net assets):
Net expenses 2.40% 2.71% 2.97%(4)
Net expenses after
custodian fee reduction 2.40% 2.71% 2.95%(4)
Net investment loss (0.59)% (0.78)% (1.15)%(4)
Portfolio Turnover 40% 60% 14%
----------------------------------------------------------------------------------
+ The operating expenses of the Fund may reflect a reduction of the investment
adviser fee, an allocation of expenses to the Investment Adviser, or both. Had
such actions not been taken, the ratios and net investments loss per share
would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses 3.20%(4)
Expenses after custodian
fee reduction 3.18%(4)
Net investment loss (1.38)%(4)
Net investment loss per share $(0.066)
----------------------------------------------------------------------------------
</TABLE>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, April 22, 1998, to October
31, 1998.
(3) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-------------------------------------------
Eaton Vance Tax-Managed International Growth Fund (the Fund) is a diversified
series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is an entity
of the type commonly known as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. The Fund seeks to provide 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 Fund. The Fund offers three classes of shares. Class A shares are
generally sold subject to a sales charge imposed at time of purchase.
Class B and Class C shares are sold at net asset value and are subject to a
contingent deferred sales charge (see Note 6). Each class represents a pro
rata interest in the Fund, but votes separately on class-specific matters and
(as noted below) is subject to different expenses. Realized and unrealized
gains and losses and net investment income, other than class specific
expenses, are allocated daily to each class of shares based on the relative
net assets of each class to the net assets of the Fund. Each class of shares
differs in its distribution plan and certain other class specific expenses.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
A Investment Valuations -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges or in the NASDAQ National
Market System are valued at closing sale prices on the exchange where such
securities are principally traded. Futures positions on securities or
currencies are generally valued at closing settlement prices. Unlisted or
listed securities for which closing sale prices are not available are valued
at the mean between the latest bid and asked 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 Fund is
informed of the ex-dividend date. Interest income is recorded on the accrual
basis.
C Income Taxes -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal
income or excise tax is necessary. Withholding taxes on foreign dividends and
capital gains have been provided for in accordance with the Fund's
understanding of the applicable country's tax rules and rates. At October 31,
2000, the Fund, for federal income tax purposes, had a capital loss carryover
of $3,357,062 which will reduce the taxable income arising from future net
realized gain on investments, if any, to the extent permitted by the Internal
Revenue Code and thus will reduce the amount of distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for
federal income or excise tax. Such capital loss carryover will expire on
October 31, 2007 ($125,361) and October 31, 2008 ($3,231,701). For the year
ended October 31, 2000, income from foreign sources for the Fund was
$2,797,961 and the Fund designated a foreign tax credit of $303,091.
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 Fund 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 Fund 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
17
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
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 Fund. Pursuant to the custodian agreement, IBT receives a fee reduced
by credits which are determined based on the average daily cash balance the
Fund maintains with IBT. All significant credit balances used to reduce the
Fund's custodian fees are reported as a reduction of total expenses in the
Statement of Operations.
G Deferred Organization Expenses -- Costs incurred by the Fund in connection
with its organization are being amortized on the straight-line basis over
five years.
H Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles 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.
I Other -- Investment transactions are accounted for on a trade date basis.
2 Distributions to Shareholders
-------------------------------------------
It is the present policy of the Fund to make at least one distribution
annually (normally in December) of all or substantially all of its net
investment income and at least one distribution annually of all or
substantially all of its net realized capital gains. Distributions are paid
in the form of additional shares of the Fund or, at the election of the
shareholder, in cash. Shareholders may reinvest distributions in shares of
the Fund at the net asset value as of the close of business on the
ex-dividend date. The Fund distinguishes between distributions on a tax basis
and a financial reporting basis. Generally accepted accounting principles
require that only distributions in excess of tax basis earnings and profits
be reported in the financial statements as a return of capital. Differences
in the recognition or classification of income between the financial
statements and tax earnings and profits which result in temporary
overdistributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
gains. Permanent differences between book and tax accounting relating to
distributions are reclassified to paid-in capital.
3 Shares of Beneficial Interest
-------------------------------------------
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-----------------------
CLASS A 2000 1999
<S> <C> <C>
-----------------------------------------------------------------
Sales 9,685,504 1,904,157
Issued to shareholders electing to
receive payments of distributions in
Fund shares 12,730 --
Redemptions (5,016,320) (369,243)
-----------------------------------------------------------------
NET INCREASE 4,681,914 1,534,914
-----------------------------------------------------------------
<CAPTION>
YEAR ENDED OCTOBER 31,
-----------------------
CLASS B 2000 1999
<S> <C> <C>
-----------------------------------------------------------------
Sales 4,860,726 1,385,517
Issued to shareholders electing to
receive payments of distributions in
Fund shares 4,845 --
Redemptions (410,718) (295,860)
-----------------------------------------------------------------
NET INCREASE 4,454,853 1,089,657
-----------------------------------------------------------------
<CAPTION>
YEAR ENDED OCTOBER 31,
-----------------------
CLASS C 2000 1999
<S> <C> <C>
-----------------------------------------------------------------
Sales 3,859,440 887,282
Issued to shareholders electing to
receive payments of distributions in
Fund shares 1,753 --
Redemptions (458,844) (183,061)
-----------------------------------------------------------------
NET INCREASE 3,402,349 704,221
-----------------------------------------------------------------
</TABLE>
4 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
Eaton Vance Management (EVM) earns an investment adviser fee as compensation
for management and investment advisory services rendered to the Fund. Under
the advisory agreement, EVM receives a monthly advisory fee in the amount of
1/12 of 1% (equal to 1.00% annually) of the Fund's average daily net assets
up to
18
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
$500 million, and at reduced rates as daily net assets exceed that level. For
the year ended October 31, 2000 the adviser fee amounted to $1,566,601.
The Fund was informed that Eaton Vance Distributors, Inc. (EVD), a subsidiary
of EVM and the Fund's principal underwriter, received $177,282 as its portion
of the sales charge on sales of Class A shares for the year ended
October 31, 2000.
Except as to Trustees of the Fund who are not members of EVM's organization,
officers and Trustees receive remuneration for their services to the Fund out
of such investment adviser fee. Trustees of the Fund who are not affiliated
with the Investment Adviser may elect to defer receipt of all or a percentage
of their annual fees in accordance with the terms of the Trustees Deferred
Compensation Plan. For the year ended October 31, 2000, no significant
amounts have been deferred.
Certain officers and Trustees of the Fund are officers of the
above organization.
5 Distribution and Service Plans
-------------------------------------------
The Fund has in effect distribution plans, for Class B (Class B Plan) and
Class C (Class C Plan) pursuant to Rule 12b-1 under the Investment Company
Act of 1940 and a service plan for Class A shares (Class A Plan)
(collectively, the Plans). The Class B and Class C Plans require the Fund to
pay EVD amounts equal to 1/365 of 0.75% of the Fund's average daily net
assets attributable to Class B and Class C shares for providing ongoing
distribution services and facilities to the Fund. The Fund will automatically
discontinue payments to EVD during any period in which there are no
outstanding Uncovered Distribution Charges, which are equivalent to the sum
of (i) 5% and 6.25% of the aggregate amount received by the Fund for the
Class B and Class C shares sold, respectively, plus (ii) interest calculated
by applying the rate of 1% over the prevailing prime rate to the outstanding
balance of Uncovered Distribution Charges of EVD of each respective class
reduced by the aggregate amount of contingent deferred sales charges (see
Note 6) and daily amounts theretofore paid to EVD by each respective class.
The Fund paid or accrued $461,185 and $287,863 for Class B and Class C
shares, respectively, to or payable to EVD for the year ended October 31,
2000, representing 0.75% of the average daily net assets for Class B and
Class C shares. At October 31, 2000, the amount of Uncovered Distribution
Charges EVD calculated under the Plans was approximately $3,754,000 and
$3,492,000 for Class B and Class C shares, respectively.
The Plans authorize the Fund to make payments of service fees to EVD,
investment dealers and other persons in amounts not exceeding 0.25% of the
Fund's average daily net assets attributable to Class A, Class B, and
Class C shares for each fiscal year. Service fee payments will be made for
personal services and/or the maintenance of shareholder accounts. Service
fees are separate and distinct from the sales commissions and distribution
fees payable by the Fund to EVD, and, as such are not subject to automatic
discontinuance when there are no outstanding Uncovered Distribution Charges
of EVD. Service fee payments for the year ended October 31, 2000 amounted to
$128,800, $147,819, and $95,394 for Class A, Class B, and Class C shares,
respectively.
6 Contingent Deferred Sales Charge
-------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class B shares made within six years of purchase and on redemptions of
Class C shares made within one year of purchase. Generally, the CDSC is based
on the lower of the net asset value at the date of redemption or date of
purchase. No charge is levied on shares acquired by reinvestment of dividends
or capital gains distributions. Class B CDSC is imposed at declining rates
that begin at 5% in the case of redemptions in the first and second year
after purchase, declining one percentage point each subsequent year. Class C
shares will be subject to a 1% CDSC if redeemed within one year of purchase.
No CDSC is levied on shares which have been sold to EVM or its affiliates or
to their respective employees or clients and may be waived under certain
other limited conditions. CDSC received on Class B and C redemptions are paid
to EVD to reduce the amount of Uncovered Distribution Charges calculated
under the Class B and Class C Plans, respectively (see Note 5). CDSC received
on Class B and Class C redemptions when no Uncovered Distribution Charges
exist for the respective classes will be credited to the Fund. EVD received
approximately $114,000 and $14,000 of CDSC paid by shareholders of Class B
and Class C shares, respectively, during the year ended October 31, 2000.
7 Investment Transactions
-------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $222,684,014, and $60,783,450, respectively, for the year ended
October 31, 2000.
19
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
8 Federal Income Tax Basis of Investment
-------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investment securities at October 31, 2000 as computed on a federal income tax
basis, were as follows:
<TABLE>
<S> <C>
AGGREGATE COST $218,483,648
------------------------------------------------------
Gross unrealized appreciation $ 17,861,442
Gross unrealized depreciation (20,530,721)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (2,669,279)
------------------------------------------------------
</TABLE>
9 Financial Instruments
-------------------------------------------
The Fund 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 exchange 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 Fund 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.
At October 31, 2000, the Fund had one open forward foreign currency exchange
contract. The settlement date of the contract was November 1, 2000. The
contract was for the sale of 100,000 Great Britain Pounds. This translated to
$145,250 and the contract was valued at $145,210 resulting in unrealized
appreciation amounting to $40.
10 Line of Credit
-------------------------------------------
The Fund participates with other funds and portfolios managed by EVM and its
affiliates in a $150 million unsecured line of credit agreement with a group
of banks. The Fund may temporarily borrow from the line of credit to satisfy
redemption requests or settle investment transactions. Interest is charged to
each fund or portfolio based on its borrowings at an amount above the
Eurodollar rate or federal funds advanced funding 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 funds and portfolios at the
end of each quarter. The Fund did not have any significant borrowings or
allocated fees during the year ended October 31, 2000.
11 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 Fund,
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.
20
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND SHAREHOLDERS
OF EATON VANCE TAX-MANAGED
INTERNATIONAL GROWTH FUND:
---------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Eaton Vance Tax-Managed International Growth
Fund (the Fund) as of October 31, 2000, the related statement of operations for
the year then ended, the statements of changes in net assets for the years ended
October 31, 2000 and 1999 and the financial highlights for each of the years in
the two year period ended October 31, 2000 and the period from the start of
business, April 22, 1998, to October 31, 1998. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights 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 financial highlights are free of material misstatement. Our
procedures included confirmation of securities owned as of October 31, 2000 by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. 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 financial highlights, referred to
above, present fairly in all material respects, the financial position of Eaton
Vance Tax-Managed International Growth Fund at October 31, 2000, and the results
of its operations, the changes in its net assets and its financial highlights
for the respective stated periods in conformity with accounting principles
generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 8, 2000
21
<PAGE>
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND AS OF OCTOBER 31, 2000
INVESTMENT MANAGEMENT
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND
Officers
James B. Hawkes
President and Trustee
William H. Ahern, Jr.
Vice President
Thomas J. Fetter
Vice President
Armin J. Lang
Vice President and
Portfolio Manager
Michael R. Mach
Vice President
Robert B. MacIntosh
Vice President
Edward E. Smiley, Jr.
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University Graduate
School of Business Administration
Norton H. Reamer
Chairman and Chief Operating Officer
Hellman, Jordan Management Co., Inc.
President, Jordan Simmons Capital LLC and Unicorn Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law
Jack L. Treynor
Investment Adviser and Consultant
22
<PAGE>
INVESTMENT ADVISER AND ADMINISTRATOR OF
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
PFPC, INC.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02904-9653
(800) 262-1122
INDEPENDENT AUDITORS
DELOITTE & TOUCHE LLP
200 Berkeley Street
Boston, MA 02116-5022
EATON VANCE TAX-MANAGED INTERNATIONAL GROWTH FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
038-12/00IGSRC
