Eaton Vance Floating-Rate & High Income Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

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)

January 31

Date of Fiscal Year End

January 31, 2013

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Parametric Structured International Equity Fund

Annual Report

January 31, 2013

LOGO

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.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual Report January 31, 2013

Eaton Vance

Parametric Structured International Equity Fund

Table of Contents


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Fund Expenses			6

Financial Statements			7

Report of Independent Registered Public Accounting Firm			25

Federal Tax Information			26

Management and Organization			27

Important Notices			29

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period ended January 31, 2013 was a period of macroeconomic and political turmoil across regions from Europe (sovereign debt issues) to the United States (presidential election and so-called “fiscal cliff”) and Japan (stagnating GDP growth and parliamentary elections). Many investors continued to take psychological comfort in holding supposedly “safe” government bonds yielding next to nothing. Equity markets did, however, end the period on a strong note.

Fiscal conditions in Europe were gradually improving. It was only a year ago that there were predictions of sovereign defaults in Spain, Italy and Portugal, with some observers even going as far as to forecast that the European Union (EU) would disintegrate. However, the EU remained intact, with bond yields having moderated in its most vulnerable countries, and equity share prices have risen dramatically. The 2008 financial crisis still haunts many global investors, who view the equity markets as risky, rigged and replaceable. Despite impressive corporate fundamentals, outflows from equity-oriented strategies accelerated as investors continued their backward-looking quest for greater diversification⁶.

Fund Performance

For the fiscal year ended January 31, 2013, Eaton Vance Parametric Structured International Equity Fund (the Fund) had a total return of 16.32% for Class A shares at net asset value (NAV), underperforming the 17.25% return of the Fund’s benchmark, the MSCI EAFE Index (the Index)².

On a sector basis, contributors to the Fund’s performance relative to the Index for the 12-month period included the Fund’s overweight to the information technology sector, which outperformed the Index. In terms of country allocations, the Fund’s underweight to Japan, which underperformed the Index, contributed to Fund performance relative to the Index.

On a sector basis, detractors from Fund performance relative to the Index for the 12-month period included the Fund’s underweight to the financials sector, which outperformed the Index. In terms of country allocations, the Fund’s overweight to Israel, which underperformed the Index, detracted from Fund performance relative to the Index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) 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 less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.


		2

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Performance²^,3

Portfolio Managers David Stein, Ph.D. and Thomas Seto, each of Parametric Portfolio Associates LLC


% Average Annual Total Returns	Inception Date			One Year			Since Inception
Class A at NAV		04/01/2010			16.32	%		6.00	%
Class A with 5.75% Maximum Sales Charge		—			9.64			3.81
Class C at NAV		04/01/2010			15.51			5.26
Class C with 1% Maximum Sales Charge		—			14.51			5.26
Class I at NAV		04/01/2010			16.59			6.27
MSCI EAFE Index		04/01/2010			17.25	%		5.34	%


% Total Annual Operating Expense Ratios⁴	Class A			Class C			Class I
Gross		1.55	%		2.30	%		1.30	%
Net		1.05			1.80			0.80

Growth of $250,000

This graph shows the change in value of a hypothetical investment of $250,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

LOGO


Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class A	$10,000	04/01/2010	$11,799	$11,121
Class C	$10,000	04/01/2010	$11,567	N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Fund Profile

LOGO

Top 10 Holdings (% of net assets)⁵


Nestle SA	1.9	%
SAP AG	1.8
ENI SpA	1.7
Novo Nordisk A/S, Class B	1.5
Anheuser-Busch InBev NV	1.3
Royal Dutch Shell PLC, Class B	1.2
ASML Holding NV	1.2
Royal Dutch Shell PLC, Class A	1.2
DBS Group Holdings, Ltd.	1.1
L’Oreal SA	1.1
Total	14.0	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Endnotes and Additional Disclosures

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indices are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

⁴	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/13. Without the reimbursement, performance would have been lower.

⁵	Excludes cash and cash equivalents.

⁶	Diversification cannot guarantee a profit or eliminate the risk of a loss.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective March 1, 2013, the name of the Fund was changed to Parametric International Equity Fund. Class A and Class I shares of the Fund were renamed Investor Class and Institutional Class, respectively. The front-end sales charge payable upon purchase of Investor Class shares of the Fund was eliminated. The minimum initial purchase of Institutional Class shares of the Fund was changed to $50,000 (waived in certain circumstances). Class C shares of the Fund are no longer available for purchase or exchange and all existing Class C shares converted to Investor Class shares at the close of business on March 15, 2013. Any Class C shares converted to Investor Class will continue to be subject to any applicable Class C contingent deferred sales charge.


		5

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing 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 (August 1, 2012 – January 31, 2013).

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 Fund return. 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.


	Beginning Account Value (8/1/12)		Ending Account Value (1/31/13)		Expenses Paid During Period* (8/1/12 – 1/31/13)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	1,158.50	$	6.29	**		1.16	%
Class C	$	1,000.00	$	1,155.10	$	10.18	**		1.88	%
Class I	$	1,000.00	$	1,160.00	$	4.89	**		0.90	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.30	$	5.89	**		1.16	%
Class C	$	1,000.00	$	1,015.70	$	9.53	**		1.88	%
Class I	$	1,000.00	$	1,020.60	$	4.57	**		0.90	%


Effective December 1, 2012, the contractual expense caps of the Fund changed. If these changes had been in place during the entire reporting period, the actual and hypothetical ending account values, expenses paid and annualized expense ratios would have been as follows:


	Beginning Account Value (8/1/12)		Ending Account Value (1/31/13)		Expenses Paid During Period* (8/1/12 – 1/31/13)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	1,158.50	$	5.70	**		1.05	%
Class C	$	1,000.00	$	1,155.10	$	9.75	**		1.80	%
Class I	$	1,000.00	$	1,160.00	$	4.34	**		0.80	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.90	$	5.33	**		1.05	%
Class C	$	1,000.00	$	1,016.10	$	9.12	**		1.80	%
Class I	$	1,000.00	$	1,021.10	$	4.06	**		0.80	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2012.

**	Absent an allocation of certain expenses to affiliates, the expenses would be higher.


		6

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Portfolio of Investments


Common Stocks — 99.7%


Security	Shares		Value


Australia — 6.9%
AGL Energy, Ltd.		10,720	$	172,377
Amcor, Ltd.		49,351		432,316
APA Group		9,374		56,406
Australia and New Zealand Banking Group, Ltd.		8,787		244,048
BHP Billiton, Ltd.		7,930		311,903
CFS Retail Property Trust Group		15,090		31,495
Coca-Cola Amatil, Ltd.		9,769		140,990
Commonwealth Bank of Australia		6,524		438,898
Computershare, Ltd.		8,306		90,836
CSL, Ltd.		2,512		143,795
GPT Group		20,151		79,717
Harvey Norman Holdings, Ltd.		14,330		29,345
Metcash, Ltd.		18,285		72,655
National Australia Bank, Ltd.		8,102		231,513
Newcrest Mining, Ltd.		1,217		29,809
Orica, Ltd.		8,309		222,189
Origin Energy, Ltd.		14,876		195,429
Rio Tinto, Ltd.		3,276		227,523
Shopping Centres Australasia Property Group⁽¹⁾		1,358		2,308
Tabcorp Holdings, Ltd.		11,542		36,734
Tatts Group, Ltd.		15,658		53,144
Telstra Corp., Ltd.		35,088		168,422
Transurban Group		37,219		236,883
Wesfarmers, Ltd.		1,376		53,999
Wesfarmers, Ltd., PPS		980		39,642
Westfield Group		2,673		31,194
Westpac Banking Corp.		5,948		174,007
Woodside Petroleum, Ltd.		2,457		91,013
Woolworths, Ltd.		5,674		184,846

			$	4,223,436


Austria — 1.5%
Andritz AG		459	$	30,197
Immofinanz AG⁽¹⁾		29,427		128,916
OMV AG		6,756		278,320
Raiffeisen Bank International AG		6,670		299,560
Telekom Austria AG		5,922		43,902
Verbund AG		4,130		88,008
Vienna Insurance Group		836		44,170
Voestalpine AG		438		16,059

			$	929,132


Security	Shares		Value


Belgium — 3.6%
Anheuser-Busch InBev NV		9,318	$	819,878
Belgacom SA		7,929		241,893
Colruyt SA		3,783		183,478
Delhaize Group SA		758		35,963
Groupe Bruxelles Lambert SA		3,776		315,149
Mobistar SA		1,285		35,266
Solvay SA		1,554		244,155
UCB SA		3,316		191,405
Umicore SA		2,702		140,583

			$	2,207,770


Denmark — 4.1%
A.P. Moller - Maersk A/S, Class A		18	$	136,111
A.P. Moller - Maersk A/S, Class B		14		111,681
Carlsberg A/S, Class B		467		49,954
Coloplast A/S		8,035		423,894
DSV A/S		7,100		182,023
Novo Nordisk A/S, Class B		5,022		924,511
Novozymes A/S, Class B		11,333		371,399
TDC A/S		9,435		72,312
Tryg A/S		1,973		155,048
William Demant Holding A/S⁽¹⁾		1,217		106,657

			$	2,533,590


Finland — 3.0%
Elisa Oyj		8,351	$	198,578
Fortum Oyj		5,990		112,082
Kesko Oyj, Class B		344		11,257
Kone Oyj, Class B		5,326		439,369
Nokia Oyj		16,338		64,127
Nokian Renkaat Oyj		4,377		188,206
Orion Oyj, Class B		5,814		162,262
Pohjola Bank PLC, Class A		6,634		113,486
Sampo Oyj		6,079		218,227
Stora Enso Oyj		9,903		70,626
UPM-Kymmene Oyj		1,270		15,528
Wartsila Oyj		5,201		247,171

			$	1,840,919


France — 6.6%
Air Liquide SA		4,425	$	564,951
Alcatel-Lucent⁽¹⁾		129,152		215,820
Carrefour SA		931		26,543
Compagnie Generale des Etablissements Michelin, Class B		2,453		228,138
Dassault Systemes SA		2,386		265,305


		7		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


France (continued)
Essilor International SA		2,373	$	241,880
Eutelsat Communications SA		4,071		139,844
GDF Suez		5,341		109,564
Imerys SA		900		59,516
L’Oreal SA		4,568		678,318
LVMH Moet Hennessy Louis Vuitton SA		2,860		538,473
Neopost SA		619		35,332
PPR SA		354		76,133
Safran SA		3,384		155,419
Sanofi		2,614		254,829
SES SA		2,944		90,099
Societe BIC SA		1,160		156,085
Sodexo		626		55,802
Suez Environnement Co. SA		3,119		41,245
Thales SA		1,044		37,598
Total SA		1,338		72,509
Unibail-Rodamco SE		173		40,858
Vivendi SA		623		13,342

			$	4,097,603


Germany — 6.8%
Adidas AG		1,242	$	115,342
Bayerische Motoren Werke AG		2,904		292,486
Bayerische Motoren Werke AG, PFC Shares		1,990		136,069
Beiersdorf AG		2,654		232,924
Continental AG		582		68,304
Daimler AG		3,272		190,437
Deutsche Lufthansa AG		4,066		80,765
Deutsche Post AG		7,780		182,689
Deutsche Telekom AG		9,603		117,975
Fraport AG		442		26,790
Hannover Rueckversicherung AG		1,121		90,499
Henkel AG & Co. KGaA		1,387		102,887
Henkel AG & Co. KGaA, PFC Shares		2,588		228,493
Linde AG		2,330		424,696
Porsche Automobil Holding SE, PFC Shares		424		36,917
SAP AG		13,290		1,089,877
Siemens AG		2,840		311,160
United Internet AG		5,328		123,875
Volkswagen AG		274		63,296
Volkswagen AG, PFC Shares		1,028		254,508

			$	4,169,989


Security	Shares		Value


Greece — 0.3%
Coca-Cola Hellenic Bottling Co. SA⁽¹⁾		2,321	$	60,293
OPAP SA		17,716		153,379

			$	213,672


Hong Kong — 4.9%
Bank of East Asia, Ltd.		39,600	$	161,995
BOC Hong Kong (Holdings), Ltd.		77,500		265,930
Cathay Pacific Airways, Ltd.		29,000		56,066
Cheung Kong Infrastructure Holdings, Ltd.		33,000		208,288
CLP Holdings, Ltd.		29,500		250,102
Hang Lung Group, Ltd.		11,000		66,682
Hang Seng Bank, Ltd.		30,900		505,995
Hong Kong & China Gas Co., Ltd.		125,236		355,712
Hopewell Holdings, Ltd.		23,500		96,793
Link REIT (The)		76,500		396,733
MTR Corp., Ltd.		47,500		195,463
Power Assets Holdings, Ltd.		43,000		371,751
Wing Hang Bank, Ltd.		7,500		78,250

			$	3,009,760


Ireland — 1.2%
CRH PLC		10,157	$	219,038
Elan Corp. PLC⁽¹⁾		12,497		131,858
Kerry Group PLC, Class A		7,637		401,517

			$	752,413


Israel — 2.3%
Bank Hapoalim B.M.⁽¹⁾		40,714	$	171,648
Bank Leumi Le-Israel B.M.⁽¹⁾		40,741		136,131
Bezeq Israeli Telecommunication Corp., Ltd.		22,531		26,404
Delek Group, Ltd.		333		82,258
Elbit Systems, Ltd.		2,944		113,182
Israel Chemicals, Ltd.		9,083		120,637
Israel Corp., Ltd.		135		92,386
Mellanox Technologies, Ltd.⁽¹⁾		893		45,355
Mizrahi Tefahot Bank, Ltd.⁽¹⁾		8,225		87,092
NICE Systems, Ltd.⁽¹⁾		4,354		160,003
Teva Pharmaceutical Industries, Ltd. ADR		10,318		391,981

			$	1,427,077


Italy — 4.2%
Atlantia SpA		4,135	$	76,355
Autogrill SpA		3,055		37,463
Enel SpA		14,019		61,125


		8		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Italy (continued)
ENI SpA		41,576	$	1,038,467
Luxottica Group SpA		4,518		208,513
Parmalat SpA		15,710		39,383
Pirelli & C. SpA		17,603		215,909
Saipem SpA		3,695		104,918
Snam Rete Gas SpA		76,133		384,751
Telecom Italia SpA		33,467		33,209
Telecom Italia SpA, PFC Shares		69,028		58,972
Tenaris SA		3,596		75,434
Terna Rete Elettrica Nazionale SpA		53,227		224,106

			$	2,558,605


Japan — 10.9%
ABC-Mart, Inc.		1,100	$	41,852
All Nippon Airways Co., Ltd.		14,000		27,413
Aozora Bank, Ltd.		18,000		50,605
Bank of Kyoto, Ltd. (The)		10,000		82,744
Bank of Yokohama, Ltd. (The)		43,000		205,383
Benesse Holdings, Inc.		900		39,235
Canon, Inc.		1,800		65,547
Chiba Bank, Ltd. (The)		16,000		99,700
Chugai Pharmaceutical Co., Ltd.		7,100		146,055
Chugoku Bank, Ltd. (The)		10,000		137,736
Daihatsu Motor Co., Ltd.		9,000		187,223
Dainippon Sumitomo Pharma Co., Ltd.		4,800		67,667
Electric Power Development Co., Ltd.		1,800		41,384
Gunma Bank, Ltd. (The)		20,000		96,536
Hachijuni Bank, Ltd. (The)		24,000		120,157
Hamamatsu Photonics K.K.		5,000		191,171
Hiroshima Bank, Ltd. (The)		22,000		93,530
Honda Motor Co., Ltd.		3,500		132,297
Hoya Corp.		1,600		30,894
Isetan Mitsukoshi Holdings, Ltd.		6,300		62,214
ITOCHU Techno-Solutions Corp.		900		39,058
Iyo Bank, Ltd. (The)		10,000		81,777
Japan Prime Realty Investment Corp.		10		28,431
Japan Real Estate Investment Corp.		6		60,667
JX Holdings, Inc.		4,900		28,909
Kamigumi Co., Ltd.		14,000		114,038
Kansai Paint Co., Ltd.		10,000		111,362
Keikyu Corp.		7,000		59,375
Keio Corp.		23,000		170,711
Keyence Corp.		1,300		360,662
Kintetsu Corp.		16,000		65,739
Kyowa Hakko Kirin Co., Ltd.		8,000		75,641
Lawson, Inc.		600		43,480


Security	Shares		Value


Japan (continued)
McDonald’s Holdings Co. (Japan), Ltd.		4,900	$	125,772
Miraca Holdings, Inc.		800		33,354
Mitsubishi Logistics Corp.		4,000		59,994
Mitsubishi Motors Corp.⁽¹⁾		59,000		61,345
Mitsubishi Tanabe Pharma Corp.		4,700		63,007
Mizuho Financial Group, Inc.		34,500		68,861
NGK Spark Plug Co., Ltd.		8,000		101,761
Nidec Corp.		300		17,148
Nippon Telegraph & Telephone Corp.		700		29,317
Nishi-Nippon City Bank, Ltd. (The)		19,000		49,244
NTT DoCoMo, Inc.		251		380,535
Odakyu Electric Railway Co., Ltd.		20,000		200,353
Ono Pharmaceutical Co., Ltd.		3,600		189,666
Oracle Corp. Japan		800		33,306
Oriental Land Co., Ltd.		1,400		186,141
Osaka Gas Co., Ltd.		8,000		30,009
Rakuten, Inc.		18,300		167,028
Rinnai Corp.		1,200		84,845
Santen Pharmaceutical Co., Ltd.		2,100		86,485
Seven Bank, Ltd.		14,800		35,806
Shikoku Electric Power Co., Inc.		1,800		22,082
Shizuoka Bank, Ltd. (The)		27,000		254,578
Sumitomo Metal Mining Co., Ltd.		2,000		31,106
Suruga Bank, Ltd.		8,000		104,296
Suzuken Co., Ltd.		2,700		82,641
Sysmex Corp.		1,100		52,480
Taisho Pharmaceutical Holdings Co., Ltd.		700		48,311
Takashimaya Co., Ltd.		8,000		58,871
Takeda Pharmaceutical Co., Ltd.		200		10,277
Toho Gas Co., Ltd.		24,000		128,299
Tokyo Gas Co., Ltd.		18,000		84,881
TonenGeneral Sekiyu K.K.		13,000		113,361
Tsumura & Co.		2,000		65,698
Unicharm Corp.		4,500		238,674
USS Co., Ltd.		1,020		114,580
Yahoo! Japan Corp.		114		44,704
Yakult Honsha Co., Ltd.		900		37,927
Yamaguchi Financial Group, Inc.		3,000		28,903
Yokogawa Electric Corp.		3,000		33,403

			$	6,718,242


Netherlands — 5.4%
Akzo Nobel NV		5,473	$	374,587
ASML Holding NV		9,771		732,973
European Aeronautic Defence and Space Co. NV		7,406		347,202
Gemalto NV		334		29,730


		9		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Netherlands (continued)
Heineken Holding NV		1,536	$	90,755
Heineken NV		4,798		337,401
Koninklijke Ahold NV		26,882		395,020
Koninklijke DSM NV		4,468		273,687
Koninklijke KPN NV		33,920		190,690
Koninklijke Vopak NV		1,287		87,838
QIAGEN NV⁽¹⁾		6,356		133,430
Reed Elsevier NV		3,923		60,931
Unilever NV		6,839		277,091

			$	3,331,335


New Zealand — 0.7%
Auckland International Airport, Ltd.		54,928	$	130,743
Chorus, Ltd.		19,155		45,841
Contact Energy, Ltd.⁽¹⁾		6,909		30,269
Fletcher Building, Ltd.		12,742		101,794
SKYCITY Entertainment Group, Ltd.		19,087		63,601
Telecom Corporation of New Zealand, Ltd.		40,808		83,102

			$	455,350


Norway — 3.2%
Aker Solutions ASA		6,611	$	144,584
Gjensidige Forsikring ASA		3,679		57,828
Norsk Hydro ASA		48,636		233,489
Orkla ASA		29,887		263,619
Seadrill, Ltd.		5,274		208,490
Statoil ASA		18,251		486,252
Telenor ASA		23,746		523,137
Yara International ASA		500		26,664

			$	1,944,063


Portugal — 0.8%
EDP-Energias de Portugal SA		49,749	$	160,192
Galp Energia SGPS SA, Class B		4,864		78,954
Jeronimo Martins SGPS SA		8,271		175,954
Portugal Telecom SGPS SA		12,313		71,883

			$	486,983


Singapore — 4.5%
Ascendas Real Estate Investment Trust		88,000	$	179,991
CapitaMall Trust		17,000		29,097
ComfortDelGro Corp., Ltd.		28,000		43,658
DBS Group Holdings, Ltd.		58,000		700,999
Fraser and Neave, Ltd.		8,000		61,627
Oversea-Chinese Banking Corp., Ltd.		62,000		489,800


Security	Shares		Value


Singapore (continued)
Singapore Airlines, Ltd.		22,000	$	195,371
Singapore Press Holdings, Ltd.		48,000		159,029
Singapore Technologies Engineering, Ltd.		20,000		63,347
Singapore Telecommunications, Ltd.		138,000		390,026
StarHub, Ltd.		11,000		34,668
United Overseas Bank, Ltd.		20,000		304,592
UOL Group, Ltd.		22,000		111,117

			$	2,763,322


Spain — 4.4%
Abertis Infraestructuras SA		7,993	$	136,851
Acerinox SA		6,403		70,953
ACS Actividades de Construccion y Servicios SA		1,486		35,669
Amadeus IT Holding SA, Class A		5,602		140,380
CaixaBank SA		25,659		101,573
Distribuidora Internacional de Alimentacion SA⁽¹⁾		4,617		34,083
Enagas		9,894		234,095
Ferrovial SA		18,401		295,488
Grifols SA⁽¹⁾		4,142		140,986
Iberdrola SA		6,009		32,334
Indra Sistemas SA		1,384		18,133
Industria de Diseno Textil SA		3,874		541,460
International Consolidated Airlines Group SA⁽¹⁾		28,622		96,854
Red Electrica Corp. SA		3,386		188,428
Repsol SA		8,521		190,029
Telefonica SA		20,351		294,540
Zardoya Otis SA		11,076		169,781

			$	2,721,637


Sweden — 4.5%
Atlas Copco AB, Class A		2,400	$	68,370
Boliden AB		17,564		324,637
Hennes & Mauritz AB, Class B		8,584		315,851
Holmen AB, Class B		3,338		102,904
Investor AB, Class B		5,630		159,915
Millicom International Cellular SA SDR		1,685		155,244
Nordea Bank AB		36,011		397,177
Scania AB, Class B		1,536		31,518
Skandinaviska Enskilda Banken AB, Class A		20,244		202,784
Skanska AB, Class B		10,263		174,546
Svenska Cellulosa AB, Class B		3,869		93,800
Swedbank AB, Class A		6,772		159,905
Tele2 AB, Class B		9,607		172,311
Telefonaktiebolaget LM Ericsson, Class B		7,673		89,246
TeliaSonera AB		47,701		344,072

			$	2,792,280


		10		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares			Value


Switzerland — 6.8%
Actelion, Ltd.⁽¹⁾		2,942		$	145,734
Adecco SA⁽¹⁾		2,725			156,260
Baloise Holding AG		572			51,763
Geberit AG⁽¹⁾		169			39,533
Givaudan SA⁽¹⁾		98			108,822
Nestle SA		16,803			1,179,864
Novartis AG		8,532			579,975
Roche Holding AG PC		2,609			576,691
Schindler Holding AG		1,195			172,895
Schindler Holding AG PC		317			47,022
Sonova Holding AG⁽¹⁾		1,112			128,603
Sulzer AG		246			38,686
Swatch Group, Ltd. (The), Bearer Shares		363			198,836
Swiss Reinsurance Co., Ltd.⁽¹⁾		4,142			307,949
Swisscom AG		639			283,426
Zurich Insurance Group AG⁽¹⁾		573			164,776

				$	4,180,835


United Kingdom — 13.1%
Associated British Foods PLC		3,277		$	90,873
AstraZeneca PLC		11,828			571,526
BAE Systems PLC		64,351			346,339
BHP Billiton PLC		10,926			374,673
BP PLC		64,342			476,293
Bunzl PLC		1,959			35,200
Burberry Group PLC		10,003			214,894
Centrica PLC		72,056			400,122
Compass Group PLC		11,392			137,906
Diageo PLC		2,701			80,404
Experian PLC		5,603			95,847
GlaxoSmithKline PLC		3,766			86,143
Imperial Tobacco Group PLC		1,580			58,751
Kingfisher PLC		14,107			60,284
Marks & Spencer Group PLC		7,340			44,158
National Grid PLC		3,163			34,634
Next PLC		5,043			324,411
Randgold Resources, Ltd.		1,738			163,706
Reckitt Benckiser Group PLC		577			38,441
Reed Elsevier PLC		5,162	��		56,183
Rexam PLC		26,142			194,333
Rexam PLC, Class B, PFC Shares⁽¹⁾		29,047			20,731
Rolls-Royce Holdings PLC⁽¹⁾		30,231			453,856
Royal Dutch Shell PLC, Class A		20,149			714,256
Royal Dutch Shell PLC, Class B		20,574			747,801
Sage Group PLC (The)		44,157			226,111


Security	Shares		Value

United Kingdom (continued)
Serco Group PLC		16,187	$	142,317
Severn Trent PLC		1,189		30,583
Shire PLC		9,039		302,375
SSE PLC		3,277		73,759
Subsea 7 SA		5,192		125,421
Tesco PLC		59,778		337,843
Tullow Oil PLC		11,351		204,665
Unilever PLC		988		40,245
Vodafone Group PLC		124,614		340,091
Whitbread PLC		3,750		152,836
WM Morrison Supermarkets PLC		74,161		294,974

			$	8,092,985


Total Common Stocks (identified cost $51,826,401)			$	61,450,998


Short-Term Investments — 0.4%


Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²⁾	$	278	$	278,072


Total Short-Term Investments (identified cost $278,072)			$	278,072


Total Investments — 100.1% (identified cost $52,104,473)			$	61,729,070


Other Assets, Less Liabilities — (0.1)%			$	(85,610	)


Net Assets — 100.0%			$	61,643,460

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


ADR	–	American Depositary Receipt
PC	–	Participation Certificate
PFC Shares	–	Preference Shares
PPS	–	Partially Protected Shares
SDR	–	Swedish Depositary Receipt

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2013.


		11		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Portfolio of Investments — continued


Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
Euro		37.7	%	$	23,237,778
British Pound Sterling		13.0			8,039,844
Japanese Yen		10.9			6,718,242
Australian Dollar		6.9			4,223,436
Swiss Franc		6.8			4,180,835
Hong Kong Dollar		4.9			3,009,760
Swedish Krona		4.5			2,792,280
Singapore Dollar		4.5			2,763,322
Danish Krone		4.1			2,533,590
Norwegian Krone		3.3			2,069,484
Israeli Shekel		1.7			1,035,096
United States Dollar		1.1			670,053
New Zealand Dollar		0.7			455,350

Total Investments		100.1	%	$	61,729,070


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		15.5	%	$	9,527,769
Industrials		11.9			7,317,008
Consumer Staples		11.7			7,208,600
Consumer Discretionary		11.2			6,902,085
Health Care		10.6			6,559,817
Materials		9.9			6,076,762
Energy		8.8			5,457,363
Telecommunication Services		7.0			4,349,158
Information Technology		6.7			4,125,848
Utilities		6.4			3,926,588
Short-Term Investments		0.4			278,072

Total Investments		100.1	%	$	61,729,070


		12		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Statement of Assets and Liabilities


Assets	January 31, 2013
Unaffiliated investments, at value (identified cost, $51,826,401)	$	61,450,998
Affiliated investment, at value (identified cost, $278,072)		278,072
Foreign currency, at value (identified cost, $3,997)		4,009
Dividends receivable		30,190
Interest receivable from affiliated investment		58
Receivable for Fund shares sold		17,931
Tax reclaims receivable		52,061
Receivable from affiliates		28,080
Total assets	$	61,861,399

Liabilities
Payable for investments purchased	$	64,709
Payable for Fund shares redeemed		52,239
Payable to affiliates:
Investment adviser and administration fee		38,081
Distribution and service fees		1,800
Accrued expenses		61,110
Total liabilities	$	217,939
Net Assets	$	61,643,460

Sources of Net Assets
Paid-in capital	$	57,758,278
Accumulated net realized loss		(5,437,963	)
Accumulated distributions in excess of net investment income		(302,193	)
Net unrealized appreciation		9,625,338
Total	$	61,643,460

Class A Shares
Net Assets	$	7,037,979
Shares Outstanding		629,529
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.18
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	11.86

Class C Shares
Net Assets	$	438,604
Shares Outstanding		39,602
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.08

Class I Shares
Net Assets	$	54,166,877
Shares Outstanding		4,835,558
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.20

On sales of $50,000 or more, the offering price of Class A shares is reduced.

*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.


		13		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Statement of Operations


Investment Income	Year Ended January 31, 2013
Dividends (net of foreign taxes, $201,969)	$	1,923,876
Interest allocated from affiliated investment		475
Expenses allocated from affiliated investment		(60	)
Total investment income	$	1,924,291

Expenses
Investment adviser and administration fee	$	452,438
Distribution and service fees
Class A		22,956
Class C		2,975
Trustees’ fees and expenses		2,647
Custodian fee		105,145
Transfer and dividend disbursing agent fees		25,772
Legal and accounting services		36,943
Printing and postage		15,265
Registration fees		69,657
Miscellaneous		25,455
Total expenses	$	759,253
Deduct —
Allocation of expenses to affiliates	$	166,505
Total expense reductions	$	166,505

Net expenses	$	592,748

Net investment income	$	1,331,543

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(2,060,500	)
Investment transactions allocated from affiliated investment		11
Foreign currency transactions		(29,122	)
Net realized loss	$	(2,089,611	)
Change in unrealized appreciation (depreciation) —
Investments	$	9,401,563
Foreign currency		884
Net change in unrealized appreciation (depreciation)	$	9,402,447

Net realized and unrealized gain	$	7,312,836

Net increase in net assets from operations	$	8,644,379


		14		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Statements of Changes in Net Assets


	Year Ended January 31,
Increase (Decrease) in Net Assets	2013			2012
From operations —
Net investment income	$	1,331,543		$	1,174,630
Net realized loss from investment and foreign currency transactions		(2,089,611	)		(3,190,959	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		9,402,447			(3,060,439	)
Net increase (decrease) in net assets from operations	$	8,644,379		$	(5,076,768	)
Distributions to shareholders —
From net investment income
Class A	$	(159,997	)	$	(229,019	)
Class C		(8,524	)		(3,397	)
Class I		(1,417,505	)		(1,008,450	)
Total distributions to shareholders	$	(1,586,026	)	$	(1,240,866	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,166,012		$	15,600,066
Class C		242,466			356,728
Class I		15,252,640			55,864,422
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		159,076			228,446
Class C		8,293			3,255
Class I		433,419			266,148
Cost of shares redeemed
Class A		(12,844,202	)		(6,318,103	)
Class C		(104,225	)		(223,938	)
Class I		(13,202,800	)		(46,687,406	)
Net increase (decrease) in net assets from Fund share transactions	$	(3,889,321	)	$	19,089,618

Net increase in net assets	$	3,169,032		$	12,771,984

Net Assets
At beginning of year	$	58,474,428		$	45,702,444
At end of year	$	61,643,460		$	58,474,428

Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(302,193	)	$	(61,217	)


		15		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Financial Highlights


	Class A
	Year Ended January 31,						Period Ended January 31, 2011⁽¹⁾
	2013			2012			Period Ended January 31, 2011⁽¹⁾
Net asset value — Beginning of period	$	9.850		$	10.960		$	10.000

Income (Loss) From Operations
Net investment income (loss)⁽²⁾	$	0.227		$	0.172		$	(0.020	)
Net realized and unrealized gain (loss)		1.370			(1.073	)		1.058

Total income (loss) from operations	$	1.597		$	(0.901	)	$	1.038

Less Distributions
From net investment income	$	(0.267	)	$	(0.209	)	$	(0.078	)

Total distributions	$	(0.267	)	$	(0.209	)	$	(0.078	)

Redemption fees⁽²⁾⁽³⁾	$	—		$	—		$	0.000	⁽⁴⁾

Net asset value — End of period	$	11.180		$	9.850		$	10.960

Total Return⁽⁵⁾		16.32	%		(8.11	)%		10.39	%⁽⁶⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,038		$	12,263		$	3,578
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾⁽⁸⁾		1.29	%		1.50	%		1.50	%⁽⁹⁾
Net investment income (loss)		2.22	%		1.68	%		(0.22	)%⁽⁹⁾
Portfolio Turnover		44	%		60	%		15	%⁽⁶⁾

⁽¹⁾	For the period from the start of business, April 1, 2010, to January 31, 2011.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾	Amount is less than $0.0005.

⁽⁵⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾	The investment adviser, sub-adviser and administrator subsidized certain operating expenses (equal to 0.29%, 0.25% and 0.72% of average daily net assets for the years ended January 31, 2013 and 2012 and the period ended January 31, 2011, respectively).

⁽⁹⁾	Annualized.


		16		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Financial Highlights — continued


	Class C
	Year Ended January 31,						Period Ended January 31, 2011⁽¹⁾
	2013			2012			Period Ended January 31, 2011⁽¹⁾
Net asset value — Beginning of period	$	9.800		$	10.900		$	10.000

Income (Loss) From Operations
Net investment income (loss)⁽²⁾	$	0.132		$	0.099		$	(0.076	)
Net realized and unrealized gain (loss)		1.379			(1.057	)		1.044

Total income (loss) from operations	$	1.511		$	(0.958	)	$	0.968

Less Distributions
From net investment income	$	(0.231	)	$	(0.142	)	$	(0.068	)

Total distributions	$	(0.231	)	$	(0.142	)	$	(0.068	)

Redemption fees⁽²⁾⁽³⁾	$	—		$	—		$	0.000	⁽⁴⁾

Net asset value — End of period	$	11.080		$	9.800		$	10.900

Total Return⁽⁵⁾		15.51	%		(8.71	)%		9.69	%⁽⁶⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	439		$	254		$	155
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾⁽⁸⁾		2.00	%		2.25	%		2.25	%⁽⁹⁾
Net investment income (loss)		1.30	%		0.97	%		(0.86	)%⁽⁹⁾
Portfolio Turnover		44	%		60	%		15	%⁽⁶⁾

⁽¹⁾	For the period from the start of business, April 1, 2010, to January 31, 2011.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾	Amount is less than $0.0005.

⁽⁵⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾	The investment adviser, sub-adviser and administrator subsidized certain operating expenses (equal to 0.31%, 0.25% and 0.72% of average daily net assets for the years ended January 31, 2013 and 2012 and the period ended January 31, 2011, respectively).

⁽⁹⁾	Annualized.


		17		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Financial Highlights — continued


	Class I
	Year Ended January 31,						Period Ended January 31, 2011⁽¹⁾
	2013			2012			Period Ended January 31, 2011⁽¹⁾
Net asset value — Beginning of period	$	9.880		$	10.970		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.252		$	0.239		$	0.102
Net realized and unrealized gain (loss)		1.375			(1.104	)		0.950

Total income (loss) from operations	$	1.627		$	(0.865	)	$	1.052

Less Distributions
From net investment income	$	(0.307	)	$	(0.225	)	$	(0.082	)

Total distributions	$	(0.307	)	$	(0.225	)	$	(0.082	)

Redemption fees⁽²⁾⁽³⁾	$	—		$	—		$	0.000	⁽⁴⁾

Net asset value — End of period	$	11.200		$	9.880		$	10.970

Total Return⁽⁵⁾		16.59	%		(7.76	)%		10.54	%⁽⁶⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	54,167		$	45,957		$	41,969
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾⁽⁸⁾		1.02	%		1.25	%		1.25	%⁽⁹⁾
Net investment income		2.45	%		2.28	%		1.20	%⁽⁹⁾
Portfolio Turnover		44	%		60	%		15	%⁽⁶⁾

⁽¹⁾	For the period from the start of business, April 1, 2010, to January 31, 2011.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾	Amount is less than $0.0005.

⁽⁵⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾	The investment adviser, sub-adviser and administrator subsidized certain operating expenses (equal to 0.30%, 0.25% and 0.72% of average daily net assets for the years ended January 31, 2013 and 2012 and the period ended January 31, 2011, respectively).

⁽⁹⁾	Annualized.


		18		See Notes to Financial Statements.

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Parametric Structured International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. See Note 12 — Subsequent Events for changes affecting the share classes effective March 1, 2013. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation — Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing 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. Short-term obligations 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 Fund’s 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 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 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.

The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year 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.


		19

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Notes to Financial Statements — continued

portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

At January 31, 2013, the Fund, for federal income tax purposes, had a capital loss carryforward of $94,897 and current year deferred capital losses of $5,327,635 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. The capital loss carryforward will expire on January 31, 2019. The current year deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and are treated as realized prior to the utilization of the capital loss carryforward.

As of January 31, 2013, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial 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.

H Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. 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.

2 Distributions to Shareholders

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any). Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended January 31, 2013 and January 31, 2012 was as follows:


	Year Ended January 31,
	2013		2012

Distributions declared from:
Ordinary income	$	1,586,026	$	1,240,866


		20

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Notes to Financial Statements — continued

During the year ended January 31, 2013, accumulated net realized loss was increased by $13,507 and accumulated distributions in excess of net investment income was decreased by $13,507 due to differences between book and tax accounting, primarily for investments in partnerships, foreign currency gain (loss) and investments in passive foreign investment companies (PFICs). These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2013, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:


Undistributed ordinary income	$	52,727
Capital loss carryforward and deferred capital losses	$	(5,422,532	)
Net unrealized appreciation	$	9,254,987

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, foreign currency transactions, investments in partnerships and investments in PFICs.

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Fund and EVM effective June 1, 2012, the fee is computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. Prior to June 1, 2012, the fee was computed at an annual rate of 0.95% of the Fund’s average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million and over. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the year ended January 31, 2013, the investment adviser and administration fee amounted to $452,438 or 0.82% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its advisory and administration fee for sub-advisory services provided to the Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.05%, 1.80% and 0.80% (1.20%, 1.95% and 0.95% for the period from June 1, 2012 to November 30, 2012 and 1.50%, 2.25% and 1.25% prior to June 1, 2012) of the Fund’s average daily net assets of Class A, Class C and Class I, respectively. This agreement may be changed or terminated after May 31, 2013. Pursuant to this agreement, EVM and Parametric were allocated $166,505 in total of the Fund’s operating expenses for the year ended January 31, 2013.

EVM serves as the sub-transfer agent of the Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. For the year ended January 31, 2013, EVM earned $1,229 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $2,078 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2013. EVD also received distribution and services fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration 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 January 31, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2013 amounted to $22,956 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2013, the Fund paid or accrued to EVD $2,231 for Class C shares.


		21

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Notes to Financial Statements — continued

shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2013 amounted to $744 for Class C shares.

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. For the year ended January 31, 2013, the Fund was informed that EVD received less than $100 of CDSCs paid by Class A shareholders and no CDSCs paid by Class C shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $24,385,505 and $28,460,812, respectively, for the year ended January 31, 2013.

7 Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:


	Year Ended January 31,
Class A	2013			2012

Sales		609,678			1,509,280
Issued to shareholders electing to receive payments of distributions in Fund shares		14,798			24,564
Redemptions		(1,239,459	)		(615,930	)

Net increase (decrease)		(614,983	)		917,914


	Year Ended January 31,
Class C	2013			2012

Sales		23,268			32,891
Issued to shareholders electing to receive payments of distributions in Fund shares		778			352
Redemptions		(10,360	)		(21,563	)

Net increase		13,686			11,680


	Year Ended January 31,
Class I	2013			2012

Sales		1,468,321			5,094,695
Issued to shareholders electing to receive payments of distributions in Fund shares		40,243			28,557
Redemptions		(1,325,254	)		(4,295,777	)

Net increase		183,310			827,475

At January 31, 2013, an EVM retirement plan owned 15.9% of the value of the outstanding shares of the Fund.


		22

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Notes to Financial Statements — continued

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2013, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	52,475,016

Gross unrealized appreciation	$	10,593,873
Gross unrealized depreciation		(1,339,819	)

Net unrealized appreciation	$	9,254,054

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $600 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 0.08% 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 January 31, 2013.

10 Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities 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.

11 Fair 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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.


		23

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Notes to Financial Statements — continued

At January 31, 2013, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks
Asia/Pacific	$	2,308	$	17,167,802		$	—	$	17,170,110
Developed Europe		—		42,853,811			—		42,853,811
Developed Middle East		391,981		1,035,096			—		1,427,077

Total Common Stocks	$	394,289	$	61,056,709	*	$	—	$	61,450,998
Short-Term Investments	$	—	$	278,072		$	—	$	278,072

Total Investments	$	394,289	$	61,334,781		$	—	$	61,729,070

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

The Fund held no investments or other financial instruments as of January 31, 2012 whose fair value was determined using Level 3 inputs. At January 31, 2013, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

12 Subsequent Events

Effective March 1, 2013, Class A and Class I shares of the Fund were renamed Investor Class and Institutional Class, respectively; the sales charge payable upon purchase of Investor Class (currently known as Class A) shares was eliminated; and Class C shares of the Fund were no longer available for purchase or exchange. All existing Class C shares were converted to Investor Class (currently known as Class A) shares at the close of business on March 15, 2013, and such Class C shares converted to Investor Class continue to be subject to any applicable Class C contingent deferred sales charge.

The name of the Fund was changed to Parametric International Equity Fund effective March 1, 2013.


		24

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Parametric Structured International Equity Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Parametric Structured International Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2013, and 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 two years in the period then ended and for the period from the start of business, April 1, 2010, to January 31, 2011. 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.

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 January 31, 2013, 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, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Parametric Structured International Equity Fund as of January 31, 2013, 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 two years in the period then ended and for the period from the start of business, April 1, 2010, to January 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 21, 2013


		25

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in January 2014 will show the tax status of all distributions paid to your account in calendar year 2013. 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 and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and the foreign tax credit.

Qualified Dividend Income. The Fund designates approximately $1,879,797, 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%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2013 ordinary income dividends, 0.03% qualifies for the corporate dividends received deduction.

Foreign Tax Credit. The Fund paid foreign taxes of $195,721 and recognized foreign source income of $2,125,845.


		26

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is 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 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. Each Trustee oversees 183 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee

Thomas E. Faust Jr. 1958	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. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.⁽¹⁾ Director of EVC and Hexavest Inc.


Noninterested Trustees

Scott E. Eston 1956	Trustee	Since 2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years. None.

Benjamin C. Esty 1963	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. Directorships in the Last Five Years.⁽¹⁾ None.

Allen R. Freedman 1940	Trustee	Since 2007	Private Investor. 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). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000). Directorships in the Last Five Years.⁽¹⁾Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).

William H. Park 1947	Trustee	Since 2003	Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). 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 (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.⁽¹⁾None.

Ronald A. Pearlman 1940	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). Directorships in the Last Five Years.⁽¹⁾ None.


		27

Eaton Vance

Parametric Structured International Equity Fund

January 31, 2013

Management and Organization — continued


Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)

Helen Frame Peters 1948	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). Directorships in the Last Five Years.⁽¹⁾ Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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).

Lynn A. Stout 1957	Trustee	Since 1998	Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Directorships in the Last Five Years.⁽¹⁾ None.

Harriett Tee Taggart 1948	Trustee	Since 2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni 1943	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). Directorships in the Last Five Years.⁽¹⁾ None.


Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) During Past Five Years

Duncan W. Richardson 1957	President	Since 2011	Director of EVC and Executive Vice President and Chief Equity Investment Officer of EVC, EVM and BMR.

Payson F. Swaffield 1956	Vice President	Since 2011	Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR.

James F. Kirchner⁽²⁾ 1967	Treasurer	Since 2013	Vice President of EVM and BMR.

Paul M. O’Neil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR.

⁽¹⁾

During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) 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 Trust (launched in 1998 and terminated in 2009).

⁽²⁾	Prior to 2013, Mr. Kirchner served as Assistant Treasurer of the Trust since 2007.

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.


		28

Eaton Vance Funds

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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’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 (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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. 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 advisor.

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 and by accessing the SEC’s website at www.sec.gov.


		29

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

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 (US) Inc.

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

Fund Offices

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.

LOGO


4736-3/13		SIESRC

LOGO

Eaton Vance

Parametric Structured Emerging Markets Fund

Annual Report

January 31, 2013

LOGO

Annual Report January 31, 2013

Eaton Vance

Parametric Structured Emerging Markets Fund

Table of Contents


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Fund Expenses			6

Financial Statements			7

Report of Independent Registered Public Accounting Firm			39

Federal Tax Information			40

Management and Organization			41

Important Notices			43

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period, emerging markets as a whole returned 7.64%, as measured by the MSCI Emerging Markets Index (the Index)2. As 2012 began, global investors had reasonable concerns that the frequency of significant events that occurred during the better part of 2011 would continue to have a dampening effect in the new year. However, their trepidation eased slightly due to a rather encouraging first quarter of 2012 – volatility moderated, global markets weathered the myriad of economic opinions from euro-land politicians and countries that benefited from the “Arab Spring” revolutions appeared to be on their way to attracting new foreign investment.

Be that as it may, the emerging markets experienced a bumpy ride as the second and third quarters of 2012 came to a close. Key factors impacting global markets included the eurozone crisis and its corresponding rescue efforts, the so-called U.S. “fiscal cliff” and the U.S. presidential election in November 2012, and slowing global growth, with a great deal of focus on China.

The emerging markets continued to perform strongly in the fourth quarter of 2012, with the Index up 5.58%. A globally noteworthy event was the averting of the so-called U.S. “fiscal cliff” after lawmakers passed a bill on January 1, 2013 preventing a slew of spending cuts and tax hikes. This caused the Index to rally 2.12% the next day, as markets appeared to breathe a collective sigh of relief following the resolution of one uncertainty.

Looking at the frontier spectrum, these markets returned 16.34% for the period, as measured by the MSCI Frontier Markets Index. Top-performing countries included Kenya and Nigeria. Ukraine was the worst-performing frontier market due to factors such as a widening of its current deficit and tightening of its economic growth.

Fund Performance

For the fiscal year ended January 31, 2013, Eaton Vance Parametric Structured Emerging Markets Fund (the Fund) had a total return of 10.89% for Class A shares at net asset value (NAV), outperforming the 7.64% return of the Fund’s benchmark, the Index.

In terms of country allocations, contributors to Fund performance relative to the Index for the 12-month period included the Fund’s underweight to Brazil, which underperformed the Index. In addition, the Fund’s overweights

to Thailand and Mexico, both of which outperformed the Index, also contributed to Fund performance relative to the Index. Detractors from Fund performance relative to the Index included the Fund’s underweight to China, which outperformed the Index, and the Fund’s overweight to Morocco, which underperformed the Index. In addition, the Fund’s exposure to Argentina, which is not represented in the Index, also hurt relative performance for the 12-month period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Performance^2,3

Portfolio Managers David Stein, Ph.D. and Thomas Seto, each of Parametric Portfolio Associates LLC


% Average Annual Total Returns	Inception Date		One Year			Five Years			Since Inception
Class A at NAV		06/30/2006		10.89	%		1.15	%		7.64	%
Class A with 5.75% Maximum Sales Charge		—		4.51			–0.04			6.67
Class C at NAV		06/30/2006		10.07			0.40			6.82
Class C with 1% Maximum Sales Charge		—		9.07			0.40			6.82
Class I at NAV		06/30/2006		11.22			1.41			7.90
MSCI Emerging Markets Index		06/30/2006		7.64	%		2.04	%		8.03	%


% Total Annual Operating Expense Ratios⁴			Class A			Class C			Class I
				1.45	%		2.19	%		1.20	%

Growth of $250,000

This graph shows the change in value of a hypothetical investment of $250,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

LOGO


Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class A	$10,000	06/30/2006	$16,245	$15,311
Class C	$10,000	06/30/2006	$15,452	N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Fund Profile

LOGO

Top 10 Holdings (% of net assets)⁵


MTN Group, Ltd.		1.1	%
Samsung Electronics Co., Ltd.		1.1
America Movil SAB de CV, Series L		1.0
OAO Gazprom ADR		0.9
China Mobile, Ltd.		0.8
Sberbank of Russia		0.8
Taiwan Semiconductor Manufacturing Co., Ltd.		0.7
Grupo Financiero Banorte SAB de CV, Class O		0.6
LUKOIL OAO ADR		0.6
Infosys, Ltd.		0.6
Total	8.2%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Endnotes and Additional Disclosures

MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI indices are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

⁴	Source: Fund prospectus.

⁵	Excludes cash and cash equivalents.

Important Notice to Shareholders

Effective March 1, 2013, the name of the Fund was changed to Parametric Emerging Markets Fund. Class A and Class I shares of the Fund were renamed Investor Class and Institutional Class, respectively. The front-end sales charge payable upon purchase of Investor Class shares of the Fund was eliminated. The minimum initial purchase of Institutional Class shares of the Fund was changed to $50,000 (waived in certain circumstances). Class C shares of the Fund are no longer available for purchase, except by: (1) existing shareholders (including shares acquired through the reinvestment of dividends and distributions); or (2) qualified retirement plans.

Fund profile subject to change due to active management.


		5

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Fund Expenses


	Beginning Account Value (8/1/12)		Ending Account Value (1/31/13)		Expenses Paid During Period* (8/1/12 – 1/31/13)		Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	1,144.10	$	7.65		1.42	%
Class C	$	1,000.00	$	1,139.40	$	11.67		2.17	%
Class I	$	1,000.00	$	1,145.80	$	6.31		1.17	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.00	$	7.20		1.42	%
Class C	$	1,000.00	$	1,014.20	$	10.99		2.17	%
Class I	$	1,000.00	$	1,019.30	$	5.94		1.17	%


		6

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments


Common Stocks — 98.1%


Security	Shares		Value


Argentina — 0.9%
Adecoagro SA⁽¹⁾		77,700	$	660,450
Arcos Dorados Holdings, Inc., Class A		341,000		4,685,340
Banco Macro SA, Class B ADR⁽¹⁾		129,587		2,157,624
BBVA Banco Frances SA ADR⁽¹⁾		231,888		1,099,149
Cresud SA ADR		278,630		2,660,916
Grupo Financiero Galicia SA, Class B ADR		322,600		2,142,064
IRSA Inversiones y Representaciones SA ADR		61,510		544,364
MercadoLibre, Inc.		69,300		6,126,120
Pampa Energia SA ADR⁽¹⁾		188,600		812,866
Petrobras Energia SA ADR		750,308		4,036,657
Telecom Argentina SA ADR		477,251		7,573,973

			$	32,499,523


Botswana — 0.3%
Barclays Bank of Botswana		1,137,465	$	979,486
Botswana Insurance Holdings Ltd.		575,111		734,968
First National Bank of Botswana		4,730,800		1,754,374
Letshego Holdings, Ltd.		12,485,691		3,199,718
Sechaba Breweries Ltd.		905,550		1,782,774
Standard Chartered Bank Botswana		531,120		688,213

			$	9,139,533


Brazil — 6.4%
AES Tiete SA, PFC Shares		138,000	$	1,441,233
All America Latina Logistica SA (Units)		478,200		2,081,831
Anhanguera Educacional Participacoes SA		72,200		1,404,009
B2W Companhia Global do Varejo⁽¹⁾		99,370		759,047
Banco Bradesco SA ADR		61,174		1,124,378
Banco Bradesco SA, PFC Shares		659,056		12,121,084
Banco do Brasil SA		366,698		4,490,322
Banco do Estado do Rio Grande do Sul, PFC Shares		97,100		830,287
Banco Santander Brasil SA		352,600		2,588,510
BM&F Bovespa SA		641,451		4,483,055
BR Malls Participacoes SA		167,400		2,164,281
BR Properties SA		45,000		583,481
Bradespar SA, PFC Shares		82,500		1,276,275
Braskem SA, PFC Shares		89,760		676,923
BRF-Brasil Foods SA		244,640		5,366,859
BRF-Brasil Foods SA ADR		19,900		441,780
Brookfield Incorporacoes SA		244,500		413,981
Centrais Eletricas Brasileiras SA, Class B, PFC Shares		371,500		2,360,701
CETIP SA - Mercados Organizados		92,200		1,160,323


Security	Shares		Value


Brazil (continued)
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		45,269	$	2,131,536
Cia de Bebidas das Americas ADR, PFC Shares		28,352		1,334,245
Cia de Bebidas das Americas, PFC Shares		311,190		14,642,817
Cia de Companhia de Concessoes Rodoviarias (CCR)		643,300		6,626,763
Cia de Saneamento Basico do Estado de Sao Paulo		88,620		3,989,457
Cia de Saneamento de Minas Gerais SA ADR		57,100		626,958
Cia de Saneamento de Minas Gerais-Copasa MG		45,100		1,096,242
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		37,590		660,682
Cia Energetica de Minas Gerais SA, PFC Shares		313,067		3,395,811
Cia Energetica de Sao Paulo, PFC Shares		191,200		1,906,294
Cia Hering		73,300		1,391,046
Cia Paranaense de Energia-Copel, PFC Shares		82,000		1,347,177
Cia Siderurgica Nacional SA (CSN)		225,500		1,214,649
Cielo SA		222,683		6,303,503
Contax Participacoes SA, PFC Shares		24,300		330,344
Cosan SA Industria e Comercio		53,700		1,265,875
CPFL Energia SA		170,400		1,738,912
Cyrela Brazil Realty SA		137,100		1,206,813
Diagnosticos da America SA		177,000		1,255,471
Duratex SA		93,024		645,565
EcoRodovias Infraestrutura e Logistica SA		133,000		1,176,069
EDP-Energias do Brasil SA		197,900		1,210,895
Eletropaulo Metropolitana SA, Class B, PFC Shares		124,280		852,733
Embraer SA		370,600		3,053,833
Embraer SA ADR		46,648		1,537,985
Estacio Participacoes SA		55,900		1,238,682
Fibria Celulose SA⁽¹⁾		84,957		1,039,913
Gafisa SA⁽¹⁾		426,700		1,064,955
Gerdau SA, PFC Shares		263,400		2,308,540
Gol Linhas Aereas Inteligentes SA, PFC Shares		140,900		1,023,230
Hypermarcas SA⁽¹⁾		201,800		1,740,388
Iochpe-Maxion SA		98,700		1,292,308
Itau Unibanco Holding SA ADR, PFC Shares		71,570		1,233,151
Itau Unibanco Holding SA, PFC Shares		637,400		10,998,185
Itausa-Investimentos Itau SA, PFC Shares		1,167,174		5,902,662
JBS SA⁽¹⁾		356,725		1,367,553
Klabin SA, PFC Shares		177,900		1,216,699
Light SA		73,400		755,208
LLX Logistica SA⁽¹⁾		363,900		406,870
Localiza Rent a Car SA		103,700		1,902,887
Lojas Americanas SA, PFC Shares		277,523		2,475,765
Lojas Renner SA		50,800		2,032,428
Marcopolo SA, PFC Shares		360,100		2,429,222
Marfrig Frigorificos e Comercio de Alimentos SA⁽¹⁾		203,555		1,045,682


		7		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Brazil (continued)
Metalurgica Gerdau SA, PFC Shares		84,300	$	941,949
MMX Mineracao e Metalicos SA⁽¹⁾		179,100		303,894
MPX Energia SA⁽¹⁾		182,500		905,186
MRV Engenharia e Participacoes SA		207,300		1,185,351
Natura Cosmeticos SA		90,000		2,419,318
OGX Petroleo e Gas Participacoes SA⁽¹⁾		409,300		842,673
Oi SA ADR		190,200		781,722
Oi SA, PFC Shares		629,857		2,553,115
PDG Realty SA Empreendimentos e Participacoes		823,900		1,304,145
Petroleo Brasileiro SA		43,200		393,941
Petroleo Brasileiro SA ADR		71,900		1,300,671
Petroleo Brasileiro SA, PFC Shares		2,068,100		18,709,556
Randon Participacoes SA, PFC Shares		177,600		1,046,574
Rossi Residencial SA		198,500		418,396
Souza Cruz SA		165,900		2,742,486
Suzano Papel e Celulose SA		437,425		1,601,508
Telefonica Brasil SA, PFC Shares		223,126		5,635,945
Tim Participacoes SA		603,727		2,667,401
Totvs SA		126,190		2,746,874
Tractebel Energia SA		122,000		2,168,488
Ultrapar Participacoes SA		115,784		2,790,373
Usinas Siderurgicas de Minas Gerais SA, PFC Shares		199,950		1,037,238
Vale SA		34,400		693,626
Vale SA ADR		65,300		1,317,101
Vale SA, PFC Shares		940,540		18,226,501
Weg SA		150,000		1,900,859

			$	224,819,254


Bulgaria — 0.1%
CB First Investment Bank AD⁽¹⁾		235,000	$	329,366
Chimimport AD⁽¹⁾		329,922		372,782
Corporate Commercial Bank AD⁽¹⁾		10,400		607,440
MonBat AD		60,235		254,396
Petrol AD⁽¹⁾		102,500		334,313
Sopharma AD		354,600		580,228
Vivacom⁽¹⁾		44,690		86,244

			$	2,564,769


Chile — 3.2%
Administradora de Fondos de Pensiones Provida SA		202,000	$	1,486,940
AES Gener SA		2,001,600		1,377,414
Aguas Andinas SA, Series A		2,464,200		1,824,821
Almendral SA		2,512,600		408,569
Antarchile SA, Series A		140,704		2,410,739
Banco de Chile		49,502,828		8,238,324


Security	Shares		Value


Chile (continued)
Banco de Chile ADR		7,141	$	710,173
Banco de Credito e Inversiones		56,681		4,421,606
Banco Santander Chile SA		72,005,510		5,485,972
Banmedica SA		484,730		1,253,766
Besalco SA		750,600		1,392,375
Cap SA		86,112		3,186,833
Cencosud SA		934,931		5,814,979
CFR Pharmaceuticals SA		3,523,700		927,163
Cia Cervecerias Unidas SA		110,890		1,778,827
Cia General de Electricidad SA		274,019		1,568,640
Cia Sud Americana de Vapores SA⁽¹⁾		3,305,599		361,453
Colbun SA⁽¹⁾		6,289,410		1,985,834
Corpbanca SA		112,088,770		1,604,727
E.CL SA		469,400		1,111,417
Embotelladora Andina SA, Class B, PFC Shares		278,341		1,830,912
Empresa Nacional de Electricidad SA		2,896,263		5,001,236
Empresas CMPC SA		1,236,620		4,794,432
Empresas Copec SA		501,376		7,763,892
Empresas La Polar SA⁽¹⁾		1,713,400		709,356
Enersis SA		10,494,021		4,137,766
ENTEL SA		87,900		1,909,088
Grupo Security SA		1,737,289		762,945
Inversiones Aguas Metropolitanas SA		464,900		961,265
Latam Airlines Group SA		235,695		5,794,570
Latam Airlines Group SA BDR⁽¹⁾		28,260		688,282
Madeco SA		5,047,652		224,627
Minera Valparaiso SA		12,324		413,106
Molibdenos y Metales SA		16,900		297,665
Parque Arauco SA		639,900		1,744,407
Quinenco SA		190,344		645,999
Ripley Corp. SA		1,068,500		1,159,103
S.A.C.I. Falabella SA		880,900		10,248,974
Salfacorp SA		816,100		2,004,288
Sigdo Koppers SA		654,331		1,685,568
Sociedad de Inversiones Pampa Calichera SA, Class A		244,730		389,363
Sociedad Matriz SAAM SA⁽¹⁾		6,242,812		793,293
Sociedad Quimica y Minera de Chile SA, Series B		101,840		5,814,887
Socovesa SA		1,443,206		739,706
Sonda SA		944,800		3,205,544
Vina Concha y Toro SA		495,122		991,948

			$	112,062,794


China — 9.4%
Agile Property Holdings, Ltd.		400,000	$	570,624
Agricultural Bank of China, Ltd., Class H		7,905,000		4,294,514


		8		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


China (continued)
Air China, Ltd., Class H		1,068,000	$	915,924
Aluminum Corp. of China, Ltd., Class H⁽¹⁾		1,874,000		900,131
Angang Steel Co., Ltd., Class H⁽¹⁾		892,000		661,682
Anhui Conch Cement Co., Ltd., Class H		501,500		1,968,984
Anta Sports Products, Ltd.		1,021,000		954,390
AsiaInfo-Linkage, Inc.⁽¹⁾		72,600		797,148
Baidu, Inc. ADR⁽¹⁾		114,200		12,367,860
Bank of China, Ltd., Class H		18,475,000		9,126,732
Bank of Communications, Ltd., Class H		1,991,900		1,693,607
Beijing Capital International Airport Co., Ltd., Class H		1,064,000		888,671
Beijing Enterprises Holdings, Ltd.		270,500		1,953,796
BYD Co., Ltd., Class H⁽¹⁾		607,200		2,053,992
Chaoda Modern Agriculture Holdings, Ltd.⁽¹⁾⁽²⁾		2,391,958		0
China Agri-Industries Holdings, Ltd.		1,605,000		980,649
China Bluechemical, Ltd., Class H		942,000		678,015
China CITIC Bank Corp., Ltd., Class H		4,367,000		2,990,479
China Coal Energy Co., Class H		1,583,000		1,767,698
China Communications Construction Co., Ltd., Class H		2,057,000		2,101,817
China Communications Services Corp., Ltd., Class H		1,386,000		845,099
China Construction Bank Corp., Class H		21,536,630		18,578,158
China COSCO Holdings Co., Ltd., Class H⁽¹⁾		1,542,975		797,962
China Dongxiang (Group) Co., Ltd.		2,459,000		399,882
China Eastern Airlines Corp., Ltd., Class H⁽¹⁾		1,120,000		510,262
China Everbright International, Ltd.		1,134,000		629,446
China Everbright, Ltd.		384,000		725,720
China High Speed Transmission Equipment Group Co., Ltd.⁽¹⁾		651,000		260,361
China International Marine Containers Co., Ltd., Class B⁽¹⁾		482,672		1,026,909
China Life Insurance Co., Ltd., Class H		2,310,000		7,709,471
China Longyuan Power Group Corp., Class H		1,363,000		1,142,260
China Mengniu Dairy Co., Ltd.		960,000		2,808,513
China Merchants Bank Co., Ltd., Class H		1,353,024		3,253,845
China Merchants Holdings (International) Co., Ltd.		548,035		1,945,996
China Minsheng Banking Corp, Ltd., Class H		1,873,200		2,699,229
China Mobile, Ltd.		2,672,500		29,238,794
China National Building Material Co., Ltd., Class H		1,216,000		1,947,056
China National Materials Co., Ltd., Class H		681,000		213,321
China Oilfield Services, Ltd., Class H		662,000		1,433,317
China Overseas Land & Investment, Ltd.		1,298,160		4,034,629
China Pacific Insurance (Group) Co., Ltd., Class H		390,600		1,531,465
China Petroleum & Chemical Corp., Class H		6,895,000		8,365,650
China Pharmaceutical Group, Ltd.⁽¹⁾		1,402,000		523,611
China Railway Construction Corp., Class H		1,032,000		1,119,803
China Railway Group, Ltd., Class H		2,159,000		1,231,246
China Resources Enterprise, Ltd.		634,000		2,273,215


Security	Shares		Value


China (continued)
China Resources Gas Group, Ltd.		324,000	$	720,100
China Resources Land, Ltd.		784,000		2,382,501
China Resources Power Holdings Co., Ltd.		931,600		2,589,634
China Shenhua Energy Co., Ltd., Class H		1,386,000		5,977,834
China Shineway Pharmaceutical Group, Ltd.		381,000		697,297
China Shipping Container Lines Co., Ltd., Class H⁽¹⁾		2,613,000		808,412
China Shipping Development Co., Ltd., Class H		830,000		457,318
China Southern Airlines Co., Ltd., Class H		1,434,000		862,195
China Taiping Insurance Holdings Co., Ltd.⁽¹⁾		573,400		1,211,582
China Telecom Corp., Ltd., Class H		8,272,000		4,516,012
China Travel International Investment Hong Kong, Ltd.		4,692,000		1,035,262
China Unicom (Hong Kong), Ltd.		2,706,372		4,337,716
China Vanke Co., Ltd., Class B		445,120		971,879
China Yurun Food Group, Ltd.⁽¹⁾		1,776,000		1,308,640
China Zhongwang Holdings, Ltd.⁽¹⁾		464,000		176,601
Chongqing Changan Automobile Co., Ltd., Class B		1,100,286		1,081,863
Citic Pacific, Ltd.		848,000		1,368,354
CNOOC, Ltd.		6,325,000		13,032,368
Cosco Pacific, Ltd.		868,000		1,413,080
Country Garden Holdings Co.⁽¹⁾		2,289,631		1,219,952
Ctrip.com International, Ltd. ADR⁽¹⁾		252,800		5,007,968
Datang International Power Generation Co., Ltd., Class H		2,154,000		949,029
Dongfeng Motor Group Co., Ltd., Class H		1,696,000		2,775,972
Focus Media Holding, Ltd. ADR		100,000		2,529,000
Global Bio-chem Technology Group Co., Ltd.		2,418,000		286,882
Golden Eagle Retail Group, Ltd.		535,000		1,157,822
Great Wall Motor Co., Ltd., Class H		862,500		3,523,208
Guangdong Investment, Ltd.		1,428,000		1,185,455
Guangzhou Automobile Group Co., Ltd., Class H		1,588,013		1,333,662
Guangzhou R&F Properties Co., Ltd., Class H		362,400		659,634
Harbin Electric Co., Ltd., Class H		688,000		623,080
Hengdeli Holdings, Ltd.		2,438,000		859,122
Hidili Industry International Development, Ltd.		594,000		174,647
Home Inns & Hotels Management, Inc. ADR⁽¹⁾		50,000		1,528,500
Huaneng Power International, Inc., Class H		2,148,000		2,214,018
Industrial & Commercial Bank of China, Ltd., Class H		19,498,000		14,684,128
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		401,700		437,767
Inner Mongolia Yitai Coal Co., Ltd., Class B		247,900		1,449,228
Jiangsu Expressway Co., Ltd., Class H		594,000		613,246
Jiangxi Copper Co., Ltd., Class H		672,000		1,824,442
Kingboard Chemical Holdings, Ltd.		332,000		1,102,044
Kunlun Energy Co., Ltd.		1,552,000		3,229,569
Lee & Man Paper Manufacturing, Ltd.		1,220,000		823,387
Lenovo Group, Ltd.		2,682,000		2,797,051


		9		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


China (continued)
Li Ning Co., Ltd.⁽¹⁾		511,000	$	342,360
Maanshan Iron & Steel Co., Ltd., Class H⁽¹⁾		1,422,000		440,118
Metallurgical Corp. of China, Ltd., Class H⁽¹⁾		1,156,000		240,068
Mindray Medical International, Ltd. ADR		59,100		2,233,980
NetEase.com, Inc. ADR		30,800		1,429,736
New Oriental Education & Technology Group, Inc. ADR		488,600		8,340,402
Nine Dragons Paper Holdings, Ltd.		786,000		691,137
NWS Holdings, Ltd.		472,500		844,419
Parkson Retail Group, Ltd.		1,056,500		814,901
PetroChina Co., Ltd., Class H		8,390,000		11,897,606
PICC Property & Casualty Co., Ltd., Class H		842,000		1,284,358
Ping An Insurance (Group) Co. of China, Ltd., Class H		565,000		5,076,554
Poly Property Group Co., Ltd.⁽¹⁾		675,000		517,148
Ports Design, Ltd.		249,500		216,130
Renhe Commercial Holdings Co., Ltd.⁽¹⁾		3,020,000		272,661
Semiconductor Manufacturing International Corp.⁽¹⁾		16,033,000		1,001,698
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,396,000		1,344,863
Shanghai Electric Group Co., Ltd., Class H		2,414,000		1,002,464
Shanghai Industrial Holdings, Ltd.		304,000		1,083,664
Shanghai Zhenhua Heavy Industry Co., Ltd., Class B⁽¹⁾		784,350		321,598
Shimao Property Holdings, Ltd.		665,000		1,472,208
SINA Corp.⁽¹⁾		32,100		1,763,253
Sino Biopharmaceutical, Ltd.		2,052,000		1,023,921
Sino-Ocean Land Holdings, Ltd.		1,295,000		1,036,091
Sinopec Shanghai Petrochemical Co., Ltd., Class H		854,000		316,952
Sinopharm Group Co., Ltd., Class H		199,600		612,638
Sinotrans Shipping, Ltd.		1,000,000		267,888
Sinotruk Hong Kong, Ltd.		790,500		529,492
Sohu.com, Inc.⁽¹⁾		38,400		1,838,592
Sound Global, Ltd.		691,000		368,465
Standard Chartered PLC		42,786		1,128,163
Sun Art Retail Group, Ltd.		1,476,000		2,146,704
Suntech Power Holdings Co., Ltd. ADR⁽¹⁾		494,000		824,980
Swire Pacific, Ltd., Class H		345,000		843,632
Tencent Holdings, Ltd.		426,100		14,882,325
Tingyi (Cayman Islands) Holding Corp.		1,082,000		3,046,214
Tsingtao Brewery Co., Ltd., Class H		254,000		1,471,395
Want Want China Holdings, Ltd.		3,496,000		4,622,623
Weichai Power Co., Ltd., Class H		338,400		1,396,437
Wumart Stores, Inc., Class H		321,000		642,620
WuXi PharmaTech (Cayman), Inc. ADR⁽¹⁾		61,900		1,001,542
Yangzijiang Shipbuilding Holdings, Ltd.		1,550,000		1,227,923
Yantai Changyu Pioneer Wine Co., Ltd., Class B		144,216		890,310
Yanzhou Coal Mining Co., Ltd., Class H		774,000		1,318,864
Zhaojin Mining Industry Co., Ltd., Class H		362,000		545,724


Security	Shares		Value


China (continued)
Zhejiang Expressway Co., Ltd., Class H		862,000	$	766,824
Zhuzhou CSR Times Electric Co., Ltd., Class H		344,000		1,100,084
Zijin Mining Group Co., Ltd., Class H		3,876,000		1,492,736
ZTE Corp., Class H		490,953		954,321

			$	329,778,180


Colombia — 1.5%
Almacenes Exito SA		265,790	$	4,970,248
Banco Davivienda SA, PFC Shares		41,500		560,997
Banco de Bogota		55,930		1,763,514
Bancolombia SA ADR, PFC Shares		105,200		7,312,452
Bolsa de Valores de Colombia		46,242,700		786,595
Cementos Argos SA		239,340		1,474,803
Cia Colombiana de Inversiones SA		379,570		1,239,999
Corporacion Financiera Colombiana SA		54,754		1,079,407
Ecopetrol SA		2,794,590		8,893,401
Empresa de Energia de Bogota SA		1,813,385		1,368,662
Empresa de Telecommunicaciones de Bogota SA⁽¹⁾		2,532,380		560,561
Fabricato SA⁽¹⁾⁽²⁾		36,122,860		927,787
Grupo Argos SA		260,050		3,424,544
Grupo Argos SA, PFC Shares		74,195		948,641
Grupo Aval Acciones y Valores SA		3,145,485		2,232,336
Grupo de Inversiones Suramericana		201,270		4,273,874
Grupo Nutresa SA		307,655		4,314,840
Grupo Odinsa SA		60,098		282,311
Interconexion Electrica SA		657,460		3,699,441
ISAGEN SA ESP		1,784,400		2,462,406
Tableros y Maderas de Caldas		144,140,738		599,974

			$	53,176,793


Croatia — 0.4%
Adris Grupa DD, PFC Shares		50,044	$	2,564,580
Atlantska Plovidba DD⁽¹⁾		8,567		363,851
Dalekovod DD⁽¹⁾		26,495		308,126
Ericsson Nikola Tesla		6,040		1,546,080
Hrvatski Telekom DD		150,830		5,823,108
Koncar-Elektroindustrija DD		8,119		954,390
Petrokemija DD⁽¹⁾		25,975		1,097,030
Podravka Prehrambena Industrija DD⁽¹⁾		18,635		884,526
Privredna Banka Zagreb DD		3,177		305,061
Zagrebacka Banka DD		83,995		554,419

			$	14,401,171


		10		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Czech Republic — 1.5%
CEZ AS		589,660	$	19,122,628
Fortuna Entertainment Group NV		90,500		412,872
Komercni Banka AS		71,464		14,468,948
New World Resources PLC, Class A		901,000		3,967,043
Pegas Nonwovens SA		66,614		1,856,631
Philip Morris CR AS		5,613		3,401,159
Telefonica 02 Czech Republic AS		373,204		6,458,362
Unipetrol AS⁽¹⁾		479,507		4,320,977

			$	54,008,620


Egypt — 1.5%
Alexandria Mineral Oils Co.		171,820	$	1,764,276
Amer Group Holding		4,390,500		405,214
Arab Cotton Ginning		1,993,380		1,214,142
Citadel Capital Co.⁽¹⁾		1,887,400		1,110,243
Commercial International Bank		1,607,204		8,566,013
Eastern Tobacco		152,704		2,264,112
Egypt Kuwaiti Holding Co.		1,348,596		1,700,697
Egyptian Financial Group-Hermes Holding SAE⁽¹⁾		956,838		1,560,157
Egyptian Resorts Co.⁽¹⁾		4,721,950		744,960
El Ezz Aldekhela Steel Alexa Co.		4,000		298,337
El Sewedy Cables Holding Co.		159,606		535,131
Ezz Steel		1,117,345		1,698,099
Juhayna Food Industries		2,646,000		3,406,374
Maridive & Oil Services SAE⁽¹⁾		781,799		852,547
Misr Beni-Suef Cement Co.		46,100		473,318
National Societe General Bank		162,828		881,862
Orascom Construction Industries (OCI)⁽¹⁾		247,138		9,644,506
Orascom Telecom Holding SAE⁽¹⁾		10,257,866		6,782,533
Orascom Telecom Media and Technology Holding SAE		14,946,609		1,266,805
Oriental Weavers Co.		187,375		642,068
Palm Hills Developments SAE⁽¹⁾		1,720,500		624,694
Pioneers Holding⁽¹⁾		552,900		372,126
Sidi Kerir Petrochemicals Co.		929,400		1,832,170
Six of October Development & Investment Co.⁽¹⁾		112,178		345,835
South Valley Cement⁽¹⁾		704,261		410,694
Talaat Moustafa Group⁽¹⁾		2,538,460		1,618,537
Telecom Egypt		1,300,337		2,826,508

			$	53,841,958


Estonia — 0.2%
AS Merko Ehitus⁽¹⁾		50,618	$	422,648
AS Nordecon International⁽¹⁾		145,374		247,160
AS Olympic Entertainment Group		503,790		1,206,118
AS Tallink Group⁽¹⁾		3,623,652		4,545,318


Security	Shares		Value


Estonia (continued)
AS Tallinna Kaubamaja		137,340	$	1,083,723
AS Tallinna Vesi		58,790		807,416

			$	8,312,383


Ghana — 0.1%
Aluworks Ghana, Ltd.⁽¹⁾		457,409	$	14,418
CAL Bank, Ltd.		1,298,010		320,496
Ghana Commercial Bank, Ltd.		1,453,841		1,985,809
HFC Bank Ghana, Ltd.		1,235,326		266,080
Produce Buying Co., Ltd.		582,428		55,076
Standard Chartered Bank of Ghana, Ltd.		148,200		898,604

			$	3,540,483


Hungary — 1.6%
EGIS Pharmaceuticals PLC		17,902	$	1,539,510
Magyar Telekom Rt.		3,953,800		7,466,309
MOL Hungarian Oil & Gas Rt.		180,700		15,556,916
OTP Bank Rt.		880,930		18,944,094
PannErgy PLC⁽¹⁾		66,310		131,028
Richter Gedeon Rt.		77,800		13,398,355

			$	57,036,212


India — 6.4%
ABB, Ltd.		19,900	$	243,472
ACC, Ltd.		34,570		861,352
Adani Enterprises, Ltd.		267,400		1,270,882
Adani Ports and Special Economic Zone, Ltd.		525,500		1,510,974
Aditya Birla Nuvo, Ltd.		17,702		379,434
Amtek Auto, Ltd.		152,500		220,406
Asian Paints, Ltd.		20,230		1,711,722
Axis Bank, Ltd.		135,400		3,834,933
Bajaj Auto, Ltd.		53,260		2,035,576
Bank of Baroda		79,760		1,299,551
Bank of India		64,300		427,173
Bharat Forge, Ltd.		63,650		275,238
Bharat Heavy Electricals, Ltd.		473,100		2,034,670
Bharat Petroleum Corp., Ltd.		147,700		1,142,161
Bharti Airtel, Ltd.		1,529,960		9,708,285
Biocon, Ltd.		51,500		272,310
Cairn India, Ltd.		327,000		1,993,792
Canara Bank, Ltd.		104,600		944,580
Cipla, Ltd.		243,710		1,863,589
Coal India, Ltd.		414,800		2,753,514
Colgate-Palmolive (India), Ltd.		24,900		631,088
Container Corp. of India, Ltd.		25,560		444,976


		11		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


India (continued)
Crompton Greaves, Ltd.		213,600	$	428,788
Cummins India, Ltd.		49,900		459,305
Dabur India, Ltd.		364,400		914,145
Divi’s Laboratories, Ltd.		46,800		923,615
DLF, Ltd.		312,600		1,637,665
Dr. Reddy’s Laboratories, Ltd.		49,620		1,794,435
Educomp Solutions, Ltd.		157,865		381,898
Essar Oil, Ltd.⁽¹⁾		198,130		325,308
Financial Technologies India, Ltd.		32,600		690,017
GAIL (India), Ltd.		447,750		2,904,268
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		333,205
Glenmark Pharmaceuticals, Ltd.		125,460		1,183,049
GMR Infrastructure, Ltd.⁽¹⁾		976,800		348,643
Grasim Industries, Ltd.		8,158		460,420
Gujarat Ambuja Cements, Ltd.		454,500		1,729,285
Gujarat State Petronet, Ltd.		383,800		523,842
GVK Power & Infrastructure, Ltd.⁽¹⁾		2,796,900		683,672
HCL Technologies, Ltd.		117,100		1,516,301
HDFC Bank, Ltd.		625,920		7,574,362
Hero MotoCorp, Ltd.		47,600		1,612,652
Hindalco Industries, Ltd.		622,210		1,355,678
Hindustan Petroleum Corp., Ltd.		82,600		511,982
Hindustan Unilever, Ltd.		603,700		5,334,060
Hindustan Zinc, Ltd.		148,400		358,261
Housing Development & Infrastructure, Ltd.⁽¹⁾		602,114		870,091
Housing Development Finance Corp., Ltd.		630,000		9,325,674
ICICI Bank, Ltd.		321,470		7,168,080
IDBI Bank, Ltd.		199,900		401,937
Idea Cellular, Ltd.⁽¹⁾		1,096,700		2,324,302
IDFC, Ltd.		731,000		2,335,699
IFCI, Ltd.		1,227,800		817,233
Indiabulls Financial Services, Ltd.		165,200		1,014,018
Indiabulls Real Estate, Ltd.⁽¹⁾		344,000		497,501
Indian Hotels Co., Ltd.		164,280		193,549
Indian Oil Corp., Ltd.		186,600		1,143,898
Infosys, Ltd.		367,200		19,288,861
ITC, Ltd.		1,057,760		6,110,444
IVRCL, Ltd.⁽¹⁾		511,500		329,559
Jaiprakash Associates, Ltd.		936,400		1,534,954
Jindal Steel & Power, Ltd.		268,600		2,118,526
JSW Steel, Ltd.		78,700		1,299,732
Kotak Mahindra Bank, Ltd.		161,200		2,062,975
Lanco Infratech, Ltd.⁽¹⁾		2,361,100		553,107
Larsen & Toubro, Ltd.		108,960		3,164,753
LIC Housing Finance, Ltd.		212,000		1,127,331
Lupin, Ltd.		96,500		1,100,791


Security	Shares		Value


India (continued)
Mahindra & Mahindra, Ltd.		177,560	$	2,978,396
Maruti Suzuki India, Ltd.		47,150		1,407,529
Mphasis, Ltd.		39,900		279,170
Nestle India, Ltd.		9,530		852,028
Nicholas Piramal India, Ltd.		76,807		811,839
NTPC, Ltd.		1,727,900		5,098,132
Oil & Natural Gas Corp., Ltd.		1,144,980		7,339,264
Oracle Financial Service Software, Ltd.⁽¹⁾		16,500		986,592
Power Grid Corporation of India, Ltd.		1,608,400		3,331,883
Ranbaxy Laboratories, Ltd.⁽¹⁾		116,460		985,170
Reliance Capital, Ltd.		153,735		1,374,156
Reliance Communications, Ltd.		1,199,360		1,869,425
Reliance Industries, Ltd.		869,238		14,500,890
Reliance Infrastructure, Ltd.		211,400		2,050,260
Reliance Power, Ltd.⁽¹⁾		998,050		1,735,376
Satyam Computer Services, Ltd.⁽¹⁾		646,950		1,457,095
Sesa Goa, Ltd.		281,200		985,925
Shree Renuka Sugars, Ltd.⁽¹⁾		777,100		429,904
Siemens India, Ltd.		47,180		578,644
State Bank of India		64,500		2,949,688
State Bank of India GDR		9,600		902,449
Steel Authority of India, Ltd.		646,200		1,051,297
Sterlite Industries (India), Ltd.		556,020		1,187,895
Sun Pharmaceuticals Industries, Ltd.		297,700		4,004,773
Sun TV Network, Ltd.		147,473		1,313,306
Suzlon Energy, Ltd.⁽¹⁾		1,134,050		541,163
Tata Communications, Ltd.		65,700		286,021
Tata Consultancy Services, Ltd.		315,800		7,977,619
Tata Motors, Ltd.		615,650		3,421,223
Tata Power Co., Ltd.		1,003,900		1,905,315
Tata Steel, Ltd.		196,896		1,506,869
Tata Tea, Ltd.		279,500		786,977
Tata Teleservices Maharashtra, Ltd.⁽¹⁾		791,600		175,686
Titan Industries, Ltd.		178,000		940,047
UltraTech Cement, Ltd.		31,400		1,123,367
Unitech, Ltd.⁽¹⁾		1,726,100		1,202,806
United Phosphorus, Ltd.		103,100		259,231
United Spirits, Ltd.		54,500		1,848,474
Voltas, Ltd.		296,300		546,844
Wipro, Ltd.		354,533		2,739,575
Yes Bank, Ltd.		148,900		1,461,103
Zee Entertainment Enterprises, Ltd.		373,114		1,623,948

			$	223,434,903


		12		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Indonesia — 3.1%
Adaro Energy Tbk PT		18,885,500	$	3,200,639
AKR Corporindo Tbk PT		4,604,500		1,833,138
Aneka Tambang Tbk PT		4,611,500		644,358
Astra Argo Lestari Tbk PT		558,000		1,080,160
Astra International Tbk PT		12,864,000		9,712,569
Bakrie Sumatera Plantations Tbk PT		29,603,500		277,161
Bank Central Asia Tbk PT		10,017,000		9,924,599
Bank Danamon Indonesia Tbk PT		2,387,803		1,495,180
Bank Mandiri Tbk PT		6,504,000		6,046,562
Bank Negara Indonesia Persero Tbk PT		5,118,000		2,063,065
Bank Pan Indonesia Tbk PT⁽¹⁾		4,945,000		335,557
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		5,557,000		685,219
Bank Rakyat Indonesia Tbk PT		7,252,000		5,922,525
Bank Tabungan Negara Tbk PT		3,180,000		529,482
Berlian Laju Tanker Tbk PT⁽¹⁾⁽²⁾		7,544,500		0
Bhakti Investama Tbk PT		14,779,000		751,604
Bumi Resources Tbk PT		17,827,500		1,245,083
Bumi Serpong Damai Tbk PT		7,109,000		1,022,837
Charoen Pokphand Indonesia Tbk PT		6,907,500		2,755,258
Delta Dunia Makmur Tbk PT⁽¹⁾		9,252,500		204,412
Energi Mega Persada Tbk PT⁽¹⁾		64,369,200		614,950
Gudang Garam Tbk PT		394,000		2,097,824
Harum Energy Tbk PT		1,642,000		1,011,633
Holcim Indonesia Tbk PT		1,578,500		502,846
Indo Tambangraya Megah Tbk PT		431,500		1,836,885
Indocement Tunggal Prakarsa Tbk PT		1,935,500		4,322,463
Indofood Sukses Makmur Tbk PT		3,887,500		2,408,017
Indosat Tbk PT		1,134,000		792,425
Jasa Marga (Persero) Tbk PT		2,684,500		1,515,292
Kalbe Farma Tbk PT		21,877,500		2,446,413
Lippo Karawaci Tbk PT		14,409,000		1,524,826
Matahari Putra Prima Tbk PT		2,293,000		287,798
Medco Energi Internasional Tbk PT		2,095,000		337,883
Pembangunan Perumahan Persero Tbk PT		9,145,000		816,046
Perusahaan Gas Negara Tbk PT		12,686,500		6,090,538
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		5,469,000		1,237,662
Semen Gresik (Persero) Tbk PT		3,168,000		5,126,886
Surya Semesta Internusa Tbk PT		7,220,500		1,031,505
Tambang Batubara Bukit Asam Tbk PT		1,183,500		1,886,454
Telekomunikasi Indonesia Tbk PT		11,262,000		11,279,522
Tower Bersama Infrastructure Tbk PT⁽¹⁾		831,500		503,612
Trada Maritime Tbk PT⁽¹⁾		7,567,500		1,026,484
Unilever Indonesia Tbk PT		1,019,300		2,308,423
United Tractors Tbk PT		3,067,083		6,235,644


Security	Shares		Value


Indonesia (continued)
Vale Indonesia Tbk PT		4,267,000	$	1,204,259
XL Axiata Tbk PT		2,954,500		1,518,234

			$	109,693,932


Jordan — 0.8%
Arab Bank PLC		1,145,775	$	12,382,371
Arab Potash Co. PLC		46,536		3,018,168
Bank of Jordan		267,285		901,234
Capital Bank of Jordan⁽¹⁾		210,413		374,334
Jordan Ahli Bank		627,155		1,142,532
Jordan Islamic Bank		140,415		630,074
Jordan Petroleum Refinery		246,535		2,028,973
Jordan Phosphate Mines		100,638		1,930,645
Jordan Steel		378,281		741,743
Jordan Telecom Corp.		257,345		1,944,405
Jordanian Electric Power Co.		450,446		2,112,659
Royal Jordanian Airlines⁽¹⁾		455,790		495,372
Taameer Jordan Holdings PSC⁽¹⁾		1,228,805		294,861
Union Investment Corp.⁽¹⁾		182,395		383,105

			$	28,380,476


Kazakhstan — 0.8%
Eurasian Natural Resources Corp.		935,300	$	4,889,348
Halyk Savings Bank of Kazakhstan JSC GDR⁽¹⁾⁽³⁾		668,700		5,422,951
Kazakhmys PLC		551,300		6,381,111
Kazkommertsbank JSC GDR⁽¹⁾⁽³⁾		117,600		285,768
KazMunaiGas Exploration Production GDR⁽³⁾		425,600		7,602,860
Zhaikmunai, LP GDR⁽³⁾		203,200		2,029,435

			$	26,611,473


Kenya — 0.9%
Athi River Mining, Ltd.		390,500	$	226,795
Bamburi Cement Co., Ltd.		546,000		1,278,023
Barclays Bank of Kenya, Ltd.		8,931,260		1,643,113
Co-operative Bank of Kenya, Ltd. (The)		9,284,400		1,377,857
East African Breweries, Ltd.		2,526,280		8,666,335
Equity Bank, Ltd.		12,613,200		3,881,741
KenolKobil, Ltd.		4,090,000		634,770
Kenya Airways, Ltd.		1,264,800		157,376
Kenya Commercial Bank, Ltd.		11,014,620		4,245,925
Kenya Electricity Generating Co., Ltd.		2,321,100		309,209
Kenya Power & Lighting, Ltd.		9,484,354		1,902,926
Mumias Sugar Co., Ltd.		3,844,600		220,156
Nation Media Group, Ltd.		339,320		988,200
Safaricom, Ltd.		100,160,072		6,223,997


		13		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Kenya (continued)
Standard Chartered Bank Kenya, Ltd.		149,188	$	450,917

			$	32,207,340


Kuwait — 1.6%
Agility Public Warehousing Co. KSC		1,475,000	$	2,991,640
Ahli United Bank		275,625		802,251
Al Ahli Bank of Kuwait KSC		477,500		983,474
Al Safat Energy Holding Co. KSCC⁽¹⁾		1,880,000		387,591
Al Safwa Group Holding Co. KSC⁽¹⁾⁽²⁾		8,080,000		186,638
Al-Qurain Petrochemicals Co.		1,904,073		1,258,711
Boubyan Bank KSC⁽¹⁾		150,000		346,523
Boubyan Petrochemicals Co.		1,420,000		2,926,426
Burgan Bank SAK		878,792		1,811,458
Combined Group Contracting Co.		73,205		368,482
Commercial Bank of Kuwait SAK⁽¹⁾		365,000		933,998
Commercial Real Estate Co. KSCC		2,186,862		575,835
Gulf Bank⁽¹⁾		1,542,750		2,248,649
Gulf Cable and Electrical Industries Co.		245,000		1,114,638
Kuwait Cement Co.		194,000		303,351
Kuwait Finance House KSC		1,628,388		4,861,959
Kuwait Foods Co. (Americana)		357,500		2,329,781
Kuwait International Bank		1,224,000		1,369,997
Kuwait Pipes Industries & Oil Services Co.⁽¹⁾		1,188,500		481,152
Kuwait Portland Cement Co.		255,000		1,087,634
Kuwait Projects Co. Holdings KSC		1,045,651		1,504,530
Kuwait Real Estate Co.⁽¹⁾		4,120,000		776,153
Mabanee Co. SAKC		772,593		3,348,158
Mena Holding Group⁽¹⁾⁽²⁾		198,000		0
Mobile Telecommunications Co.		3,165,000		9,329,788
National Bank of Kuwait SAK		2,362,893		8,227,687
National Industries Group Holding⁽¹⁾		3,862,500		3,104,083
National Investment Co.⁽¹⁾		1,510,000		858,012
National Ranges Co.⁽¹⁾		7,920,000		506,103
Sultan Center Food Products Co.⁽¹⁾		1,320,000		498,124

			$	55,522,826


Latvia — 0.0%⁽⁴⁾
Grindeks⁽¹⁾		42,000	$	383,863
Latvian Shipping Co.⁽¹⁾		405,000		211,992

			$	595,855


Lebanon — 0.1%
Solidere GDR⁽³⁾		320,943	$	4,039,953
Solidere, Class A		86,340		1,121,276
Solidere, Class B		1,726		22,192

			$	5,183,421


Security	Shares		Value


Lithuania — 0.1%
Apranga PVA		278,536	$	918,784
Klaipedos Nafta PVA		1,345,900		675,500
Lesto AB		118,064		100,140
Pieno Zvaigzdes		104,200		263,761
Rokiskio Suris		122,500		236,462
Siauliu Bankas⁽¹⁾		760,297		242,656

			$	2,437,303


Malaysia — 3.1%
Aeon Co. (M) Bhd		165,300	$	673,177
Airasia Bhd		1,228,200		1,097,735
Alliance Financial Group Bhd		560,300		770,079
AMMB Holdings Bhd		638,000		1,306,201
Axiata Group Bhd		2,048,450		4,153,974
Batu Kawan Bhd		175,500		1,040,909
Berjaya Corp. Bhd		2,289,600		394,224
Berjaya Sports Toto Bhd		805,627		1,128,338
Boustead Holdings Bhd		596,210		928,754
British American Tobacco Malaysia Bhd		93,800		1,731,800
Bumi Armada Bhd		660,200		801,264
Bursa Malaysia Bhd		344,900		734,953
CIMB Group Holdings Bhd		1,376,000		3,192,914
Dialog Group Bhd		2,063,673		1,534,691
Digi.com Bhd		1,672,000		2,647,726
Felda Global Ventures Holdings Bhd		1,358,400		2,002,533
Gamuda Bhd		2,269,300		2,717,220
Genting Bhd		1,293,100		3,952,940
Genting Plantations Bhd		261,700		693,706
Hong Leong Bank Bhd		307,200		1,407,673
Hong Leong Financial Group Bhd		208,700		924,319
IGB Corp. Bhd		856,200		644,158
IHH Healthcare Bhd⁽¹⁾		1,695,200		1,796,320
IJM Corp. Bhd		1,296,790		2,104,444
IOI Corp. Bhd		1,776,018		2,841,147
KLCC Property Holdings Bhd		399,100		807,745
KNM Group Bhd⁽¹⁾		5,003,150		772,867
Kuala Lumpur Kepong Bhd		284,000		1,983,698
Kulim (Malaysia) Bhd		860,000		997,544
Lafarge Malayan Cement Bhd		720,350		2,154,111
Malayan Banking Bhd		1,647,587		4,708,680
Malaysia Airports Holdings Bhd		170,800		303,009
Malaysia Marine and Heavy Engineering Holdings Bhd		557,500		756,423
Malaysian Resources Corp. Bhd		1,423,500		636,422
Maxis Bhd		1,504,900		3,085,683
Media Prima Bhd		575,000		412,688
MISC Bhd⁽¹⁾		482,400		690,780


		14		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Malaysia (continued)
MMC Corp. Bhd		868,200	$	681,121
Mudajaya Group Bhd		510,600		420,743
Multi-Purpose Holdings Bhd		940,340		995,923
Parkson Holdings Bhd		766,578		1,192,448
Petronas Chemicals Group Bhd		3,324,500		6,367,200
Petronas Dagangan Bhd		473,800		3,475,868
Petronas Gas Bhd		268,900		1,607,183
PPB Group Bhd		404,100		1,619,813
Public Bank Bhd		703,120		3,512,012
Resorts World Bhd		1,885,300		2,227,301
RHB Capital Bhd		582,500		1,450,768
Sapurakencana Petroleum Bhd⁽¹⁾		4,097,368		3,852,055
Sime Darby Bhd		3,371,939		10,096,730
Supermax Corp. Bhd		650,400		401,992
TA Enterprise Bhd		1,323,000		214,857
Tan Chong Motor Holdings Bhd		265,900		430,269
Telekom Malaysia Bhd		1,026,900		1,834,578
Tenaga Nasional Bhd		1,464,925		3,303,288
Top Glove Corp. Bhd		525,500		884,822
UEM Land Holdings Bhd⁽¹⁾		1,095,050		775,550
UMW Holdings Bhd		448,400		1,752,301
Unisem (M) Bhd		1,289,100		427,836
Wah Seong Corp. Bhd		435,726		231,434
WCT Bhd		777,400		552,840
YTL Corp. Bhd		2,863,465		1,519,813
YTL Power International Bhd		1,793,521		877,512

			$	109,237,106


Mauritius — 0.4%
CIM Financial Services, Ltd.⁽¹⁾		1,698,300	$	298,388
LUX Island Resorts, Ltd.⁽¹⁾		842,920		457,093
Mauritius Commercial Bank		1,228,500		7,221,507
New Mauritius Hotels, Ltd.⁽¹⁾		1,392,850		3,251,113
Rogers & Co., Ltd.		62,900		347,228
State Bank of Mauritius, Ltd.		937,000		2,832,392
Sun Resorts, Ltd.		376,999		349,138
Terra Mauricia, Ltd.		245,600		313,854
United Basalt Products, Ltd.		99,200		316,134
United Docks, Ltd.⁽¹⁾		27,400		59,377

			$	15,446,224


Mexico — 6.5%
Alfa SAB de CV, Series A		5,905,000	$	14,239,323
America Movil SAB de CV ADR, Series L		494,300		12,436,588
America Movil SAB de CV, Series L		27,123,050		34,216,863


Security	Shares		Value


Mexico (continued)
Bolsa Mexicana de Valores SAB de CV		1,355,700	$	3,428,008
Cemex SAB de CV ADR⁽¹⁾		345,472		3,748,371
Cemex SAB de CV, Series CPO⁽¹⁾		9,713,291		10,580,677
Coca-Cola Femsa SA de CV, Series L		149,300		2,362,690
Compartamos SAB de CV		2,467,000		3,832,071
Controladora Comercial Mexicana SA de CV		326,800		1,190,808
Corporacion GEO SAB de CV, Series B⁽¹⁾		391,700		459,026
Desarrolladora Homex SAB de CV⁽¹⁾		249,950		609,020
Embotelladoras Arca SAB de CV		328,414		2,504,445
Empresas ICA SAB de CV⁽¹⁾		1,678,500		5,031,038
Fomento Economico Mexicano SA de CV ADR		15,600		1,683,084
Fomento Economico Mexicano SAB de CV, Series UBD		1,319,000		14,253,740
Genomma Lab Internacional SA de CV⁽¹⁾		539,800		1,232,897
Grupo Aeroportuario del Pacifico SAB de CV, Class B		372,500		2,323,254
Grupo Aeroportuario del Sureste SAB de CV, Class B		134,200		1,603,062
Grupo Bimbo SA de CV, Series A		1,676,000		4,330,187
Grupo Carso SA de CV, Series A1		895,800		4,354,084
Grupo Elektra SA de CV		51,200		2,381,892
Grupo Financiero Banorte SAB de CV, Class O		3,055,800		21,031,968
Grupo Financiero Inbursa SAB de CV, Class O		4,773,900		13,385,363
Grupo Mexico SAB de CV, Series B		3,881,679		14,440,361
Grupo Modelo SA de CV, Series C		545,600		4,655,876
Grupo Simec SA de CV, Series B⁽¹⁾		92,000		458,025
Grupo Televisa SA ADR		42,900		1,201,629
Grupo Televisa SAB, Series CPO		1,487,900		8,349,588
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾		919,900		1,935,360
Industrias CH SAB de CV, Series B⁽¹⁾		100,700		833,187
Industrias Penoles SA de CV		137,300		6,731,529
Inmuebles Carso SAB de CV⁽¹⁾		714,800		618,407
Kimberly-Clark de Mexico SAB de CV, Class A		1,252,000		3,528,161
Mexichem SAB de CV		842,916		4,766,620
Minera Frisco SAB de CV⁽¹⁾		714,800		3,072,359
Organizacion Soriana SAB de CV, Class B		120,000		464,914
Promotora y Operadora de Infraestructura SAB de CV⁽¹⁾		77,700		554,948
TV Azteca SAB de CV, Series CPO		625,000		441,422
Urbi Desarrollos Urbanos SAB de CV⁽¹⁾		904,500		525,715
Wal-Mart de Mexico SAB de CV, Series V		4,085,000		13,217,632

			$	227,014,192


Morocco — 1.2%
Alliances Developpement Immobilier SA		33,300	$	2,103,497
Attijariwafa Bank		201,700		7,612,290
Banque Centrale Populaire		134,460		3,045,257
Banque Marocaine du Commerce Exterieur (BMCE)		186,017		3,375,641


		15		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Morocco (continued)
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		2,860	$	279,883
Ciments du Maroc		7,030		586,808
Compagnie Generale Immobiliere		11,200		909,872
Cosumar Compagnie Sucriere Marocaine et de Raffinage		2,930		548,212
Credit Immobilier et Hotelier		6,440		150,650
Delta Holding SA		105,800		393,354
Douja Promotion Groupe Addoha SA		453,134		3,345,606
Holcim Maroc SA		6,574		1,267,234
Label Vie⁽¹⁾		2,100		320,254
Lafarge Ciments		17,410		2,578,193
Managem		15,462		2,823,264
Maroc Telecom		830,524		10,616,939
Samir⁽¹⁾		15,717		551,858
SONASID (Societe Nationale de Siderurgie)⁽¹⁾		4,267		361,179
Wafa Assurance		3,090		1,174,845

			$	42,044,836


Nigeria — 1.0%
Access Bank PLC		19,423,730	$	1,374,651
Ashaka Cement PLC		2,154,293		283,265
Dangote Cement PLC		2,333,650		2,010,660
Dangote Flour Mills PLC		2,810,000		169,543
Dangote Sugar Refinery PLC		5,767,032		261,968
Diamond Bank PLC⁽¹⁾		16,654,000		724,603
Ecobank Transnational, Inc.		9,578,418		791,893
Fidelity Bank PLC		22,430,824		453,450
First Bank of Nigeria PLC		32,229,046		3,721,554
First City Monument Bank PLC⁽¹⁾		22,646,859		709,450
Flour Mills of Nigeria PLC		660,000		322,501
Guaranty Trust Bank PLC		30,623,074		4,787,839
Guiness Nigeria PLC		924,075		1,718,869
Lafarge Cement WAPCO Nigeria PLC		2,336,900		975,230
Nestle Nigeria PLC		433,960		2,268,231
Nigerian Breweries PLC		4,353,805		4,398,064
Oando PLC⁽¹⁾		5,236,498		437,266
PZ Cussons Nigeria PLC		1,481,250		330,251
Skye Bank PLC		16,027,300		584,748
UAC of Nigeria PLC		5,505,741		1,599,317
Unilever Nigeria PLC		2,757,800		752,701
United Bank for Africa PLC⁽¹⁾		38,584,810		1,672,075
Zenith Bank PLC		33,601,962		4,389,229

			$	34,737,358


Security	Shares		Value


Oman — 0.8%
Bank Dhofar SAOG		1,393,756	$	1,339,555
Bank Muscat SAOG		4,050,336		6,439,982
Bank Sohar		5,208,479		2,368,438
Dhofar International Development & Investment Holding Co.		275,832		288,262
Galfar Engineering & Contracting SAOG		742,096		710,134
National Bank of Oman, Ltd.		888,655		676,430
Oman Cables Industry SAOG		93,600		326,289
Oman Cement Co. SAOG		741,260		1,233,118
Oman Flour Mills Co., Ltd. SAOG		561,100		742,313
Oman International Bank SAOG		1,709,435		781,483
Oman National Investment Corp. Holdings		272,868		215,369
Oman Telecommunications Co.		1,159,271		4,304,635
Omani Qatari Telecommunications Co. SAOG		1,418,700		1,752,448
Ominvest		1,130,793		1,090,546
Raysut Cement Co. SAOG		634,209		2,372,242
Renaissance Holdings Co.⁽¹⁾		1,784,923		2,303,334
Shell Oman Marketing Co.		34,398		211,850

			$	27,156,428


Pakistan — 0.8%
Adamjee Insurance Co., Ltd.		644,155	$	456,352
Azgard Nine, Ltd.⁽¹⁾		1,954,200		149,349
Bank Alfalah, Ltd.		4,021,538		761,629
D.G. Khan Cement Co., Ltd.		1,053,232		594,266
Engro Corp., Ltd.		1,080,287		1,038,501
Fauji Fertilizer Bin Qasim, Ltd.		1,184,000		463,211
Fauji Fertilizer Co., Ltd.		1,905,410		2,312,204
Habib Bank, Ltd.		462,825		561,973
Hub Power Co., Ltd.		6,492,300		3,224,550
Jahangir Siddiqui & Co., Ltd.⁽¹⁾		2,323,700		387,322
Kot Addu Power Co., Ltd.		523,900		288,880
Lucky Cement, Ltd.		878,300		1,412,791
Millat Tractors, Ltd.		134,000		855,199
Muslim Commercial Bank, Ltd.		1,601,745		3,493,541
National Bank of Pakistan		2,107,861		1,122,157
Nishat Mills, Ltd.		1,798,810		1,181,661
Oil & Gas Development Co., Ltd.		1,843,391		3,640,446
Pakistan Oil Fields, Ltd.		376,700		1,740,925
Pakistan Petroleum, Ltd.		1,130,098		2,074,228
Pakistan State Oil Co., Ltd.		367,440		863,687
Pakistan Telecommunication Co., Ltd.⁽¹⁾		4,810,200		913,180
United Bank, Ltd.		1,393,745		1,297,682

			$	28,833,734


		16		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Peru — 1.6%
Alicorp SA		2,018,900	$	6,881,992
Banco Continental SA		319,822		878,598
Casa Grande SAA		99,420		527,009
Cia de Minas Buenaventura SA ADR		255,680		7,565,571
Cia Minera Milpo SA		567,882		584,471
Credicorp, Ltd.		5,890		918,133
Credicorp, Ltd. ADR		69,694		10,923,141
Edegel SA		1,592,100		1,663,250
Edelnor SA		108,248		205,229
Energia del Sur SA		44,784		393,344
Ferreyros SA		2,301,239		2,199,288
Grana y Montero SA		1,202,512		5,048,271
Intergroup Financial Services Corp.		39,300		1,513,050
Luz del Sur SAA		211,550		721,947
Minsur SA		1,239,459		1,112,612
Sociedad Minera Cerro Verde SAA⁽¹⁾		35,821		1,361,198
Southern Copper Corp.		237,927		9,371,944
Volcan Cia Minera SA, Class B		2,908,395		2,993,357

			$	54,862,405


Philippines — 1.6%
Aboitiz Equity Ventures, Inc.		3,611,100	$	4,935,179
Aboitiz Power Corp.		1,176,200		1,102,030
Alliance Global Group, Inc.		4,540,000		2,110,827
Ayala Corp.		192,195		2,687,040
Ayala Land, Inc.		3,951,800		2,816,921
Ayala Land, Inc., PFC Shares⁽²⁾		3,951,800		9,713
Bank of the Philippine Islands		1,032,451		2,541,827
BDO Unibank, Inc.⁽¹⁾		1,274,481		2,409,811
DMCI Holdings, Inc.		1,733,600		2,343,365
Energy Development Corp.		6,100,000		1,073,043
Filinvest Land, Inc.		14,494,000		619,413
First Gen Corp.⁽¹⁾		1,768,322		1,149,496
First Philippine Holdings Corp.		228,500		576,896
Globe Telecom, Inc.		18,040		477,008
Holcim Philippines, Inc.		1,492,000		494,728
International Container Terminal Services, Inc.		530,100		991,580
JG Summit Holding, Inc.		4,019,900		3,946,986
Jollibee Foods Corp.		573,300		1,546,541
Lopez Holdings Corp.		4,600,000		826,420
Manila Electric Co.		271,300		1,937,364
Manila Water Co.		254,600		224,642
Megaworld Corp.		12,596,000		1,043,023
Metropolitan Bank & Trust Co.		642,455		1,664,886
Philex Mining Corp.		5,579,225		2,406,740
Philex Petroleum Corp.⁽¹⁾		283,500		233,430


Security	Shares		Value


Philippines (continued)
Philippine Long Distance Telephone Co.		47,220	$	3,251,872
Robinsons Land Corp.		2,417,100		1,272,678
San Miguel Corp.		716,000		1,977,645
Semirara Mining Corp.		163,100		986,549
SM Investments Corp.		187,238		4,378,603
SM Prime Holdings, Inc.		5,515,999		2,376,833
Universal Robina Corp.		918,300		1,975,039
Vista Land & Lifescapes, Inc.		3,675,000		468,024

			$	56,856,152


Poland — 3.2%
Agora SA		134,330	$	388,917
AmRest Holdings SE⁽¹⁾		7,766		219,375
Asseco Poland SA		292,626		4,259,161
Bank Handlowy w Warszawie SA		41,870		1,297,009
Bank Millennium SA⁽¹⁾		547,785		809,660
Bank Pekao SA		135,238		6,651,693
Bioton SA⁽¹⁾		42,530,200		963,093
Boryszew SA⁽¹⁾		4,431,900		801,949
BRE Bank SA⁽¹⁾		18,304		1,916,083
Budimex SA		25,400		550,552
Cinema City International NV⁽¹⁾		71,200		587,885
Cyfrowy Polsat SA⁽¹⁾		978,528		5,303,632
Enea SA		169,600		838,366
Eurocash SA		447,500		7,290,814
Getin Holding SA⁽¹⁾		378,250		332,754
Getin Noble Bank SA⁽¹⁾		1,520,086		960,105
Globe Trade Centre SA⁽¹⁾		367,890		1,024,555
Grupa Kety SA		9,600		444,222
Grupa Lotos SA⁽¹⁾		124,953		1,618,576
ING Bank Slaski SA⁽¹⁾		26,850		768,852
Jastrzebska Spolka Weglowa SA		15,100		460,478
Kernel Holding SA⁽¹⁾		97,900		2,199,947
KGHM Polska Miedz SA		174,080		10,652,187
KOPEX SA⁽¹⁾		82,600		427,925
LPP SA		1,511		2,369,260
Lubelski Wegiel Bogdanka SA		45,700		2,020,794
Netia SA⁽¹⁾		853,654		1,271,060
NG2 SA		19,400		450,925
Orbis SA		30,000		369,917
Polimex-Mostostal SA⁽¹⁾		3,081,072		556,410
Polish Oil & Gas⁽¹⁾		2,349,400		4,182,618
Polska Grupa Energetyczna SA		1,640,700		9,048,734
Polski Koncern Naftowy Orlen SA⁽¹⁾		395,500		6,261,368
Powszechna Kasa Oszczednosci Bank Polski SA		898,710		10,047,502
Powszechny Zaklad Ubezpieczen SA		71,400		9,410,548


		17		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Poland (continued)
Synthos SA		192,100	$	326,046
Tauron Polska Energia SA		2,592,800		3,964,080
Telekomunikacja Polska SA		1,737,250		6,745,689
TVN SA		832,820		2,615,369
Zaklady Azotowe w Tarnowie-Moscicach SA⁽¹⁾		21,250		388,745

			$	110,796,855


Qatar — 1.5%
Aamal Co. QSC⁽¹⁾		153,573	$	638,285
Barwa Bank⁽¹⁾⁽²⁾		82,170		145,119
Barwa Real Estate Co.		152,593		1,164,680
Commercial Bank of Qatar		111,767		2,399,666
Doha Bank, Ltd.		80,796		1,252,400
Gulf International Services QSC		206,325		1,817,968
Industries Qatar		265,745		12,357,323
Masraf Al Rayan		626,150		4,435,519
Qatar Electricity & Water Co.		70,280		2,748,185
Qatar Fuel		16,532		1,287,419
Qatar Gas Transport Co., Ltd. (NAKILAT)		609,640		2,660,308
Qatar Insurance Co.		22,362		427,499
Qatar International Islamic Bank		45,943		698,801
Qatar Islamic Bank		97,487		1,977,497
Qatar National Bank		291,574		10,434,727
Qatar National Cement Co.		11,550		328,642
Qatar National Navigation		80,321		1,437,318
Qatar Telecom QSC		156,296		4,811,456
United Development Co.⁽¹⁾		112,224		533,213
Vodafone Qatar⁽¹⁾		1,007,110		2,368,516

			$	53,924,541


Romania — 0.6%
Banca Transilvania⁽¹⁾		9,759,951	$	4,206,172
Biofarm Bucuresti		8,351,488		542,675
BRD-Group Societe Generale		3,332,560		9,078,711
OMV Petrom SA		45,153,300		6,138,437
Transelectrica SA		134,000		556,859
TRANSGAZ SA Medias		2,700		176,627

			$	20,699,481


Russia — 6.4%
Aeroflot-Russian Airlines		229,000	$	408,422
CTC Media, Inc.		338,867		3,625,877
Evraz PLC		301,405		1,380,038
Federal Grid Co. Unified Energy System JSC⁽¹⁾		514,081,382		3,709,097
Federal Hydrogenerating Co. JSC		119,016,412		2,997,071


Security	Shares		Value


Russia (continued)
Federal Hydrogenerating Co. JSC ADR		348,000	$	850,618
Globaltrans Investment PLC GDR⁽³⁾		29,700		459,062
IDGC Holding JSC⁽¹⁾		32,990,200		2,409,769
LSR Group GDR⁽³⁾		186,400		932,979
LUKOIL OAO ADR		301,377		20,321,689
Magnit OJSC		14,900		2,791,327
Magnit OJSC GDR		199,200		8,842,457
Magnitogorsk Iron & Steel Works GDR⁽³⁾		105,708		478,240
Mail.ru Group, Ltd. GDR⁽³⁾		80,300		2,676,750
Mechel ADR		378,000		2,551,500
MMC Norilsk Nickel		2,386		475,401
MMC Norilsk Nickel GDR		388,124		7,731,929
Mobile TeleSystems OJSC		1,533,328		13,024,680
Mosenergo		8,811,603		455,110
NovaTek OAO GDR⁽³⁾		81,616		9,551,241
Novolipetsk Steel GDR⁽³⁾		57,736		1,225,276
OAO Gazprom		73,400		347,141
OAO Gazprom ADR		3,257,954		30,686,810
OAO Inter Rao Ues⁽¹⁾		2,738,091,300		2,245,235
OAO TMK GDR⁽³⁾		64,757		985,976
PIK Group GDR⁽¹⁾⁽³⁾		166,400		360,560
Polymetal International PLC		24,900		422,379
Rosneft Oil Co. GDR⁽³⁾		867,350		7,617,861
Rostelecom		1,040,200		4,173,513
Rostelecom ADR		30,400		743,280
Sberbank of Russia		7,545,888		27,522,276
Sberbank of Russia ADR		724,400		10,687,346
Severstal OAO GDR⁽³⁾		119,745		1,493,655
Sistema JSFC		2,724,700		2,401,619
Sistema JSFC GDR⁽³⁾		41,430		909,364
SOLLERS⁽¹⁾		24,262		636,923
Surgutneftegas OJSC ADR		529,603		5,490,253
Surgutneftegas OJSC, PFC Shares		4,716,400		3,586,020
Tatneft ADR		130,166		5,995,395
TGC-2⁽¹⁾		13,779,634		1,102
Transneft, PFC Shares		847		1,991,376
United Co. RUSAL PLC⁽¹⁾		744,000		448,988
Uralkali OJSC GDR⁽³⁾		146,325		5,567,704
VimpelCom, Ltd. ADR		528,684		6,349,495
VTB Bank OJSC GDR⁽³⁾		1,736,170		6,337,501
X5 Retail Group NV GDR⁽¹⁾⁽³⁾		315,294		5,357,720
Yandex NV, Class A⁽¹⁾		155,500		3,764,655

			$	223,022,680


		18		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Slovenia — 0.4%
Gorenje DD		37,265	$	205,330
KRKA DD		95,005		6,917,799
Luka Koper⁽¹⁾		35,250		397,832
Mercator Poslovni Sistem		8,415		1,463,587
Nova Kreditna Banka Maribor⁽¹⁾		123,892		198,812
Petrol		4,694		1,420,283
Reinsurance Co. Sava, Ltd.⁽¹⁾		19,485		206,818
Sava DD⁽¹⁾		4,180		21,567
Telekom Slovenije DD		17,842		2,065,082
Zavarovalnica Triglav DD		81,339		1,779,360

			$	14,676,470


South Africa — 6.1%
ABSA Group, Ltd.		200,350	$	3,835,149
Adcock Ingram Holdings, Ltd.		93,500		599,913
AECI, Ltd.		31,830		302,994
African Bank Investments, Ltd.		558,614		1,925,801
African Rainbow Minerals, Ltd.		54,400		1,224,982
Allied Electronics Corp., Ltd., PFC Shares		186,200		457,580
Anglo Platinum, Ltd.		33,280		1,631,680
AngloGold Ashanti, Ltd.		211,971		5,925,193
Aquarius Platinum, Ltd.⁽¹⁾		173,100		173,070
Arcelormittal South Africa, Ltd.⁽¹⁾		50,577		198,375
Aspen Pharmacare Holdings, Ltd.⁽¹⁾		194,231		3,576,541
Aveng, Ltd.		536,790		1,876,379
AVI, Ltd.		206,400		1,260,563
Barloworld, Ltd.		417,620		3,908,162
Bidvest Group, Ltd.		423,296		10,105,068
Capital Property Fund		839,464		986,150
Capitec Bank Holdings, Ltd.		11,100		237,807
Clicks Group, Ltd.		147,300		987,248
DataTec, Ltd.		140,700		734,296
Discovery Holdings, Ltd.		250,145		1,850,025
FirstRand, Ltd.		1,624,950		5,858,602
Foschini, Ltd.		129,700		1,697,778
Gold Fields, Ltd.		412,077		4,775,654
Grindrod, Ltd.		340,300		630,468
Group Five, Ltd.		81,460		284,821
Growthpoint Properties, Ltd.		605,700		1,708,161
Harmony Gold Mining Co., Ltd.		211,510		1,363,034
Hyprop Investments, Ltd.		67,500		540,294
Illovo Sugar, Ltd.		87,400		297,453
Impala Platinum Holdings, Ltd.		307,098		5,566,175
Imperial Holdings, Ltd.		125,080		2,723,300
Investec, Ltd.		111,500		805,670
JD Group, Ltd.		58,290		267,494


Security	Shares		Value


South Africa (continued)
JSE, Ltd.		42,700	$	326,381
Kumba Iron Ore, Ltd.		42,860		2,886,241
Kumba Resources, Ltd.		99,110		1,946,351
Lewis Group, Ltd.		32,500		242,934
Liberty Holdings, Ltd.		99,900		1,285,903
Life Healthcare Group Holdings, Ltd.		563,800		1,980,829
Massmart Holdings, Ltd.		55,550		1,134,066
Mediclinic International, Ltd.		192,820		1,219,934
MMI Holdings, Ltd.		654,096		1,691,400
Mondi, Ltd.		91,130		1,083,729
Mr. Price Group, Ltd.		118,100		1,630,176
MTN Group, Ltd.		2,034,340		39,803,165
Murray & Roberts Holdings, Ltd.⁽¹⁾		515,450		1,474,415
Nampak, Ltd.		271,938		954,800
Naspers, Ltd., Class N		216,842		13,995,292
Nedbank Group, Ltd.		129,330		2,806,467
Netcare, Ltd.		582,550		1,276,485
Northam Platinum, Ltd.		106,038		434,424
Pick’n Pay Stores, Ltd.		180,470		916,619
PPC, Ltd.		292,427		1,070,744
Redefine Properties, Ltd.		1,527,800		1,635,717
Remgro, Ltd.		253,900		4,626,411
Reunert, Ltd.		249,860		2,083,887
RMB Holdings, Ltd.		374,000		1,793,746
RMI Holdings		483,800		1,237,711
Sanlam, Ltd.		1,102,890		5,596,500
Sappi, Ltd.⁽¹⁾		283,736		993,106
Sasol, Ltd.		288,150		12,443,677
Shoprite Holdings, Ltd.		212,000		3,989,373
Spar Group, Ltd.		79,600		1,047,251
Standard Bank Group, Ltd.		703,121		9,147,987
Steinhoff International Holdings, Ltd.⁽¹⁾		913,240		2,771,416
Sun International, Ltd.		30,482		349,294
Telkom South Africa, Ltd.⁽¹⁾		253,050		470,668
Tiger Brands, Ltd.		90,800		2,986,719
Tongaat-Hulett		36,600		570,193
Truworths International, Ltd.		255,700		2,905,782
Vodacom Group (Pty), Ltd.		489,400		6,807,111
Wilson Bayly Holmes-Ovcon, Ltd.		68,900		1,194,836
Woolworths Holdings, Ltd.		371,409		2,639,094

			$	211,766,714


South Korea — 6.2%
AMOREPACIFIC Corp.		988	$	993,254
Asiana Airlines, Inc.⁽¹⁾		92,200		510,737
BS Financial Group, Inc.		116,970		1,546,421


		19		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


South Korea (continued)
Celltrion, Inc.		49,630	$	1,169,423
Cheil Industries, Inc.		23,400		1,875,860
Cheil Worldwide, Inc.		51,100		1,051,623
CJ CheilJedang Corp.		2,996		1,020,727
CJ Corp.		6,100		698,922
CJ O Shopping Co., Ltd.		3,130		850,520
Daelim Industrial Co., Ltd.		8,650		736,028
Daewoo Engineering & Construction Co., Ltd.⁽¹⁾		37,741		313,784
Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,657		27,588
Daewoo International Corp.		11,575		395,461
Daewoo Securities Co., Ltd.		125,693		1,379,272
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		31,580		864,600
Daum Communications Corp.		3,100		290,704
DGB Financial Group Co., Ltd.		48,450		649,347
Dong-A Pharmaceutical Co., Ltd.		3,386		366,971
Dongbu Insurance Co., Ltd.		31,240		1,340,337
Dongkuk Steel Mill Co., Ltd.		27,430		328,786
Doosan Corp.		3,160		372,880
Doosan Heavy Industries & Construction Co., Ltd.		14,200		607,296
Doosan Infracore Co., Ltd.⁽¹⁾		34,600		511,888
E-Mart Co., Ltd.		6,428		1,427,711
GS Engineering & Construction Corp.		15,070		770,737
GS Holdings Corp.		30,800		2,008,916
Hana Financial Group, Inc.		112,730		4,036,645
Hanjin Shipping Co., Ltd.⁽¹⁾		60,891		654,417
Hankook Tire Co., Ltd.⁽¹⁾		26,323		1,082,557
Hanmi Pharmaceutical Co., Ltd.⁽¹⁾		6,697		848,504
Hansol Paper Co., Ltd.		60,500		572,345
Hanwha Chemical Corp.		53,890		953,120
Hanwha Corp.		27,690		850,092
Hite-Jinro Co., Ltd.		20,121		591,028
Honam Petrochemical Corp.		8,970		2,081,522
Hynix Semiconductor, Inc.⁽¹⁾		127,090		2,844,413
Hyosung Corp.		13,380		784,221
Hyundai Department Store Co., Ltd.		6,215		922,549
Hyundai Development Co.		16,000		343,070
Hyundai Engineering & Construction Co., Ltd.		16,470		1,037,553
Hyundai Glovis Co., Ltd.		10,670		1,987,412
Hyundai Heavy Industries Co., Ltd.		10,970		2,166,076
Hyundai Hysco Co., Ltd.		13,300		460,326
Hyundai Marine & Fire Insurance Co., Ltd.		38,700		1,190,450
Hyundai Merchant Marine Co., Ltd.⁽¹⁾		32,500		610,347
Hyundai Mipo Dockyard Co., Ltd.		3,775		405,865
Hyundai Mobis		16,900		4,425,762
Hyundai Motor Co.		45,100		8,492,844
Hyundai Securities Co., Ltd.		43,870		357,310


Security	Shares		Value


South Korea (continued)
Hyundai Steel Co.		26,130	$	1,990,179
Hyundai Wia Corp.		8,900		1,201,208
Industrial Bank of Korea		96,580		1,091,267
Kangwon Land, Inc.		50,840		1,458,421
KB Financial Group, Inc.		169,211		6,023,728
KCC Corp.		1,445		386,107
Kia Motors Corp.		72,820		3,458,891
Korea Electric Power Corp.⁽¹⁾		161,820		4,802,865
Korea Exchange Bank⁽¹⁾		101,360		705,518
Korea Express Co., Ltd.⁽¹⁾		4,349		479,321
Korea Gas Corp.		25,180		1,542,283
Korea Investment Holdings Co., Ltd.		16,690		648,273
Korea Zinc Co., Ltd.		6,440		2,270,779
Korean Air Lines Co., Ltd.⁽¹⁾		23,502		981,295
Korean Reinsurance Co.		77,034		809,296
KT Corp.		53,753		1,809,156
KT Corp. ADR		16,800		284,592
KT&G Corp.		35,315		2,462,584
Kumho Petro Chemical Co., Ltd.		10,100		1,104,791
LG Chem, Ltd.		21,418		5,992,887
LG Corp.		32,010		1,885,723
LG Display Co., Ltd.⁽¹⁾		58,300		1,565,555
LG Electronics, Inc.		28,420		1,881,734
LG Hausys, Ltd.		2,858		195,040
LG Household & Health Care, Ltd.		2,850		1,587,913
LG International Corp.		9,400		388,375
LG Life Sciences, Ltd.⁽¹⁾		11,000		594,112
LG Uplus Corp.		154,920		1,158,266
LIG Insurance Co., Ltd.		21,900		513,311
Lotte Shopping Co., Ltd.		3,265		1,117,229
LS Corp.		7,030		590,742
LS Industrial Systems Co., Ltd.		3,800		235,264
Macquarie Korea Infrastructure Fund		31,415		191,846
Mirae Asset Securities Co., Ltd.		9,580		332,218
NCsoft Corp.		5,150		652,572
Neo Holdings Co., Ltd.⁽¹⁾⁽²⁾		3,160		0
NHN Corp.		11,575		2,559,892
Nong Shim Co., Ltd.		2,500		640,006
OCI Co., Ltd.		10,370		1,595,348
ORION Corp.		1,400		1,308,578
POSCO		34,127		11,156,193
S-Oil Corp.		19,785		1,779,790
S1 Corp.		5,750		344,874
Samsung C&T Corp.		35,820		2,086,256
Samsung Card Co., Ltd.		20,460		672,885
Samsung Electro-Mechanics Co., Ltd.		12,790		1,077,553


		20		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


South Korea (continued)
Samsung Electronics Co., Ltd.		29,500	$	39,247,803
Samsung Electronics Co., Ltd., PFC Shares		1,928		1,502,371
Samsung Engineering Co., Ltd.		8,600		1,227,563
Samsung Fine Chemicals Co., Ltd.		13,450		650,954
Samsung Fire & Marine Insurance Co., Ltd.		19,285		3,902,834
Samsung Heavy Industries Co., Ltd.		43,050		1,512,705
Samsung Life Insurance Co., Ltd.		50,000		4,821,828
Samsung SDI Co., Ltd.		9,150		1,197,496
Samsung Securities Co., Ltd.		34,040		1,762,681
Samsung Techwin Co., Ltd.		9,295		491,713
Shinhan Financial Group Co., Ltd.		204,603		7,687,093
Shinsegae Co., Ltd.		3,375		681,922
SK Broadband Co., Ltd.⁽¹⁾		83,346		374,642
SK C&C Co., Ltd.		7,100		674,465
SK Chemicals Co., Ltd.		11,460		629,639
SK Holdings Co., Ltd.		8,115		1,282,468
SK Innovation Co., Ltd.		25,079		3,952,158
SK Networks Co., Ltd.		64,010		473,116
SK Telecom Co., Ltd.		20,868		3,208,947
SK Telecom Co., Ltd. ADR		9,450		160,178
STX Pan Ocean Co., Ltd.		54,780		285,618
TONGYANG Securities, Inc.		78,565		292,090
Woongjin Coway Co., Ltd.⁽¹⁾		22,950		995,825
Woori Finance Holdings Co., Ltd.		154,060		1,811,391
Woori Investment & Securities Co., Ltd.		78,408		889,132
Yuhan Corp.		3,168		533,772
Zyle Motor Sales Corp.⁽¹⁾		5,113		27,588

			$	215,700,929


Taiwan — 6.3%
Acer, Inc.⁽¹⁾		1,396,990	$	1,235,672
Advanced Semiconductor Engineering, Inc.		1,880,135		1,517,536
Ambassador Hotel		298,000		307,261
AmTRAN Technology Co., Ltd.		358,067		257,051
Asia Cement Corp.		1,318,874		1,678,825
Asia Optical Co., Inc.⁽¹⁾		658,907		678,930
Asustek Computer, Inc.		244,325		2,800,097
AU Optronics Corp.⁽¹⁾		3,617,837		1,471,672
Capital Securities Corp.		711,928		277,650
Catcher Technology Co., Ltd.		291,647		1,305,069
Cathay Financial Holding Co., Ltd.		3,872,840		4,317,849
Chailease Holding Co., Ltd.		447,000		1,197,699
Chang Hwa Commercial Bank		2,089,431		1,154,302
Cheng Shin Rubber Industry Co., Ltd.		1,404,063		3,669,122
Chicony Electronics Co., Ltd.		330,939		917,013
Chimei Innolux Corp.⁽¹⁾		2,685,281		1,398,276


Security	Shares		Value


Taiwan (continued)
China Airlines, Ltd.⁽¹⁾		2,079,887	$	913,238
China Development Financial Holding Corp.⁽¹⁾		6,848,050		1,893,965
China Life Insurance Co., Ltd.⁽¹⁾		1,499,723		1,484,014
China Motor Corp.		881,315		803,763
China Petrochemical Development Corp.		1,851,659		1,139,691
China Steel Corp.		6,060,901		5,717,000
Chinatrust Financial Holding Co., Ltd.		5,109,089		2,928,030
Chipbond Technology Corp.		259,000		532,900
Chong Hong Construction Co., Ltd.		167,800		557,688
Chunghwa Telecom Co., Ltd.		2,223,746		7,086,420
Chunghwa Telecom Co., Ltd. ADR		57,616		1,841,984
Clevo Co.		184,155		256,237
Compal Electronics, Inc.		1,626,345		1,182,775
Coretronic Corp.		649,505		503,371
Delta Electronics, Inc.		604,105		2,188,682
Dynapack International Technology Corp.		111,374		424,866
E Ink Holdings, Inc.		584,000		430,547
E.Sun Financial Holding Co., Ltd.		2,069,701		1,185,532
Elan Microelectronics Corp.		345,300		640,735
Epistar Corp.		360,472		685,647
EVA Airways Corp.⁽¹⁾		1,442,118		924,104
Evergreen International Storage & Transport Corp.		868,000		573,883
Evergreen Marine Corp.⁽¹⁾		1,108,252		696,999
Everlight Electronics Co., Ltd.		281,291		394,767
Far Eastern Department Stores, Ltd.		1,736,925		1,723,502
Far Eastern New Century Corp.		1,354,241		1,570,087
Far EasTone Telecommunications Co., Ltd.		1,299,074		3,305,197
Faraday Technology Corp.		406,880		510,351
Feng Hsin Iron & Steel Co., Ltd.		183,260		329,177
First Financial Holding Co., Ltd.		3,306,341		2,016,275
Formosa Chemicals & Fibre Corp.		1,835,980		4,989,769
Formosa International Hotels Corp.		102,330		1,252,077
Formosa Petrochemical Corp.		865,320		2,496,008
Formosa Plastics Corp.		2,365,670		6,427,789
Formosa Taffeta Co., Ltd.		842,000		812,811
Formosan Rubber Group, Inc.		433,000		312,727
Foxconn International Holdings, Ltd.⁽¹⁾		1,391,000		571,158
Foxconn Technology Co., Ltd.		375,961		1,100,305
Fubon Financial Holding Co., Ltd.		2,966,596		3,791,620
Giant Manufacturing Co., Ltd.		207,208		1,101,891
Gintech Energy Corp.⁽¹⁾		429,649		420,993
Goldsun Development & Construction Co., Ltd.		1,672,928		649,382
Great Wall Enterprise Co., Ltd.		716,068		654,864
Highwealth Construction Corp.		305,164		634,307
Hon Hai Precision Industry Co., Ltd.		3,177,810		9,098,115
Hotai Motor Co., Ltd.		244,000		1,947,424


		21		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Taiwan (continued)
HTC Corp.		236,798	$	2,335,347
Hua Nan Financial Holdings Co., Ltd.		2,732,168		1,577,942
Inventec Co., Ltd.		635,966		254,577
Kinsus Interconnect Technology Corp.		182,000		571,508
Largan Precision Co., Ltd.		43,795		1,146,003
Lite-On Technology Corp.		801,034		1,154,564
Macronix International Co., Ltd.		1,202,873		345,986
MediaTek, Inc.		420,462		4,605,274
Mega Financial Holding Co., Ltd.		4,706,352		3,854,500
Merida Industry Co., Ltd.		278,150		1,271,143
Motech Industries, Inc.⁽¹⁾		629,451		707,052
Nan Kang Rubber Tire Co., Ltd.		851,253		998,162
Nan Ya Plastics Corp.		3,056,608		6,218,350
Neo Solar Power Corp.⁽¹⁾		588,631		449,386
Novatek Microelectronics Corp., Ltd.		215,942		859,187
Pegatron Corp.⁽¹⁾		718,028		951,856
Phison Electronics Corp.		60,363		408,028
Pou Chen Corp.		2,392,819		2,391,083
Powertech Technology, Inc.		273,865		412,433
President Chain Store Corp.		619,664		3,349,087
Quanta Computer, Inc.		1,006,508		2,352,495
Radiant Opto-Electronics Corp.		273,072		1,060,068
Radium Life Tech Co., Ltd.		373,956		356,437
Realtek Semiconductor Corp.		301,983		676,703
RichTek Technology Corp.		101,478		610,621
Ruentex Development Co., Ltd.		588,350		1,296,601
Ruentex Industries, Ltd.		890,005		2,263,658
Sanyang Industrial Co., Ltd.⁽¹⁾		1,214,866		869,974
Shin Kong Financial Holding Co., Ltd.⁽¹⁾		4,423,368		1,248,543
Shin Kong Synthetic Fibers Corp.		1,321,483		426,898
Siliconware Precision Industries Co., Ltd.		1,135,243		1,185,886
Simplo Technology Co., Ltd.		128,889		601,232
Sino-American Silicon Products, Inc.		336,233		452,368
SinoPac Financial Holdings Co., Ltd.		4,091,978		1,802,599
Solar Applied Materials Technology Corp.		336,245		416,391
Synnex Technology International Corp.		553,818		1,124,272
Tainan Spinning Co., Ltd.		891,959		428,172
Taishin Financial Holdings Co., Ltd.		4,306,735		1,706,847
Taiwan Business Bank⁽¹⁾		1,159,658		353,330
Taiwan Cement Corp.		1,929,850		2,611,058
Taiwan Cooperative Financial Holding Co., Ltd.		2,608,237		1,453,827
Taiwan Fertilizer Co., Ltd.		570,000		1,414,659
Taiwan Glass Industry Corp.		542,564		532,002
Taiwan Mobile Co., Ltd.		1,252,784		4,457,550
Taiwan Semiconductor Manufacturing Co., Ltd.		6,940,465		23,783,056
Taiwan Tea Corp.		395,711		217,789


Security	Shares		Value


Taiwan (continued)
Tatung Co., Ltd.⁽¹⁾		2,377,785	$	645,613
Teco Electric & Machinery Co., Ltd.		482,000		400,996
Tong Yang Industry Co., Ltd.		597,667		534,434
TPK Holding Co., Ltd.		95,148		1,639,702
Tripod Technology Corp.		249,535		503,347
TSRC Corp.		475,060		964,575
TTY Biopharm Co., Ltd.		459,852		1,683,980
Tung Ho Steel Enterprise Corp.		532,060		537,496
U-Ming Marine Transport Corp.		186,000		300,623
Uni-President Enterprises Corp.		3,394,880		5,963,625
Unimicron Technology Corp.		637,000		637,135
United Microelectronics Corp.		4,340,090		1,695,403
Walsin Lihwa Corp.⁽¹⁾		1,921,000		647,992
Wan Hai Lines, Ltd.⁽¹⁾		518,962		283,038
Waterland Financial Holdings		1,030,470		348,196
Wei Chuan Food Corp.		623,000		866,671
Wintek Corp.⁽¹⁾		1,356,877		649,870
Wistron Corp.		739,526		856,972
WPG Holdings Co., Ltd.		745,489		1,004,484
Yageo Corp.⁽¹⁾		788,000		231,754
Yang Ming Marine Transport⁽¹⁾		1,181,755		571,064
Yieh Phui Enterprise		1,089,553		350,676
Young Fast Optoelectronics Co., Ltd.		147,302		274,651
Yuanta Financial Holding Co., Ltd.		4,714,938		2,556,970
Yuen Foong Yu Paper Manufacturing Co., Ltd.		899,120		434,104
Yulon Motor Co., Ltd.		1,206,809		2,239,917

			$	219,274,483


Thailand — 3.4%
Advanced Info Service PCL⁽⁵⁾		1,386,500	$	9,774,142
Airports of Thailand PCL⁽⁵⁾		667,400		2,360,433
Asian Property Development PCL⁽⁵⁾		2,877,000		912,426
Bangkok Bank PCL		252,500		1,770,673
Bangkok Bank PCL⁽⁵⁾		162,700		1,199,866
Bangkok Dusit Medical Services PCL⁽⁵⁾		559,400		2,494,011
Bank of Ayudhya PCL⁽⁵⁾		2,289,700		2,552,829
Banpu PCL⁽⁵⁾		113,400		1,476,387
BEC World PCL⁽⁵⁾		1,249,200		3,029,797
Berli Jucker PCL⁽⁵⁾		617,000		1,551,485
Big C Supercenter PCL⁽⁵⁾		268,600		1,936,735
Bumrungrad Hospital PCL⁽⁵⁾		899,500		2,344,786
Central Pattana PCL⁽⁵⁾		689,100		1,969,542
CH. Karnchang PCL⁽⁵⁾		892,200		598,494
Charoen Pokphand Foods PCL⁽⁵⁾		2,700,800		3,214,695
CP ALL PCL⁽⁵⁾		3,604,200		5,650,826
Delta Electronics (Thailand) PCL⁽⁵⁾		1,087,100		1,293,470


		22		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Thailand (continued)
Electricity Generating PCL⁽⁵⁾		316,200	$	1,621,665
Glow Energy PCL⁽⁵⁾		877,300		2,322,969
Hana Microelectronics PCL⁽⁵⁾		1,397,700		1,097,222
Indorama Ventures PCL⁽⁵⁾		1,761,100		1,550,235
IRPC PCL⁽⁵⁾		9,400,700		1,387,373
Italian-Thai Development PCL⁽¹⁾⁽⁵⁾		8,325,200		1,674,399
Kasikornbank PCL⁽⁵⁾		918,400		6,115,377
Khon Kaen Sugar Industry PCL		1,832,000		889,755
Krung Thai Bank PCL⁽⁵⁾		3,293,500		2,532,418
L.P.N. Development PCL⁽⁵⁾		1,255,000		913,933
Land & Houses PCL⁽⁵⁾		2,593,500		983,407
Minor International PCL⁽⁵⁾		2,557,797		1,897,159
Pruksa Real Estate PCL⁽⁵⁾		1,150,000		1,157,387
PTT Exploration & Production PCL⁽⁵⁾		1,134,798		6,319,670
PTT Global Chemical PCL⁽⁵⁾		1,048,750		2,813,503
PTT PCL⁽⁵⁾		675,060		7,720,626
Quality House PCL⁽⁵⁾		6,086,925		629,064
Ratchaburi Electricity Generating Holding PCL⁽⁵⁾		676,000		1,372,170
Samart Corp. PCL⁽⁵⁾		1,341,500		611,884
Siam Cement PCL⁽⁵⁾		235,100		3,647,963
Siam City Cement PCL⁽⁵⁾		47,690		658,482
Siam Commercial Bank PCL⁽⁵⁾		1,165,300		6,997,514
Siam Makro PCL⁽⁵⁾		35,000		524,083
Sino Thai Engineering & Construction PCL⁽⁵⁾		1,904,900		1,788,689
Thai Airways International PCL⁽¹⁾⁽⁵⁾		1,332,800		1,032,517
Thai Beverage PCL		7,386,000		3,138,314
Thai Oil PCL⁽⁵⁾		712,500		1,762,070
Thai Tap Water Supply Co., Ltd.⁽⁵⁾		3,598,200		1,244,074
Thai Union Frozen Products PCL⁽⁵⁾		772,002		1,774,747
Thanachart Capital PCL⁽⁵⁾		779,400		1,013,291
Thoresen Thai Agencies PCL⁽⁵⁾		824,160		489,057
TMB Bank PCL⁽⁵⁾		22,274,000		1,688,274
Total Access Communication PCL⁽⁵⁾		1,130,500		3,218,297
TPI Polene PCL⁽⁵⁾		1,115,200		553,330
True Corp. PCL⁽¹⁾⁽⁵⁾		8,208,197		1,817,594

			$	119,089,109


Turkey — 3.2%
Adana Cimento Sanayii TAS		93,019	$	210,576
Akbank TAS		1,506,333		7,617,315
Akcansa Cimento AS		56,400		381,661
Akenerji Elektrik Uretim AS⁽¹⁾		598,472		575,578
Aksa Akrilik Kimya Sanayii AS		185,209		537,244
Albaraka Turk Katilim Bankasi AS⁽¹⁾		522,467		565,219
Anadolu Efes Biracilik ve Malt Sanayii AS		212,239		3,170,508
Arcelik AS		339,754		2,220,508


Security	Shares		Value


Turkey (continued)
Asya Katilim Bankasi AS⁽¹⁾		944,900	$	1,198,404
Aygaz AS		121,813		686,530
Bagfas Bandirma Gubre Fabrikalari AS		6,300		202,346
BIM Birlesik Magazalar AS		105,560		5,118,242
Cimsa Cimento Sanayi ve Ticaret AS		66,200		386,085
Coca-Cola Icecek AS		65,700		1,597,473
Dogan Sirketler Grubu Holding AS⁽¹⁾		2,831,509		1,739,531
Dogan Yayin Holding AS⁽¹⁾		1,086,804		544,451
Eczacibasi Ilac Sanayi ve Ticaret AS		356,500		409,563
Enka Insaat ve Sanayi AS		1,455,436		4,370,381
Eregli Demir ve Celik Fabrikalari TAS		2,511,265		3,570,647
Ford Otomotiv Sanayi AS		94,600		1,075,981
Gubre Fabrikalari TAS⁽¹⁾		25,300		231,480
Haci Omer Sabanci Holding AS		854,018		4,921,514
Hurriyet Gazetecilik ve Matbaacilik AS⁽¹⁾		783,538		419,209
Ihlas Holding AS⁽¹⁾		1,865,600		1,262,432
Is Gayrimenkul Yatirim Ortakligi AS		527,286		479,276
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		1,170,360		1,052,002
KOC Holding AS		1,602,860		8,363,762
Koza Altin Isletmeleri AS		75,000		1,845,976
Koza Anadolu Metal Madencilik Isletmeleri AS⁽¹⁾		430,600		1,233,333
Petkim Petrokimya Holding AS		822,861		1,435,893
Petrol Ofisi AS⁽¹⁾		93,978		300,108
Sekerbank TAS⁽¹⁾		747,999		804,647
TAV Havalimanlari Holding AS⁽¹⁾		279,400		1,739,113
Tekfen Holding AS		355,317		1,454,738
Tofas Turk Otomobil Fabrikasi AS		194,200		1,171,695
Trakya Cam Sanayii AS⁽¹⁾		512,314		754,246
Tupras-Turkiye Petrol Rafinerileri AS		205,670		5,673,233
Turcas Petrolculuk AS		144,459		308,623
Turk Hava Yollari Anonim Ortakligi (THY) AS⁽¹⁾		1,059,122		3,934,456
Turk Sise ve Cam Fabrikalari AS		681,607		1,189,295
Turk Telekomunikasyon AS		926,800		3,886,572
Turkcell Iletisim Hizmetleri AS⁽¹⁾		1,337,300		8,357,419
Turkiye Garanti Bankasi AS		2,046,100		10,260,679
Turkiye Halk Bankasi AS		325,100		3,210,011
Turkiye Is Bankasi		1,332,807		4,925,019
Turkiye Sinai Kalkinma Bankasi AS		403,331		521,003
Turkiye Vakiflar Bankasi TAO		587,200		1,715,893
Ulker Gida Sanayi ve Ticaret AS		226,859		1,290,798
Yapi ve Kredi Bankasi AS⁽¹⁾		734,885		2,156,124
Yazicilar Holding AS		49,200		488,160
Zorlu Enerji Elektrik Uretim AS⁽¹⁾		299,054		236,331

			$	111,801,283


		23		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Ukraine — 0.2%
Astarta Holding NV⁽¹⁾		27,007	$	526,605
Avangardco Investments Public, Ltd. GDR⁽¹⁾		17,182		199,295
Ferrexpo PLC		892,810		3,602,272
MHP SA GDR⁽¹⁾⁽³⁾		74,470		1,221,554

			$	5,549,726


United Arab Emirates — 1.8%
Aabar Investments (PJSC)⁽¹⁾⁽²⁾		2,497,440	$	0
Abu Dhabi Commercial Bank (PJSC)		2,818,800		2,725,140
Abu Dhabi National Hotels		718,461		354,554
Agthia Group (PJSC)		1,252,100		750,630
Air Arabia (PJSC)		13,221,100		3,188,157
Ajman Bank (PJSC)⁽¹⁾		2,266,800		895,012
Aldar Properties (PJSC)		5,159,444		2,009,683
Amlak Finance (PJSC)⁽¹⁾⁽²⁾		227,500		0
Arabtec Holding Co.		9,684,018		7,809,751
Aramex (PJSC)		982,500		592,016
Dana Gas⁽¹⁾		17,357,790		2,314,214
DP World, Ltd.		661,916		8,683,921
Dubai Financial Market⁽¹⁾		7,800,600		2,720,409
Dubai Investments (PJSC)		1,391,777		357,670
Dubai Islamic Bank (PJSC)		2,229,697		1,359,786
Emaar Properties (PJSC)		8,656,100		11,493,554
Emirates NBD (PJSC)		606,700		627,975
First Gulf Bank (PJSC)		1,496,340		5,217,187
Islamic Arabic Insurance Co.⁽¹⁾		946,000		179,852
National Bank of Abu Dhabi (PJSC)		2,583,694		7,700,280
Ras Al Khaimah Cement Co.⁽¹⁾		2,052,000		426,102
Ras Al Khaimah Co.		490,450		174,922
Ras Al Khaimah Properties (PJSC)⁽¹⁾		2,244,000		269,454
Sorouh Real Estate Co.		848,925		407,415
Union National Bank		2,055,084		2,099,429
Waha Capital (PJSC)		2,364,751		425,185

			$	62,782,298


Vietnam — 0.9%
Bank for Foreign Trade of Vietnam JSC		1,101,940	$	1,799,531
Baoviet Holdings		676,500		1,711,258
Development Investment Construction Corp.		220,935		156,598
FPT Corp.		676,666		1,300,879
Gemadept Corp.		312,000		384,035
Hagl JSC⁽¹⁾		904,532		1,252,914
HCM City Infrastructure Investment JSC		547,500		649,235
Hoa Phat Group JSC		1,239,332		1,480,611
Kim Long Securities Corp.⁽¹⁾		1,377,700		640,901


Security	Shares		Value


Vietnam (continued)
Kinh Bac City Development Share Holding Corp.⁽¹⁾		328,860	$	156,216
Kinhdo Corp.		606,900		1,325,642
Masan Group Corp.⁽¹⁾		299,890		1,714,631
PetroVietnam Construction JSC⁽¹⁾		1,829,625		588,896
PetroVietnam Drilling and Well Services JSC		587,083		1,298,414
PetroVietnam Fertilizer and Chemical JSC		880,500		1,935,486
PetroVietnam Technical Services JSC		1,713,000		1,233,261
Pha Lai Thermal Power JSC⁽¹⁾		483,390		323,466
Phu Nhuan Jewelry JSC		181,200		272,210
Refrigeration Electrical Engineering Corp.		1,182,100		1,151,117
Saigon Securities, Inc.		882,600		787,447
Song Da Urban & Industrial Zone Investment and Development JSC⁽¹⁾		153,250		159,048
Tan Tao Investment Industry Co.⁽¹⁾		1,413,490		576,615
Vietnam Construction and Import-Export JSC⁽¹⁾		621,655		339,482
Vietnam Dairy Products JSC		519,727		2,522,105
Vietnam Joint Stock Commercial Bank for Industry and Trade⁽¹⁾		2,478,310		2,735,447
Vincom JSC⁽¹⁾		1,176,119		3,752,118

			$	30,247,563


Total Common Stocks (identified cost $2,981,790,246)			$	3,434,769,769


Corporate Bonds — 0.0%⁽⁴⁾


Security	Principal Amount (000’s omitted)		Value

India — 0.0%⁽⁴⁾
Dr. Reddy’s Laboratories, Ltd., 9.25%, 3/24/14	INR	1,240	$	24,750


Total Corporate Bonds (identified cost $27,437)			$	24,750



Equity-Linked Securities⁽⁶⁾ — 0.8%


Security	Maturity Date		Shares		Value

Saudi Arabia — 0.8%
Abdullah Al Othaim Markets⁽⁷⁾		6/3/13		9,100	$	196,848
Al Abdullatif Industrial Investment Co.⁽⁷⁾		5/4/15		64,200		569,194
Al Rajhi Bank⁽⁷⁾		2/16/15		115,193		2,123,220
Al Tayyar⁽⁷⁾		7/2/15		18,000		394,769
Alinma Bank⁽⁷⁾		2/23/15		156,100		562,951
Almarai Co.⁽⁷⁾		11/24/14		79,999		1,405,202


		24		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued


Security	Maturity Date		Shares		Value

Saudi Arabia (continued)
Arab National Bank⁽⁷⁾		5/11/15		59,500	$	429,159
Bank Albilad⁽⁷⁾		4/30/15		38,000		309,041
Banque Saudi Fransi⁽⁷⁾		2/23/15		75,630		616,082
Dar Al Arkan Real Estate Development⁽⁷⁾		8/10/15		185,500		435,276
Etihad Etissalat Co⁽⁷⁾		12/5/14		133,938		2,683,012
Fawaz Abdulaziz Alhokair Co.⁽⁷⁾		2/23/15		20,000		590,619
Jabal Omar Development Co.⁽⁷⁾		5/3/13		84,579		484,316
Jarir Marketing Co.⁽⁷⁾		5/4/15		16,950		701,109
Mobile Telecommunications Co.⁽⁷⁾		5/4/15		227,977		527,345
National Industrialization Co.⁽⁷⁾		5/4/15		211,503		1,604,472
Rabigh Refining and Petrochemicals Co.⁽⁷⁾		10/13/14		92,400		434,248
Riyad Bank⁽⁷⁾		12/15/14		126,700		777,875
Sahara Petrochemical Co.⁽⁷⁾		9/21/15		69,000		256,659
Samba Financial Group⁽⁷⁾		2/10/15		65,008		785,232
Saudi Arabian Amiantit Co.⁽⁷⁾		5/11/15		53,100		205,306
Saudi Arabian Fertilizer Co.⁽⁷⁾		5/11/15		19,533		811,205
Saudi Arabian Mining Co.⁽⁷⁾		5/11/15		54,900		493,326
Saudi Basic Industries Corp⁽⁷⁾		2/23/15		100,096		2,502,200
Saudi British Bank⁽⁷⁾		10/4/13		62,300		523,276
Saudi Cable Co.⁽⁷⁾		8/10/15		59,400		236,786
Saudi Cement Co.⁽⁷⁾		8/10/15		25,900		685,431
Saudi Chemical Co.⁽⁷⁾		5/1/15		25,900		292,129
Saudi Electricity Co.⁽⁷⁾		3/27/15		268,400		973,326
Saudi Industrial Investment Group⁽⁷⁾		3/27/15		95,000		561,089
Saudi International Petrochemical Co.⁽⁷⁾		3/27/15		90,700		459,513
Saudi Kayan Petrochemical Co.⁽⁷⁾		3/27/15		175,200		551,249
Saudi Telecom Co.⁽⁷⁾		5/11/15		78,600		855,097
Savola Group⁽⁷⁾		2/2/15		115,300		1,180,580
Yanbu National Petrochemical Co.⁽⁷⁾		3/9/15		51,400		705,835


Total Equity-Linked Securities (identified cost $26,885,522)					$	26,922,977



Investment Funds — 0.1%


Security	Shares		Value
Vietnam Enterprise Investments, Ltd.⁽¹⁾		1,239,727	$	2,727,399


Total Investment Funds (identified cost $5,027,204)			$	2,727,399


Rights⁽¹⁾ — 0.0%⁽⁴⁾


Security	Shares		Value
Corpbanca SA, Exp. 2/14/13		17,958,155	$	20,195
Oando PLC, Exp. 2/6/13		10,472,996		6,664
Polimex-Mostostal SA		3,081,072		14,752


Total Rights (identified cost $0)			$	41,611


Warrants⁽¹⁾ — 0.0%⁽⁴⁾


Security	Shares		Value
WCT Bhd, Exp. 12/11/17, Strike MYR 2.25		135,200	$	11,967


Total Warrants (identified cost $14,973)			$	11,967


Short-Term Investments — 0.9%


Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 2/1/13	$	33,318	$	33,318,384


Total Short-Term Investments (identified cost $33,318,384)			$	33,318,384


Total Investments — 99.9% (identified cost $3,047,063,766)			$	3,497,816,857


Other Assets, Less Liabilities — 0.1%			$	3,454,210


Net Assets — 100.0%			$	3,501,271,067

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


ADR	–	American Depositary Receipt
BDR	–	Brazilian Depositary Receipt
GDR	–	Global Depositary Receipt
PCL	–	Public Company Ltd.
PFC Shares	–	Preference Shares
INR	–	Indian Rupee
MYR	–	Malaysian Ringgit

⁽¹⁾	Non-income producing security.

⁽²⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽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


		25		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Portfolio of Investments — continued

not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2013, the aggregate value of these securities is $64,556,410 or 1.8% of the Fund’s net assets.

⁽⁴⁾	Amount is less than 0.05%.

⁽⁵⁾	Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁶⁾	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.

⁽⁷⁾

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 January 31, 2013, the aggregate value of these securities is $26,922,977 or 0.8% of the Fund’s net assets.


Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
United States Dollar		13.3	%	$	466,144,386
Hong Kong Dollar		8.2			287,330,384
Indian Rupee		6.4			222,557,204
New Taiwan Dollar		6.2			216,861,341
Brazilian Real		6.2			215,809,545
South Korean Won		6.2			215,256,159
South African Rand		6.0			211,593,644
Mexican Peso		5.9			207,944,520
Thai Baht		3.2			112,732,498
New Turkish Lira		3.2			111,801,283
Polish Zloty		3.2			111,338,212
Chilean Peso		3.2			110,684,534
Indonesian Rupiah		3.1			109,693,932
Malaysian Ringgit		3.1			109,249,073
Hungarian Forint		1.6			57,036,212
Philippine Peso		1.6			56,856,152
Kuwaiti Dinar		1.6			55,522,826
United Arab Emirates Dirham		1.6			54,098,377
Czech Koruna		1.5			54,008,620
Qatari Riyal		1.5			53,924,541
Egyptian Pound		1.5			51,288,714
Colombian Peso		1.3			45,864,341
Moroccan Dirham		1.2			42,044,836
Other currency, less than 1% each		9.1			318,175,523

Total Investments		99.9	%	$	3,497,816,857


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		27.0	%	$	945,612,191
Materials		11.2			393,642,889
Telecommunication Services		10.4			362,990,512
Energy		10.2			356,271,571
Industrials		9.9			346,239,275
Consumer Staples		8.9			311,632,441
Consumer Discretionary		7.2			250,842,374
Information Technology		7.0			245,361,525
Utilities		5.0			174,819,727
Health Care		2.1			74,333,819
Other		0.9			33,343,134
Investment Funds		0.1			2,727,399

Total Investments		99.9	%	$	3,497,816,857


		26		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Statement of Assets and Liabilities


Assets	January 31, 2013
Investments, at value (identified cost, $3,047,063,766)	$	3,497,816,857
Cash		138,926
Foreign currency, at value (identified cost, $12,050,703)		12,135,838
Dividends and interest receivable		2,761,686
Receivable for investments sold		133,356
Receivable for Fund shares sold		8,704,599
Tax reclaims receivable		25,001
Total assets	$	3,521,716,263

Liabilities
Payable for investments purchased	$	13,786,069
Payable for Fund shares redeemed		2,410,030
Payable to affiliates:
Investment adviser fee		2,288,126
Administration fee		438,568
Distribution and service fees		174,035
Accrued foreign capital gains taxes		447,901
Accrued expenses		900,467
Total liabilities	$	20,445,196
Net Assets	$	3,501,271,067

Sources of Net Assets
Paid-in capital	$	3,130,085,809
Accumulated net realized loss		(68,556,536	)
Accumulated distributions in excess of net investment income		(10,578,102	)
Net unrealized appreciation		450,319,896
Total	$	3,501,271,067

Class A Shares
Net Assets	$	738,776,107
Shares Outstanding		48,410,524
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.26
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	16.19

Class C Shares
Net Assets	$	23,347,728
Shares Outstanding		1,542,699
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	15.13

Class I Shares
Net Assets	$	2,739,147,232
Shares Outstanding		178,963,331
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.31

On sales of $50,000 or more, the offering price of Class A shares is reduced.

*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.


		27		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Statement of Operations


Investment Income	Year Ended January 31, 2013
Dividends (net of foreign taxes, $7,824,949)	$	76,412,112
Interest (net of foreign taxes, $515)		2,889
Total investment income	$	76,415,001

Expenses
Investment adviser fee	$	22,248,471
Administration fee		4,225,342
Distribution and service fees
Class A		1,448,618
Class C		217,244
Trustees’ fees and expenses		68,000
Custodian fee		4,134,740
Transfer and dividend disbursing agent fees		1,478,638
Legal and accounting services		130,213
Printing and postage		144,938
Registration fees		39,348
Stock dividend tax		247,430
Miscellaneous		148,744
Total expenses	$	34,531,726
Deduct —
Reduction of custodian fee	$	7
Total expense reductions	$	7

Net expenses	$	34,531,719

Net investment income	$	41,883,282

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $11,106)	$	(10,215,155	)
Foreign currency transactions		(931,300	)
Net realized loss	$	(11,146,455	)
Change in unrealized appreciation (depreciation) —
Investments (net of increase in accrued foreign capital gains taxes of $374,026)	$	313,386,842
Foreign currency		(154,492	)
Net change in unrealized appreciation (depreciation)	$	313,232,350

Net realized and unrealized gain	$	302,085,895

Net increase in net assets from operations	$	343,969,177


		28		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			Year Ended October 31, 2011
From operations —
Net investment income (loss)	$	41,883,282		$	(1,373,950	)	$	34,285,564
Net realized loss from investment and foreign currency transactions		(11,146,455	)		(1,708,937	)		(3,256,413	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		313,232,350			65,137,153			(303,696,048	)
Net increase (decrease) in net assets from operations	$	343,969,177		$	62,054,266		$	(272,666,897	)
Distributions to shareholders —
From net investment income
Class A	$	(8,541,444	)	$	(4,395,060	)	$	(3,647,967	)
Class C		(112,543	)		(7,468	)		(101,937	)
Class I		(35,860,230	)		(21,751,205	)		(20,253,048	)
Tax return of capital
Class A		(501,753	)		—			—
Class C		(6,611	)		—			—
Class I		(2,106,548	)		—			—
Total distributions to shareholders	$	(47,129,129	)	$	(26,153,733	)	$	(24,002,952	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	308,459,699		$	34,739,668		$	356,399,103
Class C		4,847,765			1,118,307			10,795,829
Class I		874,027,705			289,026,107			798,457,889
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		8,746,689			2,175,717			2,710,545
Class C		89,763			5,598			74,023
Class I		30,549,286			12,905,338			12,174,959
Cost of shares redeemed
Class A		(139,255,686	)		(32,023,448	)		(87,629,407	)
Class C		(6,181,813	)		(1,777,341	)		(7,563,045	)
Class I		(381,683,788	)		(187,205,005	)		(352,427,789	)
Redemption fees		—			—			7,342
Net increase in net assets from Fund share transactions	$	699,599,620		$	118,964,941		$	732,999,449

Net increase in net assets	$	996,439,668		$	154,865,474		$	436,329,600

Net Assets
At beginning of period	$	2,504,831,399		$	2,349,965,925		$	1,913,636,325
At end of period	$	3,501,271,067		$	2,504,831,399		$	2,349,965,925

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(10,578,102	)	$	(6,958,649	)	$	20,581,803

⁽¹⁾	For the three months ended January 31, 2012.


		29		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Financial Highlights


	Class A
	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			Year Ended October 31,
	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			2011			2010			2009			2008
Net asset value — Beginning of period	$	13.940		$	13.750		$	15.540		$	12.440		$	8.290		$	17.500

Income (Loss) From Operations
Net investment income (loss)⁽²⁾	$	0.173		$	(0.014	)	$	0.201		$	0.105		$	0.121		$	0.190
Net realized and unrealized gain (loss)		1.339			0.328			(1.826	)		3.082			4.120			(9.216	)

Total income (loss) from operations	$	1.512		$	0.314		$	(1.625	)	$	3.187		$	4.241		$	(9.026	)

Less Distributions
From net investment income	$	(0.181	)	$	(0.124	)	$	(0.165	)	$	(0.089	)	$	(0.092	)	$	(0.087	)
From net realized gain		—			—			—			—			—			(0.098	)
Tax return of capital		(0.011	)		—			—			—			—			—

Total distributions	$	(0.192	)	$	(0.124	)	$	(0.165	)	$	(0.089	)	$	(0.092	)	$	(0.185	)

Redemption fees⁽²⁾⁽³⁾	$	—		$	—		$	0.000	⁽⁴⁾	$	0.002		$	0.001		$	0.001

Net asset value — End of period	$	15.260		$	13.940		$	13.750		$	15.540		$	12.440		$	8.290

Total Return⁽⁵⁾		10.89	%		2.38	%⁽⁶⁾		(10.59	)%		25.77	%		51.81	%		(52.10	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	738,776		$	493,567		$	481,194		$	267,040		$	104,727		$	74,062
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾		1.42	%		1.45	%⁽⁸⁾		1.45	%		1.51	%		1.57	%⁽⁹⁾		1.50	%⁽⁹⁾
Net investment income (loss)		1.22	%		(0.43	)%⁽⁸⁾		1.33	%		0.77	%		1.26	%		1.33	%
Portfolio Turnover		3	%		0	%^(6)(10)		3	%		8	%		11	%		5	%

⁽¹⁾	For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾	Amount is less than $0.0005.

⁽⁵⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾	Annualized.

⁽⁹⁾	The investment adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.02% and 0.20% of average daily net assets for the years ended October 31, 2009 and 2008, respectively).

⁽¹⁰⁾	Amount is less than 0.5%.


		30		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Financial Highlights — continued


	Class C
	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			Year Ended October 31,
	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			2011				2010			2009			2008
Net asset value — Beginning of period	$	13.820		$	13.530		$	15.310			$	12.280		$	8.160		$	17.320

Income (Loss) From Operations
Net investment income (loss)⁽²⁾	$	0.095		$	(0.038	)	$	0.074			$	0.020		$	0.042		$	0.092
Net realized and unrealized gain (loss)		1.294			0.333			(1.792	)			3.032			4.087			(9.117	)

Total income (loss) from operations	$	1.389		$	0.295		$	(1.718	)		$	3.052		$	4.129		$	(9.025	)

Less Distributions
From net investment income	$	(0.075	)	$	(0.005	)	$	(0.062	)		$	(0.024	)	$	(0.010	)	$	(0.038	)
From net realized gain		—			—			—				—			—			(0.098	)
Tax return of capital		(0.004	)		—			—		��		—			—			—

Total distributions	$	(0.079	)	$	(0.005	)	$	(0.062	)		$	(0.024	)	$	(0.010	)	$	(0.136	)

Redemption fees⁽²⁾⁽³⁾	$	—		$	—		$	0.000	⁽⁴⁾		$	0.002		$	0.001		$	0.001

Net asset value — End of period	$	15.130		$	13.820		$	13.530			$	15.310		$	12.280		$	8.160

Total Return⁽⁵⁾		10.07	%		2.18	%⁽⁶⁾		(11.27	)%			24.91	%		50.69	%		(52.50	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	23,348		$	22,646		$	22,866			$	22,800		$	16,918		$	9,828
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾		2.16	%		2.19	%⁽⁸⁾		2.19	%			2.26	%		2.32	%⁽⁹⁾		2.25	%⁽⁹⁾
Net investment income (loss)		0.68	%		(1.18	)%⁽⁸⁾		0.49	%			0.15	%		0.44	%		0.65	%
Portfolio Turnover		3	%		0	%^(6)(10)		3	%			8	%		11	%		5	%

⁽¹⁾	For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾	Amount is less than $0.0005.

⁽⁵⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾	Annualized.

⁽⁹⁾	The investment adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.02% and 0.20% of average daily net assets for the years ended October 31, 2009 and 2008, respectively).

⁽¹⁰⁾	Amount is less than 0.5%.


		31		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Financial Highlights — continued


	Class I
	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			Year Ended October 31,
	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			2011			2010			2009			2008
Net asset value — Beginning of period	$	13.970		$	13.810		$	15.580		$	12.460		$	8.320		$	17.540

Income (Loss) From Operations
Net investment income (loss)⁽²⁾	$	0.222		$	(0.006	)	$	0.233		$	0.163		$	0.156		$	0.231
Net realized and unrealized gain (loss)		1.339			0.322			(1.821	)		3.071			4.109			(9.251	)

Total income (loss) from operations	$	1.561		$	0.316		$	(1.588	)	$	3.234		$	4.265		$	(9.020	)

Less Distributions
From net investment income	$	(0.209	)	$	(0.156	)	$	(0.182	)	$	(0.116	)	$	(0.126	)	$	(0.103	)
From net realized gain		—			—			—			—			—			(0.098	)
Tax return of capital		(0.012	)		—			—			—			—			—

Total distributions	$	(0.221	)	$	(0.156	)	$	(0.182	)	$	(0.116	)	$	(0.126	)	$	(0.201	)

Redemption fees⁽²⁾⁽³⁾	$	—		$	—		$	0.000	⁽⁴⁾	$	0.002		$	0.001		$	0.001

Net asset value — End of period	$	15.310		$	13.970		$	13.810		$	15.580		$	12.460		$	8.320

Total Return⁽⁵⁾		11.22	%		2.41	%⁽⁶⁾		(10.39	)%		26.22	%		52.15	%		(51.99	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,739,147		$	1,988,618		$	1,845,906		$	1,623,796		$	846,944		$	278,147
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾		1.16	%		1.20	%⁽⁸⁾		1.20	%		1.26	%		1.33	%⁽⁹⁾		1.25	%⁽⁹⁾
Net investment income (loss)		1.56	%		(0.18	)%⁽⁸⁾		1.53	%		1.19	%		1.56	%		1.62	%
Portfolio Turnover		3	%		0	%^(6)(10)		3	%		8	%		11	%		5	%

⁽¹⁾	For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾	Amount is less than $0.0005.

⁽⁵⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾	Annualized.

⁽⁹⁾	The investment adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.02% and 0.20% of average daily net assets for the years ended October 31, 2009 and 2008, respectively).

⁽¹⁰⁾	Amount is less than 0.5%.


		32		See Notes to Financial Statements.

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Parametric Structured Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. See Note 12-Subsequent Events for changes affecting the share classes effective March 1, 2013. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation — Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing 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 obligations 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 Fund’s 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 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 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.

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest 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.

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. Taxes attributable to unrealized appreciation are 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.


		33

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Notes to Financial Statements — continued

At January 31, 2013, the Fund, for federal income tax purposes, had a capital loss carryforward of $48,742,945 and current year deferred capital losses of $12,003,971 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. The capital loss carryforward will expire on January 31, 2016 ($2,790,563), January 31, 2017 ($44,871,373) and January 31, 2019 ($1,081,009). A capital loss carryforward of $7,660,713 included in the amounts above is available to the Fund as a result of the reorganization on September 24, 2010. Utilization of this capital loss carryforward may be limited in accordance with certain income tax regulations. The current year deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and are treated as realized prior to the utilization of the capital loss carryforward.

J Redemption Fees — Prior to January 1, 2011 and upon the redemption or exchange of shares by Class A and Class I shareholders within 90 days of the settlement of purchase, a fee of 1% of the current net asset value of these shares was assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee was accounted for as an addition to paid-in capital. Effective January 1, 2011, Class A and Class I shares are no longer subject to a redemption fee.

2 Distributions to Shareholders


		34

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Notes to Financial Statements — continued

The tax character of distributions declared for the year ended January 31, 2013, the three months ended January 31, 2012 and the year ended October 31, 2011 was as follows:


	Year Ended January 31, 2013		Period Ended January 31, 2012⁽¹⁾		Year Ended October 31, 2011

Distributions declared from:
Ordinary income	$	44,514,217	$	26,153,733	$	24,002,952
Tax return of capital	$	2,614,912	$	—	$	—

⁽¹⁾	For the three months ended January 31, 2012.

During the year ended January 31, 2013, accumulated net realized loss was decreased by $942,406, accumulated distributions in excess of net investment income was increased by $988,518 and paid-in capital was increased by $46,112 due to differences between book and tax accounting, primarily for foreign currency gain (loss), foreign capital gains taxes and investments in passive foreign investment companies (PFICs). These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2013, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:


Capital loss carryforward and deferred capital losses	$	(60,746,916	)
Net unrealized appreciation	$	431,932,174

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, foreign currency transactions and partnership allocations.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion and 0.73% on average daily net assets of $5 billion and over, and is payable monthly. For the year ended January 31, 2013, the investment adviser fee amounted to $22,248,471 or 0.79% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its advisory fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended January 31, 2013, the administration fee amounted to $4,225,342.

EVM serves as the sub-transfer agent of the Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. For the year ended January 31, 2013, EVM earned $68,724 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $13,877 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2013. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization 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 January 31, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans


		35

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Notes to Financial Statements — continued

services and facilities to the Fund. The Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 6.25% of the aggregate amount received by the Fund for Class C shares sold, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of Class C, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by Class C. For the year ended January��31, 2013, the Fund paid or accrued to EVD $162,933 for Class C shares representing 0.75% of the average daily net assets of Class C shares. At January 31, 2013, the amount of Uncovered Distribution Charges of EVD calculated under the Class C Plan was approximately $2,217,000.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the year ended January 31, 2013 amounted to $54,311 for Class C shares.

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under the Fund’s Class C Plan. CDSCs received on Class C redemptions when no Uncovered Distribution Charges exist are credited to the Fund. For the year ended January 31, 2013, the Fund was informed that EVD received approximately $3,000 and $4,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $775,634,131 and $88,107,870, respectively, for the year ended January 31, 2013.

7 Shares of Beneficial Interest


Class A	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			Year Ended October 31, 2011

Sales		22,197,036			2,666,923			23,535,442
Issued to shareholders electing to receive payments of distributions in Fund shares		590,993			172,813			172,536
Redemptions		(9,787,693	)		(2,426,681	)		(5,892,424	)

Net increase		13,000,336			413,055			17,815,554


Class C	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			Year Ended October 31, 2011

Sales		343,481			85,299			702,397
Issued to shareholders electing to receive payments of distributions in Fund shares		6,110			448			4,757
Redemptions		(445,335	)		(137,142	)		(506,434	)

Net increase (decrease)		(95,744	)		(51,395	)		200,720


		36

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Notes to Financial Statements — continued


Class I	Year Ended January 31, 2013			Period Ended January 31, 2012⁽¹⁾			Year Ended October 31, 2011

Sales		61,302,981			21,980,409			52,218,449
Issued to shareholders electing to receive payments of distributions in Fund shares		2,058,577			1,022,610			773,504
Redemptions		(26,741,612	)		(14,360,853	)		(23,488,502	)

Net increase		36,619,946			8,642,166			29,503,451

⁽¹⁾	For the three months ended January 31, 2012.

For the year ended October 31, 2011, the Fund received $7,342 in redemption fees.

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2013, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	3,065,427,322

Gross unrealized appreciation	$	703,502,432
Gross unrealized depreciation		(271,112,897	)

Net unrealized appreciation	$	432,389,535

9 Line of Credit

10 Risks Associated with Foreign Investments

11 Fair Value Measurements

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)


		37

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Notes to Financial Statements — continued

At January 31, 2013, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks
Asia/Pacific	$	42,976,624	$	1,370,326,020		$	9,713	$	1,413,312,357
Emerging Europe		21,724,321		604,178,487			—		625,902,808
Latin America		382,843,020		320,664,154			927,787		704,434,961
Middle East/Africa		3,400,957		687,386,929			331,757		691,119,643

Total Common Stocks	$	450,944,922	$	2,982,555,590	**	$	1,269,257	$	3,434,769,769

Corporate Bonds	$	—	$	24,750		$	—	$	24,750
Equity-Linked Securities		—		26,922,977			—		26,922,977
Investment Funds		—		2,727,399			—		2,727,399
Rights		20,195		21,416			—		41,611
Warrants		11,967		—			—		11,967
Short-Term Investments		—		33,318,384			—		33,318,384

Total Investments	$	450,977,084	$	3,045,570,516		$	1,269,257	$	3,497,816,857

*	None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2013 is not presented.

At January 31, 2013, investments having a value of $243,559,780 and $834,614 at January 31, 2012 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, during the year then ended. The change in the level designations within the fair value hierarchy was due to an increase or decrease in the coverage of foreign equity securities provided by the Fund’s fair valuation pricing service as discussed in Note 1A.

12 Subsequent Events

Effective March 1, 2013, Class A and Class I shares of the Fund were renamed Investor Class and Institutional Class, respectively; the sales charge payable upon purchase of Investor Class (currently known as Class A) shares was eliminated; and Class C shares of the Fund are no longer available for purchase, except by existing shareholders (including shares acquired through the reinvestment of dividends and distributions) or qualified retirement plans.

The name of the Fund was changed to Parametric Emerging Markets Fund effective March 1, 2013.


		38

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Parametric Structured Emerging Markets Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Parametric Structured Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, for the three month period ended January 31, 2012 and for the year ended October 31, 2011, and the financial highlights for the year then ended, for the three month period ended January 31, 2012, and for each of the four years in the period ended October 31, 2011. 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.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Parametric Structured Emerging Markets Fund as of January 31, 2013, the results of its operations for the year then ended, the changes in its net assets for the year then ended, for the three month period ended January 31, 2012 and for the year ended October 31, 2011, and the financial highlights for the year then ended, for the three month period ended January 31, 2012 and for each of the four years in the period ended October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 20, 2013


		39

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Federal Tax Information (Unaudited)

Qualified Dividend Income. The Fund designates approximately $48,954,417, 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%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2013 ordinary income dividends, 1.20% qualifies for the corporate dividends received deduction.

Foreign Tax Credit. The Fund paid foreign taxes of $7,663,964 and recognized foreign source income of $84,240,465.


		40

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Management and Organization


Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee

Thomas E. Faust Jr. 1958	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. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.⁽¹⁾ Director of EVC and Hexavest Inc.


Noninterested Trustees

Scott E. Eston 1956	Trustee	Since 2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years. None.

Benjamin C. Esty 1963	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. Directorships in the Last Five Years.⁽¹⁾ None.

Allen R. Freedman 1940	Trustee	Since 2007	Private Investor. 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). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000). Directorships in the Last Five Years.⁽¹⁾Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).

William H. Park 1947	Trustee	Since 2003	Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). 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 (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.⁽¹⁾None.

Ronald A. Pearlman 1940	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). Directorships in the Last Five Years.⁽¹⁾ None.


		41

Eaton Vance

Parametric Structured Emerging Markets Fund

January 31, 2013

Management and Organization — continued


Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)

Helen Frame Peters 1948	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). Directorships in the Last Five Years.⁽¹⁾ Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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).

Lynn A. Stout 1957	Trustee	Since 1998	Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Directorships in the Last Five Years.⁽¹⁾ None.

Harriett Tee Taggart 1948	Trustee	Since 2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni 1943	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). Directorships in the Last Five Years.⁽¹⁾ None.


Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) During Past Five Years

Duncan W. Richardson 1957	President	Since 2011	Director of EVC and Executive Vice President and Chief Equity Investment Officer of EVC, EVM and BMR.

Payson F. Swaffield 1956	Vice President	Since 2011	Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR.

James F. Kirchner⁽²⁾ 1967	Treasurer	Since 2013	Vice President of EVM and BMR.

Paul M. O’Neil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR.

⁽¹⁾

⁽²⁾	Prior to 2013, Mr. Kirchner served as Assistant Treasurer of the Trust since 2007.


		42

Eaton Vance Funds

IMPORTANT NOTICES

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


		43

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

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 (US) Inc.

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

Fund Offices

Two International Place

Boston, MA 02110

LOGO


2774-3/13		SEMSRC

LOGO

Parametric Global

Small-Cap Fund

Annual Report

January 31, 2013

LOGO

Annual Report January 31, 2013

Eaton Vance

Parametric Global Small-Cap Fund

Table of Contents


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Fund Expenses			6

Financial Statements			7

Report of Independent Registered Public Accounting Firm			25

Federal Tax Information			26

Board of Trustees’ Contract Approval			27

Management and Organization			30

Important Notices			32

Eaton Vance

Parametric Global Small-Cap Fund

January 31, 2013

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Although the fourth quarter of 2012 began on a down note due to investor concerns about China’s growth rate, the U.S. presidential election and the rancor associated with the so-called “fiscal cliff” in the United States, global small-cap stocks gained ground and finished the year on a strong note. The momentum more or less continued through the first month of the new year. Global equity markets, as measured by the Russell Global 2000 Index (the Index)², rose in January 2013, which was generally characterized by a more upbeat mood throughout the eurozone. Risk assets, including small-cap stocks, were supported by renewed investor optimism. However, sentiment was not meaningfully boosted by mounting hopes for a broad-based global economic expansion. Instead, equity markets appeared to be lifted by investor confidence in the perceived ability of politicians to circumvent disasters, the power of the world’s major central banks and reaccelerating economic growth in China. Despite the renewed optimism, however, a number of global risks remained as of the end of the reporting period.

Fund Performance

For the period from the Fund’s inception on December 20, 2012 through January 31, 2013, Parametric Global Small-Cap Fund (the Fund) had a total return of 4.24% for Class I shares, underperforming the 4.79% return of the Fund’s benchmark, the Russell Global 2000 Index.

In terms of country allocations, contributors to the Fund’s performance relative to the Index for the period included the Fund’s overweights to Italy and Thailand, both of which outperformed the Index. By contrast, the Fund’s underweight to the United States, which outperformed the Index, detracted from Fund performance relative to the Index. On a sector basis, the Fund’s overweight to the consumer staples sector, which underperformed the Index during the period, also hurt the Fund’s performance relative to the Index.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Parametric Global Small-Cap Fund

January 31, 2013

Performance²

Portfolio Managers David Stein, Ph.D. and Thomas Seto, each of Parametric Portfolio Associates LLC


% Cumulative Total Returns	Inception Date		Since Inception
Class I		12/20/2012		4.24	%
Russell Global 2000 Index		12/20/2012		4.79	%


% Total Annual Operating Expense Ratios³			Class I
Gross				1.00	%
Net				0.85

A line graph is not included since the Fund has less than six months of performance.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Parametric Global Small-Cap Fund

January 31, 2013

Fund Profile

LOGO

Top 10 Holdings (% of net assets)⁵


iShares MSCI Brazil Index Fund	1.5	%
iShares MSCI Chile Investable Market Index Fund	1.5
iShares MSCI ACWI Index Fund	0.6
China Gas Holdings, Ltd.	0.4
Motor Oil (Hellas) Corinth Refineries SA	0.4
Pandora A/S	0.3
Bangkok Dusit Medical Services PCL	0.3
Kaken Pharmaceutical Co., Ltd.	0.3
Giordano International, Ltd.	0.3
Auckland International Airport, Ltd.	0.3
Total	5.9	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Parametric Global Small-Cap Fund

January 31, 2013

Endnotes and Additional Disclosures

Russell Global 2000 Index is an unmanaged index of 2,000 companies located in the United States, and other developed and emerging markets countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/14. Without the reimbursement, performance would have been lower.

⁴	The Fund may obtain exposure to certain market segments through investments in Exchange-Traded Funds (ETFs). For purposes of the charts, allocations with respect to the Fund’s investments in ETFs are based on the portfolio composition of each ETF as of the Fund’s report date.

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective March 1, 2013, Class I shares of the Fund were renamed Institutional Class. The minimum initial purchase of Institutional Class shares of the Fund was changed to $50,000 (waived in certain circumstances).


		5

Parametric Global Small-Cap Fund

January 31, 2013

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 20, 2012 – January 31, 2013). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2012 – January 31, 2013).


	Beginning Account Value (12/20/12)		Ending Account Value (1/31/13)		Expenses Paid During Period (12/20/12 – 1/31/13)			Annualized Expense Ratio


Actual*
Class I	$	1,000.00	$	1,042.40	$	1.02	***		0.85	%


* The Fund had not commenced operations on August 1, 2012. Actual expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 43/366 (to reflect the period from commencement of operations on December 20, 2012 to January 31, 2013). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on December 20, 2012.


	Beginning Account Value (8/1/12)		Ending Account Value (1/31/13)		Expenses Paid During Period (8/1/12 – 1/31/13)			Annualized Expense Ratio


Hypothetical**
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.90	$	4.32	***		0.85	%

Hypothetical expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on December 20, 2012.

***	Absent an allocation of certain expenses to affiliates, the expenses would be higher.


		6

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments


Common Stocks — 93.5%


Security	Shares		Value


Australia — 2.2%
Adelaide Brighton, Ltd.		1,852	$	6,548
Ansell, Ltd.		599		10,720
Aurora Oil & Gas, Ltd.⁽¹⁾		2,288		9,053
Beach Energy, Ltd.		6,515		9,706
Brickworks, Ltd.		742		9,759
carsales.com, Ltd.		1,058		9,794
DUET Group		4,931		11,311
DuluxGroup, Ltd.		2,698		11,599
Investa Office Fund		2,551		8,072
Iress, Ltd.		721		6,301
Regis Resources, Ltd.⁽¹⁾		1,971		10,716
TPG Telecom, Ltd.		3,821		10,880

			$	114,459


Austria — 1.4%
AMAG Austria Metall AG⁽¹⁾⁽²⁾		220	$	7,203
ams AG		92		11,318
CA Immobilien Anlagen AG⁽¹⁾		551		8,215
Conwert Immobilien Invest SE⁽¹⁾		792		10,734
Kapsch TrafficCom AG		97		6,023
RHI AG		324		11,866
Schoeller-Bleckmann Oilfield Equipment AG		102		10,219
Wienerberger AG		758		7,752

			$	73,330


Belgium — 1.2%
Befimmo SCA Sicafi		172	$	12,025
Cofinimmo		115		13,899
EVS Broadcast Equipment SA		129		7,695
Gimv NV		160		8,879
Tessenderlo Chemie NV		267		9,296
ThromboGenics NV⁽¹⁾		220		11,461

			$	63,255


Canada — 3.9%
Alamos Gold, Inc.		341	$	5,241
AltaGas, Ltd.		390		13,807
Birchcliff Energy, Ltd.⁽¹⁾		938		6,865
Bonterra Energy Corp.		165		7,816
Canfor Corp.⁽¹⁾		371		6,837
Capital Power Corp.		417		9,700
CCL Industries, Inc.		178		9,517
Celtic Exploration, Ltd.⁽¹⁾		402		10,709


Security	Shares		Value


Canada (continued)
Cineplex, Inc.		190	$	6,096
Dollarama, Inc.		154		9,369
Freehold Royalties, Ltd.		593		13,734
Gibson Energy, Inc.		449		11,308
Imperial Metals Corp.⁽¹⁾		684		9,203
MacDonald Dettwiler & Associates, Ltd.		183		11,508
Mullen Group, Ltd.		459		10,571
North West Co., Inc. (The)		352		8,166
Northland Power, Inc.		529		10,369
Paramount Resources, Ltd., Class A⁽¹⁾		312		10,135
Pason Systems, Inc.		639		10,898
ShawCor, Ltd., Class A		321		12,906
Sunshine Oilsands, Ltd.⁽¹⁾		18,000		7,360

			$	202,115


Chile — 0.6%
Banco Santander Chile SA ADR		350	$	10,570
Latam Airlines Group SA ADR		430		10,531
Sociedad Quimica y Minera de Chile SA, Series B ADR		175		9,947

			$	31,048


China — 3.0%
Beijing Enterprises Water Group, Ltd.		44,000	$	10,944
China Foods, Ltd.		8,000		6,936
China Gas Holdings, Ltd.		22,000		19,160
China Medical System Holdings, Ltd.		14,000		12,025
China Power International Development, Ltd.		19,000		6,860
China Resources Gas Group, Ltd.		6,000		13,335
Dah Chong Hong Holdings, Ltd.		5,000		5,793
Daphne International Holdings, Ltd.		6,000		7,732
Digital China Holdings, Ltd.		4,000		6,463
Shenguan Holdings Group, Ltd.		10,000		5,288
Sino Biopharmaceutical, Ltd.		24,000		11,976
Sinopec Kantons Holdings, Ltd.		10,000		8,496
Towngas China Co., Ltd.		11,000		9,077
Uni-President China Holdings, Ltd.		8,000		9,386
Vinda International Holdings, Ltd.		7,000		9,680
Yingde Gases Group Co.		9,500		10,682

			$	153,833


Denmark — 1.1%
D/S Norden A/S		287	$	8,812
GN Store Norden A/S		748		12,171
NKT Holding A/S		220		7,779


		7		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Denmark (continued)
Pandora A/S		705	$	17,421
Vestas Wind Systems A/S⁽¹⁾		1,767		10,713

			$	56,896


Finland — 2.0%
Amer Sports Oyj		790	$	12,584
Huhtamaki Oyj		655		11,888
Kemira Oyj		790		12,515
Konecranes Oyj		244		8,207
Outotec Oyj		208		13,083
Ramirent Oyj		1,179		11,450
Tieto Oyj		591		13,144
Tikkurila Oyj		516		11,035
Uponor Oyj		742		10,389

			$	104,295


France — 2.1%
Air France-KLM⁽¹⁾		1,375	$	14,950
Alten SA		168		6,457
Eurofins Scientific		67		11,969
Havas SA		1,085		7,102
Ingenico		191		12,040
IPSOS		159		6,338
Medica SA		311		5,923
Orpea		196		8,360
Rubis SCA		174		12,606
UBISOFT Entertainment⁽¹⁾		575		5,547
Vilmorin & Cie		60		7,910
Virbac SA		49		10,966

			$	110,168


Germany — 2.6%
BayWa AG		140	$	6,979
Carl Zeiss Meditec AG		305		9,959
Deutsche EuroShop AG		269		11,452
Deutsche Wohnen AG		308		5,930
Dialog Semiconductor PLC⁽¹⁾		333		5,938
Duerr AG		135		13,209
Freenet AG		625		13,460
Gerry Weber International AG		239		11,610
Gildemeister AG		546		13,450
GSW Immobilien AG		180		7,681
KWS Saat AG		30		11,134
Pfeiffer Vacuum Technology AG		51		6,354


Security	Shares		Value


Germany (continued)
Vossloh AG		59	$	6,141
Wirecard AG		458		10,433

			$	133,730


Greece — 0.9%
Hellenic Telecommunications Organization SA⁽¹⁾		1,047	$	8,803
JUMBO SA⁽¹⁾		1,355		11,736
Motor Oil (Hellas) Corinth Refineries SA		1,587		18,314
Titan Cement Co. SA⁽¹⁾		553		9,888

			$	48,741


Hong Kong — 2.2%
Cafe De Coral Holdings, Ltd.		4,000	$	12,229
Giordano International, Ltd.		16,000		16,252
Great Eagle Holdings, Ltd.		2,000		7,767
Hutchison Telecommunications Hong Kong Holdings, Ltd.		26,000		11,803
Johnson Electric Holdings, Ltd.		15,000		10,634
Kowloon Development Co., Ltd.		6,000		9,209
SA SA International Holdings, Ltd.		12,000		10,832
SmarTone Telecommunication Holdings, Ltd.		5,000		8,909
Stella International Holdings, Ltd.		3,500		10,068
Techtronic Industries Co.		4,500		9,134
Texwinca Holdings, Ltd.		8,000		7,547

			$	114,384


Indonesia — 2.1%
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		74,000	$	9,125
Bhakti Investama Tbk PT		190,500		9,688
Bumi Serpong Damai Tbk PT		51,000		7,338
Gajah Tunggal Tbk PT		26,000		6,017
Garuda Indonesia Persero Tbk PT⁽¹⁾		90,500		6,045
Global Mediacom Tbk PT		46,500		10,391
Holcim Indonesia Tbk PT		17,500		5,575
Jasa Marga (Persero) Tbk PT		18,000		10,160
Lippo Karawaci Tbk PT		105,000		11,112
Mayora Indah Tbk PT		5,500		11,620
Media Nusantara Citra Tbk PT		29,500		7,201
Tower Bersama Infrastructure Tbk PT⁽¹⁾		20,500		12,416

			$	106,688


Ireland — 1.7%
C&C Group PLC		2,151	$	14,026
DCC PLC		377		12,340
Glanbia PLC		1,127		12,582


		8		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Ireland (continued)
Grafton Group PLC		2,347	$	13,757
Icon PLC⁽¹⁾		433		12,691
Kingspan Group PLC		970		11,248
Paddy Power PLC		165		13,675

			$	90,319


Israel — 1.7%
EZchip Semiconductor, Ltd.⁽¹⁾		318	$	9,619
Gazit-Globe, Ltd.		830		10,630
Mellanox Technologies, Ltd.⁽¹⁾		144		7,314
Migdal Insurance & Financial Holdings, Ltd.		3,773		5,517
Mizrahi Tefahot Bank, Ltd.⁽¹⁾		1,245		13,183
Oil Refineries, Ltd.⁽¹⁾		12,316		6,319
Osem Investment, Ltd.		588		9,726
Paz Oil Co., Ltd.⁽¹⁾		77		11,495
RADWARE, Ltd.⁽¹⁾		300		10,911
Strauss Group, Ltd.		470		5,837

			$	90,551


Italy — 2.5%
Amplifon SpA		1,250	$	6,676
Ansaldo STS SpA		1,091		11,231
Azimut Holding SpA		773		13,597
Banca Generali SpA		359		6,881
Brunello Cucinelli SpA⁽¹⁾		340		6,832
De’Longhi SpA		554		8,947
DiaSorin SpA		288		11,237
ERG SpA		683		6,686
Gemina SpA⁽¹⁾		7,633		13,148
Impregilo SpA		1,891		9,808
Piaggio & C. SpA		2,211		6,051
Recordati SpA		1,139		11,659
Saras SpA⁽¹⁾		4,889		6,584
Sorin SpA⁽¹⁾		3,432		8,759

			$	128,096


Japan — 6.4%
Aica Kogyo Co., Ltd.		600	$	9,969
Autobacs Seven Co., Ltd.		200		8,136
Awa Bank, Ltd. (The)		2,000		12,150
Calbee, Inc.		100		8,231
FP Corp.		200		12,898
Hitachi Transport System, Ltd.		500		7,572
Hokkoku Bank, Ltd. (The)		2,000		8,222
Hokuetsu Kishu Paper Co., Ltd.		1,500		7,659


Security	Shares		Value


Japan (continued)
Hoshizaki Electric Co., Ltd.		400	$	11,894
Ito En, Ltd.		400		7,770
Itoham Foods, Inc.		2,000		9,064
Japan Exchange Group, Inc.		100		6,004
Kagome Co., Ltd.		400		7,462
Kakaku.com, Inc.		200		7,465
Kaken Pharmaceutical Co., Ltd.		1,000		16,410
Kewpie Corp.		500		6,645
Kissei Pharmaceutical Co., Ltd		500		9,415
Kobayashi Pharmaceutical Co., Ltd.		300		14,639
Kose Corp.		300		6,320
Lion Corp.		2,000		9,581
M3, Inc.		4		6,529
Miraca Holdings, Inc.		300		12,508
Mochida Pharmaceutical Co., Ltd.		1,000		12,829
Musashino Bank, Ltd. (The)		300		10,260
Nihon Kohden Corp.		200		6,366
Nippon Kayaku Co., Ltd.		1,000		11,296
Nissan Shatai Co., Ltd.		1,000		12,454
Noritz Corp.		400		7,173
Obic Co., Ltd.		30		6,417
Otsuka Corp.		100		8,186
Point, Inc.		170		5,857
Pola Orbis Holdings, Inc.		200		6,088
Ryohin Keikaku Co., Ltd.		100		5,664
Sawai Pharmaceutical Co., Ltd.		100		10,259
Shimachu Co., Ltd.		200		4,232
Sugi Holdings Co., Ltd.		200		6,858
Sumitomo Osaka Cement Co., Ltd.		1,000		3,349
Sundrug Co., Ltd.		100		3,762
Towa Pharmaceutical Co., Ltd.		100		5,332

			$	332,925


Malaysia — 1.8%
Alliance Financial Group Bhd		8,800	$	12,095
Berjaya Sports Toto Bhd		7,360		10,308
Boustead Holdings Bhd		5,300		8,256
Dialog Group Bhd		12,700		9,444
Genting Plantations Bhd		2,600		6,892
HAP Seng Consolidated Bhd		11,000		5,770
KLCC Property Holdings Bhd		3,300		6,679
Kulim (Malaysia) Bhd		4,500		5,220
Lafarge Malayan Cement Bhd		2,700		8,074
Malaysia Airports Holdings Bhd		3,600		6,387


		9		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Malaysia (continued)
Media Prima Bhd		8,100	$	5,813
Oriental Holdings Bhd		2,200		5,970

			$	90,908


Mexico — 1.7%
Banregio Grupo Financiero SAB de CV		2,100	$	9,905
Bolsa Mexicana de Valores SAB de CV		2,600		6,574
Empresas ICA SAB de CV⁽¹⁾		2,300		6,894
Fibra Uno Administracion SA de CV		2,200		6,880
Genomma Lab Internacional SA de CV⁽¹⁾		3,600		8,222
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,200		13,721
Grupo Aeroportuario del Sureste SAB de CV, Class B		900		10,751
Grupo Simec SA de CV, Series B⁽¹⁾		1,300		6,472
Industrias CH SAB de CV, Series B⁽¹⁾		1,300		10,756
TV Azteca SAB de CV, Series CPO		6,000		4,238
Urbi Desarrollos Urbanos SAB de CV⁽¹⁾		9,300		5,405

			$	89,818


Netherlands — 1.4%
Aalberts Industries NV		653	$	14,675
Arcadis NV		537		14,123
ASM International NV		168		6,696
Brunel International NV		135		7,234
InterXion Holding NV⁽¹⁾		472		10,851
TomTom NV⁽¹⁾		1,687		8,749
Unit4 NV		337		11,277

			$	73,605


New Zealand — 1.2%
Auckland International Airport, Ltd.		6,343	$	15,098
Fisher & Paykel Healthcare Corp., Ltd.		5,269		10,534
Ryman Healthcare, Ltd.		3,176		12,289
Sky Network Television, Ltd.		2,378		10,339
SKYCITY Entertainment Group, Ltd.		3,057		10,186
Trade Me, Ltd.		1,790		6,279

			$	64,725


Norway — 1.5%
Atea ASA		708	$	8,411
BW Offshore, Ltd.		6,837		7,049
Cermaq ASA⁽¹⁾		543		9,336
Det Norske Oljeselskap ASA⁽¹⁾		652		10,227
DNO International ASA⁽¹⁾		4,903		8,367
Nordic American Tankers, Ltd.		661		5,711
SpareBank 1 SR-Bank ASA		1,373		10,551


Security	Shares		Value


Norway (continued)
Tomra Systems ASA		1,323	$	11,258
Wilh. Wilhelmsen ASA		926		8,816

			$	79,726


Poland — 1.2%
Asseco Poland SA		734	$	10,683
Bank Millennium SA⁽¹⁾		4,206		6,217
Eurocash SA		469		7,641
Grupa Lotos SA⁽¹⁾		618		8,005
LPP SA		8		12,544
Lubelski Wegiel Bogdanka SA		272		12,028
Synthos SA		3,951		6,706

			$	63,824


Portugal — 0.4%
Banco Comercial Portugues SA⁽¹⁾		58,938	$	7,937
Sonae		7,445		7,373
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		1,670		7,145

			$	22,455


Russia — 0.5%
Acron JSC		130	$	6,179
Etalon Group, Ltd. GDR⁽¹⁾⁽³⁾		1,138		5,619
OAO OGK-2		525,390		7,101
PIK Group GDR⁽¹⁾⁽³⁾		3,180		6,885

			$	25,784


Singapore — 2.4%
ARA Asset Management, Ltd.		4,000	$	5,526
Ascott Residence Trust		8,000		8,950
CDL Hospitality Trusts		4,000		6,525
Hyflux, Ltd.		6,000		6,523
Keppel REIT		8,000		8,855
M1, Ltd.		4,000		8,985
Mapletree Commercial Trust		11,000		11,865
Mapletree Industrial Trust		11,000		12,179
Mapletree Logistics Trust		12,000		11,341
Singapore Post, Ltd.		12,000		11,734
Starhill Global REIT		17,000		11,608
Suntec Real Estate Investment Trust		6,000		8,220
Venture Corp., Ltd.		1,000		6,860
Wheelock Properties (Singapore), Ltd.		5,000		7,956

			$	127,127


		10		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


South Africa — 1.8%
Adcock Ingram Holdings, Ltd.		1,210	$	7,763
AECI, Ltd.		1,107		10,538
AVI, Ltd.		1,339		8,178
DataTec, Ltd.		1,003		5,234
Illovo Sugar, Ltd.		1,950		6,636
Nampak, Ltd.		3,177		11,155
Pick’n Pay Holdings, Ltd.		2,600		5,680
Pioneer Foods, Ltd.		834		6,081
Reunert, Ltd.		684		5,705
Royal Bafokeng Platinum, Ltd.⁽¹⁾		864		5,634
Spar Group, Ltd. (The)		533		7,012
Sun International, Ltd.		535		6,131
Tongaat-Hulett		392		6,107

			$	91,854


South Korea — 2.8%
AMOREPACIFIC Group, Inc.		25	$	9,457
Cheil Worldwide, Inc.		380		7,820
Daum Communications Corp.		107		10,034
Grand Korea Leisure Co., Ltd.		210		5,929
Green Cross Corp.		60		7,745
GS Retail Co., Ltd.		220		5,542
Hotel Shilla Co., Ltd.		210		8,850
Hyundai Greenfood Co., Ltd.		400		6,042
Hyundai Home Shopping Network Corp.		65		8,236
Korean Reinsurance Co.		600		6,303
Lock & Lock Co., Ltd.		270		6,700
Lotte Chilsung Beverage Co., Ltd.		5		6,670
Nong Shim Co., Ltd.		25		6,400
ORION Corp.		12		11,216
Paradise Co., Ltd.		544		9,594
SK Broadband Co., Ltd.⁽¹⁾		1,803		8,105
SK Chemicals Co., Ltd.		155		8,516
Tongyang Life Insurance		630		6,855
Young Poong Corp.		6		5,352

			$	145,366


Spain — 1.5%
Abengoa SA, Class B⁽¹⁾		2,522	$	6,756
Almirall SA		611		7,555
Antena 3 de Television SA		1,154		6,799
Construcciones y Auxiliar de Ferrocarriles SA		18		9,014
Duro Felguera SA		977		7,094
Grupo Catalana Occidente SA		462		9,942
Jazztel PLC⁽¹⁾		1,602		11,011


Security	Shares		Value


Spain (continued)
Melia Hotels International SA		834	$	6,809
Viscofan SA		231		12,081

			$	77,061


Sweden — 1.9%
AarhusKarlshamn AB		146	$	6,214
Axfood AB		305		12,618
Axis Communications AB		299		7,412
Clas Ohlson AB, Class B		452		6,750
Hexpol AB		240		13,274
Hufvudstaden AB, Class A		640		8,274
Loomis AB, Class B		628		10,438
Mekonomen AB		234		8,332
Saab AB, Class B		562		12,159
Swedish Orphan Biovitrum AB⁽¹⁾		1,121		6,697
Wallenstam AB, Class B		616		7,674

			$	99,842


Switzerland — 2.1%
Burckhardt Compression Holdings AG		36	$	12,687
EFG International AG⁽¹⁾		672		7,895
Flughafen Zuerich AG		31		13,794
Forbo Holding AG⁽¹⁾		17		11,418
Kaba Holding AG⁽¹⁾		30		12,654
Kuoni Reisen Holding AG⁽¹⁾		21		6,383
Meyer Burger Technology AG⁽¹⁾		775		7,211
Mobimo Holding AG⁽¹⁾		54		12,635
Temenos Group AG⁽¹⁾		699		14,308
Vontobel Holding AG		378		12,183

			$	111,168


Taiwan — 2.7%
Advantech Co., Ltd.		3,000	$	12,557
Chicony Electronics Co., Ltd.		3,000		8,313
China Petrochemical Development Corp.		10,000		6,155
China Steel Chemical Corp.		3,000		14,843
CTCI Corp.		5,000		9,582
Giant Manufacturing Co., Ltd.		2,000		10,636
Oriental Union Chemical Corp.		7,000		8,280
Realtek Semiconductor Corp.		3,000		6,723
Senao International Co., Ltd.		2,000		6,441
Simplo Technology Co., Ltd.		2,000		9,329
Standard Foods Corp.		3,000		8,384
Teco Electric & Machinery Co., Ltd.		8,000		6,655
Transcend Information, Inc.		3,000		8,202


		11		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


Taiwan (continued)
TSRC Corp.		4,000	$	8,122
USI Corp.		7,000		5,531
Vanguard International Semiconductor Corp.		9,000		6,541
WPG Holdings Co., Ltd.		4,000		5,390

			$	141,684


Thailand — 2.1%
Bangkok Dusit Medical Services PCL⁽⁴⁾		3,700	$	16,496
Berli Jucker PCL⁽⁴⁾		4,500		11,316
Central Pattana PCL⁽⁴⁾		3,700		10,575
Delta Electronics (Thailand) PCL⁽⁴⁾		5,800		6,901
Electricity Generating PCL⁽⁴⁾		2,500		12,821
Robinson Department Store PCL⁽⁴⁾		6,100		14,309
Siam City Cement PCL⁽⁴⁾		800		11,046
Siam Makro PCL⁽⁴⁾		500		7,487
Thai Tap Water Supply Co., Ltd.⁽⁴⁾		20,700		7,157
Thai Union Frozen Products PCL⁽⁴⁾		3,100		7,127
True Corp. PCL⁽¹⁾⁽⁴⁾		24,400		5,403

			$	110,638


Turkey — 1.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,359	$	6,298
Asya Katilim Bankasi AS⁽¹⁾		4,925		6,246
Aygaz AS		1,376		7,755
Petkim Petrokimya Holding AS		4,991		8,709
TAV Havalimanlari Holding AS		1,524		9,486
Tekfen Holding AS		1,505		6,162
Tofas Turk Otomobil Fabrikasi AS		1,218		7,349
Turk Traktor ve Ziraat Makineleri AS		222		6,248
Yazicilar Holding AS		694		6,886

			$	65,139


United Kingdom — 4.6%
Abcam PLC		1,181	$	7,293
Aveva Group PLC		265		9,081
AZ Electronic Materials SA		1,082		6,409
Berkeley Group Holdings PLC⁽¹⁾		215		6,234
Booker Group PLC		5,528		9,214
BTG PLC⁽¹⁾		1,336		7,022
Capital & Counties Properties PLC		1,928		7,395
De La Rue PLC		456		6,512
Domino’s Pizza Group PLC		751		6,129
Elementis PLC		1,668		5,584
EnQuest PLC⁽¹⁾		5,473		11,212
Fidessa Group PLC		343		8,361


Security	Shares		Value


United Kingdom (continued)
Filtrona PLC		1,065	$	9,723
Genus PLC		390		8,782
Halfords Group PLC		1,065		5,754
Hikma Pharmaceuticals PLC		585		7,480
Hunting PLC		682		9,165
Jardine Lloyd Thompson Group PLC		485		6,039
Lancashire Holdings, Ltd.		896		11,656
Micro Focus International PLC		872		8,435
N Brown Group PLC		997		5,831
Rightmove PLC		299		7,943
Shaftesbury PLC		439		3,844
Soco International PLC⁽¹⁾		1,980		12,003
Stolt-Nielsen, Ltd.		403		8,600
Telecity Group PLC		770		10,344
Telecom Plus PLC		413		6,341
Ultra Electronics Holdings PLC		432		11,266
Victrex PLC		227		5,512
WH Smith PLC		1,117		11,798

			$	240,962


United States — 23.0%
ACI Worldwide, Inc.⁽¹⁾		141	$	6,703
Acorda Therapeutics, Inc.⁽¹⁾		237		6,845
Alaska Air Group, Inc.⁽¹⁾		259		11,948
Alkermes PLC⁽¹⁾		347		7,998
ALLETE, Inc.		236		10,889
American Campus Communities, Inc.		212		9,873
Anworth Mortgage Asset Corp.		1,600		10,016
Arris Group, Inc.⁽¹⁾		460		7,599
Aspen Technology, Inc.⁽¹⁾		272		8,323
Avista Corp.		353		9,129
Balchem Corp.		168		6,283
Bill Barrett Corp.⁽¹⁾		297		4,743
BJ’s Restaurants, Inc.⁽¹⁾		171		5,467
Black Hills Corp.		297		11,984
Blackbaud, Inc.		267		6,654
Boston Beer Co., Inc. (The), Class A⁽¹⁾		55		7,719
Bristow Group, Inc.		178		10,142
Cabot Microelectronics Corp.		174		6,431
CACI International, Inc., Class A⁽¹⁾		123		6,597
Calgon Carbon Corp.⁽¹⁾		468		7,507
Capstead Mortgage Corp.		766		9,483
Casey’s General Stores, Inc.		116		6,349
Cheesecake Factory, Inc. (The)		179		5,936
Children’s Place Retail Stores, Inc. (The)⁽¹⁾		177		8,822


		12		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


United States (continued)
CLARCOR, Inc.		201	$	10,142
Cleco Corp.		226		9,662
Cloud Peak Energy, Inc.⁽¹⁾		541		9,473
CommVault Systems, Inc.⁽¹⁾		113		8,671
Contango Oil & Gas Co.		155		6,654
Convergys Corp.		361		6,144
Cracker Barrel Old Country Store, Inc.		93		6,028
Cubist Pharmaceuticals, Inc.⁽¹⁾		219		9,426
CYS Investments, Inc.		918		11,934
Delek US Holdings, Inc.		269		9,138
Dril-Quip, Inc.⁽¹⁾		90		7,298
Eagle Materials, Inc.		167		10,817
El Paso Electric Co.		294		9,905
First Financial Bankshares, Inc.		180		7,391
Forum Energy Technologies, Inc.⁽¹⁾		242		6,173
GNC Holdings, Inc., Class A		223		8,015
Gold Resource Corp.		384		5,261
Gulfmark Offshore, Inc., Class A		164		5,701
Haemonetics Corp.⁽¹⁾		260		10,904
Hain Celestial Group, Inc. (The)⁽¹⁾		153		8,720
Hatteras Financial Corp.		385		10,426
Heartland Express, Inc.		469		6,486
HeartWare International, Inc.⁽¹⁾		112		10,123
Hibbett Sports, Inc.⁽¹⁾		111		5,845
Hittite Microwave Corp.⁽¹⁾		97		5,954
HMS Holdings Corp.⁽¹⁾		320		8,723
HSN, Inc.		168		10,013
IDACORP, Inc.		291		13,505
Isis Pharmaceuticals, Inc.⁽¹⁾		744		10,810
J&J Snack Foods Corp.		95		6,474
j2 Global, Inc.		311		9,896
Jack Henry & Associates, Inc.		322		13,357
Jazz Pharmaceuticals PLC⁽¹⁾		114		6,428
JoS. A. Bank Clothiers, Inc.⁽¹⁾		137		5,554
Lancaster Colony Corp.		151		10,790
Louisiana-Pacific Corp.⁽¹⁾		695		13,504
Lufkin Industries, Inc.		106		6,138
Lumber Liquidators Holdings, Inc.⁽¹⁾		207		12,250
Magellan Health Services, Inc.⁽¹⁾		142		7,285
MAXIMUS, Inc.		186		12,754
Medicines Co. (The)⁽¹⁾		366		10,936
Mentor Graphics Corp.⁽¹⁾		364		6,235
MFA Financial, Inc.		1,138		10,231
MGE Energy, Inc.		241		12,626
Minerals Technologies, Inc.		155		6,412
Monro Muffler Brake, Inc.		242		8,765


Security	Shares		Value


United States (continued)
Montpelier Re Holdings, Ltd.		269	$	6,558
Mueller Industries, Inc.		215		11,472
MWI Veterinary Supply, Inc.⁽¹⁾		80		8,985
National Health Investors, Inc.		156		9,929
National Retail Properties, Inc.		405		12,968
New Jersey Resources Corp.		216		9,079
NewMarket Corp.		23		5,869
Northwest Bancshares, Inc.		836		10,199
Northwest Natural Gas Co.		205		9,311
NorthWestern Corp.		260		9,617
Nu Skin Enterprises, Inc., Class A		132		5,592
Ocwen Financial Corp.⁽¹⁾		252		9,820
Owens & Minor, Inc.		255		7,806
PDL BioPharma, Inc.		1,196		8,229
Pharmacyclics, Inc.⁽¹⁾		153		10,608
Piedmont Natural Gas Co., Inc.		304		9,655
Plantronics, Inc.		191		7,854
Platinum Underwriters Holdings, Ltd.		132		6,432
PNM Resources, Inc.		484		10,338
Portland General Electric Co.		361		10,368
Primerica, Inc.		347		11,409
ProAssurance Corp.		232		10,449
PSS World Medical, Inc.⁽¹⁾		262		7,580
Resolute Energy Corp.⁽¹⁾		714		6,076
RLI Corp.		160		11,042
Rosetta Resources, Inc.⁽¹⁾		134		7,105
Salix Pharmaceuticals, Ltd.⁽¹⁾		141		6,754
Sanchez Energy Corp.⁽¹⁾		218		4,356
Sanderson Farms, Inc.		190		9,591
Schweitzer-Mauduit International, Inc.		269		10,959
Seaboard Corp.		3		8,110
Seattle Genetics, Inc.⁽¹⁾		340		10,013
SemGroup Corp., Class A⁽¹⁾		269		11,610
Sensient Technologies Corp.		197		7,506
Signature Bank⁽¹⁾		123		9,093
Six Flags Entertainment Corp.		99		6,231
Snyders-Lance, Inc.		250		6,358
Solar Capital, Ltd.		330		8,339
SolarWinds, Inc.⁽¹⁾		155		8,435
South Jersey Industries, Inc.		176		9,553
Southwest Gas Corp.		274		12,204
Spirit Airlines, Inc.⁽¹⁾		572		11,091
Starwood Property Trust, Inc.		392		10,051
STERIS Corp.		177		6,678
Synaptics, Inc.⁽¹⁾		211		7,402
Take-Two Interactive Software, Inc.⁽¹⁾		473		5,756


		13		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued


Security	Shares		Value


United States (continued)
Tanger Factory Outlet Centers		287	$	10,166
Targa Resources Corp.		207		12,495
Teledyne Technologies, Inc.⁽¹⁾		189		12,901
Tennant Co.		189		8,702
TiVo, Inc.⁽¹⁾		471		6,283
Tootsie Roll Industries, Inc.		223		6,043
TreeHouse Foods, Inc.⁽¹⁾		151		7,992
UIL Holdings Corp.		264		9,823
Ultimate Software Group, Inc.⁽¹⁾		86		8,732
United Natural Foods, Inc.⁽¹⁾		139		7,503
Universal Corp.		121		6,580
UNS Energy Corp.		236		10,688
ValueClick, Inc.⁽¹⁾		302		6,182
Vector Group, Ltd.		519		8,065
Vitamin Shoppe, Inc.⁽¹⁾		105		6,413
Watsco, Inc.		124		9,343
Weis Markets, Inc.		197		7,931
West Pharmaceutical Services, Inc.		143		8,467
Western Refining, Inc.		423		14,226
WGL Holdings, Inc.		239		10,021
World Fuel Services Corp.		230		9,915

			$	1,195,328


Total Common Stocks (identified cost $4,680,226)			$	4,871,847


Exchange-Traded Funds — 3.5%


Security	Shares		Value

Equity Funds — 3.5%
iShares MSCI ACWI Index Fund		600	$	29,934
iShares MSCI Brazil Index Fund		1,370		77,775
iShares MSCI Chile Investable Market Index Fund		1,134		75,910


Total Exchange-Traded Funds (identified cost $176,123)			$	183,619

Equity-Linked Securities⁽²⁾⁽⁵⁾ — 2.0%

Security

Maturity
Date

Shares

Value

India — 2.0%

Apollo Hospitals Enterprises Ltd.

11/2/16

500

7,608

Bajai Holdings and Investment, Ltd.

7/20/17

324

5,910

Britannia Industries, Ltd.

10/17/17

656

6,084


Security	Maturity Date		Shares		Value


India (continued)
Castrol India, Ltd.		10/17/17		1,703	$	9,724
Coromandel International, Ltd.		10/17/17		1,245		5,241
GlaxoSmithKline Consumer Healthcare		9/7/16		135		9,629
Marico, Ltd.		10/17/17		2,500		10,650
Petronet LNG, Ltd.		10/17/17		3,000		8,565
Piramal Enterprises, Ltd.		10/9/14		950		10,042
Shree Cement, Ltd.		7/20/17		125		10,527
Tata Chemicals Ltd.		6/30/16		939		6,324
Tata Communications, Ltd.		10/17/17		1,442		6,316
United Phosphorus, Ltd.		7/20/17		2,617		6,556


Total Equity-Linked Securities (identified cost $104,095)					$	103,176



Short-Term Investments — 0.4%
Description	Interest (000’s omitted)		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁶⁾	$	19	$	18,595


Total Short-Term Investments (identified cost $18,595)			$	18,595


Total Investments — 99.4% (identified cost $4,979,039)			$	5,177,237


Other Assets, Less Liabilities — 0.6%			$	31,267


Net Assets — 100.0%			$	5,208,504

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
PCL	–	Public Company Ltd.

⁽¹⁾	Non-income producing security.

⁽²⁾

⁽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. At January 31, 2013, the aggregate value of these securities is $12,504 or 0.2% of the Fund’s net assets.

⁽⁴⁾	Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.


		14		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Portfolio of Investments — continued

⁽⁵⁾	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 (JPMorgan Chase) in addition to the market risk of the underlying security.

⁽⁶⁾	Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2013.


Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
United States Dollar		30.7	%	$	1,597,714
Euro		17.1			890,195
Japanese Yen		6.4			332,925
Hong Kong Dollar		5.3			275,577
British Pound Sterling		4.5			232,362
Canadian Dollar		3.7			194,755
South Korean Won		2.8			145,366
New Taiwan Dollar		2.7			141,684
Singapore Dollar		2.4			127,127
Swiss Franc		2.4			122,486
Australian Dollar		2.2			114,459
Thai Baht		2.1			110,638
Indonesian Rupiah		2.1			106,688
Swedish Krona		1.9			99,842
South African Rand		1.8			91,854
Malaysian Ringgit		1.7			90,908
Mexican Peso		1.7			89,818
Norwegian Krone		1.6			82,615
Israeli Shekel		1.5			79,640
New Turkish Lira		1.3			65,139
New Zealand Dollar		1.2			64,725
Polish Zloty		1.2			63,824
Danish Krone		1.1			56,896

Total Investments		99.4	%	$	5,177,237


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		15.6	%	$	810,435
Industrials		13.7			713,030
Consumer Discretionary		12.0			625,264
Information Technology		9.9			516,919
Health Care		9.8			508,676
Consumer Staples		9.1			475,611
Materials		9.0			467,905
Energy		8.0			417,991
Utilities		6.5			339,417
Telecommunication Services		1.9			99,775
Exchange-Traded Funds		3.5			183,619
Short-Term Investments		0.4			18,595

Total Investments		99.4	%	$	5,177,237


		15		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Statement of Assets and Liabilities


Assets	January 31, 2013
Unaffiliated investments, at value (identified cost, $4,960,444)	$	5,158,642
Affiliated investment, at value (identified cost, $18,595)		18,595
Foreign currency, at value (identified cost, $3,456)		3,423
Dividends receivable		2,739
Interest receivable from affiliated investment		4
Receivable for investments sold		11,485
Tax reclaims receivable		48
Receivable from affiliates		48,926
Total assets	$	5,243,862

Liabilities
Payable to affiliate:
Investment adviser fee	$	2,901
Accrued expenses		32,457
Total liabilities	$	35,358
Net Assets	$	5,208,504

Sources of Net Assets
Paid-in capital	$	4,974,782
Accumulated net realized gain		10,113
Accumulated undistributed net investment income		25,404
Net unrealized appreciation		198,205
Total	$	5,208,504

Class I Shares
Net Assets	$	5,208,504
Shares Outstanding		500,000
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.42


		16		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Statement of Operations


Investment Income	Period Ended January 31, 2013⁽¹⁾
Dividends (net of foreign taxes, $731)	$	7,885
Interest allocated from affiliated investment		107
Expenses allocated from affiliated investment		(12	)
Total investment income	$	7,980

Expenses
Investment adviser and administration fee	$	4,095
Trustees’ fees and expenses		347
Custodian fee		7,000
Transfer and dividend disbursing agent fees		103
Legal and accounting services		30,201
Printing and postage		1,092
Registration fees		25,218
Miscellaneous		1,025
Total expenses	$	69,081
Deduct —
Allocation of expenses to affiliates	$	64,132
Total expense reductions	$	64,132

Net expenses	$	4,949

Net investment income	$	3,031

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	10,112
Investment transactions allocated from affiliated investment		1
Disposal of investments in violation of restrictions and net increase from payment by affiliate		0
Foreign currency transactions		(845	)
Net realized gain	$	9,268
Change in unrealized appreciation (depreciation) —
Investments	$	198,198
Foreign currency		7
Net change in unrealized appreciation (depreciation)	$	198,205

Net realized and unrealized gain	$	207,473

Net increase in net assets from operations	$	210,504

⁽¹⁾	For the period from the start of business, December 20, 2012, to January 31, 2013.


		17		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Statement of Changes in Net Assets


Increase (Decrease) in Net Assets	Period Ended January 31, 2013⁽¹⁾
From operations —
Net investment income	$	3,031
Net realized gain from investment transactions, disposal of investments in violation of restrictions and net increase from payment by affiliate and foreign currency transactions		9,268
Net change in unrealized appreciation (depreciation) from investments and foreign currency		198,205
Net increase in net assets from operations	$	210,504
Distributions to shareholders —
From net investment income
Class I	$	(2,000	)
Total distributions to shareholders	$	(2,000	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class I	$	5,000,000
Net increase in net assets from Fund share transactions	$	5,000,000

Net increase in net assets	$	5,208,504

Net Assets
At beginning of period	$	—
At end of period	$	5,208,504

Accumulated undistributed net investment income included in net assets
At end of period	$	25,404

⁽¹⁾	For the period from the start of business, December 20, 2012, to January 31, 2013.


		18		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Financial Highlights


	Class I
	Period Ended January 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.006
Net realized and unrealized gain		0.418

Total income from operations	$	0.424

Less Distributions
From net investment income	$	(0.004	)

Total distributions	$	(0.004	)

Net asset value — End of period	$	10.420

Total Return⁽³⁾		4.24	%⁽⁴⁾⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,209
Ratios (as a percentage of average daily net assets):
Expenses		0.85	%⁽⁶⁾⁽⁷⁾
Net investment income		0.52	%⁽⁷⁾
Portfolio Turnover		13	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, December 20, 2012, to January 31, 2013.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾	During the period ended January 31, 2013, the sub-adviser reimbursed the Fund for a net loss realized on the disposal of an investment which did not meet the Fund’s investment guidelines. The reimbursement had no effect on total return for the period ended January 31, 2013.

⁽⁶⁾	The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 10.98% of average daily net assets for the period from the start of business, December 20, 2012, to January 31, 2013). Absent this subsidy, total return would have been lower.

⁽⁷⁾	Annualized.


		19		See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2013

Notes to Financial Statements

1 Significant Accounting Policies

Parametric Global Small-Cap Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund commenced operations on December 20, 2012. The Fund’s investment objective is to seek long-term capital appreciation. As of January 31, 2013, the Fund offered Class I shares, which are offered at net asset value and are not subject to a sales charge. Effective March 1, 2013, Class I was renamed Institutional Class.

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.

The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

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.


		20

Parametric Global Small-Cap Fund

January 31, 2013

Notes to Financial Statements — continued

2 Distributions to Shareholders

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. 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 period ended January 31, 2013 was as follows:


	Period Ended January 31, 2013

Distributions declared from:
Ordinary income	$	2,000

During the period ended January 31, 2013, accumulated net realized gain was increased by $845, accumulated undistributed net investment income was increased by $24,373 and paid-in capital was decreased by $25,218 due to differences between book and tax accounting, primarily for non-deductible expenses and foreign currency gain (loss). These reclassifications had no effect on the net assets or net asset value per share of the Fund.


		21

Parametric Global Small-Cap Fund

January 31, 2013

Notes to Financial Statements — continued

As of January 31, 2013, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:


Undistributed ordinary income	$	45,085
Net unrealized appreciation	$	188,637

The difference between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the statement of assets and liabilities is primarily due to investments in passive foreign investment companies and the tax treatment of short-term capital gains.

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.70% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the period ended January 31, 2013, the investment adviser and administration fee amounted to $4,095 or 0.70% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its advisory and administration fee for sub-advisory services provided to the Fund. EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.85% of the Fund’s average daily net assets. This agreement may be changed or terminated after May 31, 2014. Pursuant to this agreement, EVM and Parametric were allocated $64,132 in total of the Fund’s operating expenses for the period ended January 31, 2013.

During the period ended January 31, 2013, Parametric reimbursed the Fund $1,440 for a loss on the sale of investment securities not meeting investment guidelines. The effect of the loss incurred and the reimbursement by Parametric of such amount had no impact on total return.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration 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 period ended January 31, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $5,617,262 and $665,487, respectively, for the period ended January 31, 2013.

5 Shares of Beneficial Interest


Class I	Period Ended January 31, 2013⁽¹⁾

Sales		500,000

Net increase		500,000

⁽¹⁾	For the period from the start of business, December 20, 2012, to January 31, 2013.

At January 31, 2013, an affiliate of EVM owned 100% of the outstanding shares of the Fund.


		22

Parametric Global Small-Cap Fund

January 31, 2013

Notes to Financial Statements — continued

6 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2013, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	4,988,607

Gross unrealized appreciation	$	249,403
Gross unrealized depreciation		(60,773	)

Net unrealized appreciation	$	188,630

7 Risks Associated with Foreign Investments

8 Fair Value Measurements

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)


		23

Parametric Global Small-Cap Fund

January 31, 2013

Notes to Financial Statements — continued

At January 31, 2013, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks
Asia/Pacific	$	—	$	1,502,737		$	—	$	1,502,737
Developed Europe		29,253		1,484,396			—		1,513,649
Developed Middle East		10,911		79,640			—		90,551
Emerging Europe		12,504		142,243			—		154,747
Latin America		120,866		—			—		120,866
Middle East/Africa		—		91,854			—		91,854
North America		1,390,083		7,360			—		1,397,443

Total Common Stocks	$	1,563,617	$	3,308,230	*	$	—	$	4,871,847
Exchange-Traded Funds	$	183,619	$	—		$	—	$	183,619
Equity-Linked Securities		—		103,176			—		103,176
Short-Term Investments		—		18,595			—		18,595

Total Investments	$	1,747,236	$	3,430,001		$	—	$	5,177,237

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


		24

Parametric Global Small-Cap Fund

January 31, 2013

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Parametric Global Small-Cap Fund:

We have audited the accompanying statement of assets and liabilities of Parametric Global Small-Cap Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2013, and the related statements of operations and changes in net assets and the financial highlights for the period from the start of business, December 20, 2012, to January 31, 2013. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2013, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric Global Small-Cap Fund as of January 31, 2013, and the results of its operations, the changes in its net assets, and the financial highlights for the period from the start of business, December 20, 2012, to January 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 22, 2013


		25

Parametric Global Small-Cap Fund

January 31, 2013

Federal Tax Information (Unaudited)

Qualified Dividend Income. The Fund designates approximately $4,036, 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 $375 and recognized foreign source income of $6,286.


		26

Parametric Global Small-Cap Fund

January 31, 2013

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that for a fund to enter into an investment advisory agreement with an investment adviser, the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), must approve the agreement and its terms at an in-person 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 December 17, 2012, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory and administrative agreement of Parametric Global Small-Cap Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of Eaton Vance Management. The Board reviewed information furnished for the December 17, 2012 meeting as well as information previously furnished with respect to the approval of other investment advisory agreements for other Eaton Vance Funds. Such information included, among other things, the following:

Information about Fees and Expenses

The advisory and related fees to be paid by the Fund and the anticipated expense ratio of the Fund;

Comparative information concerning fees charged by the Adviser and Sub-adviser for managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those to be used in managing the Fund, if applicable, and concerning fees charged by other advisers for managing funds similar to the Fund;

Information about Portfolio Management

Descriptions of the investment management services to be provided to the Fund, including the investment strategies and processes to be employed;

Information concerning the allocation of brokerage and the benefits expected to be received by the Adviser and Sub-adviser as a result of brokerage allocation for the Fund, including information concerning the acquisition of research through client commission arrangements and the Fund’s policies with respect to “soft dollar” arrangements;

The procedures and processes to be used to determine the fair value of the Fund’s assets and actions to be taken to monitor and test the effectiveness of such procedures and processes;

Information about the Adviser and Sub-adviser

Reports and/or other information provided by the Adviser and the Sub-adviser describing the financial results and condition of the Adviser and Sub-adviser;

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the Fund, 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 the Adviser and its affiliates, including the Sub-adviser, together with information relating to compliance with and the administration of such codes;

Copies of or descriptions of the Adviser’s and the Sub-adviser’s policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

Information concerning the resources devoted to compliance efforts undertaken by the Adviser and its affiliates, including the Sub-adviser, on behalf of the Eaton Vance 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 the Adviser and its affiliates;

A description of the Adviser’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the Adviser (which is the administrator) and the Sub-adviser; and

The terms of the investment advisory and administrative agreement and sub-advisory agreement of the Fund.


		27

Parametric Global Small-Cap Fund

January 31, 2013

Board of Trustees’ Contract Approval — continued

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 Board concluded that the terms of the Fund’s investment advisory and administrative agreement and sub-advisory agreement with the Adviser and Sub-adviser, including their fee structures, are in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the terms of the investment advisory and administrative agreement and sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement and sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services to be provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments to be held by the Fund, including the education, experience and number of its investment professionals and other personnel who will provide portfolio management, investment research, and similar services to the Fund and, with respect to the Adviser, whose responsibilities may include supervising the Sub-adviser and coordinating activities in implementing the Fund’s investment strategy. In particular, the Board noted the Sub-adviser’s experience employing a top-down, disciplined investment processes that emphasizes broad exposure and diversification. 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 expected to be devoted to Fund matters by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by the Adviser and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

Fund Performance

Because the Fund has not yet commenced operations, it has no performance record.

Management Fees and Expenses

The Board reviewed contractual fee rates to be payable by the Fund for advisory, sub-advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees as compared to a group of similarly managed funds selected by an independent data provider and the Fund’s estimated expense ratio for a one-year period.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services to be provided by the Adviser and Sub-adviser, the Board concluded that the management fees proposed to be charged for advisory and related services are reasonable.

Profitability

The Board reviewed the level of profits projected to be realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund. The Board considered the level of profits expected to be realized without regard to revenue sharing or other payments expected to be made by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits expected to be received by the Adviser and its affiliates, including the Sub-adviser, in connection with their relationships 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 to be rendered, the profits expected to be realized by the Adviser and its affiliates, including the sub-adviser, are reasonable.


		28

Parametric Global Small-Cap Fund

January 31, 2013

Board of Trustees’ Contract Approval — continued

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 also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, the structure of the advisory fee, which includes breakpoints at several asset levels, can be expected to allow the Fund to benefit from economies of scale in the future.


		29

Parametric Global Small-Cap Fund

January 31, 2013

Management and Organization


Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee

Thomas E. Faust Jr. 1958	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. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.⁽¹⁾ Director of EVC and Hexavest Inc.


Noninterested Trustees

Scott E. Eston 1956	Trustee	Since 2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years. None.

Benjamin C. Esty 1963	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. Directorships in the Last Five Years.⁽¹⁾ None.

Allen R. Freedman 1940	Trustee	Since 2007	Private Investor. 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). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000). Directorships in the Last Five Years.⁽¹⁾Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).

William H. Park 1947	Trustee	Since 2003	Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). 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 (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.⁽¹⁾None.

Ronald A. Pearlman 1940	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). Directorships in the Last Five Years.⁽¹⁾ None.


		30

Parametric Global Small-Cap Fund

January 31, 2013

Management and Organization — continued


Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)

Helen Frame Peters 1948	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). Directorships in the Last Five Years.⁽¹⁾ Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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).

Lynn A. Stout 1957	Trustee	Since 1998	Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Directorships in the Last Five Years.⁽¹⁾ None.

Harriett Tee Taggart 1948	Trustee	Since 2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni 1943	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). Directorships in the Last Five Years.⁽¹⁾ None.


Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) During Past Five Years

Duncan W. Richardson 1957	President	Since 2011	Director of EVC and Executive Vice President and Chief Equity Investment Officer of EVC, EVM and BMR.

Payson F. Swaffield 1956	Vice President	Since 2011	Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR.

James F. Kirchner⁽²⁾ 1967	Treasurer	Since 2013	Vice President of EVM and BMR.

Paul M. O’Neil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR.

⁽¹⁾

⁽²⁾	Prior to 2013, Mr. Kirchner served as Assistant Treasurer of the Trust since 2007.


		31

Eaton Vance Funds

IMPORTANT NOTICES

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


		32

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

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 (US) Inc.

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

Fund Offices

Two International Place

Boston, MA 02110

LOGO


6603-3/13		PPAGSCSRC

Item 2. Code of Ethics

Not required in this filing.

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 a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), 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)

Parametric Global Small-Cap Fund, Eaton Vance Parametric Structured International Equity Fund (currently known as Parametric International Equity Fund) and Eaton Vance Parametric Structured Emerging Markets Fund (currently known as Parametric Emerging Markets Fund) (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 34 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

The following table presents the aggregate fees billed to each Fund for the Fund’s fiscal year ended January 31, 2012 (three months ended January 31, 2012 for Eaton Vance Parametric Structured Emerging Markets Fund) and fiscal year ended January 31, 2013 (period from December 31, 2012 through January 31, 2013 for Parametric Global Small-Cap Fund) 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 D&T during such periods.


Parametric Global Small-Cap Fund* Fiscal Year Ended	1/31/13
Audit Fees	$	19,550
Audit-Related Fees⁽¹⁾	$	0
Tax Fees⁽²⁾	$	10,240
All Other Fees⁽³⁾	$	0

Total	$	29,790

*	Fund commenced operations on December 20, 2012.


Eaton Vance Parametric Structured International Equity Fund (currently known as Parametric International Equity Fund) Fiscal Years Ended	1/31/12		1/31/13
Audit Fees	$	21,750	$	23,310
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	11,620	$	13,160
All Other Fees⁽³⁾	$	1,200	$	0

Total	$	34,570	$	36,470


Eaton Vance Parametric Structured Emerging Markets Fund (currently known as Parametric Emerging Markets Fund) Fiscal Years Ended	1/31/12**		1/31/13
Audit Fees	$	66,550	$	73,670
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	13,800	$	32,090
All Other Fees⁽³⁾	$	900	$	0

Total	$	81,250	$	105,760

**	Fund changed its fiscal year end from October 31 to January 31. Fees presented are for the fiscal period from November 1, 2011 to January 31, 2012.

⁽¹⁾	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.

⁽³⁾	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The various Series comprising the Trust have differing fiscal year ends* (January 31, September 30, October 31, November 30 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.


Fiscal Years Ended*	9/30/11		10/31/11		12/31/11		1/31/12		9/30/12		10/31/12		11/30/12		12/31/12		1/31/13
Audit Fees	$	31,865	$	522,885	$	135,300	$	88,300	$	109,600	$	524,630	$	19,550	$	88,479	$	116,530
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	15,580	$	250,180	$	51,570	$	25,420	$	28,740	$	281,940	$	8,000	$	55,380	$	55,490
All Other Fees⁽³⁾	$	600	$	22,300	$	1,500	$	2,100	$	620	$	0	$	310	$	0	$	0

Total	$	48,045	$	795,365	$	188,370	$	115,820	$	138,960	$	806,570	$	27,860	$	143,859	$	172,020

*	Information is not presented for fiscal year 11/30/11, as no Series in the Trust with such fiscal year end was in operation during that period.

⁽¹⁾	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.

⁽³⁾	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

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

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

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

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T 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 D&T for the last two fiscal years of each Series.


Fiscal Years Ended*	9/30/11		10/31/11		12/31/11		1/31/12		9/30/12		10/31/12		11/30/12		12/31/12		1/31/13
Registrant⁽¹⁾	$	16,180	$	272,480	$	53,070	$	27,520	$	29,360	$	281,940	$	8,310	$	55,380	$	55,490
Eaton Vance⁽²⁾	$	226,431	$	266,431	$	334,561	$	414,561	$	606,619	$	566,619	$	662,119	$	615,489	$	544,549

*	Information is not presented for fiscal year 11/30/11, as no Series in the Trust with such fiscal year end was in operation during that period.

⁽¹⁾	Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds.

⁽²⁾	Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling,

controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

Not required in this filing.

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

No Material Changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits



(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

Signatures

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

Eaton Vance Mutual Funds Trust


By:		/s/ Duncan W. Richardson
		Duncan W. Richardson
		President

Date: March 18, 2013

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/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date: March 18, 2013


By:		/s/ Duncan W. Richardson
		Duncan W. Richardson
		President

Date: March 18, 2013

Eaton Vance Floating-Rate & High Income Fund (EIFHX) N-CSRCertified annual shareholder report (management investment company)