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: 811-02258

Eaton Vance Series Trust II

(Exact Name of registrant as Specified in Charter)

Two International Place Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(registrant’s Telephone Number)

June 30

Date of Fiscal Year End

December 31, 2009

Date of Reporting Period

TABLE OF CONTENTS

	Item 1. Reports to Stockholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed registrants
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10. Submission of Matters to a Vote of Security Holders
	Item 11. Controls and Procedures
	Item 12. Exhibits
Signatures
EX-99.CERT Section 302 Certification
EX-99.906CERT Section 906 Certification

Item 1. Reports to Stockholders

EATON VANCE TAX-MANAGED 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:

•  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.

•  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.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy 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 applies only 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(s) (if applicable) will file a schedule of 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 at 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 Tax-Managed Emerging Markets Fund as of December 31, 2009

INVESTMENT UPDATE

Economic and Market Conditions

Thomas Seto
Parametric Portfolio
Associates, LLC
Co-Portfolio Manager

David Stein, Ph.D.
Parametric Portfolio
Associates, LLC
Co-Portfolio Manager

• Global equity markets continued to post strong returns during the six months ending December 31, 2009, as markets moved into positive territory from the depths of a global recession that began to reach historic proportions in the second half of 2008. Significant infusions of government monetary and fiscal stimulus helped moderate the economic downdraft early in 2009, with the world’s emerging-market economies initially leading the way. As investors transitioned from crisis mode to greater degrees of confidence, equities reversed their slide, establishing a bottom in March 2009 and bouncing back sharply throughout the second half of the calendar year.

• Foreign equities in the developed world, as represented by the MSCI Europe, Australasia, and Far East (EAFE) Index, produced solid results for the six-month period, with the EAFE posting a 22.07% gain, in line with the 22.57% return of the S&P 500 Index, a proxy for the broad-based U.S. equity market. Within the developed world, equities in the Far East region – excluding those in Japan, an economy that continued to struggle – did quite well, while those in Europe experienced solid, but somewhat lower growth momentum during the period.

• The stimulus-induced momentum in global equities was most pronounced in the emerging markets, which enjoyed robust performance in the second half of 2009, as measured by the MSCI Emerging Markets Index. The benchmark for the developing world’s equity markets recorded a gain of 31.24% for the period, ahead of the returns for both the EAFE and S&P 500. Equities in Brazil, Indonesia, India and Russia produced the best returns during the period, while those in Morocco and Argentina were the biggest laggards, both markets posting negative returns.

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. For performance as of the most recent month end, please refer to www.eatonvance.com.

Management Discussion

• During the six-month period ending December 31, 2009, the Fund returned 28.87%, reflecting the strong performance of emerging markets stocks during the period that was illustrated by the Fund’s benchmark, the MSCI Emerging Markets Index (the “Index”). Many of the larger emerging markets economies performed well, benefiting from the positive momentum brought about by foreign stimulus and other aid programs, which helped bolster investor confidence and contributed to record net inflows into emerging markets equity funds.

• The Fund underperformed the Index primarily due to structured underweights, relative to the Index, to Brazil and South Korea. Both of these countries had strong performance during the period. The Fund also had negative returns in Kuwait and Nigeria, neither of which are in the Index.

• On the favorable side, the Fund’s significant underweight to China was beneficial, as China underperformed within the Index. The Fund’s structured sector allocation was beneficial in Russia, where the Fund’s holdings outperformed those in the Index. Overweight positions in strong-performing Hungary, Turkey, Indonesia and Mexico also contributed positively to the Fund’s relative returns during the six-month period.

Total Return Performance 6/30/09 – 12/31/09
Class I2	28.87	%
MSCI Emerging Markets Index1	31.24
S&P/IFCI Emerging Markets Index1	31.38
Lipper Emerging Markets Funds Average1	30.48

See page 3 for more performance information, including after-tax returns.

1

The Fund’s primary benchmark changed from the S&P/IFCI Emerging Markets Index to the MSCI Emerging Markets Index on April 27, 2009, as the MSCI Emerging Markets Index was deemed to be a more appropriate primary benchmark for the Fund. It is not possible to invest directly in an Index or a Lipper Classification. The Indices’ total returns do not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. MSCI Index return reflects dividends net of any applicable foreign withholding taxes. The Lipper total return shown is the average total return, at net asset value, of the funds that are in the same Lipper Classification as the Fund.

2

Six-month returns are cumulative. Class I is offered to certain investors at net asset value. Class I shares are subject to a 2% redemption fee at the time of exchange or redemption.

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 advisor 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.

1

Eaton Vance Tax-Managed Emerging Markets Fund as of December 31, 2009

PORTFOLIO COMPOSITION

Top 10 Holdings1
By net assets
America Movil SAB de CV, Series L	1.3	%
OAO Gazprom ADR	1.2
Teva Pharmaceutical Industries, Ltd. ADR	1.1
Sberbank of Russian Federation	1.0
MTN Group, Ltd.	1.0
Samsung Electronics Co., Ltd.	1.0
Cemex SAB de CV, Series CPO	0.6
CEZ AS	0.6
POSCO	0.6
OTP Bank Rt.	0.5

¹ Top 10 Holdings represented 8.9% of the Fund’s net assets as of 12/31/09. Excludes cash equivalents.

Sector Weightings²
By net assets

² As a percentage of the Fund’s net assets as of 12/31/09. Excludes cash equivalents.

Regional Weightings³
By total common stocks

³ As a percentage of the Fund’s total common stocks as of 12/31/09.

2

Eaton Vance Tax-Managed Emerging Markets Fund as of December 31, 2009

FUND PERFORMANCE

“Return Before Taxes” does not take into consideration shareholder taxes. It is most relevant to tax-free or tax-deferred shareholder accounts. “Return After Taxes on Distributions” reflects the impact of federal income taxes due on Fund distributions of dividends and capital gains. It is most relevant to taxpaying shareholders who continue to hold their shares. “Return After Taxes on Distributions and Sale of Fund Shares” also reflects the impact of taxes on capital gain or loss realized upon a sale of shares. It is most relevant to taxpaying shareholders who sell their shares.

Average Annual Total Returns
(For the periods ended December 31, 2009)

Returns at Net Asset Value (NAV) (Class I)

	One Year			Five Years			10 Years			Life of Fund1
Return Before Taxes		68.20	%		16.35	%		12.60	%		15.70	%
Return After Taxes on Distributions		68.21			16.13			12.06			15.16
Return After Taxes on Distributions and Sale of Fund Shares		44.92			14.55			11.06			14.06

Returns Reflecting the Redemption Fee (Class I)

	One Year			Five Years			10 Years			Life of Fund1
Return Before Taxes		64.87	%		15.93	%		12.42	%		15.54	%
Return After Taxes on Distributions		64.88			15.70			11.87			14.99
Return After Taxes on Distributions and Sale of Fund Shares		42.76			14.17			10.89			13.91

Total Annual Operating Expenses (Class I)²

Expense Ratio 0.97 %

1	Class I commenced operations on 6/30/98. The Fund’s performance prior to 2/6/04 is that of its predecessor, the PIMCO PPA Tax-Efficient Structured Emerging Markets Fund.
2	Source: Prospectus dated 11/1/09, as revised January 22, 2010.

After-tax returns are calculated using certain assumptions. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant for shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period or because the taxable portion of distributions made during the period was insignificant. Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

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. For performance as of the most recent month end, please refer to www.eatonvance.com.

3

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

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 (July 1, 2009 – December 31, 2009).

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 your 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 be higher.

Eaton Vance Tax-Managed Emerging Markets Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(7/1/09)		(12/31/09)		(7/1/09 – 12/31/09)
Actual
Class I		$1,000.00		$1,288.70		$5.48
Hypothetical
(5% return per year before expenses)
Class I		$1,000.00		$1,020.40		$4.84

*   Expenses are equal to the Fund’s annualized expense ratio of 0.95% for Class I shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2009.

4

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.5%
Security	Shares		Value
Argentina — 0.9%
Aluar Aluminio Argentino SAIC		97,117	$	98,676
Banco Macro Bansud SA, Class B		130,676		369,773
Banco Macro SA, Class B ADR		71,000		2,112,960
BBVA Banco Frances SA		76,594		163,309
BBVA Banco Frances SA ADR		23,099		145,293
Cresud SA ADR		129,731		1,865,532
Grupo Financiero Galicia SA, Class B(1)		89,316		50,547
Grupo Financiero Galicia SA, Class B ADR(1)		103,000		593,280
IRSA Inversiones y Representaciones SA		119,544		116,429
IRSA Inversiones y Representaciones SA GDR		57,300		544,350
Ledesma SAAI		259,501		303,969
MercadoLibre, Inc.(1)		49,000		2,541,630
Molinos Rio de la Plata SA, Class B		92,923		291,072
Petrobras Energia SA ADR		72,987		1,140,787
Petrobras Energia SA, Class B		48,186		76,611
Siderar SAIC(1)		75,100		476,417
Telecom Argentina SA, Class B(1)		229,824		765,273
Telecom Argentina SA, Class B ADR(1)		181,200		3,047,784
Transportadora de Gas del Sur SA		252,923		146,468
Transportadora de Gas del Sur SA ADR		33,800		98,696
			$	14,948,856
Botswana — 0.7%
Barclays Bank of Botswana		1,120,550	$	1,117,678
Botswana Insurance Holdings Ltd.		298,665		461,577
First National Bank of Botswana		7,511,600		2,808,431
Letshego		420,300		942,045
Sechaba Breweries Ltd.		1,834,300		3,531,087
Sefalana Holding Co.		991,000		482,138
Standard Chartered Bank		850,790		2,049,642
			$	11,392,598
Brazil — 6.3%
AES Tiete SA		15,327	$	151,421
AES Tiete SA, PFC Shares		18,716		215,003
American Banknote SA		19,000		206,261
B2W Companhia Global do Varejo		20,200		554,601
Banco Bradesco SA		60,000		1,033,544
Banco Bradesco SA, PFC Shares		236,300		4,937,733
Banco do Brasil SA		56,600		965,548
Bombril SA, PFC Shares		100,000		506,031
Bradespar SA, PFC Shares		39,200		867,534
Brasil Telecom SA(1)		25,532		403,438
Brasil Telecom SA, PFC Shares(1)		116,635		1,122,134
Braskem SA, PFC Shares		16,000		129,397
BRF-Brasil Foods SA		76,783		2,000,945
Centrais Eletricas Brasileiras SA		44,000		918,415
Centrais Eletricas Brasileiras SA, Class B, PFC Shares		57,482		1,047,288
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		29,675		1,108,253
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class B, PFC Shares		1,381		51,575
Cia de Bebidas das Americas, PFC Shares		69,465		6,962,460
Cia de Companhia de Concessoes Rodoviarias (CCR)		40,000		916,485
Cia de Saneamento Basico do Estado de Sao Paulo		23,200		458,137
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		25,863		768,759
Cia Energetica de Minas Gerais		9,928		139,140
Cia Energetica de Minas Gerais, PFC Shares		91,137		1,654,181
Cia Energetica de Sao Paulo, PFC Shares		23,500		324,357
Cia Paranaense de Energia-Copel, PFC Shares		36,800		782,925
Cia Siderurgica Nacional SA (CSN)		60,300		1,939,575
Contax Participacoes SA, PFC Shares		7,550		433,659
Cosan SA Industria e Comercio(1)		52,100		766,088
CPFL Energia SA		15,000		304,222
Cyrela Brazil Realty SA		85,724		1,206,340
Diagnosticos da America SA		19,400		635,041
Duratex SA		116,036		1,079,715
EDP-Energias do Brasil SA		16,600		319,891
Eletropaulo Metropolitana SA, Class B, PFC Shares		23,068		457,120
Embratel Participacoes SA		37,424,000		322,435
Embratel Participacoes SA, PFC Shares		67,000,000		579,179
Empresa Brasileira de Aeronautica SA		152,532		833,187
Fibria Celulose SA(1)		19,771		443,911
Gafisa SA		47,400		768,855
Gerdau SA, PFC Shares		78,800		1,318,916
GVT Holding SA(1)		22,800		733,241
Investimentos Itau SA, PFC Shares		926,039		6,303,022
Itau Unibanco Holding SA, PFC Shares		324,892		7,220,029
JBS SA		164,700		881,679
Klabin SA, PFC Shares		47,000		143,349
Localiza Rent a Car SA		19,500		216,393
Lojas Americanas SA, PFC Shares		288,359		2,572,209
Lojas Renner SA		29,000		654,624
Lupatech SA(1)		13,700		213,644
Marcopolo SA, PFC Shares		46,300		179,509
Metalurgica Gerdau SA, PFC Shares		31,400		629,803
MRV Engenharia e Participacoes SA		117,600		952,418
Natura Cosmeticos SA		35,000		729,954
Net Servicos de Comunicacao SA, PFC Shares		109,407		1,508,195
Petroleo Brasileiro SA		275,200		6,583,619
Petroleo Brasileiro SA ADR		187,400		7,943,886
Petroleo Brasileiro SA, PFC Shares		224,600		4,733,242
Randon Participacoes SA, PFC Shares		63,700		570,044

See notes to financial statements

5

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Brazil (continued)
Souza Cruz SA		28,900	$	958,796
Suzano Papel e Celulose SA		20,000		235,497
Tam SA, PFC Shares		12,600		276,534
Tele Norte Leste Participacoes SA		11,200		287,559
Tele Norte Leste Participacoes SA, PFC Shares		47,300		1,007,944
Tele Norte Leste Participacoes SA ADR, PFC Shares		26,608		569,943
Telemar Norte Leste SA, PFC Shares		9,000		321,591
Telesp-Telecomunicacoes de Sao Paulo SA		5,050		110,108
Telesp-Telecomunicacoes de Sao Paulo SA, PFC Shares		18,313		457,983
Tim Participacoes SA(1)		30,104		123,632
Tim Participacoes SA, PFC Shares		88,232		259,476
Totvs SA		11,000		745,548
Tractebel Energia SA		41,300		510,735
Ultrapar Participacoes SA, PFC Shares		25,912		1,192,309
Usinas Siderurgicas de Minas Gerais SA		10,350		297,778
Usinas Siderurgicas de Minas Gerais SA, PFC Shares		31,500		893,616
Vale SA		189,400		5,385,009
Vale SA, PFC Shares		328,292		7,957,451
Vivo Participacoes SA, PFC Shares		47,418		1,483,821
Weg SA		130,700		1,381,321
			$	106,859,210
Bulgaria — 0.3%
Albena Invest Holding PLC		19,550	$	87,136
Bulgarian American Credit Bank JSCO(1)		38,300		484,579
Bulgartabak Holding		3,450		43,477
CB First Investment Bank AD(1)		54,000		89,839
Chimimport AD(1)		487,988		950,680
Corporate Commercial Bank AD(1)		19,900		827,400
Doverie Holding AD(1)		40,000		105,947
Industrial Holding Bulgaria PLC(1)		157,774		198,132
Olovno Tzinkov Komplex AD(1)		33,800		349,774
Petrol AD(1)		76,205		407,893
Sopharma AD(1)		303,500		874,424
Vivacom		32,300		75,406
			$	4,494,687
Chile — 3.2%
Administradora de Fondos de Pensiones Provida SA ADR		9,800	$	444,430
AES Gener SA		982,700		443,469
Almendral SA		7,092,000		733,727
Antarchile SA, Series A		28,200		516,819
Banco de Chile		7,328,779		656,694
Banco de Chile ADR		21,946		1,182,889
Banco de Credito e Inversiones		62,663		2,092,965
Banco Santander Chile SA		6,125,600		369,986
Banco Santander Chile SA ADR		47,622		3,084,953
Cap SA		12,000		353,532
Cencosud SA		857,500		2,901,424
Cia Cervecerias Unidas SA ADR		37,800		1,474,956
Cia Electro Metalurgica SA		17,500		207,779
Cia General de Electricidad SA		116,110		784,821
Cia SudAmericana de Vapores SA(1)		665,256		485,717
Colbun SA		4,658,500		1,188,838
Corpbanca SA		83,071,400		671,185
Corpbanca SA ADR		17,000		720,800
Embotelladora Andina SA, Series A ADR		25,100		425,445
Embotelladora Andina SA, Series B ADR		48,900		997,560
Empresa Nacional de Electricidad SA		222,900		377,759
Empresa Nacional de Electricidad SA ADR		61,159		3,074,463
Empresas CMPC SA		48,400		1,926,653
Empresas Copec SA		345,800		5,172,179
Empresas La Polar SA		88,300		503,386
Enersis SA		1,248,200		569,432
Enersis SA ADR		137,171		3,135,729
ENTEL SA		77,200		1,117,875
Grupo Security SA		1,066,690		309,213
Invercap SA		51,300		384,156
Inversiones Aguas Metropolitanas SA		211,100		253,345
Lan Airlines SA		44,000		750,892
Lan Airlines SA ADR		80,500		1,341,935
Madeco SA		4,859,800		306,461
Madeco SA ADR		105,700		650,055
Masisa SA		7,040,250		1,040,534
Minera Valparaiso SA		28,200		889,152
Parque Arauco SA		498,800		570,113
Quinenco SA		223,900		474,318
S.A.C.I. Falabella SA		723,600		4,270,730
Salfacorp SA		95,700		163,885
SM-Chile SA, Class B		2,793,600		368,792
Sociedad de Inversiones Pampa Calichera SA, Class A		834,400		1,446,984
Sociedad Quimica y Minera de Chile SA		20,950		881,432
Sociedad Quimica y Minera de Chile SA, Series B ADR		57,200		2,149,004
Sonda SA		483,700		753,026
Vina Concha y Toro SA ADR		31,000		1,289,910
			$	53,909,402
China — 6.1%
Air China, Ltd., Class H(1)		300,000	$	232,571
Aluminum Corp. of China Ltd., Class H(1)		696,000		759,058
Angang Steel Co., Ltd., Class H		428,000		935,479
Anhui Conch Cement Co., Ltd., Class H		110,000		703,600
Baidu, Inc. ADR(1)		4,800		1,973,904

See notes to financial statements

6

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
China (continued)
Bank of China, Ltd., Class H		3,953,000	$	2,124,308
Beijing Capital International Airport Co., Ltd., Class H(1)		236,000		154,960
Beijing Enterprises Holdings, Ltd.		119,000		861,888
Beijing North Star Co., Ltd., Class H		1,580,000		554,103
BOE Technology Group Co., Ltd., Class B(1)		1,405,300		415,886
BYD Co., Ltd., Class H(1)		266,000		2,333,397
Chaoda Modern Agriculture Holdings, Ltd.		231,660		247,194
China Agri-Industries Holdings, Ltd.		725,000		947,218
China CITIC Bank, Class H		384,000		325,043
China Communications Construction Co., Ltd., Class H		718,000		682,220
China Communications Services Corp., Ltd., Class H		268,000		131,185
China Construction Bank, Class H		3,489,000		2,980,112
China COSCO Holdings Co., Ltd., Class H		323,150		393,741
China Dongxiang Group Co.		520,000		401,894
China Everbright, Ltd.		456,000		1,118,992
China Foods, Ltd.		460,000		411,565
China International Marine Containers Co., Ltd., Class B		163,812		205,393
China Life Insurance Co., Ltd., Class H		1,164,000		5,703,196
China Mengniu Dairy Co., Ltd.(1)		143,000		511,086
China Merchants Holdings International Co., Ltd.		824,000		2,658,171
China Merchants Property Development Co., Ltd.		588,654		1,378,240
China Mobile, Ltd.		862,900		8,028,856
China Oilfield Services, Ltd., Class H		564,000		671,820
China Overseas Land & Investment, Ltd.		828,360		1,733,535
China Petroleum & Chemical Corp., Class H		3,974,000		3,506,333
China Railway Construction Corp., Class H		404,000		514,281
China Railway Group, Ltd., Class H(1)		400,000		309,970
China Resources Enterprise, Ltd.		414,000		1,506,665
China Resources Power Holdings Co., Ltd.		209,000		414,035
China Shenhua Energy Co., Ltd., Class H		371,000		1,800,947
China Southern Airlines Co., Ltd., Class H(1)		562,500		174,021
China Telecom Corp., Ltd., Class H		1,950,000		806,358
China Travel International Investment Hong Kong, Ltd.		800,000		237,600
China Unicom, Ltd.		710,290		932,088
China Vanke Co., Ltd., Class B		1,185,417		1,481,217
China Yurun Food Group, Ltd.		338,000		1,000,477
Chongqing Changan Automobile Co., Ltd., Class B		723,024		730,836
CNOOC, Ltd.		2,097,500		3,262,425
Cosco Pacific, Ltd.		122,000		155,141
Ctrip.com International, Ltd. ADR(1)		14,600		1,049,156
Dazhong Transportation Group Co., Ltd., Class B		633,875		515,245
Denway Motors, Ltd.		1,892,000		1,197,662
Dongfeng Motor Corp., Class H		1,298,000		1,853,499
FU JI Food & Catering Services(1)(2)		133,000		0
Guangdong Electric Power Development Co., Ltd., Class B		264,000		156,145
Guangdong Investment, Ltd.		374,000		217,817
Guangdong Provincial Expressway Development Co., Ltd., Class B		234,960		121,201
Hangzhou Steam Turbine Co., Ltd., Class B		210,236		468,968
Industrial & Commercial Bank of China, Ltd., Class H		5,361,000		4,415,122
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		165,600		133,236
Jiangsu Expressway Co., Ltd., Class H		352,000		314,276
Jiangxi Copper Co., Ltd., Class H		432,000		1,010,299
Kingboard Chemical Holdings, Ltd.		164,000		650,339
Lenovo Group, Ltd.		822,000		510,460
Li Ning Co., Ltd.		215,000		815,240
Lianhua Supermarket Holdings Ltd., Class H		130,000		391,166
Maanshan Iron & Steel Co., Ltd., Class H(1)		1,389,000		1,004,560
NetEase.com, Inc. ADR(1)		13,900		522,779
Parkson Retail Group, Ltd.		290,000		511,062
PetroChina Co., Ltd., Class H		2,824,300		3,357,665
PICC Property & Casualty Co., Ltd., Class H(1)		390,000		348,989
Ping An Insurance (Group) Co. of China, Ltd., Class H		333,000		2,895,488
Qingling Motors Co., Ltd., Class H		1,448,966		349,028
Shanghai Diesel Engine Co., Ltd., Class B		534,000		442,733
Shanghai Electric Group Co., Ltd., Class H		460,000		212,687
Shanghai Haixin Group Co., Ltd., Class B(1)		545,000		236,114
Shanghai Industrial Holdings, Ltd.		175,000		889,879
Shanghai Jin Jiang International Hotels Development Co., Ltd., Class B		574,800		994,713
Shanghai Jin Jiang International Hotels Group Co., Ltd., Class H		1,000,000		288,016
Shanghai Zhenhua Heavy Industry Co., Ltd., Class B		863,200		728,803
Shenzhen Chiwan Wharf Holdings, Ltd., Class B		153,115		254,531
SINA Corp.(1)		9,000		406,620
Sinopec Shanghai Petrochemical Co., Ltd., Class H(1)		1,628,000		639,435
Sinopec Yizheng Chemical Fibre Co., Ltd., Class H(1)		3,201,000		873,785
Tencent Holdings, Ltd.		140,800		3,048,797
Tingyi (Cayman Islands) Holding Corp.		1,184,000		2,929,805
Travelsky Technology, Ltd., Class H		812,000		818,435
Tsingtao Brewery Co., Ltd., Class H		1,124,000		6,231,816
Want Want China Holdings, Ltd.		1,454,000		1,015,377
Wumart Stores, Inc., Class H		156,000		244,689
Yantai Changyu Pioneer Wine Co., Ltd., Class B		103,948		921,043
Yanzhou Coal Mining Co., Ltd., Class H		548,000		1,199,940
Zhejiang Expressway Co., Ltd., Class H		186,000		171,383
Zijin Mining Group Co., Ltd., Class H		656,000		621,809
ZTE Corp., Class H		328,120		2,025,750
			$	104,416,571
Colombia — 0.9%
Almacenes Exito SA		109,834	$	1,044,827
Banco de Bogota		14,000		231,111
Bancolombia SA ADR, PFC Shares		53,000		2,412,030
Cementos Argos SA		167,900		885,626
Cia Colombiana de Inversiones SA		39,126		978,389
Cia de Cemento Argos SA		271,300		2,517,558

See notes to financial statements

7

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Colombia (continued)
Grupo Aval Acciones y Valores SA		1,192,000	$	448,274
Grupo de Inversiones Suramericana		126,600		1,517,345
Grupo Nacional de Chocolates SA		156,400		1,599,520
Interconexion Electrica SA		470,000		2,979,536
Proenergia Internacional(1)(2)		27,000		0
Promigas SA		27,000		474,725
Tableros y Maderas de Caldas		54,336,100		157,369
Textiles Fabricato Tejicondor SA(1)		15,075,500		220,150
			$	15,466,460
Croatia — 0.8%
Adris Grupa DD, PFC Shares		27,150	$	1,368,662
Atlantska Plovidba DD		14,310		2,633,608
Croatia Osiguranje DD(1)		160		155,993
Dalekovod DD(1)		9,520		595,401
Ericsson Nikola Tesla		3,410		886,773
Hrvatske Telekomunikacije DD		78,350		4,205,231
INA Industrija Nafte DD(1)		700		223,840
Institut IGH DD		1,710		855,384
Koncar-Elektroindustrija DD(1)		2,370		196,616
Kras DD(1)		1,645		101,079
Petrokemija DD(1)		5,250		137,032
Podravka Prehrambena Industija DD(1)		17,450		1,011,502
Privredna Banka Zagreb DD(1)		3,310		362,307
Riviera Holding DD(1)		3,830		122,560
Tankerska Plovidba DD		290		83,827
			$	12,939,815
Czech Republic — 1.4%
CEZ AS		210,270	$	9,872,872
Komercni Banka AS		20,800		4,456,980
Komercni Banka AS GDR		27,154		1,935,274
New World Resources NV, Class A		267,600		2,352,948
Philip Morris CR AS		1,660		799,356
Telefonica 02 Czech Republic AS		106,500		2,429,910
Unipetrol AS(1)		204,200		1,552,036
			$	23,399,376
Egypt — 1.5%
Alexandria Mineral Oils Co.		49,000	$	334,669
Arab Cotton Ginning(1)		733,000		544,273
Commercial International Bank		251,945		2,497,741
Credit Agricole Egypt		38,690		73,649
Eastern Tobacco		55,400		1,148,471
Egypt Kuwaiti Holding Co.		483,959		964,374
Egyptian Financial & Industrial Co.		137,064		514,607
Egyptian Financial Group-Hermes Holding SAE		263,800		1,200,747
Egyptian for Tourism Resorts(1)		2,293,300		683,453
Egyptian International Pharmaceutical Industrial Co.		40,120		241,386
El Ezz Aldekhela Steel Alexa Co.		3,050		410,578
El Ezz Steel Rebars SAE		334,800		1,038,445
El Sewedy Cables Holding Co.		60,900		750,664
El Watany Bank of Egypt		43,866		320,152
International Hotel Holdings(1)		11,863		93,221
Maridive & Oil Services SAE		189,900		744,736
Medinet Nasr for Housing		56,250		278,864
Misr Cement		18,251		282,878
MobiNil-Egyptian Co. for Mobil Services		32,978		1,446,980
National Societe General Bank		35,065		191,012
Olympic Group Financial Investments		67,971		337,748
Orascom Construction Industries (OCI)		107,301		4,791,052
Orascom Telecom Holding SAE		483,900		2,203,073
Oriental Weavers Co.		35,464		213,010
Palm Hills Developments SAE(1)		275,000		380,731
Pioneers Holding		231,800		264,823
Sidi Kerir Petrochemicals Co.		367,800		697,746
Six of October Development & Investment Co.(1)		17,000		244,917
South Valley Cement(1)		365,000		455,901
Suez Cement Co.		42,400		353,961
Talaat Moustafa Group(1)		470,000		596,361
Telecom Egypt		385,000		1,279,397
Torah Portland Cement Co.		12,900		74,059
			$	25,653,679
Estonia — 0.7%
AS Baltika(1)		310,189	$	323,250
AS Merko Ehitus		137,000		988,927
AS Nordecon International		391,612		886,992
AS Norma		25,000		140,493
AS Olympic Entertainment Group(1)		2,739,999		3,027,645
AS Tallink Group, Ltd.(1)		9,131,730		4,831,772
AS Tallinna Kaubamaja		264,300		1,360,941
AS Tallinna Vesi		35,235		503,517
			$	12,063,537
Ghana — 0.3%
Aluworks Ghana, Ltd.(1)		1,810,900	$	556,519
CAL Bank, Ltd.		3,266,254		456,260
Ghana Commercial Bank, Ltd.		1,384,370		715,512
HFC Bank Ghana, Ltd.		3,899,473		1,688,614
Produce Buying Co., Ltd.		650,000		86,258
SSB Bank, Ltd.(1)		740,000		232,583

See notes to financial statements

8

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Ghana (continued)
Standard Chartered Bank of Ghana, Ltd.		34,600	$	724,987
Unilever Ghana, Ltd.		249,000		591,304
			$	5,052,037
Hungary — 1.6%
Danubius Hotel & Spa Rt.(1)		5,440	$	102,368
EGIS Rt.		6,478		644,291
FHB Mortgage Bank Rt.(1)		18,000		123,503
Magyar Telekom Rt		1,058,234		4,104,343
Magyar Telekom Rt. ADR		37,300		712,430
MOL Hungarian Oil & Gas Rt.(1)		70,745		6,376,685
OTP Bank Rt.(1)		326,000		9,339,698
PannErgy PLC(1)		26,700		113,080
Richter Gedeon Rt.		25,022		5,679,677
			$	27,196,075
India — 6.0%
Aban Offshore, Ltd.		4,700	$	128,811
ACC, Ltd.		28,800		540,414
Adani Exports, Ltd.		29,200		268,706
Aditya Birla Nuvo, Ltd.		14,406		270,494
Allahabad Bank, Ltd.		64,000		172,192
Amtek Auto, Ltd.		38,500		143,215
Andhra Bank		55,000		122,931
Apollo Hospitals Enterprise, Ltd.		15,700		219,041
Asea Brown Boveri India, Ltd.		18,700		308,529
Ashok Leyland, Ltd.		123,000		129,634
Asian Paints, Ltd.		8,000		307,699
Axis Bank, Ltd.		88,800		1,873,342
Bajaj Auto, Ltd.		11,100		417,800
Bajaj Auto, Ltd. GDR(1)(3)		7,202		271,582
Bajaj Finserv, Ltd. GDR(1)(3)		7,202		53,487
Bajaj Hindusthan, Ltd.		59,700		288,768
Bajaj Holdings & Investment, Ltd.		11,100		147,703
Balrampur Chini Mills, Ltd.		145,600		412,881
Bank of India		43,100		355,246
BEML, Ltd.		5,000		120,580
Bharat Electronics, Ltd.		5,000		208,568
Bharat Forge, Ltd.		42,200		246,880
Bharat Heavy Electricals, Ltd.		36,500		1,876,445
Bharat Petroleum Corp., Ltd.		14,000		190,992
Bharti Airtel, Ltd.		587,700		4,167,031
Biocon, Ltd.		38,400		226,612
Bombay Dyeing & Manufacturing Co., Ltd.		16,100		139,404
Cairn India, Ltd.(1)		104,200		629,268
Canara Bank, Ltd.		21,500		178,725
Century Textiles & Industries, Ltd.		12,000		134,784
Cipla, Ltd.		161,400		1,160,943
Colgate-Palmolive (India), Ltd.		13,000		184,706
Container Corp. of India, Ltd.		9,000		256,618
Corporation Bank		17,000		152,929
Crompton Greaves, Ltd.		38,800		355,894
Cummins India, Ltd.		23,000		210,608
Dabur India, Ltd.		139,000		470,933
Divi’s Laboratories, Ltd.		14,000		202,340
Dr. Reddy’s Laboratories, Ltd.		13,300		324,957
Dr. Reddy’s Laboratories, Ltd. ADR		26,800		648,828
EIH, Ltd.		52,500		155,113
Essar Oil, Ltd.(1)		178,500		532,701
Financial Technologies India, Ltd.		3,500		100,229
Gail India, Ltd.		80,250		712,884
Gail India, Ltd. GDR		25,050		1,327,650
GlaxoSmithKline Pharmaceuticals, Ltd.		8,000		275,654
Glenmark Pharmaceuticals, Ltd.		28,000		165,150
GMR Infrastructure(1)		195,600		278,869
Grasim Industries, Ltd. GDR(3)		13,300		708,890
Great Eastern Shipping Co., Ltd. (The)		15,200		90,980
GTL, Ltd.		34,000		284,074
Gujarat Ambuja Cements, Ltd.		159,800		359,269
HCL Technologies, Ltd.		49,700		394,559
HDFC Bank, Ltd.		51,200		1,868,828
HDFC Bank, Ltd. ADR		7,700		1,001,616
Hero Honda Motors, Ltd.		31,942		1,178,956
Hindalco Industries, Ltd.		201,210		693,517
Hindustan Construction, Ltd.		71,300		222,920
Hindustan Lever, Ltd.		383,709		2,175,107
Hindustan Petroleum Corp., Ltd.		18,000		150,938
Hindustan Zinc, Ltd.		19,900		516,089
Housing Development & Infrastructure, Ltd.(1)		154,485		1,194,862
Housing Development Finance Corp., Ltd.		89,000		5,115,354
I-Flex Solutions, Ltd.(1)		4,000		199,205
ICICI Bank, Ltd.		84,100		1,581,406
ICICI Bank, Ltd. ADR		21,000		791,910
IDBI Bank, Ltd.		74,000		202,326
Idea Cellular, Ltd.(1)		98,000		121,326
India Cements, Ltd.		48,000		127,287
Indiabulls Financial Services, Ltd.		17,000		45,583
Indiabulls Real Estate, Ltd.(1)		17,000		82,550
Indian Hotels Co., Ltd.		65,820		145,258
Indian Oil Corp., Ltd.		22,000		144,349
Infosys Technologies, Ltd.		147,951		8,245,624
Infrastructure Development Finance Co., Ltd.		271,900		900,783
ITC, Ltd.		611,900		3,293,223
ITC, Ltd. GDR(3)		310,700		1,678,187

See notes to financial statements

9

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
India (continued)
IVRCL Infrastructures & Projects, Ltd.		21,600	$	162,044
Jain Irrigation Systems, Ltd.		12,700		237,941
Jaiprakash Associates, Ltd.		163,650		515,484
Jammu & Kashmir Bank, Ltd.		12,000		147,165
Jindal Steel & Power, Ltd.		90,000		1,358,796
JSW Steel, Ltd.		17,000		368,572
Kotak Mahindra Bank, Ltd.		32,000		551,902
Lanco Infratech, Ltd.(1)		59,900		740,728
Larsen & Toubro, Ltd.		38,200		1,375,070
Larsen & Toubro, Ltd. GDR		48,000		1,759,200
LIC Housing Finance, Ltd.		30,000		527,246
Lupin, Ltd.		14,300		451,961
Mahanagar Telephone Nigam, Ltd. ADR		38,500		118,195
Mahindra & Mahindra, Ltd.		70,700		1,642,543
Maruti Suzuki India, Ltd.		50,500		1,692,134
Motor Industries Co., Ltd.		3,900		387,294
Mphasis, Ltd.		27,000		417,277
Mundra Port & Special Economic Zone, Ltd.		18,500		219,426
Nagarjuna Construction Co., Ltd.		37,800		134,178
National Aluminium Co., Ltd.		24,000		215,640
Nestle India, Ltd.		12,100		660,095
Neyveli Lignite Corp., Ltd.		78,000		256,709
Nicholas Piramal India, Ltd.		21,000		166,255
NTPC, Ltd.		373,300		1,892,814
Oil & Natural Gas Corp., Ltd.		75,950		1,922,757
Patni Computer Systems, Ltd.		14,000		145,299
Petronet LNG, Ltd.		94,000		143,373
Power Grid Corp. of India, Ltd.		259,700		611,922
Punj Lloyd, Ltd.		28,800		125,889
Punjab National Bank, Ltd.		13,000		252,910
Ranbaxy Laboratories, Ltd. GDR(1)		20,500		223,450
Reliance Capital, Ltd.		62,100		1,139,863
Reliance Communications, Ltd.		248,300		913,983
Reliance Communications, Ltd. GDR(4)		42,816		158,578
Reliance Industries, Ltd.		319,512		7,484,829
Reliance Industries, Ltd. GDR(4)		42,816		1,990,944
Reliance Infrastructure, Ltd.		49,700		1,224,744
Reliance Infrastructure, Ltd. GDR(1)		5,900		381,792
Reliance Natural Resources, Ltd.(1)		408,500		609,282
Reliance Power, Ltd.(1)		63,800		212,020
Sesa Goa, Ltd.		100,000		868,982
Shipping Corp. of India, Ltd.		49,500		156,945
Siemens India, Ltd.		37,200		462,064
State Bank of India		17,700		860,659
State Bank of India GDR		25,100		2,469,464
Steel Authority of India, Ltd.		156,000		799,633
Sterlite Industries (India), Ltd.		12,000		221,271
Sun Pharmaceuticals Industries, Ltd.		24,800		808,707
Syndicate Bank		66,000		134,894
Tata Chemicals, Ltd.		22,000		150,853
Tata Communications, Ltd. ADR		11,100		160,395
Tata Consultancy Services, Ltd.		75,980		1,222,671
Tata Motors, Ltd. ADR		19,800		333,828
Tata Power Co., Ltd.		61,000		1,794,538
Tata Tea, Ltd.		15,600		316,093
Tata Teleservices Maharashtra, Ltd.(1)		280,840		160,125
Titan Industries, Ltd.		6,000		181,617
Ultra Tech Cement, Ltd.		7,000		136,590
United Breweries, Ltd.		38,000		136,005
United Phosphorus, Ltd.		40,000		149,460
United Spirits, Ltd.		7,000		188,461
Videsh Sanchar Nigam, Ltd.		12,000		86,565
Voltas, Ltd.		86,500		318,819
Wipro, Ltd.		61,000		888,775
Wipro, Ltd. ADR		13,100		291,737
Zee Entertainment Enterprises, Ltd.		121,000		659,408
			$	103,082,609
Indonesia — 3.6%
Aneka Tambang Tbk PT		8,587,500	$	2,003,588
Astra Argo Lestari Tbk PT		420,000		1,010,822
Astra International Tbk PT		2,327,500		8,556,807
Bakrie Sumatera Plantations Tbk PT		10,258,500		624,127
Bakrie Telecom PT(1)		4,350,000		67,065
Bank Central Asia Tbk PT		9,779,500		5,005,801
Bank Danamon Indonesia Tbk PT		2,391,681		1,144,714
Bank Mandiri Tbk PT		5,487,000		2,704,428
Bank Negara Indonesia Persero Tbk PT		2,149,000		450,323
Bank Pan Indonesia Tbk PT(1)		3,525,272		286,374
Bank Rakyat Indonesia PT		4,290,000		3,448,014
Barito Pacific Tbk PT(1)		5,662,500		798,785
Berlian Laju Tanker Tbk PT		1,666,666		114,799
Bumi Resources Tbk PT		14,544,000		3,703,101
Energi Mega Persada Tbk PT(1)		3,938,000		80,384
Gudang Garam Tbk PT		763,500		1,743,930
Indah Kiat Pulp & Paper Corp. Tbk PT(1)		3,326,500		619,733
Indocement Tunggal Prakarsa Tbk PT		1,149,500		1,661,647
Indofood Sukses Makmur Tbk PT		6,576,500		2,471,370
Indosat Tbk PT		1,592,500		792,561
International Nickel Indonesia Tbk PT		2,462,000		951,573
Kalbe Farma Tbk PT		5,352,500		733,324
Lippo Karawaci Tbk PT(1)		6,000,000		321,393
Matahari Putra Prima Tbk PT(1)		1,600,000		149,323
Medco Energi Internasional Tbk PT		1,397,000		363,016
Perusahaan Gas Negara PT		8,674,000		3,584,323

See notes to financial statements

10

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Indonesia (continued)
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		454,000	$	399,832
Ramayana Lestari Sentosa Tbk PT		4,100,000		265,980
Semen Gresik (Persero) Tbk PT		2,655,000		2,114,636
Tambang Batubara Bukit Asam Tbk PT		948,000		1,726,202
Telekomunikasi Indonesia Tbk PT		5,845,160		5,818,421
Unilever Indonesia Tbk PT		1,343,700		1,558,538
United Tractors Tbk PT		3,996,000		6,543,989
			$	61,818,923
Israel — 3.2%
Alony Hetz Properties & Investments, Ltd.		75,200	$	285,663
Alvarion, Ltd.(1)		34,900		123,953
Avner Oil & Gas, Ltd.		1,712,500		628,101
Bank Hapoalim B.M.(1)		578,352		2,515,666
Bank Leumi Le-Israel(1)		711,324		3,250,950
Bezeq Israeli Telecommunication Corp., Ltd.		1,049,538		2,646,188
Cellcom Israel, Ltd.		40,500		1,298,430
Ceragon Networks, Ltd.(1)		20,600		241,844
Check Point Software Technologies, Ltd.(1)		100,141		3,392,777
Clal Industries, Ltd.		21,900		123,171
Clal Insurance Enterprise Holdings, Ltd.(1)		14,800		319,924
Delek Automotive Systems, Ltd.		17,000		189,176
Delek Group, Ltd.		3,140		634,906
Discount Investment Corp.		17,150		401,158
Elbit Imaging, Ltd.(1)		3,900		84,387
Elbit Systems, Ltd.		16,200		1,047,992
EZchip Semiconductor, Ltd.(1)		15,100		182,559
First International Bank of Israel, Ltd.(1)		9,100		151,571
Gazit Globe (1982), Ltd.		29,000		283,512
Gilat Satellite Networks, Ltd.(1)		18,600		85,857
Harel Insurance Investments & Financial Services, Ltd.(1)		11,500		569,996
Housing & Construction Holdings, Ltd.		85,800		172,773
IDB Holding Corp., Ltd.		7,103		210,575
Israel Chemicals, Ltd.		381,215		5,005,766
Israel Corp., Ltd.(1)		2,650		1,902,795
Israel Discount Bank, Ltd., Series A(1)		362,800		855,836
Isramco Negev 2, LP(1)		8,628,840		1,220,844
Koor Industries, Ltd.		10,923		316,616
Makhteshim-Agan Industries, Ltd.		208,657		990,915
Migdal Insurance & Financial, Ltd. Holdings(1)		182,400		333,717
Mizrahi Tefahot Bank, Ltd.(1)		92,500		844,412
Ness Technologies, Inc.(1)		18,800		92,120
NICE Systems, Ltd.(1)		41,100		1,273,703
Oil Refineries, Ltd.(1)		629,500		318,643
Orbotech, Ltd.(1)		10,000		93,700
Ormat Industries, Ltd.		55,900		507,288
Osem Investment, Ltd.		21,301		296,622
Partner Communications Co., Ltd.		53,560		1,085,600
Strauss Group, Ltd.		17,400		259,319
Supersol, Ltd.		68,000		346,012
Teva Pharmaceutical Industries, Ltd.		23,099		1,298,023
Teva Pharmaceutical Industries, Ltd. ADR		332,000		18,651,760
			$	54,534,820
Jordan — 0.7%
Arab Bank PLC		259,785	$	4,443,070
Arab East Investment(1)		86,087		113,482
Arab Potash Co. PLC		29,900		1,530,718
Bank of Jordan		55,600		168,328
Capital Bank of Jordan(1)		441,300		972,699
Jordan Ahli Bank		69,300		148,832
Jordan Petroleum Refinery		75,200		720,534
Jordan Phosphate Mines		21,100		534,440
Jordan Steel		81,500		274,536
Jordan Telecom Corp.		67,000		489,424
Jordanian Electric Power Co.		108,801		641,046
Lafarge Jordan Cement		24,700		247,785
Middle East Complex for Engineering, Electronics & Heavy Industries PLC(1)		340,900		709,496
Taameer Jordan Co.(1)		273,800		181,824
Union Investment Corp.(1)		49,900		114,218
Union Land Development(1)		156,800		345,614
United Arab Investors(1)		623,700		380,092
			$	12,016,138
Kazakhstan — 0.8%
Eurasian Natural Resources Corp.		283,400	$	4,151,117
Kazakhmys PLC(1)		214,800		4,548,079
KazMunaiGas Exploration Production GDR		186,226		4,610,763
			$	13,309,959
Kenya — 0.7%
Athi River Mining, Ltd.		561,200	$	850,864
Bamburi Cement Co., Ltd.		366,541		753,861
Barclays Bank of Kenya, Ltd.		1,664,880		993,221
East African Breweries, Ltd.		1,812,440		3,477,916
Equity Bank, Ltd.		4,185,400		791,832
ICDC Investment Co.(1)		808,000		122,505
KenolKobil, Ltd.		238,000		156,889
Kenya Airways, Ltd.		1,127,600		531,466
Kenya Commercial Bank, Ltd.		6,740,400		1,827,075
Kenya Electricity Generating Co., Ltd.		1,242,800		212,185
Kenya Power & Lighting, Ltd.		112,650		212,379

See notes to financial statements

11

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Kenya (continued)
Mumias Sugar Co., Ltd.		2,730,114	$	246,556
Nation Media Group, Ltd.		179,346		281,004
NIC Bank, Ltd.		582,595		243,079
Safaricom, Ltd.		19,565,900		1,173,696
Standard Chartered Bank Kenya, Ltd.		293,420		619,013
			$	12,493,541
Kuwait — 1.4%
Aerated Concrete Industries Co.		105,000	$	141,743
Agility(1)		410,000		812,838
Al Ahli Bank of Kuwait KSC		63,000		111,932
Al Safat Investment Co.(1)		1,140,000		438,279
Al Safwa Group Co.(1)		2,320,000		403,917
Al-Mazaya Holding Co.(1)		99,000		41,731
Boubyan Bank KSC(1)		405,000		705,452
Boubyan Petrochemicals Co.		1,190,000		1,699,704
Burgan Bank SAK(1)		468,000		554,328
Commercial Bank of Kuwait SAK		165,000		534,576
Commercial Real Estate Co. KSCC(1)		363,800		152,085
Global Investment House KSCC(1)		671,500		230,359
Gulf Bank(1)		780,000		815,189
Gulf Cable & Electrical Industries		110,000		621,389
Investment Dar Co.(1)		125,000		33,531
Kuwait Finance House KSC		604,000		2,314,579
Kuwait Foods Co. (Americana)		87,500		446,062
Kuwait International Bank(1)		518,000		328,544
Kuwait Pipes Industries & Oil Services Co.(1)		360,000		225,745
Kuwait Projects Co. Holdings KSC		350,000		586,744
Kuwait Real Estate Co.(1)		840,000		199,979
Mabanee Co. SAKC(1)		250,000		609,341
Mena Holding Group(1)		500,000		592,231
Mobile Telecommunications Co.		1,270,000		4,512,803
National Bank of Kuwait SAK		747,750		2,921,297
National Industries Group Holding(1)		2,297,500		2,434,622
National Investment Co.(1)		365,000		464,118
National Mobile Telecommunication Co. KSC		60,000		321,895
National Real Estate Co.(1)		569,800		390,952
Qurain Holding Co.(1)		760,000		86,048
Sultan Center Food Products Co.(1)		580,000		425,809
			$	24,157,822
Latvia — 0.0%
Grindeks(1)		12,000	$	91,435
Latvian Shipping Co.(1)		96,000		77,607
			$	169,042
Lebanon — 0.3%
Banque Audi sal-Audi Saradar Group		3,261	$	277,185
Byblos Bank		200,476		418,995
Solidere		163,550		3,941,601
			$	4,637,781
Lithuania — 0.3%
Apranga PVA(1)		363,680	$	415,492
Bankas Snoras(1)		1,869,249		776,635
Invalda PVA(1)		70,800		54,129
Klaipedos Nafta PVA		1,576,663		616,754
Lietuvos Dujos		200,000		174,118
Lietuvos Energija(1)		37,000		36,253
Panevezio Statybos Trestas		323,592		508,523
Pieno Zvaigzdes		94,000		114,132
Rokiskio Suris(1)		177,000		219,099
Rytu Skirstomieji Tinklai(1)		141,300		107,173
Sanitas(1)		17,500		69,025
Siauliu Bankas(1)		441,032		205,752
Ukio Bankas Commercial Bank(1)		3,320,291		1,465,800
			$	4,762,885
Malaysia — 2.9%
Affin Holdings Bhd		236,000	$	173,036
Airasia Bhd(1)		851,000		341,651
Alliance Financial Group Bhd		330,800		260,452
AMMB Holdings Bhd		615,900		896,144
Astro All Asia Networks PLC		346,000		302,086
Batu Kawan Bhd		100,300		300,642
Berjaya Corp. Bhd		1,548,100		589,464
Berjaya Sports Toto Bhd		445,097		563,719
British American Tobacco Malaysia Bhd		73,000		911,198
Bursa Malaysia Bhd		142,000		329,610
CIMB Group Holdings Bhd		708,633		2,651,772
Dialog Group Bhd		599,760		229,673
Digi.com Bhd		133,400		855,113
EON Capital Bhd		111,000		221,198
Gamuda Bhd		1,636,000		1,239,294
Genting Bhd		1,069,800		2,280,258
Genting Plantations Bhd		121,000		219,760
Guinness Anchor Bhd		67,000		135,996
Hong Leong Bank Bhd		252,400		598,024
Hong Leong Financial Group Bhd		61,500		133,532
IGB Corp. Bhd(1)		312,000		181,045
IJM Corp. Bhd		882,920		1,151,865
IOI Corp. Bhd		1,381,268		2,199,453
Kencana Petroleum Bhd		800,000		563,080

See notes to financial statements

12

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Malaysia (continued)
Kinsteel Bhd		525,000	$	138,615
KLCC Property Holdings Bhd		250,000		250,503
KNM Group Bhd		3,892,300		867,177
Kuala Lumpur Kepong Bhd		183,850		884,075
Kulim (Malaysia) Bhd		115,700		254,445
Lafarge Malayan Cement Bhd		468,660		852,256
Landmarks Bhd(1)		576,800		207,199
Lion Industries Corp. Bhd		436,600		173,176
Malayan Banking Bhd		1,152,486		2,301,791
Malaysian Airline System Bhd(1)		683,133		540,838
Malaysian Bulk Carriers Bhd		205,000		192,342
Malaysian Pacific Industries Bhd		73,000		113,485
Malaysian Resources Corp. Bhd(1)		451,200		179,237
Media Prima Bhd		242,300		118,178
MISC Bhd		112,000		276,283
MISC Bhd(5)		324,200		795,174
MMC Corp. Bhd		662,000		468,100
Muhibbah Engineering (M) Bhd		639,400		185,569
Multi-Purpose Holdings Bhd		430,540		234,436
OSK Holdings Bhd		218,000		108,419
Parkson Holdings Bhd		564,973		874,330
Petra Perdana Bhd		322,567		136,020
Petronas Dagangan Bhd		374,700		952,071
Petronas Gas Bhd		135,300		389,871
PLUS (Projek Lebuhraya Utara Selatan) Expressways Bhd		700,900		667,706
PPB Group Bhd		252,000		1,171,578
Public Bank Bhd		702,398		2,308,899
Resorts World Bhd		1,613,100		1,318,296
RHB Capital Bhd		260,500		402,027
SapuraCrest Petroleum Bhd		650,000		466,608
Shell Refining Co. Bhd		201,100		617,866
Sime Darby Bhd		1,980,809		5,175,043
Sino Hua-An International Bhd(1)		2,699,600		386,245
SP Setia Bhd		380,100		434,187
Star Publications (M) Bhd		104,000		96,589
Ta Ann Holdings Bhd		137,280		192,312
TA Enterprise Bhd		386,000		79,100
TA Global Bhd(1)		231,600		30,100
TA Global Bhd, PFC Shares		231,600		23,674
Tan Chong Motor Holdings Bhd		219,000		198,933
Tanjong PLC		146,400		718,767
Telekom Malaysia Bhd		845,000		753,680
Tenaga Nasional Bhd		846,025		2,069,707
Titan Chemicals Corp. Bhd(1)		940,500		333,389
TM International Bhd(1)		1,330,375		1,182,954
Top Glove Corp. Bhd		105,000		308,234
Uchi Technologies Bhd		237,400		92,684
UMW Holdings Bhd		114,000		211,181
Unisem (M) Bhd		215,000		102,288
Wah Seong Corp. Bhd		330,000		225,586
WCT Bhd		699,500		529,326
YTL Corp. Bhd		255,391		543,565
YTL Power International Bhd		880,699		575,739
			$	50,037,918
Mauritius — 0.7%
Ireland Blyth, Ltd.		64,209	$	85,888
Mauritius Commercial Bank		1,071,595		4,936,711
Mauritius Development Investment Trust Co., Ltd.		600,000		90,939
New Mauritius Hotels, Ltd.		594,400		2,614,806
Omnicane, Ltd.		23,449		60,199
Rogers & Co., Ltd.		48,555		477,992
State Bank of Mauritius, Ltd.		920,199		2,422,893
Sun Resorts, Ltd.		394,502		896,891
United Basalt Products, Ltd.		85,125		225,206
			$	11,811,525
Mexico — 6.1%
Alfa SA de CV, Series A		362,872	$	2,281,750
America Movil SAB de CV, Series L		9,766,158		22,970,852
Banco Compartamos SA de CV		391,500		2,020,645
Carso Global Telecom SA de CV, Series A1(1)		295,500		1,317,349
Carso Infraestructura y Construccion SA(1)		830,000		508,202
Cemex SAB de CV, Series CPO(1)		9,249,451		10,959,065
Coca-Cola Femsa SA de CV, Series L		77,000		507,192
Consorcio ARA SA de CV(1)		562,100		391,004
Controladora Comercial Mexicana SA de CV(1)		432,600		362,760
Corporacion GEO SA de CV, Series B(1)		239,200		635,209
Desarrolladora Homex SA de CV(1)		104,900		588,569
Empresas ICA SAB de CV(1)		635,800		1,482,335
Fomento Economico Mexicano SA de CV, Series UBD		1,140,300		5,470,511
Grupo Aeroportuario del Sureste SAB de CV, Class B		179,726		931,327
Grupo Bimbo SA de CV, Series A		221,227		1,440,800
Grupo Carso SA de CV, Series A1		811,400		2,480,966
Grupo Elektra SA de CV		36,526		1,761,803
Grupo Financiero Banorte SA de CV, Class O		1,911,800		6,894,873
Grupo Financiero Inbursa SA de CV, Class O		1,453,908		4,289,929
Grupo Iusacell SA de CV(1)		142,465		564,219
Grupo Mexico SAB de CV, Series B		3,973,061		9,068,613
Grupo Modelo SA de CV, Series C(1)		350,500		1,945,138
Grupo Televisa SA, Series CPO		803,418		3,342,764
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,268,730		1,285,023
Industrias CH SA, Series B(1)		72,952		256,241
Industrias Penoles SA de CV		110,629		2,376,299

See notes to financial statements

13

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Mexico (continued)
Kimberly-Clark de Mexico SA de CV		315,470	$	1,412,405
Mexichem SA de CV		1,191,673		2,278,225
Organizacion Soriana SAB de CV, Class B(1)		166,700		416,049
Promotora y Operadora de Infraestructura SA de CV(1)		207,900		465,638
Telefonos de Mexico SA de CV, Series L		3,656,760		3,046,834
Telmex Internacional SAB de CV, Class L		3,406,160		3,020,292
TV Azteca SA de CV, Series CPO		593,565		321,238
Urbi Desarrollos Urbanos SA de CV(1)		317,700		716,416
Wal-Mart de Mexico SAB de CV, Series V		1,296,632		5,778,447
			$	103,588,982
Morocco — 1.4%
Attijariwafa Bank		80,900	$	2,776,132
Banque Centrale Populaire		33,300		1,024,784
Banque Marocaine du Commerce Exterieur (BMCE)		101,900		3,423,169
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		8,040		944,479
Centrale Laitiere		420		558,513
Ciments du Maroc		1,665		397,015
Cosumar Compagnie Sucriere Marocaine et de Raffinage		1,637		277,030
Credit Immobilier et Hotelier		17,500		701,105
Douja Promotion Groupe Addoha SA		164,500		2,158,078
Holcim Maroc SA		2,782		660,787
Lafarge Ciments		2,000		359,057
Lesieur Cristal SA		863		117,667
Managem(1)		12,400		377,408
Maroc Telecom		271,141		4,664,062
ONA SA		17,623		2,871,323
Samir(1)		6,247		433,425
Societe des Brasseries du Maroc		1,829		784,891
Societe Nationale d’Investissement		4,065		853,097
SONASID (Societe Nationale de Siderurgie)		3,372		833,662
Wafa Assurance		600		145,708
			$	24,361,392
Nigeria — 0.7%
Access Bank PLC		11,267,700	$	577,059
African Petroleum PLC		1,192,000		264,181
Ashaka Cement PLC		833,000		64,958
Cadbury Nigeria PLC(1)		1,333,333		93,932
Conoil PLC		322,000		63,089
Dangote Sugar Refinery PLC		7,275,654		747,718
Diamond Bank PLC		8,059,100		398,912
Ecobank Transnational, Inc.		1,573,600		158,305
First Bank of Nigeria PLC		13,641,559		1,286,595
First City Monument Bank PLC(1)		12,831,301		616,367
Guaranty Trust Bank PLC		11,752,480		1,212,515
Guiness Nigeria PLC		418,750		358,460
Intercontinental Bank PLC(1)		9,638,600		103,579
Lafarge Cement WAPCO Nigeria PLC		837,100		167,980
Mobil Nigeria PLC		148,760		93,339
Nestle Foods Nigeria PLC		100,000		167,135
Nigeria Bottling Co. PLC		238,122		33,904
Nigerian Breweries PLC		3,376,900		1,197,162
Oando PLC		1,448,050		915,446
Oceanic Bank International PLC(1)		8,903,675		100,650
PlatinumHabib Bank PLC(1)		5,985,953		52,852
PZ Cussons Nigeria PLC		2,770,832		464,099
Total Nigeria PLC		149,500		142,259
UAC of Nigeria PLC		1,581,000		388,640
UACN Property Development Co. PLC		2,000,000		265,686
Unilever Nigeria PLC		3,750,000		464,107
Union Bank of Nigeria PLC(1)		3,285,332		131,853
United Bank for Africa PLC(1)		15,691,005		1,133,531
Zenith Bank, Ltd.(1)		10,807,950		988,632
			$	12,652,945
Oman — 0.7%
Al Jazeira Services Co.(1)		118,008	$	84,158
Bank Dhofar SAOG		428,911		821,165
Bank Muscat SAOG		866,950		1,824,104
Bank Sohar(1)		1,241,000		721,943
Dhofar International Development & Investment Holding Co.		143,200		150,685
Galfar Engineering & Contracting SAOG		547,400		831,788
National Bank of Oman, Ltd.		303,730		250,243
Oman Cables Industry SAOG		112,400		423,380
Oman Cement Co. SAOG		252,000		481,925
Oman Flour Mills Co., Ltd. SAOG		266,000		442,467
Oman International Bank SAOG		960,580		736,351
Oman National Investment Corp. Holdings(1)		104,000		138,324
Oman Telecommunications Co.		708,360		2,392,176
Ominvest		260,099		333,912
Raysut Cement Co. SAOG		266,710		1,030,877
Renaissance Holdings Co.		538,340		1,071,472
Shell Oman Marketing Co.		66,100		343,421
			$	12,078,391
Pakistan — 0.8%
Adamjee Insurance Co., Ltd.		96,470	$	140,715
Arif Habib Securities, Ltd.(1)		725,975		423,231
Azgard Nine, Ltd.(1)		1,001,400		246,297
Bank Alfalah, Ltd.(1)		1,884,394		307,045
D.G. Khan Cement Co., Ltd.(1)		333,600		128,811

See notes to financial statements

14

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Pakistan (continued)
EFU General Insurance, Ltd.		53,500	$	62,113
Engro Chemical Pakistan, Ltd.		354,800		769,768
Fauji Fertilizer Bin Qasim, Ltd.		841,000		260,802
Fauji Fertilizer Co., Ltd.		406,395		493,795
Habib Bank, Ltd		165,000		240,676
Hub Power Co., Ltd.		3,759,500		1,393,233
ICI Pakistan, Ltd.		52,500		105,430
Indus Motor Co., Ltd.		112,000		260,459
Jahangir Siddiqui & Co., Ltd.		897,200		319,194
Lucky Cement, Ltd.		515,900		405,170
Muslim Commercial Bank, Ltd.		771,417		2,008,017
National Bank of Pakistan		483,566		425,790
NIB Bank, Ltd.(1)		337,557		19,215
Nishat Mills, Ltd.		1,186,400		979,651
Oil & Gas Development Co., Ltd.		1,064,100		1,391,879
Pakistan Oil Fields, Ltd.		200,200		547,241
Pakistan Petroleum, Ltd.		338,184		758,503
Pakistan State Oil Co., Ltd.		137,300		488,467
SUI Northern Gas Pipelines, Ltd.(1)		585,700		172,254
SUI Southern Gas Co., Ltd.(1)		891,000		141,060
United Bank, Ltd.		770,750		531,504
			$	13,020,320
Peru — 1.5%
Alicorp SA		1,589,463	$	1,512,988
Cementos Lima SA		10,211		101,085
Cia de Minas Buenaventura SA		82,880		2,725,372
Cia de Minas Buenaventura SA ADR		40,976		1,371,467
Cia Minera Atacocha SA, Class B, PFC Shares		165,111		92,014
Cia Minera Milpo SA		651,029		1,757,711
Credicorp, Ltd.		72,100		5,552,008
Edegel SA		2,023,411		868,477
Empresa Agroindustrial Casa Grande SA(1)		78,200		178,109
Ferreyros SA		545,089		498,108
Grana y Montero SA		439,692		430,712
Luz del Sur SAA		83,400		124,422
Minsur SA		353,485		813,664
Sociedad Minera Cerro Verde SA		47,600		1,109,080
Sociedad Minera el Brocal SA		45,100		686,881
Southern Copper Corp.		195,294		6,422,777
Volcan Cia Minera SA, Class B		899,800		1,115,017
			$	25,359,892
Philippines — 1.6%
Aboitiz Equity Ventures, Inc.		12,558,000	$	2,444,436
Alliance Global Group, Inc.(1)		2,145,000		190,831
Altlas Consolidated Mining & Development Corp.(1)		765,000		150,007
Ayala Corp.		204,032		1,331,154
Ayala Land, Inc.		5,663,008		1,368,602
Banco De Oro		873,000		735,059
Bank of the Philippine Islands		1,400,076		1,446,037
Benpres Holdings Corp.(1)		14,870,000		1,124,118
Filinvest Land, Inc.		16,105,546		311,192
First Gen Corp.(1)		285,000		59,428
First Philippine Holdings Corp.		274,000		283,704
Globe Telecom, Inc.		17,000		334,327
Holcim Philippines, Inc.		4,124,000		425,635
International Container Terminal Services, Inc.		1,193,000		577,345
JG Summit Holding, Inc.		7,774,200		1,107,262
Jollibee Foods Corp.		467,000		553,279
Manila Electric Co.		465,214		2,053,271
Manila Water Co.		1,062,100		359,793
Megaworld Corp.		8,560,000		272,547
Megaworld Corp.(6)		2,140,000		68,137
Metropolitan Bank & Trust Co.		654,875		634,054
Philex Mining Corp.(1)		1,875,000		646,783
Philippine Long Distance Telephone Co.		74,060		4,181,067
PNOC Energy Development Corp.		6,776,250		685,116
Robinsons Land Corp.		860,000		240,566
San Miguel Corp., Class B		1,983,600		2,957,311
SM Investments Corp.		111,232		784,600
SM Prime Holdings, Inc.		4,912,040		1,034,517
Universal Robina Corp.		950,000		332,054
Vista Land & Lifescapes, Inc.		4,500,000		183,038
			$	26,875,270
Poland — 3.0%
AmRest Holdings NV(1)		9,400	$	268,150
Bank Handlowy w Warszawie SA(1)		24,785		600,338
Bank Millennium SA(1)		488,243		810,665
Bank Pekao SA(1)		99,985		5,613,788
Bank Zachodni WBK SA(1)		35,901		2,364,682
Bioton SA(1)		2,987,100		237,546
BRE Bank SA(1)		17,612		1,589,036
Budimex SA		43,576		1,107,575
Cersanit SA(1)		63,800		363,433
Cinema City International NV(1)		19,500		186,609
ComArch SA(1)		4,100		135,192
Cyfrowy Polsat SA		165,560		784,650
Echo Investment SA(1)		240,000		348,945
Eurocash SA		35,303		192,906
Getin Holding SA(1)		218,933		673,156
Globe Trade Centre SA(1)		76,488		683,229

See notes to financial statements

15

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Poland (continued)
Grupa Kety SA(1)		2,600	$	109,381
Grupa Lotos SA(1)		194,707		2,146,549
KGHM Polska Miedz SA		152,118		5,607,551
KOPEX SA(1)		22,700		204,805
LC Corp. SA(1)		608,300		329,314
LPP SA(1)		162		89,862
Mostostal Zabrze - Holding SA(1)		87,000		119,724
Mostostal-Export SA(1)		196,313		116,133
Mostostal-Warszawa SA(1)		10,400		220,593
Netia SA(1)		337,600		575,852
NG2 SA		12,000		202,646
Orbis SA(1)		60,680		939,055
PBG SA(1)		22,195		1,569,643
Polimex Mostostal SA		588,276		810,160
Polish Oil & Gas		1,263,166		1,666,838
Polska Grupa Farmaceutyczna SA(1)		9,000		116,778
Polski Koncern Naftowy Orlen SA(1)		284,795		3,360,157
Powszechna Kasa Oszczednosci Bank Polski SA		335,627		4,427,852
Softbank SA		138,258		3,028,344
Telekomunikacja Polska SA		988,445		5,465,569
Telekomunikacja Polska SA GDR		169,000		937,223
Telekomunikacja Polska SA GDR(4)		76,100		422,028
TVN SA		544,266		2,705,571
Vistula Group SA(1)		258,100		203,490
Zaklad Przetworstwa Hutniczego Stalprodukt SA		1,000		206,466
			$	51,541,484
Qatar — 1.5%
Barwa Real Estate Co.(1)		78,543	$	710,288
Commercial Bank of Qatar		55,532		937,354
Doha Bank, Ltd.		43,119		552,501
First Finance Co.		98,957		618,236
Gulf International Services QSC		129,700		1,101,585
Industries Qatar		162,907		5,092,643
Masraf Al Rayan		425,000		1,558,561
Qatar Electricity & Water Co.		48,900		1,342,038
Qatar Fuel		10,000		434,318
Qatar Gas Transport Co., Ltd. (NAKILAT)(1)		404,556		2,643,413
Qatar Insurance Co.		14,700		250,715
Qatar International Islamic Bank		32,210		403,594
Qatar Islamic Bank		63,415		1,343,538
Qatar National Bank		84,520		3,438,110
Qatar National Cement Co.		11,418		247,393
Qatar National Navigation		49,870		877,869
Qatar Real Estate Investment Co.		18,000		132,877
Qatar Shipping Co.		95,660		846,898
Qatar Telecom QSC		76,065		3,029,436
Salam International Investment Co., Ltd.		41,596		128,192
United Development Co.		30,700		301,986
			$	25,991,545
Romania — 1.0%
Antibiotice SA		1,248,900	$	263,609
Banca Transilvania		7,656,341		5,484,954
Biofarm Bucuresti(1)		8,097,100		541,406
BRD-Group Societe Generale		1,361,400		5,904,319
Impact SA(1)		542,590		128,102
Rompetrol Rafinare SA(1)		50,944,900		1,069,773
SNP Petrom SA(1)		33,919,406		2,844,544
Transelectrica SA		101,000		458,339
			$	16,695,046
Russia — 7.4%
Aeroflot-Russian Airlines		749,030	$	1,305,153
AvtoVAZ(1)		2,100,000		1,024,453
Comstar United Telesystems GDR		202,327		1,108,652
CTC Media, Inc.(1)		86,800		1,293,320
Evraz Group SA GDR(1)(3)		35,750		999,010
Gazprom Neft		77,000		415,666
Irkutskenergo ADR		13,500		313,875
JSC Scientific Production Corp. Irkut ADR(1)		18,333		145,637
LUKOIL OAO ADR		157,500		8,966,894
Magnitogorsk Iron & Steel Works GDR(1)		58,800		660,962
Mechel ADR		103,700		1,951,634
MMC Norilsk Nickel ADR(1)		255,000		3,638,752
Mobile TeleSystems		943,800		6,813,710
Mobile TeleSystems ADR		40,600		1,984,934
Mosenergo(1)		2,840,462		307,721
Mosenergo ADR(1)		12,900		135,450
NovaTek OAO GDR(3)		61,800		4,036,850
OAO Gazprom ADR		799,300		20,184,015
OAO Inter Rao Ues(1)		154,564,289		245,293
OAO Rosneft Oil Co. GDR		796,600		6,798,947
OAO TMK GDR(1)(3)		10,400		186,472
OGK-1(1)		3,551,804		86,238
OGK-3(1)		1,518,936		73,407
OGK-4 OJSC(1)		3,793,107		201,494
Pegas Nonwovens SA		24,000		583,696
Polymetal GDR(1)		48,800		447,496
Polyus Gold ADR		22,784		627,699
Rostelecom ADR		63,133		1,726,688
RusHydro(1)		85,305,794		3,177,982
Sberbank GDR(3)		8,042		2,259,607

See notes to financial statements

16

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Russia (continued)
Sberbank of Russian Federation		6,569,380	$	17,643,653
Sberbank of Russian Federation, PFC Shares		862,200		1,965,112
Surgutneftegaz ADR		698,200		6,183,408
Surgutneftegaz ADR, PFC Shares		245,000		1,176,000
Tatneft GDR		167,432		4,837,873
TGC-2(1)		47,933,134		10,449
TGK-4(1)		58,575,771		21,263
Transneft		200		154,036
Uralkali(1)		329,500		1,330,338
Uralsvyazinform		36,297,620		965,008
Vimpel-Communications ADR		340,530		6,330,453
VTB Bank OJSC GDR(3)		1,317,874		6,153,321
Wimm-Bill-Dann Foods OJSC ADR(1)		198,000		4,718,340
X5 Retail Group NV GDR(1)		97,800		3,100,212
			$	126,291,173
Slovenia — 0.7%
Gorenje DD(1)		22,240	$	395,042
KRKA DD		56,352		5,154,902
Luka Koper(1)		13,236		454,841
Mercator Poslovni Sistem		5,024		1,101,662
Nova Kreditna Banka Maribor		97,800		1,593,574
Petrol		1,872		845,967
Sava DD		1,843		622,438
Telekom Slovenije DD		9,959		1,925,692
Zavarovalnica Triglav DD		21,422		763,223
			$	12,857,341
South Africa — 5.9%
ABSA Group, Ltd.		104,673	$	1,815,288
Adcock Ingram Holdings, Ltd.		72,016		529,162
Adcorp Holdings, Ltd.		33,900		114,105
AECI, Ltd.		25,300		211,301
African Bank Investments, Ltd.		288,115		1,159,652
African Oxygen, Ltd. (AFROX)		143,280		425,592
African Rainbow Minerals, Ltd.		17,000		398,416
Allied Electronics Corp., Ltd.		23,200		86,064
Allied Electronics Corp., Ltd., PFC Shares		136,400		493,703
Allied Technologies, Ltd.		14,300		144,120
Anglo Platinum, Ltd.(1)		17,000		1,815,127
AngloGold Ashanti, Ltd.		87,834		3,557,872
AngloGold Ashanti, Ltd. ADR		25,699		1,032,586
Aspen Pharmacare Holdings, Ltd.(1)		195,268		1,944,189
Astral Foods, Ltd.		26,100		359,992
Aveng, Ltd.		321,796		1,733,678
AVI, Ltd.		228,000		647,835
Barloworld, Ltd.		160,500		977,975
Bidvest Group, Ltd.		283,503		4,942,433
British American Tobacco PLC		50,150		1,638,004
Clicks Group, Ltd.		218,200		798,488
DataTec, Ltd.		156,700		568,351
Discovery Holdings, Ltd.		160,754		695,427
FirstRand, Ltd.		1,257,585		3,111,851
Foschini, Ltd.		104,323		850,541
Freeworld Coatings, Ltd.		110,200		124,852
Gold Fields, Ltd.		203,880		2,677,320
Grindrod, Ltd.		301,000		723,872
Group Five, Ltd.		76,500		397,140
Growthpoint Properties, Ltd.		479,900		911,449
Harmony Gold Mining Co., Ltd.		93,500		949,153
Hyprop Investments, Ltd.		65,400		406,289
Illovo Sugar, Ltd.		51,000		219,238
Impala Platinum Holdings, Ltd.		151,968		4,153,928
Investec, Ltd.		49,400		354,796
JSE, Ltd.		45,700		372,528
Kumba Iron Ore, Ltd.		30,100		1,236,805
Kumba Resources, Ltd.		51,400		723,509
Lewis Group, Ltd.		39,800		286,035
Liberty Holdings, Ltd.		52,100		489,071
Massmart Holdings, Ltd.		99,600		1,205,944
Medi-Clinic Corp., Ltd.		146,900		510,946
Metropolitan Holdings, Ltd.		180,600		326,455
Mittal Steel South Africa, Ltd.		24,301		336,720
Mr. Price Group, Ltd.		188,400		890,704
MTN Group, Ltd.		1,060,480		16,878,961
Murray & Roberts Holdings, Ltd.		230,900		1,444,113
Mvelaphanda Group, Ltd.(1)		295,100		279,918
Nampak, Ltd.		65,700		133,813
Naspers, Ltd., Class N		118,276		4,786,649
Nedbank Group, Ltd.		59,600		1,001,593
Netcare, Ltd.(1)		395,900		739,416
Northam Platinum, Ltd.		34,000		220,129
Palabora Mining Co., Ltd.		10,600		151,928
Pangbourne Properties, Ltd.		248,750		574,517
Pick’n Pay Holdings, Ltd.		125,270		298,451
Pick’n Pay Stores, Ltd.		152,660		858,483
Pretoria Portland Cement Co., Ltd.		144,591		677,095
PSG Group, Ltd.		50,000		148,593
Raubex Group, Ltd.		111,200		360,097
Redefine Income Fund, Ltd.		104,396		101,037
Remgro, Ltd.		123,505		1,488,980
Reunert, Ltd.		150,400		1,184,829
RMB Holdings, Ltd.		249,000		994,130
Sanlam, Ltd.		618,590		1,902,386

See notes to financial statements

17

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
South Africa (continued)
Santam, Ltd.		27,610	$	404,923
Sappi, Ltd.(1)		144,600		691,739
Sasol, Ltd.		141,336		5,663,901
Shoprite Holdings, Ltd.		166,153		1,460,822
Spar Group, Ltd.		79,260		761,872
Standard Bank Group, Ltd.		289,749		3,979,740
Steinhoff International Holdings, Ltd.(1)		297,500		833,453
Sun International, Ltd.(1)		51,756		664,248
Telkom South Africa, Ltd.		124,800		631,038
Tiger Brands, Ltd.		72,016		1,663,360
Tongaat-Hulett		25,322		338,494
Truworths International, Ltd.		115,241		677,289
Wilson Bayly Holmes-Ovcon, Ltd.		65,280		948,460
Woolworths Holdings, Ltd.		98,942		238,061
			$	100,531,024
South Korea — 6.3%
Amorepacific Corp.(1)		783	$	628,027
Busan Bank(1)		73,284		874,384
Celltrion, Inc.(1)		17,300		221,919
Cheil Industries, Inc.		10,900		527,829
Cheil Worldwide, Inc.		866		234,528
CJ Corp.(1)		9,583		515,828
Daegu Bank		27,080		398,393
Daelim Industrial Co., Ltd.(1)		9,870		701,286
Daesang Corp.(1)		29,700		202,451
Daewoo Engineering & Construction Co., Ltd.(1)		33,200		363,388
Daewoo International Corp.(1)		10,502		297,733
Daewoo Motor Sales Corp.(1)		24,424		211,028
Daewoo Securities Co., Ltd.		22,760		384,336
Daewoo Shipbuilding & Marine Engineering Co., Ltd.(1)		19,880		298,002
Daishin Securities Co.		14,000		188,096
Dong-A Pharmaceutical Co., Ltd.(1)		2,028		223,790
Dongbu Insurance Co., Ltd.		10,020		278,508
Dongkuk Steel Mill Co., Ltd.		18,400		425,464
Doosan Corp.		4,600		375,925
Doosan Heavy Industries & Construction Co., Ltd.(1)		6,250		434,448
Doosan Infracore Co., Ltd.(1)		22,060		309,709
Eugene Investment & Securities Co., Ltd.(1)		287,000		235,838
GLOVIS Co., Ltd.(1)		3,250		317,110
GS Engineering & Construction Corp.(1)		6,000		556,314
GS Holdings Corp.(1)		10,154		294,177
Hana Financial Group, Inc.(1)		34,400		972,292
Hanarotelecom, Inc.(1)		18,239		75,108
Hanil Cement Co., Ltd.(1)		1,200		83,239
Hanjin Transportation Co., Ltd.(1)		10,500		360,135
Hankook Tire Co., Ltd.		33,930		741,598
Hanmi Pharm Co., Ltd.(1)		3,684		404,297
Hansol Paper Co., Ltd.(1)		25,300		239,380
Hanwha Chemical Corp.(1)		65,820		759,982
Hanwha Corp.(1)		17,300		708,481
Hanwha Securities Co., Ltd.		40,000		310,598
Hite Brewery Co., Ltd.(1)		2,378		347,181
Honam Petrochemical Corp.(1)		6,600		580,341
Hotel Shilla Co., Ltd.		12,750		224,704
Hynix Semiconductor, Inc.(1)		63,070		1,254,224
Hyosung Corp.(1)		8,400		614,356
Hyundai Department Store Co., Ltd.(1)		3,900		376,395
Hyundai Development Co.(1)		19,580		634,008
Hyundai Engineering & Construction Co., Ltd.(1)		14,670		889,858
Hyundai Heavy Industries Co., Ltd.		10,313		1,531,320
Hyundai Marine & Fire Insurance Co., Ltd.		17,150		273,990
Hyundai Merchant Marine Co., Ltd.(1)		14,600		335,466
Hyundai Mipo Dockyard Co., Ltd.		2,620		231,269
Hyundai Mobis(1)		15,400		2,256,701
Hyundai Motor Co.		37,690		3,901,353
Hyundai Motor Co., PFC Shares		12,900		473,638
Hyundai Securities Co., Ltd.		31,200		394,973
Hyundai Steel Co.(1)		15,700		1,165,915
Industrial Bank of Korea(1)		53,200		637,397
Kangwon Land, Inc.(1)		36,658		519,753
KB Financial Group, Inc.(1)		53,129		2,705,342
KB Financial Group, Inc. ADR(1)		19,488		990,965
KCC Corp.		1,710		544,176
Kia Motors Corp.(1)		52,800		906,611
KIWOOM Securities Co., Ltd.		7,100		255,410
Korea Electric Power Corp.(1)		55,810		1,629,057
Korea Exchange Bank(1)		61,400		762,138
Korea Express Co., Ltd.(1)		4,378		213,013
Korea Gas Corp.(1)		15,700		654,832
Korea Investment Holdings Co., Ltd.		10,400		298,053
Korea Zinc Co., Ltd.(1)		3,600		628,665
Korean Air Lines Co., Ltd.(1)		16,966		797,953
Korean Reinsurance Co.		25,900		218,741
KT Corp.(1)		87,949		2,960,085
KT&G Corp.		27,980		1,547,403
KTB Securities Co., Ltd.(1)		80,000		277,078
LG Chem, Ltd.(1)		11,904		2,333,150
LG Corp.(1)		19,570		1,222,393
LG Dacom Corp.(1)		22,300		339,904
LG Display Co., Ltd.		19,700		666,065
LG Electronics, Inc.		19,196		2,001,148
LG Electronics, Inc., PFC Shares		3,600		154,242
LG Hausys, Ltd.(1)		1,611		165,450
LG Household & Health Care, Ltd.		2,300		575,415

See notes to financial statements

18

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
South Korea (continued)
LG Life Sciences, Ltd.(1)		3,500	$	186,406
LG Telecom, Ltd.(1)		60,350		439,801
LIG Insurance Co., Ltd.		14,790		273,934
Lotte Shopping Co., Ltd.(1)		4,500		1,332,690
LS Corp.(1)		7,030		699,289
LS Industrial Systems Co., Ltd.(1)		4,500		374,234
Macquarie Korea Infrastructure Fund		48,875		205,932
MegaStudy Co., Ltd.(1)		1,630		335,073
Mirae Asset Securities Co., Ltd.		5,670		315,936
Namhae Chemical Corp.(1)		15,000		240,214
NCsoft Corp.(1)		5,300		678,606
NHN Corp.(1)		5,558		918,614
Nong Shim Co., Ltd.		1,100		235,213
OCI Co., Ltd.(1)		1,020		191,035
ORION Corp.(1)		1,000		247,609
Pacific Corp.(1)		2,641		358,340
POSCO		18,000		9,492,687
S-Oil Corp.		16,572		769,181
S1 Corp.		3,630		150,903
Samchully Co., Ltd.(1)		1,300		124,941
Samsung Card Co., Ltd.		14,260		703,736
Samsung Corp.		20,430		982,695
Samsung Digital Imaging Co., Ltd.(1)		7,454		281,692
Samsung Electro-Mechanics Co., Ltd.		16,480		1,515,609
Samsung Electronics Co., Ltd.		24,000		16,457,511
Samsung Electronics Co., Ltd., PFC Shares		620		279,461
Samsung Engineering Co., Ltd.		5,300		492,502
Samsung Fine Chemicals Co., Ltd.		4,300		173,402
Samsung Fire & Marine Insurance Co., Ltd.		9,174		1,570,301
Samsung Heavy Industries Co., Ltd.		30,100		624,073
Samsung SDI Co., Ltd.		5,500		700,336
Samsung Securities Co., Ltd.		12,812		693,600
Samsung Techwin Co., Ltd.(1)		5,685		443,293
Shinhan Financial Group Co., Ltd.(1)		92,862		3,436,272
Shinsegae Co., Ltd.		2,891		1,335,320
SK Chemicals Co., Ltd.		7,300		417,366
SK Energy Co., Ltd.		16,271		1,634,730
SK Holdings Co., Ltd.		4,141		315,998
SK Networks Co., Ltd.(1)		13,500		121,461
SK Telecom Co., Ltd.		11,700		1,707,816
SK Telecom Co., Ltd. ADR		25,326		411,801
STX Pan Ocean Co., Ltd.(1)		36,891		355,081
Taekwang Industrial Co., Ltd.		180		112,808
Tong Yang Securities, Inc.		17,500		179,176
Woongjin Coway Co., Ltd.(1)		15,560		514,576
Woori Finance Holdings Co., Ltd.(1)		39,500		467,508
Woori Investment & Securities Co., Ltd.		31,000		441,634
Yuhan Corp.(1)		2,258		345,155
			$	107,929,303
Taiwan — 6.4%
Acer, Inc.		530,850	$	1,592,938
Advanced Semiconductor Engineering, Inc.		579,062		519,763
Advanced Semiconductor Engineering, Inc. ADR		32,475		143,864
Advantech Co., Ltd.		49,863		111,406
Altek Corp.		140,178		285,699
Ambassador Hotel		221,000		270,260
Asia Cement Corp.		762,389		821,690
Asia Optical Co., Inc.		187,913		417,726
Asustek Computer, Inc.		798,772		1,538,493
AU Optronics Corp.		1,145,075		1,371,796
AU Optronics Corp. ADR		33,754		404,710
BES Engineering Corp.		654,000		177,701
Catcher Technology Co., Ltd.		146,247		406,773
Cathay Financial Holding Co., Ltd.(1)		1,613,000		3,003,020
Cathay Real Estate Development Co., Ltd.(1)		660,000		273,013
Chang Hwa Commercial Bank		1,369,000		650,351
Cheng Shin Rubber Industry Co., Ltd.		521,495		1,204,457
Cheng Uei Precision Industry Co., Ltd.		145,128		338,990
Chi Mei Optoelectronics Corp.(1)		1,100,000		776,396
Chicony Electronics Co., Ltd.		138,508		333,714
China Airlines, Ltd.(1)		856,844		304,723
China Development Financial Holding Corp.(1)		2,790,728		852,664
China Life Insurance Co., Ltd.(1)		708,189		547,217
China Motor Corp.(1)		385,930		270,044
China Petrochemical Development Corp.(1)		779,000		302,508
China Steel Corp.		3,037,996		3,132,544
Chinatrust Financial Holding Co., Ltd.		2,472,450		1,537,032
Chong Hong Construction Co., Ltd.		144,500		292,503
Chunghwa Telecom Co., Ltd.		2,253,776		4,203,351
Clevo Co.(1)		191,178		308,860
CMC Magnetics Corp.(1)		370,000		95,948
Compal Electronics, Inc.		778,204		1,074,938
Coretronic Corp.		282,312		407,642
D-Link Corp.		109,590		115,588
Delta Electronics, Inc.		337,603		1,062,017
Dynapack International Technology Corp.		67,666		237,538
E.Sun Financial Holding Co., Ltd.(1)		658,811		274,454
Elan Microelectronics Corp.		142,410		252,849
Epistar Corp.		138,439		518,008
Eternal Chemical Co., Ltd.		282,000		297,276
EVA Airways Corp.(1)		137,272		61,208
Evergreen International Storage & Transport Corp.(1)		266,000		236,979

See notes to financial statements

19

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Taiwan (continued)
Evergreen Marine Corp.(1)		754,292	$	420,209
Everlight Electronics Co., Ltd.		103,212		387,573
Far Eastern International Bank(1)		750,379		282,452
Far Eastern New Century Corp.		599,210		749,240
Far EasTone Telecommunications Co., Ltd.		1,012,364		1,212,182
Faraday Technology Corp.		111,650		241,533
Farglory Land Development Co., Ltd.		53,919		119,414
Feng Hsin Iron & Steel Co., Ltd.		172,000		289,932
First Financial Holding Co., Ltd.		1,323,221		820,269
First Steamship Co., Ltd.		119,084		186,941
Formosa Chemicals & Fibre Corp.		1,174,364		2,546,127
Formosa International Hotels Corp.		22,990		293,954
Formosa Petrochemical Corp.		985,153		2,535,428
Formosa Plastics Corp.		1,466,436		3,089,593
Formosa Taffeta Co., Ltd.		545,000		440,386
Foxconn International Holdings, Ltd.(1)		522,000		599,596
Foxconn Technology Co., Ltd.		167,175		644,925
Fubon Financial Holding Co., Ltd.(1)		1,450,000		1,782,651
Giant Manufacturing Co., Ltd.		161,280		452,890
Goldsun Development & Construction Co., Ltd.		598,965		275,825
Great Wall Enterprise Co., Ltd.		213,748		234,697
HannStar Display Corp.(1)		1,131,308		292,149
Highwealth Construction Corp.		208,691		308,733
Hon Hai Precision Industry Co., Ltd.		1,195,758		5,592,146
Hotai Motor Co., Ltd.		98,000		235,131
HTC Corp.		146,678		1,680,427
Hua Nan Financial Holdings Co., Ltd.		1,192,884		747,840
Huaku Development Co., Ltd.		168,000		426,396
Innolux Display Corp.		554,140		818,524
Inotera Memories, Inc.(1)		502,000		421,553
Inventec Co., Ltd.		277,477		166,043
KGI Securities Co., Ltd.		595,000		349,028
King Yuan Electronics Co., Ltd.		711,274		338,033
Kinsus Interconnect Technology Corp.		56,280		150,426
Largan Precision Co., Ltd.		45,042		591,099
Lee Chang Yung Chemical Industry Corp.		217,000		263,788
Lite-On Technology Corp.		370,447		556,564
Macronix International Co., Ltd.		478,697		273,174
MediaTek, Inc.		180,940		3,143,751
Mega Financial Holding Co., Ltd.		2,743,000		1,580,328
Merida Industry Co., Ltd.		161,000		263,121
Mitac International Corp.		626,073		323,869
Nan Kang Rubber Tire Co., Ltd.(1)		400,400		520,715
Nan Ya Plastics Corp.		1,645,538		2,990,822
Nan Ya Printed Circuit Board Corp.		97,032		371,038
Novatek Microelectronics Corp., Ltd.		160,479		536,052
Pan-International Industrial Co., Ltd.		138,684		252,080
Phison Electronics Corp.		36,412		308,028
PixArt Imaging, Inc.		40,553		340,889
Polaris Securities Co., Ltd.(1)		928,295		550,181
Pou Chen Corp.		1,329,181		1,055,033
Powerchip Semiconductor Corp.(1)		1,907,153		235,401
Powertech Technology, Inc.		146,114		494,996
President Chain Store Corp.		619,120		1,470,674
Prime View International Co., Ltd.(1)		99,000		258,672
Qisda Corp.(1)		619,000		390,083
Quanta Computer, Inc.		546,065		1,184,770
Radiant Opto-Electronics Corp.		183,340		266,727
Realtek Semiconductor Corp.		159,085		469,702
RichTek Technology Corp.		25,236		257,117
Ritek Corp.(1)		968,757		268,345
Ruentex Development Co., Ltd.		246,000		327,026
Ruentex Industries, Ltd.(1)		197,000		353,944
Shin Kong Financial Holding Co., Ltd.(1)		1,266,442		524,777
Siliconware Precision Industries Co.		127,260		173,473
Siliconware Precision Industries Co. ADR		74,607		522,995
Simplo Technology Co., Ltd.		48,400		286,464
Sincere Navigation		188,000		248,005
Sino-American Silicon Products, Inc.		57,531		157,730
SinoPac Financial Holdings Co., Ltd.(1)		1,443,000		578,232
Solar Applied Materials Technology Corp.		74,898		191,877
Synnex Technology International Corp.		593,105		1,280,965
Tainan Spinning Co., Ltd.(1)		460,000		183,592
Taishin Financial Holdings Co., Ltd.(1)		1,182,000		463,506
Taiwan Business Bank(1)		1,412,539		365,885
Taiwan Cement Corp.		927,924		985,296
Taiwan Cooperative Bank		1,015,166		636,678
Taiwan Fertilizer Co., Ltd.		207,000		737,063
Taiwan Glass Industrial Corp.		213,580		174,376
Taiwan Kolin Co., Ltd.(1)(2)		995,000		0
Taiwan Mobile Co., Ltd.		802,281		1,564,042
Taiwan Semiconductor Manufacturing Co., Ltd.		4,347,873		8,763,022
Taiwan Tea Corp.(1)		278,635		177,952
Teco Electric & Machinery Co., Ltd.		389,000		170,039
Transcend Information, Inc.		63,886		239,013
Tripod Technology Corp.		137,819		465,000
TSRC Corp.		214,000		264,817
Tung Ho Steel Enterprise Corp.		293,385		317,535
U-Ming Marine Transport Corp.		202,000		408,565
Uni-President Enterprises Corp.		2,644,648		3,260,651
Unimicron Technology Corp.		305,171		441,990
United Microelectronics Corp.(1)		1,706,361		921,848
United Microelectronics Corp. ADR(1)		93,397		362,380
Vanguard International Semiconductor Corp.		234,175		117,462
Walsin Lihwa Corp.(1)		1,085,980		406,919
Wan Hai Lines, Ltd.(1)		577,500		308,550

See notes to financial statements

20

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Taiwan (continued)
Waterland Financial Holdings(1)		348,978	$	113,673
Wistron Corp.		292,889		567,168
WPG Holdings Co., Ltd.		196,823		342,835
Yageo Corp.		303,000		110,684
Yang Ming Marine Transport		667,916		252,906
Young Fast Optoelectronics Co., Ltd.		26,000		283,523
Yuanta Financial Holding Co., Ltd.		2,002,030		1,464,883
Yuen Foong Yu Paper Manufacturing Co., Ltd.(1)		321,873		140,479
Yulon Motor Co., Ltd.		525,420		619,494
Zinwell Corp.		179,486		345,690
			$	110,000,920
Thailand — 3.0%
Advanced Info Service PCL(5)		1,628,100	$	4,224,075
Airports of Thailand PCL(5)		425,700		497,969
Asian Property Development PCL(5)		1,841,000		317,509
Bangkok Bank PCL		575,800		2,003,968
Bangkok Bank PCL(5)		264,800		927,000
Bangkok Bank PCL NVDR		35,000		121,807
Bangkok Dusit Medical Services PCL(5)		781,000		583,290
Bangkok Expressway PCL(5)		470,900		293,783
Bank of Ayudhya PCL(5)		1,814,000		1,226,655
Banpu PCL(5)		135,800		2,352,338
BEC World PCL(5)		2,033,100		1,500,128
Big C Supercenter PCL(5)		113,000		144,046
Bumrungrad Hospital PCL(5)		503,200		456,563
Cal-Comp Electronics (Thailand) PCL(5)		1,800,000		167,367
Central Pattana PCL(5)		540,700		329,221
Ch. Karnchang PCL(5)		968,000		175,657
Charoen Pokphand Foods PCL(5)		5,627,300		1,924,152
CP ALL PCL(5)		4,567,700		3,397,689
Delta Electronics (Thailand) PCL(5)		934,670		521,442
Electricity Generating PCL(5)		189,500		449,025
G Steel PCL(1)(5)		3,786,500		45,429
Glow Energy PCL(5)		407,100		402,948
Hana Microelectronics PCL(5)		1,084,100		676,343
IRPC PCL(5)		3,989,000		524,050
Kasikornbank PCL		1,026,000		2,673,517
Kiatnakin Bank PCL(5)		125,000		92,794
Krung Thai Bank PCL(5)		2,016,100		595,638
Land & Houses PCL		697,800		131,382
Land & Houses PCL(5)		5,499,500		1,096,670
Loxley PCL(1)(5)		2,001,400		186,093
Major Cineplex Group PCL(5)		754,100		192,257
Minor International PCL(5)		3,079,174		1,043,631
Precious Shipping PCL(5)		622,500		351,020
PTT Aromatics & Refining PCL(5)		442,058		338,107
PTT Chemical PCL(5)		127,289		274,889
PTT Exploration & Production PCL(5)		783,100		3,452,780
PTT PCL(5)		588,500		4,412,867
Quality House PCL(5)		4,710,000		375,783
Ratchaburi Electricity Generating Holding PCL(5)		578,300		611,430
Sahaviriya Steel Industries PCL(1)(5)		3,429,300		123,430
Samart Corp. PCL(5)		1,606,500		279,475
Shin Corp. PCL(5)		426,000		357,768
Siam Cement PCL		53,000		373,278
Siam Cement PCL(5)		340,600		2,437,707
Siam City Bank PCL(5)		896,500		786,521
Siam City Cement PCL(5)		42,900		302,385
Siam Commercial Bank PCL(5)		722,800		1,880,711
Siam Makro PCL(5)		157,600		413,617
Sino Thai Engineering & Construction PCL(1)(5)		1,553,400		288,875
Thai Airways International PCL(1)(5)		520,200		290,214
Thai Beverage PCL		3,621,000		631,454
Thai Oil PCL(5)		490,400		628,812
Thai Plastic & Chemicals PCL(5)		215,100		118,712
Thai Stanley Electric PCL(5)		26,000		93,971
Thai Union Frozen Products PCL(5)		872,300		791,454
Thanachart Capital PCL(5)		523,300		346,879
Thoresen Thai Agencies PCL(5)		395,890		323,575
TMB Bank PCL(1)(5)		3,870,000		143,935
Total Access Communication PCL		475,000		532,676
TPI Polene PCL(1)(5)		305,500		81,094
True Corp. PCL(1)(5)		3,934,500		361,115
			$	50,678,970
Turkey — 3.3%
Adana Cimento Sanayii TAS		82,728	$	283,674
Akbank TAS		563,011		3,582,410
Akcansa Cimento AS		38,000		170,403
Akenerji Elektrik Uretim AS		33,055		310,275
Aksa Akrilik Kimya Sanayii AS(1)		228,054		395,027
Aksigorta AS		99,300		346,724
Alarko Holding AS		207,704		555,557
Anadolu Anonim Turk Sigorta Sirketi		93,286		84,558
Anadolu Cam Sanayii AS(1)		60,819		76,338
Anadolu Efes Biracilik ve Malt Sanayii AS		221,148		2,469,981
Arcelik AS(1)		219,421		866,098
Asya Katilim Bankasi AS(1)		389,200		899,123
Aygaz AS		177,606		672,616
Bagfas Bandirma Gubre Fabrikalari AS		8,000		502,019
BIM Birlesik Magazalar AS		46,548		2,164,636
Bursa Cimento Fabrikasi AS		40,782		131,236
Cimsa Cimento Sanayi ve Ticaret AS		64,400		325,658

See notes to financial statements

21

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Turkey (continued)
Coca-Cola Icecek AS		65,400	$	653,939
Dogan Sirketler Grubu Holding AS		985,552		684,597
Dogus Otomotiv Servis ve Ticaret AS(1)		31,400		102,277
Eczacibasi Ilac Sanayi ve Ticaret AS		121,500		203,405
Enka Insaat ve Sanayi AS		377,695		1,749,935
Eregli Demir ve Celik Fabrikalari TAS(1)		989,535		3,001,703
Fenerbahce Sportif Hizmetler Sanayi ve Ticaret AS		7,000		224,117
Gubre Fabrikalari TAS(1)		59,700		320,688
Haci Omer Sabanci Holding AS		332,750		1,295,073
Ihlas Holding AS(1)		231,300		79,200
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		1,258,218		544,589
KOC Holding AS(1)		1,246,375		3,698,963
Net Holding AS(1)		180,000		71,004
Petkim Petrokimya Holding AS(1)		89,300		439,502
Petrol Ofisi AS(1)		123,246		476,858
Sekerbank TAS(1)		148,250		254,774
Selcuk Ecza Deposu Ticaret ve Sanayi AS		202,500		335,781
Tekfen Holding AS(1)		307,071		1,006,232
Tire Kutsan Oluklu Mukavva Kutu Ve Kagit Sanayii AS(1)		457,200		649,293
Tofas Turk Otomobil Fabrikasi AS		106,900		340,911
Trakya Cam Sanayii AS(1)		340,083		424,466
Tupras-Turkiye Petrol Rafinerileri AS		84,741		1,681,347
Turcas Petrolculuk AS		96,599		310,652
Turk Hava Yollari Anonim Ortakligi (THY) AS		666,740		2,552,464
Turk Sise ve Cam Fabrikalari AS(1)		458,603		575,512
Turk Telekomunikasyon AS		160,000		489,765
Turkcell Iletisim Hizmetleri AS		683,494		4,847,812
Turkcell Iletisim Hizmetleri AS ADR		38,494		673,260
Turkiye Garanti Bankasi AS		1,538,174		6,552,477
Turkiye Halk Bankasi AS		203,500		1,628,908
Turkiye Is Bankasi		651,188		2,749,747
Turkiye Sinai Kalkinma Bankasi AS(1)		119,997		146,748
Turkiye Vakiflar Bankasi TAO(1)		491,121		1,408,892
Ulker Gida Sanayi ve Ticaret AS		89,129		210,783
Vestel Beyaz Esya Sanayi ve Ticaret AS		186,000		387,061
Vestel Elektronik Sanayi ve Ticaret AS(1)		81,607		142,938
Yapi ve Kredi Bankasi AS(1)		616,893		1,359,276
Yazicilar Holding AS		39,000		252,445
Zorlu Enerji Elektrik Uretim AS(1)		124,509		261,327
			$	56,625,054
United Arab Emirates — 1.5%
Aabar Petroleum Investments Co. (PJSC)(1)		2,827,000	$	1,750,462
Abu Dhabi Commercial Bank (PJSC)		1,552,586		656,254
Abu Dhabi National Hotels		832,200		860,986
Air Arabia		3,792,100		947,613
Ajman Bank (PJSC)(1)		1,582,800		386,617
Aldar Properties (PJSC)		1,162,500		1,537,305
Arabtec Holding Co.(1)		2,043,900		1,463,998
Aramex (PJSC)(1)		2,882,464		1,231,862
Dana Gas(1)		7,928,000		2,024,471
DP World, Ltd.		6,073,940		2,582,220
Dubai Financial Market		2,909,600		1,481,769
Dubai Investments (PJSC)		1,127,768		306,038
Dubai Islamic Bank		750,000		471,706
Emaar Properties (PJSC)(1)		3,285,700		3,424,931
Emirates NBD (PJSC)		297,000		236,919
First Gulf Bank (PJSC)		244,400		1,066,907
Gulf Navigation Holding		3,460,300		557,252
Islamic Arabic Insurance Co.(1)		1,335,600		315,498
National Bank of Abu Dhabi (PJSC)		349,000		1,184,676
National Central Cooling Co. (Tabreed)(1)		2,150,000		471,095
Ras Al Khaimah Cement Co.		965,600		264,528
Ras Al Khaimah Co.(1)		1,319,300		337,642
Ras Al Khaimah Properties (PJSC)		2,126,400		341,502
Sorouh Real Estate Co.		733,300		509,047
Takaful Al Emarat Insurance Co.(1)		575,600		186,995
Union National Bank		174,790		151,637
Union Properties (PJSC)(1)		1,288,350		236,028
Waha Capital (PJSC)		1,717,400		428,001
			$	25,413,959
Vietnam — 0.4%
Development Investment Construction Corp.		120,000	$	490,419
FPT Corp.		221,900		943,127
PetroVietnam Drilling and Well Services JSC(1)		95,346		346,762
PetroVietnam Fertilizer and Chemical JSC		147,340		269,836
Pha Lai Thermal Power JSC(1)		99,500		101,221
Saigon Securities, Inc.		198,960		904,736
Song Da Urban & Industrial Zone Investment and Development JSC		154,280		664,770
Tan Tao Investment Industry Co.(1)		189,750		356,246
Vietnam Dairy Products JSC		212,990		858,929
Vincom JSC		234,242		1,186,701
Vinh Son - Song Hinh Hydropower JSC		177,150		159,362
			$	6,282,109
Total Common Stocks
(identified cost $1,130,558,886)			$	1,679,400,386

See notes to financial statements

22

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Convertible Bonds — 0.0%
	Principal
Security	Amount		Value
Oman — 0.0%
Bank Muscat SAOG, 7.00%, 3/20/14		OMR 22,360	$	52,742
Total Convertible Bonds
(identified cost $0)			$	52,742

Equity-Linked Securities — 0.8%(7)
	Maturity
Security	Date		Shares		Value
Saudi Arabia — 0.8%
Al Rajhi Bank (HSBC Bank plc)(4)		4/30/12		60,200	$	1,145,561
Alinma Bank (HSBC Bank plc)(1)(4)		6/4/12		102,800		347,387
Almarai Co., Ltd. (HSBC Bank plc)(4)		3/27/12		9,200		403,794
Arab National Bank (HSBC Bank plc)(4)		6/4/12		26,300		296,952
Bank Albilad (HSBC Bank plc)(1)(4)		9/21/12		59,100		328,918
Banque Saudi Fransi (HSBC Bank plc)(4)		4/30/12		23,300		253,449
Dar Al Arkan Real Estate Development (HSBC Bank plc)(1)(4)		8/13/12		70,500		263,614
Etihad Etisalat Co. (HSBC Bank plc)(4)		4/2/12		73,100		844,857
Fawaz Abdulaziz Alhokair Co. (HSBC Bank plc)(1)(4)		4/4/12		21,500		211,802
Fitahi Holding Group (HSBC Bank plc)(1)(4)		11/26/12		52,000		204,836
Jarir Marketing Co. (HSBC Bank plc)(4)		6/4/12		7,600		271,262
Mobile Telecommunications Co. (HSBC Bank plc)(1)(4)		6/4/12		115,000		311,966
Mohammad Al-Mojil Group (HSBC Bank plc)(4)		1/7/13		38,000		242,894
National Industrialization Co. (HSBC Bank plc)(4)		5/14/12		72,300		540,688
Rabigh Refining and Petrochemicals Co. (HSBC Bank plc)(1)(4)		4/2/12		28,700		272,017
Riyad Bank (HSBC Bank plc)(4)		6/11/12		68,500		490,354
Samba Financial Group (HSBC Bank plc)(4)		4/30/12		45,000		604,370
Saudi Arabian Amiantit Co. (HSBC Bank plc)(4)		6/25/12		32,700		201,172
Saudi Arabian Fertilizer Co. (HSBC Bank plc)(4)		6/4/12		10,600		342,660
Saudi Basic Industries Corp. (HSBC Bank plc)(4)		3/26/12		56,800		1,243,656
Saudi British Bank (HSBC Bank plc)(4)		10/2/12		20,500		238,023
Saudi Cable Co. (HSBC Bank plc)(1)(4)		9/21/12		27,500		180,179
Saudi Chemical Co. (HSBC Bank plc)(1)(4)		11/26/12		28,700		316,397
Saudi Electricity Co. (HSBC Bank plc)(4)		6/25/12		172,700		519,145
Saudi Industrial Investment Group, (HSBC Bank plc)(1)(4)		6/11/12		49,800		288,447
Saudi International Petrochemicals Co. (HSBC Bank plc)(4)		9/21/12		61,700		390,684
Saudi Kayan Petrochemical Co. (HSBC Bank plc)(1)(4)		6/4/12		77,300		375,597
Saudi Pharmaceutical Industries and Medical Appliances Corp. (HSBC Bank plc)(4)		11/26/12		25,300		234,765
Saudi Telecom Co. (HSBC Bank plc)(4)		5/21/12		60,900		716,845
Savola (HSBC Bank plc)(4)		4/20/12		90,600		728,270
Yanbu National Petrochemicals Co. (HSBC Bank plc)(1)(4)		1/7/13		22,500		200,360
Total Equity-Linked Securities
(identified cost $12,698,690)					$	13,010,921

Investment Funds — 0.4%
Security	Shares		Value
Vietnam Enterprise Investments, Ltd.(1)		3,974,633	$	6,756,876
Vietnam Growth Fund, Ltd.(1)		17,646		158,814
Total Investment Funds
(identified cost $11,254,661)			$	6,915,690
Rights(1) — 0.0%
Security	Shares		Value
First Gen Corp., Exp. 1/14/10		500,460	$	29,229
JBS SA, Exp 1/29/10		236		0
KIWOOM Securities Co., Ltd., Exp. 1/6/10		911		9,935
Polski Koncern Miesny Duda SA		48,000		0
Six of October Development & Investment Co., Exp. 1/20/10		4,701		8,571
Song Da Urban & Industrial Zone Investment and Development JSC, Exp. 1/12/10		38,570		146,146
Standard Chartered Bank of Ghana, Ltd.		3,253		2,272
Total Rights (identified cost $0)			$	196,153
Warrants(1) — 0.0%
Security	Shares		Value
Bangkok Land PCL, Exp. 5/2/13, strike THB 1.10		1,565,465	$	7,043
Media Prima Bhd, Exp. 11/26/14, strike 1.80 MYR		6,922		0
Megaworld Corp., Exp. 12/14/14, strike 1.00 PHP		1,712,000		21,849

See notes to financial statements

23

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Security	Shares		Value
Ticon Industrial Connection PCL, Exp. 1/31/14, strike THB 20.00		63,800	$	1,397
Ticon Industrial Connection PCL, Exp. 5/20/11, strike THB 8.00		31,900		2,832
Total Warrants (identified cost $0)			$	33,121
Short-Term Investments — 0.3%
	Principal
	Amount
Security	(000’s omitted)		Value
State Street Bank & Trust Repurchase Agreement, dated 12/31/09, with a maturity date of 1/4/10, an interest rate of 0.01% and repurchase proceeds of $4,631,005; collateralized by $4,631,000 Federal Home Loan Bank, 4.375% due 9/17/10 and a market value of $4,728,164	$	4,631	$	4,631,000
Total Short-Term Investments
(identified cost $4,631,000)			$	4,631,000
Total Investments — 100.0%
(identified cost $1,159,143,237)			$	1,704,240,013
Other Assets, Less Liabilities — 0.0%			$	86,365
Net Assets — 100.0%			$	1,704,326,378

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Ltd.

PFC Shares - Preference Shares

MYR - Malaysian Ringgit

OMR - Omani Rial

PHP - Philippine Peso

THB - Thailand Baht

(1)	Non-income producing security.
(2)	Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(3)	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
(4)	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 December 31, 2009, the aggregate value of these securities is $15,582,471 or 0.9% of the Fund’s net assets.
(5)	Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.
(6)	Security acquired in a delayed delivery transaction.
(7)	Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution in addition to the market risk of the underlying security.

See notes to financial statements

24

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Currency Concentration of Portfolio
	Percentage
Currency	of Net Assets			Value
United States Dollar		16.2	%	$	275,657,014
New Taiwan Dollar		6.3			107,967,374
South Korean Won		6.2			106,181,391
Mexican Peso		6.1			103,588,982
South African Rand		5.8			99,498,439
Brazilian Real		5.8			98,345,380
Hong Kong Dollar		5.7			98,012,864
Indian Rupee		5.2			88,712,876
Indonesian Rupiah		3.6			61,818,923
New Turkish Lira		3.3			55,951,794
Polish Zloty		3.0			50,182,233
Malaysian Ringgit		2.9			50,037,918
Thailand Baht		2.9			49,526,112
Chilean Peso		2.0			33,937,272
Israeli Shekel		1.8			30,581,630
Philippine Peso		1.6			26,926,348
Hungarian Forint		1.6			26,483,645
Qatari Riyal		1.5			25,991,545
Euro		1.5			24,920,878
Moroccan Dirham		1.4			24,361,392
Kuwaiti Dinar		1.4			24,157,822
Egyptian Pound		1.4			23,953,139
United Arab Emirates Dirham		1.3			22,831,739
Czech Koruna		1.3			22,047,798
Romanian Leu		1.0			16,695,046
Other currency, less than 1% each		9.2			155,870,459
Total Investments		100.0	%	$	1,704,240,013

Industry Classification of Portfolio
	Percentage
Sector	of Net Assets			Value
Financials		24.3	%	$	413,343,830
Materials		12.1			206,562,875
Telecommunication Services		10.5			179,159,071
Industrials		10.3			174,619,503
Energy		10.1			171,947,599
Consumer Staples		8.2			140,188,880
Consumer Discretionary		6.7			114,783,791
Information Technology		6.6			112,580,993
Diversified		3.9			66,476,483
Utilities		3.8			65,414,439
Health Care		2.8			47,333,843
Investment Funds		0.4			6,915,690
Other		0.3			4,913,016
Total Investments		100.0	%	$	1,704,240,013

See notes to financial statements

25

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of December 31, 2009
Assets
Investments, at value (identified cost, $1,159,143,237)	$	1,704,240,013
Cash		624
Foreign currency, at value (identified cost, $1,628,732)		1,620,356
Dividends and interest receivable		750,153
Receivable for investments sold		22,207
Receivable for Fund shares sold		6,152,150
Tax reclaims receivable		35,352
Total assets	$	1,712,820,855
Liabilities
Payable for investments purchased	$	3,532,057
Payable for delayed delivery transactions		23,145
Payable for Fund shares redeemed		1,981,011
Distributions payable		1,541
Payable to affiliates:
Investment adviser fee		639,317
Administration fee		710,352
Accrued foreign capital gains taxes		1,607,054
Total liabilities	$	8,494,477
Net Assets	$	1,704,326,378
Sources of Net Assets
Paid-in capital	$	1,282,974,767
Accumulated net realized loss		(109,010,046	)
Accumulated distributions in excess of net investment income		(13,125,669	)
Net unrealized appreciation		543,487,326
Total	$	1,704,326,378
Class I Shares
Net Assets	$	1,704,326,378
Shares Outstanding		40,409,127
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	42.18

*  Redemption price per share is equal to the net asset value less any applicable redemption fee.

Statement of Operations

For the Six Months Ended
December 31, 2009
Investment Income
Dividends (net of foreign taxes, $1,603,540)	$	13,757,038
Interest		2,115
Total investment income	$	13,759,153
Expenses
Investment adviser fee	$	3,467,908
Administration fee		3,853,230
Total expenses	$	7,321,138
Net investment income	$	6,438,015
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investments transactions (net of foreign capital gains taxes of $37,992)	$	(13,045,531	)
Foreign currency transactions		(176,247	)
Net realized loss	$	(13,221,778	)
Change in unrealized appreciation (depreciation) —
Investments (net of increase in accrued foreign capital gains taxes of $998,420)	$	374,353,935
Foreign currency		(106,940	)
Net change in unrealized appreciation (depreciation)	$	374,246,995
Net realized and unrealized gain	$	361,025,217
Net increase in net assets from operations	$	367,463,232

See notes to financial statements

26

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

	Six Months Ended
Increase (Decrease)	December 31, 2009			Year Ended
in Net Assets	(Unaudited)			June 30, 2009
From operations —
Net investment income	$	6,438,015		$	24,556,055
Net realized loss from investment and foreign currency transactions		(13,221,778	)		(96,497,886	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		374,246,995			(346,337,585	)
Net increase (decrease) in net assets from operations	$	367,463,232		$	(418,279,416	)
Distributions to shareholders —
From net investment income	$	(17,000,953	)	$	(24,564,198	)
Total distributions to shareholders	$	(17,000,953	)	$	(24,564,198	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	211,580,866		$	518,219,403
Net asset value of shares issued to shareholders in payment of distributions declared		11,127,475			16,340,953
Cost of shares redeemed		(124,174,210	)		(300,104,714	)
Redemption fees		1,978,069			5,540,007
Net increase in net assets from Fund share transactions	$	100,512,200		$	239,995,649
Net increase (decrease) in net assets	$	450,974,479		$	(202,847,965	)
Net Assets
At beginning of period	$	1,253,351,899		$	1,456,199,864
At end of period	$	1,704,326,378		$	1,253,351,899
Accumulated distributions in excess of net investment income included in net assets
At end of period	$	(13,125,669	)	$	(2,562,731	)

See notes to financial statements

27

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class I
	Six Months Ended			Year Ended June 30,
	December 31, 2009
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value — Beginning of period	$	33.060		$	47.940		$	47.670		$	31.600		$	23.880		$	17.340
Income (Loss) From Operations
Net investment income(1)	$	0.165		$	0.731		$	0.857		$	0.700		$	0.550		$	0.420
Net realized and unrealized gain (loss)		9.329			(15.029	)		0.953			16.070			7.810			6.350
Total income (loss) from operations	$	9.494		$	(14.298	)	$	1.810		$	16.770		$	8.360		$	6.770
Less Distributions
From net investment income	$	(0.425	)	$	(0.747	)	$	(0.933	)	$	(0.750	)	$	(0.660	)	$	(0.280	)
From net realized gain		—			—			(0.728	)		—			—			—
Total distributions	$	(0.425	)	$	(0.747	)	$	(1.661	)	$	(0.750	)	$	(0.660	)	$	(0.280	)
Purchase and redemption fees(1)	$	0.051		$	0.165		$	0.121		$	0.050		$	0.020		$	0.050
Net asset value — End of period	$	42.180		$	33.060		$	47.940		$	47.670		$	31.600		$	23.880
Total Return(2)		28.87	%(3)		(29.00	)%		3.71	%		53.79	%		35.35	%		39.46	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,704,326		$	1,253,352		$	1,456,200		$	1,168,050		$	557,634		$	298,055
Ratios (as a percentage of average daily net assets):
Expenses		0.95	%(4)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		0.83	%(4)		2.37	%		1.68	%		1.80	%		1.84	%		1.99	%
Portfolio Turnover		6	%(3)		14	%		4	%		6	%		9	%		7	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	Not annualized.
(4)	Annualized.

See notes to financial statements

28

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1Significant Accounting Policies

Eaton Vance Tax-Managed Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Series Trust II (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, after-tax returns for its shareholders. The Fund offers Class I shares, which are offered at net asset value and are not subject to a sales charge.

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 source of authoritative accounting principles applied in the preparation of the Fund’s financial statements is the Financial Accounting Standards Board (FASB) Accounting Standards Codification (the Codification), which superseded existing non-Securities and Exchange Commission accounting and reporting standards for interim and annual reporting periods ending after September 15, 2009. The adoption of the Codification for the current reporting period did not impact the Fund’s application of generally accepted accounting principles.

AInvestment Valuation — Equity securities (including common shares of closed-end investment companies) 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 a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) will normally be valued on the basis of quotations provided by third party pricing services. The pricing services will use various techniques that consider factors including, but not limited to, reported trades or dealer quotations, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, issuer spreads, as well as industry and economic events. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing 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 or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

BInvestment 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.

CIncome — 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.

29

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

DFederal 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 substantially 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.

At June 30, 2009, the Fund, for federal income tax purposes, had a capital loss carryforward of $6,576,373 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 June 30, 2017.

Additionally, at June 30, 2009, the Fund had a net currency loss of $745,766 and a net capital loss of $86,877,857 attributable to foreign currency and security transactions, respectively, incurred after October 31, 2008. These losses are treated as arising on the first day of the Fund’s taxable year ending June 30, 2010.

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.

As of December 31, 2009, 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 in the 3-year period ended June 30, 2009 remains subject to examination by the Internal Revenue Service.

EExpenses — 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 the relative size of the funds.

FForeign 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 statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

GUse 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.

HIndemnifications — 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. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust, (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. 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.

IRedemption Fees — Fund shares acquired on or after April 1, 2005 are subject to a redemption fee, at the time of exchange or redemption, equal to 2% of the net asset value of the shares exchanged or redeemed. Fund shares purchased prior to April 1, 2005 are subject to a redemption fee equal to 1% of the net asset value of the shares exchanged or redeemed, and were subject to a purchase fee of 1% of the net asset value of the shares purchased at the time they were purchased. Shares acquired on or before June 30, 1998 are not subject to a redemption fee. The redemption fee is accounted for as an addition to paid-in capital.

30

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

JRepurchase 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 investment adviser, Eaton Vance Management (EVM). 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.

KInterim Financial Statements — The interim financial statements relating to December 31, 2009 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2Distributions 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. Shareholders may reinvest income and capital gain distributions in additional shares 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.

3Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets and is payable monthly. For the six months ended December 31, 2009, the investment adviser fee amounted to $3,467,908. 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 0.50% of the Fund’s average daily net assets. For the six months ended December 31, 2009, the administration fee amounted to $3,853,230. EVM also pays all ordinary operating expenses of the Fund (excluding the investment adviser and administration fees). EVM serves as the sub-transfer agent of the Fund, at no additional cost to the Fund.

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 six months ended December 31, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations. Trustees’ fees incurred by the Fund for the six months ended December 31, 2009 were paid by EVM.

4Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $195,176,774 and $95,011,279, respectively, for the six months ended December 31, 2009.

5Shares 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). Transactions in Fund shares were as follows:

	Six Months Ended
	December 31, 2009			Year Ended
	(Unaudited)			June 30, 2009
Sales		5,338,123			17,570,464
Issued to shareholders electing to receive payments of distributions in Fund shares		264,499			645,377
Redemptions		(3,107,609	)		(10,676,420	)
Net increase		2,495,013			7,539,421

For the six months ended December 31, 2009 and the year ended June 30, 2009, the Fund received $1,978,069 and $5,540,007, respectively, in redemption fees.

31

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

6Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2009, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,167,627,036
Gross unrealized appreciation	$	621,642,396
Gross unrealized depreciation		(85,029,419	)
Net unrealized appreciation	$	536,612,977

7Line 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. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended December 31, 2009.

8Risks 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.

9Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•  Level 1 – quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At December 31, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

	Quoted
	Prices in
	Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Asia/Pacific	$	59,603,278	$	561,519,314		$	0	$	621,122,592
Emerging Europe		37,987,610		313,719,214			—		351,706,824
Latin America		320,035,593		97,208			0		320,132,801
Middle East/Africa		85,406,686		301,031,483			—		386,438,169
Total Common Stocks	$	503,033,167	$	1,176,367,219	*	$	0	$	1,679,400,386
Convertible Bonds		—		52,742			—		52,742
Equity-Linked Securities		—		13,010,921			—		13,010,921
Investment Funds		—		6,915,690			—		6,915,690
Rights		—		196,153			—		196,153
Warrants		33,121		—			—		33,121
Short-Term Investments		—		4,631,000			—		4,631,000
Total Investments	$	503,066,288	$	1,201,173,725		$	0	$	1,704,240,013

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

32

Eaton Vance Tax-Managed Emerging Markets Fundas of December 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in
	Common Stocks
Balance as of June 30, 2009	$	0
Realized gains (losses)		—
Change in net unrealized appreciation (depreciation)*		(110,371	)
Net purchases (sales)		0
Accrued discount (premium)		—
Net transfers to (from) Level 3		110,371
Balance as of December 31, 2009	$	0
Change in net unrealized appreciation (depreciation) on investments still held as of December 31, 2009*	$	(110,371	)

* Amount is included in the related amount on investments in the Statement of Operations.

All Level 3 investments held at December 31, 2009 and June 30, 2009 were valued at $0.

10Review for Subsequent Events

In connection with the preparation of the financial statements of the Fund as of and for the six months ended December 31, 2009, events and transactions subsequent to December 31, 2009 through February 16, 2010, the date the financial statements were issued, have been evaluated by the Fund’s management for possible adjustment and/or disclosure. Management has not identified any subsequent events requiring financial statement disclosure as of the date these financial statements were issued.

33

Eaton Vance Tax-Managed Emerging Markets Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

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 27, 2009, 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 2009. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  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;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  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;

•  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;

•  Data relating to portfolio turnover rates of each fund;

•  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

•  Reports detailing the financial results and condition of each adviser;

•  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;

•  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;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  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;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•  The terms of each advisory agreement.

34

Eaton Vance Tax-Managed Emerging Markets Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

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, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The 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 Eaton Vance Tax-Managed Emerging Markets Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), and the sub-advisory agreement with Parametric Portfolio Associates, LLC (the “Sub-adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the respective 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 continuation of 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 and whose responsibilities include supervising the Sub-adviser. The Board evaluated the abilities and experience of such investment personnel in analyzing factors such as special considerations relevant to investing in emerging markets. The Board noted the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management. With respect to the Sub-adviser, the Board took into account the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the Sub-adviser’s experience in managing equity portfolios.

The Board 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 and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by the Adviser 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.

35

Eaton Vance Tax-Managed Emerging Markets Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Fund and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and sub-advisory agreements, respectively.

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2008 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to the Fund that the management fees charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser or Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, including the Sub-adviser, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates, including the Sub-adviser, may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates, including the Sub-adviser, and the Fund. The Board also concluded that assuming reasonably foreseeable increases in the assets of the Fund, the Adviser and its affiliates, including the Sub-adviser, and the Fund can be expected to continue to share such benefits equitably.

36

Eaton Vance Tax-Managed Emerging Markets Fund

OFFICERS AND TRUSTEES

Officers
Michael W. Weilheimer
President

Thomas P. Huggins
Vice President

Thomas Seto
Vice President

David M. Stein
Vice President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer Trustees
Ralph F. Verni
Chairman

Benjamin C. Esty

Thomas E. Faust Jr.

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Heidi L. Steiger

Lynn A. Stout

37

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Investment Adviser and Administrator of

Eaton Vance Tax-Managed Emerging Markets Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser of Eaton Vance Tax-Managed Emerging Markets Fund

Parametric Portfolio Associates, LLC

1151 Fairview Avenue N.

Seattle, WA 98109

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Eaton Vance Tax-Managed Emerging Markets Fund

Two International Place

Boston, MA 02110

* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org.

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.

2050-2/10 TMEMSRC

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

Not required in this filing

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 Series Trust II
By:	/s/ Michael W. Weilheimer
	Michael W. Weilheimer
	President
Date:	February 9, 2010

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:	February 9, 2010
By:	/s/ Michael W. Weilheimer
	Michael W. Weilheimer
	President
Date:	February 9, 2010