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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 18.7pt; text-align: center">EATON VANCE TAX-MANAGED INTERNATIONAL
EQUITY FUND<br />
Supplement to Summary Prospectus dated March 1, 2012 as revised December 13, 2012</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">The following amendment to the Summary Prospectus is effective
on February 22, 2013.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt">•</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt; text-indent: -1.85pt">Effective February 22, 2013, the Fund
will no longer offer Class B shares.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">The following amendments to the Summary Prospectus are effective
on March 1, 2013.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">1.  The Summary Prospectus is amended to reflect the
following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt">•</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt; text-indent: -1.85pt">The name of the Fund is changed to
Parametric Tax-Managed International Equity Fund;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt">•</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt; text-indent: -1.85pt">Class A and Class I shares of the
Fund are renamed Investor Class and Institutional Class, respectively;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt">•</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt; text-indent: -1.85pt">The front-end sales charge payable
upon purchase of Investor Class shares of the Fund is eliminated;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt">•</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt; text-indent: -1.85pt">The minimum initial purchase of Institutional
Class shares of the Fund is changed to $50,000 (waived in certain circumstances); and</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt">•</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt; text-indent: -1.85pt">Class C shares of the Fund are no
longer available for purchase, except by: (1) existing shareholders (including shares acquired through the reinvestment of dividends
and distributions); or (2) qualified retirement plans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">2.  The following replaces the “Shareholder Fees”
and “Example” tables under “Fees and Expenses of the Fund”:</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 9pt">
<tr>
<td style="width: 67%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 11%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 11%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 11%; font: 0.5pt Times New Roman, Times, Serif"> </td></tr>
<tr style="background-color: #E6E6E6">
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt"><font style="font-size: 9pt">Shareholder Fees (fees paid directly from your investment)</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">Investor Class</font></td>
<td style="vertical-align: top; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">Class C </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">Institutional Class</font></td></tr>
<tr style="background-color: #E6E6E6">
<td style="vertical-align: bottom; padding-top: 2.8pt; padding-bottom: 2.8pt"><font style="font-size: 9pt">Maximum Sales Charge (Load) (as a percentage of offering price)</font></td>
<td style="vertical-align: bottom; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">None</font></td>
<td style="vertical-align: top; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">None</font></td>
<td style="vertical-align: bottom; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">None</font></td></tr>
<tr style="background-color: #E6E6E6">
<td style="vertical-align: bottom; padding-top: 2.8pt; padding-bottom: 2.8pt"><font style="font-size: 9pt">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)</font></td>
<td style="vertical-align: bottom; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">None</font></td>
<td style="vertical-align: top; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">1.00%</font></td>
<td style="vertical-align: bottom; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">None</font></td></tr>
</table>
<p style="font: 10pt/10pt Times New Roman, Times, Serif; margin: 2.8pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 9pt">
<tr>
<td style="width: 20%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 10%; font: 0.5pt Times New Roman, Times, Serif"> </td></tr>
<tr style="background-color: #E6E6E6">
<td style="vertical-align: top; border-right: black 1pt solid; font-size: 10pt"> </td>
<td colspan="4" style="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">Expenses with Redemption</font></td>
<td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">Expenses without Redemption</font></td></tr>
<tr style="background-color: #E6E6E6">
<td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">1 Year</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">3 Years</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">5 Years</font></td>
<td style="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">10 Years</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">1 Year</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">3 Years</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">5 Years</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">10 Years</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
<td style="border-right: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt"><font style="font-size: 9pt">Investor Class shares</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$153</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$523</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$917</font></td>
<td style="border-right: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$2,022</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$153</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$523</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$917</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$2,022</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
<td style="border-right: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt"><font style="font-size: 9pt">Class C shares</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$328</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$716</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$1,230</font></td>
<td style="border-right: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$2,641</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$228</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$716</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$1,230</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$2,641</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
<td style="border-right: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt"><font style="font-size: 9pt">Institutional Class shares</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$127</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$409</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$712</font></td>
<td style="border-right: black 1pt solid; padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$1,574</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$127</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$409</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$712</font></td>
<td style="padding-top: 2.8pt; padding-bottom: 2.8pt; text-align: center"><font style="font-size: 9pt">$1,574</font></td></tr>
</table>
<p style="font: 10pt/10pt Times New Roman, Times, Serif; margin: 2.8pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">3.  The following replaces the paragraph under “Purchase
and Sale of Fund Shares”:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">You may purchase, redeem or exchange Fund shares on any
business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange Fund shares
either through your financial intermediary or directly from the Fund either by writing to the Fund, P.O. Box 9653, Providence,
RI 02940-9653, or by calling 1-800-260-0761. The minimum initial purchase or exchange into the Fund is $1,000 for Investor Class
and $50,000 for Institutional Class (waived in certain circumstances). There is no minimum for subsequent investments.</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 9pt">
<tr>
<td style="width: 49%; font: 0.5pt Times New Roman, Times, Serif"> </td>
<td style="width: 51%; font: 0.5pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 5.6pt; padding-bottom: 5.6pt; font-size: 10pt"><font style="font-size: 10pt">February 14, 2013</font></td>
<td style="padding-top: 5.6pt; padding-bottom: 5.6pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">6618-2/13     TMIESPS2</font></td></tr>
</table>
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