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

June 30, 2010

Date of Reporting Period

Item 1. Reports to Stockholders

Annual Report June 30 , 2010 EATON VANCE TAX-MANAGED EMERGING MARKETS FUND

IMPORTANT NOTICES

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. 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 June 30, 2010

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Thomas Seto
Parametric Portfolio
Associates LLC
Co-Portfolio Manager

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

Economic and Market Conditions

• Strong returns followed by extreme volatility defined the global equity markets during the year ending June 30, 2010, after solid economic progress in the first half of the period was followed by a flurry of unsettling developments around the globe in the second half. Concerns about European sovereign debt, credit tightening in China and a disastrous oil spill in the Gulf of Mexico blunted the positive returns of the period’s first half, as many investors reduced their exposure to risk-sensitive assets and returned to the sidelines. Nevertheless, emerging markets still posted strong returns, with the MSCI Emerging Markets Index (the Index) returning 23.15% during the 12-month period ending June 30, 2010.

• During the first half of the fiscal year, significant infusions of government monetary and fiscal stimulus helped bolster economic growth worldwide, and emerging-market economies led the way. As investors transitioned from the crisis mode of 2008/early 2009 to greater degrees of confidence, equities performed well. In the second half, however, international stock markets shifted gears, posting negative returns for the final six months of the period. Europe suffered the worst downturn, with the FTSE Eurotop 100 losing more than 18%, amid ongoing sovereign debt concerns in Greece, Spain and Romania, credit-rating fears in more developed nations and the looming threat of inflation. Asia-Pacific markets, led by strength in Japan, fared somewhat better, although markets in this region still posted negative returns overall, thanks in part to the ripple effect of the European markets and ongoing tension between North and South Korea. Emerging markets as a whole, as measured by the Index, outperformed Europe but lost more than 6% in the latter half of the fiscal year.

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 Fund’s fiscal year ending June 30, 2010, the Fund returned 24.66%, much of which occurred during the first six months of the period when many of the larger emerging markets economies benefited from foreign stimulus and other aid programs. The Fund lost ground, in line with the Index, in the final months of the period but still finished the fiscal year with a strong 12-month return, ahead of the Index, its primary benchmark, as well as the S&P/IFCI Emerging Markets Index and the Lipper Emerging Markets Funds Average.¹

• The Fund’s structural and significant underweight to China, which lagged the Index by a large margin, was the largest contributing factor to performance during the period. Overweights to strong-performing Russia, Indonesia and the Philippines also helped. Brazil and Taiwan underperformed, so the Fund’s lower-than-Index weightings in these countries were beneficial. Overweights to Mexico and Turkey, which performed well, also contributed.

• In contrast, the Fund’s underweight to South Korea, which outperformed the Index, detracted the most from relative performance versus the Index. In addition, relatively small positions in the United Arab Emirates, Kuwait, Slovenia, Jordan, Croatia and Nigeria—countries that are not included in the Index—detracted from relative returns.

Total Return Performance 6/30/09 – 6/30/10

Class I2	24.66	%
MSCI Emerging Markets Index1	23.15
S&P/IFCI Emerging Markets Index1	24.10
Lipper Emerging Markets Funds Average1	22.58

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

1

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

Class I shares are offered 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 June 30, 2010

FUND PERFORMANCE AND PORTFOLIO COMPOSITION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class I of the Fund with that of the S&P/IFCI Emerging Markets Index and the MSCI Emerging Markets Index — both of which are unmanaged indices of common stocks traded in the emerging markets and available to foreign investors. The lines on the graph represent the total returns of a hypothetical investment of $50,000 in each of Class I and the S&P/IFCI Emerging Markets Index and the MSCI Emerging Markets Index. Class I total returns are presented at net asset value. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Sector Weightings¹

By net assets

Financials 25.1% Materials 11.3% Industrials 10.7% Telecommunication Services 10.5% Energy 9.4% Consumer Staples 8.2% Consumer Discretionary 7.1% Information Technology 6.5% Utilities 4.6% Diversified 3.3% Health Care 1.8% Other 0.5% Investment Funds 0.4%

¹ As a percentage of the Fund’s net assets as of 6/30/10.

Regional Weightings²

By total common stocks

Emerging Europe 19.1% Asia/Pacific 41.2% Latin America 19.4% Middle East/ Africa 20.3%

² As a percentage of the Fund’s total common stocks as of 6/30/10.

Comparison of Change in Value of a $50,000 Investment in Eaton Vance Tax-Managed Emerging Markets Fund vs. the MSCI Emerging Markets Index and the S&P/IFCI Emerging Markets Index* $250,000 June 30, 2000 – June 30, 2010 Eaton Vance Tax-Managed Emerging Markets Fund $200,000 S&P/IFCI Emerging Markets Index $180,648 MSCI Emerging Markets Index $150,000 $149,662 $129,831 $100,000 $50,000 0 6/30/00 6/30/02 6/30/04 6/30/06 6/30/08 6/30/10

* Source: Bloomberg; Lipper, Inc. Class I of the Fund commenced investment operations on 6/30/98. The Fund’s performance prior to February 6, 2004, is that of its predecessor, the PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. It is not possible to invest directly in an Index. 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.

Top 10 Holdings³

By net assets

America Movil SAB de CV, Series L	1.5	%
China Mobile, Ltd.	0.9
MTN Group, Ltd.	0.9
Samsung Electronics Co., Ltd.	0.9
Sberbank of Russian Federation	0.9
OAO Gazprom ADR	0.8
Astra International Tbk PT	0.7
CEZ AS	0.6
Grupo Financiero Banorte SA de CV, Class O	0.5
Grupo Mexico SAB de CV, Series B	0.5

³ Top 10 Holdings represented 8.2% of the Fund’s net assets as of 6/30/10. Excludes cash equivalents.

2

Eaton Vance Tax-Managed Emerging Markets Fund as of June 30, 2010

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 June 30, 2010)

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

	One Year			Five Years			10 Years			Life of Fund1
Return Before Taxes		24.66	%		13.82	%		13.70	%		14.69
Return After Taxes on Distributions		24.66			13.59			13.15			14.17
Return After Taxes on Distributions and Sale of Fund Shares		16.48			12.26			12.09			13.15

Returns Reflecting the Redemption Fee (Class I)

	One Year			Five Years			10 Years			Life of Fund1
Return Before Taxes		22.19	%		13.41	%		13.52	%		14.53	%
Return After Taxes on Distributions		22.20			13.18			12.96			14.01
Return After Taxes on Distributions and Sale of Fund Shares		14.88			11.89			11.92			13.00

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 1/22/10.

After-tax returns are calculated using certain assumptions. After-tax returns are calculated using the highest historical individual federal income tax rates 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 June 30, 2010

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 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 (January 1, 2010 – June 30, 2010).

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*
	(1/1/10)		(6/30/10)		(1/1/10 – 6/30/10)
Actual
Class I		$1,000.00		$967.30		$4.68
Hypothetical
(5% return per year before expenses)
Class I		$1,000.00		$1,020.00		$4.81

*  Expenses are equal to the Fund’s annualized expense ratio of 0.96% for Class I shares, multiplied by the average account value over the period, multiplied by 181/365 (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 December 31, 2009.

4

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS

Common Stocks — 97.7%
Security	Shares		Value
Argentina — 0.8%
Banco Macro SA, Class B		130,676	$	385,490
Banco Macro SA, Class B ADR		71,000		2,090,950
BBVA Banco Frances SA		76,594		164,593
BBVA Banco Frances SA ADR		23,099		145,986
Cresud SA ADR		129,731		1,574,934
Grupo Financiero Galicia SA, Class B ADR(1)		103,000		587,100
IRSA Inversiones y Representaciones SA		119,544		127,988
IRSA Inversiones y Representaciones SA ADR		57,300		598,212
Ledesma SAAI		259,501		261,332
MercadoLibre, Inc.(1)		49,000		2,574,950
Molinos Rio de la Plata SA, Class B		92,923		350,920
Petrobras Energia SA ADR		72,987		1,051,743
Siderar SAIC		120,100		821,588
Telecom Argentina SA ADR		181,200		2,977,116
Telecom Argentina SA, Class B		229,824		759,797
Transportadora de Gas del Sur SA		252,923		160,800
Transportadora de Gas del Sur SA ADR		33,800		106,470
			$	14,739,969
Botswana — 0.7%
Barclays Bank of Botswana		1,191,347	$	1,115,576
Botswana Insurance Holdings Ltd.		298,665		359,092
First National Bank of Botswana		7,511,600		2,826,292
Letshego		14,326,403		4,023,454
Sechaba Breweries Ltd.		1,310,400		1,807,222
Sefalana Holding Co.		991,000		476,602
Standard Chartered Bank		850,790		1,766,052
			$	12,374,290
Brazil — 5.6%
AES Tiete SA, PFC Shares		18,716	$	215,156
All America Latina Logistica SA (Units)		183,000		1,439,668
B2W Companhia Global do Varejo		20,200		336,629
Banco Bradesco SA		66,000		851,235
Banco Bradesco SA, PFC Shares		259,930		4,047,996
Banco do Brasil SA		56,600		772,958
BM&F Bovespa SA		345,000		2,217,175
Bombril SA, PFC Shares		100,000		437,673
Bradespar SA, PFC Shares		39,200		712,115
Brasil Telecom SA(1)		25,532		226,322
Brasil Telecom SA, PFC Shares(1)		116,635		784,459
Braskem SA, PFC Shares		61,000		423,452
BRF-Brasil Foods SA		153,566		2,016,351
Centrais Eletricas Brasileiras SA		44,000		581,629
Centrais Eletricas Brasileiras SA, Class B, PFC Shares		75,982		1,187,087
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		30,244		1,055,273
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class B, PFC Shares		812		28,332
Cia de Bebidas das Americas, PFC Shares		69,465		6,923,794
Cia de Companhia de Concessoes Rodoviarias (CCR)		59,000		1,221,839
Cia de Saneamento Basico do Estado de Sao Paulo		23,200		481,994
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		25,863		666,277
Cia Energetica de Minas Gerais, PFC Shares		120,250		1,742,792
Cia Energetica de Sao Paulo, PFC Shares		60,500		824,543
Cia Paranaense de Energia-Copel, PFC Shares		36,800		758,427
Cia Siderurgica Nacional SA (CSN)		120,600		1,757,219
Cielo SA		220,000		1,852,632
Contax Participacoes SA, PFC Shares		30,200		361,396
Cosan SA Industria e Comercio(1)		52,100		651,755
CPFL Energia SA		50,000		1,091,690
Cyrela Brazil Realty SA		85,724		926,579
Diagnosticos da America SA		77,600		730,429
Duratex SA		116,036		1,054,288
EDP-Energias do Brasil SA		16,600		329,241
Eletropaulo Metropolitana SA, Class B, PFC Shares		23,068		459,571
Embratel Participacoes SA		37,424,000		235,533
Embratel Participacoes SA, PFC Shares		67,000,000		426,870
Empresa Brasileira de Aeronautica SA		152,532		784,209
Fibria Celulose SA(1)		19,771		291,800
Gafisa SA		94,800		567,224
Gerdau SA, PFC Shares		78,800		1,029,857
Gol Linhas Aereas Inteligentes SA, PFC Shares		37,000		438,260
Hypermarcas SA(1)		25,500		327,474
Investimentos Itau SA		6,353		38,470
Investimentos Itau SA, PFC Shares		926,039		5,494,669
Itau Unibanco Holding SA, PFC Shares		324,892		5,849,856
JBS SA		164,700		697,124
Klabin SA, PFC Shares		147,000		407,202
LLX Logistica SA(1)		154,000		627,945
Localiza Rent a Car SA		19,500		226,330
Lojas Americanas SA, PFC Shares		288,359		2,089,604
Lojas Renner SA		29,000		787,258
Lupatech SA(1)		13,700		159,391
Marcopolo SA, PFC Shares		46,300		243,171
Metalurgica Gerdau SA, PFC Shares		31,400		508,141
MRV Engenharia e Participacoes SA		117,600		828,086
Natura Cosmeticos SA		35,000		775,623
Net Servicos de Comunicacao SA, PFC Shares		109,407		1,030,426
OGX Petroleo e Gas Participacoes SA(1)		125,000		1,157,895

See notes to financial statements

5

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Brazil (continued)
Petroleo Brasileiro SA		275,200	$	4,726,427
Petroleo Brasileiro SA ADR		187,400		5,584,520
Petroleo Brasileiro SA, PFC Shares		224,600		3,342,247
Randon Participacoes SA, PFC Shares		95,550		544,714
Redecard SA		145,000		2,048,476
Souza Cruz SA		28,900		1,088,753
Suzano Papel e Celulose SA		25,000		210,665
Tam SA, PFC Shares		29,600		409,972
Tele Norte Leste Participacoes SA		11,200		233,928
Tele Norte Leste Participacoes SA, PFC Shares		47,300		707,535
Tele Norte Leste Participacoes SA ADR, PFC Shares		26,608		398,056
Telemar Norte Leste SA, PFC Shares		9,000		244,321
Telesp-Telecomunicacoes de Sao Paulo SA, PFC Shares		18,313		366,260
Tim Participacoes SA, PFC Shares		223,232		599,820
Totvs SA		11,000		816,316
Tractebel Energia SA		41,300		484,846
Ultrapar Participacoes SA, PFC Shares		25,912		1,240,187
Usinas Siderurgicas de Minas Gerais SA		10,350		271,795
Usinas Siderurgicas de Minas Gerais SA, PFC Shares		31,500		839,593
Vale SA		189,400		4,580,227
Vale SA, PFC Shares		350,292		7,357,102
Vivo Participacoes SA, PFC Shares		47,418		1,218,945
Weg SA		130,700		1,209,247
			$	102,714,346
Bulgaria — 0.2%
Albena Invest Holding PLC(1)		19,550	$	68,987
Bulgarian American Credit Bank JSCO(1)		38,300		249,908
Bulgartabak Holding		3,450		32,355
CB First Investment Bank AD(1)		54,000		63,520
Chimimport AD(1)		487,988		599,402
Corporate Commercial Bank AD		19,900		771,487
Doverie Holding AD(1)		40,000		68,606
Industrial Holding Bulgaria PLC(1)		210,365		172,317
Olovno Tzinkov Komplex AD(1)		33,800		232,484
Petrol AD(1)		76,205		125,384
Sopharma AD(1)		303,500		724,301
Vivacom		32,300		57,561
			$	3,166,312
Chile — 3.4%
Administradora de Fondos de Pensiones Provida SA ADR		9,800	$	414,148
AES Gener SA		1,922,700		841,544
Almendral SA		7,092,000		681,861
Antarchile SA, Series A		28,200		526,765
Banco de Chile		7,328,779		740,864
Banco de Chile ADR		21,946		1,310,176
Banco de Credito e Inversiones		63,723		2,609,370
Banco Santander Chile SA		6,125,600		397,230
Banco Santander Chile SA ADR		47,622		3,194,960
Cap SA		60,000		1,856,973
Cencosud SA		857,500		3,878,811
Cia Cervecerias Unidas SA ADR		37,800		1,628,802
Cia Electro Metalurgica SA		17,500		199,180
Cia General de Electricidad SA		116,110		697,447
Cia SudAmericana de Vapores SA(1)		991,456		891,502
Colbun SA		5,758,500		1,492,222
Corpbanca SA		83,071,400		806,297
Corpbanca SA ADR		17,000		820,080
Embotelladora Andina SA, Series A ADR		25,100		451,800
Embotelladora Andina SA, Series B ADR		48,900		1,093,404
Empresa Nacional de Electricidad SA		222,900		342,075
Empresa Nacional de Electricidad SA ADR		70,459		3,253,797
Empresas CMPC SA		48,400		2,118,414
Empresas Copec SA		370,800		5,837,868
Empresas La Polar SA		88,300		480,269
Enersis SA		1,248,200		494,937
Enersis SA ADR		158,371		3,153,167
ENTEL SA		77,200		1,039,136
Grupo Security SA		1,066,690		318,415
Invercap SA		51,300		422,763
Inversiones Aguas Metropolitanas SA		211,100		261,338
Lan Airlines SA		44,000		821,903
Lan Airlines SA ADR		80,500		1,490,055
Madeco SA		15,429,800		829,346
Masisa SA(1)		7,040,250		934,488
Minera Valparaiso SA		28,200		857,284
Parque Arauco SA		498,800		693,323
Quinenco SA		223,900		535,097
S.A.C.I. Falabella SA		898,600		5,850,239
Salfacorp SA		510,700		1,108,286
SM-Chile SA, Class B		2,793,600		529,508
Sociedad de Inversiones Pampa Calichera SA, Class A		834,400		1,298,855
Sociedad Quimica y Minera de Chile SA		20,950		828,734
Sociedad Quimica y Minera de Chile SA, Series B ADR		57,200		1,865,292
Sonda SA		483,700		770,660
Vina Concha y Toro SA ADR		31,000		1,292,700
			$	61,961,385

See notes to financial statements

6

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
China—9.2%
Agile Property Holdings, Ltd.		298,000	$	305,563
Air China, Ltd., Class H(1)		680,000		664,304
Alibaba.com Ltd.		523,500		1,032,923
Aluminum Corp. of China Ltd., Class H(1)		1,358,000		1,021,431
Angang Steel Co., Ltd., Class H		428,000		511,085
Anhui Conch Cement Co., Ltd., Class H		220,000		638,200
Anta Sports Products, Ltd.		275,000		495,055
AsiaInfo Holdings, Inc.(1)		10,500		229,530
Baidu, Inc. ADR(1)		86,600		5,895,728
Bank of China, Ltd., Class H		12,109,000		6,109,018
Bank of Communications, Ltd., Class H		1,100,000		1,157,702
Beijing Capital International Airport Co., Ltd., Class H		596,000		350,047
Beijing Enterprises Holdings, Ltd.		185,500		1,201,852
Beijing North Star Co., Ltd., Class H		1,580,000		384,129
BOE Technology Group Co., Ltd., Class B(1)		1,405,300		301,480
BYD Co., Ltd., Class H		266,000		1,956,483
Chaoda Modern Agriculture Holdings, Ltd.		933,660		903,431
China Agri-Industries Holdings, Ltd.		725,000		838,259
China Bluechemical, Ltd., Class H		850,000		469,980
China CITIC Bank, Class H		1,229,000		778,773
China Coal Energy Co., Class H		1,055,000		1,312,680
China Communications Construction Co., Ltd., Class H		1,677,000		1,521,580
China Communications Services Corp., Ltd., Class H		718,000		348,770
China Construction Bank, Class H		6,939,000		5,585,984
China COSCO Holdings Co., Ltd., Class H(1)		843,150		858,101
China Dongxiang (Group) Co., Ltd.		1,553,000		1,027,236
China Eastern Airlines Corp., Ltd., Class H(1)		964,000		416,296
China Everbright International, Ltd.		675,000		283,846
China Everbright, Ltd.		456,000		1,038,781
China Foods, Ltd.		460,000		268,519
China High Speed Transmission Equipment Group Co., Ltd.		310,000		652,724
China International Marine Containers Co., Ltd., Class B		413,812		519,237
China Life Insurance Co., Ltd., Class H		1,554,000		6,786,188
China Longyuan Power Group Corp., Class H(1)		979,000		897,547
China Mengniu Dairy Co., Ltd.		603,000		1,950,610
China Merchants Bank Co., Ltd., Class H		800,000		1,913,839
China Merchants Holdings (International) Co., Ltd.		824,000		2,709,748
China Merchants Property Development Co., Ltd., Class B(1)		588,654		919,005
China Minsheng Banking Corp, Ltd., Class H		720,000		624,178
China Mobile, Ltd.		1,718,400		17,022,597
China National Building Material Co., Ltd., Class H		330,000		525,550
China Oilfield Services, Ltd., Class H		564,000		656,333
China Overseas Land & Investment, Ltd.		828,360		1,543,492
China Petroleum & Chemical Corp., Class H		4,606,000		3,721,185
China Railway Construction Corp., Class H		644,000		807,422
China Railway Group, Ltd., Class H(1)		1,290,000		825,669
China Resources Enterprise, Ltd.		532,000		1,955,144
China Resources Land, Ltd.		362,000		679,724
China Resources Power Holdings Co., Ltd.		561,000		1,267,234
China Shenhua Energy Co., Ltd., Class H		731,000		2,637,231
China Shipping Container Lines Co., Ltd., Class H(1)		1,241,000		438,908
China Shipping Development Co., Ltd., Class H		428,000		539,945
China Southern Airlines Co., Ltd., Class H(1)		876,500		361,683
China Telecom Corp., Ltd., Class H		4,450,000		2,143,501
China Travel International Investment Hong Kong, Ltd.(1)		800,000		169,767
China Unicom, Ltd.		1,830,290		2,448,145
China Vanke Co., Ltd., Class B		1,185,417		1,243,111
China Yurun Food Group, Ltd.		461,000		1,449,703
China Zhongwang Holdings, Ltd.		541,200		340,753
Chongqing Changan Automobile Co., Ltd., Class B		723,024		411,206
Citic Pacific, Ltd.		628,000		1,163,363
CNOOC, Ltd.		4,062,500		6,884,295
Cosco Pacific, Ltd.		642,000		760,953
Ctrip.com International, Ltd. ADR(1)		61,900		2,324,964
Datang International Power Generation Co., Ltd., Class H		886,000		357,376
Dazhong Transportation Group Co., Ltd., Class B(1)		633,875		374,090
Denway Motors, Ltd.		1,892,000		890,893
Dongfeng Motor Corp., Class H		1,298,000		1,494,120
Focus Media Holding, Ltd. ADR(1)		37,100		576,163
FU JI Food & Catering Services(1)(2)		133,000		0
Guangdong Investment, Ltd.		954,000		449,138
Guangzhou R&F Properties Co., Ltd., Class H		242,400		304,958
Hangzhou Steam Turbine Co., Ltd., Class B		273,307		407,590
Hidili Industry International Development, Ltd.(1)		304,000		222,390
Huaneng Power International, Inc., Class H		1,448,000		850,935
Industrial & Commercial Bank of China, Ltd., Class H		9,561,000		6,961,607
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		392,000		286,727
Inner Mongolia Yitai Coal Co., Ltd., Class B		170,000		813,452
Jiangsu Expressway Co., Ltd., Class H		352,000		320,606
Jiangxi Copper Co., Ltd., Class H		432,000		800,506
Kingboard Chemical Holdings, Ltd.		164,000		704,121
Kunlun Energy Co., Ltd.		574,000		722,899
Lee & Man Paper Manufacturing, Ltd.		431,000		315,780
Lenovo Group, Ltd.		1,700,000		912,132
Li Ning Co., Ltd.		287,500		942,055
Lianhua Supermarket Holdings Ltd., Class H		130,000		477,022
Maanshan Iron & Steel Co., Ltd., Class H		1,389,000		605,683
Mindray Medical International, Ltd. ADR		31,500		989,730
NetEase.com, Inc. ADR(1)		39,300		1,246,203

See notes to financial statements

7

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
China (continued)
New Oriental Education & Technology Group Inc. ADR(1)		11,500	$	1,071,685
Nine Dragons Paper Holdings, Ltd.		366,000		493,083
Parkson Retail Group, Ltd.		515,000		868,076
PetroChina Co., Ltd., Class H		5,354,300		5,908,696
PICC Property & Casualty Co., Ltd., Class H(1)		390,000		370,510
Ping An Insurance (Group) Co. of China, Ltd., Class H		333,000		2,751,872
Qingling Motors Co., Ltd., Class H		1,448,966		342,864
Renhe Commercial Holdings Co., Ltd.		1,098,000		227,202
Semiconductor Manufacturing International Corp.(1)		5,725,000		455,226
Shanda Interactive Entertainment, Ltd. ADR(1)		12,000		476,040
Shanghai Diesel Engine Co., Ltd., Class B		534,000		329,562
Shanghai Electric Group Co., Ltd., Class H(1)		934,000		410,694
Shanghai Haixin Group Co., Ltd., Class B(1)		545,000		169,460
Shanghai Industrial Holdings, Ltd.		175,000		692,770
Shanghai Jin Jiang International Hotels Development Co., Ltd., Class B		574,800		747,816
Shanghai Jin Jiang International Hotels Group Co., Ltd., Class H		1,000,000		224,975
Shanghai Zhenhua Heavy Industry Co., Ltd., Class B(1)		863,200		367,678
Shenzhen Chiwan Wharf Holdings, Ltd., Class B		153,115		220,010
Shimao Property Holdings, Ltd.		301,000		466,955
SINA Corp.(1)		25,700		906,182
Sino-Ocean Land Holdings, Ltd.		794,500		567,689
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,628,000		616,439
Sinopec Yizheng Chemical Fibre Co., Ltd., Class H(1)		3,201,000		650,934
Sound Global, Ltd.(1)		378,000		207,379
Suntech Power Holdings Co., Ltd. ADR(1)		48,000		440,160
Tencent Holdings, Ltd.		252,500		4,183,229
Tingyi (Cayman Islands) Holding Corp.		1,184,000		2,899,854
Travelsky Technology, Ltd., Class H		812,000		671,372
Tsingtao Brewery Co., Ltd., Class H		1,124,000		5,215,021
Want Want China Holdings, Ltd.		2,580,000		2,165,711
Weichai Power Co., Ltd., Class H		57,000		366,970
Wumart Stores, Inc., Class H		244,000		435,173
Yangzijiang Shipbuilding Holdings, Ltd.		697,000		664,806
Yantai Changyu Pioneer Wine Co., Ltd., Class B(1)		103,948		975,821
Yanzhou Coal Mining Co., Ltd., Class H		548,000		1,055,094
Zhejiang Expressway Co., Ltd., Class H		436,000		401,744
Zijin Mining Group Co., Ltd., Class H		1,080,000		806,920
ZTE Corp., Class H		492,180		1,494,435
			$	170,548,003
Colombia — 1.7%
Almacenes Exito SA		359,734	$	3,408,634
Banco de Bogota		14,000		283,736
Bancolombia SA ADR, PFC Shares		99,700		4,997,961
Cementos Argos SA		284,000		1,704,314
Cia Colombiana de Inversiones SA		566,260		1,860,060
Cia de Cemento Argos SA		341,000		3,482,431
Corporacion Financiera Colombiana SA		16,226		242,499
Ecopetrol SA		1,889,400		2,740,135
Empresa de Telecommunicaciones de Bogota SA		1,807,100		1,013,114
Grupo Aval Acciones y Valores SA		1,192,000		579,795
Grupo de Inversiones Suramericana		174,400		2,750,519
Grupo Nacional de Chocolates SA		198,900		2,167,362
Interconexion Electrica SA		591,600		3,986,250
ISAGEN SA ESP		857,500		1,022,419
Proenergia Internacional(1)(2)		27,000		0
Promigas SA		27,000		469,034
Tableros y Maderas de Caldas		54,336,100		233,116
Textiles Fabricato Tejicondor SA(1)		34,115,900		517,220
			$	31,458,599
Croatia — 0.7%
Adris Grupa DD, PFC Shares		32,700	$	1,419,450
Atlantska Plovidba DD		15,437		2,157,265
Croatia Osiguranje DD(1)		160		127,818
Dalekovod DD(1)		12,140		579,165
Ericsson Nikola Tesla		4,810		1,109,669
Hrvatski Telekom DD		127,350		5,635,051
INA Industrija Nafte DD(1)		1,953		557,773
Institut IGH DD		1,610		522,404
Koncar-Elektroindustrija DD(1)		2,370		179,961
Kras DD		1,645		106,247
Petrokemija DD(1)		5,250		105,269
Podravka Prehrambena Industrija DD(1)		17,450		761,062
Privredna Banka Zagreb DD		3,310		282,991
Riviera Holding DD(1)		3,830		103,908
Tankerska Plovidba DD		290		66,284
			$	13,714,317
Czech Republic — 1.5%
CEZ AS		284,770	$	11,590,715
Komercni Banka AS		29,800		4,771,354
Komercni Banka AS GDR		27,154		1,463,454
New World Resources NV, Class A(1)		343,600		3,527,026
Philip Morris CR AS		1,660		687,042

See notes to financial statements

8

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Czech Republic (continued)
Telefonica 02 Czech Republic AS		143,500	$	2,781,610
Unipetrol AS(1)		234,200		2,117,699
			$	26,938,900
Egypt — 1.5%
Alexandria Mineral Oils Co.		49,000	$	336,651
Arab Cotton Ginning(1)		1,380,400		786,476
Commercial International Bank		286,645		3,340,785
Credit Agricole Egypt		9,465		18,944
Eastern Tobacco		55,400		1,200,137
Egypt Kuwaiti Holding Co.		642,251		965,390
Egyptian Financial & Industrial Co.(1)		137,064		395,741
Egyptian Financial Group-Hermes Holding SAE		263,800		1,340,260
Egyptian for Tourism Resorts(1)		3,501,400		1,153,266
Egyptian International Pharmaceutical Industrial Co.		40,120		246,524
El Ezz Aldekhela Steel Alexa Co.		4,750		792,159
El Sewedy Cables Holding Co.(1)		60,900		719,304
El Watany Bank of Egypt		43,866		194,648
Ezz Steel(1)		331,700		999,457
International Hotel Holdings(1)(2)		11,863		0
Maridive & Oil Services SAE		261,300		812,339
Medinet Nasr for Housing		56,250		293,050
Misr Cement (Qena)		18,251		299,591
MobiNil-Egyptian Co. for Mobil Services		32,978		953,771
National Societe General Bank		83,451		463,931
Olympic Group Financial Investments		67,971		307,631
Orascom Construction Industries (OCI)		117,901		4,652,585
Orascom Telecom Holding SAE		3,278,310		2,797,257
Oriental Weavers Co.		35,464		221,603
Palm Hills Developments SAE(1)		412,500		347,274
Pioneers Holding		547,300		327,864
Sidi Kerir Petrochemicals Co.		367,800		783,827
Six of October Development & Investment Co.(1)		21,701		308,919
South Valley Cement(1)		485,000		453,957
Suez Cement Co.		42,400		261,691
Talaat Moustafa Group(1)		470,000		583,913
Telecom Egypt		460,700		1,250,736
Torah Portland Cement Co.		12,900		63,458
			$	27,673,139
Estonia — 0.6%
AS Baltika(1)		226,000	$	154,716
AS Merko Ehitus		137,000		1,235,247
AS Nordecon International(1)		391,612		668,795
AS Olympic Entertainment Group(1)		1,852,399		2,433,051
AS Tallink Group, Ltd.(1)		7,609,230		5,191,833
AS Tallinna Kaubamaja		264,300		1,421,908
AS Tallinna Vesi		35,235		347,713
			$	11,453,263
Ghana — 0.3%
Aluworks Ghana, Ltd.(1)		1,810,900	$	502,156
CAL Bank, Ltd.		3,266,254		611,361
Ghana Commercial Bank, Ltd.		1,384,370		1,554,717
HFC Bank Ghana, Ltd.		3,899,473		1,594,932
Produce Buying Co., Ltd.		650,000		58,579
SG-SSB, Ltd.		740,000		318,059
Standard Chartered Bank of Ghana, Ltd.		34,600		1,029,005
Unilever Ghana, Ltd.(1)		249,000		621,421
			$	6,290,230
Hungary — 1.5%
Danubius Hotel & Spa Rt.(1)		5,440	$	85,169
EGIS Rt.		6,478		521,845
FHB Mortgage Bank Rt.(1)		61,300		275,390
Magyar Telekom Rt.		1,530,734		4,182,387
Magyar Telekom Rt. ADR		37,300		506,534
MOL Hungarian Oil & Gas Rt.(1)		91,245		7,516,302
OTP Bank Rt.(1)		424,700		8,562,949
Richter Gedeon Rt.		32,822		5,802,926
			$	27,453,502
India — 6.4%
ABB, Ltd.		18,700	$	344,984
ACC, Ltd.		28,800		541,904
Adani Enterprises, Ltd.		29,200		336,646
Aditya Birla Nuvo, Ltd.		14,406		234,278
Allahabad Bank, Ltd.		64,000		222,099
Andhra Bank		55,000		153,659
Apollo Hospitals Enterprise, Ltd.		15,700		252,233
Ashok Leyland, Ltd.		123,000		167,792
Asian Paints, Ltd.		8,000		394,003
Axis Bank, Ltd.		88,800		2,347,835
Bajaj Auto, Ltd.		11,100		593,653
Bajaj Auto, Ltd. GDR(1)(3)		7,202		385,740
Bajaj Finserv, Ltd. GDR(1)(3)		7,202		67,787
Bajaj Hindusthan, Ltd.		59,700		148,257
Bajaj Holdings & Investment, Ltd.		11,100		166,139
Balrampur Chini Mills, Ltd.		145,600		261,600
Bank of India		43,100		320,648
Bharat Electronics, Ltd.		5,000		184,941
Bharat Forge, Ltd.		42,200		261,089

See notes to financial statements

9

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
India (continued)
Bharat Heavy Electricals, Ltd.		36,500	$	1,920,169
Bharat Petroleum Corp., Ltd.		36,000		511,539
Bharti Airtel, Ltd.		941,800		5,294,287
Biocon, Ltd.		38,400		267,076
Cairn India, Ltd.(1)		104,200		675,504
Canara Bank, Ltd.		21,500		208,283
Century Textiles & Industries, Ltd.		12,000		118,287
Cipla, Ltd.		161,400		1,175,524
Colgate-Palmolive (India), Ltd.		13,000		233,763
Container Corp. of India, Ltd.		9,000		260,359
Corporation Bank		17,000		190,916
Crompton Greaves, Ltd.		67,900		374,427
Cummins India, Ltd.		23,000		293,317
Dabur India, Ltd.		139,000		627,824
Divi’s Laboratories, Ltd.(1)		14,000		230,415
Dr. Reddy’s Laboratories, Ltd.		13,300		415,036
Dr. Reddy’s Laboratories, Ltd. ADR		26,800		826,780
Essar Oil, Ltd.(1)		178,500		536,141
Financial Technologies India, Ltd.		3,500		99,918
GAIL (India), Ltd.		80,250		801,860
GAIL (India), Ltd. GDR(3)		25,050		1,543,080
GlaxoSmithKline Pharmaceuticals, Ltd.		8,000		374,868
Glenmark Pharmaceuticals, Ltd.		28,000		161,502
GMR Infrastructure(1)		571,100		726,676
Grasim Industries, Ltd. GDR(3)		13,300		523,555
Great Eastern Shipping Co., Ltd. (The)(1)		15,200		94,914
GTL, Ltd.		34,000		312,395
Gujarat Ambuja Cements, Ltd.		159,800		392,329
HCL Technologies, Ltd.		49,700		385,395
HDFC Bank, Ltd.		51,200		2,117,963
HDFC Bank, Ltd. ADR		7,700		1,100,869
Hero Honda Motors, Ltd.		31,942		1,397,632
Hindalco Industries, Ltd.		201,210		618,934
Hindustan Construction, Ltd.		71,300		181,886
Hindustan Petroleum Corp., Ltd.		18,000		181,444
Hindustan Unilever, Ltd.		383,709		2,209,600
Hindustan Zinc, Ltd.		19,900		411,499
Housing Development & Infrastructure, Ltd.(1)		134,301		714,591
Housing Development Finance Corp., Ltd.		89,000		5,628,863
I-Flex Solutions, Ltd.(1)		4,000		193,004
ICICI Bank, Ltd.		119,100		2,174,214
ICICI Bank, Ltd. ADR		21,000		758,940
IDBI Bank, Ltd.		74,000		187,624
Idea Cellular, Ltd.(1)		669,301		856,218
India Cements, Ltd.		48,000		110,190
Indiabulls Real Estate, Ltd.(1)		117,000		393,116
Indian Hotels Co., Ltd.		65,820		148,004
Indian Oil Corp., Ltd.		22,000		189,411
Infosys Technologies, Ltd.		147,951		8,824,053
Infrastructure Development Finance Co., Ltd.		271,900		1,048,261
ITC, Ltd.		611,900		3,994,195
IVRCL Infrastructures & Projects, Ltd.		43,200		171,955
Jain Irrigation Systems, Ltd.		12,700		291,616
Jaiprakash Associates, Ltd.		163,650		448,000
Jammu & Kashmir Bank, Ltd.		12,000		212,771
Jindal Steel & Power, Ltd.		90,000		1,202,170
JSW Steel, Ltd.		17,000		384,072
Kotak Mahindra Bank, Ltd.		32,000		525,459
Lanco Infratech, Ltd.(1)		599,000		850,737
Larsen & Toubro, Ltd.		38,200		1,477,728
Larsen & Toubro, Ltd. GDR		48,000		1,861,920
LIC Housing Finance, Ltd.		30,000		640,911
Lupin, Ltd.		14,300		602,664
Mahindra & Mahindra, Ltd.		141,400		1,902,918
Maruti Suzuki India, Ltd.		50,500		1,534,199
Motor Industries Co., Ltd.		3,900		449,388
Mphasis, Ltd.		27,000		325,117
Mundra Port & Special Economic Zone, Ltd.		53,500		843,319
Nagarjuna Construction Co., Ltd.		37,800		151,690
National Aluminium Co., Ltd.		24,000		219,413
Nestle India, Ltd.		12,100		754,499
Neyveli Lignite Corp., Ltd.		78,000		260,904
Nicholas Piramal India, Ltd.		21,000		215,356
NTPC, Ltd.		623,300		2,665,919
Oil & Natural Gas Corp., Ltd.		129,950		3,657,068
Patni Computer Systems, Ltd.		14,000		155,098
Petronet LNG, Ltd.		94,000		155,974
Power Grid Corp. of India, Ltd.		364,700		812,627
Punjab National Bank, Ltd.		13,000		291,613
Ranbaxy Laboratories, Ltd. GDR(1)		70,500		700,770
Reliance Capital, Ltd.(1)		62,100		1,008,491
Reliance Communications, Ltd.		560,800		2,373,103
Reliance Communications, Ltd. GDR(4)		42,816		182,807
Reliance Industries, Ltd.		319,512		7,431,383
Reliance Industries, Ltd. GDR(4)		42,816		1,999,507
Reliance Infrastructure, Ltd.		80,200		2,066,806
Reliance Infrastructure, Ltd. GDR		5,900		454,300
Reliance Natural Resources, Ltd.(1)		694,100		976,421
Reliance Power, Ltd.(1)		333,800		1,222,220
Samruddhi Cement, Ltd.(1)		13,300		115,252
Sesa Goa, Ltd.		100,000		753,225
Shipping Corp. of India, Ltd.		49,500		167,153
Siemens India, Ltd.		37,200		586,359
State Bank of India		17,700		871,068
State Bank of India GDR		25,100		2,493,275
Steel Authority of India, Ltd.		156,000		642,802

See notes to financial statements

10

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares			Value
India (continued)
Sterlite Industries (India), Ltd.		213,200		$	771,279
Sun Pharmaceuticals Industries, Ltd.		24,800			957,130
Tata Chemicals, Ltd.		22,000			156,974
Tata Communications, Ltd.		47,000			261,616
Tata Consultancy Services, Ltd.		130,980			2,104,611
Tata Motors, Ltd. ADR		19,800			340,362
Tata Power Co., Ltd.		61,000			1,697,713
Tata Steel, Ltd.		60,000			622,183
Tata Tea, Ltd.		156,000			406,010
Titan Industries, Ltd.		6,000			304,176
Torrent Power, Ltd.		65,000			457,464
Ultra Tech Cement, Ltd.		7,000			131,703
United Phosphorus, Ltd.		112,000			440,755
United Spirits, Ltd.		29,500			823,346
Voltas, Ltd.		86,500			366,985
Wipro, Ltd.		101,666			836,092
Wipro, Ltd. ADR		21,833			261,996
Zee Entertainment Enterprises, Ltd.		121,000			796,124
				$	119,248,503
Indonesia — 3.9%
Aneka Tambang Tbk PT		8,587,500		$	1,811,722
Astra Argo Lestari Tbk PT		420,000			887,758
Astra International Tbk PT		2,327,500			12,297,316
Bakrie Sumatera Plantations Tbk PT		10,258,500			413,370
Bank Central Asia Tbk PT		9,779,500			6,363,035
Bank Danamon Indonesia Tbk PT		2,391,681			1,412,597
Bank Mandiri Tbk PT		5,487,000			3,595,453
Bank Negara Indonesia Persero Tbk PT		2,149,000			552,426
Bank Pan Indonesia Tbk PT(1)		3,525,272			392,779
Bank Rakyat Indonesia PT		4,290,000			4,355,458
Barito Pacific Tbk PT(1)		5,662,500			637,287
Bumi Resources Tbk PT		14,544,000			2,969,320
Gudang Garam Tbk PT		763,500			2,865,659
Indah Kiat Pulp & Paper Corp. Tbk PT(1)		3,326,500			671,747
Indocement Tunggal Prakarsa Tbk PT		1,149,500			1,987,012
Indofood Sukses Makmur Tbk PT		6,576,500			2,979,020
Indosat Tbk PT		1,592,500			863,403
International Nickel Indonesia Tbk PT		2,462,000			1,005,101
Kalbe Farma Tbk PT		5,352,500			1,229,071
Lippo Karawaci Tbk PT(1)		6,000,000			330,157
Matahari Putra Prima Tbk PT		1,600,000			162,960
Medco Energi Internasional Tbk PT		1,397,000			449,461
Perusahaan Gas Negara PT		8,674,000			3,677,085
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		454,000			411,876
Ramayana Lestari Sentosa Tbk PT		4,100,000			430,937
Semen Gresik (Persero) Tbk PT		2,655,000			2,545,497
Tambang Batubara Bukit Asam Tbk PT		948,000			1,788,024
Telekomunikasi Indonesia Tbk PT		5,996,160			5,082,425
Unilever Indonesia Tbk PT		1,343,700			2,505,583
United Tractors Tbk PT		3,996,000			8,190,381
				$	72,863,920
Israel — 0.0%(5)
Koor Industries, Ltd.		0	(6)	$	5
Osem Investment, Ltd.		1			12
				$	17
Jordan — 0.7%
Arab Bank PLC		368,175		$	5,550,586
Arab Potash Co. PLC		46,200			2,121,512
Bank of Jordan		55,600			176,757
Capital Bank of Jordan(1)		500,415			1,068,930
Jordan Ahli Bank		69,300			162,540
Jordan Petroleum Refinery		75,200			651,815
Jordan Phosphate Mines		29,800			611,790
Jordan Steel		144,000			486,297
Jordan Telecom Corp.		67,000			487,531
Jordanian Electric Power Co.		144,901			798,465
Lafarge Jordan Cement		24,700			212,188
Middle East Complex for Engineering, Electronics & Heavy Industries PLC(1)		340,900			192,667
Taameer Jordan Holdings PSC(1)		548,800			466,733
Union Land Development(1)		156,800			288,895
United Arab Investors(1)		623,700			589,302
				$	13,866,008
Kazakhstan — 0.7%
Eurasian Natural Resources Corp.		283,400		$	3,606,225
Halyk Savings Bank of Kazakhstan JSC GDR(1)(3)		176,000			1,379,497
Kazakhmys PLC		230,800			3,387,902
KazMunaiGas Exploration Production GDR		198,226			3,651,697
				$	12,025,321
Kenya — 0.8%
Athi River Mining, Ltd.		561,200		$	961,077
Bamburi Cement Co., Ltd.		366,541			896,736
Barclays Bank of Kenya, Ltd.		1,664,880			1,262,661
East African Breweries, Ltd.		1,812,440			4,035,035
Equity Bank, Ltd.		4,185,400			1,228,741
ICDC Investment Co.(1)		808,000			219,914

See notes to financial statements

11

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Kenya (continued)
KenolKobil, Ltd.		2,380,000	$	285,309
Kenya Airways, Ltd.		1,127,600		641,387
Kenya Commercial Bank, Ltd.		6,740,400		1,533,596
Kenya Electricity Generating Co., Ltd.		1,242,800		260,722
Kenya Power & Lighting, Ltd.		112,650		276,974
Mumias Sugar Co., Ltd.		2,730,114		427,467
Nation Media Group, Ltd.		197,280		337,850
NIC Bank, Ltd.		640,854		309,648
Safaricom, Ltd.		19,565,900		1,400,129
Standard Chartered Bank Kenya, Ltd.		293,420		807,578
			$	14,884,824
Kuwait — 1.5%
Abyaar Real Estate Development(1)		1,440,000	$	133,073
Aerated Concrete Industries Co.		110,250		131,137
Agility DGS		410,000		445,268
Al Ahli Bank of Kuwait KSC		78,750		138,468
Al Safat Investment Co.(1)		1,140,000		362,764
Al Safwa Group Co.(1)		2,320,000		265,826
Al-Deera Holding Co.(1)		660,000		112,945
Al-Mazaya Holding Co.(1)		619,000		185,668
Boubyan Bank KSC(1)		607,500		1,014,095
Boubyan Petrochemicals Co.		1,190,000		2,005,211
Burgan Bank SAK(1)		629,791		683,965
Combined Group Contracting Co.		66,000		391,381
Commercial Bank of Kuwait SAK(1)		240,000		769,522
Commercial Real Estate Co. KSCC(1)		1,009,266		287,452
Gulf Bank(1)		780,000		1,089,123
Gulf Cable & Electrical Industries		110,000		637,132
Hits Telecom Holding KSC(1)		1,320,000		270,822
Investment Dar Co.(1)		125,000		31,029
Kuwait Finance House KSC		709,020		2,388,414
Kuwait Foods Co. (Americana)		185,000		892,949
Kuwait International Bank(1)		518,000		350,036
Kuwait Pipes Industries & Oil Services Co.(1)		360,000		307,733
Kuwait Portland Cement Co.		100,000		427,512
Kuwait Projects Co. Holdings KSC		367,500		411,782
Kuwait Real Estate Co.(1)		840,000		167,192
Mabanee Co. SAKC		275,000		559,386
Mena Holding Group(1)		550,000		375,453
Mobile Telecommunications Co.		1,510,000		5,809,650
National Bank of Kuwait SAK		896,775		3,586,482
National Industries Group Holding(1)		2,077,500		1,748,674
National Investment Co.(1)		365,000		376,022
National Mobile Telecommunication Co. KSC		60,000		364,075
National Real Estate Co.(1)		569,800		243,597
Sultan Center Food Products Co.(1)		580,000		279,952
			$	27,243,790
Latvia — 0.0%(5)
Grindeks(1)		12,000	$	115,852
Latvian Shipping Co.(1)		96,000		62,891
			$	178,743
Lebanon — 0.3%
Banque Audi sal-Audi Saradar Group		114,210	$	930,811
Byblos Bank		490,802		883,444
Solidere		179,350		4,022,938
			$	5,837,193
Lithuania — 0.2%
Apranga PVA(1)		363,680	$	488,880
Bankas Snoras(1)		1,390,849		450,735
Invalda PVA(1)		70,800		73,991
Klaipedos Nafta PVA		1,576,663		685,626
Lietuvos Dujos		200,000		153,360
Lietuvos Energija		37,000		24,111
Panevezio Statybos Trestas		323,592		429,430
Pieno Zvaigzdes		94,000		126,031
Rokiskio Suris		177,000		210,625
Rytu Skirstomieji Tinklai		141,300		98,766
Sanitas(1)		17,500		83,273
Siauliu Bankas(1)		441,032		155,669
Ukio Bankas Commercial Bank(1)		2,790,291		816,274
			$	3,796,771
Malaysia — 3.2%
Affin Holdings Bhd		236,000	$	218,373
Airasia Bhd(1)		851,000		326,843
Alliance Financial Group Bhd		330,800		299,944
AMMB Holdings Bhd		615,900		943,927
Batu Kawan Bhd		100,300		333,924
Berjaya Corp. Bhd		2,498,100		971,273
Berjaya Retail Bhd(1)		249,810		143,407
Berjaya Sports Toto Bhd		445,097		585,598
British American Tobacco Malaysia Bhd		73,000		987,088
Bursa Malaysia Bhd		142,000		307,640
CIMB Group Holdings Bhd		1,417,266		3,051,476
Dialog Group Bhd		839,664		270,502
Digi.com Bhd		133,400		945,553

See notes to financial statements

12

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Malaysia (continued)
EON Capital Bhd(1)		111,000	$	235,822
Gamuda Bhd		1,636,000		1,601,121
Genting Bhd		1,069,800		2,340,085
Genting Plantations Bhd		261,000		535,448
Hong Leong Bank Bhd		252,400		666,327
Hong Leong Financial Group Bhd		61,500		159,248
IGB Corp. Bhd		312,000		167,904
IJM Corp. Bhd		882,920		1,336,306
IOI Corp. Bhd		1,546,268		2,383,153
Kencana Petroleum Bhd		1,456,000		647,044
Kinsteel Bhd		1,475,000		368,529
KLCC Property Holdings Bhd		250,000		236,503
KNM Group Bhd(1)		3,892,300		608,515
Kuala Lumpur Kepong Bhd		183,850		928,841
Kulim (Malaysia) Bhd		115,700		265,223
Lafarge Malayan Cement Bhd		468,660		980,040
Landmarks Bhd		576,800		199,908
Lion Industries Corp. Bhd		436,600		188,358
Malayan Banking Bhd		1,152,486		2,679,286
Malaysia Airports Holdings Bhd		200,000		307,291
Malaysian Airline System Bhd(1)		683,133		434,376
Malaysian Bulk Carriers Bhd		205,000		179,356
Malaysian Resources Corp. Bhd		676,800		323,108
Maxis Bhd		1,075,000		1,751,500
Media Prima Bhd		567,300		368,368
MISC Bhd		638,440		1,688,566
MMC Corp. Bhd		662,000		484,318
Muhibbah Engineering (M) Bhd		639,400		182,247
Multi-Purpose Holdings Bhd		430,540		269,606
Parkson Holdings Bhd		564,973		947,460
Petronas Dagangan Bhd		374,700		1,083,220
Petronas Gas Bhd		135,300		412,460
PLUS Expressways Bhd		700,900		735,445
PPB Group Bhd		252,000		1,238,576
Public Bank Bhd		702,398		2,587,010
Resorts World Bhd		1,613,100		1,353,283
RHB Capital Bhd		260,500		471,164
SapuraCrest Petroleum Bhd		650,000		440,897
Shell Refining Co. Bhd		201,100		657,455
Sime Darby Bhd		2,280,809		5,610,298
Sino Hua-An International Bhd(1)		2,699,600		273,306
SP Setia Bhd		380,100		489,448
Ta Ann Holdings Bhd		137,280		215,087
Tan Chong Motor Holdings Bhd		219,000		289,079
Tanjong PLC		146,400		786,402
Telekom Malaysia Bhd		845,000		871,407
Tenaga Nasional Bhd		846,025		2,191,657
Titan Chemicals Corp. Bhd		940,500		425,125
TM International Bhd(1)		1,330,375		1,600,157
Top Glove Corp. Bhd		105,000		443,779
UMW Holdings Bhd		239,000		466,489
Unisem (M) Bhd		615,000		544,377
Wah Seong Corp. Bhd		682,750		454,000
WCT Bhd		699,500		587,701
YTL Corp. Bhd		255,391		582,483
YTL Power International Bhd		880,699		599,894
			$	58,259,604
Mauritius — 0.8%
Ireland Blyth, Ltd.		64,209	$	114,353
Mauritius Commercial Bank		1,316,595		5,860,705
Mauritius Development Investment Trust Co., Ltd.		600,000		87,184
Naiade Resorts, Ltd.		219,280		177,580
New Mauritius Hotels, Ltd.		1,037,000		3,380,815
Omnicane, Ltd.		23,449		50,537
Rogers & Co., Ltd.		48,555		385,852
State Bank of Mauritius, Ltd.		1,070,199		2,650,336
Sun Resorts, Ltd.		656,202		1,254,806
United Basalt Products, Ltd.		85,125		328,225
			$	14,290,393
Mexico — 6.0%
Alfa SA de CV, Series A		400,372	$	3,002,546
America Movil SAB de CV, Series L		11,641,661		27,544,533
Banco Compartamos SA de CV		466,500		2,424,651
Bolsa Mexicana de Valores SA de CV		240,000		377,080
Carso Infraestructura y Construccion SA(1)		830,000		433,193
Cemex SAB de CV, Series CPO(1)		9,619,429		9,327,084
Coca-Cola Femsa SA de CV, Series L		102,000		639,854
Consorcio ARA SA de CV		562,100		335,094
Controladora Comercial Mexicana SA de CV(1)		352,600		321,709
Corporacion GEO SA de CV, Series B(1)		239,200		638,271
Desarrolladora Homex SAB de CV(1)		104,900		440,833
Embotelladoras Arca SAB de CV		100,000		340,368
Empresas ICA SAB de CV(1)		635,800		1,501,373
Fomento Economico Mexicano SA de CV, Series UBD		1,235,300		5,349,794
Genomma Lab Internacional SA de CV(1)		160,000		531,352
Grupo Aeroportuario del Sureste SAB de CV, Class B		179,726		820,041
Grupo Bimbo SA de CV, Series A		301,227		2,166,087
Grupo Carso SA de CV, Series A1		811,400		2,593,609
Grupo Elektra SA de CV		36,526		1,462,955
Grupo Financiero Banorte SA de CV, Class O		2,636,800		9,990,157
Grupo Financiero Inbursa SA de CV, Class O		1,668,908		5,484,290

See notes to financial statements

13

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Mexico (continued)
Grupo Iusacell SA de CV(1)		142,465	$	540,314
Grupo Mexico SAB de CV, Series B		3,973,061		9,431,107
Grupo Modelo SA de CV, Series C		350,500		1,731,219
Grupo Televisa SA, Series CPO		913,418		3,192,325
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,268,730		1,472,478
Industrias CH SA, Series B(1)		72,952		245,598
Industrias Penoles SA de CV		110,629		2,162,103
Kimberly-Clark de Mexico SA de CV		315,470		1,832,124
Mexichem SA de CV		1,191,673		3,086,746
Organizacion Soriana SAB de CV, Class B(1)		166,700		427,028
Promotora y Operadora de Infraestructura SA de CV(1)		207,900		467,785
Telefonos de Mexico SA de CV, Series L		3,656,760		2,598,430
TV Azteca SA de CV, Series CPO		1,018,565		538,696
Urbi Desarrollos Urbanos SA de CV(1)		317,700		589,559
Wal-Mart de Mexico SAB de CV, Series V		3,113,264		6,896,673
			$	110,937,059
Morocco — 1.6%
Attijariwafa Bank		80,900	$	2,745,628
Banque Centrale Populaire		43,400		1,447,600
Banque Marocaine du Commerce Exterieur (BMCE)		128,000		3,088,212
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		8,040		872,456
Centrale Laitiere		420		535,612
Ciments du Maroc		2,665		678,532
Compagnie Generale Immobiliere		4,000		780,503
Cosumar Compagnie Sucriere Marocaine et de Raffinage		1,637		286,660
Credit Immobilier et Hotelier		17,500		651,614
Delta Holding SA(1)		30,000		297,525
Douja Promotion Groupe Addoha SA		164,500		2,194,748
Holcim Maroc SA		5,282		1,405,918
Label Vie(1)		2,500		313,674
Lafarge Ciments		2,000		429,388
Lesieur Cristal SA		863		129,412
Managem(1)		12,400		675,546
Maroc Telecom		304,741		5,008,707
ONA SA		19,123		3,361,440
Samir(1)		9,447		724,737
Societe des Brasseries du Maroc(1)		1,829		528,719
Societe Nationale d’Investissement		6,065		1,213,782
SONASID (Societe Nationale de Siderurgie)		4,872		1,283,787
Wafa Assurance		600		164,706
			$	28,818,906
Nigeria — 0.9%
Access Bank PLC		12,394,470	$	670,195
African Petroleum PLC		894,000		214,011
Ashaka Cement PLC		2,583,000		327,617
Benue Cement Co. PLC		434,700		178,639
Cadbury Nigeria PLC(1)		1,333,333		245,084
Dangote Sugar Refinery PLC(1)		7,275,654		1,019,951
Diamond Bank PLC		8,059,100		404,031
Ecobank Transnational, Inc.		1,573,600		172,592
First Bank of Nigeria PLC		15,346,753		1,342,073
First City Monument Bank PLC(1)		12,831,301		693,815
Guaranty Trust Bank PLC		14,690,600		1,633,814
Guiness Nigeria PLC		418,750		437,278
Lafarge Cement WAPCO Nigeria PLC		1,987,100		517,336
Nestle Foods Nigeria PLC		100,000		233,979
Nigerian Breweries PLC		3,376,900		1,420,417
Oando PLC		2,896,099		1,456,556
Oceanic Bank International PLC(1)		8,903,675		99,854
PZ Cussons Nigeria PLC		2,770,832		558,606
UAC of Nigeria PLC		3,101,250		859,158
Unilever Nigeria PLC		3,750,000		590,537
Union Bank of Nigeria PLC(1)		9,285,332		309,924
United Bank for Africa PLC		18,829,206		1,353,742
Zenith Bank, Ltd.		13,509,937		1,253,592
			$	15,992,801
Oman — 0.7%
Bank Dhofar SAOG		540,008	$	852,997
Bank Muscat SAOG		1,343,687		2,728,549
Bank Sohar(1)		1,241,000		676,368
Dhofar International Development & Investment Holding Co.		143,200		149,952
Galfar Engineering & Contracting SAOG		777,140		850,994
National Bank of Oman, Ltd.		628,730		531,091
Oman Cables Industry SAOG		112,400		296,059
Oman Cement Co. SAOG		252,000		450,140
Oman Flour Mills Co., Ltd. SAOG		266,000		465,975
Oman International Bank SAOG		960,580		676,588
Oman Telecommunications Co.		978,360		2,940,717
Ominvest		299,113		315,480
Raysut Cement Co. SAOG		266,710		949,689
Renaissance Holdings Co.		653,340		1,253,550
Shell Oman Marketing Co.		66,100		316,112
			$	13,454,261

See notes to financial statements

14

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Pakistan — 0.8%
Adamjee Insurance Co., Ltd.		341,737	$	318,298
Arif Habib Securities, Ltd.(1)		631,600		242,834
Azgard Nine, Ltd.(1)		1,817,400		235,874
Bank Alfalah, Ltd.		1,884,394		206,011
D.G. Khan Cement Co., Ltd.(1)		850,320		232,965
Engro Corp., Ltd.		510,280		1,033,791
Fauji Fertilizer Bin Qasim, Ltd.		841,000		255,668
Fauji Fertilizer Co., Ltd.		630,595		760,917
Habib Bank, Ltd		181,500		204,903
Hub Power Co., Ltd.		3,759,500		1,407,532
ICI Pakistan, Ltd.		24,500		33,773
Indus Motor Co., Ltd.		112,000		344,401
Jahangir Siddiqui & Co., Ltd.		1,947,364		286,213
Lucky Cement, Ltd.		515,900		375,683
Muslim Commercial Bank, Ltd.		998,558		2,252,930
National Bank of Pakistan		879,457		659,554
Nishat Mills, Ltd.		1,720,280		860,799
Oil & Gas Development Co., Ltd.		1,408,400		2,338,413
Pakistan Oil Fields, Ltd.		200,200		502,585
Pakistan Petroleum, Ltd.		443,184		956,065
Pakistan State Oil Co., Ltd.		204,800		621,642
Pakistan Telecommunication Co., Ltd.		2,279,300		471,717
SUI Northern Gas Pipelines, Ltd.(1)		446,000		146,016
SUI Southern Gas Co., Ltd.(1)		600,000		112,717
United Bank, Ltd.		847,825		534,044
			$	15,395,345
Peru — 1.6%
Alicorp SA		1,589,463	$	1,918,269
Cia de Minas Buenaventura SA		82,880		3,213,415
Cia de Minas Buenaventura SA ADR		85,976		3,304,917
Cia Minera Milpo SA		774,073		1,767,040
Credicorp, Ltd.		89,300		8,116,477
Edegel SA		2,023,411		938,124
Empresa Agroindustrial Casa Grande SA(1)		78,200		164,675
Ferreyros SA		545,089		524,736
Grana y Montero SA		439,692		684,709
Luz del Sur SAA		83,400		146,109
Minsur SA		353,485		793,167
Sociedad Minera Cerro Verde SA		47,600		1,094,800
Sociedad Minera el Brocal SA		45,100		677,976
Southern Copper Corp.		204,594		5,429,925
Volcan Cia Minera SA, Class B		998,778		972,090
			$	29,746,429
Philippines — 1.8%
Aboitiz Equity Ventures, Inc.		12,558,000	$	5,224,605
Aboitiz Power Corp.		2,050,000		792,500
ABS-CBN Holdings Corp. PDR		236,200		202,892
Alliance Global Group, Inc.(1)		8,895,000		1,020,795
Atlas Consolidated Mining & Development Corp.(1)		765,000		157,886
Ayala Corp.		204,032		1,418,527
Ayala Land, Inc.		5,663,008		1,596,694
Banco De Oro		873,000		881,337
Bank of the Philippine Islands		1,400,076		1,359,526
Benpres Holdings Corp.(1)		14,870,000		1,152,330
Filinvest Land, Inc.		16,105,546		324,376
First Gen Corp.(1)		2,135,460		467,582
First Philippine Holdings Corp.		274,000		322,443
Globe Telecom, Inc.		17,000		324,118
Holcim Philippines, Inc.		4,124,000		453,749
International Container Terminal Services, Inc.		1,193,000		781,136
JG Summit Holding, Inc.		7,774,200		2,646,081
Jollibee Foods Corp.		467,000		701,458
Manila Electric Co.		465,214		1,832,436
Manila Water Co.		1,062,100		371,858
Megaworld Corp.		10,700,000		312,582
Metropolitan Bank & Trust Co.		954,875		1,264,135
Philex Mining Corp.		1,875,000		505,420
Philippine Long Distance Telephone Co.		74,060		3,787,034
PNOC Energy Development Corp.		6,776,250		643,851
Robinsons Land Corp.		860,000		264,433
SM Investments Corp.		111,232		993,967
SM Prime Holdings, Inc.		4,912,040		1,137,930
Universal Robina Corp.		1,900,000		1,243,868
Vista Land & Lifescapes, Inc.		12,500,000		496,946
			$	32,682,495
Poland — 3.0%
Agora SA(1)		69,000	$	465,277
AmRest Holdings SE(1)		9,400		187,276
Asseco Poland SA		163,670		2,587,139
Bank Handlowy w Warszawie SA(1)		24,785		537,840
Bank Millennium SA(1)		697,490		871,126
Bank Pekao SA		96,585		4,404,689
Bank Zachodni WBK SA		35,901		2,032,248
Bioton SA(1)		19,451,400		1,142,222
BRE Bank SA(1)		24,950		1,645,233
Budimex SA		43,576		1,119,233
Cersanit SA(1)		113,800		455,127
Cinema City International NV(1)		19,500		214,466
Cyfrowy Polsat SA(1)		320,880		1,334,221
Echo Investment SA(1)		240,000		292,663

See notes to financial statements

15

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Poland (continued)
Eurocash SA		101,303	$	644,705
Getin Holding SA(1)		218,933		607,336
Globe Trade Centre SA(1)		76,488		520,460
Grupa Lotos SA(1)		176,940		1,490,668
KGHM Polska Miedz SA		152,118		3,929,455
KOPEX SA(1)		57,700		302,904
LC Corp. SA(1)		608,300		250,935
LPP SA(1)		1,462		738,898
Mostostal-Warszawa SA		10,400		207,237
Netia SA(1)		487,600		677,265
NG2 SA		12,000		190,629
Orbis SA(1)		60,680		635,536
PBG SA		20,056		1,228,751
Polimex-Mostostal SA		1,237,576		1,585,608
Polish Oil & Gas		1,159,466		1,118,858
Polnord SA(1)		19,500		182,073
Polska Grupa Energetyczna SA(1)		591,600		3,642,783
Polski Koncern Naftowy Orlen SA(1)		284,795		2,949,943
Powszechna Kasa Oszczednosci Bank Polski SA		584,282		6,232,193
Powszechny Zaklad Ubezpieczen SA(1)		27,500		2,837,266
Telekomunikacja Polska SA		940,045		3,943,356
Telekomunikacja Polska SA GDR		169,000		715,597
Telekomunikacja Polska SA GDR(4)		76,100		322,230
TVN SA		679,266		3,166,334
			$	55,409,780
Qatar — 1.5%
Barwa Real Estate Co.		98,343	$	768,433
Commercial Bank of Qatar		55,532		1,003,374
Doha Bank, Ltd.		43,119		527,593
First Finance Co.		98,957		589,580
Gulf International Services QSC		129,700		1,008,212
Industries Qatar		192,907		5,040,517
Masraf Al Rayan(1)		425,000		1,674,220
Qatar Electricity & Water Co.		48,900		1,376,528
Qatar Fuel		11,000		479,235
Qatar Gas Transport Co., Ltd. (NAKILAT)		486,556		2,445,901
Qatar Insurance Co.		14,700		266,391
Qatar International Islamic Bank		32,210		386,402
Qatar Islamic Bank		63,415		1,224,629
Qatar National Bank		109,876		4,038,688
Qatar National Cement Co.		11,418		245,432
Qatar National Navigation		93,351		2,071,937
Qatar Telecom QSC		76,065		3,398,735
United Development Co.(1)		91,975		584,590
Vodafone Qatar(1)		452,800		1,002,163
			$	28,132,560
Romania — 0.7%
Antibiotice SA		1,248,900	$	170,768
Banca Transilvania(1)		10,444,660		4,020,806
Biofarm Bucuresti(1)		8,097,100		389,446
BRD-Group Societe Generale		1,736,400		5,186,065
Impact SA(1)		542,590		64,932
OMV Petrom SA(1)		37,669,406		3,180,527
Transelectrica SA		101,000		452,347
			$	13,464,891
Russia — 6.2%
Aeroflot-Russian Airlines		749,030	$	1,368,972
AvtoVAZ(1)		2,100,000		896,427
Comstar United Telesystems GDR(1)		202,327		1,229,484
CTC Media, Inc.		101,500		1,465,660
Evraz Group SA GDR(1)(3)		35,750		833,799
Gazprom Neft		77,000		290,620
Irkutskenergo ADR		13,500		344,250
JSC Scientific Production Corp. Irkut ADR		18,333		133,411
LUKOIL OAO ADR		157,500		8,088,780
Magnitogorsk Iron & Steel Works GDR(3)		58,800		537,081
Mechel ADR		103,700		1,881,118
MMC Norilsk Nickel ADR		255,000		3,679,049
Mobile TeleSystems		943,800		7,038,754
Mobile TeleSystems ADR		101,500		1,944,740
Mosenergo		2,840,462		261,536
Mosenergo ADR		12,900		122,550
NovaTek OAO GDR(3)		61,800		4,404,974
OAO Gazprom ADR		799,300		15,049,441
OAO Inter Rao Ues(1)		263,311,202		358,893
OAO Rosneft Oil Co. GDR(1)(3)		796,600		4,857,836
OAO TMK GDR(1)(3)		10,400		153,689
OGK-1(1)		3,551,804		126,537
OGK-4 OJSC(1)		3,793,107		288,466
Pegas Nonwovens SA		24,000		474,976
Polymetal GDR(1)		48,800		612,440
Polyus Gold ADR		22,784		627,699
Quadra Power Generation JGC(1)		58,575,771		24,543
Rostelecom ADR(1)		63,133		1,363,673
RusHydro(1)		91,259,220		4,325,048
Sberbank GDR(3)		8,042		2,025,836
Sberbank of Russian Federation		6,569,380		15,862,359

See notes to financial statements

16

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Russia (continued)
Sberbank of Russian Federation, PFC Shares		862,200	$	1,532,518
Surgutneftegaz ADR		698,200		6,110,294
Surgutneftegaz ADR, PFC Shares		245,000		1,041,250
Tatneft ADR		167,432		4,673,045
TGK-2(1)		47,933,134		12,702
TMK OAO(1)		4,106		15,363
Transneft		200		170,806
Uralkali		329,500		1,192,310
Uralsvyazinform		36,297,620		1,030,018
Vimpel-Communications ADR(1)		328,130		5,309,143
VTB Bank OJSC GDR(3)		1,317,874		6,330,869
Wimm-Bill-Dann Foods OJSC ADR		198,000		3,524,400
X5 Retail Group NV GDR(1)(3)		97,800		3,282,080
			$	114,897,439
Slovenia — 0.8%
Gorenje DD(1)		80,554	$	1,251,351
KRKA DD		76,752		6,140,908
Luka Koper(1)		13,236		294,083
Mercator Poslovni Sistem		7,524		1,453,714
Nova Kreditna Banka Maribor		134,365		1,835,360
Petrol		2,872		946,389
Sava DD		1,843		405,668
Telekom Slovenije DD		12,059		1,442,175
Zavarovalnica Triglav DD		28,922		695,611
			$	14,465,259
South Africa — 5.8%
ABSA Group, Ltd.		104,673	$	1,648,627
Adcock Ingram Holdings, Ltd.		72,016		542,325
AECI, Ltd.		48,300		427,935
African Bank Investments, Ltd.		288,115		1,130,757
African Oxygen, Ltd. (AFROX)		143,280		422,839
African Rainbow Minerals, Ltd.		33,800		707,243
Anglo Platinum, Ltd.(1)		17,000		1,603,819
AngloGold Ashanti, Ltd.		101,034		4,360,521
AngloGold Ashanti, Ltd. ADR		25,699		1,109,683
Aquarius Platinum, Ltd.		95,200		460,665
Arcelormittal South Africa, Ltd.(1)		47,501		467,819
Aspen Pharmacare Holdings, Ltd.(1)		195,268		1,928,247
Astral Foods, Ltd.		26,100		380,873
Aveng, Ltd.		419,996		1,875,477
AVI, Ltd.		228,000		654,109
Barloworld, Ltd.		231,700		1,221,970
Bidvest Group, Ltd.		283,503		4,486,774
Clicks Group, Ltd.		218,200		959,899
DataTec, Ltd.		156,700		578,448
Discovery Holdings, Ltd.		160,754		732,656
FirstRand, Ltd.		1,257,585		2,943,598
Foschini, Ltd.		104,323		878,295
Gold Fields, Ltd.		258,180		3,462,438
Grindrod, Ltd.		416,000		774,999
Group Five, Ltd.		52,000		233,028
Growthpoint Properties, Ltd.		479,900		970,303
Harmony Gold Mining Co., Ltd.		127,400		1,357,232
Hyprop Investments, Ltd.		65,400		426,582
Illovo Sugar, Ltd.		51,000		183,375
Impala Platinum Holdings, Ltd.		168,168		3,913,952
Imperial Holdings, Ltd.		61,800		687,291
Investec, Ltd.		106,800		744,763
JSE, Ltd.		45,700		390,369
Kumba Iron Ore, Ltd.		30,100		1,244,209
Kumba Resources, Ltd.		72,500		1,037,987
Lewis Group, Ltd.		39,800		304,559
Liberty Holdings, Ltd.		52,100		497,213
Massmart Holdings, Ltd.		99,600		1,526,521
Medi-Clinic Corp., Ltd.		146,900		503,767
Metropolitan Holdings, Ltd.		180,600		376,791
Mr. Price Group, Ltd.		188,400		1,094,155
MTN Group, Ltd.		1,284,880		16,838,534
Murray & Roberts Holdings, Ltd.		315,200		1,586,315
Mvelaphanda Group, Ltd.(1)		295,100		297,984
Nampak, Ltd.		165,700		413,283
Naspers, Ltd., Class N		162,276		5,464,718
Nedbank Group, Ltd.		86,100		1,340,741
Netcare, Ltd.(1)		395,900		663,460
Northam Platinum, Ltd.		77,300		455,350
Pangbourne Properties, Ltd.		248,750		567,507
Pick’n Pay Holdings, Ltd.		125,270		296,258
Pick’n Pay Stores, Ltd.		152,660		859,676
Pretoria Portland Cement Co., Ltd.		210,591		870,163
Raubex Group, Ltd.		111,200		274,602
Redefine Properties, Ltd.		658,296		616,920
Remgro, Ltd.		150,305		1,849,112
Reunert, Ltd.		224,200		1,676,461
RMB Holdings, Ltd.		249,000		1,007,579
Sanlam, Ltd.		618,590		1,834,175
Santam, Ltd.		27,610		401,901
Sappi, Ltd.(1)		209,600		812,387
Sasol, Ltd.		141,336		5,021,054
Shoprite Holdings, Ltd.		166,153		1,786,299
Spar Group, Ltd.		79,260		822,458
Standard Bank Group, Ltd.		364,149		4,829,011
Steinhoff International Holdings, Ltd.(1)		297,500		686,861

See notes to financial statements

17

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
South Africa (continued)
Sun International, Ltd.(1)		51,756	$	554,191
Telkom South Africa, Ltd.		333,000		1,633,244
Tiger Brands, Ltd.		72,016		1,592,482
Tongaat-Hulett		25,322		353,900
Truworths International, Ltd.		115,241		802,118
Wilson Bayly Holmes-Ovcon, Ltd.		65,280		929,655
Woolworths Holdings, Ltd.		98,942		307,329
			$	106,697,841
South Korea — 5.9%
Amorepacific Corp.		783	$	666,166
Busan Bank		73,284		660,295
Celltrion, Inc.(1)		17,300		290,460
Cheil Industries, Inc.		10,900		835,264
Cheil Worldwide, Inc.		21,650		226,461
CJ Corp.		9,583		466,933
Daegu Bank		27,080		307,646
Daelim Industrial Co., Ltd.		6,870		353,905
Daesang Corp.(1)		29,700		218,283
Daewoo Engineering & Construction Co., Ltd.		33,200		278,888
Daewoo International Corp.		10,502		264,658
Daewoo Motor Sales Corp.(1)		100,000		214,253
Daewoo Securities Co., Ltd.		22,760		371,490
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		19,880		301,535
Daishin Securities Co.		14,000		160,872
Dong-A Pharmaceutical Co., Ltd.		2,028		204,133
Dongbu Insurance Co., Ltd.		10,020		287,545
Dongkuk Steel Mill Co., Ltd.		18,400		327,925
Doosan Corp.		4,600		414,310
Doosan Heavy Industries & Construction Co., Ltd.		6,250		382,438
Doosan Infracore Co., Ltd.(1)		22,060		341,325
Eugene Investment & Securities Co., Ltd.(1)		287,000		167,353
GLOVIS Co., Ltd.		7,450		810,629
GS Engineering & Construction Corp.		6,000		363,495
GS Holdings Corp.		10,154		316,256
Hana Financial Group, Inc.		57,900		1,535,247
Hanjin Transportation Co., Ltd.		10,500		341,955
Hankook Tire Co., Ltd.		33,930		769,791
Hanmi Pharmaceutical Co., Ltd.		3,684		259,877
Hansol Paper Co., Ltd.		25,300		288,551
Hanwha Chemical Corp.		65,820		944,930
Hanwha Corp.		17,300		522,136
Hanwha Securities Co., Ltd.		49,695		271,365
Hite Brewery Co., Ltd.		2,378		283,294
Honam Petrochemical Corp.		6,600		781,062
Hotel Shilla Co., Ltd.		12,750		255,879
Hynix Semiconductor, Inc.(1)		63,070		1,274,838
Hyosung Corp.		8,400		531,898
Hyundai Department Store Co., Ltd.		3,900		372,569
Hyundai Development Co.		13,980		311,480
Hyundai Engineering & Construction Co., Ltd.		14,670		674,502
Hyundai Heavy Industries Co., Ltd.		10,313		1,962,416
Hyundai Marine & Fire Insurance Co., Ltd.		17,150		339,856
Hyundai Merchant Marine Co., Ltd.		30,100		877,820
Hyundai Mipo Dockyard Co., Ltd.		2,620		274,494
Hyundai Mobis		15,400		2,582,956
Hyundai Motor Co.		37,690		4,410,059
Hyundai Motor Co., PFC Shares		12,900		544,081
Hyundai Securities Co., Ltd.		31,200		295,385
Hyundai Steel Co.		15,700		1,147,638
Industrial Bank of Korea		53,200		622,668
Kangwon Land, Inc.		36,658		552,868
KB Financial Group, Inc.		53,129		2,036,475
KB Financial Group, Inc. ADR		48,488		1,837,210
KCC Corp.		1,710		411,789
Kia Motors Corp.		52,800		1,399,007
KIWOOM Securities Co., Ltd.		8,011		268,183
Korea Electric Power Corp.(1)		87,310		2,253,026
Korea Exchange Bank		61,400		625,760
Korea Express Co., Ltd.(1)		4,378		217,654
Korea Gas Corp.		12,900		440,984
Korea Investment Holdings Co., Ltd.		10,400		264,552
Korea Zinc Co., Ltd.		3,600		635,659
Korean Air Lines Co., Ltd.(1)		16,966		1,127,090
Korean Reinsurance Co.		26,418		206,765
KT Corp.		87,949		3,247,754
KT&G Corp.		35,480		1,744,228
KTB Securities Co., Ltd.(1)		80,000		237,726
LG Chem, Ltd.		11,904		2,985,411
LG Corp.		19,570		1,047,078
LG Display Co., Ltd.		19,700		647,931
LG Electronics, Inc.		22,196		1,687,871
LG Hausys, Ltd.		4,611		346,114
LG Household & Health Care, Ltd.		2,300		653,195
LG Life Sciences, Ltd.(1)		9,500		371,496
LG Telecom, Ltd.(1)		108,269		675,153
LIG Insurance Co., Ltd.		14,790		293,190
Lotte Shopping Co., Ltd.		4,500		1,292,158
LS Corp.		7,030		503,761
LS Industrial Systems Co., Ltd.		4,500		284,535
MegaStudy Co., Ltd.		2,500		330,323
Mirae Asset Securities Co., Ltd.		5,670		247,765
Namhae Chemical Corp.		32,500		367,359
NCsoft Corp.		5,300		873,330

See notes to financial statements

18

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
South Korea (continued)
NHN Corp.(1)		8,058	$	1,198,459
Nong Shim Co., Ltd.		1,100		206,143
OCI Co., Ltd.		4,420		890,865
ORION Corp.		1,000		300,925
Pacific Corp.		2,641		337,281
POSCO		19,100		7,237,196
S-Oil Corp.		10,872		476,848
S1 Corp.		10,130		431,233
Samsung C&T Corp.		20,430		862,626
Samsung Card Co., Ltd.		14,260		575,901
Samsung Electro-Mechanics Co., Ltd.		16,480		2,060,819
Samsung Electronics Co., Ltd.		25,830		16,200,934
Samsung Electronics Co., Ltd., PFC Shares		620		264,303
Samsung Engineering Co., Ltd.		5,300		490,818
Samsung Fine Chemicals Co., Ltd.		10,800		562,353
Samsung Fire & Marine Insurance Co., Ltd.		9,174		1,456,247
Samsung Heavy Industries Co., Ltd.		24,300		455,028
Samsung SDI Co., Ltd.		5,500		769,719
Samsung Securities Co., Ltd.		12,812		565,443
Samsung Techwin Co., Ltd.		5,685		487,732
Shinhan Financial Group Co., Ltd.		125,362		4,614,464
Shinsegae Co., Ltd.		2,891		1,249,126
SK Chemicals Co., Ltd.		7,300		395,981
SK Energy Co., Ltd.		16,271		1,447,156
SK Holdings Co., Ltd.		4,141		294,135
SK Networks Co., Ltd.		40,500		340,377
SK Telecom Co., Ltd.		11,700		1,533,335
SK Telecom Co., Ltd. ADR		25,326		373,052
Tong Yang Securities, Inc.		47,500		339,299
Woongjin Coway Co., Ltd.		15,560		521,339
Woori Finance Holdings Co., Ltd.		38,100		448,198
Woori Investment & Securities Co., Ltd.		31,000		397,438
Yuhan Corp.		2,258		282,104
			$	109,889,542
Taiwan — 6.0%
Acer, Inc.		530,850	$	1,231,977
Advanced Semiconductor Engineering, Inc.		579,062		455,935
Advantech Co., Ltd.		169,863		346,842
Altek Corp.		140,178		180,831
Ambassador Hotel		221,000		254,405
AmTRAN Technology Co., Ltd.		350,000		313,011
Asia Cement Corp.		762,389		669,560
Asia Optical Co., Inc.		187,913		301,036
Asustek Computer, Inc.		119,816		882,577
AU Optronics Corp.		1,177,961		1,043,014
AU Optronics Corp. ADR		33,754		299,736
Capital Securities Corp.(1)		550,000		232,258
Catcher Technology Co., Ltd.		100,100		215,921
Cathay Financial Holding Co., Ltd.(1)		1,988,000		2,941,002
Cathay Real Estate Development Co., Ltd.(1)		660,000		229,407
Chang Hwa Commercial Bank		1,369,000		623,362
Cheng Shin Rubber Industry Co., Ltd.		521,495		1,055,552
Cheng Uei Precision Industry Co., Ltd.		145,128		232,655
Chicony Electronics Co., Ltd.		138,508		307,007
Chimei Innolux Corp.		1,090,725		1,119,473
China Airlines, Ltd.(1)		856,844		436,353
China Development Financial Holding Corp.(1)		3,715,728		994,311
China Life Insurance Co., Ltd.(1)		708,189		568,477
China Motor Corp.(1)		385,930		223,027
China Petrochemical Development Corp.(1)		779,000		391,361
China Steel Corp.		3,337,996		3,075,064
Chinatrust Financial Holding Co., Ltd.		2,947,450		1,610,498
Chong Hong Construction Co., Ltd.		144,500		259,068
Chunghwa Picture Tubes, Ltd.(1)		4,000,000		260,053
Chunghwa Telecom Co., Ltd.		2,048,887		4,056,939
Clevo Co.(1)		191,178		398,199
CMC Magnetics Corp.(1)		1,370,000		340,178
Compal Electronics, Inc.		778,204		926,843
Coretronic Corp.		282,312		414,261
D-Link Corp.		359,590		271,882
Delta Electronics, Inc.		337,603		1,077,681
Dynapack International Technology Corp.		67,666		188,901
E Ink Holdings, Inc.(1)		249,000		302,093
E.Sun Financial Holding Co., Ltd.(1)		1,080,274		437,735
Elan Microelectronics Corp.		142,410		198,102
Epistar Corp.		138,439		357,449
Eternal Chemical Co., Ltd.(1)		282,000		269,232
EVA Airways Corp.(1)		667,272		391,434
Evergreen International Storage & Transport Corp.(1)		266,000		184,215
Evergreen Marine Corp.(1)		754,292		476,554
Everlight Electronics Co., Ltd.		103,212		263,315
Far Eastern Department Stores, Ltd.		531,000		431,674
Far Eastern International Bank(1)		750,379		238,341
Far Eastern New Century Corp.		599,210		616,235
Far EasTone Telecommunications Co., Ltd.		1,012,364		1,248,326
Faraday Technology Corp.		111,650		171,825
Feng Hsin Iron & Steel Co., Ltd.		172,000		225,557
First Financial Holding Co., Ltd.		1,773,221		976,766
First Steamship Co., Ltd.		119,084		194,216
Formosa Chemicals & Fibre Corp.		1,174,364		2,686,748
Formosa International Hotels Corp.(1)		22,990		280,991
Formosa Petrochemical Corp.		985,153		2,376,324
Formosa Plastics Corp.		1,466,436		3,082,516
Formosa Taffeta Co., Ltd.		545,000		381,567

See notes to financial statements

19

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Taiwan (continued)
Formosan Rubber Group, Inc.		450,000	$	313,097
Foxconn International Holdings, Ltd.(1)		522,000		337,277
Foxconn Technology Co., Ltd.		167,175		553,349
Fubon Financial Holding Co., Ltd.(1)		1,450,000		1,610,637
Giant Manufacturing Co., Ltd.		161,280		488,180
Goldsun Development & Construction Co., Ltd.		598,965		257,856
Great Wall Enterprise Co., Ltd.		213,748		184,811
HannStar Display Corp.(1)		1,853,485		351,255
Highwealth Construction Corp.		208,691		329,797
Hon Hai Precision Industry Co., Ltd.(1)		1,445,758		5,067,630
Hotai Motor Co., Ltd.		98,000		236,218
HTC Corp.		146,678		1,947,899
Hua Nan Financial Holdings Co., Ltd.		1,192,884		683,028
Huaku Development Co., Ltd.(1)		168,000		413,459
Inotera Memories, Inc.(1)		566,619		313,999
Inventec Co., Ltd.		752,477		399,611
KGI Securities Co., Ltd.		1,145,000		443,474
King Yuan Electronics Co., Ltd.		711,274		291,778
Kinsus Interconnect Technology Corp.		166,280		319,482
Largan Precision Co., Ltd.		45,042		716,502
Lee Chang Yung Chemical Industry Corp.		217,000		258,346
Lite-On Technology Corp.		370,447		405,952
Macronix International Co., Ltd.		978,697		643,127
MediaTek, Inc.		215,940		3,014,041
Mega Financial Holding Co., Ltd.		3,393,000		1,811,660
Merida Industry Co., Ltd.		161,000		224,806
Mitac International Corp.		626,073		235,256
Motech Industries, Inc.		100,000		301,990
Nan Kang Rubber Tire Co., Ltd.(1)		400,400		499,323
Nan Ya Plastics Corp.		1,795,538		2,864,556
Nan Ya Printed Circuit Board Corp.		97,032		393,087
Novatek Microelectronics Corp., Ltd.		160,479		430,666
Pan-International Industrial Co., Ltd.		138,684		207,639
Pegatron Corp.(1)		322,486		301,595
Phison Electronics Corp.		36,412		207,903
PixArt Imaging, Inc.		40,553		225,694
Polaris Securities Co., Ltd.(1)		928,295		403,983
Pou Chen Corp.		1,329,181		1,031,610
Powerchip Technology Corp.(1)		1,907,153		253,790
Powertech Technology, Inc.		146,114		405,688
President Chain Store Corp.		619,120		1,827,065
Qisda Corp.(1)		619,000		304,885
Quanta Computer, Inc.		546,065		987,035
Radiant Opto-Electronics Corp.		183,340		246,935
Realtek Semiconductor Corp.		159,085		348,969
RichTek Technology Corp.		25,236		211,332
Ritek Corp.(1)		968,757		241,194
Ruentex Development Co., Ltd.		246,000		388,218
Ruentex Industries, Ltd.(1)		322,000		889,684
Sanyang Industrial Co., Ltd.(1)		700,000		275,907
Shin Kong Financial Holding Co., Ltd.(1)		2,016,442		687,973
Siliconware Precision Industries Co.		127,260		137,130
Siliconware Precision Industries Co. ADR		74,607		399,147
Simplo Technology Co., Ltd.		48,400		262,314
Sincere Navigation		188,000		218,640
Sino-American Silicon Products, Inc.		157,531		335,624
SinoPac Financial Holdings Co., Ltd.(1)		2,243,000		707,428
Solar Applied Materials Technology Corp.		199,898		439,628
Synnex Technology International Corp.		593,105		1,283,625
Tainan Spinning Co., Ltd.(1)		460,000		187,066
Taishin Financial Holdings Co., Ltd.(1)		1,102,001		422,561
Taiwan Business Bank(1)		1,412,539		370,666
Taiwan Cement Corp.		927,924		782,386
Taiwan Cooperative Bank		1,015,166		611,526
Taiwan Fertilizer Co., Ltd.		207,000		541,570
Taiwan Glass Industrial Corp.		213,580		195,361
Taiwan Kolin Co., Ltd.(1)(2)		995,000		0
Taiwan Life Insurance Co., Ltd.		300,000		307,107
Taiwan Mobile Co., Ltd.		802,281		1,634,661
Taiwan Semiconductor Manufacturing Co., Ltd.		4,872,873		9,107,608
Taiwan Tea Corp.(1)		305,346		161,691
Tatung Co., Ltd.(1)		1,247,000		218,800
Teco Electric & Machinery Co., Ltd.		989,000		406,004
Tong Yang Industry Co., Ltd.		194,000		269,566
Transcend Information, Inc.		63,886		168,514
Tripod Technology Corp.		137,819		509,620
TSRC Corp.		214,000		294,528
Tung Ho Steel Enterprise Corp.		293,385		229,821
U-Ming Marine Transport Corp.		202,000		385,004
Uni-President Enterprises Corp.		2,644,648		2,906,217
Unimicron Technology Corp.		305,171		444,205
United Microelectronics Corp.(1)		1,706,361		751,006
United Microelectronics Corp. ADR(1)		93,397		271,785
Vanguard International Semiconductor Corp.		784,175		315,747
Walsin Lihwa Corp.(1)		1,085,980		399,109
Wan Hai Lines, Ltd.(1)		577,500		354,718
Waterland Financial Holdings(1)		1,248,978		370,535
Wistron Corp.		292,889		429,182
WPG Holdings Co., Ltd.		196,823		362,811
Yageo Corp.		1,003,000		404,768
Yang Ming Marine Transport		1,014,808		514,468
Yieh Phui Enterprise		850,000		305,907
Young Fast Optoelectronics Co., Ltd.		26,000		196,361
Yuanta Financial Holding Co., Ltd.		2,527,030		1,348,942
Yuen Foong Yu Paper Manufacturing Co., Ltd.(1)		836,873		300,771

See notes to financial statements

20

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Taiwan (continued)
Yulon Motor Co., Ltd.		525,420	$	513,912
Zinwell Corp.		179,486		267,011
			$	111,054,171
Thailand — 3.3%
Advanced Info Service PCL(7)		1,953,100	$	5,207,037
Airports of Thailand PCL(7)		765,700		794,938
Asian Property Development PCL(7)		1,841,000		311,584
Bangkok Bank PCL		575,800		2,200,737
Bangkok Bank PCL(7)		264,800		1,035,397
Bangkok Bank PCL NVDR		35,000		133,772
Bangkok Dusit Medical Services PCL(7)		781,000		702,725
Bangkok Expressway PCL(7)		470,900		252,126
Bank of Ayudhya PCL(7)		1,814,000		1,106,259
Banpu PCL(7)		135,800		2,531,894
BEC World PCL(7)		2,033,100		1,715,521
Big C Supercenter PCL(7)		113,000		191,147
Bumrungrad Hospital PCL(7)		503,200		480,138
Cal-Comp Electronics (Thailand) PCL(7)		1,800,000		199,750
Central Pattana PCL(7)		540,700		330,709
Charoen Pokphand Foods PCL(7)		5,627,300		3,537,282
CP ALL PCL(7)		4,567,700		4,019,062
Delta Electronics (Thailand) PCL(7)		934,670		663,023
Electricity Generating PCL(7)		189,500		476,403
G Steel PCL(1)(7)		23,786,500		276,553
Glow Energy PCL(7)		797,100		910,812
Hana Microelectronics PCL(7)		1,084,100		898,665
IRPC PCL(7)		3,989,000		505,326
Italian-Thai Development PCL(1)(7)		4,364,100		386,850
Kasikornbank PCL		1,026,000		2,982,991
Kiatnakin Bank PCL(7)		350,000		281,050
Krung Thai Bank PCL(7)		2,016,100		822,225
Land & Houses PCL		697,800		112,920
Land & Houses PCL(7)		5,499,500		941,475
Major Cineplex Group PCL(7)		754,100		217,387
Minor International PCL(7)		3,079,174		988,846
Precious Shipping PCL(7)		622,500		347,877
PTT Aromatics & Refining PCL(7)		442,058		340,755
PTT Chemical PCL(7)		127,289		406,810
PTT Exploration & Production PCL(7)		925,600		4,056,459
PTT PCL(7)		693,500		5,213,875
Quality House PCL(7)		4,710,000		290,760
Ratchaburi Electricity Generating Holding PCL(7)		578,300		640,928
Sahaviriya Steel Industries PCL(1)(7)		3,429,300		161,146
Samart Corp. PCL(7)		1,606,500		276,914
Shin Corp. PCL(7)		426,000		338,111
Siam Cement PCL(7)		393,600		3,376,737
Siam City Bank PCL(1)(7)		896,500		872,461
Siam City Cement PCL(7)		42,900		287,058
Siam Commercial Bank PCL(7)		722,800		1,797,767
Siam Makro PCL(7)		157,600		534,225
Sino Thai Engineering & Construction PCL(7)		1,553,400		334,441
Thai Airways International PCL(7)		970,200		763,962
Thai Beverage PCL		3,621,000		724,448
Thai Oil PCL(7)		490,400		661,982
Thai Tap Water Supply Co., Ltd		3,000,000		409,736
Thai Union Frozen Products PCL(7)		872,300		1,191,736
Thanachart Capital PCL(7)		523,300		463,037
Thoresen Thai Agencies PCL(7)		395,890		281,065
Ticon Industrial Connection PCL(7)		31,900		9,635
TMB Bank PCL(1)(7)		3,870,000		168,380
Total Access Communication PCL		1,135,000		1,282,439
TPI Polene PCL(7)		1,130,500		359,803
True Corp. PCL(1)(7)		6,684,500		641,580
			$	61,448,731
Turkey — 3.0%
Adana Cimento Sanayii TAS		82,728	$	246,004
Akbank TAS		750,681		3,595,712
Akcansa Cimento AS		38,000		153,070
Akenerji Elektrik Uretim AS(1)		270,121		527,419
Aksa Akrilik Kimya Sanayii AS		228,054		366,108
Alarko Holding AS		207,704		414,129
Anadolu Anonim Turk Sigorta Sirketi		368,571		236,257
Anadolu Efes Biracilik ve Malt Sanayii AS		221,148		2,581,308
Arcelik AS		219,421		922,897
Asya Katilim Bankasi AS		389,200		888,638
Aygaz AS		177,606		713,162
Bagfas Bandirma Gubre Fabrikalari AS(1)		8,000		517,567
BIM Birlesik Magazalar AS		93,096		2,580,211
Cimsa Cimento Sanayi ve Ticaret AS		64,400		353,515
Coca-Cola Icecek AS		65,400		579,975
Dogan Sirketler Grubu Holding AS		985,552		626,805
Dogus Otomotiv Servis ve Ticaret AS(1)		70,278		299,079
Eczacibasi Ilac Sanayi ve Ticaret AS		121,500		171,781
Enka Insaat ve Sanayi AS		461,627		1,577,468
Eregli Demir ve Celik Fabrikalari TAS(1)		989,535		2,505,888
Fenerbahce Sportif Hizmetler Sanayi ve Ticaret AS		7,000		207,890
Gubre Fabrikalari TAS(1)		59,700		374,091
Haci Omer Sabanci Holding AS		403,849		1,620,922
Ihlas Holding AS(1)		666,400		256,492
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		1,258,218		456,871
KOC Holding AS		1,246,375		4,215,736

See notes to financial statements

21

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Security	Shares		Value
Turkey (continued)
Mondi Tire Kutsan Kagit Ve Ambalas Sanayii AS(1)		457,200	$	453,439
Net Holding AS(1)		456,864		270,245
Petkim Petrokimya Holding AS(1)		89,300		593,771
Petrol Ofisi AS(1)		123,246		495,614
Sekerbank TAS		222,375		207,936
Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000		330,982
Tekfen Holding AS		307,071		904,300
Tofas Turk Otomobil Fabrikasi AS		106,900		360,582
Trakya Cam Sanayii AS(1)		353,686		474,201
Tupras-Turkiye Petrol Rafinerileri AS		84,741		1,537,148
Turcas Petrolculuk AS		96,599		306,186
Turk Hava Yollari Anonim Ortakligi (THY) AS(1)		761,988		1,875,637
Turk Sise ve Cam Fabrikalari AS(1)		476,947		520,901
Turk Telekomunikasyon AS		160,000		510,777
Turkcell Iletisim Hizmetleri AS		683,494		3,545,079
Turkcell Iletisim Hizmetleri AS ADR		38,494		499,652
Turkiye Garanti Bankasi AS		1,538,174		6,401,312
Turkiye Halk Bankasi AS		203,500		1,502,346
Turkiye Is Bankasi		951,506		2,944,746
Turkiye Sinai Kalkinma Bankasi AS		139,996		154,878
Turkiye Vakiflar Bankasi TAO		491,121		1,116,752
Ulker Gida Sanayi ve Ticaret AS		89,129		236,906
Vestel Beyaz Esya Sanayi ve Ticaret AS		186,000		373,542
Vestel Elektronik Sanayi ve Ticaret AS(1)		209,707		273,143
Yapi ve Kredi Bankasi AS(1)		616,893		1,669,228
Yazicilar Holding AS		39,000		228,857
Zorlu Enerji Elektrik Uretim AS(1)		124,509		195,155
			$	54,972,310
United Arab Emirates — 1.5%
Aabar Petroleum Investments Co. (PJSC)(1)		3,577,200	$	1,289,845
Abu Dhabi Commercial Bank (PJSC)(1)		2,152,586		883,291
Abu Dhabi National Hotels		832,200		631,343
Agthia Group (PJSC)		550,000		282,317
Air Arabia		6,267,100		1,448,072
Ajman Bank (PJSC)(1)		1,582,800		313,599
Aldar Properties (PJSC)		2,272,500		1,656,760
Arabtec Holding Co.(1)		2,043,900		942,315
Aramex (PJSC)(1)		3,170,710		1,313,020
Dana Gas(1)		14,794,587		2,669,269
DP World, Ltd.		7,804,839		3,420,440
Dubai Financial Market		3,892,100		1,486,003
Dubai Investments (PJSC)		1,127,768		226,930
Dubai Islamic Bank (PJSC)		1,812,900		951,219
Emaar Properties (PJSC)(1)		5,600,700		4,567,446
Emirates NBD (PJSC)		400,000		262,569
First Gulf Bank (PJSC)		329,400		1,332,503
Gulf Navigation Holding		3,460,300		456,739
Islamic Arabic Insurance Co.(1)		1,335,600		243,688
National Bank of Abu Dhabi (PJSC)		600,600		1,799,414
National Central Cooling Co. (Tabreed)(1)		2,150,000		209,698
Ras Al Khaimah Cement Co.		667,800		120,553
Ras Al Khaimah Co.		1,319,300		378,954
Ras Al Khaimah Properties (PJSC)(1)		2,126,400		200,512
Sorouh Real Estate Co.(1)		1,094,965		512,746
Union National Bank(1)		442,269		334,656
Waha Capital (PJSC)		1,889,140		274,477
			$	28,208,378
Vietnam — 0.4%
Development Investment Construction Corp.		120,000	$	405,213
FPT Corp.		295,866		1,060,707
Gemadept Corp.		65,000		206,279
Hagl JSC(1)		85,000		350,980
Hoa Phat Group JSC		285,000		615,042
Kinhdo Corp.		70,000		191,573
PetroVietnam Drilling and Well Services JSC(1)		95,346		253,046
PetroVietnam Fertilizer and Chemical JSC		147,340		240,995
Pha Lai Thermal Power JSC		99,500		84,069
Saigon Securities, Inc.		397,920		711,050
Song Da Urban & Industrial Zone Investment and Development JSC		192,850		778,468
Tan Tao Investment Industry Co.(1)		303,600		350,797
Vietnam Dairy Products JSC		228,730		1,073,859
Vincom JSC		422,337		1,528,641
Vinh Son - Song Hinh Hydropower JSC		177,150		125,349
			$	7,976,068
Total Common Stocks
(identified cost $1,345,837,006)			$	1,806,625,608

Convertible Bonds — 0.0%(5)
		Principal
Security		Amount		Value
Oman — 0.0%(5)
Bank Muscat SAOG, 7.00%, 3/20/14	OMR		22,360	$	57,709
Total Convertible Bonds
(identified cost $0)				$	57,709

See notes to financial statements

22

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Equity-Linked Securities(8) — 0.8%
	Maturity
Security	Date		Shares		Value
Saudi Arabia — 0.8%
Al Rajhi Bank(4)		4/30/12		60,200	$	1,209,924
Alinma Bank(1)(4)		6/4/12		102,800		296,727
Almarai Co., Ltd.(4)		3/27/12		9,200		467,630
Arab National Bank(4)		6/4/12		26,300		282,966
Bank Albilad(1)(4)		9/21/12		59,100		324,237
Banque Saudi Fransi(4)		4/30/12		23,300		268,705
Dar Al Arkan Real Estate Development(4)		8/13/12		70,500		221,352
Etihad Etisalat Co.(4)		4/2/12		90,100		1,151,987
Fawaz Abdulaziz Alhokair Co.(4)		4/4/12		21,500		236,481
Fitaihi Holding Group(1)(4)		11/26/12		52,000		173,667
Jabal Omar Development Co.(1)(4)		5/3/13		64,000		312,720
Jarir Marketing Co.(4)		6/4/12		7,600		317,401
Makkah Construction & Development Co.(4)		3/15/13		35,000		272,045
Mobile Telecommunications Co.(1)(4)		6/4/12		115,000		259,883
Mohammad Al-Mojil Group(4)		1/7/13		38,000		185,172
National Industrialization Co.(4)		5/14/12		79,530		502,061
Rabigh Refining and Petrochemicals Co.(1)(4)		4/2/12		28,700		210,067
Riyad Bank(4)		6/11/12		68,500		512,339
Samba Financial Group(4)		4/30/12		45,000		685,444
Saudi Arabian Amiantit Co.(4)		6/25/12		32,700		151,934
Saudi Arabian Fertilizer Co.(4)		6/4/12		10,600		362,844
Saudi Basic Industries Corp.(4)		3/26/12		56,800		1,293,043
Saudi British Bank(4)		10/2/12		20,500		228,762
Saudi Cable Co.(4)		9/21/12		27,500		124,106
Saudi Cement Co.(4)		8/13/12		20,250		240,551
Saudi Chemical Co.(4)		11/26/12		28,700		311,848
Saudi Electricity Co.(4)		6/25/12		172,700		585,980
Saudi Industrial Investment Group(4)		6/11/12		49,800		230,721
Saudi International Petrochemicals Co.(4)		9/21/12		61,700		342,614
Saudi Kayan Petrochemical Co.(1)(4)		6/4/12		77,300		364,311
Saudi Pharmaceutical Industries and Medical Appliances Corp.(4)		11/26/12		33,074		268,539
Saudi Telecom Co.(4)		5/21/12		60,900		611,387
Savola(4)		4/20/12		90,600		846,743
Yanbu National Petrochemicals Co.(1)(4)		1/7/13		22,500		227,682
Total Equity-Linked Securities
(identified cost $13,862,538)					$	14,081,873

Investment Funds — 0.4%
Security	Shares		Value
Vietnam Enterprise Investments, Ltd.(1)		3,974,633	$	7,551,803
Vietnam Growth Fund, Ltd.(1)		17,646		209,105
Total Investment Funds
(identified cost $11,254,661)			$	7,760,908
Rights(1) — 0.0%(5)
Security	Shares		Value
Banca Transilvania		7,656,341	$	90,044
Bank of Communications Co., Ltd., Exp. 7/9/10		165,000		66,111
Kenya Commercial Bank, Ltd., Exp. 7/23/10		2,696,160		52,769
Total Rights
(identified cost $0)			$	208,924
Warrants(1) — 0.0%(5)
Security	Shares		Value
Megaworld Corp., Exp. 12/14/14, strike PHP 1.00		1,712,000	$	21,790
Minor International PCL, Exp. 5/18/13, strike THB 13.00		307,917		22,816
Total Warrants
(identified cost $0)			$	44,606

See notes to financial statements

23

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Short-Term Investments — 0.5%
	Principal
	Amount
Description	(000’s omitted)		Value
State Street Bank & Trust Repurchase Agreement, dated 6/30/10, with a maturity date of 7/1/10, an interest rate of 0.01% and repurchase proceeds of $10,106,003; collateralized by $10,095,000 Federal Home Loan Bank, 4.375% due 9/17/10 and a market value of $10,310,024	$	10,106	$	10,106,000
Total Short-Term Investments
(identified cost $10,106,000)			$	10,106,000
Total Investments — 99.4%
(identified cost $1,381,060,205)			$	1,838,885,628
Other Assets, Less Liabilities — 0.6%			$	10,220,378
Net Assets — 100.0%			$	1,849,106,006

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.

PDR - Philippine Deposit Receipt

PFC Shares - Preference Shares

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 pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At June 30, 2010, the aggregate value of these securities is $16,586,417 or 0.9% of the Fund’s net assets.
(5)	Amount is less than 0.05%.
(6)	Represents fractional shares.

(7)	Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.
(8)	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 (HSBC Bank plc) in addition to the market risk of the underlying security.

Currency Concentration of Portfolio
	Percentage
Currency	of Net Assets			Value
United States Dollar		14.2	%	$	262,224,248
Hong Kong Dollar		8.3			152,834,036
Mexican Peso		6.0			110,937,059
New Taiwan Dollar		5.9			109,746,225
South Korean Won		5.8			107,679,279
Indian Rupee		5.7			105,631,564
South African Rand		5.7			105,127,493
Brazilian Real		5.2			96,731,770
Indonesian Rupiah		3.9			72,863,920
Thailand Baht		3.3			60,207,973
Malaysian Ringgit		3.2			58,259,604
New Turkish Lira		2.9			54,472,658
Polish Zloty		2.9			54,371,953
Chilean Peso		2.3			41,993,005
Philippine Peso		1.8			32,704,285
Moroccan Dirham		1.6			28,818,906
Qatari Riyal		1.5			28,132,560
Kuwaiti Dinar		1.5			27,243,790
Hungarian Forint		1.5			26,946,968
Colombian Peso		1.4			26,460,638
Czech Koruna		1.4			25,950,423
Euro		1.4			25,918,521
Egyptian Pound		1.4			25,895,410
United Arab Emirates Dirham		1.3			24,787,938
Other currency, less than 1% each		9.3			172,945,402
Total Investments		99.4	%	$	1,838,885,628

See notes to financial statements

24

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Industry Classification of Portfolio
	Percentage
Sector	of Net Assets			Value
Financials		25.1	%	$	464,291,859
Materials		11.3			209,708,644
Industrials		10.7			198,135,050
Telecommunication Services		10.5			193,758,479
Energy		9.4			173,943,039
Consumer Staples		8.2			152,356,936
Consumer Discretionary		7.1			131,623,506
Information Technology		6.5			119,362,362
Utilities		4.6			83,921,004
Diversified		3.3			61,164,789
Health Care		1.8			32,441,813
Other		0.5			10,417,239
Investment Funds		0.4			7,760,908
Total Investments		99.4	%	$	1,838,885,628

See notes to financial statements

25

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

As of June 30, 2010
Assets
Investments, at value (identified cost, $1,381,060,205)	$	1,838,885,628
Cash		180
Foreign currency, at value (identified cost, $6,368,602)		6,350,752
Dividends and interest receivable		5,484,616
Receivable for investments sold		1,119,259
Receivable for Fund shares sold		2,957,939
Tax reclaims receivable		28,189
Total assets	$	1,854,826,563
Liabilities
Payable for investments purchased	$	1,019,376
Payable for Fund shares redeemed		1,043,930
Payable to affiliates:
Investment adviser fee		688,922
Administration fee		765,469
Accrued foreign capital gains taxes		2,202,860
Total liabilities	$	5,720,557
Net Assets	$	1,849,106,006
Sources of Net Assets
Paid-in capital	$	1,498,859,341
Accumulated net realized loss		(110,475,300	)
Accumulated undistributed net investment income		5,146,731
Net unrealized appreciation		455,575,234
Total	$	1,849,106,006
Class I Shares
Net Assets	$	1,849,106,006
Shares Outstanding		45,316,455
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	40.80

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

Statement of Operations

For the Year Ended
June 30, 2010
Investment Income
Dividends (net of foreign taxes, $4,513,101)	$	41,892,278
Interest		3,931
Total investment income	$	41,896,209
Expenses
Investment adviser fee	$	7,545,644
Administration fee		8,384,050
Stock dividend tax		83,668
Total expenses	$	16,013,362
Net investment income	$	25,882,847
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $69,039)	$	(13,365,280	)
Foreign currency transactions		(1,369,606	)
Net realized loss	$	(14,734,886	)
Change in unrealized appreciation (depreciation) —
Investments (net of increase in accrued foreign capital gains taxes of $1,594,226)	$	286,486,776
Foreign currency		(151,873	)
Net change in unrealized appreciation (depreciation)	$	286,334,903
Net realized and unrealized gain	$	271,600,017
Net increase in net assets from operations	$	297,482,864

See notes to financial statements

26

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

	Year Ended			Year Ended
Increase (Decrease) in Net Assets	June 30, 2010			June 30, 2009
From operations —
Net investment income	$	25,882,847		$	24,556,055
Net realized loss from investment and foreign currency transactions		(14,734,886	)		(96,497,886	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		286,334,903			(346,337,585	)
Net increase (decrease) in net assets from operations	$	297,482,864		$	(418,279,416	)
Distributions to shareholders —
From net investment income	$	(17,001,447	)	$	(24,564,198	)
Total distributions to shareholders	$	(17,001,447	)	$	(24,564,198	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	518,811,578		$	518,219,403
Net asset value of shares issued to shareholders in payment of distributions declared		11,129,509			16,340,953
Cost of shares redeemed		(218,418,087	)		(300,104,714	)
Redemption fees		3,749,690			5,540,007
Net increase in net assets from Fund share transactions	$	315,272,690		$	239,995,649
Net increase (decrease) in net assets	$	595,754,107		$	(202,847,965	)
Net Assets
At beginning of year	$	1,253,351,899		$	1,456,199,864
At end of year	$	1,849,106,006		$	1,253,351,899
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	5,146,731		$	(2,562,731	)

See notes to financial statements

27

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class I
	Year Ended June 30,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	33.060		$	47.940		$	47.670		$	31.600		$	23.880
Income (Loss) From Operations
Net investment income(1)	$	0.634		$	0.731		$	0.857		$	0.700		$	0.550
Net realized and unrealized gain (loss)		7.439			(15.029	)		0.953			16.070			7.810
Total income (loss) from operations	$	8.073		$	(14.298	)	$	1.810		$	16.770		$	8.360
Less Distributions
From net investment income	$	(0.425	)	$	(0.747	)	$	(0.933	)	$	(0.750	)	$	(0.660	)
From net realized gain		—			—			(0.728	)		—			—
Total distributions	$	(0.425	)	$	(0.747	)	$	(1.661	)	$	(0.750	)	$	(0.660	)
Redemption fees(1)	$	0.092		$	0.165		$	0.121		$	0.050		$	0.020
Net asset value — End of year	$	40.800		$	33.060		$	47.940		$	47.670		$	31.600
Total Return(2)		24.66	%		(29.00	)%		3.71	%		53.79	%		35.35	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,849,106		$	1,253,352		$	1,456,200		$	1,168,050		$	557,634
Ratios (as a percentage of average daily net assets):
Expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.54	%		2.37	%		1.68	%		1.80	%		1.84	%
Portfolio Turnover		11	%		14	%		4	%		6	%		9	%

(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.

See notes to financial statements

28

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

NOTES TO FINANCIAL STATEMENTS

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.

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) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt securities purchased 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.

DFederal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to

29

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

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, 2010, the Fund, for federal income tax purposes, had a capital loss carryforward of $103,968,781 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 ($6,576,373) and June 30, 2018 ($97,392,408).

Additionally, at June 30, 2010, the Fund had a net capital loss of $4,231,517 attributable to security transactions incurred after October 31, 2009. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending June 30, 2011.

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 June 30, 2010, 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, 2010 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 June 30, 2010

NOTES TO FINANCIAL STATEMENTS 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.

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.

The tax character of distributions declared for the years ended June 30, 2010 and June 30, 2009 was as follows:

	Year Ended June 30,
	2010		2009
Distributions declared from:
Ordinary income	$	17,001,447	$	24,564,198

During the year ended June 30, 2010, accumulated net realized loss was decreased by $47,854, accumulated undistributed net investment income was decreased by $1,171,938, and paid-in capital was increased by $1,124,084 due to differences between book and tax accounting, primarily for investments in passive foreign investment companies (PFICs) and foreign currency gain (loss). These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of June 30, 2010, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

Undistributed ordinary income	$	15,847,087
Capital loss carryforward and post October losses	$	(108,200,298	)
Net unrealized appreciation	$	442,599,876

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, investments in PFICs and foreign currency transactions.

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 year ended June 30, 2010, the investment adviser fee amounted to $7,545,644. 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 year ended June 30, 2010, the administration fee amounted to $8,384,050. 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 year ended June 30, 2010, 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 year ended June 30, 2010 were paid by EVM.

31

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

4Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $494,164,968 and $177,203,740, respectively, for the year ended June 30, 2010.

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:

	Year Ended June 30,
	2010			2009
Sales		12,464,104			17,570,464
Issued to shareholders electing to receive payments of distributions in Fund shares		264,547			645,377
Redemptions		(5,326,310	)		(10,676,420	)
Net increase		7,402,341			7,539,421

For the years ended June 30, 2010 and June 30, 2009, the Fund received $3,749,690 and $5,540,007, respectively, in redemption fees.

6Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,394,035,563
Gross unrealized appreciation	$	549,439,628
Gross unrealized depreciation		(104,589,563	)
Net unrealized appreciation	$	444,850,065

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 year ended June 30, 2010.

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.

32

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

At June 30, 2010, 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	$	32,763,633	$	711,092,152		$	0	$	743,855,785
Emerging Europe		42,551,043		302,230,291			—		344,781,334
Latin America		351,529,456		28,332			0		351,557,788
Middle East/Africa		125,741,415		240,689,286			0		366,430,701
Total Common Stocks	$	552,585,547	$	1,254,040,061	*	$	0	$	1,806,625,608
Convertible Bonds	$	—	$	57,709		$	—	$	57,709
Equity-Linked Securities		—		14,081,873			—		14,081,873
Investment Funds		—		7,760,908			—		7,760,908
Rights		118,880		90,044			—		208,924
Warrants		44,606		—			—		44,606
Short-Term Investments		—		10,106,000			—		10,106,000
Total Investments	$	552,749,033	$	1,286,136,595		$	0	$	1,838,885,628

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

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)*		(169,538	)
Net purchases (sales)		0
Accrued discount (premium)		—
Net transfers to (from) Level 3**		169,538
Balance as of June 30, 2010	$	0
Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2010*	$	(169,538	)

*	Amount is included in the related amount on investments in the Statement of Operations.
**	Transfers are reflected at the value of the securities at the beginning of the period.

All Level 3 investments held at June 30, 2010 and June 30, 2009 were valued at $0.

33

Eaton Vance Tax-Managed Emerging Markets Fund

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Eaton Vance Series Trust II
and Shareholders of Eaton Vance
Tax-Managed Emerging Markets Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Emerging Markets Fund (the ”Fund”) (one of the series of Eaton Vance Series Trust II), including the portfolio of investments, as of June 30, 2010, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the two years in the period ended June 30, 2007, were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated August 15, 2007.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Tax-Managed Emerging Markets Fund as of June 30, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

August 13, 2010

34

Eaton Vance Tax-Managed Emerging Markets Fundas of June 30, 2010

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2011 will show the tax status of all distributions paid to your account in calendar year 2010. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Fund’s fiscal year end regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income. The Fund designates $27,201,714, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. The Fund paid foreign taxes of $4,345,194 and recognized foreign source income of $46,405,379.

35

Eaton Vance Tax-Managed Emerging Markets Fund

BOARD OF TRUSTEES’ ANNUAL CONTRACT APPROVAL

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 26, 2010, 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, 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 between February and April 2010. 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 (including yield where relevant) to the investment performance of comparable funds over various time periods;

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

•  For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing such 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 policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

•  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;

•  A description of Eaton Vance Management’s procedures for overseeing third party advisers and subadvisers;

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.

36

Eaton Vance Tax-Managed Emerging Markets Fund

BOARD OF TRUSTEES’ ANNUAL CONTRACT APPROVAL 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, 2010, with respect to one or more Funds, the Board met ten 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 nine, thirteen, three, eight and fifteen 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 including, where relevant, the use of derivative instruments, as well as trading policies and procedures and risk management techniques.

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, are in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. 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. 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. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods 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 in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

37

Eaton Vance Tax-Managed Emerging Markets Fund

BOARD OF TRUSTEES’ ANNUAL CONTRACT APPROVAL CONT’D

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.

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 agreement and sub-advisory agreement.

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, 2009 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 management fees and the Fund’s total expense ratio for the year ended September 30, 2009, as compared to a group of similarly managed funds selected by an independent data provider. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions being taken to reduce expenses at the Eaton Vance fund complex level.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services 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, 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, 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 and the Fund. The Board also concluded that assuming reasonably foreseeable increases in the assets of the Fund, the Adviser and its affiliates and the Fund can be expected to continue to share such benefits equitably.

38

Eaton Vance Tax-Managed Emerging Markets Fund

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance Series Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “Parametric” refers to Parametric Portfolio Associates LLC and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

		Term of		Number of Portfolios
	Position(s)	Office and	Principal Occupation(s)	in Fund Complex
Name and	with the	Length of	During Past Five Years and	Overseen By		Other Directorships Held
Date of Birth	Trust	Service	Other Relevant Experience	Trustee(1)		During Last Five Years(2)
Interested Trustee
Thomas E. Faust Jr. 5/31/58	Trustee	Since 2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 183 registered investment companies and 3 private investment companies managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV which are affiliates of the Trust.		183	Director of EVC
Noninterested Trustees
Benjamin C. Esty 1/2/63	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration.		183	None
Allen R. Freedman 4/3/40	Trustee	Since 2007	Private Investor and Consultant. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007).		183	Director of Assurant, Inc. (insurance provider) and Stonemor Partners L.P. (owner and operator of cemeteries)
William H. Park 9/19/47	Trustee	Since 2003	Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).		183	None
Ronald A. Pearlman 7/10/40	Trustee	Since 2003	Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990).		183	None
Helen Frame Peters 3/22/48	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).		183	Director of BJ’s Wholesale Club, Inc. (wholesale club retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

39

Eaton Vance Tax-Managed Emerging Markets Fund

MANAGEMENT AND ORGANIZATION CONT’D

		Term of		Number of Portfolios
	Position(s)	Office and	Principal Occupation(s)	in Fund Complex
Name and	with the	Length of	During Past Five Years and	Overseen By		Other Directorships Held
Date of Birth	Trust	Service	Other Relevant Experience	Trustee(1)		During Last Five Years(2)
Noninterested Trustees (continued)
Heidi L. Steiger 7/8/53	Trustee	Since 2007	Managing Partner, Topridge Associates LLC (global wealth management firm) (since 2008); Senior Advisor (since 2008), President (2005-2008), Lowenhaupt Global Advisors, LLC (global wealth management firm). Formerly, President and Contributing Editor, Worth Magazine (2004-2005). Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004).		183	Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider), Aviva USA (insurance provider) and CIFG (family of financial guaranty companies) and Advisory Director of Berkshire Capital Securities LLC (private investment banking firm).
Lynn A. Stout 9/14/57	Trustee	Since 2001	Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor Stout teaches classes in corporate law and securities regulation and is the author of numerous academic and professional papers in these areas.		183	None
Ralph F. Verni 1/26/43	Chairman of the Board and Trustee	Chairman of the Board since 2007 and Trustee since 2005	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).		183	None

Principal Officers who are not Trustees

		Term of
	Position(s)	Office and
Name and	with the	Length of	Principal Occupation(s)
Date of Birth	Trust	Service	During Past Five Years
Michael W. Weilheimer 2/11/61	President	Since 2002	Vice President of EVM and BMR. Officer of 27 registered investment companies managed by EVM or BMR.
Thomas P. Huggins 3/7/66	Vice President	Since 2000	Vice President of EVM and BMR. Officer of 4 registered investment companies managed by EVM or BMR.
Thomas Seto 9/27/62	Vice President	Since 2007	Vice President and Director of Portfolio Management of Parametric. Officer of 32 registered investment companies managed by EVM or BMR.
David M. Stein 5/4/51	Vice President	Since 2007	Managing Director and Chief Investment Officer of Parametric. Officer of 32 registered investment companies managed by EVM or BMR.
Barbara E. Campbell 6/19/57	Treasurer	Since 2005	Vice President of EVM and BMR. Officer of 183 registered investment companies managed by EVM or BMR.
Maureen A. Gemma 5/24/60	Secretary and Chief Legal Officer	Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR. Officer of 183 registered investment companies managed by EVM or BMR.
Paul M. O’Neil 7/11/53	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR. Officer of 183 registered investment companies managed by EVM or BMR.

(1)

Includes both master and feeder funds in a master-feeder structure.

(2)

During their respective tenures, the Trustees also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Fund (launched in 1998 and terminated in 2009).

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

40

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

BNY Mellon Asset Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Eaton Vance 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 or summary prospectus, if available. Before investing, investors should consider carefully the Fund’s investment objective(s), risks, and charges and expenses. The Fund’s current prospectus or summary prospectus, if available, 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.

2050-8/10 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), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

Eaton Vance Tax-Managed Emerging Markets Fund (the “Fund”), is a series of Eaton Vance Series Trust II (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 2 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Fund’s annual reports.

The following tables represent the aggregate fees billed to the Fund for the Fund’s fiscal years ended June 30, 2009 and June 30, 2010 by the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

Eaton Vance Tax-Managed Emerging Markets Fund

Fiscal Years Ended	6/30/2009		6/30/2010
Audit Fees	$	68,000	$	66,500
Audit-Related Fees(1)	$	0	$	1,500
Tax Fees(2)	$	10,140	$	10,140
All Other Fees(3)	$	0	$	1,400
Total	$	78,140	$	79,540

(1)	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.
(2)	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3)	All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

The Series comprising the Trust have varying fiscal year ends (June 30 and October 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by the principal accountant of each Series, D&T, for the last two fiscal years of each Series.

Fiscal Years Ended	10/31/08		6/30/09		10/31/09		6/30/10
Audit Fees	$	16,555	$	68,000	$	15,520	$	66,500
Audit-Related Fees(1)	$	0	$	0	$	0	$	1,500
Tax Fees(2)	$	11,390	$	10,140	$	11,890	$	10,140
All Other Fees(3)	$	0	$	0	$	1,500	$	1,400
Total	$	27,945	$	78,140	$	28,910	$	79,540

(1)	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonable related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.
(3)	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

During the Fund’s fiscal years ended June 30, 2009 and June 30, 2010, $38,350 was billed by D&T, the principal accountant for the Funds, for work done in connection with its Rule 17Ad-13 examination of Eaton Vance Management’s assertion that it has maintained an effective internal control structure over sub-transfer agent and registrar functions, such services being pre-approved in accordance with Rule 2-01(c)(7)(ii) of Regulation S-X.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to all of the Series in the Trust by each Series respective principal accountant for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by each Series respective principal accountant for the last two fiscal years of each Series.

Fiscal Years Ended	10/31/08		6/30/09		10/31/09		6/30/10
Registrant(1)	$	11,390	$	10,140	$	13,390	$	13,040
Eaton Vance (2)	$	317,301	$	276,982	$	280,861	$	215,011

(1)	Includes all of the Series in the Trust.
(2)	During the fiscal years reported above, certain Funds were a “feeder” fund in a “master-feeder” fund structure. Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not required in this filing.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Series Trust II

By:	/s/ Michael W. Weilheimer
	Michael W. Weilheimer
	President
Date:	August 11, 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:	August 11, 2010
By:	/s/ Michael W. Weilheimer
	Michael W. Weilheimer
	President
Date:	August 11, 2010