UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04015
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Eaton Vance Mutual Funds Trust
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(Exact Name of registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Address of Principal Executive Offices)
Maureen A. Gemma
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Name and Address of Agent for Services)
(617) 482-8260
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(registrant's Telephone Number)
October 31
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Date of Fiscal Year End
October 31, 2007
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Date of Reporting Period
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ITEM 1. REPORTS TO STOCKHOLDERS.
[EV logo]
EATON VANCE(R)
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Managed Investments
[graphic omitted]
Annual Report October 31, 2007
EATON VANCE
STRUCTURED
EMERGING
MARKETS
FUND
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS, AND PROXY VOTING
PRIVACY. The Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has in effect the
following policy ("Privacy Policy") with respect to nonpublic personal
information about its customers:
o Only such information received from you, through application forms or
otherwise, and information about your Eaton Vance fund transactions will be
collected. This may include information such as name, address, social
security number, tax status, account balances and transactions.
o None of such information about you (or former customers) will be disclosed to
anyone, except as permitted by law (which includes disclosure to employees
necessary to service your account). In the normal course of servicing a
customer's account, Eaton Vance may share information with unaffiliated third
parties that perform various required services such as transfer agents,
custodians and broker/dealers.
o Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality of
such information.
o We reserve the right to change our Privacy Policy at any time upon proper
notification to you. Customers may want to review our Policy periodically for
changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance
organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton
Vance Investment Counsel, Boston Management and Research, and Eaton Vance
Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who
are individuals and who have a direct relationship with us. If a customer's
account (i.e., fund shares) is held in the name of a third-party financial
adviser/ broker-dealer, it is likely that only such adviser's privacy policies
apply to the customer. This notice supersedes all previously issued privacy
disclosures.
For more information about Eaton Vance's Privacy Policy,
please call 1-800-262-1122.
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DELIVERY OF SHAREHOLDER DOCUMENTS. The Securities and Exchange Commission (the
"SEC") permits funds to deliver only one copy of shareholder documents,
including prospectuses, proxy statements and shareholder reports, to fund
investors with multiple accounts at the same residential or post office box
address. This practice is often called "householding" and it helps eliminate
duplicate mailings to shareholders.
EATON VANCE, OR YOUR FINANCIAL ADVISER, MAY HOUSEHOLD THE MAILING OF YOUR
DOCUMENTS INDEFINITELY UNLESS YOU INSTRUCT EATON VANCE, OR YOUR FINANCIAL
ADVISER, OTHERWISE.
If you would prefer that your Eaton Vance documents not be householded, please
contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance
documents will be effective within 30 days of receipt by Eaton Vance or your
financial adviser.
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PORTFOLIO HOLDINGS. Each Eaton Vance Fund and its underlying Portfolio (if
applicable) will file a schedule of its portfolio holdings on Form N-Q with the
SEC for the first and third quarters of each fiscal year. The Form N-Q will be
available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance
at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov.
Form N-Q may also be reviewed and copied at the SEC's public reference room in
Washington, D.C. (call 1-800-732-0330 for information on the operation of the
public reference room).
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PROXY VOTING. From time to time, funds are required to vote proxies related to
the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and
procedures approved by the Funds' and Portfolios' Boards. You may obtain a
description of these policies and procedures and information on how the Funds
or Portfolios voted proxies relating to portfolio securities during the most
recent 12 month period ended June 30, without charge, upon request, by calling
1-800-262-1122. This description is also available on the SEC's website at
www.sec.gov.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
[Photo of Thomas Seto]
Thomas Seto
Parametric Portfolio
Associates LLC
[Photo of David Stein, Ph.D.]
David Stein, Ph.D.
Parametric Portfolio
Associates LLC
THE FUND
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Performance for the Past Year
o During the year ended October 31, 2007, the Fund's Class A shares had a total
return of 56.95%. This return resulted from an increase in net asset value
(NAV) per share to $17.50 on October 31, 2007, from $11.15 on October 31,
2006.(1)
o The Fund's Class C shares had a total return of 55.76% for the same period,
the result of an increase in NAV per share to $17.32 on October 31, 2007,
from $11.12 on October 31, 2006.(1)
o The Fund's Class I shares had a total return of 57.34% for the same period,
the result of an increase in NAV per share to $17.54 on October 31, 2007,
from $11.15 on October 31, 2006, and the reinvestment of $0.002 in dividends
paid.(1)
o For comparison, during the same period, the average return of the Fund's peer
group, the Lipper Emerging Markets Funds Classification, was 63.25%, while
the return for the Fund's benchmark, the Morgan Stanley Capital International
(MSCI) Emerging Markets Index (the "MSCI Index") -- an unmanaged index of
common stocks traded in emerging markets -- was 67.84%.(2)
MANAGEMENT DISCUSSION
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o During the year ended October 31, 2007, U.S. and international stock markets
moved higher amid a significant increase in volatility. In the first half of
the period, investors were cautiously optimistic about the economy,
inflation, interest rates, and corporate profits, although markets both in
the U.S. and abroad saw sharp declines from late February through mid-March
2007. Markets recovered strongly through mid-July, only to decline again
more dramatically in late July and August due to fallout from the subprime
mortgage crisis in the U.S., which contributed to a broader tightening of
credit globally. The U.S. Federal Reserve Board (the "Fed") responded to the
subprime situation by lowering the Fed Funds Rate -- a key short-term
interest rate benchmark -- to 4.50% by period's end. Emerging markets
exhibited degrees of immunity to U.S. and other developed market forces,
making them a unique asset class. Mainland China, for example, increased 14%
during the first half of August in the midst of global market turmoil.
o During the year, the Fund had strong performance but underperformed the
average return of the Lipper Emerging Markets Funds Classification and the
MSCI Index. This underperformance was due primarily to the Fund's structural
underweights in China and Brazil, the top- and third-highest performing
countries in the MSCI Index, respectively. However, the underweight to China
was helpful when China's stock market declined sharply in the first quarter
of 2007.(2)
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Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value or
offering price (as applicable) with all distributions reinvested. Investment
return and principal value will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost. Performance is for the stated time
period only; due to market volatility, the Fund's current performance may be
lower or higher than the quoted return. Fund performance during certain periods
reflects the strong stock market performance and/or the strong performance of
stocks held during those periods. This performance is not typical and may not
be repeated. For performance as of the most recent month end, please refer to
www.eatonvance.com.
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(1) These returns do not include the 5.75% maximum sales charge for Class A
shares or the applicable contingent deferred sales charge (CDSC) for Class
C shares. If sales charges were deducted, the returns would be lower. Class
I shares are offered to certain investors at net asset value. Absent
expense limitations by the investment adviser, sub-adviser and the
administrator, the returns would be lower.
(2) It is not possible to invest directly in an Index or Lipper Classification.
The Index's total return does not reflect commissions or expenses that
would have been incurred if an investor individually purchased or sold the
securities represented in the Index. The Lipper total return is the average
total return, at net asset value, of the funds that are in the same Lipper
Classification as the Fund.
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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.
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The views expressed throughout this report are those of the portfolio managers
and are current only through the end of the period of the report as stated on
the cover. These views are subject to change at any time based upon market or
other conditions, and the investment adviser disclaims any responsibility to
update such views. These views may not be relied on as investment advice and,
because investment decisions for a fund are based on many factors, may not be
relied on as an indication of trading intent on behalf of any Eaton Vance fund.
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EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
PORTFOLIO INFORMATION
o The greatest contributions to the Fund's performance came from Russia, South
Korea, and Taiwan. The Fund was underweighted in these countries, all of
which underperformed the MSCI Index return during the period. From an
industry sector standpoint, the information technology, consumer staples and
energy sectors all added to the Fund's relative returns during the period.(1)
o In addition to China and Brazil, the Fund's relative performance was held
back primarily by market exposure to Kenya and the United Arab Emirates, both
of which underperformed, and by a slight overweight to the struggling
financials sector. An underweight in the strong-performing materials sector
also detracted somewhat from the Fund's relative returns.(1)
(1) Sector weightings are subject to change due to active management.
REGIONAL WEIGHTINGS(2)
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By total investments
Asia/Pacific 38.8%
Emerging Europe 21.5%
Middle East/Africa 21.2%
Latin America 17.6%
United States 0.9%
(2) As a percentage of the Fund's total investments as of 10/31/07. Portfolio
information may not be representative of the Fund's current or future
investments and may change due to active management.
SECTOR WEIGHTINGS(3)
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By net assets
Financials 23.3%
Telecommunication Services 13.7%
Industrials 12.0%
Energy 9.9%
Materials 9.6%
Consumer Staples 8.8%
Consumer Discretionary 7.1%
Utilities 4.9%
Diversified 3.9%
Information Technology 3.1%
Investment Funds 1.5%
Other 0.8%
(3) As a percentage of the Fund's net assets as of 10/31/07. Portfolio
information may not be representative of the Fund's current or future
investments and may change due to active management.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FUND PERFORMANCE
The line graph and table set forth below provide information about the Fund's
performance. The line graph compares the performance of Class A of the Fund
with that of the Morgan Stanley Capital International (MSCI) Emerging Market
Index, an unmanaged index of common stocks traded in emerging markets and
available to foreign investors. The lines on the graph represent the total
returns of a hypothetical investment of $10,000 in each of Class A and the MSCI
Emerging Market Index. Class A total returns are presented at net asset value
and maximum public offering price. The performance presented below does not
reflect the deduction of taxes, if any, that a shareholder would pay on
distributions or redemptions of Fund shares.
PERFORMANCE(1) Class A Class C Class I
Share Class Symbol EAEMX ECEMX EIEMX
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Average Annual Total Returns (at net asset value)
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One Year 56.95% 55.76% 57.34%
Life of Fund+ 51.98 50.81 52.26
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
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One Year 47.93% 54.76% 57.34%
Life of Fund+ 45.39 50.81 52.26
+ Inception Dates For All Share Classes: 6/30/06
(1) Average Annual Total Returns do not include the 5.75% maximum sales charge
for Class A shares or the applicable contingent deferred sales charge
(CDSC) for Class C shares. SEC Average Annual Total Returns for Class A
reflect the maximum 5.75% sales charge and, for Class C, reflect a 1% CDSC
for the first year. Class A and Class I shares are subject to a 1%
redemption fee if redeemed or exchanged within 90 days of settlement of
purchase. Absent expense limitations by the investment adviser, sub-adviser
and the administrator, the returns would be lower. Class I shares are
offered to certain investors at net asset value.
TOTAL ANNUAL
OPERATING EXPENSES(2) Class A Class C Class I
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Gross Expense Ratio 11.01% 11.76% 10.76%
Net Expense Ratio 1.52 2.27 1.27
(2) From the Fund's prospectus dated 3/1/07. The net expense ratio reflects a
contractual expense limitation that continues through February 28, 2008.
Thereafter, the expense limitation may be changed or terminated at any time.
Without this expense limitation performance would have been lower.
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Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value or
offering price (as applicable) with all distributions reinvested. Investment
return and principal value will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost. Performance is for the stated time
period only; due to market volatility, the Fund's current performance may be
lower or higher than the quoted return. Fund performance during certain periods
reflects the strong stock market performance and/or the strong performance of
stocks held during those periods. This performance is not typical and may not
be repeated. For performance as of the most recent month end, please refer to
www.eatonvance.com.
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COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE
STRUCTURED EMERGING MARKETS FUND, CLASS A VS. THE MORGAN STANLEY CAPITAL
INTERNATIONAL (MSCI) EMERGING MARKETS INDEX*
June 30, 2006 - October 31, 2007
Eaton Vance Eaton Vance
Structured Structured
Emerging Markets Emerging Markets MSCI Emerging
Fund Class A Fund Class A at POP Markets Index
6/30/2006 $10,000 $ 9,425 $10,000
10/31/2006 11,150 10,509 10,986
10/31/2007 17,500 16,494 18,437
* Source: Thomson Financial. Class A of the Fund commenced investment
operations on 6/30/06.
A $10,000 hypothetical investment at net asset value in Class C shares and
Class I shares on 6/30/06 (inception dates), would have been valued at $17,320
and $17,544, respectively, on 10/31/07. It is not possible to invest directly
in an Index. The Index's total returns do not reflect commissions or expenses
that would have been incurred if an investor individually purchased or sold the
securities represented in the Index. Absent expense limitations by the adviser
and the administrator, the returns would be lower.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FUND EXPENSES
EXAMPLE: As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchases and redemption
fees (if applicable); and (2) ongoing costs, including management fees;
distribution or service fees; and other Fund expenses. This Example is intended
to help you understand your ongoing costs (in dollars) of investing in the Fund
and to compare these costs with the ongoing costs of investing in other mutual
funds. The Example is based on an investment of $1,000 invested for the
one-half year period (May 1, 2007 - October 31, 2007).
ACTUAL EXPENSES: The first section of the table below provides information
about actual account values and actual expenses. You may use the information in
this line, together with the amount you invested, to estimate the expenses that
you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the first line under the heading entitled "Expenses
Paid During Period" to estimate the expenses you paid on your account during
this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of the table
below provides information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratios and an assumed rate of
return of 5% per year (before expenses), which is not the actual return of the
Fund. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) or redemption fees (if applicable). Therefore, the second
section of the table is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In addi-
tion, if these transactional costs were included, your costs would have been
higher.
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EATON VANCE STRUCTURED EMERGING MARKETS FUND
Expenses Paid
Beginning Account Ending Account During Period*
Value (5/1/07) (10/31/07) (5/1/07 - 10/31/07)
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ACTUAL
Class A $1,000.00 $1,288.70 $8.63**
Class C $1,000.00 $1,283.90 $12.93**
Class I $1,000.00 $1,289.70 $7.20**
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HYPOTHETICAL
(5% return per year before expenses)
Class A $1,000.00 $1,017.70 $7.60**
Class C $1,000.00 $1,013.90 $11.40**
Class I $1,000.00 $1,018.90 $6.35**
* Expenses are equal to the Fund's annualized expense ratio of 1.50% for Class
A shares, 2.25% for Class C shares, and 1.25% for Class I shares, multiplied
by the average account value over the period, multiplied by the average
account value over the period, multiplied by 184/365 (to reflect the
one-half year period). The Example assumes that the $1,000 was invested at
the net asset value per share determined at the close of business on April
30, 2007.
** Absent an expense limitation by the investment advisor, sub-advisor and the
administrator, expenses would be higher.
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EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
PORTFOLIO OF INVESTMENTS
Long-Term Investments
Common Stocks -- 96.2%
Security Shares Value
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Argentina -- 1.5%
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Banco Macro SA (Class "B" Shares) (ADR) 13,150 $ 363,597
BBVA Banco Frances SA (ADR) 18,000 171,540
Cresud SA (ADR) 22,500 555,300
Grupo Financiero Galicia SA (Class "B" Shares)
(ADR)(a) 29,000 231,130
IRSA Inversiones y Representaciones SA (GDR)(a) 14,500 258,970
Molinos Rio de la Plata SA (Class "B" Shares)(a) 9,200 33,893
Petrobras Energia Participaciones SA (ADR) 39,900 476,805
Telecom Argentina SA (Class "B" Shares) (ADR)(a) 34,160 820,182
Tenaris SA (ADR) 47,100 2,533,980
Transportadora de Gas del Sur SA (ADR)(a) 29,000 205,900
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$ 5,651,297
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Botswana -- 0.0%
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Barclays Bank of Botswana 45,000 $ 64,834
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$ 64,834
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Brazil -- 6.3%
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AES Tiete SA 1,100,000 $ 40,656
AES Tiete SA (PFD Shares) 2,400,000 83,739
All America Latina Logistica (PFD Shares) 13,000 205,495
All America Latina Logistica 8,500 21,987
American Banknote SA 4,700 49,710
Aracruz Celulose SA (PFD Shares) 15,600 118,814
B2W Compania Global do Varejo 3,970 214,257
Banco Bradesco SA 8,816 285,809
Banco Bradesco SA (PFD Shares) 28,756 978,534
Banco do Brasil SA 8,200 147,531
Banco Itau Holding Financeira SA 3,600 94,133
Banco Itau Holding Financeira SA (PFD Shares) 34,120 968,861
Banco Nossa Caixa SA 1,400 24,665
Bombril SA (PFD Shares)(a) 3,200 28,124
Bradespar SA 1,200 37,075
Bradespar SA (PFD Shares) 7,000 219,291
Brasil Telecom Participacoes SA 2,700 80,704
Brasil Telecom Participacoes SA (PFD Shares) 11,400 169,653
Brasil Telecom SA (PFD Shares) 9,400 93,152
Braskem SA (PFD Shares) 3,960 37,126
Centrais Eletricas Brasileiras SA 11,200 172,857
Centrais Eletricas Brasileiras SA
(Class "B" Shares) (PFD Shares) 10,800 162,214
Centrais Eletricas de Santa Catarina SA
(PFD Shares) 1,500 41,300
Cia Brasileira de Distribuicao Grupo Pao de Acucar 6,560 104,299
Cia Brasileira de Petroleo Ipiranga (PFD Shares) 2,500 44,692
Cia de Bebidas das Americas (PFD Shares) 13,947 1,146,417
Cia de Companhia de Concessoes Rodoviarias (CCR) 7,500 137,912
Cia de Saneamento Basico do Estado
de Sao Paulo 5,320 136,478
Cia de Tecidos Norte de Minas (PFD Shares) 8,000 62,999
Cia Energetica de Minas Gerais 1,800 38,169
Cia Energetica de Minas Gerais (PFD Shares) 14,248 303,846
Cia Energetica de Sao Paulo (PFD Shares)(a) 7,100 133,862
Cia Paranaense de Energia-Copel (PFD Shares) 7,600 125,771
Cia Siderurgica Nacional SA (CSN) 4,400 350,265
Cia Vale do Rio Doce 44,400 1,658,907
Cia Vale do Rio Doce (PFD Shares) 59,540 1,870,358
Contax Participacoes SA (PFD Shares) 38,200 59,506
Cosan SA Industria e Comercio 4,400 68,844
CPFL Energia SA 6,400 139,905
Cyrela Brazil Realty SA 19,500 337,386
Cyrela Commercial Properties SA Empreendimentos
e Participacoes(a) 2,800 21,486
Datasul SA 5,800 77,580
Diagnosticos da America SA 3,800 88,857
Duratex SA (PFD Shares) 9,400 316,089
EDP-Energias do Brasil SA 2,600 41,816
Eletropaulo Metropolitana SA (Class "B" Shares)
(PFD Shares) 610,000 46,810
Empresa Brasileira de Aeronautica SA 59,700 717,553
Fertilizantes Fosfatados SA (PFD Shares) 1,200 47,112
Gafisa SA 9,300 165,291
Gerdau SA 2,500 63,660
Gerdau SA (PFD Shares) 9,900 307,294
Gol Linhas Aereas Inteligentes SA (PFD Shares) 4,600 126,125
Investimentos Itau SA (PFD Shares) 70,860 535,615
Iochpe Maxion SA (PFD Shares) 2,500 52,308
Itausa-Investimentos Itau SA 10,100 110,306
JBS SA(a) 29,300 134,567
Klabin SA (PFD Shares) 13,200 53,947
Localiza Rent a Car SA 5,100 58,631
Lojas Americanas SA 4,000 41,593
Lojas Americanas SA (PFD Shares) 20,570 240,025
Lojas Renner SA 8,400 207,574
Lupatech SA 3,700 97,833
Marcopolo SA (PFD Shares) 14,300 72,334
Metalurgica Gerdau SA (PFD Shares) 4,000 160,901
MMX Mineracao e Metalicos SA(a) 200 87,946
Natura Cosmeticos SA 11,400 136,299
Net Servicos de Comunicacao SA (PFD Shares)(a) 11,736 188,213
Perdigao SA 7,200 193,151
Petroleo Brasileiro SA 33,800 1,608,303
Petroleo Brasileiro SA (PFD Shares) 48,800 2,020,220
Porto Seguro SA 1,500 67,244
Randon Participacoes SA (PFD Shares) 9,600 112,571
Rossi Residencial SA 4,400 147,704
Sadia SA (PFD Shares) 29,400 198,569
Souza Cruz SA 5,900 166,212
Suzano Papel e Celulose SA 3,900 67,029
Tam SA (PFD Shares) 4,300 126,303
Tele Norte Leste Participacoes SA 3,700 140,454
Tele Norte Leste Participacoes SA (PFD Shares) 13,600 297,063
Telemar Norte Leste SA (PFD Shares) 3,500 134,793
Telemig Celular Participacoes SA (PFD Shares) 1,570 48,733
Telesp-Telecomunicacoes de Sao Paulo SA 1,100 35,402
Telesp-Telecomunicacoes de Sao Paulo SA
(PFD Shares) 1,500 51,259
Tim Participacoes SA 8,800 60,650
Tim Participacoes SA (PFD Shares) 36,500 169,943
Totvs SA 2,400 88,015
Tractebel Energia SA 8,700 123,971
Ultrapar Participacoes SA (PFD Shares) 1,000 40,404
Unibanco-Uniao de Bancos Brasileiros SA 35,800 563,844
Unibanco-Uniao de Bancos Brasileiros SA
(PFD Shares) 3,200 22,717
Usinas Siderurgicas de Minas Gerais SA 800 67,092
Usinas Siderurgicas de Minas Gerais SA
(PFD Shares) 3,700 289,245
Vivo Participacoes SA(a) 2,500 20,837
Vivo Participacoes SA (PFD Shares) 25,800 151,416
Votorantim Celulose e Papel SA (PFD Shares) 2,700 85,282
Weg SA 43,900 663,660
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$ 22,955,154
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Bulgaria -- 0.6%
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Albena 3,228 $ 308,010
Bulgarian American Credit Bank JSCO 5,700 349,913
Bulgarian Telecommunications Co. 44,690 363,589
Central Cooperative Bank AD(a) 42,900 380,755
Doverie Holding AD 12,900 150,281
Petrol AD 46,800 162,825
Sopharma AD 77,500 530,213
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$ 2,245,586
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Chile -- 3.1%
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Administradora de Fondos de Pensiones
Provida SA 44,300 $ 118,851
Administradora de Fondos de Pensiones
Provida SA (ADR) 800 31,760
AES Gener SA 99,700 50,204
Aguas Andinas SA (Class "A" Shares) 67,000 31,497
Almendral SA 1,512,600 175,321
Antarchile SA (Series "A") 18,970 430,140
Banco de Chile 4,379,437 381,592
Banco de Credito e Inversiones 13,880 461,260
Banco Santander Chile SA 8,676,300 439,529
Banco Santander Chile SA (ADR) 500 26,495
Banmedica SA 37,200 51,258
Cap SA 10,300 331,437
Cementos Bio-Bio SA 20,600 59,692
Cencosud SA 114,300 492,173
Cia Cervecerias Unidas SA 8,300 68,216
Cia Cervecerias Unidas SA (ADR) 900 37,782
Cia de Telecomunicaciones de Chile SA (Series "A") 55,800 135,673
Cia SudAmericana de Vapores SA(a) 58,600 169,803
Coia General de Electricidad SA 30,600 251,125
Colbun SA 588,400 145,461
Corpbanca SA 30,949,400 238,314
Cristalerias de Chile SA 1,800 25,167
Distribucion y Servicio D&S SA 208,400 126,687
Distribucion y Servicio D&S SA (ADR) 1,000 36,410
Embotelladora Andina SA (Class "B" Shares)
(PFD Shares) 29,700 99,301
Embotelladora Andina SA (PFD Shares) 11,300 34,351
Empresa Nacional de Electricidad SA 348,000 542,908
Empresa Nacional de Electricidad SA (ADR) 1,000 46,820
Empresa Nacional de Telecomunicaciones SA 12,600 224,681
Empresas CMPC SA 12,240 491,088
Empresas Copec SA 58,050 1,035,137
Enersis SA 1,388,400 545,795
Enersis SA (ADR) 1,900 37,658
Farmacias Ahumada SA 5,500 25,633
Grupo Security SA 346,800 167,251
Iansa 248,000 23,921
Invercap SA 19,700 183,627
Inversiones Aguas Metropolitanas SA 83,600 103,335
La Polar SA 21,900 161,310
Lan Airlines SA 16,300 266,052
Madeco SA(a) 2,911,700 366,632
Masisa SA 414,800 99,182
Masisa SA (ADR) 600 7,224
Minera Valparaiso SA 4,324 142,381
Parque Arauco SA 154,100 198,285
Quinenco SA 128,400 288,854
Ripley Corp. SA 36,400 45,509
S.A.C.I. Falabella SA 171,620 1,018,939
SM-Chile SA (Class "B" Shares) 1,614,500 196,292
Sociedad de Inversiones Pampa Calichera SA
(Class "A" Shares) 37,000 24,367
Sociedad Quimica y Minera de Chile SA (Series "B") 14,000 265,816
Sociedad Quimica y Minera de Chile SA
(Series "B") (ADR) 200 38,400
Vina Concha y Toro SA 66,700 173,001
- -------------------------------------------------------------------------------
$ 11,169,597
- -------------------------------------------------------------------------------
China -- 6.4%
- -------------------------------------------------------------------------------
AAC Acoustic Technology Holdings, Inc.(a) 50,000 $ 66,049
Agile Property Holdings Ltd. 36,000 87,556
Air China Ltd. (Class "H" Shares) 36,000 54,835
Aluminum Corp. of China Ltd. (Class "H" Shares) 68,000 193,479
American Oriental Bioengineering, Inc.(a) 5,000 68,850
Angang Steel Co., Ltd. (Class "H" Shares) 46,000 169,353
Anhui Conch Cement Co., Ltd. (Class "H" Shares) 12,000 119,848
AviChina Industry & Technology Co., Ltd.
(Class "H" Shares)(a) 112,000 32,272
Baidu.com, Inc. (ADR)(a) 970 371,015
Bank of China Ltd. (Class "H" Shares) 543,000 358,693
Bank of Communications Ltd. (Class "H" Shares) 135,000 246,303
Beijing Capital International Airport Co., Ltd.
(Class "H" Shares) 40,000 79,239
Beijing Enterprises Holdings Ltd. 10,000 62,263
BOE Technology Group Co., Ltd. (Class "B"
Shares)(a) 63,000 43,635
Brilliance China Automotive Holdings Ltd.(a) 210,000 56,819
BYD Co., Ltd. (Class "H" Shares) 9,000 84,980
Chaoda Modern Agriculture Holdings Ltd. 126,000 114,985
China Agri-Industries Holdings Ltd.(a) 78,000 57,652
China CITIC Bank (Class "H" Shares)(a) 83,000 67,746
China Coal Energy Co. (Class "H" Shares) 63,000 213,336
China Communications Construction Co., Ltd.
(Class "H" Shares) 157,000 499,154
China Construction Bank (Class "H" Shares)(144A) 643,000 731,791
China COSCO Holdings Co., Ltd. (Class "H" Shares) 61,975 276,785
China Everbright Ltd.(a) 16,000 71,957
China Foods Ltd. 70,000 53,558
China Huiyuan Juice Group Ltd.(a) 39,000 50,853
China International Marine Containers Co., Ltd.
(Class "B" Shares) 146,472 303,362
China Life Insurance Co., Ltd. (Class "H" Shares) 157,000 1,049,937
China Mengniu Dairy Co., Ltd. 70,000 297,348
China Merchants Bank Co., Ltd. (Class "H" Shares) 162,000 835,258
China Merchants Holdings International Co., Ltd. 42,000 295,952
China Merchants Property Development Co., Ltd. 14,300 83,009
China Mobile Hong Kong Ltd. 106,000 2,207,979
China National Building Material Co., Ltd.
(Class "H" Shares) 20,000 88,653
China Netcom Group Corp. (Hong Kong) Ltd. 41,000 126,533
China Oilfield Services Ltd. (Class "H" Shares) 24,000 58,769
China Overseas Land & Investment Ltd. 74,000 176,920
China Petroleum & Chemical Corp. (Class "H" Shares) 469,000 746,705
China Resources Enterprise Ltd. 78,000 342,114
China Resources Land Ltd. 38,000 94,550
China Resources Power Holdings Co., Ltd. 24,000 89,305
China Shenhua Energy Co., Ltd. (Class "H" Shares) 68,000 438,631
China Shipping Container Lines Co., Ltd.
(Class "H" Shares) 58,000 76,927
China Shipping Development Co., Ltd.
(Class "H" Share) 52,000 176,644
China Southern Airlines Co., Ltd.
(Class "H" Shares)(a) 96,000 135,118
China Telecom Corp. Ltd. (Class "H" Shares) 260,000 224,793
China Travel International Investment
Hong Kong Ltd. 218,000 174,566
China Unicom Ltd. 74,000 179,933
China Vanke Co., Ltd. (Class "B" Shares) 154,500 467,882
China Yurun Food Group Ltd. 42,000 73,764
Chongqing Changan Automobile Co., Ltd.
(Class "B" Shares) 176,780 225,111
CITIC International Financial Holdings Ltd. 39,000 33,758
CNOOC Ltd. 295,000 639,849
CNPC Hong Kong Ltd. 50,000 40,768
Cosco Pacific Ltd. 26,000 80,848
CSG Holding Co., Ltd. (Class "B" Shares) 20,000 27,850
Ctrip.com International Ltd. (ADR) 4,200 236,712
Datang International Power Generation Co., Ltd.
(Class "H" Shares) 84,000 95,599
Dazhong Transportation Group Co., Ltd.
(Class "B" Shares) 19,500 42,545
Denway Motors Ltd. 294,000 207,452
Dongfang Electrical Machinery Co., Ltd.
(Class "H" Shares) 6,000 53,712
Dongfeng Motor Corp. (Class "H" Shares) 202,000 185,984
Eastern Communications Co., Ltd. (Class "B" Shares) 34,100 23,018
Focus Media Holding Ltd. (ADR)(a) 5,600 347,200
FU JI Food & Catering Services 13,000 32,927
Global Bio-chem Technology Group Co., Ltd. 120,000 44,336
Guangdong Electric Power Development Co., Ltd.
(Class "B" Shares) 53,000 55,456
Guangdong Investment Ltd. 92,000 63,228
Guangdong Provincial Expressway Development Co.,
Ltd. (Class "B" Shares) 32,000 29,726
Guangshen Railway Co., Ltd. (Class "H" Shares) 28,000 23,901
Guangzhou R&F Properties Co., Ltd.
(Class "H" Shares) 20,800 109,363
Guangzhou Shipyard International Co., Ltd.
(Class "H" Shares)(a) 22,000 182,670
Hangzhou Steam Turbine Co., Ltd. (Class "B" Shares) 12,610 38,223
Harbin Power Equipment Co., Ltd. (Class "H" Shares) 42,000 137,465
Huaneng Power International, Inc.
(Class "H" Shares) 74,000 87,136
Industrial & Commercial Bank of China Ltd.
(Class "H" Shares) 730,000 695,278
Inner Mongolia Eerduosi Cashmere Products Co.,
Ltd. (Class "B" Shares) 27,000 32,137
Inner Mongolia Yitai Coal Co., Ltd.
(Class "B" Shares) 6,800 68,013
Jiangsu Expressway Co., Ltd. (Class "H" Shares) 56,000 64,781
Jiangxi Copper Co., Ltd. (Class "H" Shares) 38,000 134,395
Kingboard Chemical Holdings Ltd. 20,000 131,096
Konka Group Co., Ltd. (Class "B" Shares) 32,000 24,317
Lee & Man Paper Manufacturing Ltd. 12,000 47,845
Lenovo Group Ltd. 152,000 173,096
Li Ning Co., Ltd. 48,000 181,631
Maanshan Iron & Steel Co., Ltd. (Class "H" Shares) 68,000 60,775
Netease.com, Inc. (ADR)(a) 3,200 66,592
Nine Dragons Paper Holdings Ltd. 38,000 102,927
Parkson Retail Group Ltd. 12,500 142,655
People's Food Holdings Ltd. 45,000 41,011
PetroChina Co., Ltd. (Class "H" Shares) 398,000 1,026,469
PICC Property & Casualty Co., Ltd.
(Class "H" Shares) 78,000 165,287
Pine Agritech Ltd. 70,000 25,680
Ping An Insurance Group Co. of China Ltd.
(Class "H" Shares) 26,500 370,572
Ports Design Ltd. 19,000 71,725
Qingling Motors Co., Ltd. (Class "H" Shares) 127,500 31,696
Samling Global Ltd.(a) 552,000 188,965
Samson Holding Ltd. 106,000 32,343
Semiconductor Manufacturing International Corp.(a) 878,000 100,174
Shanda Interactive Entertainment Ltd. (ADR)(a) 800 31,496
Shandong Chenming Paper Holdings Ltd.
(Class "B" Shares) 24,000 27,679
Shanghai Diesel Engine Co., Ltd.
(Class "B" Shares)(a)(b) 24,000 30,288
Shanghai Electric Group Co., Ltd.
(Class "H" Shares) 134,000 133,232
Shanghai Haixin Group Co., Ltd. (Class "B" Shares) 144,500 142,338
Shanghai Industrial Holdings Ltd. 36,000 213,534
Shanghai Jinjiang International Hotels
Development Co., Ltd. (Class "B" Shares) 17,000 30,747
Shanghai Lujiazui Finance & Trade Zone
Development Co., Ltd. 23,200 57,675
Shanghai Zhenhua Port Machinery Co., Ltd.
(Class "B" Shares) 113,000 387,996
Shenzhen Chiwan Wharf Holdings Ltd.
(Class "B" Shares) 12,000 28,642
Shimao Property Holdings Ltd. 21,500 77,389
SINA Corp.(a) 2,600 149,058
Sinopec Yizheng Chemical Fibre Co., Ltd.
(Class "H" Shares)(a) 58,000 30,626
Sinopec-China Petroleum & Chemical Corp.
(Class "H" Shares) 90,000 73,203
Sinotrans Ltd. (Class "H" Shares) 66,000 42,226
Sohu.com, Inc.(a) 1,600 95,856
Suntech Power Holdings Co., Ltd. (ADR)(a) 3,500 206,115
SVA Electron Co., Ltd. (Class "B" Shares) 46,200 33,634
Synear Food Holdings Ltd. 52,115 85,543
TCL Multimedia Technology Holdings Ltd.(a) 289,600 20,394
Tencent Holdings Ltd. 24,000 206,665
Tingyi (Cayman Islands) Holding Corp. 108,000 164,145
TPV Technology Ltd. 50,000 33,668
Travelsky Technology Ltd. (Class "H" Shares) 35,000 41,903
Tsingtao Brewery Co., Ltd. (Class "H" Shares) 50,000 178,443
Weichai Power Co., Ltd. (Class "H" Shares) 7,000 72,499
Weiqiao Textile Co., Ltd. (Class "H" Shares) 47,000 88,552
Xinhua Finance Ltd.(a) 40 10,929
Yantai Changyu Pioneer Wine Co., Ltd.
(Class "B" Shares) 10,000 73,850
Yanzhou Coal Mining Co., Ltd. (Class "H" Shares) 46,000 99,145
Zhejiang Expressway Co., Ltd. (Class "H" Shares) 52,000 75,226
Zijin Mining Group Co., Ltd. (Class "H" Shares) 86,000 150,145
ZTE Corp. (Class "H" Shares) 31,200 190,690
- -------------------------------------------------------------------------------
$ 23,285,486
- -------------------------------------------------------------------------------
Colombia -- 0.4%
- -------------------------------------------------------------------------------
Almacenes Exito SA 14,600 $ 112,375
Banco de Bogota 3,600 58,420
Bancolombia SA 4,200 36,674
Bancolombia SA (PFD Shares) 3,900 35,504
Bancolombia SA (PFD Shares) (ADR) 3,500 128,625
Cementos Argos SA 24,700 108,336
Cia Colombiana de Inversiones SA 2,500 29,467
Cia de Cemento Argos SA 33,300 200,764
Corporacion Financiera Colombiana SA 2,600 22,703
Grupo Aval Acciones y Valores SA 215,300 71,175
Grupo Nacional de Chocolates SA 21,700 178,798
Interconexion Electrica SA 68,000 221,724
Promigas SA 4,360 62,430
Suramericana de Inversiones SA 14,700 142,687
- -------------------------------------------------------------------------------
$ 1,409,682
- -------------------------------------------------------------------------------
Croatia -- 0.8%
- -------------------------------------------------------------------------------
Adris Grupa DD (PFD Shares) 2,070 $ 211,964
Atlantska Plovidba DD 780 539,404
Dalekovod DD 510 154,697
Ericsson Nikola Tesla 300 192,365
INA Industrija Nafte DD 955 495,099
Institut Gradevinarstva Hrvatske DD 75 206,058
Istraturist Umag DD 500 42,778
Koncar-Elektroindustrija DD(a) 180 42,497
Kras DD 210 35,149
Petrokemija DD(a) 400 23,047
Podravka Prehrambena Industija DD 1,925 193,910
Privredna Banka Zagreb DD(a) 1,042 399,204
Tankerska Plovidba DD 115 171,231
VIRO Tvornica Secera 110 31,843
- -------------------------------------------------------------------------------
$ 2,739,246
- -------------------------------------------------------------------------------
Czech Republic -- 3.0%
- -------------------------------------------------------------------------------
CEZ AS 70,860 $ 5,142,301
Komercni Banka AS 7,454 1,734,385
Philip Morris CR AS 613 319,808
Telefonica 02 Czech Republic AS 37,104 1,150,220
Unipetrol AS(a) 85,723 1,536,059
Zentiva NV 22,725 1,226,585
- -------------------------------------------------------------------------------
$ 11,109,358
- -------------------------------------------------------------------------------
Egypt -- 1.5%
- -------------------------------------------------------------------------------
Alexandria Mineral Oils Co. 7,520 $ 113,819
Arab Cotton Ginning 57,100 102,558
Commercial International Bank 21,718 304,090
Credit Agricole Egypt(a) 12,500 48,142
Eastern Tobacco 3,382 258,056
Egypt Kuwaiti Holding Co. 52,000 134,680
Egyptian Financial & Industrial Co. 4,200 102,010
Egyptian Financial Group-Hermes Holding SAE 32,671 329,380
Egyptian International Pharmaceutical
Industrial Co. 6,500 36,402
Egyptian Media Production City(a) 28,738 72,398
El Ezz Aldekhela Steel Alexa Co. 545 102,004
El Ezz Steel Rebars SAE 14,400 142,047
El Sewedy Cables Holding Co.(a) 9,430 187,849
El Watany Bank of Egypt 9,300 116,303
Medinet Nasr for Housing 8,300 84,226
Misr Beni Suef Cement Co. 5,940 141,466
Misr Cement 2,730 40,949
MobiNil-Egyptian Co. for Mobil Services 4,430 156,565
National Societe General Bank(a) 5,370 46,182
Olympic Group Financial Investments 20,900 269,039
Orascom Construction Industries (OCI) 9,982 915,784
Orascom Hotels & Development(a) 21,970 286,105
Orascom Telecom Holding SAE 57,630 833,349
Oriental Weavers Co. 6,100 67,302
Paints & Chemical Industry Co. SAE 7,000 76,185
Sidi Kerir Petrochemcials Co. 60,250 223,856
Suez Cement Co. 10,700 130,533
Telecom Egypt 36,284 130,249
Torah Portland Cement Co. 960 21,940
- -------------------------------------------------------------------------------
$ 5,473,468
- -------------------------------------------------------------------------------
Estonia -- 0.8%
- -------------------------------------------------------------------------------
AS Baltika 16,870 $ 122,317
AS Eesti Ehitus 49,700 374,861
AS Eesti Telekom 24,064 270,132
AS Harju Elekter 4,100 20,190
AS Merko Ehitus 16,168 427,544
AS Norma 2,000 14,781
AS Olympic Entertainment Group 76,200 585,282
AS Tallink Group Ltd.(a) 510,232 760,829
AS Tallinna Kaubamaja 8,690 100,264
AS Tallinna Vesi 4,090 82,869
- -------------------------------------------------------------------------------
$ 2,759,069
- -------------------------------------------------------------------------------
Ghana -- 0.2%
- -------------------------------------------------------------------------------
Aluworks Ghana Ltd. 457,409 $ 351,670
CAL Bank Ltd. 480,900 175,622
Cocoa Processing Co., Ltd.(a) 269,722 14,852
Ghana Commercial Bank Ltd. 157,960 157,566
Home Finance Co., Ltd. 188,261 105,583
Produce Buying Co., Ltd.(a) 382,428 95,359
- -------------------------------------------------------------------------------
$ 900,652
- -------------------------------------------------------------------------------
Hungary -- 3.1%
- -------------------------------------------------------------------------------
Danubius Hotel & Spa Rt.(a) 810 $ 44,783
EGIS Rt. 2,200 280,600
FHB Land Credit & Mortgage Bank Rt. 5,000 59,453
Fotex Rt.(a) 25,100 144,937
Magyar Telekom Rt. 392,340 2,109,674
MOL Hungarian Oil & Gas Rt. 18,170 2,805,530
OTP Bank Rt. 70,510 3,825,337
Pannonplast Rt.(a) 1,100 52,001
RABA Automotive Holding Rt.(a) 19,560 239,639
Richter Gedeon Rt. 7,590 1,649,511
Tisza Chemical Group Rt. 1,300 60,725
- -------------------------------------------------------------------------------
$ 11,272,190
- -------------------------------------------------------------------------------
India -- 6.2%
- -------------------------------------------------------------------------------
Aban Offshore Ltd. 1,040 $ 124,895
ACC Ltd. 5,370 148,487
Aditya Birla Nuvo Ltd. 2,002 82,482
Amtek Auto Ltd. 3,800 49,657
Asea Brown Boveri India Ltd. 3,500 140,655
Ashok Leyland Ltd. 34,000 34,951
Asian Paints Ltd. 2,130 55,868
Bajaj Auto Ltd. 3,530 224,000
Bajaj Auto Ltd. (GDR) 200 12,460
Bajaj Hindusthan Ltd. 7,800 36,903
Balrampur Chini Mills Ltd. 16,400 33,796
Bank of Baroda 1,660 14,541
Bank of India 11,700 106,851
BF Utilities Ltd.(a) 1,490 99,436
Bharat Electronics Ltd. 600 28,180
Bharat Forge Ltd. 6,650 64,181
Bharat Heavy Electricals Ltd. 5,840 389,689
Bharat Petroleum Corp. Ltd. 4,500 39,818
Bharti Airtel Ltd.(a) 63,430 1,643,761
Biocon Ltd. 2,700 36,117
Cairn India Ltd.(a) 7,000 37,098
Canara Bank Ltd. 12,400 93,830
Century Textiles & Industries Ltd. 2,820 76,591
CESC Ltd. 5,900 88,333
Cipla Ltd. 22,710 103,926
Colgate-Palmolive (India) Ltd. 2,800 27,499
Container Corp. of India Ltd. 1,330 67,134
Corp. Bank 3,400 37,538
Crompton Greaves Ltd. 7,400 76,962
Cummins India Ltd. 4,000 40,860
Dabur India Ltd. 12,300 33,479
Dish TV India Ltd.(a) 1,150 1,780
Divi's Laboratories Ltd. 2,000 88,300
Dr. Reddy's Laboratories Ltd. 5,820 92,220
Dr. Reddy's Laboratories Ltd. (ADR) 800 12,680
EIH Ltd. 12,000 43,056
Essar Oil Ltd.(a) 40,230 58,417
Financial Technologies India Ltd. 830 55,032
Gail India Ltd. 17,700 186,834
Gail India Ltd. (GDR) 500 31,645
Glaxosmithkline Pharmaceuticals Ltd. 1,880 52,912
Glenmark Pharmaceuticals Ltd. 7,260 90,512
GMR Infrastructure(a) 20,000 90,200
Grasim Industries Ltd. 1,930 182,849
Grasim Industries Ltd. (GDR)(144A) 300 29,100
Great Eastern Shipping Co., Ltd. 5,620 69,417
Great Offshore Ltd. 280 5,621
Gujarat Ambuja Cements Ltd. 44,800 166,573
HCL Technologies Ltd. 7,000 56,278
HDFC Bank Ltd. 11,980 524,008
HDFC Bank Ltd. (ADR) 400 55,600
Hero Honda Motors Ltd. 9,200 170,648
Hindalco Industries Ltd. 28,410 143,760
Hindalco Industries Ltd. (GDR)(144A) 3,700 18,130
Hindustan Lever Ltd. 58,000 306,534
Hindustan Petroleum Corp. Ltd. 5,900 36,099
Hindustan Zinc Ltd. 6,840 158,499
Housing Development Finance Corp. 10,100 716,174
I-Flex Solutions Ltd. 790 32,289
ICICI Bank Ltd. 36,070 1,180,163
ICICI Bank Ltd. (ADR) 1,200 83,328
Idea Cellular Ltd.(a) 75,000 259,846
India Cements Ltd. 6,800 49,272
Indiabulls Financial Services Ltd. 7,900 136,324
Indiabulls Real Estate Ltd.(a) 7,300 120,769
Indian Hotels Co., Ltd. 24,600 93,112
Indian Oil Corp. Ltd. 4,760 58,449
Industrial Development Bank of India Ltd. 25,500 104,987
Infosys Technologies Ltd. 14,330 678,729
Infrastructure Development Finance Co., Ltd. 49,100 242,747
ITC Ltd. 132,630 603,329
ITC Ltd. (GDR)(144A) 7,800 35,178
IVRCL Infrastructures & Projects Ltd. 4,800 62,166
Jaiprakash Associates Ltd. 3,780 141,749
Jet Airways (India) Ltd. 1,600 36,059
Jindal Steel & Power Ltd. 290 88,896
JSW Steel Ltd. 4,000 98,087
Kotak Mahindra Bank Ltd. 11,100 283,924
Larsen & Toubro Ltd. 7,780 851,586
Larsen & Toubro Ltd. (GDR) 800 86,325
Lupin Ltd. 3,900 58,549
Mahanagar Telephone Nigam Ltd. 10,800 49,589
Mahanagar Telephone Nigam Ltd. (ADR) 2,500 23,000
Mahindra & Mahindra Ltd. 11,780 227,522
Maruti Udyog Ltd. 7,650 210,931
Moser Baer India Ltd. 8,550 62,570
Motor Industries Co., Ltd. 1,130 123,216
Mphasis Ltd. 4,000 32,286
National Aluminium Co., Ltd. 4,800 39,736
Nestle India Ltd. 1,930 75,442
Nicholas Piramal India Ltd. 8,000 61,510
NTPC Ltd. 57,200 350,107
Oil & Natural Gas Corp. Ltd. 11,270 360,146
Patni Computer Systems Ltd. 2,300 23,913
Patni Computer Systems Ltd. (ADR) 600 12,666
Petronet LNG Ltd. 22,500 50,824
Ranbaxy Laboratories Ltd. 11,160 122,077
Ranbaxy Laboratories Ltd. (GDR) 1,500 16,665
Reliance Capital Ltd. 6,560 356,436
Reliance Communications Ltd. 41,460 817,906
Reliance Energy Ltd. 7,300 349,347
Reliance Energy Ltd. (GDR) 500 71,046
Reliance Industries Ltd. 23,950 1,704,702
Reliance Industries Ltd. (GDR)(144A) 700 100,625
Reliance Natural Resources Ltd.(a) 55,000 169,235
Reliance Petroleum Ltd.(a) 30,710 194,199
Satyam Computer Services Ltd. 17,250 211,195
Satyam Computer Services Ltd. (ADR) 2,000 60,700
Sesa Goa Ltd. 750 70,993
Shipping Corp. of India Ltd. 6,500 40,129
Siemens India Ltd. 2,190 109,029
State Bank of India (GDR) 3,600 446,905
Steel Authority of India Ltd. 32,400 215,640
Sterlite Industries (India) Ltd. 4,080 107,034
Sun Pharma Advanced Research Co., Ltd.(a) 1,300 2,876
Sun Pharmaceuticals Industries Ltd. 4,400 118,655
Suzlon Energy Ltd. 3,770 190,115
Syndicate Bank 16,700 38,489
Tata Chemicals Ltd. 7,100 58,146
Tata Consultancy Services Ltd. 5,040 134,333
Tata Motors Ltd. 7,050 137,223
Tata Motors Ltd. (ADR) 600 11,820
Tata Power Co., Ltd. 8,690 270,255
Tata Steel Ltd. 15,830 367,042
Tata Tea Ltd. 2,800 59,073
Tata Teleservices Maharashtra Ltd.(a) 75,500 87,845
Titan Industries Ltd. 1,100 48,480
Ultra Tech Cement Ltd. 2,200 56,256
Unitech Ltd. 19,400 190,858
United Breweries Ltd. 6,800 64,273
United Phosphorus Ltd. 5,900 54,432
United Spirits Ltd. 3,850 195,444
UTI Bank Ltd. 9,700 229,295
Videocon Industries Ltd. 3,920 37,030
Videsh Sanchar Nigam Ltd. 2,700 38,943
Videsh Sanchar Nigam Ltd. (ADR) 1,000 27,500
Voltas Ltd. 16,800 93,907
Wipro Ltd. 9,000 116,495
Wipro Ltd. (ADR) 1,000 16,470
Wire & Wireless India Ltd.(a) 1,000 958
Yes Bank Ltd.(a) 6,400 35,451
Zee Entertainment Enterprises Ltd. 13,130 111,031
Zee News Ltd.(a) 904 1,425
- -------------------------------------------------------------------------------
$ 22,540,160
- -------------------------------------------------------------------------------
Indonesia -- 3.0%
- -------------------------------------------------------------------------------
Aneka Tambang Tbk PT 428,500 $ 160,567
Astra Argo Lestari Tbk PT 73,500 183,962
Astra International Tbk PT 413,700 1,178,083
Bakrie & Brothers Tbk PT(a) 14,961,000 527,604
Bakrie Sumatera Plantations Tbk PT 556,500 123,466
Bakrie Telecom PT(a) 1,435,000 73,816
Bank Central Asia Tbk PT 925,000 751,448
Bank Danamon Indonesia Tbk PT 193,500 186,189
Bank Internasional Indonesia Tbk PT 1,455,000 42,170
Bank Mandiri PT 750,000 316,280
Bank Niaga Tbk PT 1,059,500 101,609
Bank Pan Indonesia Tbk PT(a) 606,000 49,474
Bank Rakyat Indonesia PT 794,000 685,591
Berlian Laju Tanker Tbk PT 406,000 98,230
Bumi Resources Tbk PT 1,971,000 1,056,556
Energi Mega Persada Tbk PT(a) 980,700 137,002
Gudang Garam Tbk PT 94,500 104,866
Holcim Indonesia Tbk PT(a) 351,700 54,873
Indah Kiat Pulp & Paper Corp. Tbk PT(a) 383,000 39,234
Indocement Tunggal Prakarsa Tbk PT 167,000 151,992
Indofood Sukses Makmur Tbk PT 886,000 216,974
Indonesian Satellite Corp. Tbk PT 389,000 374,930
International Nickel Indonesia Tbk PT 35,500 356,290
Kalbe Farma Tbk PT 1,146,000 172,821
Kawasan Industri Jababeka Tbk PT(a) 1,150,000 30,846
Lippo Karawaci Tbk PT 662,000 128,644
Matahari Putra Prima Tbk PT 527,000 43,929
Medco Energi Internasional Tbk PT 398,500 207,890
Perusahaan Gas Negara PT 294,500 459,402
Perusahaan Perkebunan London Sumatra Indonesia
Tbk PT 30,500 32,589
Ramayana Lestari Sentosa Tbk PT 445,000 43,480
Semen Gresik Persero Tbk PT 301,000 207,248
Sinar Mas Agro Resources & Technology Tbk PT 23,000 11,447
Summarecon Agung Tbk PT 200,800 30,128
Tambang Batubara Bukit Asam Tbk PT (Series "B") 186,000 188,187
Telekomunikasi Indonesia Tbk PT 969,000 1,163,346
Tempo Scan Pacific Tbk PT 306,000 26,874
Unilever Indonesia Tbk PT 248,300 183,392
United Tractors Tbk PT 926,000 1,129,186
- -------------------------------------------------------------------------------
$ 11,030,615
- -------------------------------------------------------------------------------
Israel -- 3.0%
- -------------------------------------------------------------------------------
Africa-Israel Investments Ltd. 900 $ 93,110
Aladdin Knowledge Systems Ltd.(a) 1,500 35,925
Alvarion Ltd.(a) 8,900 115,842
Avner Oil & Gas Ltd. 525,300 43,229
Bank Hapoalim B.M. 114,231 631,154
Bank Leumi Le-Israel 122,008 585,920
Bezeq Israeli Telecommunication Corp. Ltd. 405,035 719,980
Cellcom Israel Ltd. 8,100 214,893
Ceragon Networks Ltd.(a) 4,600 83,766
Check Point Software Technologies Ltd.(a) 15,760 398,098
Clal Industries Ltd. 14,400 87,760
Clal Insurance Enterprise Holdings Ltd. 2,810 87,810
Delek Automotive Systems Ltd. 2,800 35,188
Delek Group Ltd. 480 118,096
Delek Real Estate Ltd. 9,500 61,679
Discount Investment Corp. 1,100 34,337
Elbit Medical Imaging Ltd. 1,170 65,773
Elbit Systems Ltd. 3,250 172,874
First International Bank of Israel Ltd.(a) 760 10,230
Frutarom 8,107 76,144
Gazit Globe (1982) Ltd. 5,000 67,077
Gilat Satellite Networks Ltd.(a) 11,760 130,889
Given Imaging Ltd.(a) 1,300 37,089
Harel Insurance Investments Ltd. 1,580 93,037
Housing & Construction Holdings Ltd.(a) 17,700 38,903
IDB Development Corp. Ltd. 2,184 87,250
IDB Holding Corp. Ltd. 2,900 100,960
Israel Chemicals Ltd. 81,761 902,900
Israel Corp. Ltd. 398 405,812
Israel Discount Bank Ltd. (Series "A")(a) 60,100 153,131
Koor Industries Ltd. 1,010 87,539
Makhteshim-Agan Industries Ltd. 51,297 492,717
Mizrahi Tefahot Bank Ltd. 17,240 134,412
Ness Technologies, Inc.(a) 2,700 31,590
Nice Systems Ltd.(a) 5,423 214,521
Oil Refineries Ltd. 162,600 136,043
Orbotech Ltd.(a) 3,000 62,100
Ormat Industries Ltd. 9,100 149,582
Osem Investment Ltd. 3,944 45,758
Partner Communications Co., Ltd. 30,800 583,224
Paz Oil Co., Ltd. 230 27,519
Property & Building Corp. Ltd. 180 25,258
RADVision Ltd.(a) 1,700 22,202
Retalix Ltd.(a) 1,420 28,757
Strauss Group Ltd. 1,700 23,420
Super-Sol Ltd.(a) 7,200 28,521
Syneron Medical Ltd.(a) 1,300 23,777
Teva Pharmaceutical Industries Ltd. 4,400 193,184
Teva Pharmaceutical Industries Ltd. (ADR) 66,704 2,935,643
- -------------------------------------------------------------------------------
$ 10,934,623
- -------------------------------------------------------------------------------
Jordan -- 0.8%
- -------------------------------------------------------------------------------
Arab Bank Plc 31,000 $ 1,154,293
Arab East Investment 12,900 71,039
Bank of Jordan 11,100 43,729
Jordan Ahli Bank 14,000 62,864
Jordan Cement Factory 5,600 89,353
Jordan Telecom Corp. 23,200 150,037
Jordanian Electric Power 10,100 44,496
Middle East Complex for Engineering, Electric,
& Heavy Industries 98,700 418,849
Taameer Jordan Co.(a) 82,800 326,196
Union Investment Corp.(a) 34,700 88,195
Union Land Development(a) 32,100 92,012
United Arab Investors 65,800 273,160
- -------------------------------------------------------------------------------
$ 2,814,223
- -------------------------------------------------------------------------------
Kenya -- 0.7%
- -------------------------------------------------------------------------------
Athi River Mining Ltd. 93,300 $ 127,389
Bamburi Cement Co., Ltd. 109,700 311,555
Barclays Bank of Kenya Ltd. 410,165 435,302
Diamond Trust of Kenya Ltd. 46,700 59,335
East African Breweries Ltd. 153,480 328,066
ICDC Investment Co., Ltd. 196,000 74,708
Kenya Airways Ltd. 345,800 312,465
Kenya Commercial Bank Ltd. 921,000 351,054
Kenya Electricity Generating Co., Ltd. 308,700 123,434
Kenya Power & Lighting Ltd. 25,400 80,111
Mumias Sugar Co., Ltd. 208,400 134,728
Nation Media Group Ltd. 27,300 116,522
NIC Bank Ltd. 37,100 92,057
Standard Chartered Bank Kenya Ltd. 35,500 97,638
- -------------------------------------------------------------------------------
$ 2,644,364
- -------------------------------------------------------------------------------
Latvia -- 0.1%
- -------------------------------------------------------------------------------
Grindeks(a) 2,000 $ 29,719
Latvian Shipping Co.(a) 80,000 244,015
SAF Tehnika(a) 5,000 26,159
Ventspils Nafta(a) 7,900 49,181
- -------------------------------------------------------------------------------
$ 349,074
- -------------------------------------------------------------------------------
Lithuania -- 0.7%
- -------------------------------------------------------------------------------
Apranga PVA 32,486 $ 244,126
Bankas Snoras 24,000 44,199
Invalda PVA 19,100 149,225
Klaipedos Nafta PVA 737,500 340,753
Lietuvos Dujos 31,900 49,558
Lietuvos Energija 42,400 119,017
Pieno Zvaigzdes 40,200 102,135
Rokiskio Suris 3,330 109,475
Rytu Skirstomieji Tinklai 65,400 143,598
Sanitas 18,400 256,819
Siauliu Bankas 111,726 168,127
Teo LT AB 545,100 549,524
Ukio Bankas Commercial Bank 205,180 396,120
- -------------------------------------------------------------------------------
$ 2,672,676
- -------------------------------------------------------------------------------
Malaysia -- 3.0%
- -------------------------------------------------------------------------------
Affin Holdings Bhd 43,500 $ 38,319
Airasia Bhd(a) 93,200 54,758
Alliance Financial Group Bhd 103,700 92,706
AMMB Holdings Bhd 99,200 126,335
Asiatic Development Bhd 40,800 81,733
Astro All Asia Networks Plc 88,200 89,685
Batu Kawan Bhd 90,500 257,655
Berjaya Sports Toto Bhd 57,600 88,454
British American Tobacco Malaysia Bhd 10,300 124,607
Bumiputra-Commerce Holdings Bhd 140,500 488,629
Bursa Malaysia Bhd 39,200 186,408
Dialog Group Bhd 221,900 117,625
Digi.com Bhd 22,600 170,225
E&O Property Development Bhd(a) 83,200 70,210
EON Capital Bhd 16,600 34,843
Gamuda Bhd 157,000 216,469
Genting Bhd 191,600 476,894
Golden Hope Plantations Bhd(b) 34,700 94,684
Green Packet Bhd 65,100 67,252
Hong Leong Bank Bhd 40,600 80,103
Hong Leong Financial Group Bhd 15,400 27,692
IGB Corp. Bhd 53,700 41,852
IJM Corp. Bhd 114,350 300,386
IOI Corp. Bhd 287,505 655,925
KLCC Property Holdings Bhd 25,800 27,537
KNM Group Bhd 273,100 483,403
Kuala Lumpur Kepong Bhd 35,700 158,103
Kumpulan Guthrie Bhd(b) 45,900 97,718
Lafarge Malayan Cement Bhd 330,500 181,797
Lion Diversified Holdings Bhd 32,800 23,484
Magnum Corp. Bhd 80,100 70,959
Malayan Banking Bhd 135,000 456,281
Malaysian Airline System Bhd(a) 165,733 269,781
Malaysian Bulk Carriers Bhd 30,200 49,245
Malaysian Pacific Industries Bhd 15,200 41,872
Malaysian Resources Corp. Bhd(a)(b) 144,000 126,871
Malaysian Resources Corp. Bhd (PFD Shares) 33,533 44,241
Media Prima Bhd 72,300 58,118
MISC Bhd 111,400 331,944
MMC Corp. Bhd 51,900 135,142
Mulpha International Bhd(a) 75,400 32,600
Multi-Purpose Holdings Bhd 110,400 76,823
OSK Holdings Bhd 44,000 37,491
Parkson Holdings Bhd 42,640 123,024
Petra Perdana Bhd 52,200 91,637
Petronas Dagangan Bhd 63,400 169,642
Petronas Gas Bhd 11,000 37,134
PLUS (Projek Lebuhraya Utara Selatan)
Expressways Bhd 91,900 92,359
Pos Malaysia Bhd 22,200 18,313
PPB Group Bhd 60,300 175,545
Public Bank Bhd 138,000 461,652
Ranhill Bhd 132,000 115,308
Resorts World Bhd 204,500 236,928
RHB Capital Bhd 62,100 119,049
Sarawak Energy Bhd 82,000 59,795
Scomi Group Bhd 183,700 92,006
Shell Refining Co. Bhd 36,900 127,693
Sime Darby Bhd(b) 89,900 301,913
SP Setia Bhd 50,400 118,643
Star Publications (Malaysia) Bhd 30,000 30,299
Ta Ann Holdings Bhd 25,400 51,634
TA Enterprise Bhd 35,700 16,349
Tanjong Plc 24,100 126,995
Telekom Malaysia Bhd 91,300 280,452
Tenaga Nasional Bhd 97,800 275,887
Titan Chemicals Corp. Bhd 168,000 78,950
Top Glove Corp. Bhd 12,400 24,643
Transmile Group Bhd 12,500 14,947
Uchi Technologies Bhd 90,400 79,987
UEM Builders Bhd 90,600 39,036
UEM World Bhd 134,800 176,249
UMW Holdings Bhd 14,900 66,411
Wah Seong Corp. Bhd 85,700 97,613
WTK Holdings Bhd 154,250 104,534
YTL Corp. Bhd 61,300 138,853
YTL Power International Bhd 106,090 76,610
Zelan Bhd 47,600 86,422
- -------------------------------------------------------------------------------
$ 10,793,371
- -------------------------------------------------------------------------------
Mauritius -- 0.7%
- -------------------------------------------------------------------------------
Air Mauritius Ltd.(a) 37,800 $ 25,075
Ireland Blyth Ltd. 31,600 68,126
Mauritius Commercial Bank 231,900 1,107,582
Mauritius Development Investment Trust Co., Ltd. 258,000 46,637
New Mauritius Hotels Ltd. 108,650 609,016
Promotion & Development Ltd. 11,800 41,486
Rogers & Co., Ltd. 5,700 77,512
Shell Mauritius Ltd. 14,300 22,055
State Bank of Mauritius Ltd. 147,800 338,249
Sun Resorts Ltd. 67,375 245,813
United Basalt Products Ltd. 36,000 50,781
United Docks Ltd. 27,400 86,335
- -------------------------------------------------------------------------------
$ 2,718,667
- -------------------------------------------------------------------------------
Mexico -- 5.7%
- -------------------------------------------------------------------------------
Alfa SA de CV (Series "A") 102,000 $ 676,620
America Movil SA de CV (Series "A") 3,700 11,667
America Movil SA de CV (Series "L") 1,643,620 5,190,444
Axtel SA de CV (Series "CPO")(a) 57,300 147,222
Carso Global Telecom SA de CV (Series "A1")(a) 53,200 254,439
Carso Infraestructura y Construccion SA(a) 254,200 275,499
Cemex SAB de CV (Series "CPO")(a) 633,900 1,918,899
Cintra SA de CV 154,000 35,971
Coca-Cola Femsa SA de CV (Series "L") 19,500 90,183
Consorcio ARA SA de CV 37,200 41,012
Controladora Comercial Mexicana SA de CV 40,400 125,354
Corporacion GEO SA de CV (Series "B")(a) 38,300 140,952
Corporacion Interamericana de Entretenimiento SA
de CV (Class "B" Shares)(a) 18,100 49,887
Corporacion Moctezuma SA de CV 27,500 87,357
Dermet de Mexico SA (Class "B" Shares)(a) 8,260 1,034
Desarrolladora Homex SA de CV(a) 10,300 97,195
Desc SA de CV (Series "B")(a) 28,400 28,790
Division DINE SA de CV(a) 78,400 85,701
Embotelladoras Arca SA 16,000 63,159
Empresas ICA SA de CV(a) 132,600 917,392
Fomento Economico Mexicano SA de CV (Series "UBD") 172,400 602,736
Gruma SAB (Class "B" Shares) 18,300 65,399
Grupo Aeroportuario del Pacifico SA de CV
(Class "B" Shares) 9,000 46,836
Grupo Aeroportuario del Sureste SAB de CV
(Class "B" Shares) 20,200 113,256
Grupo Bimbo SA de CV (Series "A") 45,800 259,313
Grupo Carso SA de CV (Series "A1") 174,400 757,680
Grupo Cementos de Chihuahua SA de CV 7,100 39,596
Grupo Elektra SA de CV 5,300 121,071
Grupo FAMSA SA (Series "A")(a) 7,500 30,622
Grupo Financiero Banorte SA de CV
(Class "O" Shares) 442,900 1,998,661
Grupo Financiero Inbursa SA de CV
(Class "O" Shares) 312,700 832,644
Grupo Iusacell SA de CV(a) 6,533 82,401
Grupo Lamosa SA 47,773 102,659
Grupo Mexico SA de CV (Series "B") 127,200 1,151,588
Grupo Modelo SA de CV (Series "C") 54,800 254,718
Grupo Televisa SA (Series "CPO") 134,100 654,012
Impulsora del Desarrollo y el Empleo en America
Latina SA de CV (Series "B1")(a) 260,900 406,834
Industrias CH SA (Series "B")(a) 13,300 52,811
Industrias Penoles SA de CV 7,200 168,914
Kimberly-Clark de Mexico SA de CV 52,100 221,967
Mexichem SA de CV 57,932 242,646
Organizacion Soriana SAB de CV (Class "B" Shares) 14,500 46,061
Promotora y Operadora de Infraestructura SA
de CV(a) 63,700 232,108
SARE Holding SA de CV (Class "B" Shares)(a) 24,800 42,935
Telefonos de Mexico SA de CV (Series "A") 6,500 11,782
Telefonos de Mexico SA de CV (Series "L") 477,300 858,437
TV Azteca SA de CV (Series "CPO") 153,000 89,342
Urbi Desarrollos Urbanos SA de CV(a) 35,900 138,861
Vitro SA de CV (Series "A") 34,900 79,203
Wal-Mart de Mexico SA de CV (Series "V") 242,200 979,825
- -------------------------------------------------------------------------------
$ 20,923,695
- -------------------------------------------------------------------------------
Morocco -- 1.4%
- -------------------------------------------------------------------------------
Attijariwafa Bank 1,660 $ 656,393
Banque Centrale Populaire 260 78,625
Banque Marocaine du Commerce Exterieur (BMCE) 2,280 861,938
Banque Marocaine pour le Commerce et L' Industrie
(BMCI) 760 112,052
Centrale Laitiere 85 72,095
Ciments du Maroc 550 196,582
Credit Immobilier et Hotelier(a) 1,440 126,833
Douja Promotion Groupe Addoha SA 1,440 595,737
Holcim Maroc SA 230 82,207
Lafarge Ciments 310 257,216
Managem 755 51,079
Maroc Telecom 49,110 908,365
ONA SA 3,110 634,394
RISMA(a) 1,900 101,622
Samir 1,180 126,075
Societe des Brasseries du Maroc 225 54,542
Societe Nationale d'Investissement 905 190,614
SONASID (Societe Nationale de Siderurgie) 340 130,203
Wafa Assurance 100 33,189
- -------------------------------------------------------------------------------
$ 5,269,761
- -------------------------------------------------------------------------------
Nigeria -- 0.7%
- -------------------------------------------------------------------------------
Access Bank Nigeria Plc 384,500 $ 60,904
Afribank Nigeria Plc 357,860 90,063
African Petroleum Plc(a) 214,492 147,852
Ashaka Cement Plc 190,166 79,347
Cadbury Nigeria Plc(a) 22,000 5,629
Dangote Sugar Refinery Plc 465,860 139,162
First Bank of Nigeria Plc 754,566 239,480
Guaranty Trust Bank Plc 815,550 193,874
Guiness Nigeria Plc 147,075 148,119
Intercontinental Bank Plc 582,300 129,774
Mobil Nigeria Plc 7,000 10,400
Nestle Foods Nigeria Plc 21,800 37,788
Nigerian Breweries Plc 405,900 147,451
Oando Plc 117,500 76,620
Oceanic Bank International Plc 510,200 120,022
PZ Cussons Nigeria Plc 174,000 31,597
Total Nigeria Plc 6,800 8,981
Transnational Corp. of Nigeria Plc(a) 314,300 10,247
UAC of Nigeria Plc(a) 300,000 100,289
Unilever Nigeria Plc(a) 270,000 36,773
Union Bank of Nigeria Plc 522,867 181,266
United Bank for Africa Plc 438,293 181,287
West African Portland Cement Co., Plc 436,600 216,228
Zenith Bank Ltd. 706,675 268,846
- -------------------------------------------------------------------------------
$ 2,661,999
- -------------------------------------------------------------------------------
Oman -- 0.8%
- -------------------------------------------------------------------------------
AES Barka SAOG 2,600 $ 14,177
Al Jazeira Services Co. 66,200 67,412
Alliance Housing Bank 45,000 44,188
Bank Dhofar SAOG 49,920 85,588
Bank Muscat SAOG 112,645 452,102
Dhofar International Development & Investment
Holding Co. 27,600 37,283
National Bank of Oman Ltd. 15,695 285,401
Oman Cables Industry SAOG 33,600 165,840
Oman Cement Co., SAOG 5,810 101,122
Oman Flour Mills Co., Ltd. SAOG 16,410 90,373
Oman International Bank SAOG 13,341 115,614
Oman National Investment Corp. Holdings 1,400 33,095
Oman Telecommunications Co. 114,850 527,782
Ominvest 14,700 24,440
Raysut Cement Co., SAOG 67,700 298,974
Renaissance Holdings Co. 142,430 344,466
Salalah Port Services Co. 1,700 34,976
Shell Oman Marketing Co. 11,900 46,524
- -------------------------------------------------------------------------------
$ 2,769,357
- -------------------------------------------------------------------------------
Pakistan -- 0.7%
- -------------------------------------------------------------------------------
Adamjee Insurance Co., Ltd. 15,500 $ 102,649
Allied Bank Ltd. 33,200 69,909
Arif Habib Securities Ltd. 17,500 51,702
Askari Commercial Bank Ltd. 21,000 31,528
Bank AL Habib Ltd. 21,000 24,154
Bank Alfalah Ltd.(a) 88,050 81,179
Bank of Punjab 13,200 21,879
D.G. Khan Cement Co., Ltd. 14,800 24,610
Engro Chemical Pakistan Ltd. 22,500 103,536
Fauji Fertilizer Bin Qasim Ltd. 58,000 44,164
Fauji Fertilizer Co., Ltd. 27,500 56,435
Faysal Bank Ltd. 32,500 35,716
Hub Power Co., Ltd. 282,200 154,478
Indus Motor Co., Ltd. 16,000 101,600
Kot Addu Power Co., Ltd. 84,000 71,036
Lucky Cement Ltd. 29,000 60,755
Muslim Commercial Bank Ltd. 78,275 489,831
National Bank of Pakistan 22,375 91,725
National Refinery Ltd. 4,920 31,104
Nishat Chunian Ltd. 34,200 23,592
Nishat Mills Ltd. 111,500 211,472
Oil & Gas Development Co., Ltd. 21,600 45,590
Pak Suzuki Motor Co., Ltd. 14,600 92,482
Pakistan Industrial Credit & Investment Corp. Ltd. 18,500 18,031
Pakistan Oil Fields Ltd. 20,000 109,318
Pakistan Petroleum Ltd. 25,850 112,716
Pakistan State Oil Co., Ltd. 16,900 113,297
Pakistan Telecommunication Co., Ltd. 184,100 152,305
SUI Northern Gas Pipelines Ltd. 85,500 95,931
SUI Southern Gas Co., Ltd. 47,000 21,744
Telecard Ltd.(a) 181,000 34,269
Unilever Pakistan Ltd. 1,100 46,160
- -------------------------------------------------------------------------------
$ 2,724,897
- -------------------------------------------------------------------------------
Peru -- 1.5%
- -------------------------------------------------------------------------------
Alicorp SA 315,100 $ 304,744
Austral Group SA(a) 67,000 20,333
Banco Continental 8,200 28,550
Cementos Lima SA 1,000 28,447
Cementos Pacasmayo SAA 21,300 39,921
Cia de Minas Buenaventura SA 800 47,570
Cia de Minas Buenaventura SA (ADR) 7,610 436,890
Cia Minera Atacocha SA 5,500 16,875
Cia Minera Atacocha SA (Class "B" Shares)
(PFD Shares) 31,800 96,507
Cia Minera Milpo SA 58,251 196,207
Corporacion Aceros Arequipa SA 16,999 32,597
Credicorp Ltd. 10,210 767,843
Edegel SA 393,900 214,122
Edelnor SA 125,200 105,219
Empresa Agroindustrial Casa Grande SA(a) 53,220 232,506
Energia del Sur SA 39,900 210,907
Ferreyros SA 129,718 287,248
Grana y Montero SA 106,447 232,167
Luz del Sur SAA 59,960 98,982
Minsur SA 54,600 183,909
Refineria la Pampilla SA 1,800 24,612
Sociedad Minera Cerro Verde SA(a) 4,890 161,859
Sociedad Minera el Brocal SA 5,600 94,536
Southern Copper Corp. 9,510 1,328,687
Volcan Cia Minera SA (Class "B" Shares) 74,197 348,894
- -------------------------------------------------------------------------------
$ 5,540,132
- -------------------------------------------------------------------------------
Philippines -- 2.5%
- -------------------------------------------------------------------------------
Aboitiz Equity Ventures, Inc. 3,911,000 $ 662,076
Ayala Corp. 31,580 453,955
Ayala Land, Inc. 1,055,800 369,002
Banco De Oro 158,020 228,468
Bank of the Philippine Islands 315,500 477,746
Belle Corp.(a) 675,000 21,432
China Banking Corp. 1,887 30,905
Filinvest Land, Inc.(a) 3,449,000 151,344
First Gen Corp. 73,300 101,805
First Philippine Holdings Corp. 70,100 139,519
Globe Telecom, Inc. 6,540 256,137
Holcim Philippines, Inc. 692,000 131,669
International Container Terminal Services, Inc. 388,900 374,040
JG Summit Holding, Inc. 2,411,900 628,308
Jollibee Foods Corp. 143,300 169,270
Manila Electric Co. 178,200 341,079
Megaworld Corp. 2,476,800 255,029
Metropolitan Bank & Trust Co. 261,600 377,205
Petron Corp. 2,324,000 377,962
Philippine Long Distance Telephone Co. 26,620 1,855,921
Philippine National Bank(a) 60,500 67,980
San Miguel Corp. (Class "B" Shares) 649,500 929,739
Security Bank Corp. 32,200 58,386
SM Investments Corp. 53,938 475,044
SM Prime Holdings, Inc. 893,799 250,306
Universal Robina Corp. 349,600 119,424
- -------------------------------------------------------------------------------
$ 9,303,751
- -------------------------------------------------------------------------------
Poland -- 2.9%
- -------------------------------------------------------------------------------
Agora SA 11,500 $ 256,799
Alchemia SA(a) 550 2,530
Apator SA 5,200 53,352
Bank Handlowy w Warszawie SA 2,270 105,547
Bank Millennium SA 17,600 95,880
Bank Pekao SA 8,445 895,942
Bank Przemyslowo-Handlowy BPH 845 329,991
Bank Zachodni WBK SA 2,500 277,966
Bioton SA(a) 460,100 207,062
BRE Bank SA(a) 1,003 229,913
Budimex SA(a) 2,300 68,201
Cersanit-Krasnystaw SA(a) 15,100 245,531
Ciech SA 1,850 102,287
ComArch SA(a) 880 59,756
ComputerLand SA 2,460 50,006
Debica SA 1,220 50,841
Dom Development SA 1,650 87,832
Echo Investment SA(a) 1,800 71,451
Farmacol SA(a) 4,040 77,829
Firma Chemiczna Dwory SA(a) 1,550 94,196
Getin Holding SA(a) 27,450 167,267
Globe Trade Centre SA(a) 12,190 252,205
Grupa Kety SA 1,090 82,078
Grupa Lotos SA 6,453 121,340
Impexmetal SA 5,750 23,913
ING Bank Slaski SA w Katowicach 375 132,706
KGHM Polska Miedz SA 12,780 695,772
Kredyt Bank SA 4,800 48,164
LPP SA(a) 175 171,635
Mondi Packaging Paper Swiecie SA 930 30,912
Netia SA(a) 85,915 126,620
NG2 SA 3,810 98,981
Orbis SA 6,260 175,697
PBG SA(a) 1,870 254,639
Polimex Mostostal SA 116,450 485,648
Polish Oil & Gas 94,900 215,035
Polska Grupa Farmaceutyczna SA 1,500 61,713
Polski Koncern Miesny Duda SA(a) 21,100 81,116
Polski Koncern Naftowy Orlen SA(a) 34,280 792,526
Powszechna Kasa Oszczednosci Bank Polski SA 40,770 904,971
Praterm SA(a) 2,079 39,028
Prokom Software SA 2,800 161,411
Softbank SA 5,550 176,718
Telekomunikacja Polska SA 172,700 1,632,729
TVN SA 33,600 335,634
Zaklad Przetworstwa Hutniczego Stalprodukt SA 300 111,552
- -------------------------------------------------------------------------------
$ 10,742,922
- -------------------------------------------------------------------------------
Qatar -- 1.5%
- -------------------------------------------------------------------------------
Barwa Real Estate Co.(a) 9,900 $ 155,738
Commercial Bank of Qatar 9,650 437,370
Doha Bank Ltd. 11,360 266,809
First Finance Co. 13,600 144,374
Industries Qatar 23,850 1,082,272
Masraf Al Rayan(a) 67,400 394,824
Qatar Electricity & Water Co. 4,220 125,343
Qatar Fuel 5,770 240,410
Qatar Gas Transport Co., Ltd. (NAKILAT)(a) 88,600 769,990
Qatar Insurance Co. 3,220 128,407
Qatar International Islamic Bank 6,635 188,133
Qatar Islamic Bank 9,150 359,095
Qatar National Bank 6,475 424,888
Qatar National Navigation 5,850 187,111
Qatar Real Estate Investment Co. 2,300 32,576
Qatar Shipping Co. 8,760 168,883
Qatar Telecom QSC 5,525 381,391
United Development Co. 4,780 50,086
- -------------------------------------------------------------------------------
$ 5,537,700
- -------------------------------------------------------------------------------
Romania -- 0.8%
- -------------------------------------------------------------------------------
Antibiotice SA 80,200 $ 66,054
Banca Comerciala Carpatica Sibiu 98,100 20,882
Banca Transilvania(a) 1,458,475 574,990
Biofarm Bucuresti 820,961 225,656
BRD-Group Societe Generale 66,640 758,156
Flamingo International SA(a) 460,700 74,381
Impact SA(a) 545,400 245,136
Rompetrol Rafinare SA(a) 2,930,500 148,822
SNP Petrom SA 1,588,000 363,948
Transelectrica SA 9,000 152,310
Turbomechanica SA 347,300 105,361
- -------------------------------------------------------------------------------
$ 2,735,696
- -------------------------------------------------------------------------------
Russia -- 5.8%
- -------------------------------------------------------------------------------
Aeroflot-Russian International Airlines 12,900 $ 44,731
AvtoVAZ(b) 96,500 159,193
Cherepovets MK Severstal 2,900 69,029
Cherepovets MK Severstal (GDR)(144A) 7,750 184,450
Comstar United Telesystems (GDR) 8,000 98,215
CTC Media, Inc.(a) 5,700 143,013
Evraz Group SA (GDR)(144A) 2,000 151,209
Gazprom Neft 5,000 24,290
Gazprom Neft (ADR) 1,800 43,965
Golden Telecom, Inc. (ADR) 400 41,380
Irkutskenergo 166,200 175,290
JSC MMC Norilsk Nickel (ADR) 700 220,500
JSC Scientific Production Corp. Irkut 107,800 103,486
JSC Severstal-Avto 2,200 108,295
KamAZ(a) 38,300 160,025
Lebedyansky 1,510 140,108
LUKOIL 890 80,688
LUKOIL (ADR) 19,100 1,750,843
Mechel (ADR) 1,300 109,395
Mining & Metallurgical Co. 2,280 672,314
Mobile TeleSystems 54,300 742,720
Mobile TeleSystems (ADR) 2,200 182,600
Mosenergo 322,200 83,284
North-West Telecom 29,300 53,448
NovaTek OAO (GDR)(144A) 3,750 216,127
Novolipetsk Steel (GDR)(144A) 3,236 133,858
OAO Gazprom 73,400 900,600
OAO Gazprom (ADR) 86,050 4,297,315
OAO Rosneft Oil Co. 6,700 56,209
OAO Rosneft Oil Co. (GDR) 43,900 390,675
OAO TMK (GDR)(144A) 2,500 111,225
OGK-3(a) 531,000 76,386
OGK-5 230,608 39,655
Polyus Gold 800 36,572
Polyus Gold (ADR) 1,700 77,348
RAO Unified Energy System of Russia (GDR)(a) 451,500 523,690
RAO Unified Energy System of Russia
(GDR)(144A)(a) 3,450 424,350
RAO Unified Energy System of Russia
(PFD Shares)(a) 118,400 128,705
RBC Information Systems(a) 9,550 88,226
Rostelecom 11,000 108,549
Rostelecom (ADR) 1,900 113,430
Sberbank 819,300 3,478,972
Sberbank (PFD Shares) 87,100 257,368
Sibirtelecom 419,500 47,774
Sistema JSFC (GDR) 7,630 305,647
Slavneft-Megionneftegas(a) 1,400 48,509
Surgutneftegaz 163,200 203,727
Surgutneftegaz (ADR) 11,972 787,460
Surgutneftegaz (PFD Shares) 193,700 130,706
Tatneft 10,900 67,697
Tatneft (GDR)(144A) 2,190 274,109
TGC-5 JSC 7,612,250 7,612
Transneft 70 135,889
Uralsvyazinform 1,007,700 66,161
Vimpel-Communications (ADR) 23,940 791,696
VolgaTelecom 8,400 47,698
VTB Bank OJSC (GDR)(144A)(a) 68,900 663,630
Wimm-Bill-Dann Foods OJSC (ADR) 2,665 319,134
X5 Retail Group NV (GDR)(a) 10,250 371,189
- -------------------------------------------------------------------------------
$ 21,270,369
- -------------------------------------------------------------------------------
South Africa -- 6.4%
- -------------------------------------------------------------------------------
ABSA Group Ltd. 14,950 $ 298,743
Adcorp Holdings Ltd. 4,000 26,536
AECI Ltd. 6,330 87,232
African Bank Investments Ltd. 24,500 136,241
African Oxygen Ltd. (AFROX) 7,700 41,795
African Rainbow Minerals Ltd. 4,800 110,682
Allan Gray Property Trust 84,300 93,927
Allied Electronics Corp. Ltd. 17,182 130,417
Allied Electronics Corp. Ltd. (PFD Shares)(a) 27,100 195,357
Allied Technologies Ltd. 2,700 32,750
Anglo Platinum Ltd. 3,050 522,146
AngloGold Ashanti Ltd. 9,040 420,295
ApexHi Properties Ltd. (Class "B" Shares) 19,200 56,932
Argent Industrial Ltd. 10,100 30,623
Aspen Pharmacare Holdings Ltd.(a) 28,550 165,976
Astral Foods Ltd. 2,800 56,890
Aveng Ltd. 60,650 595,151
AVI Ltd. 32,000 108,400
Barloworld Ltd. 26,320 509,059
Bell Equipment Ltd. 13,500 107,659
Bidvest Group Ltd. 42,530 890,272
Brait 12,000 52,629
Business Connexion Group 9,500 9,178
DataTec Ltd. 17,900 104,370
Discovery Holdings Ltd. 7,500 32,284
Distribution & Warehousing Network Ltd. 18,900 67,686
Eland Platinum Holdings Ltd.(a) 3,600 57,395
Ellerine Holdings Ltd. 3,770 50,258
FirstRand Ltd. 264,450 1,046,007
Foschini Ltd. 18,200 148,870
Gold Fields Ltd. 34,635 621,679
Grindrod Ltd. 36,200 139,566
Group Five Ltd. 12,660 125,146
Growthpoint Properties Ltd. 60,400 151,721
Harmony Gold Mining Co., Ltd.(a) 18,010 202,348
Hulamin Ltd. 1,940 6,645
Hyprop Investments Ltd. 6,200 45,096
Illovo Sugar Ltd. 27,600 97,454
Impala Platinum Holdings Ltd. 28,320 1,063,516
Imperial Holdings Ltd. 9,980 201,253
Investec Ltd. 7,900 98,394
JD Group Ltd. 9,090 86,727
Johnnic Communications Ltd. 10,350 165,091
JSE Ltd. 4,200 55,811
Kumba Iron Ore Ltd. 3,960 154,315
Kumba Resources Ltd. 2,610 42,161
Lewis Group Ltd. 8,300 71,889
Liberty Group Ltd. 8,000 116,905
Massmart Holdings Ltd. 18,300 228,217
Medi-Clinic Corp. Ltd. 26,700 94,133
Metorex Ltd.(a) 12,300 55,320
Metropolitan Holdings Ltd. 38,600 94,115
Mittal Steel South Africa Ltd. 8,740 195,872
Mr. Price Group Ltd. 22,100 89,391
MTN Group Ltd. 166,140 3,219,344
Murray & Roberts Holdings Ltd. 46,350 709,017
Mvelaphanda Group Ltd. 65,900 106,180
Mvelaphanda Resources Ltd.(a) 5,700 45,371
Nampak Ltd. 32,738 108,820
Naspers Ltd. (Class "N" Shares) 24,910 787,287
Nedbank Group Ltd. 24,130 528,926
Network Healthcare Holdings Ltd. 110,950 223,061
Northam Platinum Ltd. 2,500 17,454
Pick'n Pay Stores Ltd. 17,370 97,340
Pretoria Portland Cement Co., Ltd. 51,833 376,041
PSG Group Ltd. 7,800 29,871
Remgro Ltd. 21,300 621,254
Reunert Ltd. 22,460 267,291
RMB Holdings Ltd. 44,600 261,338
SA Corporate Real Estate Fund 132,900 85,529
Sanlam Ltd. 96,290 351,315
Santam Ltd. 5,583 111,100
Sappi Ltd. 10,180 154,774
Sasol Ltd. 24,320 1,235,658
Shoprite Holdings Ltd. 33,600 208,849
Spar Group Ltd. 14,500 129,082
Standard Bank Group Ltd. 58,310 1,051,688
Steinhoff International Holdings Ltd. 89,340 276,401
Sun International Ltd. 7,382 167,346
Super Group Ltd. 45,100 89,018
Sycom Property Fund 18,600 61,145
Telkom South Africa Ltd. 24,250 659,663
Tiger Brands Ltd. 12,400 356,981
Tongaat-Hulett 4,439 69,194
Trencor Ltd. 6,600 29,907
Truworths International Ltd. 33,000 165,763
Wilson Bayly Holmes-Ovcon Ltd. 8,100 162,648
Woolworths Holdings Ltd. 55,700 161,139
- -------------------------------------------------------------------------------
$ 23,314,320
- -------------------------------------------------------------------------------
South Korea -- 6.4%
- -------------------------------------------------------------------------------
Amorepacific Corp. 138 $ 131,844
Asiana Airlines, Inc. 7,700 86,513
Cheil Communications, Inc. 190 54,838
Cheil Industries, Inc. 2,250 149,075
CJ CheilJedang Corp.(a) 596 197,520
CJ Corp. 504 56,418
Daegu Bank 3,050 54,057
Daelim Industrial Co., Ltd. 770 169,207
Daewoo Engineering & Construction Co., Ltd. 4,210 121,987
Daewoo International Corp. 840 35,689
Daewoo Motor Sales Corp. 1,870 99,388
Daewoo Securities Co., Ltd. 4,460 132,895
Daewoo Shipbuilding & Marine Engineering Co., Ltd. 2,430 154,350
Daishin Securities Co., Ltd. 820 25,731
Daum Communications Corp.(a) 590 53,857
DC Chemical Co., Ltd. 360 139,875
Dong-A Pharmaceutical Co., Ltd. 500 48,337
Dongbu Insurance Co., Ltd. 1,640 99,767
Dongkuk Steel Mill Co., Ltd. 1,680 101,036
Doosan Construction & Engineering Co., Ltd.(a) 1,700 36,941
Doosan Corp.(a) 560 164,675
Doosan Heavy Industries & Construction Co., Ltd. 1,370 252,968
Doosan Infracore Co., Ltd. 2,650 112,772
GS Engineering & Construction Corp. 780 165,251
GS Holdings Corp. 1,200 86,141
Hana Financial Group, Inc. 4,950 250,531
Hana Tour Service, Inc. 390 35,168
Hanarotelecom, Inc.(a) 10,500 103,150
Hanil Cement Co., Ltd. 270 29,199
Hanjin Heavy Industries & Construction Co.,
Ltd.(a) 1,994 218,505
Hanjin Heavy Industries & Construction Holdings
Co., Ltd. 275 17,639
Hanjin Shipping Co., Ltd. 5,030 294,130
Hanjin Transportation Co., Ltd. 600 35,898
Hankook Tire Co., Ltd. 5,540 117,226
Hanmi Pharm Co., Ltd. 160 24,453
Hansol Paper Co., Ltd.(a) 1,700 33,772
Hanwha Chemical Corp. 2,700 79,774
Hanwha Corp. 1,840 182,625
Hanwha Securities Co., Ltd. 1,300 39,351
Hite Brewery Co., Ltd. 375 56,157
Honam Petrochemical Corp. 570 87,011
Hotel Shilla Co., Ltd. 1,500 53,480
Hynix Semiconductor, Inc.(a) 7,640 214,313
Hyosung Corp. 880 66,023
Hyundai Autonet Co., Ltd. 4,900 32,401
Hyundai Department Store Co., Ltd. 915 128,001
Hyundai Development Co. 1,550 173,639
Hyundai Engineering & Construction Co., Ltd.(a) 1,450 148,468
Hyundai Heavy Industries Co., Ltd. 1,005 565,059
Hyundai Marine & Fire Insurance Co., Ltd. 2,000 57,960
Hyundai Merchant Marine Co., Ltd. 3,820 207,238
Hyundai Mipo Dockyard Co., Ltd. 325 144,399
Hyundai Mobis 2,070 208,337
Hyundai Motor Co., Ltd. 5,650 448,988
Hyundai Motor Co., Ltd. (PFD Shares) 2,300 88,293
Hyundai Securities Co., Ltd. 4,070 97,549
Hyundai Steel Co. 1,370 136,615
Industrial Bank of Korea 5,380 110,298
Kangwon Land, Inc. 4,340 116,372
KCC Corp. 115 85,131
Kia Motors Corp.(a) 7,390 85,733
Kookmin Bank 10,900 891,345
Korea Electric Power Corp. 15,620 690,508
Korea Exchange Bank 2,680 44,326
Korea Express Co., Ltd.(a) 730 88,394
Korea Gas Corp. 2,880 215,570
Korea Investment Holdings Co., Ltd. 1,590 142,625
Korea Kumho Petrochemical Co., Ltd. 550 53,352
Korea Line Corp. 170 49,462
Korea Zinc Co., Ltd. 330 66,649
Korean Air Lines Co., Ltd. 3,642 320,300
Korean Reinsurance Co. 2,650 47,270
KT Corp. 12,400 589,018
KT Corp. (ADR) 7,675 180,516
KT Freetel Co., Ltd. 5,690 209,704
KT&G Corp. 4,715 380,353
KTBNetwork Co., Ltd.(a) 2,700 27,672
Kumho Industrial Co., Ltd. 600 55,749
LG Chem Ltd. 1,180 147,456
LG Corp. 2,320 212,302
LG Dacom Corp. 4,150 134,814
LG Electronics, Inc. 3,190 335,428
LG Electronics, Inc. (PFD Shares) 730 40,633
LG Fashion Corp. 1,310 51,739
LG Household & Health Care Ltd. 580 129,300
LG International Corp. 1,620 50,931
LG Petrochemical Co., Ltd.(b) 910 53,796
LG Telecom Ltd.(a) 14,265 155,628
LG.Philips LCD Co., Ltd.(a) 2,470 136,454
LIG Non-Life Insurance Co., Ltd. 1,700 52,729
Lotte Chilsung Beverage Co., Ltd. 37 52,380
Lotte Confectionery Co., Ltd. 28 46,104
Lotte Shopping Co., Ltd. 415 194,690
LS Cable Ltd. 400 61,788
LS Industrial Systems Co., Ltd. 640 54,247
Macquarie Korea Infrastructure Fund 12,860 92,930
MegaStudy Co., Ltd. 200 73,801
Meritz Fire & Marine Insurance Co., Ltd. 3,920 57,308
NCsoft Corp.(a) 420 26,086
NHN Corp. 1,065 342,442
Nong Shim Co., Ltd. 80 17,745
ORION Corp. 110 35,147
Pacific Corp. 189 42,992
Poongsan Corp. 390 11,016
POSCO 2,387 1,740,681
Pusan Bank 5,500 98,723
S-Oil Corp. 1,445 131,239
Samchully Co., Ltd. 160 35,051
Samsung Corp. 3,230 298,933
Samsung Electro-Mechanics Co., Ltd. 1,050 69,502
Samsung Electronics Co., Ltd. 2,901 1,788,750
Samsung Electronics Co., Ltd. (PFD Shares) 528 251,468
Samsung Engineering Co., Ltd. 620 83,508
Samsung Fine Chemicals Co., Ltd. 850 64,541
Samsung Fire & Marine Insurance Co., Ltd. 1,475 410,344
Samsung Heavy Industries Co., Ltd. 4,210 254,171
Samsung SDI Co., Ltd. 830 66,935
Samsung Securities Co., Ltd. 1,640 205,314
Samsung Techwin Co., Ltd. 1,050 64,426
Seoul Securities Co., Ltd. 20,720 58,154
Seoul Semiconductor Co., Ltd. 1,520 49,187
Shinhan Financial Group Co., Ltd. 12,320 804,912
Shinsegae Co., Ltd. 432 340,374
SK Chemicals Co., Ltd. 610 60,814
SK Corp. 1,035 310,889
SK Energy Co., Ltd.(a) 2,299 528,359
SK Networks Co., Ltd.(a) 1,870 49,627
SK Securities Co., Ltd. 11,500 54,889
SK Telecom Co., Ltd. 1,305 306,173
SK Telecom Co., Ltd. (ADR) 2,550 78,566
SKC Co., Ltd. 1,250 54,722
SODIFF Advanced Materials Co., Ltd. 500 51,882
Ssangyong Cement Industrial Co., Ltd.(a) 1,800 34,048
STX Corp. 390 62,475
STX Shipbuilding Co., Ltd. 1,570 127,818
Taekwang Industrial Co., Ltd. 30 47,366
Taihan Electric Wire Co., Ltd. 660 54,211
Tong Yang Investment Bank 2,000 46,004
Woongjin Coway Co., Ltd. 1,450 55,574
Woori Finance Holdings Co., Ltd. 5,480 119,280
Woori Investment & Securities Co., Ltd. 3,500 107,895
Yuhan Corp. 487 104,225
- -------------------------------------------------------------------------------
$ 23,237,747
- -------------------------------------------------------------------------------
Taiwan -- 6.0%
- -------------------------------------------------------------------------------
Acer, Inc. 85,870 $ 204,233
Advanced Semiconductor Engineering, Inc. 135,456 163,920
Advantech Co., Ltd. 7,350 20,004
Altek Corp. 22,910 41,195
ASE Test Ltd.(a) 216,000 39,229
Asia Cement Corp. 58,320 95,296
Asia Optical Co., Inc. 30,299 106,424
Asustek Computer, Inc. 107,548 381,849
AU Optronics Corp. 255,698 553,169
BenQ Corp.(a) 61,200 87,158
Capital Securities Corp. 130,050 83,771
Catcher Technology Co., Ltd. 17,700 122,333
Cathay Financial Holding Co., Ltd. 275,348 720,194
Cathay Real Estate Development Co., Ltd. 71,000 39,691
Chang Hwa Commercial Bank 190,000 127,902
Cheng Loong Corp. 78,000 31,090
Cheng Shin Rubber Industry Co., Ltd. 110,270 218,184
Cheng Uei Precision Industry Co., Ltd. 19,950 55,946
Chi Mei Optoelectronics Corp. 160,169 231,984
China Airlines 125,640 58,071
China Development Financial Holding Corp. 495,343 207,239
China Motor Corp. 63,315 58,626
China Petrochemical Development Corp.(a) 130,000 65,062
China Steel Corp. 339,900 482,519
Chinatrust Financial Holding Co., Ltd. 345,560 253,505
Chung Hung Steel Corp. 60,000 33,945
Chunghwa Picture Tubes Ltd.(a) 171,000 71,827
Chunghwa Telecom Co., Ltd. 507,008 975,908
CMC Magnetics Corp.(a) 105,000 45,332
Compal Communications, Inc. 12,600 32,173
Compal Electronics, Inc. 126,630 161,764
Coretronic Corp. 14,280 22,210
D-Link Corp. 31,620 71,613
Delta Electronics, Inc. 51,850 209,895
E.Sun Financial Holding Co., Ltd. 199,000 114,327
Epistar Corp. 24,230 109,664
Eternal Chemical Co., Ltd. 30,240 38,919
EVA Airways Corp. 367,000 148,738
Evergreen International Storage & Transport Corp. 79,000 44,777
Evergreen Marine Corp. 273,050 269,314
Everlight Electronics Co., Ltd. 6,179 27,290
Far Eastern International Bank 83,000 36,120
Far Eastern Textile Ltd. 116,390 155,145
Far EasTone Telecommunications Co., Ltd. 305,000 379,117
Feng Hsin Iron & Steel Co., Ltd. 9,000 13,793
First Financial Holding Co., Ltd. 183,600 151,559
Formosa Chemicals & Fibre Corp. 120,000 324,607
Formosa International Hotels Corp. 2,000 19,895
Formosa Petrochemical Corp. 87,000 283,971
Formosa Plastics Corp. 207,000 642,512
Formosa Taffeta Co., Ltd. 118,000 134,627
Foxconn Technology Co., Ltd. 20,800 253,140
Fubon Financial Holding Co., Ltd. 232,000 226,150
Fuhwa Financial Holdings Co., Ltd.(a) 327,225 243,304
HannStar Display Corp.(a) 87,768 40,911
High Tech Computer Corp. 19,600 403,816
Hon Hai Precision Industry Co., Ltd. 174,920 1,341,040
Hotai Motor Co., Ltd. 61,000 159,734
Hua Nan Financial Holdings Co., Ltd. 178,000 133,925
Inventec Appliances Corp. 23,100 51,676
Inventec Co., Ltd. 58,800 37,545
Johnson Health Tech Co., Ltd. 9,600 29,313
KGI Securities Co., Ltd. 129,000 74,185
King Yuan Electronics Co., Ltd. 38,496 25,781
Largan Precision Co., Ltd. 13,260 162,994
Lite-On Technology Corp. 69,092 128,102
Macronix International Co., Ltd. 90,564 59,406
MediaTek, Inc. 35,355 699,629
Mega Financial Holding Co., Ltd. 424,000 277,378
Mitac International Corp. 33,455 43,703
Mosel Vitelic, Inc. 53,560 60,780
Motech Industries, Inc. 8,637 91,362
Nan Ya Plastics Corp. 248,270 746,513
Nan Ya Printed Circuit Board Corp. 8,211 54,325
Nanya Technology Corp. 50,467 31,978
Novatek Microelectronics Corp. Ltd. 21,199 98,440
Phoenix Precision Technology Corp. 26,128 33,269
PixArt Imaging, Inc. 5,500 48,659
Polaris Securities Co., Ltd. 97,404 53,307
Pou Chen Corp. 306,072 293,343
Powerchip Semiconductor Corp. 290,805 135,303
Powertech Technology, Inc. 13,800 56,384
President Chain Store Corp. 84,000 250,206
ProMOS Technologies, Inc. 285,000 81,300
Quanta Computer, Inc. 101,481 170,692
Realtek Semiconductor Corp. 25,025 96,924
RichTek Technology Corp. 2,300 25,561
Shin Kong Financial Holding Co., Ltd. 168,375 157,902
Siliconware Precision Industries Co. 80,558 169,093
Sincere Navigation 56,000 114,597
Sino-American Silicon Products, Inc. 6,299 60,642
SinoPac Financial Holdings Co., Ltd. 303,000 141,394
Sunplus Technology Co., Ltd. 14,695 26,715
Synnex Technology International Corp. 37,750 126,963
Taishin Financial Holdings Co., Ltd.(a) 234,000 115,696
Taiwan Business Bank(a) 106,000 32,873
Taiwan Cement Corp. 156,430 269,479
Taiwan Cooperative Bank 174,200 135,920
Taiwan Fertilizer Co., Ltd. 24,000 61,964
Taiwan Glass Industrial Corp. 36,168 49,729
Taiwan Mobile Co., Ltd. 565,000 762,409
Taiwan Semiconductor Manufacturing Co., Ltd. 887,979 1,774,381
Tatung Co., Ltd.(a) 98,000 53,988
Teco Electric & Machinery Co., Ltd. 63,000 35,068
Tripod Technology Corp. 12,540 51,120
TSRC Corp. 22,000 34,269
Tung Ho Steel Enterprise Corp. 38,000 56,753
U-Ming Marine Transport Corp. 59,000 193,935
Uni-President Enterprises Corp. 410,380 594,997
Unimicron Technology Corp. 29,580 60,303
United Microelectronics Corp. 688,331 451,452
Via Technologies, Inc.(a) 40,000 28,479
Walsin Lihwa Corp. 80,000 43,479
Wan Hai Lines Ltd. 205,000 208,184
Winbond Electronics Corp. 106,000 35,631
Wintek Corp. 29,000 41,819
Wistron Corp. 58,677 118,182
Yageo Corp. 50,000 19,692
Yang Ming Marine Transport 63,503 52,329
Yieh Phui Enterprise 96,820 41,417
Yuen Foong Yu Paper Manufacturing Co., Ltd. 24,240 11,328
Yulon Motor Co., Ltd. 119,893 141,133
- -------------------------------------------------------------------------------
$ 21,961,029
- -------------------------------------------------------------------------------
Thailand -- 3.1%
- -------------------------------------------------------------------------------
Advance Agro Pcl(a) 21,000 $ 17,920
Advanced Info Service Pcl(c) 183,100 485,527
Airports of Thailand Pcl(c) 81,500 146,285
Amata Corp. Pcl(c) 75,000 37,517
Aromatics (Thailand) Pcl(c) 48,000 99,573
Asian Property Development Pcl(c) 379,500 73,979
Bangkok Bank Pcl(c) 4,300 16,218
Bangkok Bank Pcl 168,000 622,854
Bangkok Dusit Medical Services Pcl 192,400 223,622
Bangkok Expressway Pcl(c) 127,000 92,676
Bangkok Land Pcl(a) 800,000 18,950
Bank of Ayudhya Pcl(c) 13,600 11,782
Bank of Ayudhya Pcl 482,300 414,540
BankThai Pcl(a) 290,400 16,321
Banpu Pcl(c) 12,000 159,024
Banpu Pcl 15,100 198,807
BEC World Pcl(c) 211,300 145,488
Big C Supercenter Pcl(c) 6,300 9,130
Big C Supercenter Pcl 36,600 53,113
Bumrungrad Hospital Pcl(c) 153,500 195,347
Cal-Comp Electronics (Thailand) Pcl(c) 613,900 130,963
Central Pattana Pcl(c) 119,600 90,619
Ch. Karnchang Pcl(c) 267,200 73,906
Charoen Pokphand Foods Pcl(c) 1,013,500 147,619
CP Seven Eleven Pcl(c) 641,400 190,618
Delta Electronics (Thailand) Pcl(c) 187,100 118,916
Electricity Generating Pcl 40,800 142,422
Electricity Generating Pcl(c) 5,100 18,008
Glow Energy Pcl 69,200 72,285
Hana Microelectronics Pcl(c) 207,100 152,347
ICC International Pcl(c) 8,400 10,010
IRPC Pcl(c) 1,040,200 210,427
Italian-Thai Development Pcl(a)(c) 1,070,900 271,782
Kasikornbank Pcl(c) 6,000 15,951
Kasikornbank Pcl 193,300 513,319
Kiatnakin Bank Pcl(c) 49,400 42,754
Krung Thai Bank Pcl(c) 400,500 137,544
Land & Houses Pcl 1,350,700 296,766
Loxley Pcl(c) 1,072,600 80,165
Major Cineplex Group Pcl(c) 60,400 31,457
Minor International Pcl(c) 376,700 197,301
Phatra Securities Pcl 26,600 30,330
Precious Shipping Pcl(c) 139,300 123,991
PTT Chemical Pcl(c) 26,100 105,214
PTT Exploration & Production Pcl(c) 102,100 486,691
PTT Pcl(c) 121,060 1,496,107
Quality House Pcl(c) 775,300 40,265
Ratchaburi Electricity Generating Holding Pcl(c) 139,700 205,532
Rayong Refinery Pcl(c) 115,100 85,516
Regional Container Line Pcl(c) 50,000 43,769
Robinson Department Store Pcl 130,000 39,017
Samart Corp. Pcl 366,600 86,297
Shin Satellite Pcl(a)(c) 165,700 50,219
Siam Cement Pcl(c) 1,800 13,951
Siam Cement Pcl 74,600 573,808
Siam City Bank Pcl 95,100 49,555
Siam City Bank Pcl(c) 64,400 34,294
Siam City Cement Pcl(c) 17,690 148,870
Siam Commercial Bank Pcl(c) 182,200 506,632
Siam Makro Pcl(c) 13,000 37,678
Sino Thai Engineering & Construction Pcl(a)(c) 524,500 96,458
Thai Airways International Pcl(c) 117,400 132,997
Thai Beverage Pcl 1,101,000 198,704
Thai Oil Pcl(c) 93,700 264,681
Thai Union Frozen Products Pcl(c) 138,100 97,702
Thanachart Capital Pcl(c) 83,000 37,977
Thoresen Thai Agencies Pcl(c) 123,600 223,669
TISCO Bank Pcl 50,000 43,988
TMB Bank Pcl(a)(c) 1,275,900 61,571
Total Access Communication Pcl(a) 71,600 86,626
True Corp. Pcl(a)(c) 465,100 103,325
- -------------------------------------------------------------------------------
$ 11,489,286
- -------------------------------------------------------------------------------
Turkey -- 3.2%
- -------------------------------------------------------------------------------
Acibadem Saglik Hizmetleri ve Ticaret AS 8,051 $ 59,781
Adana Cimento Sanayii TAS 5,131 39,343
Akbank TAS 107,250 983,030
Akcansa Cimento AS 6,600 48,314
Akenerji Elektrik Uretim AS(a) 6,800 64,602
Aksigorta AS 18,200 135,637
Alarko Holding AS 15,600 47,789
Anadolu Anonim Turk Sigorta Sirketi 19,250 35,849
Anadolu Cam Sanayii AS 5,842 12,468
Anadolu Efes Biracilik ve Malt Sanayii AS 29,639 364,119
Arcelik AS 18,900 145,026
Aselsan Elektronik Sanayi ve Ticaret AS 580 14,361
Aygaz AS 22,574 105,835
BIM Birlesik Magazalar AS 2,510 206,365
Bursa Cimento Fabrikasi AS 5,300 48,993
Cimsa Cimento Sanayi ve Ticaret AS 6,800 58,041
Dogan Sirketler Grubu Holding AS 128,324 284,716
Dogan Yayin Holding AS(a) 37,500 190,078
Dogus Otomotiv Servis ve Ticaret AS 6,500 47,782
Eczacibasi Ilac Sanayi ve Ticaret AS(a) 7,900 35,110
Enka Insaat ve Sanayi AS 41,100 643,642
Eregli Demir ve Celik Fabrikalari TAS 73,316 714,900
Ford Otomotiv Sanayi AS 10,700 125,776
Haci Omer Sabanci Holding AS 62,650 429,077
Hurriyet Gazetecilik ve Matbaacilik AS(a) 20,100 72,400
Ihlas Holding AS(a) 65,000 63,266
Is Gayrimenkul Yatirim Ortakligi AS 19,365 32,478
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS
(Class "D" Shares)(a) 72,000 82,501
KOC Holding AS(a) 110,172 604,512
Mardin Cimento Sanayii ve Ticaret AS 2,000 12,246
Migros Turk TAS 12,000 210,633
Petkim Petrokimya Holding AS(a) 18,100 150,039
Petrol Ofisi AS 12,696 65,827
Sekerbank TAS(a) 22,300 95,874
Tofas Turk Otomobil Fabrikasi AS 21,400 114,035
Trakya CAM Sanayii AS 49,640 129,089
Tupras-Turkiye Petrol Rafinerileri AS 21,870 621,675
Turk Hava Yollari Anonim Ortakligi (THY) AS(a) 28,100 201,391
Turk Sise ve Cam Fabrikalari AS 49,544 109,151
Turk Traktor ve Ziraat Makineleri AS 4,100 58,352
Turkcell Iletisim Hizmetleri AS 156,800 1,528,311
Turkiye Garanti Bankasi AS 133,700 1,236,973
Turkiye Is Bankasi 104,149 714,305
Turkiye Sinai Kalkinma Bankasi AS(a) 34,033 57,744
Ulker Gida Sanayi ve Ticaret AS 23,300 106,776
Vestel Elektronik Sanayi va Ticaret AS(a) 12,500 37,111
Yapi ve Kredi Bankasi AS(a) 77,292 301,571
Yazicilar Holding AS 10,800 83,774
- -------------------------------------------------------------------------------
$ 11,530,668
- -------------------------------------------------------------------------------
United Arab Emirates -- 0.9%
- -------------------------------------------------------------------------------
Amlak Finance (PJSC)(a) 148,900 $ 191,399
Arabtec Holding Co. 94,250 210,474
Aramex (PJSC)(a) 414,200 346,300
Dubai Financial Market(a) 183,000 258,157
Dubai Investments (PJSC) 178,370 265,713
Dubai Islamic Bank 127,080 391,074
Emaar Properties (PJSC) 231,200 812,233
National Central Cooling Co. (Tabreed) 458,464 414,521
Union Properties 239,800 287,346
- -------------------------------------------------------------------------------
$ 3,177,217
- -------------------------------------------------------------------------------
Total Common Stocks (cost $282,754,355) $351,723,938
- -------------------------------------------------------------------------------
Investment Funds(a) -- 1.5%
Saudi Arabia Investment Fund Ltd. 45,192 $ 2,553,348
Vietnam Enterprise Investments Ltd. 481,912 2,819,185
- -------------------------------------------------------------------------------
Total Investment Funds (cost $4,801,095) $ 5,372,533
- -------------------------------------------------------------------------------
Rights(a) -- 0.0%
Angang Steel Co., Ltd. 10,120 $ 15,929
Arab East Investment 2,150 7,256
BankThai Pcl 580,800 0
Central Cooperative Bank AD 42,900 21,758
Diamond Trust of Kenya Ltd. 7,783 291
Hyundai Securities Co., Ltd. 747 3,937
NIC Bank Ltd. 3,300 4,686
Property & Building Corp. Ltd. 72 924
Tata Steel Ltd. 3,166 48,786
Tata Steel Ltd. (PFD Shares)(b) 14,247 0
- -------------------------------------------------------------------------------
Total Rights (cost $0) $ 103,567
- -------------------------------------------------------------------------------
Warrants(a) -- 0.0%
China Overseas Land & Investment Ltd. (China),
expiring 8/ 27/08, strike HKD4.500 6,166 $ 5,131
- -------------------------------------------------------------------------------
Total Warrants (cost $0) $ 5,131
- -------------------------------------------------------------------------------
Total Long-Term Investments -- 97.7%
(cost $287,555,450) $357,205,169
- -------------------------------------------------------------------------------
Short-term Investments -- 0.9%
Principal
Security Amount (000) Value
- -------------------------------------------------------------------------------
Time Deposits -- 0.0%
- -------------------------------------------------------------------------------
Banco de la Republica de Colombia 1.00% 12/6/07 $ 197 $ 101,901
Banco de la Republica de Colombia 1.00% 12/18/07 125 62,786
- -------------------------------------------------------------------------------
Total Time Deposits -- 0.0% (cost $164,687) $ 164,687
- -------------------------------------------------------------------------------
Repurchase Agreements -- 0.9%
- -------------------------------------------------------------------------------
State Street Bank & Trust Corp. Repurchase
Agreement, dated 10/31/07, 4.40%, due
11/1/07 (cost $3,136,000)(d) $ 3,136 $ 3,136,000
- -------------------------------------------------------------------------------
Total Repurchase Agreements -- 0.9%
(cost $3,136,000) $ 3,136,000
- -------------------------------------------------------------------------------
Total Short-Term Investments -- 0.9%
(cost $3,300,687) $ 3,300,687
- -------------------------------------------------------------------------------
Total Investments -- 98.6%
(cost $290,856,137) $360,505,856
- -------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.4% $ 5,042,111
- -------------------------------------------------------------------------------
Net Assets -- 100% $365,547,967
- -------------------------------------------------------------------------------
(144A)-- Security exempt from registation under Rule 144A of the
Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. At October 31, 2007, the aggregate value
of the securities is $3,073,782 or 0.8% of the Fund's net assets.
(ADR)-- American Depositary Receipt
(GDR)-- Global Depository Receipt
(PFD Shares)-- Preferred Shares
(a) Non-income producing security.
(b) Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
(c) Indicates a foreign registered security. Shares issued to foreign investors
in markets that have foreign ownership limits.
(d) Repurchase price of $3,136,383. Collateralized by $3,115,000 Federal
National Mortgage Association 5.25% due 1/15/2009. The aggregate market
value, including accrued interest, of the collateral was $3,199,170.
Industry Classification as of October 31, 2007
PERCENTAGE
OF TOTAL MARKET
SECTOR INVESTMENTS VALUE
Financials 23.6% $85,227,790
Telecommunication Services 13.9% 50,079,110
Industrials 12.2% 43,748,115
Energy 10.0% 36,116,886
Materials 9.7% 34,925,853
Consumer Staples 8.9% 32,032,347
Consumer Discretionary 7.2% 26,108,474
Utilities 5.0% 18,049,506
Diversified 3.9% 14,165,100
Information Technology 3.1% 11,270,757
Investment Funds 1.5% 5,372,533
Other 1.0% 3,409,385
Currency Concentration of Portfolio as of October 31, 2007
PERCENTAGE
OF TOTAL
CURRENCY INVESTMENTS VALUE
United States Dollar 12.9% $46,676,933
South African Rand 6.5% 23,314,320
South Korean Won 6.4% 22,982,602
Brazilian Real 6.4% 22,955,154
New Taiwan Dollar 6.1% 21,961,029
Indian Rupee 5.9% 21,437,104
Mexican Peso 5.8% 20,923,695
Hong Kong Dollar 5.7% 20,722,098
New Turkish Lira 3.2% 11,530,668
Hungarian Forint 3.1% 11,272,190
Thailand Baht 3.1% 11,203,956
Czech Koruna 3.1% 11,109,358
Indonesian Rupiah 3.1% 11,030,615
Chilean Peso 3.0% 10,907,048
Malaysian Ringgit 3.0% 10,793,371
Polish Zloty 3.0% 10,742,922
Philippine Peso 2.6% 9,303,751
Israeli Shekel 1.9% 6,959,575
Qatari Rial 1.5% 5,537,700
Egyptian Pound 1.5% 5,338,788
Moroccan Dirham 1.5% 5,269,761
Other Currencies 10.7% 38,533,218
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
As of October 31, 2007
Assets
- --------------------------------------------------------------------------------
Investments in securities, at value
(identified cost, $290,856,137) $360,505,856
Cash 179,977
Foreign currency, at value (identified cost $1,648,447) 1,661,398
Receivable for Fund shares sold 7,170,659
Dividends and interest receivable 383,546
Receivable from affiliate for expense reimbursements 110,012
Receivable for securities sold 97,460
Tax reclaims receivable 6,482
Other assets 250,000
- --------------------------------------------------------------------------------
Total assets $370,365,390
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Payable for investment securities purchased $ 4,059,867
Accrued capital gains taxes 288,137
Payable for Fund shares redeemed 266,763
Payable to affiliate for distribution and service plan fees 13,885
Payable to affiliate for Trustees' fees 3,784
Accrued Expenses 184,987
- --------------------------------------------------------------------------------
Total liabilities $ 4,817,423
- --------------------------------------------------------------------------------
Net Assets $365,547,967
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Paid-in capital $293,130,776
Undistributed net investment income 899,774
Undistributed net realized gain on investments and foreign
currency related transactions 2,139,109
Net unrealized appreciation of investments and foreign currencies 69,378,308
- --------------------------------------------------------------------------------
Total $365,547,967
- --------------------------------------------------------------------------------
Class A Shares
- --------------------------------------------------------------------------------
Net Assets $ 81,610,416
Shares Outstanding 4,662,417
Net Asset Value and Redemption Price Per Share
(net assets/shares of beneficial interest outstanding) $ 17.50
Maximum Offering Price Per Share (100/94.25 of $17.50) $ 18.57
- --------------------------------------------------------------------------------
Class C Shares
- --------------------------------------------------------------------------------
Net Assets $ 10,218,171
Shares Outstanding 590,096
Net Asset Value and Offering Price Per Share*
(net assets/shares of beneficial interest outstanding) $ 17.32
- --------------------------------------------------------------------------------
Class I Shares
- --------------------------------------------------------------------------------
Net Assets $273,719,380
Shares Outstanding 15,607,519
Net Asset Value, Offering Price, and Redemption Price Per Share
(net assets/shares of beneficial interest outstanding) $ 17.54
- --------------------------------------------------------------------------------
On sales of $50,000 or more, the offering price of Class A shares is reduced.
* Redemption price per share is equal to net asset value less any applicable
contingent deferred sale charge.
Statement of Operations
For the Year Ended October 31, 2007
Investment Income
- -------------------------------------------------------------------------------
Dividends (net of foreign taxes, $374,841) $ 3,153,372
Interest 100,331
- -------------------------------------------------------------------------------
Total income $ 3,253,703
- -------------------------------------------------------------------------------
Expenses
- -------------------------------------------------------------------------------
Investment adviser fees $ 1,174,916
Administration fees 207,338
Distribution and service fees
Class A 56,185
Class C 29,699
Custodian fee 818,804
Legal and accounting services 89,349
Registration fees 68,542
Transfer agent fees 51,692
Trustees' fees and expenses 15,343
Printing and postage 14,998
Miscellaneous 6,570
- -------------------------------------------------------------------------------
Total expenses $ 2,533,436
- -------------------------------------------------------------------------------
Deduct-Waiver of fees and allocation of expenses to the
Investment Adviser (719,726)
- -------------------------------------------------------------------------------
Net expenses $ 1,813,710
- -------------------------------------------------------------------------------
Net investment income $ 1,439,993
- -------------------------------------------------------------------------------
Realized and Unrealized Gain
- -------------------------------------------------------------------------------
Net realized gain --
Investment transactions (identified cost basis)(a) $ 2,160,904
Foreign currency related transactions (527,241)
- -------------------------------------------------------------------------------
Net realized gain $ 1,633,663
- -------------------------------------------------------------------------------
Change in unrealized appreciation --
Investments (identified cost basis)(b) $68,213,734
Foreign currencies 16,780
- -------------------------------------------------------------------------------
Net change in unrealized appreciation $68,230,514
- -------------------------------------------------------------------------------
Net realized and unrealized gain $69,864,177
- -------------------------------------------------------------------------------
Net increase in net assets from operations $71,304,170
- -------------------------------------------------------------------------------
(a) Net of capital gains taxes of $2,988 (see Note 1(c)).
(b) Net of change in foreign capital gains taxes of $283,865 (see Note 1(c)).
See notes to financial statements
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FINANCIAL STATEMENTS (CONT'D)
Statements of Changes in Net Assets
Increase (Decrease) Year Ended Period Ended
in Net Assets October 31, 2007 October 31, 2006(a)
- ----------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,439,993 $ 22,993
Net realized gain (loss) on investment and foreign
currency transactions 1,633,663 (52,625)
Net change in unrealized appreciation
(depreciation) on investment and
foreign currencies 68,230,514 1,147,794
- ------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 71,304,170 $ 1,118,162
- ------------------------------------------------------------------------------------------
Distributions to shareholders from --
Net investment income Class I $ (5,141) $ --
- ------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 73,729,869 $ 1,369,254
Class C 9,051,313 123,366
Class I 224,208,446 14,380,129
Net asset value of shares issued as
reinvestment of dividends
Class I 2,661 --
Cost of shares redeemed
Class A (5,733,907) (2,547)
Class C (680,223) (21)
Class I (23,357,009) (21)
Redemption fees 39,441 25
- ------------------------------------------------------------------------------------------
Net increase resulting from Fund share transactions $277,260,591 $15,870,185
- ------------------------------------------------------------------------------------------
Net increase in net assets $348,559,620 $16,988,347
- ------------------------------------------------------------------------------------------
Net Assets
- ------------------------------------------------------------------------------------------
At beginning of period $ 16,988,347 $ --
- ------------------------------------------------------------------------------------------
At end of year $365,547,967 $16,988,347
- ------------------------------------------------------------------------------------------
Accumulated net investment income (loss)
included in net assets at end of period $ 899,774 $ (7,837)
- ------------------------------------------------------------------------------------------
(a) For the period from the start of business, June 30, 2006 to October 31, 2006.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FINANCIAL STATEMENTS (CONT'D)
Financial Highlights - Class A
Year Ended Period Ended
October 31, 2007(a) October 31, 2006(a)(b)
- -----------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $11.150 $10.000
- -----------------------------------------------------------------------------------------
Income from operations
- -----------------------------------------------------------------------------------------
Net investment income $ 0.110 $ 0.010
Net realized and unrealized gain 6.215 1.140
- -----------------------------------------------------------------------------------------
Redemption fees $ 0.025 $ --
- -----------------------------------------------------------------------------------------
Total income from operations $ 6.350 $ 1.150
- -----------------------------------------------------------------------------------------
Net asset value -- end of period $17.500 $11.150
- -----------------------------------------------------------------------------------------
Total Return(c) 56.95% 11.50%(f)
- -----------------------------------------------------------------------------------------
Ratios/Supplemental Data:
- -----------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $81,611 $ 1,451
Ratios (as a percentage of average net assets)
Expenses(d) 1.50% 1.50%(e)
Net investment income 0.77% 0.32%(e)
Portfolio Turnover 6% 6%
- -----------------------------------------------------------------------------------------
(a) Net investment income per share was computed using average shares outstanding.
(b) For the period from the start of business, June 30, 2006 to October 31, 2006.
(c) Returns are historical and calculated by determining the percentage change in net asset
value with all distributions reinvested.
(d) The adviser and administrator waived a portion of its fees and subsidized certain
operating expenses (equal to 0.52% and 9.49% (annualized) of average net assets for 2007
and 2006, respectively).
(e) Annualized.
(f) Not annualized.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FINANCIAL STATEMENTS (CONT'D)
Financial Highlights - Class C
Year Ended Period Ended
October 31, 2007(a) October 31, 2006(a)(b)
- -----------------------------------------------------------------------------------------
Net asset value -- Beginning of period $11.120 $10.000
- -----------------------------------------------------------------------------------------
Income from operations
- -----------------------------------------------------------------------------------------
Net investment income $ 0.010 $(0.010)
Net realized and unrealized gain 6.190 1.130
- -----------------------------------------------------------------------------------------
Total income from operations $ 6.200 $ 1.120
- -----------------------------------------------------------------------------------------
Net asset value -- end of period $17.320 $11.120
- -----------------------------------------------------------------------------------------
Total Return(c) 55.76% 11.20%(f)
- -----------------------------------------------------------------------------------------
Ratios/Supplemental Data:
- -----------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $10,218 $ 132
Ratios (as a percentage of average net assets)
Expenses(d) 2.25% 2.25%(e)
Net investment income (loss) 0.06% (0.30)%(e)
Portfolio Turnover 6% 6%
- -----------------------------------------------------------------------------------------
(a) Net investment income (loss) per share was computed using average shares outstanding.
(b) For the period from the start of business, June 30, 2006 to October 31, 2006.
(c) Returns are historical and calculated by determining the percentage change in net asset
value with all distributions reinvested.
(d) The adviser and administrator waived a portion of its fees and subsidized certain
operating expenses (equal to 0.52% and 9.49% (annualized) of average net assets for 2007
and 2006, respectively).
(e) Annualized.
(f) Not annualized.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FINANCIAL STATEMENTS (CONT'D)
Financial Highlights - Class I
Year Ended Period Ended
October 31, 2007(a) October 31, 2006(a)(b)
- -----------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 11.150 $10.000
- -----------------------------------------------------------------------------------------
Income from operations
- -----------------------------------------------------------------------------------------
Net investment income $ 0.160 $ 0.030
Net realized and unrealized gain 6.232 1.120
- -----------------------------------------------------------------------------------------
Total income from operations $ 6.392 $ 1.150
- -----------------------------------------------------------------------------------------
Less distributions to shareholders
- -----------------------------------------------------------------------------------------
From net investment income $ (0.002) $ --
- -----------------------------------------------------------------------------------------
Net asset value -- end of period $17.540 $11.150
- -----------------------------------------------------------------------------------------
Total Return(c) 57.34% 11.50%(f)
- -----------------------------------------------------------------------------------------
Ratios/Supplemental Data:
- -----------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $273,719 $15,405
Ratios (as a percentage of average net assets)
Expenses(d) 1.25% 1.25%(e)
Net investment income 1.12% 0.88%(e)
Portfolio Turnover 6% 6%
- -----------------------------------------------------------------------------------------
(a) Net investment income per share was computed using average shares outstanding.
(b) For the period from the start of business, June 30, 2006 to October 31, 2006.
(c) Returns are historical and calculated by determining the percentage change in net asset
value with all distributions reinvested.
(d) The adviser and administrator waived a portion of its fees and subsidized certain
operating expenses (equal to 0.52% and 9.49% (annualized) of average net assets for 2007
and 2006, respectively).
(e) Annualized.
(f) Not annualized.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
- -------------------------------------------------------------------------------
Eaton Vance Structured Emerging Markets Fund (the Fund) is a series of Eaton
Vance Mutual Funds Trust (the Trust), 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 offers three classes of
shares. Class A shares are generally sold subject to sales charges imposed at
time of purchase and assess a redemption fee of 1% for shares redeemed or
exchanged within 90 days of purchase. Class C shares are sold at net asset
value and are generally subject to a contingent deferred sales charge (see
Note 6). Class I shares are offered at net asset value and not subject to a
sales charge. The Fund's investment objective is to seek long-term capital
appreciation. The Fund normally invests at least 80% of its net assets in
equity securities of companies located in emerging market countries, which
are those considered to be developing. 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 and losses, other than class specific
expenses, are allocated daily to each class of shares based on the relative
net assets of each class to the total 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 of
the Fund. The policies are in conformity with accounting principles generally
accepted in the United States of America.
A Investment Valuation -- Marketable securities that are listed on foreign or
U.S. securities exchanges are valued at closing sale prices on the exchange
where such securities are principally traded. Marketable securities listed in
the NASDAQ Global or Global Select Market System are valued at the NASDAQ
official closing price. Unlisted or listed securities for which closing sales
prices are not available are valued at the mean between the latest bid and
asked prices or in the case of preferred equity securities that are not
listed or traded in the over the-counter market, by an independent pricing
service. An option is valued at the last sale price as quoted on the
principal exchange or board of trade on which such option or contract is
traded, or in the absence of a sale, at the mean between the last bid and
asked prices. Futures positions on securities or currencies are generally
valued at closing settlement prices. Short-term debt securities with a
remaining maturity of 60 days or less are valued at amortized cost. 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.
Foreign securities and currencies are valued in U.S. dollars, based on
foreign currency exchange rate quotations supplied by an independent
quotation service. The daily valuation of foreign securities generally is
determined as of the close of trading on the principal exchange on which such
securities trade. Events occurring after the close of trading on foreign
exchanges may result in adjustments to the valuation of foreign securities to
more accurately reflect their fair value as of the close of regular trading
on the New York Stock Exchange. When valuing foreign equity securities that
meet certain criteria, the Trustees have approved the use of a fair value
service that values such securities to reflect market trading that occurs
after the close of the applicable foreign markets of comparable securities or
other instruments that have a strong correlation to the securities held by
the fund. The Fund may rely on an independent fair valuation service in
adjusting the valuations of foreign equity securities. Investments held by
the Fund for which valuations or market quotations are not readily available
or determined to be unreliable are valued at fair value using methods
determined in good faith by or at the direction of the Trustees considering
relevant factors, data and information including the market value of freely
tradable securities of the same class in the principal market on which such
securities are normally traded.
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 basis of
interest accrued, adjusted for amortization of premium or accretion of
discount.
C Federal 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
have been provided for in accordance with the Fund's understanding of the
applicable countries, tax rules and rates. During the year ended October 31,
2007, capital loss carryovers of $21,795 were utilized to offset net realized
gains.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be subject to capital gains taxes in certain countries in which it
invests. In determining the daily net asset value, the Fund estimates the
accrual for capital gains taxes, if any, based on the unrealized appreciation
on certain Fund securities and the related tax rates. At October 31, 2007,
the Fund had an accrual for capital gains taxes of $291,125 of which $288,137
is included in the change in net unrealized appreciation (depreciation) on
investments in the Statement of Operations. Capital gains taxes paid are
included in net realized gain (loss) on investments in the Statement of
Operations and were $2,988 for the year ended October 31, 2007.
D Expenses -- The majority of expenses of the Trust are directly identifiable
to an individual fund. Expenses which are not readily identifiable to a
specific fund are allocated taking into consideration, among other things,
the nature and type of expense and relative size of the funds.
E 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 changes in 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.
F Fund Redemption Fees -- Upon the redemption or exchange of shares by Class
A or Class I shareholders within 90 days of settlement of purchase, a fee of
1% of the current net asset value of these shares will be assessed and
retained by the Fund for the benefit of the remaining shareholders. The
redemption fee is accounted for as an addition to paid-in capital.
G Repurchase Agreements -- Under the terms of a repurchase agreement, the
Fund's custodian takes possession of an underlying collateral security, the
market value of which is at all times at least equal to the principal,
including accrued interest, of the repurchase transaction. In the event of
default or bankruptcy by the other party to the agreement, realization and/or
retention of the collateral by the Fund may be delayed or limited.
H Indemnifications -- Under the Trust's organizational documents, its
officers and Trustees may be indemnified against certain liabilities and
expenses arising out of the performance of their duties to the Fund and
shareholders are indemnified against personal liability for obligations of
the Trust. Additionally, in the normal course of business, the Fund enters
into agreements with service providers that may contain indemnification
clauses. The Fund's maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Fund that have
not yet occurred.
I Use of Estimates -- The preparation of the financial statements in
conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during the
reporting period. Actual results could differ from those estimates.
J Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific identification
of the securities sold.
K Expense Reduction -- State Street Bank and Trust Company (SSBT) serves as
custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a
fee reduced by credits, which are determined based on the average daily cash
balance the Fund maintains with SSBT. All credit balances, if any, used to
reduce the Fund's custodian fees are reported as a reduction of expenses in
the Statement of Operations.
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 realized capital gains. Shareholders may reinvest
all distributions in additional shares of the Fund at the net asset value as
of the ex-dividend date. Distributions are paid in the form of additional
shares or, at the election of the shareholder, in cash. The Fund
distinguishes between distributions on a tax basis and a financial reporting
basis. Accounting principles generally accepted in the United States of
America require that only distributions in excess of tax basis earnings and
profits be reported in the financial statements as a return of capital.
Permanent differences between book and tax accounting relating to
distributions are reclassified to paid-in-capital.
The tax character of the distributions declared for the year ended October
31, 2007 and the period ended October 31, 2006 was as follows:
Year Ended Period Ended
October 31, 2007 October 31, 2006(a)
-----------------------------------------------------------------------
Distributions declared from:
-----------------------------------------------------------------------
Ordinary Income $5,141 $--
-----------------------------------------------------------------------
(a) For the period from the start of business, June 30, 2006 to
October 31, 2006.
During the year ended October 31, 2007 undistributed net investment income
was decreased by $527,241 and accumulated net realized gain on investments
was increased by $527,241 primarily due to differences between book and tax
accounting for foreign currency transactions. This change had no effect on
the net assets or the net asset value per share.
At October 31, 2007, the components of distributable earnings (accumulated
losses) on a tax basis were as follows:
Undistributed ordinary income $ 3,200,367
Undistributed net realized gain 1,121,716
Unrealized appreciation (depreciation) 68,095,108
The differences between components of distributable earnings (accumulated
losses) on a tax basis and the amounts reflected in the Statement of Assets
and Liabilities are primarily due to Passive Foreign Investment Companies and
wash sales.
3 Shares of Beneficial Interest
- -------------------------------------------------------------------------------
The Fund's Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (without par
value). Such shares may be issued in a number of different series (such as
the Fund) and classes. Transactions in Fund shares were as follows:
Year Ended Period Ended
Class A October 31, 2007 October 31, 2006(a)
-----------------------------------------------------------------------------
Sales 4,947,803 130,403
Redemptions (415,547) (242)
-----------------------------------------------------------------------------
Net Increase 4,532,256 130,161
-----------------------------------------------------------------------------
Class C
-----------------------------------------------------------------------------
Sales 623,674 11,900
Redemptions (45,476) (2)
-----------------------------------------------------------------------------
Net Increase 578,198 11,898
-----------------------------------------------------------------------------
Class I
-----------------------------------------------------------------------------
Sales 15,749,998 1,381,194
Issued to shareholders electing to
receive payments of distributions
in Fund shares 217 --
Redemptions (1,523,888) (2)
-----------------------------------------------------------------------------
Net Increase 14,226,327 1,381,192
-----------------------------------------------------------------------------
(a) For the period from the start of business, June 30, 2006 to
October 31, 2006.
For the year ended October 31, 2007 and the period ended October 31, 2006,
the Fund received $738,985 and $25, respectively, in the redemption fees on
Class A shares, for the year ended October 31, 2007, the Fund received $456
in redemption fees on Class I shares.
4 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------------------------------------------
Under its investment advisory agreement with the Fund, Eaton Vance Management
(EVM) receives a monthly advisory fee equal to an annual rate of 0.85%
annually of the average daily net assets of the Fund up to $500 million and
0.80% annually of the average daily net assets of the Fund on the next $500
million. On net assets of $1 billion and over, the annual fee is further
reduced. For the year ended October 31, 2007, the Fund's advisory fee was
$1,174,916. Pursuant to a sub-advisory agreement, Eaton Vance has delegated
the investment management of the Fund to Parametric Portfolio Associates
(Parametric), a majority-owned subsidiary of Eaton Vance. Eaton Vance pays
Parametric a portion of the advisory fee for sub-advisory services provided
to the Fund.
EVM also serves as administrator to the Fund and receives from the Fund a
monthly administration fee equal to an annual rate of 0.15% of the Fund's
average daily net assets.
EVM has agreed to waive fees and reimburse expenses to the extent that total
annual operating expenses exceed 1.50% for Class A shares, 2.25% for Class C
shares and 1.25% for Class I shares through February 28, 2008. Thereafter the
waiver and reimbursement may be changed or terminated at any time. Pursuant
to this agreement EVM waived fees and reimbursed expenses of $719,726 during
the year ended October 31, 2007.
EVM serves as the sub-transfer agent of the Fund and receives from the
transfer an aggregate fee based on actual expenses incurred by EVM in the
performance of these services. During the year ended October 31, 2007, EVM
received $1,593 in sub-transfer agent fees.
The Fund was informed that EVD received $30,453 as its portion of the sales
charge on sales of Class A for the year ended October 31, 2007.
EVD also receives distribution and service fees from Class A and Class C
shares (see Note 5) and contingent deferred sales charges (see Note 6).
Except for Trustees of the Funds who are not members of EVM's organization,
officers and Trustees receive remuneration for their services to the Funds
out of the investment adviser fee. Certain officers and one Trustee of the
Funds are officers of EVM.
Certain officers and Trustees of the Fund are officers of the above
organization.
5 Distribution and Service Plans
- -------------------------------------------------------------------------------
The Fund has in effect a distribution plan for Class A shares (Class A Plan)
pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Class A
Plan provides that the Fund will pay EVD a distribution and service fee of
0.25% per annum of the its average daily net assets attributable to Class A
shares for each fiscal year for distribution services and facilities to the
Fund by EVD, as well as for personal services and/or the maintenance of
shareholder accounts. Distribution and service fees paid or accrued for the
year ended October 31, 2007 for Class A shares amounted to $56,185. The Fund
also has in effect distribution plans for Class C shares (Class C Plan)
pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Class C
Plan requires the Fund to pay EVD amounts equal to 0.75% per annum of its
average daily net assets attributable to 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) 6.25% of the aggregate amount received by the Fund for Class C shares
sold, 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 Class C, reduced by the aggregate amount of contingent
deferred sales charges (see Note 6) and daily amounts theretofore paid to EVD
by Class C. For the year ended October 31, 2007 distribution fees paid or
accrued to EVD amounted to $22,275 for Class C shares. At October 31, 2007,
the amount of Uncovered Distribution Charges of EVD calculated under the
Class C Plan was approximately $481,072 for Class C shares. The Class C Plan
also authorizes the Fund to make payments of service fees to EVD, investment
dealers and other persons in amounts equal to 0.25% per annum of its average
daily net assets attributable to that Class. Service fees are paid for
personal services and/or the maintenance of shareholder accounts. They are
separate and distinct from the Class C sales commissions and distribution
fees payable and, as such, are not subject to automatic discontinuance when
there are no outstanding Uncovered Distribution Charges of EVD. Service fees
paid or accrued for the year ended October 31, 2007 amounted to $7,424 for
Class C shares.
6 Contingent Deferred Sales Charge
- -------------------------------------------------------------------------------
Class A shares may be subject to a 1% contingent deferred sales charge (CDSC)
if redeemed within eighteen months of purchase (depending on the
circumstances of purchase). Class C generally is subject to a 1% CDSC if
redeemed within twelve months of purchase. Generally, the CDSC is based upon
the lower of the net asset value at date of redemption or date of purchase.
No charge is levied on shares acquired by reinvestment of dividends or
capital gain distributions.
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 C redemptions are paid to
EVD to reduce the amount of Uncovered Distribution Charges calculated under
the Class C Plan (see Note 5). CDSC assessed on Class C shares when no
Uncovered Distribution Charges exist will be credited to the Fund. For the
year ended October 31, 2007, the Fund was informed that EVD received
approximately $11,000 and $3,000 of CDSCs paid by Class A and Class C
shareholders, respectively.
7 Investment Transactions
- -------------------------------------------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $279,209,181 and $8,953,425 respectively, for the year ended
October 31, 2007.
8 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at October 31, 2007, as computed on a federal income tax
basis, were as follows:
Aggregate Cost $292,139,337
-------------------------------------------------------------------------
Gross unrealized appreciation $72,009,148
Gross unrealized depreciation (3,642,629)
-------------------------------------------------------------------------
Net unrealized appreciation $68,366,519
-------------------------------------------------------------------------
The net unrealized appreciation on foreign currency was $16,726 at October
31, 2007.
9 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 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.
10 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 forward foreign
currency exchange contracts and 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, 2007, there were no obligations
outstanding under these financial instruments.
11 Recently Issued Accounting Pronouncements
- -------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, ("FIN 48") "Accounting for Uncertainty in Income Taxes
- an interpretation of FASB Statement No. 109." FIN 48 clarifies the
accounting for uncertainty in income taxes recognized in accordance with FASB
Statement No. 109, "Accounting for Income Taxes." This interpretation
prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement of a tax position taken or
expected to be taken in a tax return. It also provides guidance on
recognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. FIN 48 is effective during the first
required financial reporting period for fiscal years beginning after December
15, 2006. The Fund is currently evaluating the impact of applying the various
provisions of FIN 48.
In September 2006, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 157, ("FAS 157") "Fair Value
Measurements". FAS 157 defines fair value, establishes a framework for
measuring fair value in accordance with generally accepted accounting
principles and expands disclosure about fair value measurements. FAS 157 is
effective for fiscal years beginning after November 15, 2007. Management is
currently evaluating the impact the adoption of FAS 157 will have on the
Fund's financial statement disclosures.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of Eaton Vance Structured Emerging Markets
Fund:
- -------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Eaton
Vance Structured Emerging Markets Fund (the "Fund"), including the portfolio of
investments, as of October 31, 2007, and the related statement of operations,
the statement of changes in net assets, and the financial highlights for the
year then ended. 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
audit. The statement of changes in net assets and the financial highlights for
the period from the start of business, June 30, 2006, to October 31, 2006 were
audited by other auditors. Those auditors expressed an unqualified opinion on
those financial statements and financial highlights in their report dated
December 20, 2006.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. Our procedures
included confirmation of securities owned as of October 31, 2007, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Eaton
Vance Structured Emerging Markets Fund as of October 31, 2007, the results of
its operations, the changes in its net assets, and the financial highlights for
the year then ended, in conformity with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 17, 2007
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
FEDERAL TAX INFORMATION (UNAUDITED)
The Form 1099-DIV you receive in January 2008 will show the tax status of all
distributions paid to your account in calendar 2007. Shareholders are advised
to consult their own tax advisor with respect to the tax consequences of their
investment in the Fund. As required by the Internal Revenue Code regulations,
shareholders must be notified within 60 days of the Fund's fiscal year end
regarding the status of qualified dividend income for individuals and the
foreign tax credit.
Qualified Dividend Income. The Fund designates approximately $2,033,223, or up
to the maximum amount of such dividends allowable pursuant to the Internal
Revenue Code, as qualified dividend income eligible for the reduced tax rate of
15%.
Foreign Tax Credit. The Fund paid foreign taxes of $374,841 and recognized
foreign source income of $3,528,213.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2007
OTHER MATTERS
CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
On August 6, 2007, PricewaterhouseCoopers LLP resigned in the ordinary course
as the independent registered public accounting firm for the Fund.
The report of PricewaterhouseCoopers LLP on the Fund's financial statements for
its initial fiscal year contained no adverse opinion or disclaimer of opinion
and was not qualified or modified as to uncertainty, audit scope or accounting
principle. There have been no disagreements with PricewaterhouseCoopers LLP
during the Fund's initial fiscal year and any subsequent interim period on any
matter of accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which disagreements if not resolved to the
satisfaction of PricewaterhouseCoopers LLP, would have caused them to make
reference thereto in their report on the Fund's financial statements for such
initial year, and there were no reportable events of the kind described in Item
304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as
amended.
At a meeting held on August 6, 2007, based on Audit Committee recommendations
and approvals, the full Board of Trustees of the Fund approved Deloitte &
Touche LLP as the Fund's independent registered public accounting firm for the
fiscal year ending October 31, 2007. To the best of the Fund's knowledge, for
the period June 30, 2006 (commencement of operations) to October 31, 2006 and
through August 6, 2007, the Fund did not consult with Deloitte &Touche LLP on
items which concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Fund's financial statements or concerned the subject
of a disagreement (as defined in paragraph (a)(l)(iv) of Item 304 of Regulation
S-K) or reportable events (as described in paragraph (a)(l)(v) of Item 304 of
Regulation S-K).
EATON VANCE STRUCTURED EMERGING MARKETS FUND
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in
substance, that each investment advisory agreement between a fund and its
investment adviser will continue in effect from year to year only if its
continuance is approved at least annually by the fund's board of trustees,
including by a vote of a majority of the trustees who are not "interested
persons" of the fund ("Independent Trustees"), cast in person at a meeting
called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance
group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the
Board, including a majority of the Independent Trustees, voted to approve
continuation of existing advisory and sub-advisory agreements for the Eaton
Vance Funds for an additional one-year period. In voting its approval, the
Board relied upon the affirmative recommendation of the Special Committee of
the Board, which is a committee comprised exclusively of Independent Trustees.
Prior to making its recommendation, the Special Committee reviewed information
furnished for a series of meetings of the Special Committee held in February,
March and April 2007. Such information included, among other things, the
following:
Information about Fees, Performance and Expenses
o An independent report comparing the advisory and related fees paid by each
fund with fees paid by comparable funds;
o An independent report comparing each fund's total expense ratio and its
components to comparable funds;
o An independent report comparing the investment performance of each fund to
the investment performance of comparable funds over various time periods;
o Data regarding investment performance in comparison to relevant peer groups
of funds and appropriate indices;
o Comparative information concerning fees charged by each adviser for
managing other mutual funds and institutional accounts using investment
strategies and techniques similar to those used in managing the fund;
o Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management
o Descriptions of the investment management services provided to each fund,
including the investment strategies and processes employed;
o Information concerning the allocation of brokerage and the benefits
received by each adviser as a result of brokerage allocation, including
information concerning the acquisition of research through "soft dollar"
benefits received in connection with the funds' brokerage, and the
implementation of a soft dollar reimbursement program established with
respect to the funds;
o Data relating to portfolio turnover rates of each fund;
o The procedures and processes used to determine the fair value of fund
assets and actions taken to monitor and test the effectiveness of such
procedures and processes;
Information about each Adviser
o Reports detailing the financial results and condition of each adviser;
o Descriptions of the qualifications, education and experience of the
individual investment professionals whose responsibilities include
portfolio management and investment research for the funds, and information
relating to their compensation and responsibilities with respect to
managing other mutual funds and investment accounts;
o Copies of the Codes of Ethics of each adviser and its affiliates, together
with information relating to compliance with and the administration of such
codes;
o Copies of or descriptions of each adviser's proxy voting policies and
procedures;
o Information concerning the resources devoted to compliance efforts
undertaken by each adviser and its affiliates on behalf of the funds
(including descriptions of various compliance programs) and their record of
compliance with investment policies and restrictions, including policies
with respect to market-timing, late trading and selective portfolio
disclosure, and with policies on personal securities transactions;
o Descriptions of the business continuity and disaster recovery plans of each
adviser and its affiliates;
Other Relevant Information
o Information concerning the nature, cost and character of the administrative
and other non-investment management services provided by Eaton Vance
Management and its affiliates;
o Information concerning management of the relationship with the custodian,
subcustodians and fund accountants by each adviser or the funds'
administrator; and
o The terms of each advisory agreement.
In addition to the information identified above, the Special Committee
considered information provided from time to time by each adviser throughout
the year at meetings of the Board and its committees. Over the course of the
twelve-month period ended April 30, 2007, the Board met eleven times and the
Special Committee, the Audit Committee and the Governance Committee, each of
which is a Committee comprised solely of Independent Trustees, met thirteen,
fourteen and nine times, respectively. At such meetings, the Trustees received,
among other things, presentations by the portfolio managers and other
investment professionals of each adviser relating to the investment performance
of each fund and the investment strategies used in pursuing the fund's
investment objective.
For funds that invest through one or more underlying portfolios, the Board
considered similar information about the portfolio(s) when considering the
approval of advisory agreements. In addition, in cases where the fund's
investment adviser has engaged a sub-adviser, the Board considered similar
information about the sub-adviser when considering the approval of any sub-
advisory agreement.
The Special Committee was assisted throughout the contract review process by
Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of
the Special Committee relied upon the advice of such counsel and their own
business judgment in determining the material factors to be considered in
evaluating each advisory and sub-advisory agreement and the weight to be given
to each such factor. The conclusions reached with respect to each advisory and
sub-advisory agreement were based on a comprehensive evaluation of all the
information provided and not any single factor. Moreover, each member of the
Special Committee may have placed varying emphasis on particular factors in
reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it
deemed relevant, including the factors and conclusions described below, the
Special Committee concluded that the continuance of the investment advisory
agreement of the Eaton Vance Structured Emerging Markets Fund (the "Fund") with
Eaton Vance Management (the "Adviser"), and the sub-advisory agreement with
Parametric Portfolio Associates (the "Sub-adviser"), including their fee
structures, is in the interests of shareholders and, therefore, the Special
Committee recommended to the Board approval of the respective agreements. The
Board accepted the recommendation of the Special Committee as well as the
factors considered and conclusions reached by the Special Committee with
respect to the agreement. Accordingly, the Board, including a majority of the
Independent Trustees, voted to approve continuation of the advisory agreement
and sub-advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement and
sub-advisory agreement of the Fund, the Board evaluated the nature, extent and
quality of services provided to the Fund by the Adviser and the Sub-adviser.
The Board considered the Adviser's and Sub-adviser's management capabilities
and investment process with respect to the types of investments held by the
Fund, including the education, experience and number of its investment
professionals and other personnel who provide portfolio management, investment
research, and similar services to the Fund and whose responsibilities include
supervising the Sub-adviser. The Board evaluated the abilities and experience
of such investment personnel in analyzing factors such as special
considerations relevant to investing in emerging markets. The Board noted the
Adviser's in-house equity research capabilities and experience in managing
funds that seek to maximize after-tax returns. The Board also took into account
the resources dedicated to portfolio management and other services, including
the compensation paid to recruit and retain investment personnel, and the time
and attention devoted to the Fund by senior management. With respect to the
Sub-adviser, the Board took into account the resources available to the
Sub-adviser in fulfilling its duties under the sub-advisory agreement and the
Sub-adviser's experience in managing equity portfolios.
The Board reviewed the compliance programs of the Adviser and relevant
affiliates thereof, including the Sub-adviser. Among other matters, the Board
considered compliance and reporting matters relating to personal trading by
investment personnel, selective disclosure of portfolio holdings, late trading,
frequent trading, portfolio valuation, business continuity and the allocation
of investment opportunities. The Board also evaluated the responses of the
Adviser and its affiliates to requests from regulatory authorities such as the
Securities and Exchange Commission and the National Association of Securities
Dealers.
The Board considered shareholder and other administrative services provided or
managed by Eaton Vance Management and its affiliates, including transfer agency
and accounting services. The Board evaluated the benefits to shareholders of
investing in a fund that is a part of a large family of funds, including the
ability, in many cases, to exchange an investment among different funds without
incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded
that the nature, extent and quality of services provided by the Adviser and
Sub-adviser, taken as a whole, are appropriate and consistent with the terms of
the investment advisory and sub-advisory agreements, respectively.
Fund Performance
The Board compared the Fund's investment performance to a relevant universe of
similarly managed funds identified by an independent data provider and
appropriate benchmark indices. The Board reviewed comparative performance data
for the one-, three- and five-year periods ended September 30, 2006 for the
Fund. On the basis of the foregoing and other relevant information, the Board
concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates, including any
administrative fee rates, payable by the Fund (referred to as "management
fees"). As part of its review, the Board considered the Fund's management fees
and total expense ratio for the one-year period ended September 30, 2006, as
compared to a group of similarly managed funds selected by an independent data
provider.
After reviewing the foregoing information, and in light of the nature, extent
and quality of the services provided by the Adviser, the Board concluded with
respect to the Fund that the management fees charged to the Fund for advisory
and related services and the total expense ratio of the Fund are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser and relevant
affiliates thereof, including the Sub-adviser, in providing investment advisory
and administrative services to the Fund and to all Eaton Vance Funds as a
group. The Board considered the level of profits realized without regard to
revenue sharing or other payments by the Adviser and its affiliates to third
parties in respect of distribution services. The Board also considered other
direct or indirect benefits received by the Adviser and its affiliates in
connection with its relationship with the Fund, including the benefits of
research services that may be available to the Adviser or Sub-adviser as a
result of securities transactions effected for the Fund and other investment
advisory clients.
The Board concluded that, in light of the foregoing factors and the nature,
extent and quality of the services rendered, the profits realized by the
Adviser and its affiliates, including the Sub-adviser, are reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the
extent to which the Adviser and its affiliates, including the Sub-adviser, on
the one hand, and the Fund, on the other hand, can expect to realize benefits
from economies of scale as the assets of the Fund increase. The Board
acknowledged the difficulty in accurately measuring the benefits resulting from
the economies of scale with respect to the management of any specific fund or
group of funds. The Board reviewed data summarizing the increases and decreases
in the assets of the Fund and of all Eaton Vance Funds as a group over various
time periods, and evaluated the extent to which the total expense ratio of the
Fund and the profitability of the Adviser and its affiliates, including the
Sub-adviser, may have been affected by such increases or decreases. Based upon
the foregoing, the Board concluded that the benefits from economies of scale
are currently being shared equitably by the Adviser and its affiliates,
including the Sub-adviser, and the Fund. The Board also concluded that
assuming reasonably foreseeable increase in the assets of the Fund, the Adviser
and its affiliates, including the Sub-adviser, and the Fund can be expected to
continue to share such benefits equitably.
EATON VANCE STRUCTURED EMERGING MARKETS FUND
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of
the Trust's affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the
office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms
of office. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust, as that term is
defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston,
Massachusetts, 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to Eaton
Vance Management, "BMR" refers to Boston Management and Research, "Parametric" refers to Parametric Portfolio Associates and "EVD"
refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the
Fund's principal underwriter and a wholly-owned subsidiary of EVM. Each officer affiliated with Eaton Vance may hold a position with
other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.
Number of
Term of Portfolios in
Position(s) Office and Fund Complex Other
With the Length of Principal Occupation(s) Overseen Directorships
Name and Date of Birth Trust Service During Past Five Years by Trustee(1) Held
- ------------------------------------------------------------------------------------------------------------------------------------
Interested Trustee
Thomas E. Faust Jr. Trustee and Trustee since 2007 Chairman, Chief Executive Officer and 176 Director of EVC
5/31/58 President of and President of President of EVC, President of EV,
the Trust the Trust Chief Executive Officer and President
since 2002 of EVM and BMR, and Director of EVD.
Trustee and/or Officer of 176
registered investment companies and 5
private investment companies in the
Eaton Vance Fund Complex. Mr. Faust
is an interested person because of
his positions with EVM, BMR, EVC and
EV which are affiliates of the Trust.
Noninterested Trustee(s)
Benjamin C. Esty Trustee Since 2005 Ray and Elizabeth Simmons Professor 176 None
1/2/63 of Business Administration, Harvard
University Graduate School of Business
Administration (since 2003). Formerly,
Associate Professor, Harvard
University Graduate School of
Business (2000-2003).
Allen R. Freedman Trustee Since 2007 Former Chairman and Chief Executive 175 Director of
4/30/40 Officer of Assurant, Inc. (insurance Assurant, Inc.
provider) (1978-2006). Formerly a and Stonemor
Director of Loring Ward International Partners L.P.
(fund distributor) (2005-2007). (owner and
operator of
cemeteries)
William H. Park Trustee Since 2003 Vice Chairman, Commercial Industrial 176 None
9/19/47 Finance Corp. (specialty finance
company) (since 2006). Formerly,
President and Chief Executive Officer,
Prizm Capital Management LLC (investment
management firm) (2002-2005).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, Georgetown University 176 None
7/10/40 Law Center
Norton H. Reamer Trustee Since 1986 President, Chief Executive Officer and 176 None
9/21/35 a Director of Asset Management Finance
Corp. (a specialty finance company
serving the investment management
industry) (since October 2003).
President, Unicorn Corporation (an
investment and financial advisory
services company) (since September
2000). Formerly, Chairman and Chief
Operating Officer, Hellman, Jordan
Management Co., Inc. (an investment
management company) (2000-2003).
Formerly, Advisory Director of Berkshire
Capital Corporation (investment
banking firm) (2002-2003).
Heidi L. Steiger Trustee Since 2007 President, Lowenhaupt Global Advisors, Director of
7/8/53 LLC (global wealth management firm) Nuclear Electric
(since 2005); formerly, President and Insurance Ltd.
Contributing Editor, Worth Magazine (nuclear
(2004); formerly, Executive Vice insurance
President and Global Head of Private provider) and
Asset Management (and various other Aviva USA
positions), Neuberger Berman (insurance
(investment firm) (1986-2004). provider)
Lynn A. Stout Trustee Since 1998 Paul Hastings Professor of Corporate 176 None
9/14/57 and Securities Law, University of
California at Los Angeles School of Law.
Ralph F. Verni Chairman of Chairman of Consultant and private investor. 176 None
1/26/43 the Board the Board
and Trustee since 2007 and
Trustee since
2005
Term of
Position(s) Office and
with the Length of Principal Occupation(s)
Name and Date of Birth Trust Service During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
Principal Officers who are not Trustees
William H. Ahern, Jr. Vice Since 1995 Vice President of EVM and BMR. Officer of 74 registered investment
7/28/59 President companies managed by EVM or BMR.
Cynthia J. Clemson Vice Since 2005 Vice President of EVM and BMR. Officer of 89 registered investment
3/2/63 President companies managed by EVM or BMR.
Charles B. Gaffney Vice Since 2007 Vice President of EVM and BMR. Previously, Sector Portfolio Manager and
12/4/72 President Senior Equity Analyst of Brown Brothers Harriman (1997-2003). Officer
of 29 registered investment companies managed by EVM or BMR.
Christine M. Johnston Vice Since 2007 Vice President of EVM and BMR. Officer of 34 registered investment
11/9/72 President companies managed by EVM or BMR.
Aamer Khan Vice Since 2005 Vice President of EVM and BMR. Officer of 32 registered investment
6/7/60 President companies managed by EVM or BMR.
Thomas H. Luster Vice Since 2006 Vice President of EVM and BMR. Officer of 48 registered investment
4/8/62 President companies managed by EVM or BMR.
Michael R. Mach Vice Since 1999 Vice President of EVM and BMR. Officer of 54 registered investment
7/15/47 President companies managed by EVM or BMR.
Robert B. MacIntosh Vice Since 1998 Vice President of EVM and BMR. Officer of 89 registered investment
1/22/57 President companies managed by EVM or BMR.
Duncan W. Richardson Vice Since 2001 Executive Vice President and Chief Equity Investment Officer of EVC,
10/26/57 President EVM and BMR. Officer of 80 registered investment companies managed by
EVM or BMR.
Walter A. Row, III Vice Since 2001 Director of Equity Research and a Vice President of EVM and BMR.
7/20/57 President Officer of 38 registered investment companies managed by EVM or BMR.
Judith A. Saryan Vice Since 2003 Vice President of EVM and BMR. Officer of 53 registered investment
8/21/54 President companies managed by EVM or BMR.
Susan Schiff Vice Since 2002 Vice President of EVM and BMR. Officer of 35 registered investment
3/13/61 President companies managed by EVM or BMR.
Thomas Seto Vice Since 2007 Vice President and Director of Portfolio Management of Parametric.
9/27/62 President Officer of 30 registered investment companies managed by EVM or BMR.
David M. Stein Vice Since 2007 Managing Director and Chief Investment Officer of Parametric. Officer
5/4/51 President of 30 registered investment companies managed by EVM or BMR.
Mark S. Venezie Vice Since 2007 Vice President of EVM and BMR. Officer of 35 registered investment
5/23/49 President companies managed by EVM or BMR.
Adam A. Weigold Vice Since 2007 Vice President of EVM and BMR. Officer of 70 registered investment
3/22/75 President companies managed by EVM or BMR.
Barbara E. Campbell Treasurer Since 2005 Vice President of EVM and BMR. Officer of 176 registered investment
6/19/57 companies managed by EVM or BMR.
Maureen A. Gemma Secretary Since 1997 Vice President and Deputy Chief Legal Officer of EVM and BMR. Officer
5/24/60 of 176 registered investment companies managed by EVM or BMR.
Paul M. O'Neil Chief Since 2004
7/11/53 Compliance Vice President of EVM and BMR. Officer of 170 registered investment
Officer companies managed by EVM or BMR.
(1) Includes both master and feeder funds in a master-feeder structure.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge
by calling 1-800-225-6265.
INVESTMENT ADVISER AND ADMINISTRATOR OF EATON VANCE
STRUCTURED EMERGING MARKETS FUND
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
SUB-ADVISER OF EATON VANCE STRUCTURED EMERGING MARKETS FUND
PARAMETRIC PORTFOLIO ASSOCIATES
1151 Fairview Avenue N.
Seattle, WA 98109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
STATE STREET BANK & TRUST CO.
225 Franklin Street
Boston, MA 02110
TRANSFER AGENT
PFPC INC.
ATtn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
200 Berkeley Street
Boston, MA 02116-5022
EATON VANCE STRUCTURED EMERGING MARKETS FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
- --------------------------------------------------------------------------------
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. BEFORE
INVESTING, INVESTORS SHOULD CONSIDER CAREFULLY THE FUND'S INVESTMENT
OBJECTIVE(S), RISKS, AND CHARGES AND EXPENSES. THE FUND'S CURRENT PROSPECTUS
CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND AND IS AVAILABLE THROUGH
YOUR FINANCIAL ADVISOR. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST
OR SEND MONEY. FOR FURTHER INFORMATION PLEASE CALL 1-800-225-6265.
- --------------------------------------------------------------------------------
2774-12/07 SEMSRC
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting
Officer. The registrant undertakes to provide a copy of such code of ethics to
any person upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park and Norton H. Reamer,
each an independent trustee, as its audit committee financial experts. Mr. Park
is a certified public accountant who is the Vice Chairman of Commercial
Industrial Finance Corp (specialty finance company). Previously, he served as
President and Chief Executive Officer of Prizm Capital Management, LLC
(investment management firm) and as Executive Vice President and Chief
Financial Officer of United Asset Management Corporation ("UAM") (a holding
company owning institutional investment management firms). Mr. Reamer is the
President, Chief Executive Officer and a Director of Asset Management Finance
Corp. (a specialty finance company serving the investment management industry)
and is President of Unicorn Corporation (an investment and financial advisory
services company). Formerly, Mr. Reamer was Chairman and Chief Operating
Officer of Hellman, Jordan Management Co., Inc. (an investment management
company) and Advisory Director of Berkshire Capital Corporation (an investment
banking firm), Chairman of the Board of UAM and Chairman, President and
Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a)-(d)
Eaton Vance Tax-Managed Small Cap Value Fund, Eaton Vance Tax-Managed Mid-Cap
Core Fund, Eaton Vance Multi-Cap Opportunity Fund, Eaton Vance Tax-Managed
Value Fund, Eaton Vance Tax-Managed International Equity Fund, Eaton Vance
Tax-Managed Small-Cap Growth Fund, Eaton Vance Tax-Managed Equity Asset
Allocation Fund, Eaton Vance High Income Fund, Eaton Vance Floating-Rate Fund,
Eaton Vance Floating-Rate High Income Fund, Eaton Vance Strategic Income Fund,
Eaton Vance Low Duration Fund, Eaton Vance Government Obligations Fund, Eaton
Vance Diversified Income Fund, Eaton Vance Equity Research Fund, Eaton Vance
Tax-Managed Dividend Income Fund, Eaton Vance Dividend Income Fund, Eaton
Vance International Equity Fund and Eaton Vance Structured Emerging Markets
Fund, Eaton Vance Cash Management Fund, Eaton Vance Money Market Fund (the
"Fund(s)") are series of Eaton Vance Mutual Funds Trust (the "Trust"), a
Massachusetts business trust, which, including the Funds, contains a total of
29 series (the "Series"). The Trust is registered under the Investment Company
Act of 1940 as an open-end management investment company. This Form N-CSR
relates to the Funds' annual reports.
With the exception of Tax-Managed Dividend Income Fund, the following tables
present the aggregate fees billed to each Fund for the Fund's respective fiscal
years ended October 31, 2006 and October 31, 2007 or for those Funds which have
not completed two years of operations, for such fiscal periods as indicated on
the following tables, by the Fund's principal accountant for professional
services rendered for the audit of the Fund's annual financial statements and
fees billed for other services rendered by the principal accountant during
those periods. In 2006, Eaton Vance Tax-Managed Dividend Income Fund changed
its fiscal year end from April 30 to October 31. In 2007, Eaton Vance Cash
Management Fund and Eaton Vance Money Market Fund changed their fiscal year
ends from December 31 to October 31. Accordingly the tables for this Fund show
fee information for the fiscal year ended April 30, 2006, the period from May
1, 2006 to October 31, 2006, and the fiscal year ended October 31, 2007.
EATON VANCE TAX-MANAGED SMALL-CAP VALUE FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $9,020 $10,410
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,320 6,541
All Other Fees(3) 0 0
------------------------------------
Total $15,340 $16,951
====================================
EATON VANCE TAX-MANAGED MID-CAP CORE FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $9,020 $10,410
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,540 6,769
All Other Fees(3) 0 0
------------------------------------
Total $15,560 $17,179
====================================
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $11,230 $12,620
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,320 6,541
All Other Fees(3) 0 0
------------------------------------
Total $17,550 $19,161
====================================
EATON VANCE TAX-MANAGED VALUE FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $12,490 $13,880
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,540 6,769
All Other Fees(3) 0 0
------------------------------------
Total $19,030 $20,649
====================================
EATON VANCE TAX-MANAGED INTERNATIONAL EQUITY FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $11,230 $13,880
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,430 6,655
All Other Fees(3) 0 0
------------------------------------
Total $17,660 $20,535
====================================
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $15,490 $16,880
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,540 6,769
All Other Fees(3) 0 0
------------------------------------
Total $22,030 $23,649
====================================
EATON VANCE TAX MANAGED EQUITY ASSET ALLOCATION FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $48,590 $51,880
Audit-Related Fees(1) 0 0
Tax Fees(2) 17,440 18,050
All Other Fees(3) 0 0
------------------------------------
Total $66,030 $69,930
====================================
EATON VANCE HIGH INCOME FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $12,490 $13,780
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,320 6,541
All Other Fees(3) 0 0
------------------------------------
Total $18,810 $20,321
====================================
EATON VANCE FLOATING-RATE FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $12,490 $13,530
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,540 6,769
All Other Fees(3) 0 0
------------------------------------
Total $19,030 $20,299
====================================
EATON VANCE FLOATING-RATE HIGH INCOME FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $ 12,490 $ 13,530
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,540 6,769
All Other Fees(3) 0 0
------------------------------------
Total $19,030 $20,299
====================================
EATON VANCE STRATEGIC INCOME FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $34,300 $30,000
Audit-Related Fees(1) 0 0
Tax Fees(2) 20,325 19,000
All Other Fees(3) 0 0
------------------------------------
Total $54,625 $49,000
====================================
EATON VANCE LOW DURATION FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $24,400 $24,000
Audit-Related Fees(1) 0 0
Tax Fees(2) 12,125 12,000
All Other Fees(3) 0 0
------------------------------------
Total $36,525 $36,000
====================================
EATON VANCE GOVERNMENT OBLIGATIONS FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $24,700 $24,000
Audit-Related Fees(1) 0 0
Tax Fees(2) 14,275 11,000
All Other Fees(3) 0 0
------------------------------------
Total $38,975 $35,000
====================================
EATON VANCE DIVERSIFIED INCOME FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $27,500 $20,000
Audit-Related Fees(1) 0 0
Tax Fees(2) 15,150 15,000
All Other Fees(3) 0 0
------------------------------------
Total $42,650 $35,000
====================================
EATON VANCE EQUITY RESEARCH FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $25,300 $25,000
Audit-Related Fees(1) 0 0
Tax Fees(2) 9,675 7,800
All Other Fees(3) 0 0
------------------------------------
Total $34,975 $32,800
====================================
EATON VANCE TAX-MANAGED DIVIDEND INCOME FUND
FISCAL YEARS ENDED 10/31/06 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $48,590 $49,980
Audit-Related Fees(1) 0 0
Tax Fees(2) 9,620 9,957
All Other Fees(3) 0 0
------------------------------------
Total $58,210 $59,937
====================================
EATON VANCE DIVIDEND INCOME FUND
FISCAL YEARS ENDED 10/31/06* 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $11,360 $12,750
Audit-Related Fees(1) 0 0
Tax Fees(2) 8,000 8,280
All Other Fees(3) 0 0
------------------------------------
Total $19,360 $21,030
====================================
* For the period from commencement of operations on November 30, 2005 to
October 31, 2006
EATON VANCE INTERNATIONAL EQUITY FUND
FISCAL YEARS ENDED 10/31/06* 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $11,360 $12,750
Audit-Related Fees(1) 0 0
Tax Fees(2) 8,000 8,280
All Other Fees(3) 0 0
------------------------------------
Total $19,360 $21,030
====================================
* For the period from commencement of operations on May 31, 2006 to
October 31, 2006
EATON VANCE STRUCTURED EMERGING MARKETS FUND
FISCAL YEARS ENDED 0/31/06* 10/31/07
- -------------------------------------------------------------------------------
Audit Fees $73,400 $70,000
Audit-Related Fees(1) 0 0
Tax Fees(2) 4,050 11,000
All Other Fees(3) 0 0
------------------------------------
Total $87,450 $81,000
====================================
EATON VANCE CASH MANAGEMENT FUND
- --------------------------------------------------------------------------------
FISCAL YEARS ENDED 12/31/05 12/31/06 1/1/2007-10/31/07
- --------------------------------------------------------------------------------
Audit Fees $10,900 $11,900 $15,000
Audit-Related Fees(1) 0 0 0
Tax Fees(2) 5,550 5,875 5,800
All Other Fees(3) 0 0 0
------------------------------------------------
Total $16,450 $17,775 $20,800
================================================
EATON VANCE MONEY MARKET FUND
- --------------------------------------------------------------------------------
FISCAL YEARS ENDED 12/31/05 12/31/06 1/1/2007-10/31/07
- --------------------------------------------------------------------------------
Audit Fees $10,900 $11,900 $ 15,000
Audit-Related fees(1) 0 0 0
Tax Fees(2) 5,525 5,875 5,800
All Other Fees(3) 0 0 0
------------------------------------------------
Total $16,425 $17,775 $20,800
================================================
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning and specifically include fees for tax return
preparation.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
The various Series comprising the Trust have differing fiscal year ends
(October 31 or December 31). The following table presents the aggregate audit,
audit-related, tax, and other fees billed to all of the Series in the Trust by
each Series' respective principal accountant for the last two fiscal years of
each Series. For certain Series, Pricewaterhouse Coopers was the principal
accountant for the fiscal years ended 2006. During the fiscal years ended 2007,
Pricewaterhouse Coopers was replaced by D&T.
FISCAL YEARS ENDED 12/31/05 10/31/06 12/31/06 10/31/07
PWC D&T PWC D&T PWC D&T PWC D&T
- ----------------------------------------------------------------------------------------------------------------------------------
AUDIT FEES $74,200 $22,670 $0 $43,070 $74,200 $22,670 $0 $43,070
AUDIT-RELATED FEES(1) 0 0 0 0 0 0 0 0
TAX FEES(2) $31,500 $11,550 0 $19,290 $31,500 $11,550 0 $19,290
ALL OTHER FEES(3) 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------------------
TOTAL $105,700 $34,220 $0 $62,360 $105,700 $ 34,220 $0 $62,360
==========================================================================================================
(1) Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the
performance of the audit of financial statements and are not reported under the category of audit fees.
(2) Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax
compliance, tax advice, and tax planning and specifically include fees for tax return preparation.
(3) All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than
audit, audit-related, and tax services.
During the Funds' fiscal years ended October 31, 2006 and October 31, 2007,
$35,000 was billed for each such fiscal year by D&T, the principal accountant
for certain funds, for work done in connection with its Rule 17Ad-13
examination of Eaton Vance Management's assertion that it has maintained an
effective internal control structure over the sub-transfer agent and registrar
functions, such services being pre-approved in accordance with Rule 2-01(c) (7)
(ii) of Regulation S-X.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is specifically pre-approved under the Pre-Approval Policies,
it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth
in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to all
of the Series in the Trust by each Series's respective principal accountant for
the last two fiscal years of each Series; and (ii) the aggregate non-audit fees
(i.e., fees for audit-related, tax, and other services) billed to the Eaton
Vance organization by each Series' respective principal accountant for the last
2 fiscal years of each Series. For the fiscal years ended 2006, for certain
Series, Pricewaterhouse Coopers was replaced by D&T.
FISCAL YEARS ENDED 12/31/05 10/31/06 12/31/06 10/31/07
PWC D&T PWC D&T PWC D&T PWC D&T
- -------------------------------------------------------------------------------------------------------------------------
REGISTRANT(1) $31,500 $11,550 $0 $19,290 $31,500 $11,550 $0 $19,290
EATON VANCE(2) $83,416 $42,100 $68,486 $72,100 $83,416 $42,100 $68,486 $72,100
(1) Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were "feeder"
funds in a "master-feeder" fund structure or funds of funds.
(2) Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with
respect to the Series and/or their respective "master" funds (if applicable).
(h) The registrant's audit committee has considered whether the provision by
the registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No Material Changes.
ITEM 11. CONTROLS AND PROCEDURES
(a) It is the conclusion of the registrant's principal executive officer and
principal financial officer that the effectiveness of the registrant's current
disclosure controls and procedures (such disclosure controls and procedures
having been evaluated within 90 days of the date of this filing) provide
reasonable assurance that the information required to be disclosed by the
registrant has been recorded, processed, summarized and reported within the
time period specified in the Commission's rules and forms and that the
information required to be disclosed by the registrant has been accumulated and
communicated to the registrant's principal executive officer and principal
financial officer in order to allow timely decisions regarding required
disclosure.
(b) There have been no changes in the registrant's internal controls over
financial reporting during the second fiscal quarter of the period covered by
this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).
(a)(2)(i) Treasurer's Section 302 certification.
(a)(2)(ii) President's Section 302 certification.
(b) Combined Section 906 certification.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Mutual Funds Trust
- ------------------------------
By: /s/ Thomas E. Faust, Jr.
---------------------------
Thomas E. Faust, Jr.
President
Date: December 11, 2007
-----------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Barbara E. Campbell
---------------------------
Barbara E. Campbell
Treasurer
Date: December 11, 2007
-----------------
By: /s/ Thomas E. Faust, Jr.
---------------------------
Thomas E. Faust, Jr.
President
Date: December 11, 2007
-----------------