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<p style="font-family: NewsGoth Dm BT; text-align: center; margin-top: 0; margin-bottom: 10px">EATON VANCE TAX-MANAGED INTERNATIONAL
EQUITY FUND<br />
Supplement to Prospectus dated March 1, 2012</p>
<p style="font-family: NewsGoth Dm BT; margin-top: 0; margin-bottom: 3px">1. The following replaces “Fees and Expenses of
the Fund” under “Fund Summaries – Eaton Vance Tax-Managed International Equity Fund”:</p>
<p style="font-family: NewsGoth Lt BT; margin-top: 0; margin-bottom: 6px">This table describes the fees and expenses that you may
pay if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest
over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available
from your financial intermediary and in Sales Charges beginning on page 41 of this Prospectus and page 25 of the Fund’s Statement
of Additional Information.</p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; font: 9pt NewsGoth XCn BT">
<tr style="font-size: 1pt">
<td style="width: 72%"> </td>
<td style="width: 7%"> </td>
<td style="width: 7%"> </td>
<td style="width: 7%"> </td>
<td style="width: 7%"> </td></tr>
<tr>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; padding-top: 3px; padding-bottom: 3px">Shareholder Fees (fees paid directly from your investment)</td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class A</td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class B</td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class C</td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class I</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Maximum Sales Charge (Load) (as a percentage of offering price)</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">5.75%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">None</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">None</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">None</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">None</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">5.00%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">1.00%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">None</td></tr>
</table>
<p style="margin: 0"> </p>
<table cellspacing="0" cellpadding="0" align="center" style="margin-top: 0px; font: 9pt NewsGoth XCn BT">
<tr style="font-size: 1pt">
<td style="width: 72%"> </td>
<td style="width: 7%"> </td>
<td style="width: 7%"> </td>
<td style="width: 7%"> </td>
<td style="width: 7%"> </td></tr>
<tr>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; padding-top: 3px; padding-bottom: 3px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)<sup>(1)</sup></td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class A</td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class B</td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class C</td>
<td style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Class I</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Management Fees</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">0.75%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">0.75%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">0.75%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">0.75%</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Distribution and Service (12b-1) Fees</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">0.25%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">1.00%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">1.00%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">n/a</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Other Expenses</td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">0.56%</td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">0.56%</td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">0.56%</td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">0.56%</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Total Annual Fund Operating Expenses</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">1.56%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">2.31%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">2.31%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">1.31%</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Expense Reimbursement<sup>(2)</sup></td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">(0.06)%</td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">(0.06)%</td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">(0.06)%</td>
<td style="text-decoration: underline; text-align: center; padding-top: 3px; padding-bottom: 3px">(0.06)%</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="padding-top: 3px; padding-bottom: 3px">Total Annual Fund Operating Expenses After Expense Reimbursement</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">1.50%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">2.25%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">2.25%</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">1.25%</td></tr>
</table>
<p style="font-size: 1pt; margin-top: 6px; margin-bottom: 0"> </p>
<p style="font: 9pt NewsGoth XCn BT; margin-top: 0; margin-bottom: 0"><sup>(1)</sup></p>
<p style="font: 9pt NewsGoth XCn BT; margin: 0; text-indent: -2px">Expenses in the table above and the Example below reflect the
expenses of the Fund and the Portfolio.  Annual Fund Operating Expenses in the table have been restated to reflect the new
management fee pursuant to a fee reduction agreement effective May 1, 2012 and Other Expenses are estimated.</p>
<p style="font-size: 1pt; margin-top: 6px; margin-bottom: 0"> </p>
<p style="font: 9pt NewsGoth XCn BT; margin-top: 0; margin-bottom: 0"><sup>(2)</sup></p>
<p style="font: 9pt NewsGoth XCn BT; text-indent: -2px; margin-top: 0; margin-bottom: 6px">The administrator and sub-adviser have
agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 1.50% for Class A
shares, 2.25% for Class B and Class C shares and 1.25% for Class I shares.  This expense reimbursement will continue through
February 28, 2014.   Any amendment to or a termination of this reimbursement would require written approval of the Board
of Trustees.  The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as:
 brokerage commissions, acquired fund fees and expenses, interest expense, taxes or litigation expenses.  Amounts reimbursed
may be recouped by the administrator and sub-adviser during the Fund’s current fiscal year to the extent actual expenses
are less than the contractual expense cap during such year.</p>
<p style="font-family: NewsGoth Dm BT; margin-top: 0; margin-bottom: 6px">Example.<font style="font-family: NewsGoth Lt BT,Times New Roman">
 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual
funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the
operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs
would be:</font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; font: 9pt NewsGoth XCn BT">
<tr style="font-size: 1pt">
<td style="width: 36%"> </td>
<td style="width: 8%"> </td>
<td style="width: 8%"> </td>
<td style="width: 8%"> </td>
<td style="width: 8%"> </td>
<td style="width: 8%"> </td>
<td style="width: 8%"> </td>
<td style="width: 8%"> </td>
<td style="width: 8%"> </td></tr>
<tr>
<td style="background-color: #e6e6e6; border-right: #000000 1px solid; vertical-align: top"> </td>
<td colspan="4" style="border-bottom: #000000 1px solid; background-color: #e6e6e6; border-right: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Expenses with Redemption</td>
<td colspan="4" style="border-bottom: #000000 1px solid; background-color: #e6e6e6; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">Expenses without Redemption</td></tr>
<tr style="background-color: #e6e6e6">
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid; vertical-align: top"> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">1 Year</td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">3 Years</td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">5 Years</td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">10 Years</td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">1 Year</td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">3 Years</td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">5 Years</td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; padding-top: 3px; padding-bottom: 3px">10 Years</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="border-right: #000000 1px solid; padding-top: 3px; padding-bottom: 3px">Class A shares</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$719</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,034</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,371</td>
<td style="border-right: #000000 1px solid; text-align: center; padding-top: 3px; padding-bottom: 3px">$2,320</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$719</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,034</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,371</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$2,320</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="border-right: #000000 1px solid; padding-top: 3px; padding-bottom: 3px">Class B shares</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$728</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,116</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,430</td>
<td style="border-right: #000000 1px solid; text-align: center; padding-top: 3px; padding-bottom: 3px">$2,453</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$228</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$716</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,230</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$2,453</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="border-right: #000000 1px solid; padding-top: 3px; padding-bottom: 3px">Class C shares</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$328</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$716</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,230</td>
<td style="border-right: #000000 1px solid; text-align: center; padding-top: 3px; padding-bottom: 3px">$2,641</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$228</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$716</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,230</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$2,641</td></tr>
<tr style="vertical-align: bottom; background-color: #e6e6e6">
<td style="border-right: #000000 1px solid; padding-top: 3px; padding-bottom: 3px">Class I shares</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$127</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$409</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$712</td>
<td style="border-right: #000000 1px solid; text-align: center; padding-top: 3px; padding-bottom: 3px">$1,574</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$127</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$409</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$712</td>
<td style="text-align: center; padding-top: 3px; padding-bottom: 3px">$1,574</td></tr>
</table>
<p> </p>
<p style="font-family: NewsGoth Dm BT; margin-top: 0; margin-bottom: 6px">2. The following replaces “Portfolio Managers”
under “Management” in “Fund Summaries – Eaton Vance Tax-Managed International Equity Fund”:</p>
<p style="font-family: NewsGoth Lt BT; margin-top: 0; margin-bottom: 6px"><b>Thomas Seto</b>, Vice President and Director of Portfolio
Management of Parametric, has co-managed the Portfolio since May 2012.</p>
<p style="font-family: NewsGoth Lt BT; margin-top: 0; margin-bottom: 6px"><b>David Stein</b>, Managing Director and Chief Investment
Officer of Parametric, has co-managed the Portfolio since May 2012.</p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; font: 9pt NewsGoth XCn BT">
<tr style="font-size: 1pt">
<td style="width: 50%"> </td>
<td style="width: 50%"> </td></tr>
<tr>
<td style="vertical-align: top; font-family: NewsGoth BT, Sans-Serif; padding-top: 6px; padding-bottom: 6px">December 13, 2012</td>
<td style="vertical-align: top; font-family: NewsGoth BT, Sans-Serif; text-align: right; padding-top: 6px; padding-bottom: 6px">6504-12/12   TMIEPS1</td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 6px"> </p>
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<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact EVMFT_S000005279Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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0.0056
0.0056
0.0056
0.0156
0.0231
0.0231
0.0131
0.0150
0.0225
0.0225
0.0125
719
728
328
127
1034
1116
716
409
1371
1430
1230
712
2320
2453
2641
1574
719
228
228
127
1034
716
716
409
1371
1230
1230
712
2320
2453
2641
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ETIGX
EMIGX
ECIGX
EITIX
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)<sup>(2)
<p style="font: 9pt NewsGoth XCn BT; margin-top: 0; margin-bottom: 0"><sup>(2) </sup>Expenses in the table above and the
Example below reflect the expenses of the Fund and the Portfolio.  Annual Fund Operating Expenses in the table have been
restated to reflect the new management fee pursuant to a fee reduction agreement effective May 1, 2012 and Other Expenses are
estimated.</p>
The administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 1.50% for Class A shares, 2.25% for Class B and Class C shares and 1.25% for Class I shares. This expense reimbursement will continue through February 28, 2014. Any amendment to or a termination of this reimbursement would require written approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by the administrator and sub-adviser during the Fund's current fiscal year to the extent actual expenses are less than the contractual expense cap during such year.