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
---------
Eaton Vance Mutual Funds Trust
------------------------------
(Exact Name of registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Address of Principal Executive Offices)
Maureen A. Gemma
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
--------------
(registrant's Telephone Number)
October 31
----------
Date of Fiscal Year End
October 31, 2008
----------------
Date of Reporting Period
- -------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS.
[EV logo]
EATON VANCE(R)
- -------------------
Managed Investments
[graphic omitted]
Annual Report October 31, 2008
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.
-----------------------------
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.
-----------------------------
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).
-----------------------------
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, 2008
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
[Photo of Thomas Seto]
Thomas Seto
Parametric Portfolio
Associates LLC
Co-Portfolio Manager
[Photo of David Stein, Ph.D.]
David Stein, Ph.D.
Parametric Portfolio
Associates LLC
Co-Portfolio Manager
Economic and Market Conditions
o Emerging markets generated significant losses during the year ended October
31, 2008, as evidenced by the Morgan Stanley Capital International (MSCI)
Emerging Markets Index (the "Index") return of -56.35%. China led the
declines, on worries about the effect that the global economic slowdown would
have on manufacturing and exports. Russia, Turkey, India, Peru and Hungary
all had declines greater than -60%. Sharply negative returns occurred in many
of the countries in the MSCI Emerging Markets Index, with 21 countries
showing losses greater than -40% and 15 declining more than -50%.(2)
o In the first half of the Fund's fiscal year, the returns of China, India and
South Korea within the MSCI Emerging Markets Index were -27.1%, -14.5% and
-17.0%, respectively. At the beginning of 2008, anxiety over a potential U.S.
recession severely influenced equity returns in India, which declined -27.0%
in the first quarter of 2008, and South Korea, which declined by -13.1%
during the same three-month period. In the second half of the Fund's fiscal
year, plunging oil prices hurt commodity-based markets such as Russia and
Brazil, and the unraveling global credit crisis took a heavy toll on emerging
markets countries throughout the world. Investors sought refuge in the safest
investments, such as short-term U.S. Treasuries.
Management Discussion
o During the year ended October 31, 2008, despite showing losses, the Fund
outperformed its benchmark, the MSCI Emerging Markets Index, as well as the
average return of the Lipper Emerging Markets Funds classification.(2) In the
face of significant investor uncertainty around the world, the Fund's broadly
diversified country allocation strategy, combined with management's
rebalancing discipline, was beneficial to Fund performance.
o Looking at individual countries, the greatest contribution to the Fund's
outperformance came from China, in which the Fund was significantly
underweighted relative to the Index. In Morocco, Czech Republic and Qatar --
all of which outperformed relative to the Index -- the Fund was overweighted
relative to the Index, benefiting performance. The Fund's overweight to
Argentina detracted from returns, as did an overweight to poor-performing
Romania and an underweight to Brazil, which had only single-digit losses for
the period.
o In terms of industry sector performance, the financials sector was the Fund's
largest contributor to outperformance of the Index during the period,
followed by Fund positions in the energy, industrials, materials and
telecommunication services sectors. Information technology stocks detracted
the most from relative performance, followed by investments in the consumer
discretionary sector.
Eaton Vance Structured Emerging Markets Fund
Total Return Performance 10/31/07 - 10/31/08
- ------------------------------------------------------
Fund - Class A(1) -52.10%
Fund - Class C(1) -52.50
Fund - Class I(1) -51.99
MSCI Emerging Markets Index(2) -56.35
Lipper Emerging Markets Funds Average(2) -57.30
See page 3 for more performance information.
- ------------------------------------------------------
(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 adviser, the sub-adviser and the administrator,
the returns would be lower.
(2) It is not possible to invest directly in an Index or a 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.
- -------------------------------------------------------------------------------
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. Absent expense limitations by the
adviser, the sub-adviser and the administrator, the returns would be lower. For
performance as of the most recent month end, please refer to
www.eatonvance.com.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
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.
Portfolio information provided in the report 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, 2008
PORTFOLIO COMPOSITION
Regional Weightings(1)
- -------------------------------------------------------------------------------
By total long-term investments
Asia/Pacific 38.8%
Emerging Europe 22.4%
Latin America 19.5%
Middle East/Africa 19.3%
(1) As a percentage of the Fund's total long-term investments as of 10/31/08.
Sector Weightings(2)
- -------------------------------------------------------------------------------
By net assets
Financials 23.4%
Telecommunication Services 16.2%
Energy 10.8%
Consumer Staples 9.7%
Industrials 9.4%
Materials 9.3%
Consumer Discretionary 6.4%
Utilities 5.3%
Information Technology 3.8%
Diversified 3.6%
Investment Funds 1.5%
(2) As a percentage of the Fund's net assets as of 10/31/08. Excludes cash
equivalents.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
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 Markets
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 Markets Index. Class A total returns are presented at net asset value
and maximum public offering price. The table includes the total returns of each
Class of the Fund 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
- ----------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- ----------------------------------------------------------------------------
One Year -52.10% -52.50% -51.99%
Life of Fund+ -7.26 -8.00 -7.08
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- ----------------------------------------------------------------------------
One Year -54.86% -52.97% -51.99%
Life of Fund+ -9.58 -8.00 -7.08
+ 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. If sales charges were deducted, the returns
would be lower. 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. Class I
shares are offered to certain investors at net asset value. Absent expense
limitations by the adviser, the sub-adviser and the administrator, the
returns would be lower.
TOTAL ANNUAL
OPERATING EXPENSES(2) Class A Class C Class I
- ----------------------------------------------------------------------------
Gross Expense Ratio 2.04% 2.79% 1.79%
Net Expense Ratio 1.52 2.27 1.27
(2) Source: Prospectus dated 3/1/08. Net expense ratio reflects a contractual
expense limitation that continues through February 28, 2009. Thereafter,
the expense limitation may be changed or terminated at any time. Without
this expense limitation performance would have been lower.
- -------------------------------------------------------------------------------
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. Absent expense limitations by the
adviser, the sub-adviser and the administrator, the returns would be lower. For
performance as of the most recent month end, please refer to
www.eatonvance.com.
- -------------------------------------------------------------------------------
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, 206 - October 31, 208
Eaton Vance Eaton Vance Structured
Structured Emerging Emerging Markets Fund,
Markets Fund, MSCI Emerging Class A, including
Class A Markets Index maximum sales charge
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
10/31/2008 8,383 7,901 8,048
* 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 date) would have been valued at $8,227 and
$8,422, respectively, on 10/31/08. It is not possible to invest directly in an
Index. 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.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
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 at the
beginning of the period and held for the entire period (May 1, 2008 - October
31, 2008).
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 section, 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 section 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 actual Fund expense ratio 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
addition, if these transactional costs were included, your costs would have
been higher.
Eaton Vance Structured Emerging Markets Fund
Beginning Ending Expenses Paid
Account Value Account Value During Period*
(5/1/08) (10/31/08) (5/1/08 - 10/31/08)
Actual
Class A $1,000.00 $519.40 $5.73**
Class C $1,000.00 $517.40 $8.58**
Class I $1,000.00 $520.30 $4.78**
Hypothetical
(5% return per year before expenses)
Class A $1,000.00 $1,017.60 $7.61**
Class C $1,000.00 $1,013.80 $11.39**
Class I $1,000.00 $1,018.90 $6.34**
* 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 184/366 (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, 2008.
** Absent an expense limitation by the investment adviser, the sub-adviser and
the administrator, expenses would be higher.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
PORTFOLIO OF INVESTMENTS
Common Stocks -- 97.9%
Security Shares Value
- ------------------------------------------------------------------------------------------------
Argentina -- 1.6%
- ------------------------------------------------------------------------------------------------
Banco Macro SA (Class "B" Shares) (ADR) 80,650 $ 568,583
BBVA Banco Frances SA (ADR) 25,300 65,780
Cresud SA (ADR) 70,800 356,832
Grupo Financiero Galicia SA (Class "B" Shares) (ADR)(a) 88,700 158,773
IRSA Inversiones y Representaciones SA (GDR)(a) 14,500 52,055
MercadoLibre, Inc.(a) 30,600 418,302
Molinos Rio de la Plata SA (Class "B" Shares)(a) 9,200 24,178
Petrobras Energia Participaciones SA (ADR) 71,400 443,394
Telecom Argentina SA (Class "B" Shares) (ADR)(a) 152,660 888,481
Tenaris SA (ADR) 127,700 2,629,343
Transportadora de Gas del Sur SA (ADR) 50,000 75,000
- ------------------------------------------------------------------------------------------------
$ 5,680,721
- ------------------------------------------------------------------------------------------------
Botswana -- 0.3%
- ------------------------------------------------------------------------------------------------
Barclays Bank of Botswana 223,650 $ 225,646
Botswana Insurance Holdings Ltd. 108,490 142,083
First National Bank of Botswana 520,400 195,775
Letshego 48,200 95,000
Standard Chartered Bank 126,620 301,685
- ------------------------------------------------------------------------------------------------
$ 960,189
- ------------------------------------------------------------------------------------------------
Brazil -- 6.8%
- ------------------------------------------------------------------------------------------------
AES Tiete SA 4,400 $ 22,645
AES Tiete SA (PFD Shares) 9,600 59,421
All America Latina Logistica (PFD Shares) 13,000 60,605
American Banknote SA 4,700 23,386
Anhanguera Educacional Participacoes SA 4,800 35,427
Aracruz Celulose SA (PFD Shares) 15,600 18,433
B2W Compania Global do Varejo 16,970 217,755
Banco Bradesco SA 16,374 158,714
Banco Bradesco SA (PFD Shares) 115,984 1,343,198
Banco do Brasil SA 25,000 170,436
Banco Itau Holding Financeira SA 4,500 41,770
Banco Itau Holding Financeira SA (PFD Shares) 101,300 1,089,448
Banco Nossa Caixa SA 1,400 20,872
BM&F Bovespa SA 90,251 241,197
BR Malls Participacoes SA(a) 5,400 19,940
Bradespar SA (PFD Shares) 31,500 284,976
Brasil Telecom Participacoes SA 7,100 152,389
Brasil Telecom Participacoes SA (PFD Shares) 36,500 261,809
Brasil Telecom SA (PFD Shares) 26,600 154,456
Braskem SA (PFD Shares) 11,460 49,775
Centrais Eletricas Brasileiras SA 11,200 135,703
Centrais Eletricas Brasileiras SA (Class "B" Shares) (PFD
Shares) 46,600 503,319
Cia Brasileira de Distribuicao Grupo Pao de Acucar (PFD
Shares) 24,560 379,651
Cia de Bebidas das Americas (PFD Shares) 27,747 1,165,464
Cia de Companhia de Concessoes Rodoviarias (CCR) 22,000 217,309
Cia de Saneamento Basico do Estado
de Sao Paulo 11,120 128,318
Cia de Saneamento de Minas Gerais -
Copasa MG 3,900 24,374
Cia de Transmissao de Energia Eletrica Paulista (PFD
Shares) 8,800 166,536
Cia Energetica de Minas Gerais (PFD Shares) 39,704 604,769
Cia Energetica de Sao Paulo (PFD Shares) 17,500 80,775
Cia Paranaense de Energia-Copel (PFD Shares) 27,100 298,331
Cia Providencia Industria e Comercio SA 14,900 22,352
Cia Siderurgica Nacional SA (CSN) 31,600 418,757
Cia Vale do Rio Doce 47,300 619,823
Cia Vale do Rio Doce (PFD Shares) 171,740 2,013,476
Contax Participacoes SA (PFD Shares) 1,910 24,667
Cosan SA Industria e Comercio(a) 8,600 41,879
CPFL Energia SA 6,400 94,235
Cyrela Brazil Realty SA 46,000 225,063
Diagnosticos da America SA 3,800 44,025
Duratex SA (PFD Shares) 15,400 134,630
Eletropaulo Metropolitana SA (Class "B" Shares) (PFD
Shares) 26,280 330,547
Empresa Brasileira de Aeronautica SA 104,100 540,561
Estacio Participacoes SA 13,900 88,860
Fertilizantes Fosfatados SA (PFD Shares) 4,800 25,678
Gafisa SA 9,300 65,506
Gerdau SA 5,000 27,464
Gerdau SA (PFD Shares) 43,000 277,868
Gol Linhas Aereas Inteligentes SA (PFD Shares) 4,600 19,916
GVT Holding SA(a) 5,300 57,514
IdeiasNet SA(a) 14,900 17,056
Industrias Romi SA 6,600 20,106
Investimentos Itau SA (PFD Shares) 271,606 902,637
IronX Mineracao SA(a) 4,000 52,453
Itausa-Investimentos Itau SA 11,200 59,451
JBS SA 73,400 133,824
Klabin SA (PFD Shares) 13,200 21,568
LLX Logistica SA(a) 4,000 1,459
Localiza Rent a Car SA 5,100 20,362
Lojas Americanas SA (PFD Shares) 58,370 160,575
Lojas Renner SA 17,700 128,267
Lupatech SA(a) 3,700 31,595
M Dias Branco SA 4,300 32,153
Marcopolo SA (PFD Shares) 14,300 24,884
Marfrig Frigorificos e Comercio de Alimentos SA 6,900 33,441
Medial Saude SA 12,200 37,729
Metalurgica Gerdau SA 2,600 21,362
Metalurgica Gerdau SA (PFD Shares) 19,200 173,700
MMX Mineracao e Metalicos SA(a) 4,000 7,293
MRV Engenharia e Participacoes SA 18,800 99,792
Natura Cosmeticos SA 42,400 365,973
Net Servicos de Comunicacao SA (PFD Shares)(a) 56,536 358,031
PDG Realty SA Empreendimentos e Participacoes 5,300 27,595
Perdigao SA 25,600 372,213
Petroleo Brasileiro SA 75,600 1,000,788
Petroleo Brasileiro SA (PFD Shares) 251,800 2,709,189
Porto Seguro SA 4,500 22,308
Positivo Informatica SA 3,700 10,059
Randon Participacoes SA (PFD Shares) 21,200 73,390
Redecard SA 73,500 814,216
Rossi Residencial SA 8,800 17,913
Sadia SA (PFD Shares) 79,100 161,376
Sao Martinho SA(a) 4,200 25,764
SLC Agricola SA 3,700 19,128
Souza Cruz SA 14,600 269,492
Suzano Papel e Celulose SA 7,300 44,477
Tam SA (PFD Shares) 14,800 157,051
Tele Norte Leste Participacoes SA 3,700 58,066
Tele Norte Leste Participacoes SA (PFD Shares) 38,600 502,433
Telemar Norte Leste SA (PFD Shares) 3,500 85,299
Terna Participacoes SA 5,000 38,541
Tim Participacoes SA (PFD Shares) 156,500 226,100
Totvs SA 3,298 56,628
Tractebel Energia SA 21,600 170,487
Ultrapar Participacoes SA (PFD Shares) 15,846 291,759
Unibanco-Uniao de Bancos Brasileiros SA 82,400 522,583
Usinas Siderurgicas de Minas Gerais SA 1,800 21,145
Usinas Siderurgicas de Minas Gerais SA
(PFD Shares) 36,525 472,052
Vivo Participacoes SA (PFD Shares)(a) 23,675 257,458
Votorantim Celulose e Papel SA (PFD Shares) 2,700 26,819
Weg SA 43,900 249,236
- ------------------------------------------------------------------------------------------------
$ 24,611,298
- ------------------------------------------------------------------------------------------------
Bulgaria -- 0.2%
- ------------------------------------------------------------------------------------------------
Albena 3,228 $ 76,100
Bulgarian American Credit Bank JSCO 5,700 69,620
Bulgarian Telecommunications Co. 44,690 174,684
Central Cooperative Bank AD(a) 42,900 36,593
Doverie Holding AD(a) 13,760 62,947
Petrol AD(a) 46,800 238,421
Sopharma AD 77,500 111,075
- ------------------------------------------------------------------------------------------------
$ 769,440
- ------------------------------------------------------------------------------------------------
Chile -- 2.7%
- ------------------------------------------------------------------------------------------------
Administradora de Fondos de Pensiones
Provida SA 44,300 $ 43,267
Almendral SA 2,512,600 176,060
Antarchile SA (Series "A") 26,340 267,032
Banco de Chile 3,952,947 193,831
Banco de Chile (ADR) 2,500 79,000
Banco de Credito e Inversiones 23,715 397,754
Banco Santander Chile SA 21,722,710 663,907
Banmedica SA 76,180 47,701
Cap SA 8,812 106,072
Cementos Bio-Bio SA 20,600 27,641
Cencosud SA 175,531 256,722
Cia Cervecerias Unidas SA 47,290 253,811
Cia General de Electricidad SA 61,050 262,131
Cia SudAmericana de Vapores SA 58,600 44,993
Colbun SA(a) 1,575,910 236,357
Corpbanca SA 58,054,570 216,379
Distribucion y Servicio D&S SA 453,400 127,080
Distribucion y Servicio D&S SA (ADR) 1,000 17,810
Embotelladora Andina SA (Class "B" Shares)
(PFD Shares) 51,941 102,000
Empresa Nacional de Electricidad SA 505,463 590,052
Empresa Nacional de Telecomunicaciones SA 20,000 207,231
Empresas CMPC SA 25,760 474,299
Empresas Copec SA 91,876 752,678
Enersis SA 2,000,221 542,766
Farmacias Ahumada SA 17,780 23,592
Grupo Security SA 346,800 62,044
Invercap SA 19,700 97,068
Inversiones Aguas Metropolitanas SA 83,600 58,579
La Polar SA 53,700 91,268
Lan Airlines SA 28,095 254,248
Lan Airlines SA (ADR) 7,700 77,693
Madeco SA 3,105,330 173,611
Masisa SA 444,800 33,820
Minera Valparaiso SA 12,324 242,530
Parque Arauco SA 237,600 123,981
Quinenco SA 162,900 207,647
S.A.C.I. Falabella SA 368,700 970,191
Salfacorp SA 94,200 61,794
Sigdo Koppers SA 176,300 83,058
SM-Chile SA (Class "B" Shares) 2,424,500 169,887
Sociedad de Inversiones Pampa Calichera SA (Class "A"
Shares) 83,530 59,152
Sociedad Quimica y Minera de Chile SA
(Series 'B') 25,940 545,291
Sonda SA 311,100 251,848
Vina Concha y Toro SA 141,710 196,482
- ------------------------------------------------------------------------------------------------
$ 9,870,358
- ------------------------------------------------------------------------------------------------
China -- 6.3%
- ------------------------------------------------------------------------------------------------
Agile Property Holdings Ltd. 36,000 $ 11,962
Air China Ltd. (Class "H" Shares) 80,000 22,346
Alibaba.com Ltd.(a) 161,000 97,232
Aluminum Corp. of China Ltd. (Class "H" Shares) 402,000 146,082
American Oriental Bioengineering, Inc.(a) 21,600 131,976
Angang Steel Co., Ltd. (Class "H" Shares) 214,000 131,306
Anhui Conch Cement Co., Ltd.
(Class "H" Shares)(a) 58,000 184,722
Baidu.com, Inc. (ADR)(a) 2,170 447,020
Bank of China Ltd. (Class "H" Shares) 1,469,000 428,931
Bank of Communications Ltd. (Class "H" Shares) 211,000 124,348
Beijing Capital International Airport Co., Ltd. (Class "H"
Shares) 40,000 22,556
Beijing Enterprises Holdings Ltd. 69,000 272,505
BOC Hong Kong Holdings Ltd. 127,500 145,979
BOE Technology Group Co., Ltd.
(Class "B" Shares)(a) 200,500 19,147
BYD Co., Ltd. (Class "H" Shares) 34,200 58,127
BYD Electronic Co., Ltd. 95,000 29,113
Chaoda Modern Agriculture Holdings Ltd. 259,575 182,877
China Agri-Industries Holdings Ltd.(a) 177,000 63,100
China Bluechemical Ltd. (Class "H" Shares) 114,000 43,242
China CITIC Bank (Class "H" Shares) 239,000 73,829
China Coal Energy Co. (Class "H" Shares) 311,000 188,623
China Communication Services Corp. Ltd.
(Class "H" Shares) 66,000 34,707
China Communications Construction Co., Ltd. (Class "H"
Shares) 303,000 214,622
China Construction Bank (Class "H" Shares) 1,398,000 693,518
China COSCO Holdings Co., Ltd.
(Class "H" Shares) 220,975 119,043
China Dongxiang Group Co. 350,000 102,968
China Eastern Airlines Corp. Ltd.
(Class "H" Shares)(a) 104,000 13,191
China Everbright International Ltd. 171,000 14,922
China Everbright Ltd. 16,000 15,023
China Green Holdings Ltd. 72,000 55,900
China Hongxing Sports Ltd. 285,000 36,131
China Insurance International Holdings Co., Ltd. 18,000 41,964
China International Marine Containers Co., Ltd. (Class "B"
Shares) 146,472 74,048
China Life Insurance Co., Ltd. (Class "H" Shares) 435,000 1,162,491
China Medical Technologies, Inc. (ADR) 1,500 36,555
China Mengniu Dairy Co., Ltd. 206,000 198,051
China Merchants Bank Co., Ltd.
(Class "H" Shares) 535,500 820,411
China Merchants Holdings International Co., Ltd. 74,000 176,297
China Mobile Hong Kong Ltd. 313,500 2,759,839
China Molybdenum Co., Ltd. (Class "H" Shares) 39,000 12,213
China National Building Material Co., Ltd.
(Class "H" Shares) 20,000 11,647
China National Materials Co., Ltd.
(Class "H" Shares)(a) 180,000 57,006
China Oilfield Services Ltd. (Class "H" Shares) 110,000 60,449
China Overseas Land & Investment Ltd. 104,000 117,444
China Petroleum & Chemical Corp.
(Class "H" Shares) 1,367,000 897,662
China Pharmaceutical Group Ltd. 118,000 23,248
China Railway Construction Corp.
(Class "H" Shares)(a) 171,000 211,243
China Railway Group Ltd. (Class "H" Shares)(a) 1,129,000 659,218
China Resources Enterprise Ltd. 202,000 402,162
China Resources Land Ltd. 38,000 38,465
China Resources Power Holdings Co., Ltd. 136,000 265,792
China Shenhua Energy Co., Ltd.
(Class "H" Shares) 384,000 729,054
China Shipping Container Lines Co., Ltd.
(Class "H" Shares) 568,000 65,403
China Shipping Development Co., Ltd.
(Class 'H' Shares) 74,000 72,923
China Southern Airlines Co., Ltd.
(Class "H" Shares)(a) 234,000 36,438
China Telecom Corp. Ltd. (Class "H" Shares) 754,000 268,350
China Travel International Investment
Hong Kong Ltd. 468,000 66,376
China Unicom Ltd. 380,372 543,058
China Vanke Co., Ltd. (Class "B" Shares) 445,120 263,061
China Yurun Food Group Ltd. 94,000 111,725
Chongqing Changan Automobile Co., Ltd.
(Class "B" Shares)(a) 212,136 45,985
Citic Pacific Ltd. 113,000 91,899
CNOOC Ltd. 772,000 633,873
Cosco Pacific Ltd. 26,000 18,934
Country Garden Holdings Co. 88,000 15,632
Ctrip.com International Ltd. (ADR) 9,000 275,220
Datang International Power Generation Co., Ltd. (Class "H"
Shares) 396,000 149,142
Dazhong Transportation Group Co., Ltd.
(Class "B" Shares)(a) 84,750 31,433
Denway Motors Ltd. 520,000 129,680
Dongfeng Motor Corp. (Class "H" Shares) 328,000 92,849
Fibrechem Technologies Ltd. 100,200 19,144
Focus Media Holding Ltd. (ADR)(a) 22,100 409,513
FU JI Food & Catering Services 83,000 43,937
Global Bio-chem Technology Group Co., Ltd. 120,000 16,724
Golden Eagle Retail Group Ltd. 54,000 29,291
Guangdong Provincial Expressway Development Co., Ltd.
(Class "B" Shares) 32,000 9,951
Guangzhou R&F Properties Co., Ltd.
(Class "H" Shares) 20,800 9,995
Guangzhou Shipyard International Co., Ltd.
(Class "H" Shares) 22,000 15,544
Harbin Power Equipment Co., Ltd.
(Class "H" Shares) 42,000 23,355
Huaneng Power International, Inc.
(Class "H" Shares) 512,000 249,081
Huangshan Tourism Development Co., Ltd.
(Class "B" Shares) 33,000 21,978
Industrial & Commercial Bank of China Ltd. (Class "H"
Shares) 3,041,000 1,430,853
Inner Mongolia Eerduosi Cashmere Products Co., Ltd. (Class
"B" Shares) 110,000 47,521
Inner Mongolia Yitai Coal Co., Ltd.
(Class "B" Shares) 6,800 11,495
Jiangsu Expressway Co., Ltd. (Class "H" Shares) 56,000 39,169
Jiangxi Copper Co., Ltd. (Class "H" Shares) 64,000 31,462
Kingboard Chemical Holdings Ltd. 48,500 96,816
Konka Group Co., Ltd. (Class "B" Shares)(a) 303,800 53,915
Lenovo Group Ltd. 512,000 155,236
Li Ning Co., Ltd. 74,500 92,197
Maanshan Iron & Steel Co., Ltd.
(Class "H" Shares) 166,000 30,934
NetEase.com, Inc. (ADR)(a) 13,700 308,250
Parkson Retail Group Ltd. 145,000 134,598
PetroChina Co., Ltd. (Class "H" Shares) 1,242,000 933,848
PICC Property & Casualty Co., Ltd.
(Class "H" Shares)(a) 78,000 21,595
Ping An Insurance Group Co. of China Ltd.
(Class "H" Shares) 82,000 350,691
Poly (Hong Kong) Investment Ltd. 93,000 18,410
Ports Design Ltd. 39,500 45,922
Samling Global Ltd. 552,000 27,383
Semiconductor Manufacturing International Corp.(a) 878,000 16,243
Shandong Chenming Paper Holdings Ltd.
(Class "B" Shares) 79,800 28,212
Shandong Weigao Group Medical Polymer Co., Ltd. (Class "H"
Shares) 32,000 38,638
Shanghai Electric Group Co., Ltd.
(Class "H" Shares)(a) 134,000 40,548
Shanghai Friendship Group, Inc. Co.
(Class "B" Shares) 44,200 26,158
Shanghai Haixin Group Co., Ltd.
(Class "B" Shares)(a) 144,500 26,666
Shanghai Industrial Holdings Ltd. 53,000 84,269
Shanghai Jin Jiang International Hotels Group Co., Ltd.
(Class "H" Shares) 404,000 36,666
Shanghai Zhenhua Port Machinery Co., Ltd.
(Class "B" Shares) 172,500 108,078
Shimao Property Holdings Ltd. 49,000 26,567
SINA Corp.(a) 11,100 359,640
Sinofert Holdings Ltd. 64,000 35,716
Sinopec-China Petroleum & Chemical Corp.
(Class "H" Shares) 254,000 47,540
Sinotrans Shipping Ltd. 102,000 21,219
Sinotruk Hong Kong Ltd. 55,500 22,858
Sohu.com, Inc.(a) 1,600 87,904
Suntech Power Holdings Co., Ltd. (ADR)(a) 9,200 161,000
Tencent Holdings Ltd. 61,800 449,901
Tingyi (Cayman Islands) Holding Corp. 224,000 237,275
Tsingtao Brewery Co., Ltd. (Class "H" Shares) 76,000 136,610
Weiqiao Textile Co., Ltd. (Class "H" Shares) 47,000 9,634
Wumart Stores, Inc. (Class "H" Shares) 55,000 43,814
Xinyu Hengdeli Holdings Ltd. 140,000 25,398
Yangzijiang Shipbuilding Holdings Ltd. 75,000 16,781
Yantai Changyu Pioneer Wine Co., Ltd.
(Class "B" Shares) 18,700 58,110
Yanzhou Coal Mining Co., Ltd. (Class "H" Shares) 90,000 55,586
Zijin Mining Group Co., Ltd. (Class "H" Shares) 150,000 45,335
ZTE Corp. (Class "H" Shares) 89,040 201,337
- ------------------------------------------------------------------------------------------------
$ 22,918,799
- ------------------------------------------------------------------------------------------------
Colombia -- 0.8%
- ------------------------------------------------------------------------------------------------
Almacenes Exito SA 102,500 $ 352,411
Banco de Bogota 3,600 32,544
Bancolombia SA (PFD Shares) (ADR) 12,000 234,360
Cementos Argos SA 80,600 202,767
Cia Colombiana de Inversiones SA 21,337 182,505
Cia de Cemento Argos SA 72,900 244,528
Corporacion Financiera Colombiana SA 11,604 61,596
Ecopetrol SA 582,800 483,834
Empresa De Telecommunicaciones de Bogota SA 647,380 140,877
Grupo Aval Acciones y Valores SA 215,300 39,720
Grupo Nacional de Chocolates SA 38,245 216,481
Interconexion Electrica SA 134,100 383,464
Promigas SA 4,360 65,811
Suramericana de Inversiones SA 48,030 271,465
Textiles Fabricato Tejicondor SA(a) 4,522,600 35,460
- ------------------------------------------------------------------------------------------------
$ 2,947,823
- ------------------------------------------------------------------------------------------------
Croatia -- 0.7%
- ------------------------------------------------------------------------------------------------
Adris Grupa DD (PFD Shares) 8,420 $ 356,681
Atlantska Plovidba DD 4,000 562,433
Dalekovod DD 2,500 240,998
Ericsson Nikola Tesla 1,100 252,187
Institut Gradevinarstva Hrvatske DD 145 163,584
Istraturist Umag DD(a) 500 37,045
Koncar-Elektroindustrija DD(a) 1,295 93,859
Kras DD(a) 210 14,820
Petrokemija DD(a) 400 13,730
Podravka Prehrambena Industija DD(a) 5,675 297,860
Privredna Banka Zagreb DD(a) 3,177 308,836
Tankerska Plovidba DD 115 28,963
VIRO Tvornica Secera 360 30,360
- ------------------------------------------------------------------------------------------------
$ 2,401,356
- ------------------------------------------------------------------------------------------------
Czech Republic -- 3.1%
- ------------------------------------------------------------------------------------------------
CEZ AS 116,660 $ 5,108,526
Komercni Banka AS 12,654 1,919,238
New World Resources NV (Class "A" Shares) 96,800 493,479
Philip Morris CR AS 613 171,945
Telefonica 02 Czech Republic AS 46,604 1,004,142
Unipetrol AS 110,823 818,651
Zentiva NV 32,025 1,763,326
- ------------------------------------------------------------------------------------------------
$ 11,279,307
- ------------------------------------------------------------------------------------------------
Egypt -- 1.3%
- ------------------------------------------------------------------------------------------------
Alexandria Mineral Oils Co. 7,520 $ 74,955
Arab Cotton Ginning 292,800 181,522
Commercial International Bank 79,802 421,235
Delta Sugar Co. 15,500 58,752
Eastern Tobacco 3,382 130,845
Egypt Kuwaiti Holding Co. 114,179 160,103
Egyptian Financial & Industrial Co.(a) 22,400 101,535
Egyptian Financial Group-Hermes Holding SAE 73,671 329,228
Egyptian for Tourism Resorts 377,250 126,566
Egyptian Media Production City(a) 28,738 20,498
El Ezz Aldekhela Steel Alexa Co. 1,100 166,803
El Ezz Steel Rebars SAE 136,445 231,202
El Sewedy Cables Holding Co.(a) 10,373 117,641
El Watany Bank of Egypt(a) 12,400 67,449
Medinet Nasr for Housing 10,375 47,214
Misr Beni Suef Cement Co. 5,940 49,309
MobiNil-Egyptian Co. for Mobil Services 4,430 84,361
Olympic Group Financial Investments 20,900 80,133
Orascom Construction Industries (OCI) 22,322 739,827
Orascom Development Holding AG(a) 2,197 63,165
Orascom Telecom Holding SAE 163,290 949,292
Oriental Weavers Co. 8,099 30,558
Paints & Chemical Industry Co. SAE 7,000 36,358
Sidi Kerir Petrochemcials Co. 110,250 208,380
Six of October Development & Investment Co.(a) 2,800 28,618
South Valley Cement(a) 42,979 39,656
Suez Cement Co. 10,700 40,025
Talaat Moustafa Group(a) 170,200 112,027
Telecom Egypt 64,084 155,537
- ------------------------------------------------------------------------------------------------
$ 4,852,794
- ------------------------------------------------------------------------------------------------
Estonia -- 0.7%
- ------------------------------------------------------------------------------------------------
AS Baltika(a) 33,170 $ 50,650
AS Eesti Ehitus 49,700 104,752
AS Eesti Telekom 95,874 602,045
AS Harju Elekter 4,100 8,921
AS Jarvevana(a) 23,968 5,897
AS Merko Ehitus(a) 23,968 115,779
AS Norma 2,000 8,713
AS Olympic Entertainment Group 259,390 287,284
AS Tallink Group Ltd.(a) 1,552,752 622,008
AS Tallinna Kaubamaja 101,340 350,020
AS Tallinna Vesi 16,090 196,257
- ------------------------------------------------------------------------------------------------
$ 2,352,326
- ------------------------------------------------------------------------------------------------
Ghana -- 0.5%
- ------------------------------------------------------------------------------------------------
Aluworks Ghana Ltd.(a) 457,409 $ 242,015
CAL Bank Ltd.(a) 687,900 393,421
Cocoa Processing Co., Ltd. 269,722 11,514
Ghana Commercial Bank Ltd.(a) 271,841 299,338
Home Finance Co., Ltd.(a) 1,235,326 653,538
Produce Buying Co., Ltd.(a) 582,428 109,294
- ------------------------------------------------------------------------------------------------
$ 1,709,120
- ------------------------------------------------------------------------------------------------
Hungary -- 3.3%
- ------------------------------------------------------------------------------------------------
EGIS Rt 4,080 $ 201,804
Fotex Rt.(a) 25,100 44,818
Magyar Telekom Rt 852,520 2,697,370
MOL Hungarian Oil & Gas Rt 50,930 2,755,408
OTP Bank Rt.(a) 240,650 3,985,654
PannErgy Plc(a) 5,500 20,145
RABA Automotive Holding Rt.(a) 28,560 99,773
Richter Gedeon Rt 15,480 2,138,768
- ------------------------------------------------------------------------------------------------
$ 11,943,740
- ------------------------------------------------------------------------------------------------
India -- 6.1%
- ------------------------------------------------------------------------------------------------
Aban Offshore Ltd. 1,040 $ 17,333
ACC Ltd. 20,570 208,556
Adani Exports Ltd. 3,000 23,440
Aditya Birla Nuvo Ltd. 3,402 38,742
Amtek Auto Ltd. 12,100 17,819
Areva T&D India Ltd. 7,500 28,131
Asea Brown Boveri India Ltd. 5,400 60,727
Asian Paints Ltd. 2,130 41,644
Bajaj Auto Ltd. 5,130 57,242
Bajaj Auto Ltd. (GDR)(144A) 200 2,204
Bajaj Finserv Ltd. 5,130 12,625
Bajaj Finserv Ltd. (GDR) 200 472
Bajaj Holdings & Investment Ltd. 5,130 35,807
Bank of Baroda 9,660 47,077
Bank of India 11,700 58,739
BF Utilities Ltd.(a) 1,490 20,849
Bharat Forge Ltd. 19,650 41,357
Bharat Heavy Electricals Ltd. 16,540 449,039
Bharti Airtel Ltd.(a) 113,630 1,565,000
Bombay Dyeing & Manufacturing Co., Ltd. 3,900 15,371
Cairn India Ltd.(a) 41,000 110,705
Canara Bank Ltd. 12,400 42,713
CESC Ltd. 5,900 24,933
Cipla Ltd. 60,010 217,727
Colgate-Palmolive (India) Ltd. 9,000 70,091
Container Corp. of India Ltd. 5,260 67,321
Crompton Greaves Ltd. 16,800 53,482
Deccan Chronicle Holdings Ltd. 27,600 24,503
Dish TV India Ltd.(a) 1,150 352
Divi's Laboratories Ltd. 3,700 83,642
DLF Ltd. 31,200 142,667
Dr. Reddy's Laboratories Ltd. 22,620 196,146
Essar Oil Ltd.(a) 102,130 182,615
Exide Industries Ltd. 35,200 35,427
Gail India Ltd. 76,650 341,447
Gammon India Ltd. 9,600 14,795
Glaxosmithkline Pharmaceuticals Ltd. 4,480 99,334
Glenmark Pharmaceuticals Ltd. 11,960 71,223
GMR Infrastructure(a) 20,000 20,791
Grasim Industries Ltd. 2,830 60,577
Great Eastern Shipping Co., Ltd. 5,620 24,457
Gujarat Ambuja Cements Ltd. 44,800 56,917
Gujarat State Petronet Ltd. 39,200 24,052
HCL Technologies Ltd. 21,100 75,526
HDFC Bank Ltd. 22,124 469,019
Hero Honda Motors Ltd. 20,500 313,832
Hindalco Industries Ltd. 90,810 113,965
Hindustan Lever Ltd. 127,500 584,917
Hindustan Zinc Ltd. 6,840 45,738
Housing Development & Infrastructure Ltd. 5,014 15,252
Housing Development Finance Corp. 28,000 1,022,311
ICICI Bank Ltd. 105,270 875,703
Idea Cellular Ltd.(a) 142,000 127,429
IFCI Ltd.(a) 68,000 26,038
Indiabulls Financial Services Ltd. 18,100 41,309
Indiabulls Real Estate Ltd. 15,700 39,512
Indiabulls Securities Ltd. 94,300 48,420
Indian Hotels Co., Ltd. 52,680 50,451
Infosys Technologies Ltd. 41,830 1,212,750
Infosys Technologies Ltd. (ADR) 3,800 111,416
Infrastructure Development Finance Co., Ltd. 76,600 92,013
ITC Ltd. 359,930 1,141,135
Jain Irrigation Systems Ltd. 3,800 23,682
Jaiprakash Associates Ltd. 111,200 166,018
Jindal Steel & Power Ltd. 4,550 75,431
JSW Steel Ltd. 7,600 49,652
Kotak Mahindra Bank Ltd. 11,100 77,111
Lanco Infratech Ltd.(a) 13,900 32,650
Larsen & Toubro Ltd. 57,160 955,663
Larsen & Toubro Ltd. (GDR) 1,600 26,113
Lupin Ltd. 3,900 53,248
Mahindra & Mahindra Ltd. 22,480 173,826
Maruti Udyog Ltd. 19,250 227,372
Max India Ltd.(a) 13,600 27,113
Motor Industries Co., Ltd. 1,130 75,570
Mundra Port & Special Economic Zone Ltd. 11,000 80,264
National Aluminium Co., Ltd. 4,800 15,985
Nestle India Ltd. 9,530 284,714
Nicholas Piramal India Ltd. 8,000 36,828
NTPC Ltd. 161,900 471,743
Oil & Natural Gas Corp. Ltd. 26,970 379,023
Piramal Life Sciences Ltd.(a) 800 1,085
Power Grid Corp. of India Ltd. 80,700 117,033
Punj Lloyd Ltd. 36,200 133,078
Ranbaxy Laboratories Ltd. 28,560 99,354
Reliance Capital Ltd. 13,960 190,683
Reliance Communications Ltd. 105,460 484,527
Reliance Industries Ltd. 56,850 1,599,309
Reliance Industries Ltd. (GDR)(144A) 700 39,905
Reliance Infrastructure Ltd. 23,000 221,674
Reliance Natural Resources Ltd.(a) 207,800 189,304
Reliance Petroleum Ltd.(a) 93,910 168,798
Reliance Power Ltd.(a) 108,000 231,460
Satyam Computer Services Ltd. 59,150 374,594
Satyam Computer Services Ltd. (ADR) 2,000 31,460
Sesa Goa Ltd. 37,000 61,541
Siemens India Ltd. 7,380 40,461
Sintex Industries Ltd. 5,600 16,624
State Bank of India 14,900 342,430
State Bank of India (GDR) 9,600 441,600
Steel Authority of India Ltd. 155,400 279,952
Sterling Biotech Ltd. 21,400 80,141
Sterlite Industries (India) Ltd. 49,280 296,556
Sun Pharma Advanced Research Co., Ltd.(a) 1,300 1,408
Sun Pharmaceuticals Industries Ltd. 7,300 168,877
Sun TV Network Ltd. 12,400 38,905
Suzlon Energy Ltd. 78,150 70,649
Tata Chemicals Ltd. 7,100 23,333
Tata Consultancy Services Ltd. 16,440 183,216
Tata Motors Ltd. 21,050 76,336
Tata Power Co., Ltd. 23,590 336,940
Tata Steel Ltd. 38,896 172,691
Tata Tea Ltd. 2,800 29,671
Tata Teleservices Maharashtra Ltd.(a) 75,500 21,140
Titan Industries Ltd. 3,300 69,856
Unitech Ltd. 35,100 36,045
United Spirits Ltd. 8,150 152,217
UTI Bank Ltd. 28,600 336,898
Videsh Sanchar Nigam Ltd. 11,200 116,637
Voltas Ltd. 39,000 61,714
Wipro Ltd. 32,900 186,363
Zee Entertainment Enterprises Ltd. 22,930 73,827
- ------------------------------------------------------------------------------------------------
$ 21,945,125
- ------------------------------------------------------------------------------------------------
Indonesia -- 2.3%
- ------------------------------------------------------------------------------------------------
Adhi Karya Tbk PT 867,100 $ 13,577
AKR Corporindo Tbk PT 861,500 49,570
Aneka Tambang Tbk PT 428,500 40,341
Astra Argo Lestari Tbk PT 97,500 54,117
Astra International Tbk PT 889,200 740,171
Bakrie & Brothers Tbk PT(a) 47,245,500 628,495
Bakrie Sumatera Plantations Tbk PT 556,500 13,643
Bank Central Asia Tbk PT 3,784,500 917,188
Bank Danamon Indonesia Tbk PT 280,000 66,354
Bank Internasional Indonesia Tbk PT 3,437,000 149,748
Bank Mandiri PT 1,769,500 253,823
Bank Niaga Tbk PT 1,059,500 44,474
Bank Pan Indonesia Tbk PT(a) 1,456,500 69,097
Bank Rakyat Indonesia PT 1,779,000 544,313
Barito Pacific Tbk PT(a) 665,800 25,061
Berlian Laju Tanker Tbk PT 678,000 39,003
Bumi Resources Tbk PT 4,045,000 807,144
Energi Mega Persada Tbk PT(a) 1,550,700 49,793
Gudang Garam Tbk PT 179,000 69,198
Indah Kiat Pulp & Paper Corp. Tbk PT(a) 1,021,000 77,912
Indocement Tunggal Prakarsa Tbk PT 167,000 54,757
Indofood Sukses Makmur Tbk PT 2,314,000 227,579
Indonesian Satellite Corp. Tbk PT 698,000 334,795
International Nickel Indonesia Tbk PT 355,000 56,440
Kalbe Farma Tbk PT 1,745,500 59,270
Lippo Karawaci Tbk PT 2,626,500 145,171
Medco Energi Internasional Tbk PT(a) 935,000 183,239
Perusahaan Gas Negara PT 3,904,000 491,633
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT(a) 155,500 27,380
Semen Gresik Persero Tbk PT 301,000 81,313
Tambang Batubara Bukit Asam Tbk PT
(Series "B") 404,500 203,178
Telekomunikasi Indonesia Tbk PT 2,269,500 1,135,401
Tunas Baru Lampung Tbk PT 1,433,000 24,163
Unilever Indonesia Tbk PT 487,800 332,892
United Tractors Tbk PT 1,258,500 366,809
- ------------------------------------------------------------------------------------------------
$ 8,377,042
- ------------------------------------------------------------------------------------------------
Israel -- 3.4%
- ------------------------------------------------------------------------------------------------
Africa-Israel Investments Ltd. 1,700 $ 25,312
Alony Hetz Properties & Investments Ltd. 18,100 27,381
Alvarion Ltd.(a) 8,900 30,194
Bank Hapoalim B.M 242,631 549,418
Bank Leumi Le-Israel 264,208 693,138
Bezeq Israeli Telecommunication Corp. Ltd. 526,535 786,100
Cellcom Israel Ltd. 14,500 427,170
Ceragon Networks Ltd.(a) 4,600 25,990
Check Point Software Technologies Ltd.(a) 43,006 869,581
Clal Industries Ltd. 14,400 38,204
Clal Insurance Enterprise Holdings Ltd. 2,810 24,681
Delek Group Ltd. 880 57,471
Discount Investment Corp. 3,300 38,546
Elbit Imaging Ltd. 1,170 16,899
Elbit Systems Ltd. 5,550 265,448
EZchip Semiconductor Ltd.(a) 6,700 70,015
Frutarom 8,107 59,000
Gazit Globe (1982) Ltd. 12,000 65,411
Gilat Satellite Networks Ltd.(a) 11,760 36,691
Given Imaging Ltd.(a) 943 8,676
Harel Insurance Investments Ltd. 3,180 100,799
Hot Telecommunication System(a) 4,200 24,556
IDB Development Corp. Ltd. 2,184 25,441
IDB Holding Corp. Ltd. 2,900 45,728
Israel Chemicals Ltd. 104,461 1,053,581
Israel Corp. Ltd. 575 271,347
Israel Discount Bank Ltd. (Series "A") 60,100 59,045
Koor Industries Ltd. 1,010 34,390
Makhteshim-Agan Industries Ltd. 51,297 194,243
Mellanox Technologies Ltd.(a) 4,200 33,092
Menorah Mivtachim Holdings Ltd.(a) 6,900 34,964
Migdal Insurance & Financial Ltd. Holdings 38,400 26,209
Mizrahi Tefahot Bank Ltd. 17,240 90,251
Ness Technologies, Inc.(a) 17,200 127,108
Nice Systems Ltd.(a) 11,423 252,795
Oil Refineries Ltd. 162,600 82,304
Orbotech Ltd.(a) 3,000 9,720
Ormat Industries Ltd. 27,300 194,403
Osem Investment Ltd. 3,944 45,055
Partner Communications Co., Ltd. 43,000 787,625
Supersol Ltd. 26,000 110,722
Syneron Medical Ltd.(a) 1,300 12,233
Teva Pharmaceutical Industries Ltd. 4,400 187,639
Teva Pharmaceutical Industries Ltd. (ADR) 104,104 4,463,979
- ------------------------------------------------------------------------------------------------
$ 12,382,555
- ------------------------------------------------------------------------------------------------
Jordan -- 0.8%
- ------------------------------------------------------------------------------------------------
Arab Bank Plc 54,300 $ 1,318,422
Arab East Investment 17,683 56,077
Arab Potash Co. 4,100 200,728
Bank of Jordan 11,100 37,253
Jordan Ahli Bank 14,000 38,570
Jordan Cement Factory 5,600 46,980
Jordan Petroleum Refinery 7,100 71,025
Jordan Steel 13,802 47,711
Jordan Telecom Corp. 34,500 238,786
Jordanian Electric Power Co. 20,787 101,206
Middle East Complex for Engineering, Electric, & Heavy
Industries Plc(a) 98,700 327,575
Taameer Jordan Co.(a) 82,800 161,087
Union Investment Corp.(a) 34,700 55,196
Union Land Development 32,100 55,121
United Arab Investors(a) 65,800 167,809
- ------------------------------------------------------------------------------------------------
$ 2,923,546
- ------------------------------------------------------------------------------------------------
Kenya -- 0.7%
- ------------------------------------------------------------------------------------------------
Athi River Mining Ltd. 93,300 $ 110,906
Bamburi Cement Co., Ltd. 149,700 350,851
Barclays Bank of Kenya Ltd. 457,165 263,804
Diamond Trust of Kenya Ltd. 46,700 35,898
East African Breweries Ltd. 263,680 411,836
Equity Bank Ltd. 131,400 287,745
ICDC Investment Co. 196,000 34,714
Kenya Airways Ltd. 345,800 118,182
Kenya Commercial Bank Ltd. 1,089,400 274,408
Kenya Electricity Generating Co., Ltd. 921,100 165,244
Kenya Oil Co., Ltd. 64,000 48,300
Kenya Power & Lighting Ltd. 25,400 45,144
Mumias Sugar Co., Ltd. 856,800 78,914
Nation Media Group Ltd. 54,600 77,781
NIC Bank Ltd. 111,300 59,912
Safaricom Ltd.(a) 3,110,800 133,376
Standard Chartered Bank Kenya Ltd. 55,400 116,389
- ------------------------------------------------------------------------------------------------
$ 2,613,404
- ------------------------------------------------------------------------------------------------
Kuwait -- 0.4%
- ------------------------------------------------------------------------------------------------
Global Investment House KSCC 27,500 $ 48,644
Kuwait Finance House KSC 35,000 240,627
Kuwait Projects Co. Holdings KSC 45,000 133,705
Mabanee Co. SAKC(a) 35,000 111,496
Mobile Telecommunications Co. 67,500 294,646
National Bank of Kuwait SAK 80,000 464,313
National Industries Group Holding 130,000 299,214
- ------------------------------------------------------------------------------------------------
$ 1,592,645
- ------------------------------------------------------------------------------------------------
Latvia -- 0.1%
- ------------------------------------------------------------------------------------------------
Grindeks(a) 2,000 $ 13,804
Latvian Shipping Co.(a) 80,000 129,968
SAF Tehnika(a) 5,000 5,357
Ventspils Nafta(a) 7,900 18,684
- ------------------------------------------------------------------------------------------------
$ 167,813
- ------------------------------------------------------------------------------------------------
Lithuania -- 0.3%
- ------------------------------------------------------------------------------------------------
Apranga PVA 32,486 $ 33,026
Bankas Snoras(a) 24,000 6,198
Invalda PVA 19,100 21,361
Klaipedos Nafta PVA 845,900 264,686
Lietuvos Dujos 31,900 19,447
Lietuvos Energija(a) 42,400 44,465
Pieno Zvaigzdes 63,600 91,691
Rokiskio Suris 69,800 64,883
Rytu Skirstomieji Tinklai(a) 88,200 75,798
Sanitas 18,400 64,223
Siauliu Bankas(a) 174,861 76,025
Snaige(a) 4,000 2,115
Teo LT AB 625,400 328,346
Ukio Bankas Commercial Bank 338,680 142,811
- ------------------------------------------------------------------------------------------------
$ 1,235,075
- ------------------------------------------------------------------------------------------------
Malaysia -- 3.3%
- ------------------------------------------------------------------------------------------------
Airasia Bhd(a) 338,200 $ 108,939
Alliance Financial Group Bhd 103,700 53,874
AMMB Holdings Bhd 184,200 112,277
Asiatic Development Bhd 40,800 36,312
Astro All Asia Networks Plc 88,200 52,577
Batu Kawan Bhd 90,500 182,647
Berjaya Sports Toto Bhd 122,400 151,800
British American Tobacco Malaysia Bhd 18,800 217,652
Bumiputra-Commerce Holdings Bhd 363,800 633,859
Bursa Malaysia Bhd 131,700 193,613
Dialog Group Bhd 221,900 48,102
Digi.com Bhd 48,700 253,379
Eastern & Oriental Bhd 48,800 9,694
Gamuda Bhd 613,500 262,294
Genting Bhd 399,900 515,914
Hong Leong Bank Bhd 160,600 238,725
IGB Corp. Bhd 173,500 63,067
IJM Corp. Bhd 239,350 173,747
IOI Corp. Bhd 470,205 372,726
Kencana Petroleum Bhd(a) 233,700 85,992
Kinsteel Bhd 202,200 26,101
KNM Group Bhd 1,333,800 226,167
Kuala Lumpur Kepong Bhd 55,500 129,849
Kulim (Malaysia) Bhd 41,000 45,297
Lafarge Malayan Cement Bhd 99,150 80,193
Lion Industries Corp. Bhd 120,300 21,311
Malayan Banking Bhd 359,950 548,395
Malaysian Airline System Bhd 165,733 133,551
Malaysian Airline System Bhd (PFD Shares) 33,533 6,799
Malaysian Bulk Carriers Bhd 102,200 67,982
Malaysian Resources Corp. Bhd 144,000 25,180
MISC Bhd 111,400 268,653
MMC Corp. Bhd 519,800 291,670
Multi-Purpose Holdings Bhd 110,400 33,898
Parkson Holdings Bhd 311,840 295,757
Petra Perdana Bhd 83,400 29,976
Petronas Dagangan Bhd 197,900 374,767
Petronas Gas Bhd 42,700 118,082
PLUS (Projek Lebuhraya Utara Selatan) Expressways Bhd 181,900 136,670
Pos Malaysia Bhd 22,200 11,365
PPB Group Bhd 117,700 258,110
Public Bank Bhd 299,300 711,239
Resorts World Bhd 545,000 384,808
RHB Capital Bhd 62,100 54,086
SapuraCrest Petroleum Bhd 208,100 42,947
Sarawak Energy Bhd 152,400 90,439
Shell Refining Co. Bhd 36,900 104,387
Sime Darby Bhd 785,739 1,387,733
Sino Hua-An International Bhd 401,500 27,192
SP Setia Bhd 75,600 59,904
Ta Ann Holdings Bhd 25,400 30,889
TA Enterprise Bhd 323,000 51,480
Tanjong Plc 24,100 80,872
Telekom Malaysia Bhd 321,600 304,225
Tenaga Nasional Bhd 297,000 504,820
Titan Chemicals Corp. Bhd 168,000 35,004
TM International Bhd(a) 131,600 168,421
Uchi Technologies Bhd 90,400 24,004
UEM World Bhd(a) 408,400 224,269
UMW Holdings Bhd 78,000 120,575
Wah Seong Corp. Bhd 107,125 34,212
WCT Bhd 98,800 35,721
WTK Holdings Bhd 154,250 45,108
YNH Property Bhd 150,453 42,483
YTL Corp. Bhd 61,300 108,123
YTL Power International Bhd 577,621 272,146
- ------------------------------------------------------------------------------------------------
$ 11,842,050
- ------------------------------------------------------------------------------------------------
Mauritius -- 0.6%
- ------------------------------------------------------------------------------------------------
Air Mauritius Ltd. 37,800 $ 17,830
Ireland Blyth Ltd. 31,600 50,271
Mauritius Commercial Bank 231,900 939,583
Mauritius Development Investment Trust Co., Ltd. 258,000 34,901
New Mauritius Hotels Ltd. 126,350 395,423
Promotion & Development Ltd. 11,800 29,797
Rogers & Co., Ltd. 13,200 124,559
Shell Mauritius Ltd. 14,300 40,376
State Bank of Mauritius Ltd. 197,800 394,049
Sun Resorts Ltd. 67,375 117,826
United Basalt Products Ltd. 36,000 46,339
United Docks Ltd.(a) 27,400 76,187
- ------------------------------------------------------------------------------------------------
$ 2,267,141
- ------------------------------------------------------------------------------------------------
Mexico -- 6.0%
- ------------------------------------------------------------------------------------------------
Alfa SA de CV (Series "A") 123,000 $ 242,798
America Movil SA de CV (Series "L") 3,669,920 5,632,867
Axtel SA de CV (Series "CPO")(a) 77,100 36,550
Banco Compartamos SA de CV 97,800 158,091
Carso Global Telecom SA de CV (Series "A1")(a) 98,400 380,065
Carso Infraestructura y Construccion SA(a) 358,400 203,328
Cemex SAB de CV (Series "CPO")(a) 2,946,918 2,210,045
Coca-Cola Femsa SA de CV (Series "L") 30,200 103,033
Consorcio ARA SA de CV 37,200 15,322
Controladora Comercial Mexicana SA de CV 40,400 11,397
Corporacion GEO SA de CV (Series "B")(a) 66,100 89,794
Corporacion Moctezuma SA de CV 27,500 43,855
Desarrolladora Homex SA de CV(a) 25,100 96,908
Division DINE SA de CV(a) 78,400 48,073
Embotelladoras Arca SA 16,000 34,792
Empresas ICA SA de CV(a) 196,200 274,459
Fomento Economico Mexicano SA de CV
(Series "UBD") 379,500 958,520
Gruma SAB (Class "B" Shares)(a) 21,445 13,999
Grupo Aeroportuario del Centro Norte SAB de CV 37,000 39,106
Grupo Aeroportuario del Pacifico SA de CV
(Class "B" Shares) 41,500 73,857
Grupo Aeroportuario del Sureste SAB de CV
(Class "B" Shares) 28,800 89,528
Grupo Bimbo SA de CV (Series "A") 89,900 428,278
Grupo Carso SA de CV (Series "A1") 217,000 594,463
Grupo Elektra SA de CV 8,300 222,544
Grupo Financiero Banorte SA de CV
(Class "O" Shares) 702,400 1,342,844
Grupo Financiero Inbursa SA de CV
(Class "O" Shares) 409,700 1,146,237
Grupo Iusacell SA de CV(a) 6,533 18,760
Grupo Lamosa SA(a) 47,773 55,616
Grupo Mexico SA de CV (Series "B") 1,560,291 1,394,470
Grupo Modelo SA de CV (Series "C") 154,200 467,364
Grupo Televisa SA (Series "CPO") 293,000 1,015,566
Impulsora del Desarrollo y el Empleo en America Latina SA
de CV (Series "B1")(a) 484,900 414,525
Industrias CH SA (Series "B")(a) 25,700 53,327
Industrias Penoles SA de CV 45,400 407,691
Kimberly-Clark de Mexico SA de CV 73,000 237,707
Mexichem SA de CV 210,096 210,627
Organizacion Soriana SAB de CV
(Class "B" Shares)(a) 30,500 60,443
Promotora y Operadora de Infraestructura SA
de CV(a) 77,700 114,731
Telefonos de Mexico SA de CV (Series "A") 6,500 5,557
Telefonos de Mexico SA de CV (Series "L") 1,021,000 912,493
Telmex Internacional SAB de CV
(Class "A" Shares) 6,500 3,278
Telmex Internacional SAB de CV
(Class "L" Shares) 1,134,200 602,027
TV Azteca SA de CV (Series "CPO") 153,000 71,937
Urbi Desarrollos Urbanos SA de CV(a) 35,900 50,220
Vitro SA de CV (Series "A") 34,900 18,986
Wal-Mart de Mexico SA de CV (Series "V") 469,100 1,252,270
- ------------------------------------------------------------------------------------------------
$ 21,858,348
- ------------------------------------------------------------------------------------------------
Morocco -- 1.7%
- ------------------------------------------------------------------------------------------------
Attijariwafa Bank 20,500 $ 645,536
Banque Centrale Populaire 590 157,491
Banque Marocaine du Commerce Exterieur (BMCE) 24,800 777,626
Banque Marocaine pour le Commerce et L' Industrie (BMCI) 760 83,397
Centrale Laitiere 85 67,364
Ciments du Maroc 800 137,984
Compagnie Generale Immobiliere 360 85,924
Credit Immobilier et Hotelier 1,440 75,180
Douja Promotion Groupe Addoha SA 52,000 828,816
Holcim Maroc SA 450 99,872
Lafarge Ciments 1,250 255,641
Managem 755 27,497
Maroc Telecom 57,940 1,182,890
ONA SA 5,860 988,876
RISMA(a) 1,900 71,716
Samir 1,180 96,442
Societe des Brasseries du Maroc 225 44,261
Societe Nationale d'Investissement 1,725 346,294
SONASID (Societe Nationale de Siderurgie) 580 214,615
Wafa Assurance 100 24,561
- ------------------------------------------------------------------------------------------------
$ 6,211,983
- ------------------------------------------------------------------------------------------------
Nigeria -- 0.9%
- ------------------------------------------------------------------------------------------------
Access Bank Nigeria Plc 1,189,100 $ 80,721
Afribank Nigeria Plc 477,146 62,755
African Petroleum Plc 285,989 710,181
Ashaka Cement Plc(a) 221,861 55,588
Dangote Sugar Refinery Plc 559,032 75,852
Ecobank Transnational Inc. 465,000 159,710
First Bank of Nigeria Plc 1,958,208 334,409
Guaranty Trust Bank Plc 1,639,690 203,533
Guiness Nigeria Plc 147,075 107,776
Intercontinental Bank Plc 1,500,300 217,461
Nigerian Breweries Plc 538,200 147,102
Oando Plc 141,000 175,034
Oceanic Bank International Plc 510,200 59,386
UAC of Nigeria Plc 300,000 105,573
Unilever Nigeria Plc(a) 270,000 38,516
Union Bank of Nigeria Plc 627,440 158,806
United Bank for Africa Plc 657,439 97,136
West African Portland Cement Co., Plc 464,033 120,382
Zenith Bank Ltd.(a) 838,275 178,196
- ------------------------------------------------------------------------------------------------
$ 3,088,117
- ------------------------------------------------------------------------------------------------
Oman -- 0.7%
- ------------------------------------------------------------------------------------------------
Ahli Bank(a) 90,000 $ 47,194
Al Jazeira Services Co. 119,160 36,154
Bank Dhofar SAOG 49,920 51,433
Bank Muscat SAOG 159,345 374,934
Bank Sohar(a) 322,000 138,377
Dhofar International Development & Investment Holding Co. 27,600 27,950
Galfar Engineering & Contracting SAOG 62,800 121,249
National Bank of Oman Ltd. 184,410 185,477
Oman Cables Industry SAOG 33,600 139,526
Oman Cement Co., SAOG 58,100 50,005
Oman Flour Mills Co., Ltd. SAOG 16,410 105,349
Oman International Bank SAOG 146,750 91,095
Oman National Investment Corp. Holdings 18,200 17,874
Oman Telecommunications Co. 156,550 680,812
Ominvest 17,640 20,159
Raysut Cement Co., SAOG 67,700 220,184
Renaissance Holdings Co. 156,673 285,737
Shell Oman Marketing Co. 11,900 58,727
- ------------------------------------------------------------------------------------------------
$ 2,652,236
- ------------------------------------------------------------------------------------------------
Pakistan -- 0.7%
- ------------------------------------------------------------------------------------------------
Adamjee Insurance Co., Ltd. 15,500 $ 22,704
Allied Bank Ltd. 106,840 47,694
Arif Habib Securities Ltd. 21,875 12,466
Azgard Nine Ltd. 409,500 96,422
Bank Alfalah Ltd. 108,301 26,102
Bank of Punjab(a) 204,500 62,254
D.G. Khan Cement Co., Ltd.(a) 215,300 65,225
EFU General Insurance Ltd. 13,800 17,378
Engro Chemical Pakistan Ltd. 233,000 324,254
Fauji Fertilizer Bin Qasim Ltd. 58,000 16,232
Fauji Fertilizer Co., Ltd. 67,500 83,005
Hub Power Co., Ltd. 604,700 100,085
Indus Motor Co., Ltd. 24,000 26,525
Kot Addu Power Co., Ltd. 218,000 101,233
Lucky Cement Ltd.(a) 93,500 41,659
Muslim Commercial Bank Ltd. 240,275 436,875
National Bank of Pakistan 176,412 126,562
Nishat Mills Ltd. 111,500 40,168
Oil & Gas Development Co., Ltd. 357,100 414,262
Packages Ltd.(a) 11,500 12,572
Pakistan Oil Fields Ltd. 24,000 45,072
Pakistan Petroleum Ltd. 56,485 84,362
Pakistan State Oil Co., Ltd. 16,900 55,535
Pakistan Telecommunication Co., Ltd.(a) 826,100 323,988
SUI Northern Gas Pipelines Ltd. 211,000 72,347
SUI Southern Gas Co., Ltd. 158,500 27,749
United Bank Ltd. 35,625 18,752
- ------------------------------------------------------------------------------------------------
$ 2,701,482
- ------------------------------------------------------------------------------------------------
Peru -- 1.5%
- ------------------------------------------------------------------------------------------------
Alicorp SA 384,800 $ 200,221
Austral Group SA(a) 658,650 47,123
Cia de Minas Buenaventura SA 1,600 19,746
Cia de Minas Buenaventura SA (ADR) 52,080 658,291
Cia Minera Atacocha SA (Class "B" Shares)
(PFD Shares) 39,750 13,315
Cia Minera Milpo SA 179,557 254,007
Credicorp Ltd. 25,970 1,014,205
Edegel SA 1,180,000 460,488
Edelnor SA 108,248 80,966
Empresa Agroindustrial Casa Grande SA(a) 69,120 53,947
Energia del Sur SA 39,900 168,683
Ferreyros SA 294,824 239,694
Grana y Montero SA 210,612 204,790
Luz del Sur SAA 90,550 113,371
Minsur SA 162,200 192,003
Sociedad Minera Cerro Verde SA 8,490 76,580
Sociedad Minera el Brocal SA 8,970 49,299
Southern Copper Corp. 89,950 1,309,240
Volcan Cia Minera SA (Class "B" Shares) 273,761 129,981
- ------------------------------------------------------------------------------------------------
$ 5,285,950
- ------------------------------------------------------------------------------------------------
Philippines -- 1.5%
- ------------------------------------------------------------------------------------------------
Aboitiz Equity Ventures, Inc. 3,911,000 $ 441,155
Alliance Global Group, Inc.(a) 1,460,000 59,980
Altlas Consolidated Mining & Development Corp.(a) 500,000 48,905
Ayala Corp. 55,996 269,401
Ayala Land, Inc. 1,570,800 190,572
Banco De Oro 338,020 187,555
Bank of the Philippine Islands 378,600 313,461
Filinvest Land, Inc. 3,449,000 29,959
First Gen Corp.(a) 73,300 20,704
First Philippine Holdings Corp. 70,100 26,009
Globe Telecom, Inc. 6,540 121,447
Holcim Philippines, Inc. 1,492,000 107,990
International Container Terminal Services, Inc. 388,900 112,830
JG Summit Holding, Inc. 2,411,900 123,450
Jollibee Foods Corp. 143,300 135,485
Manila Electric Co. 178,200 215,178
Manila Water Co. 254,600 63,682
Megaworld Corp. 2,476,800 40,017
Metropolitan Bank & Trust Co. 261,600 138,462
Philex Mining Corp. 3,213,700 334,991
Philippine Long Distance Telephone Co. 26,620 1,089,037
PNOC Energy Development Corp. 3,240,800 196,756
Robinsons Land Corp. 411,400 47,094
San Miguel Corp. (Class "B" Shares) 649,500 669,261
SM Investments Corp. 53,938 218,525
SM Prime Holdings, Inc. 893,799 153,844
Universal Robina Corp. 349,600 37,269
- ------------------------------------------------------------------------------------------------
$ 5,393,019
- ------------------------------------------------------------------------------------------------
Poland -- 2.8%
- ------------------------------------------------------------------------------------------------
Agora SA 28,530 $ 201,576
AmRest Holdings NV(a) 4,410 74,693
Bank Handlowy w Warszawie SA 4,170 67,267
Bank Millennium SA 176,600 251,193
Bank Pekao SA 21,488 977,300
Bank Zachodni WBK SA 5,900 260,170
Bioton SA(a) 1,980,100 280,754
BRE Bank SA(a) 1,603 107,984
Budimex SA(a) 4,100 92,642
Cersanit-Krasnystaw SA(a) 40,950 192,162
Ciech SA 1,850 26,746
Cinema City International NV(a) 5,300 26,762
Debica SA 2,520 36,487
Dom Development SA 7,570 41,543
Echo Investment SA(a) 31,000 27,598
Elektrobudowa SA 1,000 64,180
Eurocash SA 23,000 71,105
Farmacol SA(a) 4,040 30,601
Getin Holding SA(a) 57,150 119,125
Globe Trade Centre SA(a) 21,590 127,459
Grupa Kety SA 1,090 19,748
Grupa Lotos SA(a) 26,453 187,233
ING Bank Slaski SA w Katowicach 805 115,200
KGHM Polska Miedz SA 26,080 289,480
LPP SA(a) 275 92,389
Mostostal Zabrze - Holding SA(a) 26,460 30,982
Mostostal-Export SA(a) 44,200 34,878
Mostostal-Warszawa SA(a) 3,160 56,979
Multimedia Polska SA 37,040 79,309
Netia SA(a) 85,915 60,861
NG2 SA(a) 3,810 55,237
Orbis SA 11,830 161,731
PBG SA(a) 5,190 365,937
Polimex Mostostal SA 246,500 273,130
Polish Oil & Gas 228,200 273,472
Polnord SA(a) 1,920 20,265
Polska Grupa Farmaceutyczna SA(a) 3,200 28,230
Polski Koncern Naftowy Orlen SA 81,960 835,745
Powszechna Kasa Oszczednosci Bank Polski SA 97,060 1,096,566
Przedsiebiorstwo Eksportu i Importu KOPEX SA(a) 13,800 60,325
Softbank SA 25,273 426,476
Telekomunikacja Polska SA 257,420 1,945,108
TVN SA 94,250 471,335
Zaklad Przetworstwa Hutniczego Stalprodukt SA 530 73,134
Zaklady Azotowe Pulawy SA 1,500 30,534
Zaklady Chemiczne Police SA(a) 9,600 33,162
- ------------------------------------------------------------------------------------------------
$ 10,194,793
- ------------------------------------------------------------------------------------------------
Qatar -- 1.3%
- ------------------------------------------------------------------------------------------------
Barwa Real Estate Co. 12,993 $ 128,896
Commercial Bank of Qatar 21,957 408,060
Doha Bank Ltd. 15,676 191,498
First Finance Co.(a) 29,000 214,815
Industries Qatar 31,435 950,540
Masraf Al Rayan 53,100 186,949
Qatar Electricity & Water Co. 5,820 132,609
Qatar Fuel 5,770 242,001
Qatar Gas Transport Co., Ltd. (NAKILAT)(a) 56,100 375,166
Qatar Insurance Co. 3,220 84,928
Qatar International Islamic Bank(a) 11,943 206,781
Qatar Islamic Bank 13,537 353,747
Qatar National Bank 12,914 550,553
Qatar National Navigation 10,580 249,893
Qatar Real Estate Investment Co.(a) 2,760 21,976
Qatar Shipping Co. 9,636 109,315
Qatar Telecom QSC 10,202 406,247
United Development Co. 4,780 36,137
- ------------------------------------------------------------------------------------------------
$ 4,850,111
- ------------------------------------------------------------------------------------------------
Romania -- 0.6%
- ------------------------------------------------------------------------------------------------
Antibiotice SA 409,100 $ 62,246
Banca Comerciala Carpatica Sibiu(a) 110,544 8,070
Banca Transilvania(a) 634,196 364,376
Biofarm Bucuresti(a) 1,919,988 51,590
BRD-Group Societe Generale 382,280 1,011,542
Flamingo International SA(a) 900,700 19,667
Impact SA(a) 2,532,902 18,984
Rompetrol Rafinare SA(a) 2,930,500 23,820
SNP Petrom SA 7,469,400 422,331
Transelectrica SA 34,000 149,076
Turbomechanica SA(a) 347,300 12,512
- ------------------------------------------------------------------------------------------------
$ 2,144,214
- ------------------------------------------------------------------------------------------------
Russia -- 6.7%
- ------------------------------------------------------------------------------------------------
Aeroflot-Russian International Airlines 59,000 $ 129,984
AvtoVAZ 263,394 71,865
Central Telecommunication Co. 85,700 17,140
Cherepovets MK Severstal 2,900 10,017
Cherepovets MK Severstal (GDR)(144A) 24,050 83,489
Comstar United Telesystems (GDR) 18,350 51,396
CTC Media, Inc.(a) 28,300 209,420
Evraz Group SA (GDR)(144A) 4,850 75,141
Federal Grid Co. Unified Energy System JSC(a) 10,725,782 31,105
Gazprom Neft 5,000 11,405
Gazprom Neft (ADR) 1,800 22,140
Holding MRSK OAO(a) 911,500 19,369
Holding MRSK OAO (PDF Shares)(a) 163,649 3,355
Irkutskenergo 327,400 123,362
JSC MMC Norilsk Nickel (ADR) 60,400 606,008
JSC Severstal-Avto 9,262 88,690
KamAZ(a) 127,700 194,588
Kuzbassenergo(a) 742,008 2,467
Lebedyansky(a) 1,510 112,028
LUKOIL 890 33,818
LUKOIL (ADR) 50,050 1,919,932
Magnitogorsk Iron & Steel Works (GDR)(144A) 3,500 10,362
Mechel (ADR) 22,400 205,408
Mining & Metallurgical Co. 2,680 259,511
Mobile TeleSystems 148,700 732,264
Mobile TeleSystems (ADR) 2,200 86,130
Mosenergo(a) 971,603 29,148
NovaTek OAO (GDR)(144A) 20,050 792,895
Novolipetsk Steel (GDR) 21,400 201,160
Novolipetsk Steel (GDR)(144A) 6,536 61,563
OAO Gazprom 73,400 361,563
OAO Gazprom (ADR) 284,750 5,667,947
OAO Inter Rao Ues(a) 44,433,554 11,108
OAO Rosneft Oil Co. 24,700 114,292
OAO Rosneft Oil Co. (GDR) 291,500 1,339,787
OAO Seventh Continent(a) 16,900 227,305
OAO TGK-1(a) 40,579,546 4,504
OAO TGK-10(a) 99 150
OAO TGK-13(a) 1,829,031 2,683
OAO TMK (GDR)(144A) 13,200 141,502
OGK-1(a) 1,021,060 7,544
OGK-2(a) 531,535 5,439
OGK-3 967,658 12,404
OGK-4 OJSC(a) 1,090,428 16,475
Pegas Nonwovens SA 11,200 114,346
PIK Group (GDR)(a) 44,400 266,376
Polyus Gold 800 18,057
Polyus Gold (ADR) 5,600 61,975
Progress Capital OAO(a) 1,531 9,913
RAO Energy System of East OAO(a) 911,500 1,003
RAO Energy System of East OAO (PDF Shares)(a) 163,649 327
Raspadskaya 8,400 17,788
RBC Information Systems(a) 54,450 79,390
Rostelecom 39,000 278,556
Rostelecom (ADR) 12,400 461,900
RusHydro(a) 3,665,088 68,475
Sberbank 2,601,800 2,846,309
Sberbank (PFD Shares) 539,250 243,623
Sistema JSFC 104,800 73,360
Sistema JSFC (GDR) 41,430 312,701
Sitronics (GDR)(a) 9,050 5,656
Slavneft-Megionneftegas(a) 1,400 10,188
Surgutneftegaz 163,200 104,370
Surgutneftegaz (ADR) 161,860 1,046,221
Surgutneftegaz (PFD Shares) 914,700 214,495
Tatneft 27,900 47,856
Tatneft (144A)(GDR) 14,190 621,556
TGC-5 JSC(a) 84,535,350 12,680
TGC-6(a) 16,266,446 1,919
TGK-2(a) 13,779,634 3,004
TGK-4(a) 16,839,141 6,601
TGK-8(a) 360,630 426
TGK-9(a) 71,467,037 3,716
TGK-11(a) 911,500 5,075
TGK-11 (PFD Shares)(a) 163,649 911
TGK-14(a) 10,309,745 722
Transneft 470 154,950
Uralsvyazinform 2,952,700 39,374
Vimpel-Communications (ADR) 80,740 1,170,730
Volga Territorial Generation Co.(a) 354,929 3,409
VTB Bank OJSC 31,700,000 105,086
VTB Bank OJSC (GDR)(144A) 338,450 1,068,470
WGC-6 619,467 5,606
Wimm-Bill-Dann Foods OJSC (ADR)(a) 2,665 117,100
X5 Retail Group NV (GDR)(a) 38,144 391,573
- ------------------------------------------------------------------------------------------------
$ 24,103,656
- ------------------------------------------------------------------------------------------------
Slovenia -- 0.8%
- ------------------------------------------------------------------------------------------------
Gorenje DD 8,720 $ 192,102
KRKA DD 13,210 1,117,721
Luka Koper 10,030 449,929
Mercator Poslovni Sistem 552 135,879
Petrol 460 214,794
Sava DD 360 119,352
Telekom Slovenije DD 2,840 664,670
- ------------------------------------------------------------------------------------------------
$ 2,894,447
- ------------------------------------------------------------------------------------------------
South Africa -- 6.5%
- ------------------------------------------------------------------------------------------------
ABSA Group Ltd. 35,150 $ 367,754
Adcock Ingram Holdings Ltd.(a) 33,300 116,507
Adcorp Holdings Ltd. 16,900 41,509
AECI Ltd. 6,330 34,306
African Bank Investments Ltd. 86,814 238,037
African Rainbow Minerals Ltd. 4,800 49,114
Allan Gray Property Trust 84,300 44,798
Allied Electronics Corp. Ltd. 17,182 42,170
Allied Electronics Corp. Ltd. (PFD Shares) 69,600 165,868
Anglo Platinum Ltd. 7,180 296,672
AngloGold Ashanti Ltd. 27,271 518,236
Aspen Pharmacare Holdings Ltd.(a) 57,031 199,471
Aveng Ltd. 113,790 562,582
AVI Ltd. 32,000 50,389
Barloworld Ltd. 50,920 297,535
Basil Read Holdings Ltd. 16,800 31,464
Bell Equipment Ltd. 13,500 19,303
Bidvest Group Ltd. 95,739 1,021,078
British American Tobacco PLC(a) 20,140 548,488
Cashbuild Ltd. 9,600 53,595
DataTec Ltd.(a) 60,700 95,428
Discovery Holdings Ltd. 41,945 103,049
ElementOne Ltd.(a) 44,850 56,926
Eqstra Holdings Ltd.(a) 16,480 17,491
FirstRand Ltd. 461,850 670,930
Foschini Ltd. 30,100 123,824
Gold Fields Ltd. 69,435 483,372
Grindrod Ltd. 64,300 92,229
Group Five Ltd. 27,660 116,837
Growthpoint Properties Ltd. 95,900 128,121
Harmony Gold Mining Co., Ltd.(a) 31,910 233,380
Highveld Steel & Vanadium Corp. Ltd. 4,400 27,151
Hyprop Investments Ltd. 28,000 101,947
Illovo Sugar Ltd. 27,600 61,792
Impala Platinum Holdings Ltd. 86,320 900,982
Imperial Holdings Ltd. 16,480 94,103
Investec Ltd. 16,000 78,940
JD Group Ltd. 17,090 49,173
JSE Ltd. 15,200 78,576
Kumba Iron Ore Ltd. 7,860 103,510
Kumba Resources Ltd. 7,110 46,936
Liberty Group Ltd. 18,600 116,960
Massmart Holdings Ltd. 54,600 489,773
Medi-Clinic Corp. Ltd. 52,200 89,511
Merafe Resources Ltd.(a) 153,100 17,595
Metorex Ltd.(a) 44,100 24,519
Metropolitan Holdings Ltd. 38,600 39,616
Mittal Steel South Africa Ltd. 17,640 166,736
Mondi Ltd. 9,900 41,635
Mr. Price Group Ltd. 72,100 177,152
MTN Group Ltd. 380,440 4,272,002
Murray & Roberts Holdings Ltd. 108,150 732,178
Mvelaphanda Group Ltd. 65,900 33,786
Mvelaphanda Resources Ltd.(a) 5,700 16,822
Nampak Ltd. 32,738 44,577
Naspers Ltd. (Class "N" Shares) 67,692 1,126,955
Nedbank Group Ltd. 39,630 384,693
Netcare Ltd.(a) 280,550 197,056
New Clicks Holdings Ltd. 89,300 145,271
Northam Platinum Ltd. 14,400 45,263
Pangbourne Properties Ltd. 28,800 35,563
Pick'n Pay Holdings Ltd. 36,500 50,359
Pick'n Pay Stores Ltd. 45,170 142,787
Pretoria Portland Cement Co., Ltd. 51,833 159,558
Raubex Group Ltd. 30,000 77,360
Reinet Investments SCA(a) 31,594 40,078
Remgro Ltd. 49,600 361,926
Reunert Ltd. 49,160 248,028
RMB Holdings Ltd. 128,900 300,406
Sanlam Ltd. 201,890 331,321
Santam Ltd. 5,583 40,803
Sappi Ltd. 34,380 211,947
Sasol Ltd. 56,220 1,659,497
Shoprite Holdings Ltd. 46,300 244,393
Spar Group Ltd. 23,600 137,289
Standard Bank Group Ltd. 121,821 967,294
Steinhoff International Holdings Ltd. 222,040 323,664
Sun International Ltd. 11,182 93,024
Telkom South Africa Ltd. 48,450 525,842
Tiger Brands Ltd. 33,300 482,756
Tongaat-Hulett 4,439 24,656
Truworths International Ltd. 50,900 172,914
Wilson Bayly Holmes-Ovcon Ltd. 11,900 139,254
Woolworths Holdings Ltd. 160,409 185,165
- ------------------------------------------------------------------------------------------------
$ 23,481,557
- ------------------------------------------------------------------------------------------------
South Korea -- 6.2%
- ------------------------------------------------------------------------------------------------
Amorepacific Corp. 418 $ 183,730
Cheil Industries, Inc. 5,650 184,412
CJ CheilJedang Corp.(a) 596 69,396
CJ Corp.(a) 504 13,498
CJ Home Shopping 1,580 45,276
Daegu Bank 7,550 38,393
Daelim Industrial Co., Ltd. 1,670 48,214
Daewoo Engineering & Construction Co., Ltd. 12,241 84,964
Daewoo International Corp. 3,370 37,364
Daewoo Motor Sales Corp. 1,870 13,684
Daewoo Securities Co., Ltd. 9,010 85,691
Daewoo Shipbuilding & Marine Engineering
Co., Ltd. 5,530 52,102
Daewoong Pharmaceutical Co., Ltd. 597 17,731
Daishin Securities Co. 2,920 32,390
DC Chemical Co., Ltd. 1,320 215,884
Dong-A Pharmaceutical Co., Ltd. 510 31,645
Dongbu Insurance Co., Ltd. 1,640 16,697
Dongkuk Steel Mill Co., Ltd. 4,530 73,663
Doosan Corp.(a) 560 40,619
Doosan Heavy Industries & Construction Co., Ltd. 2,570 113,260
Doosan Infracore Co., Ltd. 2,650 22,572
GLOVIS Co., Ltd. 1,680 74,974
GS Engineering & Construction Corp. 3,290 156,261
GS Holdings Corp. 3,700 73,856
Hana Financial Group, Inc. 17,030 270,457
Hanarotelecom, Inc.(a) 22,600 103,125
Hanjin Heavy Industries & Construction Co., Ltd. 1,994 28,362
Hanjin Shipping Co., Ltd. 7,370 96,940
Hankook Tire Co., Ltd. 21,040 203,652
Hanmi Pharm Co., Ltd. 2,048 123,372
Hanwha Chemical Corp. 18,100 78,539
Hanwha Corp. 9,490 148,706
Hite Brewery Co., Ltd.(a) 382 51,044
Hite Holdings Co., Ltd. 482 8,480
Honam Petrochemical Corp. 1,770 72,452
Hotel Shilla Co., Ltd. 1,500 15,064
Hynix Semiconductor, Inc.(a) 20,040 171,687
Hyosung Corp. 1,880 44,787
Hyundai Department Store Co., Ltd. 915 44,717
Hyundai Development Co. 7,860 212,696
Hyundai Engineering & Construction Co., Ltd. 5,370 220,490
Hyundai Heavy Industries Co., Ltd. 2,155 284,697
Hyundai Marine & Fire Insurance Co., Ltd. 2,000 17,004
Hyundai Merchant Marine Co., Ltd. 11,620 309,114
Hyundai Mipo Dockyard Co., Ltd. 775 66,538
Hyundai Mobis 4,500 264,286
Hyundai Motor Co. 11,430 528,167
Hyundai Securities Co., Ltd. 7,970 48,886
Hyundai Steel Co. 4,260 123,595
IIl Yang Pharmaceutical Co., Ltd. 1,650 16,663
Industrial Bank of Korea 9,380 53,920
Kangwon Land, Inc. 7,240 74,098
KB Financial Group, Inc.(a) 19,400 466,602
KB Financial Group, Inc. (ADR)(a) 7,200 177,192
KCC Corp. 245 47,810
Kia Motors Corp.(a) 13,390 112,795
KISCO Corp.(a) 921 14,411
Komipharm International Co., Ltd.(a) 1,200 33,485
Korea Electric Power Corp. 32,420 644,206
Korea Exchange Bank 15,760 87,665
Korea Express Co., Ltd.(a) 1,760 115,257
Korea Gas Corp. 5,680 213,899
Korea Investment Holdings Co., Ltd. 6,490 133,165
Korea Iron & Steel Co., Ltd. 279 5,444
Korea Line Corp. 600 32,181
Korea Zinc Co., Ltd. 740 37,084
Korean Air Lines Co., Ltd. 5,502 155,713
Korean Reinsurance Co. 2,703 15,087
KT Corp. 22,720 578,352
KT Corp. (ADR) 7,675 96,321
KT Freetel Co., Ltd.(a) 9,390 196,905
KT&G Corp. 10,495 673,607
LG Chem Ltd. 5,527 335,532
LG Corp. 7,220 288,970
LG Dacom Corp. 4,150 58,668
LG Display Co., Ltd. 13,010 241,207
LG Electronics, Inc. 6,430 480,068
LG Household & Health Care Ltd. 580 82,857
LG Life Sciences Ltd.(a) 930 22,092
LG Telecom Ltd. 36,265 258,513
LIG Insurance Co., Ltd. 1,700 19,796
Lotte Shopping Co., Ltd. 765 104,665
LS Cable Ltd. 1,130 47,730
Macquarie Korea Infrastructure Fund 30,660 112,869
MegaStudy Co., Ltd. 200 22,483
Meritz Fire & Marine Insurance Co., Ltd. 3,920 14,391
Mirae Asset Securities Co., Ltd. 1,600 79,918
Namhae Chemical Corp. 2,480 26,304
Namkwang Engineering & Construction Co., Ltd.(a) 1,600 15,031
NHN Corp.(a) 3,375 359,183
POSCO 6,557 1,805,990
Pusan Bank 12,700 64,875
S-Oil Corp. 5,785 293,103
S1 Corp. 1,050 35,692
Samsung Card Co., Ltd. 1,160 27,374
Samsung Corp. 10,590 339,332
Samsung Electro-Mechanics Co., Ltd. 2,450 72,157
Samsung Electronics Co., Ltd. 7,251 3,057,046
Samsung Electronics Co., Ltd. (PFD Shares) 1,268 332,996
Samsung Engineering Co., Ltd. 1,220 48,794
Samsung Fine Chemicals Co., Ltd. 850 23,485
Samsung Fire & Marine Insurance Co., Ltd. 3,885 514,549
Samsung Heavy Industries Co., Ltd. 8,410 129,513
Samsung SDI Co., Ltd.(a) 1,670 93,768
Samsung Securities Co., Ltd. 6,340 322,440
Samsung Techwin Co., Ltd. 2,240 47,479
SFA Engineering Corp. 1,480 29,492
Shinhan Financial Group Co., Ltd. 30,320 737,649
Shinsegae Co., Ltd. 1,422 499,103
SK Chemicals Co., Ltd. 2,160 33,232
SK Energy Co., Ltd. 6,249 359,500
SK Holdings Co., Ltd. 3,665 245,821
SK Networks Co., Ltd.(a) 1,870 11,902
SK Telecom Co., Ltd. 5,065 803,911
SK Telecom Co., Ltd. (ADR) 9,450 162,635
STX Corp. 390 6,036
STX Engine Co., Ltd. 1,110 12,183
STX Pan Ocean Co., Ltd. 98,000 53,417
STX Shipbuilding Co., Ltd. 1,570 18,154
Taihan Electric Wire Co., Ltd. 660 9,404
Tong Yang Investment Bank 5,665 23,361
Tong Yang Major Corp.(a) 6,490 11,981
Woongjin Coway Co., Ltd. 3,650 75,106
Woori Finance Holdings Co., Ltd. 13,960 74,912
Woori Investment & Securities Co., Ltd. 3,500 32,696
Yuhan Corp. 511 74,333
- ------------------------------------------------------------------------------------------------
$ 22,298,693
- ------------------------------------------------------------------------------------------------
Taiwan -- 6.6%
- ------------------------------------------------------------------------------------------------
Acer, Inc. 247,848 $ 319,686
Advanced Semiconductor Engineering, Inc. 434,677 185,091
Altek Corp. 90,078 89,403
Ambassador Hotel 58,000 42,094
AmTRAN Technology Co., Ltd. 68,522 19,606
Asia Cement Corp. 233,539 138,372
Asia Optical Co., Inc. 30,601 40,203
Asustek Computer, Inc. 273,327 391,501
AU Optronics Corp. 574,532 401,177
BES Engineering Corp. 297,000 49,720
Capital Securities Corp. 143,055 27,083
Catcher Technology Co., Ltd. 88,770 225,400
Cathay Financial Holding Co., Ltd. 624,765 670,992
Cathay Real Estate Development Co., Ltd. 71,000 15,494
Chang Hwa Commercial Bank 768,000 294,199
Cheng Shin Rubber Industry Co., Ltd. 126,810 141,362
Chi Mei Optoelectronics Corp. 455,427 167,544
Chicony Electronics Co., Ltd. 38,520 47,834
China Airlines(a) 237,640 56,865
China Development Financial Holding Corp. 1,108,376 217,844
China Life Insurance Co., Ltd.(a) 96,300 33,240
China Motor Corp. 186,315 63,357
China Petrochemical Development Corp.(a) 137,800 24,718
China Steel Corp. 830,357 599,684
Chinatrust Financial Holding Co., Ltd. 757,988 216,524
Chinese Maritime Transport Ltd. 26,000 37,366
Chong Hong Construction Co., Ltd. 32,639 20,074
Chung Hung Steel Corp. 60,000 18,802
Chunghwa Picture Tubes Ltd. 356,000 36,067
Chunghwa Telecom Co., Ltd. 907,838 1,502,047
Chunghwa Telecom Co., Ltd. (ADR) 13,552 223,066
Clevo Co. 45,150 33,043
CMC Magnetics Corp.(a) 105,000 14,421
Compal Electronics, Inc. 216,708 155,540
Coretronic Corp. 62,505 40,034
D-Link Corp. 25,801 17,664
Delta Electronics, Inc. 157,947 358,450
Dynapack International Technology Corp. 23,069 58,276
E.Sun Financial Holding Co., Ltd. 206,960 48,115
Elan Microelectronics Corp. 30,000 19,304
Epistar Corp. 24,472 28,609
EVA Airways Corp.(a) 367,000 88,999
Evergreen International Storage & Transport Corp. 79,000 33,634
Evergreen Marine Corp. 273,050 140,305
Everlight Electronics Co., Ltd. 23,642 35,727
Far Eastern Department Stores Ltd. 136,500 61,732
Far Eastern Textile Ltd. 182,977 106,201
Far EasTone Telecommunications Co., Ltd. 231,074 244,849
Faraday Technology Corp. 29,289 30,956
Farglory Land Development Co., Ltd. 20,252 12,644
Federal Corp. 77,625 25,016
Feng Hsin Iron & Steel Co., Ltd. 43,260 30,350
First Financial Holding Co., Ltd. 516,727 243,696
First Steamship Co., Ltd. 27,000 22,438
Formosa Chemicals & Fibre Corp. 465,000 751,721
Formosa International Hotels Corp. 7,700 52,800
Formosa Petrochemical Corp. 164,000 374,698
Formosa Plastics Corp. 442,000 745,930
Formosa Taffeta Co., Ltd. 169,000 99,599
Formosan Rubber Group, Inc. 108,000 35,957
Foxconn Technology Co., Ltd. 71,280 174,663
Fubon Financial Holding Co., Ltd. 516,000 312,971
Fuhwa Financial Holdings Co., Ltd. 804,225 314,618
Giant Manufacturing Co., Ltd. 107,100 258,993
Goldsun Development & Construction Co., Ltd. 148,050 28,134
Great Wall Enterprise Co., Ltd. 87,094 53,468
Greatek Electronics, Inc. 50,880 31,698
HannStar Display Corp. 938,299 170,819
High Tech Computer Corp. 43,680 517,757
Highwealth Construction Corp. 60,908 29,754
Himax Technologies, Inc. (ADR) 13,900 25,993
Hon Hai Precision Industry Co., Ltd. 453,008 1,093,423
Hotai Motor Co., Ltd. 61,000 87,940
Hua Nan Financial Holdings Co., Ltd. 428,400 225,756
Innolux Display Corp. 264,000 197,906
Inotera Memories, Inc.(a) 71,000 16,985
Inventec Appliances Corp. 78,210 75,197
KGI Securities Co., Ltd. 129,000 29,902
Largan Precision Co., Ltd. 13,525 137,961
Lien Hwa Industrial Corp. 109,198 35,924
Lite-On Technology Corp. 156,872 97,950
Macronix International Co., Ltd. 288,418 80,477
Masterlink Securities Corp. 110,000 20,754
MediaTek, Inc. 67,018 600,173
Mega Financial Holding Co., Ltd. 738,000 204,168
Merida Industry Co., Ltd. 33,000 45,954
Merry Electronics Co., Ltd. 30,000 25,776
Mitac International Corp. 34,793 12,877
Mosel Vitelic, Inc.(a) 53,560 12,452
Motech Industries, Inc. 10,361 28,228
Nan Kang Rubber Tire Co., Ltd. 120,900 67,060
Nan Ya Plastics Corp. 655,270 908,126
Nan Ya Printed Circuit Board Corp. 8,211 19,378
Nanya Technology Corp.(a) 159,467 28,311
Novatek Microelectronics Corp. Ltd. 21,400 23,723
Oriental Union Chemical Corp. 66,300 27,981
Pan-International Industrial Co., Ltd. 28,350 24,642
Phison Electronics Corp. 13,130 21,114
Polaris Securities Co., Ltd. 101,300 22,597
Pou Chen Corp. 600,672 273,799
Powerchip Semiconductor Corp.(a) 977,805 114,402
Powertech Technology, Inc. 43,780 61,847
President Chain Store Corp. 84,000 195,008
ProMOS Technologies, Inc.(a) 285,000 18,774
Qisda Corp. 66,096 16,011
Quanta Computer, Inc. 168,385 177,248
Radiant Opto-Electronics Corp. 71,070 59,813
Realtek Semiconductor Corp. 25,525 38,284
RichTek Technology Corp. 10,230 48,258
Ritek Corp.(a) 252,000 31,632
Ruentex Development Co., Ltd. 71,000 29,302
Ruentex Industries Ltd. 100,000 47,283
Sanyang Industrial Co., Ltd. 132,327 26,722
Shih Wei Navigation Co., Ltd. 38,950 36,330
Shin Kong Financial Holding Co., Ltd. 186,589 49,350
Shin Zu Shing Co., Ltd. 18,690 63,424
Shinkong Synthetic Fibers Corp. 197,000 25,422
Silicon Motion Technology Corp. (ADR)(a) 3,600 12,528
Siliconware Precision Industries Co. 345,243 356,361
Simplo Technology Co., Ltd. 13,200 41,045
Sincere Navigation 65,800 43,189
Sino-American Silicon Products, Inc. 6,849 14,354
SinoPac Financial Holdings Co., Ltd. 1,313,000 278,354
Solar Applied Materials Technology Corp. 22,348 35,485
Synnex Technology International Corp. 165,525 214,857
TA Chen Stainless Pipe Co., Ltd. 53,000 21,017
Ta Chong Bank Ltd.(a) 161,000 25,832
Tainan Spinning Co., Ltd. 220,000 42,162
Taishin Financial Holdings Co., Ltd. 234,000 34,929
Taiwan Business Bank(a) 106,000 20,779
Taiwan Cement Corp. 330,994 169,960
Taiwan Cooperative Bank 539,330 259,173
Taiwan Fertilizer Co., Ltd. 51,000 62,933
Taiwan Kolin Co., Ltd.(a)(b) 177,000 0
Taiwan Mobile Co., Ltd. 467,427 646,266
Taiwan Semiconductor Manufacturing Co., Ltd. 1,477,155 2,149,342
Taiwan Tea Corp.(a) 148,000 45,692
Tatung Co., Ltd.(a) 226,000 40,122
Transcend Information, Inc. 18,892 31,978
Tripod Technology Corp. 42,972 52,517
Tsann Kuen Enterprise Co., Ltd. 57,200 17,416
TSRC Corp. 79,000 55,257
Tung Ho Steel Enterprise Corp. 227,000 147,556
U-Ming Marine Transport Corp. 79,000 92,229
Uni-President Enterprises Corp. 606,249 518,221
United Microelectronics Corp. 1,109,090 304,533
Vanguard International Semiconductor Corp. 81,408 24,069
Wafer Works Corp. 11,330 19,446
Walsin Lihwa Corp. 227,000 52,646
Wan Hai Lines Ltd. 215,250 90,202
Waterland Financial Holdings 158,377 25,398
Wistron Corp. 61,560 48,681
WPG Holdings Co., Ltd. 54,615 30,838
Yageo Corp. 230,000 35,471
Yang Ming Marine Transport 138,050 38,059
Yieh Phui Enterprise 101,661 29,305
Yuen Foong Yu Paper Manufacturing Co., Ltd. 266,464 60,472
Yulon Motor Co., Ltd. 334,809 133,986
Zinwell Corp. 44,871 48,053
- ------------------------------------------------------------------------------------------------
$ 24,002,348
- ------------------------------------------------------------------------------------------------
Thailand -- 2.7%
- ------------------------------------------------------------------------------------------------
Advanced Info Service Pcl(c) 554,200 $ 1,114,725
Airports of Thailand Pcl(c) 137,500 74,144
Amata Corp. Pcl(c) 75,000 7,917
Asian Property Development Pcl(c) 2,397,500 184,686
Bangkok Bank Pcl 101,800 205,667
Bangkok Bank Pcl(c) 252,500 507,952
Bangkok Dusit Medical Services Pcl(c) 284,400 162,282
Bangkok Expressway Pcl(c) 127,000 43,843
Bangkok Land Pcl(a) 800,000 4,907
Bank of Ayudhya Pcl(c) 962,400 276,624
BankThai Pcl(a) 290,400 14,251
Banpu Pcl(c) 62,400 298,707
BEC World Pcl(c) 341,200 161,595
Big C Supercenter Pcl(c) 42,900 37,331
Bumrungrad Hospital Pcl(c) 153,500 100,728
Cal-Comp Electronics (Thailand) Pcl(c) 613,900 32,052
Central Pattana Pcl(c) 249,600 60,531
CH. Karnchang Pcl(c) 892,200 59,056
Charoen Pokphand Foods Pcl(c) 2,803,900 243,191
CP Seven Eleven Pcl(c) 641,400 140,907
Delta Electronics (Thailand) Pcl(c) 187,100 55,516
Electricity Generating Pcl 43,700 74,355
Electricity Generating Pcl(c) 63,700 106,074
G J Steel Pcl(a)(c) 8,819,100 27,678
Glow Energy Pcl 125,100 71,384
Hana Microelectronics Pcl(c) 530,700 155,955
ICC International Pcl(c) 8,400 10,305
IRPC Pcl(c) 1,040,200 67,071
Italian-Thai Development Pcl(c) 1,858,000 130,405
Kasikornbank Pcl 206,000 299,353
Kasikornbank Pcl(c) 223,300 324,807
Khon Kaen Sugar Industry Pcl 290,000 41,783
Kiatnakin Bank Pcl(c) 49,400 20,437
Kim Eng Securities Thailand Pcl 134,000 29,629
Krung Thai Bank Pcl(c) 692,000 80,947
Land & Houses Pcl 2,593,500 275,866
Loxley Pcl(a)(c) 1,072,600 34,274
LPN Development Pcl(c) 400,000 28,987
Major Cineplex Group Pcl(c) 182,300 31,207
Minor International Pcl(c) 1,225,270 263,931
Phatra Securities Pcl 26,600 8,803
Precious Shipping Pcl(c) 258,800 56,855
PTT Aromatics & Refining Pcl(c) 287,652 81,659
PTT Chemical Pcl(c) 54,800 51,595
PTT Exploration & Production Pcl(c) 220,800 538,613
PTT Pcl(c) 190,060 862,184
Quality House Pcl(c) 2,038,700 54,094
Ratchaburi Electricity Generating Holding Pcl(c) 278,700 246,496
Regional Container Line Pcl(c) 50,000 7,347
Robinson Department Store Pcl 130,000 24,665
Samart Corp. Pcl 366,600 54,912
Shin Satellite Pcl(a)(c) 165,700 11,441
Siam Cement Pcl(c) 1,800 5,444
Siam Cement Pcl 148,600 436,824
Siam City Bank Pcl(a)(c) 159,500 30,489
Siam City Cement Pcl(c) 17,690 54,004
Siam Commercial Bank Pcl(c) 306,300 458,795
Siam Makro Pcl(c) 35,000 59,914
Sino Thai Engineering & Construction Pcl(a)(c) 524,500 27,085
Thai Airways International Pcl(c) 256,300 55,574
Thai Beverage Pcl 1,101,000 153,885
Thai Oil Pcl(c) 191,500 112,551
Thai Union Frozen Products Pcl(c) 138,100 65,011
Thanachart Capital Pcl(c) 263,400 45,841
Thoresen Thai Agencies Pcl(c) 385,600 132,017
TISCO Bank Pcl 50,000 12,484
TMB Bank Pcl(a)(c) 1,275,900 20,385
Total Access Communication Pcl 123,400 74,606
TPI Polene Pcl(a) 432,000 28,102
True Corp. Pcl(a)(c) 1,040,100 52,821
- ------------------------------------------------------------------------------------------------
$ 9,685,556
- ------------------------------------------------------------------------------------------------
Turkey -- 2.9%
- ------------------------------------------------------------------------------------------------
Adana Cimento Sanayii TAS 15,371 $ 26,890
Akbank TAS 180,750 620,821
Akcansa Cimento AS 16,400 27,402
Akenerji Elektrik Uretim AS(a) 18,300 96,452
Aksa Akrilik Kimya Sanayii AS(a) 35,800 36,990
Aksigorta AS 40,300 83,088
Anadolu Efes Biracilik ve Malt Sanayii AS 58,439 494,787
Arcelik AS 30,200 42,850
Aselsan Elektronik Sanayi ve Ticaret AS 17,520 32,165
Aygaz AS(a) 27,013 34,976
BIM Birlesik Magazalar AS 15,930 321,707
Cimsa Cimento Sanayi ve Ticaret AS 18,200 34,026
Dogan Sirketler Grubu Holding AS(a) 285,924 225,441
Dogan Yayin Holding AS(a) 71,316 41,120
Eczacibasi Ilac Sanayi ve Ticaret AS 127,500 99,948
Enka Insaat ve Sanayi AS 118,199 442,875
Eregli Demir ve Celik Fabrikalari TAS 262,328 808,642
Ford Otomotiv Sanayi AS 24,800 78,014
GSD Holding AS(a) 64,800 17,939
Haci Omer Sabanci Holding AS 153,250 372,190
Hurriyet Gazetecilik ve Matbaacilik AS(a) 106,865 57,677
Ihlas Holding AS(a) 299,200 57,270
Is Gayrimenkul Yatirim Ortakligi AS 136,465 52,600
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class
"D" Shares)(a) 123,300 42,560
KOC Holding AS(a) 339,762 633,912
Koza Davetiyeleri(a) 33,000 19,762
Net Holding AS(a) 60,500 15,032
Otokar Otobus Karoseri Sanayi AS 5,300 25,413
Petkim Petrokimya Holding AS(a) 28,300 76,932
Petrol Ofisi AS(a) 31,408 61,098
Sekerbank TAS 22,300 17,882
Tofas Turk Otomobil Fabrikasi AS 34,700 40,544
Trakya Cam Sanayii AS(a) 133,884 87,671
Tupras-Turkiye Petrol Rafinerileri AS 53,670 677,720
Turcas Petrolculuk AS 30,939 42,374
Turk Ekonomi Bankasi AS(a) 22,900 13,695
Turk Hava Yollari Anonim Ortakligi (THY) AS(a) 28,100 87,168
Turk Sise ve Cam Fabrikalari AS(a) 91,344 74,272
Turkcell Iletisim Hizmetleri AS 386,800 1,941,588
Turkiye Garanti Bankasi AS(a) 643,000 1,079,972
Turkiye Is Bankasi 196,349 558,223
Turkiye Vakiflar Bankasi TAO 226,200 220,915
Ulker Gida Sanayi ve Ticaret AS 25,959 34,954
Vestel Elektronik Sanayi ve Ticaret AS(a) 12,500 7,207
Yapi Kredi Sigorta AS 5,800 27,744
Yapi ve Kredi Bankasi AS(a) 276,385 350,487
Yazicilar Holding AS 21,200 66,824
Zorlu Enerji Elektrik Uretim AS(a) 26,400 39,113
- ------------------------------------------------------------------------------------------------
$ 10,348,932
- ------------------------------------------------------------------------------------------------
United Arab Emirates -- 1.5%
- ------------------------------------------------------------------------------------------------
Aabar Petroleum Investments Co. (PJSC) 206,000 $ 158,149
Abu Dhabi Commercial Bank 142,000 100,510
Abu Dhabi National Hotels 184,200 233,682
Air Arabia(a) 1,459,000 503,732
Aldar Properties (PJSC) 148,600 212,387
Amlak Finance (PJSC) 227,500 126,280
Arabtec Holding Co. 94,250 153,058
Aramex (PJSC)(a) 455,620 176,245
Dana Gas(a) 1,500,000 428,776
DP World Ltd. 1,281,300 435,642
Dubai Financial Market 183,000 115,280
Dubai Investments (PJSC)(a) 266,707 144,096
Dubai Islamic Bank 236,642 272,481
Emaar Properties (PJSC) 541,200 811,558
Emirates NBD (PJSC) 207,000 353,619
First Gulf Bank (PJSC) 37,700 123,161
National Bank of Abu Dhabi 35,500 110,658
National Central Cooling Co. (Tabreed)(a) 743,356 237,518
Ras Al Khaimah Cement Co.(a) 207,000 92,420
Sorouh Real Estate Co. 388,500 412,482
Union National Bank 81,000 95,041
Union Properties(a) 263,780 150,445
Waha Capital (PJSC) 196,900 59,500
- ------------------------------------------------------------------------------------------------
$ 5,506,720
- ------------------------------------------------------------------------------------------------
Total Common Stocks
(identified cost $612,546,073) $354,345,829
- ------------------------------------------------------------------------------------------------
Investment Funds -- 1.5%
Saudi Arabia Investment Fund Ltd. 62,649 $ 2,740,894
Vietnam Enterprise Investments Ltd.(a) 1,359,727 2,651,467
- ------------------------------------------------------------------------------------------------
Total Investment Funds
(identified cost $9,165,723) $ 5,392,361
- ------------------------------------------------------------------------------------------------
Rights(a) -- 0.0%
Anhanguera Educacional Participacoes SA 140 $ 0
Dish TV India Ltd. 1,391 0
- ------------------------------------------------------------------------------------------------
Total Rights
(identified cost $0) $ 0
- ------------------------------------------------------------------------------------------------
Warrants(a) -- 0.0%
Bangkok Land Pcl Call Warrant,
expiring 5/2/13, strike THB 1.10 310,077 $ 442
IJM Corp. Bhd, expiring 9/11/13,
strike MYR 1.35 11,435 564
- ------------------------------------------------------------------------------------------------
Total Warrants
(identified cost $0) $ 1,006
- ------------------------------------------------------------------------------------------------
Total Investments -- 99.4%
(cost $621,711,796) $359,739,196
- ------------------------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.6% $ 2,298,013
- ------------------------------------------------------------------------------------------------
Net Assets -- 100% $362,037,209
- ------------------------------------------------------------------------------------------------
(144A) -- Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be sold in transactions exempt from registration, normally
to qualified institutional buyers. At October 31, 2008, the aggregate value of
the securities is $2,897,087 or 0.8% of the Fund's net assets.
(ADR) -- American Depositary Receipt
(GDR) -- Global Depositary Receipt
(PFD Shares) -- Preference Shares
(a) Non-income producing security.
(b) Security valued at fair value using the 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.
Currency Concentration of Portfolio
PERCENTAGE
OF NET
SECTOR ASSETS VALUE
United States Dollar 13.6% $ 49,068,219
Brazilian Real 6.8 24,611,298
New Taiwan Dollar 6.6 23,740,761
South African Rand 6.5 23,481,557
Mexican Peso 6.0 21,858,348
South Korean Won 6.0 21,809,129
Indian Rupee 5.9 21,291,956
Hong Kong Dollar 5.6 20,356,337
Hungarian Forint 3.3 11,943,740
Malaysian Ringgit 3.3 11,842,613
Czech Koruna 3.2 11,393,653
New Turkish Lira 2.9 10,348,932
Polish Zloty 2.8 10,194,793
Chilean Peso 2.7 9,695,855
Thailand Baht 2.6 9,457,507
Indonesian Rupiah 2.3 8,377,042
Israeli Shekel 1.7 6,331,391
Moroccan Dirham 1.7 6,211,983
Philippine Peso 1.5 5,393,019
Euro 1.4 5,246,773
United Arab Emirates Dirham 1.4 5,071,078
Qatari Rial 1.3 4,850,111
Egyptian Pound 1.3 4,629,526
Other currency, less than 1% each 9.0 32,533,575
- ----------------------------------------------------------------------------------------------
99.4% $359,739,196
- ----------------------------------------------------------------------------------------------
Industry Classification of Portfolio
PERCENTAGE
OF NET
SECTOR ASSETS VALUE
Financials 23.4% $ 84,512,454
Telecommunication Services 16.2 58,678,419
Energy 10.8 39,163,971
Consumer Staples 9.7 35,203,095
Industrials 9.4 33,916,421
Materials 9.3 33,724,938
Consumer Discretionary 6.4 23,230,234
Utilities 5.3 19,160,332
Information Technology 3.8 13,566,357
Diversified 3.6 13,189,608
Investment Funds 1.5 5,392,361
Other 0.0 1,006
- ----------------------------------------------------------------------------------------------
99.4% $359,739,196
- ----------------------------------------------------------------------------------------------
See notes to financial statements
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
As of October 31, 2008
Assets
- ---------------------------------------------------------------------------------------------------
Investments, at value (identified cost, $621,711,796) $359,739,196
Cash 758,138
Foreign currency, at value (identified cost, $3,445,343) 3,350,161
Receivable for Fund shares sold 1,678,851
Receivable for investments sold 1,541,024
Dividends receivable 536,199
Tax reclaims receivable 4,991
- ---------------------------------------------------------------------------------------------------
Total assets $367,608,560
- ---------------------------------------------------------------------------------------------------
Liabilities
- ---------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed $ 4,181,282
Payable for investments purchased 1,198,774
Payable to affiliate for Trustees' fees 1,198
Accrued foreign capital gains taxes 67
Accrued expenses 190,030
- ---------------------------------------------------------------------------------------------------
Total liabilities $ 5,571,351
- ---------------------------------------------------------------------------------------------------
Net Assets $362,037,209
- ---------------------------------------------------------------------------------------------------
Sources of Net Assets
- ---------------------------------------------------------------------------------------------------
Paid-in capital $625,466,899
Accumulated undistributed net investment income 4,833,026
Accumulated net realized loss (computed on the basis of identified cost) (6,167,667)
Net unrealized depreciation (computed on the basis of identified cost) (262,095,049)
- ---------------------------------------------------------------------------------------------------
Total $362,037,209
- ---------------------------------------------------------------------------------------------------
Class A Shares
- ---------------------------------------------------------------------------------------------------
Net Assets $ 74,062,168
Shares Outstanding 8,931,097
Net Asset Value and Redemption Price Per Share
(net assets/shares of beneficial interest outstanding) $ 8.29
Maximum Offering Price Per Share (100/94.25 of $8.29) $ 8.80
- ---------------------------------------------------------------------------------------------------
Class C Shares
- ---------------------------------------------------------------------------------------------------
Net Assets $ 9,827,996
Shares Outstanding 1,203,706
Net Asset Value and Offering Price Per Share*
(net assets/shares of beneficial interest outstanding) $ 8.16
- ---------------------------------------------------------------------------------------------------
Class I Shares
- ---------------------------------------------------------------------------------------------------
Net Assets $278,147,045
Shares Outstanding 33,423,491
Net Asset Value, Offering Price, and Redemption Price Per Share
(net assets/shares of beneficial interest outstanding) $ 8.32
- ---------------------------------------------------------------------------------------------------
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, 2008
Investment Income
- ---------------------------------------------------------------------------------------------------
Dividends (net of foreign taxes, $1,322,254) $ 12,193,150
Interest 104,425
- ---------------------------------------------------------------------------------------------------
Total investment income $ 12,297,575
- ---------------------------------------------------------------------------------------------------
Expenses
- ---------------------------------------------------------------------------------------------------
Investment adviser fees $ 3,648,254
Administration fees 643,810
Distribution and service fees
Class A 233,853
Class C 130,551
Custodian fee 1,610,058
Transfer and dividend disbursing agent fees 97,115
Registration fees 60,869
Printing and postage 39,765
Trustees' fees and expenses 14,935
Legal and accounting services 99,498
Miscellaneous 22,129
- ---------------------------------------------------------------------------------------------------
Total expenses $ 6,600,837
- ---------------------------------------------------------------------------------------------------
Deduct -
Reduction of custodian fee $ 381
Allocation of expenses to the investment adviser, sub-adviser
and administrator 870,941
- ---------------------------------------------------------------------------------------------------
Total expense reductions $ 871,322
- ---------------------------------------------------------------------------------------------------
Net expenses $ 5,729,515
- ---------------------------------------------------------------------------------------------------
Net investment income $ 6,568,060
- ---------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ---------------------------------------------------------------------------------------------------
Net realized loss --
Investment transactions (identified cost basis)(a) $ (6,275,507)
Foreign currency related transactions (324,771)
- ---------------------------------------------------------------------------------------------------
Net realized loss $ (6,600,278)
- ---------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis)(b) $(331,334,249)
Foreign currency (139,108)
- ---------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $(331,473,357)
- ---------------------------------------------------------------------------------------------------
Net realized and unrealized loss $(338,073,635)
- ---------------------------------------------------------------------------------------------------
Net decrease in net assets from operations $(331,505,575)
- ---------------------------------------------------------------------------------------------------
(a) Net of foreign capital gains taxes of $17,017 (see Note 1(D)).
(b) Net of decrease in accrued foreign capital gains taxes of $288,070 (see Note 1(D)).
See notes to financial statements
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
FINANCIAL STATEMENTS (CONT'D)
Statements of Changes in Net Assets
Increase (Decrease) Year Ended Year Ended
in Net Assets October 31, 2008 October 31, 2007
- -------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 6,568,060 $ 1,439,993
Net realized gain (loss) on investment and
foreign currency transactions (6,600,278) 1,633,663
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency (331,473,357) 68,230,514
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations $(331,505,575) $ 71,304,170
- -------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (471,949) $ --
Class C (25,778) --
Class I (1,661,688) (5,141)
From net realized gains
Class A (531,214) --
Class C (66,805) --
Class I (1,583,872) --
- -------------------------------------------------------------------------------------------------
Total distributions to shareholders $ (4,341,306) $ (5,141)
- -------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 101,864,082 $ 73,729,869
Class C 13,401,394 9,051,313
Class I 316,476,690 224,208,446
Net asset value of shares issued to
shareholders in payment of distributions
declared
Class A 889,210 --
Class C 58,770 --
Class I 2,075,352 2,661
Cost of shares redeemed
Class A (40,412,113) (5,733,907)
Class C (4,043,712) (680,223)
Class I (57,995,706) (23,357,009)
Redemption fees 22,156 39,441
- -------------------------------------------------------------------------------------------------
Net increase in net assets from Fund
share transactions $ 332,336,123 $ 277,260,591
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (3,510,758) $ 348,559,620
- -------------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------------
At beginning of year $ 365,547,967 $ 16,988,347
- -------------------------------------------------------------------------------------------------
At end of year $ 362,037,209 $ 365,547,967
- -------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income
included in net assets at end
of year $ 4,833,026 $ 899,774
- -------------------------------------------------------------------------------------------------
See notes to financial statements
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
FINANCIAL STATEMENTS (CONT'D)
Financial Highlights
Class A
--------------------------------------------------------
Year Ended October 31, Period Ended
-------------------------------------- October 31, 2006
2008(1) 2007(1) (1)(2)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 17.500 $11.150 $10.000
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.190 $ 0.110 $ 0.010
Net realized and unrealized gain (loss) (9.216) 6.215 1.140
- ------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from operations $ (9.026) $ 6.325 $ 1.150
- ------------------------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------------------------
From net investment income $ (0.087) $ -- $ --
From net realized gains $ (0.098) -- --
- ------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.185) $ -- $ --
- ------------------------------------------------------------------------------------------------------------------------------
Redemption fees $ 0.001 $ 0.025 $ 0.000(3)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of period $ 8.290 $17.500 $11.150
- ------------------------------------------------------------------------------------------------------------------------------
Total Return(4) (52.10)% 56.95% 11.50%(5)
- ------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $ 74,062 $81,611 $ 1,451
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction(6)(7) 1.50% 1.50% 1.50%(8)
Net investment income 1.33% 0.77% 0.32%(8)
Portfolio Turnover 5% 6% 6%
- ------------------------------------------------------------------------------------------------------------------------------
(1) Net investment income per share was computed using average shares outstanding.
(2) For the period from the start of business, June 30, 2006, to October 31, 2006.
(3) Amount represents less than $0.0005 per share.
(4) Returns are historical and calculated by determining the percentage change in net asset value with all distributions
reinvested.
(5) Not annualized.
(6) The adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.20%,
0.52% and 9.49% of average daily net assets for the years ended October 31, 2008 and 2007 and the period ended October 31,
2006, respectively).
(7) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(8) Annualized.
See notes to financial statements
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
FINANCIAL STATEMENTS (CONT'D)
Financial Highlights
Class C
--------------------------------------------------------
Year Ended October 31, Period Ended
-------------------------------------- October 31, 2006
2008(1) 2007(1) (1)(2)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 17.320 $11.120 $10.000
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 0.092 $ 0.010 $(0.010)
Net realized and unrealized gain (loss) (9.117) 6.190 1.130
- ------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from operations $ (9.025) $ 6.200 $ 1.120
- ------------------------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------------------------
From net investment income $ (0.038) $ -- $ --
From net realized gains (0.098) -- --
- ------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.136) $ -- $ --
- ------------------------------------------------------------------------------------------------------------------------------
Redemption fees $ 0.001 $ -- $ --
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of period $ 8.160 $17.320 $11.120
- ------------------------------------------------------------------------------------------------------------------------------
Total Return(3) (52.50)% 55.76% 11.20%(4)
- ------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $ 9,828 $10,218 $ 132
Ratios (as a percentage of average net assets):
Expenses before custodian fee reduction(5)(6) 2.25% 2.25% 2.25%(7)
Net investment income (loss) 0.65% 0.06% (0.30)%(7)
Portfolio Turnover 5% 6% 6%
- ------------------------------------------------------------------------------------------------------------------------------
(1) Net investment income (loss) per share was computed using average shares outstanding.
(2) For the period from the start of business, June 30, 2006, to October 31, 2006.
(3) Returns are historical and calculated by determining the percentage change in net asset value with all distributions
reinvested.
(4) Not annualized.
(5) The adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.20%,
0.52% and 9.49% of average daily net assets for the years ended October 31, 2008 and 2007 and the period ended October 31,
2006, respectively).
(6) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(7) Annualized.
See notes to financial statements
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
FINANCIAL STATEMENTS (CONT'D)
Financial Highlights
Class I
--------------------------------------------------------
Year Ended October 31, Period Ended
-------------------------------------- October 31, 2006
2008(1) 2007(1) (1)(2)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 17.540 $11.150 $10.000
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.231 $ 0.160 $ 0.030
Net realized and unrealized gain (loss) (9.251) 6.232 1.120
- ------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from operations $ (9.020) $ 6.392 $ 1.150
- ------------------------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------------------------
From net investment income $ (0.103) $(0.002) $ --
From net realized gains (0.098) -- --
- ------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.201) $(0.002) $ --
- ------------------------------------------------------------------------------------------------------------------------------
Redemption fees $ 0.001 $ 0.000 $ --
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of period $ 8.320 $17.540 $11.150
- ------------------------------------------------------------------------------------------------------------------------------
Total Return(4) (51.99)% 57.34% 11.50%
- ------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $278,147 $273,719 $15,405
Ratios (as a percentage of average net assets):
Expenses before custodian fee reduction(6)(7) 1.25% 1.25% 1.25%(8)
Net investment income 1.62% 1.12% 0.88%(8)
Portfolio Turnover 5% 6% 6%
- ------------------------------------------------------------------------------------------------------------------------------
(1) Net investment income per share was computed using average shares outstanding.
(2) For the period from the start of business, June 30, 2006, to October 31, 2006.
(3) Amount represents less than $0.0005 per share.
(4) Returns are historical and calculated by determining the percentage change in net asset value with all distributions
reinvested.
(5) Not annualized.
(6) The adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.20%,
0.52% and 9.49% of average daily net assets for the years ended October 31, 2008 and 2007 and the period ended October 31,
2006, respectively).
(7) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(8) Annualized.
See notes to financial statements
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
- -------------------------------------------------------------------------------
Eaton Vance Structured Emerging Markets Fund (the Fund) is a diversified
series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a
Massachusetts business trust registered under the Investment Company Act of
1940, as amended (the 1940 Act), as an open-end management investment
company. The Fund's investment objective is to seek long-term capital
appreciation. The Fund offers three classes of shares. Class A shares are
generally sold subject to a sales charge imposed at time of purchase. Class
C shares are sold at net asset value and are generally subject to a
contingent deferred sales charge (see Note 5). Class I shares are sold at
net asset value and are not subject to a sales charge. 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 -- Equity securities listed on a U.S. securities
exchange generally are valued at the last sale price on the day of valuation
or, if no sales took place on such date, at the mean between the closing bid
and asked prices therefore on the exchange where such securities are
principally traded. Equity securities listed on the NASDAQ Global or Global
Select Market generally are valued at the NASDAQ official closing price.
Unlisted or listed securities for which closing sales prices or closing
quotations are not available are valued at the mean between the latest
available 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. Short-term debt securities with a remaining
maturity of sixty days or less are valued at amortized cost, which
approximates market value. If short-term debt securities are acquired with a
remaining maturity of more than sixty days, they will be valued 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 independent service uses a proprietary model to
determine the exchange rate. Inputs to the model include reported trades and
implied bid/ask spreads. The daily valuation of exchange-traded 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 fair-valued securities. Investments for which valuations
or market quotations are not readily available are valued at fair value
using methods determined in good faith by or at the direction of the
Trustees of the Fund 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 Investment Transactions -- Investment transactions for financial statement
purposes are accounted for on a trade date basis. Realized gains and losses
on investments sold are determined on the basis of identified cost.
C 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. Withholding taxes on foreign
dividends and capital gains have been provided for in accordance with the
Fund's understanding of the applicable countries' tax rules and rates.
Interest income is recorded on the basis of interest accrued, adjusted for
amortization of premium or accretion of discount.
D 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 net investment income, and
all or substantially all of its net realized capital gains. Accordingly, no
provision for federal income or excise tax is necessary.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be subject to local taxes on the recognition of capital gains in
certain countries. In determining the daily net asset value, the Fund
estimates the accrual for such taxes, if any, based on the unrealized
appreciation on certain portfolio securities and the related tax rates. Tax
expense attributable to unrealized appreciation is included in the change in
unrealized appreciation (depreciation) on investments. Capital gains taxes
on securities sold are included in net realized gain (loss) on investments.
At October 31, 2008, the Fund, for federal income tax purposes, had a
capital loss carryforward of $5,017,454 which will reduce its taxable income
arising from future net realized gains on investment transactions, if any,
to the extent permitted by the Internal Revenue Code, and thus will reduce
the amount of distributions to shareholders, which would otherwise be
necessary to relieve the Fund of any liability for federal income or excise
tax. Such capital loss carryforward will expire on October 31, 2016.
As of October 31, 2008, the Fund had no uncertain tax positions that would
require financial statement recognition, de-recognition, or disclosure. Each
of the Fund's federal tax returns filed since the start of business on June
30, 2006 to October 31, 2008 remains subject to examination by the Internal
Revenue Service.
E 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.
F 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.
G Foreign Currency Translation -- Investment valuations, other assets, and
liabilities initially expressed in foreign currencies are translated each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses
denominated in foreign currencies are translated into U.S. dollars based
upon currency exchange rates in effect 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 statements 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.
H 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.
I 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 the 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.
J Redemption Fees -- Upon the redemption or exchange of shares by Class A or
Class I shareholders within 90 days of the 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.
K Repurchase Agreements -- The Fund may enter into repurchase agreements
collateralized by U.S. Treasury obligations, U.S. agency obligations,
commercial paper and mortgage-backed securities involving any or all of its
assets with banks and broker-dealers determined to be creditworthy by the
Fund's adviser. Under a repurchase agreement, the Fund buys a security at
one price and simultaneously promises to sell that same security back to the
seller at a higher price for settlement at a later date. The Fund's
repurchase agreements provide that the value of the collateral underlying
the repurchase agreement will always be at least equal to the repurchase
price, including any accrued interest earned on the repurchase agreement,
and will be marked to market daily. The repurchase date is usually
overnight, but may be within seven days of the original purchase date. In
the event of bankruptcy of the counterparty or a third party custodian, the
Fund might experience delays in recovering its cash or experience a loss.
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 to distribute annually all or substantially all of its
net realized capital gains (reduced by available capital loss carryforwards
from prior years, if any). Distributions to shareholders are recorded on the
ex-dividend date. Distributions are declared separately for each class of
shares. Shareholders may reinvest income and capital gain distributions in
additional shares of the same class of the Fund at the net asset value as of
the ex-dividend date or, at the election of the shareholder, receive
distributions 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. For tax purposes, distributions from short-term capital gains are
considered to be from ordinary income.
The tax character of distributions declared for the years ended October 31,
2008 and October 31, 2007 was as follows:
Year Ended October 31,
--------------------------
2008 2007
- -------------------------------------------------------------------------------
Distributions declared from:
Ordinary income $3,219,590 $5,141
Long-term capital gains $1,121,716 $ --
- -------------------------------------------------------------------------------
During the year ended October 31, 2008, accumulated undistributed net
investment income was decreased by $475,393 and accumulated net realized
loss was decreased by $475,393 due to differences between book and tax
accounting, primarily for foreign currency gain (loss) and investments in
passive foreign investment companies (PFICs). These reclassifications had no
effect on the net assets or net asset value per share of the Fund.
As of October 31, 2008, the components of distributable earnings
(accumulated losses) and unrealized appreciation (depreciation) on a tax
basis were as follows:
Undistributed ordinary income $ 4,864,537
Capital loss carryforward $ (5,017,454)
Net unrealized depreciation $(263,276,773)
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 wash sales and investments in PFICs.
3 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------------------------------------------
The investment adviser fee is earned by Eaton Vance Management (EVM) as
compensation for management and investment advisory services rendered to the
Fund. The fee is computed at an annual rate of 0.85% of the Fund's average
daily net assets up to $500 million and at reduced rates as daily net assets
exceed that level, and is payable monthly. For the year ended October 31,
2008, the fee amounted to $3,648,254 or 0.85% of the Fund's average daily
net assets. Pursuant to a sub-advisory agreement, EVM has delegated the
investment management of the Fund to Parametric Portfolio Associates, LLC
(Parametric), an affiliate of EVM. EVM pays Parametric a portion of its
advisory fee for sub-advisory services provided to the Fund. The
administration fee is earned by EVM for administering the business affairs
of the Fund and is computed at an annual rate of 0.15% of the Fund's average
daily net assets. For the year ended October 31, 2008, the administration
fee amounted to $643,810.
EVM has agreed to waive its fees and reimburse expenses to the extent that
total annual operating expenses exceed 1.50%, 2.25% and 1.25% of the average
daily net assets of Class A, Class C and Class I, respectively, through
February 28, 2009. Thereafter, the waiver and reimbursement may be changed
or terminated at any time. Pursuant to this agreement, EVM waived fees and
reimbursed expenses of $870,941 for the year ended October 31, 2008.
EVM serves as the sub-transfer agent of the Fund and receives from the
transfer agent an aggregate fee based upon the actual expenses incurred by
EVM in the performance of these services. For the year ended October 31,
2008, EVM earned $5,535 in sub-transfer agent fees. The Fund was informed
that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the
Fund's principal underwriter, received $53,009 as its portion of the sales
charge on sales of Class A shares for the year ended October 31, 2008. EVD
also received distribution and service fees from Class A and Class C shares
(see Note 4) and contingent deferred sales charges (see Note 5).
Except for Trustees of the Fund who are not members of EVM's organization,
officers and Trustees receive remuneration for their services to the Fund
out of the investment adviser fee. Trustees of the Fund who are not
affiliated with EVM may elect to defer receipt of all or a percentage of
their annual fees in accordance with the terms of the Trustees Deferred
Compensation Plan. For the year ended October 31, 2008, no significant
amounts have been deferred. Certain officers and Trustees of the Fund are
officers of EVM.
4 Distribution Plans
- -------------------------------------------------------------------------------
The Fund has in effect a distribution plan for Class A shares (Class A Plan)
pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that
the Fund will pay EVD a distribution and service fee of 0.25% per annum of
its average daily net assets attributable to Class A shares for distribution
services and facilities provided 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 to EVD for the year ended October 31, 2008
amounted to $233,853 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C
Plan) pursuant to Rule 12b-1 under the 1940 Act. 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 5) and amounts theretofore paid or payable to EVD by Class
C. For the year ended October 31, 2008, the Fund paid or accrued to EVD
$97,913 for Class C shares representing 0.75% of the average daily net
assets of Class C shares. At October 31, 2008, the amount of Uncovered
Distribution Charges of EVD calculated under the Class C Plan was
approximately $1,166,000.
The Class C Plan also authorizes the Fund to make payments of service fees
to EVD, investment dealers and other persons equal to 0.25% per annum of its
average daily net assets attributable to that class. Service fees paid or
accrued are for personal services and/or the maintenance of shareholder
accounts. They are separate and distinct from the sales commissions and
distribution fees payable to EVD 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, 2008
amounted to $32,638 for Class C shares.
5 Contingent Deferred Sales Charges
- -------------------------------------------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on
redemptions of Class C shares made within one year of purchase. Class A
shares may be subject to a 1% CDSC if redeemed within 18 months of purchase
(depending on the circumstances 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. Class C shares are subject to a 1%
CDSC if redeemed within one year of purchase. No CDSC is levied on shares
which have been sold to EVM or its affiliates or to their respective
employees or clients and may be waived under certain other limited
conditions. CDSCs received on Class C redemptions are paid to EVD to reduce
the amount of Uncovered Distribution Charges calculated under the Fund's
Class C Plan. CDSCs received on Class C redemptions when no Uncovered
Distribution Charges exist are credited to the Fund. For the year ended
October 31, 2008, the Fund was informed that EVD received approximately
$66,000 and $12,000 of CDSCs paid by Class A and Class C shareholders,
respectively.
6 Purchases and Sales of Investments
- -------------------------------------------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $360,672,699 and $20,409,616, respectively, for the year ended
October 31, 2008.
7 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 October 31,
---------------------------------------
Class A 2008 2007
- -------------------------------------------------------------------------------------------------------
Sales 7,647,293 4,947,803
Issued to shareholders electing to receive payments of
distributions in Fund shares 53,728 --
Redemptions (3,432,341) (415,547)
- -------------------------------------------------------------------------------------------------------
Net increase 4,268,680 4,532,256
- -------------------------------------------------------------------------------------------------------
Year Ended October 31,
---------------------------------------
Class C 2008 2007
- -------------------------------------------------------------------------------------------------------
Sales 941,092 623,674
Issued to shareholders electing to receive payments of
distributions in Fund shares 3,583 --
Redemptions (331,065) (45,476)
- -------------------------------------------------------------------------------------------------------
Net increase 613,610 578,198
- -------------------------------------------------------------------------------------------------------
Year Ended October 31,
---------------------------------------
Class I 2008 2007
- -------------------------------------------------------------------------------------------------------
Sales 22,610,736 15,749,998
Issued to shareholders electing to receive payments of
distributions in Fund shares 125,248 217
Redemptions (4,920,012) (1,523,888)
- -------------------------------------------------------------------------------------------------------
Net increase 17,815,972 14,226,327
- -------------------------------------------------------------------------------------------------------
For the years ended October 31, 2008 and October 31, 2007, the Fund received
$22,156 and $39,441, respectively, in redemption fees.
8 Federal Income Tax Basis of Investments
- -------------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) of investments of the
Fund at October 31, 2008, as determined on a federal income tax basis, were
as follows:
Aggregate cost $ 622,893,520
-------------------------------------------------------------------------
Gross unrealized appreciation $ 3,761,511
Gross unrealized depreciation (266,915,835)
-------------------------------------------------------------------------
Net unrealized depreciation $(263,154,324)
-------------------------------------------------------------------------
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. Certain foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to domestic issuers. Investments in
foreign securities also involve the risk of possible adverse changes in
investment or exchange control regulations, expropriation or confiscatory
taxation, limitation on the removal of funds or other assets of the Fund,
political or financial instability or diplomatic and other developments
which could affect such investments. Foreign stock markets, while growing in
volume and sophistication, are generally not as developed as those in the
United States, and securities of some foreign issuers (particularly those
located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities markets,
broker-dealers and issuers than in the United States.
10 Line of Credit
- --------------------------------------------------------------------------------
The Fund participates with other portfolios and funds managed by EVM and its
affiliates in a $450 million unsecured line of credit agreement with a group
of banks. Borrowings are made by the Fund solely to facilitate the handling
of unusual and/or unanticipated short-term cash requirements. Interest is
charged to the Fund based on its borrowings at an amount above either the
Eurodollar rate or Federal Funds rate. In addition, a fee computed at an
annual rate of 0.10% on the daily unused portion of the line of credit is
allocated among the participating portfolios and funds at the end of each
quarter. The Fund did not have any significant borrowings or allocated fees
during the year ended October 31, 2008.
11 Recently Issued Accounting Pronouncement
- --------------------------------------------------------------------------------
In September 2006, the Financial Accounting Standards Board 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. As of October
31, 2008, management does not believe the adoption of FAS 157 will impact
the amounts reported in the financial statements; however, additional
disclosures may be required about the inputs used to develop the
measurements of fair value and the effect of certain of the measurements on
changes in net assets for the period.
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
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, 2008, and the related statement of
operations for the year then ended, and the statements of changes in net
assets and the financial highlights for each of the two years in the period
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
audits. 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 highlights in
their report dated December 20, 2006.
We conducted our audits 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 audits
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, 2008,
by correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. We believe that
our audits provide 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, 2008, the
results of its operations for the year then ended, and the changes in its net
assets and the financial highlights for each of the two years in the period
then ended, in conformity with accounting principles generally accepted in the
United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 15, 2008
EATON VANCE STRUCTURED EMERGING MARKETS FUND AS OF OCTOBER 31, 2008
FEDERAL TAX INFORMATION (UNAUDITED)
The Form 1099-DIV you receive in January 2009 will show the tax status of all
distributions paid to your account in calendar 2008. 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, the foreign
tax credit and capital gain dividends.
QUALIFIED DIVIDEND INCOME. The Fund designates $8,212,589, 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 $1,206,647 and recognized
foreign source income of $13,515,404.
CAPITAL GAIN DIVIDENDS. The Fund designates $1,121,716 as a capital gain
dividend.
EATON VANCE STRUCTURED EMERGING MARKETS FUND
SPECIAL MEETING OF SHAREHOLDERS (UNAUDITED)
EATON VANCE STRUCTURED EMERGING MARKETS FUND
- --------------------------------------------
The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect
Trustees. The results of the vote were as follows:
NUMBER OF SHARES
NOMINEE FOR TRUSTEE FOR WITHHELD
- -------------------------------------------------------------------------------
Benjamin C. Esty 26,902,871 22,507
Thomas E. Faust Jr. 26,902,871 22,507
Allen R. Freedman 26,898,718 26,660
William H. Park 26,901,289 24,089
Ronald A. Pearlman 26,899,233 26,145
Helen Frame Peters 26,900,292 25,085
Heidi L. Steiger 26,901,874 23,503
Lynn A. Stout 26,902,565 22,812
Ralph F. Verni 26,900,233 25,145
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 21, 2008, 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 Contract Review
Committee of the Board (formerly the Special Committee), which is a committee
comprised exclusively of Independent Trustees. Prior to making its
recommendation, the Contract Review Committee reviewed information furnished
for a series of meetings of the Contract Review Committee held in February,
March and April 2008. 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, and any changes
in portfolio management processes and personnel;
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 Contract Review 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, 2008, the Board met eleven times and the
Contract Review Committee, the Audit Committee and the Governance Committee,
each of which is a Committee comprised solely of Independent Trustees, met
twelve, seven and five 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. The Portfolio Management Committee and the
Compliance Reports and Regulatory Matters Committee are newly established and
did not meet during the twelve-month period ended April 30, 2008.
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 Contract Review Committee was assisted throughout the contract review
process by Goodwin Procter LLP, legal counsel for the Independent Trustees.
The members of the Contract Review 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 Contract Review 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
Contract Review 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, are in the interests of shareholders and, therefore, the
Contract Review Committee recommended to the Board approval of the agreements.
The Board accepted the recommendation of the Contract Review Committee as well
as the factors considered and conclusions reached by the Contract Review
Committee with respect to the agreements. Accordingly, the Board, including a
majority of the Independent Trustees, voted to approve the investment 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. 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. 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 noted the Sub-adviser's
experience in deploying quantitative-based investment strategies.
The Board also 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.
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 to be 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.
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-year ended September 30, 2007 for the Fund. In light of the Fund's
relatively brief operating history, the Board concluded that additional time
was required to evaluate Fund performance.
MANAGEMENT FEES AND EXPENSES
The Board reviewed contractual investment advisory fee rates, including any
administrative fee rates, paid by the Fund (referred to as "management fees").
As part of its review, the Board considered the Fund's management fees and
expense ratio for the one-year ended September 30, 2007. The Board considered
the fact that the Adviser had waived fees and/or paid expenses for the Fund.
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 for advisory and related
services and the Fund's total expense ratio 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, 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 noted the structure of
the advisory fee, which includes breakpoints at several asset levels. 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.
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 EVC. 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.
Term of Number of
Position(s) Office and Portfolios in Fund
with the Length of Principal Occupation(s) Complex Overseen Other
Name and Date of Birth Trust Service During Past Five Years By Trustee(1) Directorships Held
- -----------------------------------------------------------------------------------------------------------------------------------
Interested Trustee
Thomas E. Faust Jr. Trustee and Trustee since Chairman, Chief Executive 173 Director of EVC
5/31/58 President 2007 Officer and President of EVC,
and President Director and President of EV,
since 2002 Chief Executive Officer and
President of EVM and BMR, and
Director of EVD. Trustee and/
or Officer of 173 registered
investment companies and 4
private investment companies
managed by EVM or BMR. Mr.
Faust is an interested person
because of his positions with
EVM, BMR, EVC, EVD and EV
which are affiliates of the
Trust.
Noninterested Trustees
Benjamin C. Esty Trustee Since 2005 Roy and Elizabeth Simmons 173 None
1/2/63 Professor of Business
Administration, Harvard
University Graduate School of
Business Administration.
Allen R. Freedman Trustee Since 2007 Former Chairman (2002-2004) 173 Director of
4/30/40 and a Director (1983-2004) of Assurant, Inc. and
Systems & Computer Technology Stonemor Partners
Corp. (provider of software L.P. (owner and
to higher education.) operator of
Formerly, a Director of cemeteries)
Loring Ward International
(fund distributor)
(2005-2007). Formerly,
Chairman and a Director of
Industrial International Inc.
(provider of enterprise
management software to the
power generating industry)
(2005-2007).
William H. Park Trustee Since 2003 Vice Chairman, Commercial 173 None
9/19/47 Industrial 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 173 None
7/10/40 University Law Center.
Helen Frame Peters Trustee Since 2008 Professor of Finance, Carroll 173 Director of
3/22/48 School of Management, Boston Federal Home Loan
College (since 2003). Adjunct Bank of Boston (a
Professor of Finance, Peking bank for banks)
University, Beijing, China and BJ's Wholesale
(since 2005). Formerly, Dean, Clubs (wholesale
Carroll School of Management, club retailer);
Boston College (2000-2003). Trustee of SPDR
Index Shares Funds
and SPDR Series
Trust (exchange
traded funds)
Heidi L. Steiger Trustee Since 2007 Managing Partner, Topridge 173 Director of
7/8/53 Associates LLC (global wealth Nuclear Electric
management firm) (since Insurance Ltd.
2008), Senior Adviser (since (nuclear insurance
2008), President (2005-2008), provider) and
Lowenhaupt Global Advisors, Aviva USA
LLC (global wealth management (insurance
firm). Formerly, President provider)
and Contributing Editor,
Worth Magazine (2004-2005).
Formerly, Executive Vice
President and Global Head of
Private Asset Management (and
various other positions),
Neuberger Berman (investment
firm) (1986-2004).
Lynn A. Stout Trustee Since 1998 Paul Hastings Professor of 173 None
9/14/57 Corporate and Securities Law
(since 2006) and Professor of
Law (2001-2006), University
of California at Los Angeles
School of Law.
Ralph F. Verni Chairman of Chairman of the Consultant and private 173 None
1/26/43 the Board Board investor.
and Trustee since 2007 and
Trustee since
2005
Principal Officers who are not Trustees
Term of
Position(s) Office and
with the Length of
Name and Date of Birth Trust Service Principal Occupation(s) During Past Five Years
- -----------------------------------------------------------------------------------------------------------------------------------
William H. Ahern, Jr. Vice Since 1995 Vice President of EVM and BMR. Officer of 75 registered investment
7/28/59 President companies managed by EVM or BMR.
John R. Baur Vice Since 2007 Vice President of EVM and BMR. Previously, attended Johnson Graduate
2/10/70 President School of Management, Cornell University (2002-2005), and prior thereto
he was an Account Team Representative in Singapore for Applied
Materials, Inc. Officer of 33 registered investment companies managed
by EVM or BMR.
Michael A. Cirami Vice Since 2007 Vice President of EVM and BMR. Previously, attended the University of
12/24/73 President Rochester William E. Simon Graduate School of Business Administration
(2001-2003), and prior thereto he was a Team Leader for the
Institutional Services Group for State Street in Luxembourg. Officer of
33 registered investment companies managed by EVM or BMR.
Cynthia J. Clemson Vice Since 2005 Vice President of EVM and BMR. Officer of 90 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 30 registered investment companies managed by EVM or BMR.
Christine M. Johnston Vice Since 2007 Vice President of EVM and BMR. Officer of 35 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 33 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 51 registered investment
4/8/62 President companies managed by EVM or BMR.
Robert B. MacIntosh Vice Since 1998 Vice President of EVM and BMR. Officer of 90 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 81 registered investment companies managed by
EVM or BMR.
Judith A. Saryan Vice Since 2003 Vice President of EVM and BMR. Officer of 55 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 36 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 31 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 31 registered investment companies managed by EVM or BMR.
Mark S. Venezia Vice Since 2007 Vice President of EVM and BMR. Officer of 36 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 71 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 173 registered investment
6/19/57 companies managed by EVM or BMR.
Maureen A. Gemma Secretary Secretary since
5/24/60 and Chief 2007 and Chief
Legal Legal Officer Vice President of EVM and BMR. Officer of 173 registered investment
Officer since 2008 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 173 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 on Eaton Vance's website at www.eatonvance.com or by calling 1-800-262-1122.
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, LLC
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 AND TRUST COMPANY
225 Franklin Street
Boston, MA 02110
TRANSFER AGENT
PNC GLOBAL INVESTMENT SERVICING
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
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 1-800-262-1122.
- -------------------------------------------------------------------------------
2774-12/08 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, an independent trustee,
as its audit committee financial expert. 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).
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 Floating-Rate Advantage
Fund, Eaton Vance Strategic Income Fund, Eaton Vance Global Macro Fund, Eaton
Vance Emerging Markets Local Income Fund, Eaton Vance International 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 Floating-Rate Advantage Fund, the following tables
present the aggregate fees billed to each Fund for the Fund's respective fiscal
years ended October 31, 2007 and October 31, 2008 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 2007, Eaton Vance Cash Management Fund and Eaton Vance Money
Market Fund changed their fiscal year ends from December 31 to October 31. The
Eaton Vance Global Macro Fund, Eaton Vance Emerging Markets Local Income Fund,
and Eaton Vance International Income Fund commenced operations June 27, 2007.
The Eaton Vance Floating-Rate Advantage Fund commenced operations on the close
of business on March 14, 2008. Accordingly the tables for these Funds show fee
information for the fiscal years ended October 31, 2007, October 31, 2008,
respectively.
EATON VANCE TAX-MANAGED SMALL-CAP VALUE FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $10,410 $11,260
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,541 6,770
All Other Fees(3) 0 0
------------------------------------
Total $16,951 $18,030
====================================
EATON VANCE TAX-MANAGED MID-CAP CORE FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $10,410 $11,260
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,769 7,010
All Other Fees(3) 0 0
------------------------------------
Total $17,179 $18,270
====================================
EATON VANCE TAX-MANAGED MULTI-CAP GROWTH FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $12,620 $13,550
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,541 6,770
All Other Fees(3) 0 0
------------------------------------
Total $19,161 $20,320
====================================
EATON VANCE TAX-MANAGED VALUE FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $13,880 $15,850
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,769 7,010
All Other Fees(3) 0 0
------------------------------------
Total $20,649 $22,860
====================================
EATON VANCE TAX-MANAGED INTERNATIONAL EQUITY FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $13,880 $13,550
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,655 6,890
All Other Fees(3) 0 0
------------------------------------
Total $20,535 $20,440
====================================
EATON VANCE TAX-MANAGED SMALL-CAP FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $16,880 $17,960
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,769 7,010
All Other Fees(3) 0 0
------------------------------------
Total $23,649 $24,970
====================================
EATON VANCE TAX MANAGED EQUITY ASSET ALLOCATION FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $51,880 $51,835
Audit-Related Fees(1) 0 0
Tax Fees(2) 18,050 18,690
All Other Fees(3) 0 0
------------------------------------
Total $69,930 $70,525
====================================
EATON VANCE HIGH INCOME OPPORTUNITIES FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $13,780 $14,850
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,541 6,770
All Other Fees(3) 0 0
------------------------------------
Total $20,321 $21,620
====================================
EATON VANCE FLOATING-RATE FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $13,530 $14,600
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,769 7,010
All Other Fees(3) 0 0
------------------------------------
Total $20,299 $21,610
====================================
EATON VANCE FLOATING-RATE & HIGH INCOME FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $ 13,530 $14,600
Audit-Related Fees(1) 0 0
Tax Fees(2) 6,769 7,010
All Other Fees(3) 0 0
------------------------------------
Total $20,299 $21,610
====================================
EATON VANCE STRATEGIC INCOME FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $30,000 $32,085
Audit-Related Fees(1) 0 0
Tax Fees(2) 19,000 19,670
All Other Fees(3) 0 504
------------------------------------
Total $49,000 $52,259
====================================
EATON VANCE GLOBAL MACRO FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $18,000 $19,665
Audit-Related Fees(1) 0 0
Tax Fees(2) 10,000 10,350
All Other Fees(3) 0 0
------------------------------------
Total $28,000 $30,015
====================================
EATON VANCE EMERGING MARKETS LOCAL INCOME FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $10,500 $11,905
Audit-Related Fees(1) 0 0
Tax Fees(2) 8,500 8,800
All Other Fees(3) 0 0
------------------------------------
Total $19,000 $20,705
====================================
EATON VANCE INTERNATIONAL INCOME FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $10,500 $11,905
Audit-Related Fees(1) 0 0
Tax Fees(2) 8,500 8,800
All Other Fees(3) 0 0
------------------------------------
Total $19,000 $20,705
====================================
EATON VANCE LOW DURATION FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $24,000 $25,875
Audit-Related Fees(1) 0 0
Tax Fees(2) 12,000 12,420
All Other Fees(3) 0 0
------------------------------------
Total $36,000 $38,295
====================================
EATON VANCE GOVERNMENT OBLIGATIONS FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $24,000 $25,875
Audit-Related Fees(1) 0 0
Tax Fees(2) 11,000 11,390
All Other Fees(3) 0 0
------------------------------------
Total $35,000 $37,265
====================================
EATON VANCE DIVERSIFIED INCOME FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $20,000 $19,665
Audit-Related Fees(1) 0 0
Tax Fees(2) 15,000 16,530
All Other Fees(3) 0 0
------------------------------------
Total $35,000 $36,195
====================================
EATON VANCE FLOATING-RATE ADVANTAGE FUND
PERIOD ENDED 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $17,585
Audit-Related Fees(1) 0
Tax Fees(2) 20,000
All Other Fees(3) 0
------------------------------------
Total $37,585
====================================
EATON VANCE LARGE-CAP CORE RESEARCH FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $25,000 $24,835
Audit-Related Fees(1) 0 0
Tax Fees(2) 7,800 8,080
All Other Fees(3) 0 5
------------------------------------
Total $32,800 $32,920
====================================
EATON VANCE TAX-MANAGED DIVIDEND INCOME FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $49,980 $51,315
Audit-Related Fees(1) 0 0
Tax Fees(2) 9,957 10,310
All Other Fees(3) 0 194
------------------------------------
Total $59,937 $61,819
====================================
EATON VANCE DIVIDEND INCOME FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $12,750 $13,690
Audit-Related Fees(1) 0 0
Tax Fees(2) 8,280 8,570
All Other Fees(3) 0 0
------------------------------------
Total $21,030 $22,260
====================================
EATON VANCE INTERNATIONAL EQUITY FUND
FISCAL YEARS ENDED 10/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees $12,750 $13,690
Audit-Related Fees(1) 0 0
Tax Fees(2) 8,280 8,570
All Other Fees(3) 0 0
------------------------------------
Total $21,030 $22,260
====================================
EATON VANCE STRUCTURED EMERGING MARKETS FUND
FISCAL YEARS ENDED 0/31/07 10/31/08
- -------------------------------------------------------------------------------
Audit Fees 70,000 $71,415
Audit-Related Fees(1) 0 0
Tax Fees(2) 11,000 11,390
All Other Fees(3) 0 0
------------------------------------
Total 81,000 $82,805
====================================
EATON VANCE CASH MANAGEMENT FUND
- -------------------------------------------------------------------------------
FISCAL YEARS ENDED 12/31/2006 1/1/2007- 10/31/2007 10/31/2008
- -------------------------------------------------------------------------------
Audit Fees $11,900 $15,000 $16,555
Audit-Related fees(1) $0 $0 $0
Tax Fees(2) $5,875 $5,800 $6,010
All Other Fees(3) $0 $0 $0
-----------------------------------------------
Total $17,775 $20,800 $22,565
===============================================
EATON VANCE MONEY MARKET FUND
- -------------------------------------------------------------------------------
FISCAL YEARS ENDED 12/31/2006 1/1/2007- 10/31/2007 10/31/2008
- -------------------------------------------------------------------------------
Audit Fees $11,900 $15,000 $ 16,555
Audit-Related fees(1) 0 0 $0
Tax Fees(2) $5,875 $5,800 $6,010
All Other Fees(3) 0 0 $0
-----------------------------------------------
Total $17,775 $20,800 $22,565
===============================================
(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 12/31/06 10/31/07 12/31/07 10/31/08
PWC D&T PWC D&T PWC D&T PWC D&T
- -------------------------------------------------------------------------------------------------------------------------------
AUDIT FEES $74,200 $ 22,670 $0 $43,070 $ 0 $ 0 $ 0 $939,405
AUDIT-RELATED 0 0 0 0 0 0 0 0
FEES(1)
TAX FEES(2) $31,500 $11,550 0 $ 0 $ 0 $ 0 0 $309,560
ALL OTHER 0 0 0 0 0 0 0 58,322
FEES(3)
---------------------------------------------------------------------------------------------------------------
TOTAL $105,700 $34,220 $0 $62,360 $ 0 $ 0 $ 0 $1,307,287
===============================================================================================================
(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, 2007 and October 31, 2008, the
Fund was billed $35,000 and $40,000 by PwC and D&T, respectively, the principal
accountant for the 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 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 12/31/06 10/31/07 12/31/07 10/31/08
PWC D&T PWC D&T PWC D&T PWC D&T
- -------------------------------------------------------------------------------------------------------------------------------
REGISTRANT(1) $31,500 $11,550 $ 0 $19,290 $ 0 $ 0 $ 0 $367,882
EATON $83,416 $42,100 $68,486 $72,100 $ 0 $ 0 $125,781 $317,301
VANCE(2)
(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 15, 2008
-----------------
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 15, 2008
-----------------
By: /s/ Thomas E. Faust Jr.
-----------------------
Thomas E. Faust Jr.
President
Date: December 15, 2008
-----------------