Eaton Vance Floating-Rate & High Income Fund (EIFHX) N-CSR 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, 2014

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Global

Small-Cap Fund

Annual Report

January 31, 2014

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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 1-800-260-0761.

Annual Report January 31, 2014

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	27
Federal Tax Information	28
Management and Organization	29
Important Notices	32

Parametric Global Small-Cap Fund

January 31, 2014

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period started on February 1, 2013, global stocks, as measured by the MSCI All Country World Index (ACWI)², had recently begun a rally that would continue well into May, driven largely by strengthening economic data in the U.S., Europe and elsewhere, along with highly accommodative monetary policies by global central banks.

In late May 2013, however, then-U.S. Federal Reserve (the Fed) Chairman Ben Bernanke surprised the markets by indicating that the Fed’s $85 billion in monthly asset purchases, known collectively as quantitative easing (QE), could begin to taper off sooner than most investors had expected. The negative effect on worldwide markets was swift and dramatic. Bond investors rushed to sell assets in anticipation of rising interest rates. The prospect of reduced Fed stimulus weighed on global equities as well, most notably in emerging markets.

By late June 2013, however, global equities, in general, resumed their upward trajectory. Factors contributing to the rally included some backtracking by the Fed on its earlier statements regarding QE, ongoing improvements in housing and other U.S. economic data, and news from Europe that the eurozone had officially come out of recession.

After faltering again in August 2013 amid geopolitical tensions in the Middle East, global equities once more trended upward. In mid-September, the Fed again surprised investors by announcing that it was postponing any tapering of QE for the time being. Global stocks initially surged in response, only to drift downward in late September and early October amid investor uncertainty over the Fed’s intentions and a Congressional impasse that led to a partial U.S. government shutdown on October 1, 2013.

In mid-October, global stocks reversed direction again and began a rally that more or less lasted through the rest of 2013, driven largely by moderate economic growth that seemed to confirm the global recovery was gaining strength. Even the Fed’s mid-December announcement that tapering of QE would begin in January 2014 did not derail the rally, as investors appeared relieved that the tapering would be gradual and that the Fed still intended to keep short-term interest rates near zero for an extended period.

However, when the Fed announced further tapering toward the end of January, the reaction from global markets was

more negative. Although the Fed’s latest move was widely expected, many investors worried about continued withdrawal of stimulus in the face of recent turmoil in emerging markets and some mixed economic data. Against this backdrop, the MSCI ACWI slid 4.00% for the month of January 2014.

For the full 12-month period, the MSCI ACWI returned 12.70%. In the U.S., the S&P 500 Index gained 21.52%, achieving multiple all-time closing highs along the way. The nascent European recovery helped power the FTSE Eurotop 100 Index to a 12.59% return. In response to Prime Minister Shinzo Abe’s stimulus efforts, Japan’s Nikkei-225 Stock Average advanced 19.82%. Elsewhere in the Asia-Pacific region, the MSCI Golden Dragon Index declined 2.32% amid slowing growth in China. Emerging markets were among the period’s worst performers, with the MSCI Emerging Markets Index falling 10.17%.

Fund Performance

For the 12-month period ended January 31, 2014, Parametric Global Small-Cap Fund (the Fund) had a total return of 11.50% for Institutional Class shares at net asset value (NAV), underperforming the 15.30% return of the Fund’s benchmark, the Russell Global 2000 Index (the Index).

Factors detracting from the Fund’s performance relative to the Index included an underweight position in the United States, where equity markets generally rallied during the 12-month period on continued positive economic and political developments. Overweight positions in Chile, Thailand and Indonesia also detracted from the Fund’s performance versus the Index. Chile, which accounts for nearly one-third of the global copper supply, experienced faltering economic growth during the period amid weaker commodity prices, while Thailand and Indonesia were both beset by political woes.

Factors contributing to the Fund’s performance relative to the Index included an underweight position in the financials sector, which lagged the overall Index for the 12-month period. An underweight position in Australia, whose market was dragged down by poor results among commodity-related stocks, also contributed to the Fund’s performance versus the Index, as did an overweight position in Denmark, whose market was boosted by turnaround results at Vestas Wind Systems. The company makes up a large share of the Index’s Denmark weighting.

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 eatonvance.com.

2

Parametric Global Small-Cap Fund

January 31, 2014

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Institutional Class at NAV		12/20/2012		12/20/2012		11.50	%		—			14.44	%
Russell Global 2000 Index		—		—		15.30	%		19.68	%		18.46	%
% Total Annual Operating Expense Ratios4											Institutional Class
Gross												1.00	%
Net												0.85

Growth of $50,000

This graph shows the change in value of a hypothetical investment of $50,000 in Institutional Class of the Fund for the period indicated. For comparison, the same investment is shown in the indicated 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 eatonvance.com.

3

Parametric Global Small-Cap Fund

January 31, 2014

Fund Profile

Sector Allocation (% of net assets)⁵

*Amount is less than 0.05%.

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Wirecard AG	0.3	%
Isis Pharmaceuticals, Inc.	0.3
SouFun Holdings, Ltd. ADR	0.3
Arcadis NV	0.3
WH Smith PLC	0.3
Alnylam Pharmaceuticals, Inc.	0.3
Advantech Co., Ltd.	0.3
Targa Resources Corp.	0.3
Flughafen Zuerich AG	0.3
ICON PLC	0.3
Total	3.0	%

See Endnotes and Additional Disclosures in this report.

4

Parametric Global Small-Cap Fund

January 31, 2014

Endnotes and Additional Disclosures

¹  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.

²  MSCI All Country World Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. 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. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. FTSE Eurotop 100 Index is a tradable index designed to represent the performance of the 100 most highly capitalized blue-chip companies in Europe. The return for the FTSE Eurotop 100 Index is calculated in U.S. dollars. Nikkei-225 Stock Average is an unmanaged, price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. 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  Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴  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.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

5

Parametric Global Small-Cap Fund

January 31, 2014

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, 2013 – January 31, 2014).

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 (8/1/13)		Ending Account Value (1/31/14)		Expenses Paid During Period* (8/1/13 – 1/31/14)			Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,055.30	$	4.40	**		0.85	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.90	$	4.33	**		0.85	%

* 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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2013.

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

6

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments

Common Stocks — 97.5%
Security	Shares		Value
Australia — 2.2%
Adelaide Brighton, Ltd.		1,852	$	6,129
Ansell, Ltd.		130		2,179
Aristocrat Leisure, Ltd.		984		3,919
Aurora Oil & Gas, Ltd.(1)		2,288		5,471
Beach Energy, Ltd.		6,515		8,117
carsales.com, Ltd.		1,058		8,349
Challenger Ltd.		813		4,263
David Jones, Ltd.		1,671		4,371
Downer EDI, Ltd.		935		4,028
DUET Group		4,931		8,994
DuluxGroup, Ltd.		2,698		12,638
Energy Resources of Australia, Ltd.(1)		3,794		4,194
Goodman Fielder, Ltd.		6,341		3,777
Investa Office Fund		2,551		6,922
Iress, Ltd.		881		6,932
Mesoblast, Ltd.(1)		791		4,071
Mineral Resources, Ltd.		398		3,919
Myer Holdings, Ltd.		1,814		4,011
Regis Resources, Ltd.		1,971		4,562
TPG Telecom, Ltd.		2,627		12,408
Transpacific Industries Group, Ltd.(1)		4,376		4,270
Wotif.com Holdings, Ltd.		998		2,127
			$	125,651
Austria — 1.1%
CA Immobilien Anlagen AG(1)		879	$	15,290
Conwert Immobilien Invest SE(1)		881		11,411
Kapsch TrafficCom AG		97		5,354
RHI AG		324		10,614
Schoeller-Bleckmann Oilfield Equipment AG		102		10,649
Wienerberger AG		758		11,995
			$	65,313
Belgium — 0.9%
Barco NV		73	$	5,529
Befimmo SCA Sicafi		112		7,628
Bekaert SA NV		221		7,608
Cofinimmo		72		8,374
EVS Broadcast Equipment SA		129		7,726
Gimv NV		47		2,337
KBC Ancora(1)		183		6,939
ThromboGenics NV(1)		220		5,549
			$	51,690

Security	Shares		Value
Brazil — 1.3%
Abril Educacao SA		200	$	2,376
Aliansce Shopping Centers SA		500		3,389
Anhanguera Educacional Participacoes SA		800		4,208
BR Properties SA		500		3,525
Brasil Insurance Participacoes e Administracao SA		500		3,931
Brasil Pharma SA(1)		1,900		3,947
Cia de Saneamento de Minas Gerais-COPASA		500		6,530
Diagnosticos da America SA		800		4,917
Equatorial Energia SA		900		8,268
Fleury SA		700		5,341
Grendene SA		700		4,628
JHSF Participacoes SA		1,400		2,326
LPS Brasil Consultoria de Imoveis SA		500		2,602
Mahle-Metal Leve SA Industria e Comercio		500		5,078
Marcopolo SA, PFC Shares		1,800		3,867
MRV Engenharia e Participacoes SA		1,000		3,404
PDG Realty SA Empreendimentos e Participacoes(1)		5,200		3,585
Raia Drogasil SA		500		3,001
Santos Brasil Participacoes SA		300		2,030
			$	76,953
Canada — 3.3%
Africa Oil Corp.(1)		1,503	$	11,079
AGF Management, Ltd.		356		3,644
Alamos Gold, Inc.		341		3,129
Allied Properties Real Estate Investment Trust		181		5,314
Birchcliff Energy, Ltd.(1)		378		2,868
Bonterra Energy Corp.		78		3,596
Canfor Corp.(1)		371		9,550
Capital Power Corp.		566		11,582
CCL Industries, Inc.		178		12,842
Celestica, Inc.(1)		500		4,961
China Gold International Resources Corp, Ltd.(1)		3,556		10,153
Cineplex, Inc.		59		2,145
Constellation Software Inc./Canada		24		5,157
Dollarama, Inc.		107		8,070
Enbridge Income Fund Holdings, Inc.		226		5,014
Enerflex, Ltd.		317		4,412
First Majestic Silver Corp.(1)		1,109		11,581
Freehold Royalties, Ltd.		229		4,593
Gibson Energy, Inc.		96		2,334
Gran Tierra Energy, Inc.(1)		1,363		10,292
Home Capital Group, Inc.		95		6,583
Imperial Metals Corp.(1)		684		10,330
Just Energy Group, Inc.		622		4,362
MacDonald Dettwiler & Associates, Ltd.		57		4,049
Mullen Group, Ltd.		179		4,339

7 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Canada (continued)
North West Co., Inc. (The)		352	$	8,034
Northland Power, Inc.		529		7,737
Parkland Fuel Corp.		302		4,875
Pason Systems, Inc.		201		4,539
RONA, Inc.		382		4,284
			$	191,448
Chile — 1.1%
Banmedica SA		4,183	$	7,149
Besalco SA		3,333		2,735
CFR Pharmaceuticals SA		22,688		4,587
Forus SA		1,039		4,676
Inversiones Aguas Metropolitanas SA		4,857		7,845
Parque Arauco SA		3,727		6,363
Ripley Corp. SA		8,187		4,587
Salfacorp SA		2,928		2,507
Sigdo Koppers SA		2,516		3,538
Sonda SA		4,259		8,437
Vina Concha y Toro SA		5,444		9,886
			$	62,310
China — 2.7%
Anton Oilfield Services (Group), Ltd.		16,000	$	10,252
Beijing Enterprises Water Group, Ltd.		14,000		7,870
China Foods, Ltd.(1)		8,000		2,837
China Gas Holdings, Ltd.		10,000		14,010
China Medical System Holdings, Ltd.		14,000		16,104
China Modern Dairy Holdings, Ltd.(1)		9,000		4,180
China Power International Development, Ltd.		19,000		6,391
Dah Chong Hong Holdings, Ltd.		5,000		2,936
Giant Interactive Group, Inc. ADR		475		5,230
Kingsoft Corp, Ltd.		4,000		13,027
Shenguan Holdings Group, Ltd.		10,000		4,410
Sino Biopharmaceutical, Ltd.		20,000		16,831
SouFun Holdings, Ltd. ADR		244		19,859
Towngas China Co., Ltd.		11,000		12,815
Uni-President China Holdings, Ltd.		8,000		7,247
Vipshop Holdings, Ltd. ADR(1)		71		7,461
Yingde Gases Group Co.		9,500		8,331
			$	159,791
Denmark — 0.9%
D/S Norden A/S		344	$	16,074
Genmab AS(1)		274		10,909

Security	Shares		Value
Denmark (continued)
NKT Holding A/S		269	$	15,650
Sydbank A/S(1)		438		11,161
			$	53,794
Finland — 1.6%
Amer Sports Oyj		600	$	12,383
Huhtamaki Oyj		655		16,246
Kemira Oyj		790		10,994
Konecranes Oyj		244		8,584
Outotec Oyj		340		3,463
Ramirent Oyj		365		4,321
Tieto Oyj		591		12,976
Tikkurila Oyj		516		12,934
Uponor Oyj		745		11,920
			$	93,821
France — 1.7%
Alten SA		168	$	7,565
Eurofins Scientific		67		17,044
Havas SA		1,085		8,504
Ingenico		191		16,389
IPSOS		159		6,816
Medica SA		92		2,634
Orpea		44		2,411
Rubis SCA		174		11,297
Societe d’Edition de Canal		781		6,183
UBISOFT Entertainment(1)		575		8,027
Virbac SA		49		10,943
			$	97,813
Germany — 2.2%
BayWa AG		46	$	2,397
Carl Zeiss Meditec AG		305		8,933
Deutsche EuroShop AG		269		11,354
Deutsche Wohnen AG(1)		459		8,345
Deutsche Wohnen AG		308		5,764
Dialog Semiconductor PLC(1)		333		6,459
DMG Mori Seiki AG		223		7,175
Duerr AG		153		12,848
Freenet AG(1)		468		14,269
Gerry Weber International AG		239		10,620
KWS Saat AG		30		10,087
Pfeiffer Vacuum Technology AG		51		6,051
Vossloh AG		59		5,604
Wirecard AG		458		20,018
			$	129,924

8 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Greece — 0.9%
Hellenic Telecommunications Organization SA(1)		1,047	$	15,306
JUMBO SA(1)		555		9,438
Motor Oil (Hellas) Corinth Refineries SA		606		6,987
National Bank of Greece SA(1)		695		3,077
Titan Cement Co. SA(1)		553		14,860
			$	49,668
Hong Kong — 2.9%
Cafe de Coral Holdings, Ltd.		4,000	$	12,259
Chow Sang Sang Holdings International, Ltd.		2,000		5,358
CIMC Enric Holdings, Ltd.		6,000		9,641
Giordano International, Ltd.		12,000		8,611
Great Eagle Holdings, Ltd.		2,000		6,548
Hanergy Solar Group, Ltd.(1)		26,000		3,699
Hutchison Telecommunications Hong Kong Holdings, Ltd.		26,000		9,539
Johnson Electric Holdings, Ltd.		15,000		13,426
Luk Fook Holdings (International), Ltd.		4,000		12,859
Newocean Energy Holdings, Ltd.		14,000		11,943
SA SA International Holdings, Ltd.		12,000		11,502
Sinopec Kantons Holdings, Ltd.		10,000		11,643
SmarTone Telecommunication Holdings, Ltd.		5,000		5,534
Stella International Holdings, Ltd.		3,500		8,243
Techtronic Industries Co., Ltd.		6,500		16,780
Texwinca Holdings, Ltd.		8,000		7,669
Transport International Holdings, Ltd.		3,600		7,228
Truly International Holdings		8,000		4,406
			$	166,888
Indonesia — 1.5%
AKR Corporindo Tbk PT		10,500	$	3,799
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		74,000		5,546
Bhakti Investama Tbk PT		190,500		4,682
Bumi Serpong Damai Tbk PT		51,000		6,038
Ciputra Development Tbk PT		106,500		7,437
Gajah Tunggal Tbk PT		26,000		4,023
Garuda Indonesia Persero Tbk PT(1)		90,500		3,574
Global Mediacom Tbk PT		46,500		7,025
Holcim Indonesia Tbk PT		17,500		2,982
Japfa Comfeed Indonesia Tbk PT		33,000		3,760
Jasa Marga (Persero) Tbk PT		18,000		7,591
Lippo Karawaci Tbk PT		73,000		5,682
Media Nusantara Citra Tbk PT		29,500		5,416
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		31,500		4,253
Salim Ivomas Pratama Tbk PT		63,500		3,761
Tower Bersama Infrastructure Tbk PT		20,500		10,404
			$	85,973

Security	Shares		Value
Ireland — 1.5%
C&C Group PLC		2,151	$	12,201
DCC PLC		54		2,453
Glanbia PLC		1,127		16,361
Grafton Group PLC		1,653		16,163
ICON PLC(1)		433		18,190
Kingspan Group PLC		737		14,071
Smurfit Kappa Group PLC		434		10,162
			$	89,601
Israel — 1.3%
Elbit Systems, Ltd.		84	$	4,720
Gazit-Globe, Ltd.		830		10,225
Migdal Insurance & Financial Holdings, Ltd.		3,773		6,117
Mizrahi Tefahot Bank, Ltd.		457		5,566
Oil Refineries, Ltd.(1)		12,316		3,520
Osem Investment, Ltd.		588		13,058
Paz Oil Co., Ltd.		77		11,411
RADWARE, Ltd.(1)		600		10,152
SodaStream International, Ltd.(1)		75		2,742
Strauss Group, Ltd.		470		8,249
			$	75,760
Italy — 1.6%
Amplifon SpA		1,250	$	6,729
Atlantia SpA		555		12,624
Banca Generali SpA		173		5,287
Banca Popolare di Milano Scarl(1)		6,380		3,849
Brunello Cucinelli SpA		340		9,266
De’Longhi SpA		554		9,096
DiaSorin SpA		88		3,947
ERG SpA		683		9,385
Iren SPA		3,843		5,432
Recordati SpA		1,139		17,787
Sorin SpA(1)		3,432		10,031
			$	93,433
Japan — 8.6%
Aica Kogyo Co., Ltd.		600	$	11,040
Anritsu Corp.		1,000		10,962
Autobacs Seven Co., Ltd.		400		6,458
Calbee, Inc.		400		9,229
Capcom Co., Ltd.		300		5,860
Daifuku Co., Ltd.		500		5,919
Enplas Corp.		200		13,318
Fancl Corp.		700		7,688

9 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
FP Corp.		200	$	12,471
Hokkoku Bank, Ltd. (The)		2,000		6,650
Hokuetsu Kishu Paper Co., Ltd.		1,000		4,356
Hoshizaki Electric Co., Ltd.		400		14,226
House Foods Corp.		700		10,480
Ito En, Ltd.		400		8,615
Itoham Foods, Inc.		1,000		4,477
Japan Drilling Co., Ltd.		100		5,090
Japan Exchange Group, Inc.		500		12,080
Kagoshima Bank, Ltd. (The)		1,000		5,987
Kakaku.com, Inc.		400		7,564
Kaken Pharmaceutical Co., Ltd.		1,000		16,019
Kenedix, Inc.(1)		2,300		9,184
Kewpie Corp.		800		11,389
Kissei Pharmaceutical Co., Ltd.		400		9,438
Kobayashi Pharmaceutical Co., Ltd.		200		10,849
Komeri Co., Ltd.		200		4,738
Kose Corp.		500		15,690
KYORIN Holdings, Inc.		300		6,718
LEOPALACE21 Corp.(1)		1,800		9,384
Lion Corp.		2,000		10,450
M3, Inc.		2		5,865
Maeda Road Construction Co., Ltd.		1,000		16,333
Matsumotokiyoshi Holdings Co., Ltd.		100		3,559
Miraca Holdings, Inc.		300		14,177
MonotaRO Co., Ltd.		400		8,498
Musashino Bank, Ltd. (The)		100		3,210
Nichirei Corp.		1,000		4,531
Nihon Kohden Corp.		200		7,797
NOF Corp.		2,000		13,974
Noritz Corp.		400		8,369
NS Solutions Corp.		200		5,110
Obic Co., Ltd.		300		9,262
Otsuka Corp.		100		11,861
Plenus Co., Ltd.		200		4,656
Point, Inc.		90		2,363
Pola Orbis Holdings, Inc.		200		6,698
Rohto Pharmaceutical Co., Ltd.		1,000		16,045
Ryohin Keikaku Co., Ltd.		100		9,211
Sawai Pharmaceutical Co., Ltd.		200		11,873
Shimachu Co., Ltd.		200		4,449
Sugi Holdings Co., Ltd.		200		7,979
Sumitomo Osaka Cement Co., Ltd.		2,000		7,478
Sundrug Co., Ltd.		200		8,384
T-Gaia Corp.		400		4,908
TS Tech Co., Ltd.		300		11,063

Security	Shares		Value
Japan (continued)
Tsuruha Holdings, Inc.		100	$	9,357
TV Asahi Corp.		200		4,119
Wacoal Holdings Corp.		1,000		10,316
Xebio Co., Ltd.		200		3,985
			$	501,759
Luxembourg — 0.1%
Aperam(1)		249	$	4,467
			$	4,467
Malaysia — 2.0%
Affin Holdings Bhd		3,400	$	4,178
Alliance Financial Group Bhd		8,800		12,235
Berjaya Sports Toto Bhd		7,360		8,888
Boustead Holdings Bhd		5,300		8,303
Bursa Malaysia Bhd		1,800		4,190
Dialog Group Bhd		13,000		12,629
Genting Plantations Bhd		2,600		8,025
HAP Seng Consolidated Bhd		11,000		9,023
KLCC Property Holdings Bhd		3,300		5,706
KPJ Healthcare Bhd		9,150		9,195
Kulim (Malaysia) Bhd(1)		4,500		4,302
Lafarge Malayan Cement Bhd		2,700		6,854
Malaysia Airports Holdings Bhd		3,600		9,049
Media Prima Bhd		8,100		5,785
Oriental Holdings Bhd		3,700		8,672
			$	117,034
Mexico — 1.0%
Banregio Grupo Financiero SAB de CV		2,100	$	11,494
Bolsa Mexicana de Valores SAB de CV		2,600		5,249
Empresas ICA SAB de CV(1)		4,400		8,498
Fibra Uno Administracion SA de CV		2,200		7,100
Genomma Lab Internacional SA de CV(1)		3,600		8,883
Grupo Aeroportuario del Sureste SAB de CV, Class B		900		10,130
Grupo Simec SA de CV, Series B(1)		1,300		4,848
			$	56,202
Netherlands — 1.8%
Aalberts Industries NV		518	$	16,185
Arcadis NV		537		19,181
ASM International NV		168		5,617
Brunel International NV		135		7,935
Eurocommercial Properties NV		156		6,418
InterXion Holding NV(1)		472		11,621

10 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Netherlands (continued)
Koninklijke BAM Groep NV		777	$	3,986
TomTom NV(1)		1,487		10,303
Unit4 NV		321		16,670
Wereldhave NV		80		6,083
			$	103,999
New Zealand — 1.2%
Fisher & Paykel Healthcare Corp., Ltd.		5,269	$	17,268
Ryman Healthcare, Ltd.		2,449		15,641
Sky Network Television, Ltd.		1,262		5,885
SKYCITY Entertainment Group, Ltd.		3,057		9,568
Trade Me, Ltd.		1,790		5,907
Xero, Ltd.(1)		499		16,727
			$	70,996
Norway — 1.3%
Algeta ASA(1)		114	$	6,539
Atea ASA		708		6,545
Cermaq ASA		543		5,537
Det Norske Oljeselskap ASA(1)		652		6,605
DNO International ASA(1)		4,903		16,004
Nordic American Tankers, Ltd.		661		7,231
SpareBank 1 SR-Bank ASA		517		5,022
Storebrand ASA(1)		706		4,218
Tomra Systems ASA		1,323		11,323
Wilh. Wilhelmsen ASA		528		4,826
			$	73,850
Poland — 0.3%
Eurocash SA		270	$	3,505
Getin Noble Bank SA(1)		5,330		5,252
Grupa Azoty SA		163		2,706
Synthos SA		2,527		4,053
TVN SA		877		4,318
			$	19,834
Portugal — 0.7%
Banco BPI SA(1)		3,044	$	6,183
Banco Comercial Portugues SA(1)		39,844		8,893
Sonae		9,856		15,513
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		1,862		12,446
			$	43,035

Security	Shares		Value
Russia — 0.1%
Etalon Group, Ltd. GDR(1)(2)		1,138	$	5,121
OAO OGK-2(1)		525,390		3,494
			$	8,615
Singapore — 1.4%
ARA Asset Management, Ltd.		4,400	$	5,864
Ascott Residence Trust		4,000		3,713
CDL Hospitality Trusts		4,000		5,034
Ezion Holdings, Ltd.		4,800		8,447
Ho Bee Land, Ltd.		3,000		4,708
Hyflux, Ltd.		6,000		5,383
Keppel REIT		3,000		2,635
M1, Ltd.		4,000		10,516
Mapletree Commercial Trust		4,000		3,645
Mapletree Industrial Trust		4,000		4,097
Mapletree Logistics Trust		4,000		3,136
Singapore Post, Ltd.		12,000		12,565
Starhill Global REIT		6,000		3,585
Suntec REIT		2,000		2,513
Venture Corp., Ltd.		1,000		5,793
Wheelock Properties, Ltd.		2,000		2,470
			$	84,104
South Africa — 1.5%
AECI, Ltd.		1,107	$	12,881
African Bank Investments, Ltd.		4,545		4,385
Aveng, Ltd.(1)		1,540		3,262
AVI, Ltd.		1,339		6,209
DataTec, Ltd.(1)		1,003		4,287
Illovo Sugar, Ltd.		1,950		4,721
Investec, Ltd.		635		4,068
Mondi, Ltd.		284		4,316
Murray & Roberts Holdings, Ltd.(1)		1,505		3,359
Nampak, Ltd.		3,177		9,959
Pick’n Pay Holdings, Ltd.		2,600		4,863
Pioneer Foods, Ltd.		834		6,629
Reunert, Ltd.		684		3,938
Royal Bafokeng Platinum, Ltd.(1)		864		4,873
Spar Group, Ltd. (The)		533		5,756
Trencor, Ltd.		630		4,077
			$	87,583
South Korea — 2.5%
AMOREPACIFIC Group, Inc.		25	$	10,974
Cheil Worldwide, Inc.(1)		380		9,879

11 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
Grand Korea Leisure Co., Ltd.		90	$	3,444
Green Cross Corp.		63		7,691
GS Engineering & Construction Corp.		120		3,718
GS Retail Co., Ltd.		220		5,209
Hotel Shilla Co., Ltd.		210		15,081
Hyundai Greenfood Co., Ltd.		400		6,717
Hyundai Home Shopping Network Corp.		65		10,960
Korean Reinsurance Co.		612		6,431
Lock & Lock Co., Ltd.		270		5,540
Lotte Chilsung Beverage Co., Ltd.		5		7,598
LS Industrial Systems Co., Ltd.		72		4,444
Nong Shim Co., Ltd.		25		6,329
ORION Corp.		7		5,693
Ottogi Corp.		13		4,785
Paradise Co., Ltd.		132		3,361
Posco ICT Co., Ltd.		584		4,214
S1 Corp.		77		5,586
SK Broadband Co., Ltd.(1)		1,803		7,919
Tongyang Life Insurance		630		6,378
Young Poong Corp.		3		3,406
			$	145,357
Spain — 1.5%
Abengoa SA, Class B		1,737	$	5,736
Almirall SA		611		9,745
Antena 3 de Television SA		831		15,605
Duro Felguera SA		747		4,993
Ence Energia y Celulosa SA		2,912		10,687
Gamesa Corporacion Tecnologica SA(1)		472		5,175
Grupo Catalana Occidente SA		462		17,727
Jazztel PLC(1)		640		7,857
Melia Hotels International SA		398		5,167
Viscofan SA		41		2,171
			$	84,863
Sweden — 1.8%
AarhusKarlshamn AB		146	$	8,915
Atrium Ljungberg AB		326		4,442
Axfood AB		305		14,618
Axis Communications AB		299		9,642
BillerudKorsnas AB		419		5,018
Clas Ohlson AB, Class B		452		7,714
Hexpol AB		182		12,927
Hufvudstaden AB, Class A		640		8,572
Loomis AB, Class B		101		2,386

Security	Shares		Value
Sweden (continued)
Saab AB, Class B		366	$	9,490
Swedish Orphan Biovitrum AB(1)		1,121		12,775
Wallenstam AB, Class B		616		9,416
			$	105,915
Switzerland — 2.1%
ams AG		92	$	11,295
Burckhardt Compression Holdings AG		36		16,216
Flughafen Zuerich AG		31		18,210
Forbo Holding AG(1)		17		13,886
Georg Fischer AG(1)		7		4,795
Kaba Holding AG(1)		30		13,692
Kuoni Reisen Holding AG(1)		21		9,492
Mobimo Holding AG(1)		54		11,255
Nobel Biocare Holding AG(1)		261		3,978
Temenos Group AG(1)		174		4,872
Vontobel Holding AG		378		14,222
			$	121,913
Taiwan — 2.6%
Advantech Co., Ltd.		3,000	$	18,733
Chicony Electronics Co., Ltd.		3,030		7,734
China Life Insurance Co., Ltd.		5,000		4,765
China Steel Chemical Corp.		3,000		16,631
CTCI Corp.		5,000		6,800
Feng Hsin Iron & Steel Co., Ltd.		2,000		3,422
Formosa Taffeta Co., Ltd.		2,000		2,114
Giant Manufacturing Co., Ltd.		2,000		12,629
Inventec Co., Ltd.		7,000		6,458
Oriental Union Chemical Corp.		2,000		1,994
Phison Electronics Corp.		1,000		6,257
Powertech Technology, Inc.		2,000		2,760
Realtek Semiconductor Corp.		3,030		8,240
Ruentex Development Co., Ltd.		2,000		3,510
ScinoPharm Taiwan, Ltd.		2,080		5,821
Senao International Co., Ltd.		2,000		5,843
Simplo Technology Co., Ltd.		1,000		4,581
Standard Foods Corp.		3,450		10,135
Teco Electric & Machinery Co., Ltd.		8,000		8,689
Transcend Information, Inc.		2,000		5,965
Vanguard International Semiconductor Corp.		5,000		5,471
WPG Holdings Co., Ltd.		3,000		3,480
			$	152,032

12 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Thailand — 1.8%
Bangchak Petroleum PCL(3)		5,600	$	4,532
Bangkok Land PCL(3)		82,400		3,570
Berli Jucker PCL(3)		4,500		6,164
Bumrungrad Hospital PCL(3)		1,500		3,825
Central Pattana PCL(3)		7,400		8,409
Delta Electronics (Thailand) PCL(3)		5,800		9,295
Electricity Generating PCL(3)		2,500		9,664
Quality House PCL(3)		46,000		3,581
Ratchaburi Electricity Generating Holding PCL, NVDR		3,700		5,354
Robinson Department Store PCL(3)		3,900		5,255
Siam City Cement PCL(3)		800		8,616
Siam Makro PCL(3)		6,000		5,724
Sino Thai Engineering & Construction PCL(3)		5,900		2,357
Thai Tap Water Supply Co., Ltd.(3)		20,700		6,049
Thai Union Frozen Products PCL(3)		3,100		6,547
Thanachart Capital PCL(3)		4,100		3,843
Tisco Financial Group Public Co., Ltd.(3)		3,300		3,703
True Corp. PCL(1)(3)		24,400		5,322
VGI Global Media PCL(3)		12,584		3,230
WHA Corp. PCL(3)		3,300		2,891
			$	107,931
Turkey — 0.9%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,359	$	4,695
Asya Katilim Bankasi AS(1)		4,925		2,359
Aygaz AS		1,376		4,642
Dogus Otomotiv Servis ve Ticaret AS		930		2,672
Migros Ticaret AS(1)		474		3,068
Pegasus Hava Tasimaciligi AS(1)		465		5,366
Petkim Petrokimya Holding AS(1)		4,991		5,600
TAV Havalimanlari Holding AS		737		5,544
Tekfen Holding AS		1,505		3,152
Tofas Turk Otomobil Fabrikasi AS		1,218		5,729
Turk Traktor ve Ziraat Makineleri AS		222		5,123
Turkiye Sinai Kalkinma Bankasi AS		4,382		3,306
Yazicilar Holding AS		314		2,476
			$	53,732
United Kingdom — 6.0%
Abcam PLC		1,181	$	10,084
Aveva Group PLC		248		8,758
AZ Electronic Materials SA		1,082		7,045
Beazley PLC		1,650		6,917
Berkeley Group Holdings PLC		215		9,124
Betfair Group PLC		270		4,684
Booker Group PLC		5,528		14,037

Security	Shares		Value
United Kingdom (continued)
BTG PLC(1)		715	$	6,961
Capital & Counties Properties PLC		1,928		11,257
CSR PLC		499		5,417
De La Rue PLC		149		1,910
Domino’s Pizza Group PLC		751		6,521
Dunelm Group PLC		551		8,339
Elementis PLC		1,668		6,993
EnQuest PLC(1)		6,020		12,820
Fidessa Group PLC		343		13,024
Filtrona PLC		1,065		14,496
Genus PLC		390		8,406
Greene King PLC		330		4,645
Halfords Group PLC		1,065		8,008
Hikma Pharmaceuticals PLC		585		11,532
Hunting PLC		682		8,440
International Personal Finance PLC		415		3,165
Jardine Lloyd Thompson Group PLC		485		8,421
Lancashire Holdings, Ltd.		182		2,254
Micro Focus International PLC		804		9,894
Moneysupermarket.com Group PLC		1,776		5,211
N Brown Group PLC		997		8,852
Ocado Group PLC(1)		1,848		15,856
Pace PLC		957		5,617
Rightmove PLC		299		12,441
Rotork PLC		117		4,729
Shaftesbury PLC		439		4,489
Soco International PLC(1)		1,980		13,396
Stolt-Nielsen, Ltd.		472		13,944
Telecom Plus PLC		424		13,271
Ultra Electronics Holdings PLC		486		15,603
Victrex PLC		227		6,631
WH Smith PLC		1,117		19,129
			$	352,321
United States — 29.6%
ACADIA Pharmaceuticals, Inc.(1)		591	$	13,770
ACI Worldwide, Inc.(1)		141		8,546
Acorda Therapeutics, Inc.(1)		111		3,258
Aegerion Pharmaceuticals, Inc.(1)		159		9,537
Akorn, Inc.(1)		217		4,926
Alaska Air Group, Inc.		199		15,735
Alkermes PLC(1)		347		16,892
Allegiant Travel Co.		139		12,659
ALLETE, Inc.		236		11,795
Alnylam Pharmaceuticals, Inc.(1)		225		18,823
Anworth Mortgage Asset Corp.		1,864		8,742

13 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
United States (continued)
ARRIS Group, Inc.(1)		460	$	11,914
Aspen Technology, Inc.(1)		272		12,395
Athenahealth, Inc.(1)		35		5,159
Avista Corp.		353		10,177
Balchem Corp.		168		9,159
Black Hills Corp.		297		16,284
Blackbaud, Inc.		170		5,858
Bonanza Creek Energy, Inc.(1)		221		8,997
Boston Beer Co., Inc. (The), Class A(1)		55		11,457
Bristow Group, Inc.		178		12,779
Buckle, Inc. (The)		103		4,565
Buffalo Wild Wings, Inc.(1)		53		7,519
C&J Energy Services, Inc.(1)		199		4,653
Cabot Microelectronics Corp.(1)		174		7,016
CACI International, Inc., Class A(1)		123		9,104
Calgon Carbon Corp.(1)		468		9,505
Capstead Mortgage Corp.		766		9,667
Casey’s General Stores, Inc.		116		7,966
Celldex Therapeutics, Inc.(1)		550		14,179
Cheesecake Factory, Inc. (The)		179		7,973
CLARCOR, Inc.		230		12,747
Cleco Corp.		226		11,042
Cloud Peak Energy, Inc.(1)		541		10,133
Cogent Communications Group, Inc.		170		7,033
CommVault Systems, Inc.(1)		113		7,805
Conn’s, Inc.(1)		216		13,113
Contango Oil & Gas Co.(1)		155		6,504
Convergys Corp.		361		7,354
Conversant, Inc.(1)		302		6,493
Cornerstone OnDemand, Inc.(1)		108		6,161
Costar Group, Inc.(1)		26		4,473
Cracker Barrel Old Country Store, Inc.		93		9,208
Cubist Pharmaceuticals, Inc.(1)		219		16,007
CYS Investments, Inc.		918		7,271
Delek US Holdings, Inc.		269		8,151
Diamondback Energy, Inc.(1)		238		12,371
Dril-Quip, Inc.(1)		90		9,050
Eagle Materials, Inc.		167		13,151
El Paso Electric Co.		294		10,710
Energy XXI Bermuda, Ltd.		105		2,410
EPL Oil & Gas, Inc.(1)		295		7,927
Finish Line, Inc. (The), Class A		255		6,541
First Financial Bankshares, Inc.		109		6,668
Forum Energy Technologies, Inc.(1)		425		10,676
GNC Holdings, Inc., Class A		223		11,398
Government Properties Income Trust		229		5,656

Security	Shares		Value
United States (continued)
Gulf Coast Ultra Deep Royalty Trust(1)		834	$	2,102
GulfMark Offshore, Inc., Class A		164		6,980
H.B. Fuller Co.		128		5,962
Haemonetics Corp.(1)		58		2,198
Hain Celestial Group, Inc. (The)(1)		153		14,059
Hatteras Financial Corp.		385		6,907
Heartland Express, Inc.		165		3,475
Heartland Payment Systems, Inc.		106		4,570
Hecla Mining Co.		3,530		10,696
Helen of Troy, Ltd.(1)		59		3,247
Hercules Offshore, Inc.(1)		1,600		7,968
Hibbett Sports, Inc.(1)		111		6,661
Hillenbrand, Inc.		197		5,333
Hittite Microwave Corp.(1)		97		5,563
Home BancShares, Inc.		139		4,287
HSN, Inc.		168		9,201
Hyster-Yale Materials Handling, Inc.		90		7,718
IDACORP, Inc.		291		15,344
Investors Bancorp, Inc.		105		2,664
Isis Pharmaceuticals, Inc.(1)		391		19,964
J&J Snack Foods Corp.		95		8,369
j2 Global, Inc.		239		10,839
Jazz Pharmaceuticals PLC(1)		114		17,289
JoS. A. Bank Clothiers, Inc.(1)		137		7,702
Kodiak Oil & Gas Corp.(1)		522		5,538
Lancaster Colony Corp.		151		13,125
Lexicon Pharmaceuticals, Inc.(1)		3,892		7,161
Louisiana-Pacific Corp.(1)		446		7,818
Lumber Liquidators Holdings, Inc.(1)		138		12,281
ManTech International Corp., Class A		190		5,529
MarketAxess Holdings, Inc.		69		4,329
MAXIMUS, Inc.		265		11,228
Medicines Co. (The)(1)		366		12,722
Medidata Solutions, Inc.(1)		232		14,639
Mentor Graphics Corp.		364		7,571
MFA Financial, Inc.		1,138		8,296
MGE Energy, Inc.		241		13,723
MGIC Investment Corp.(1)		1,649		14,000
Middleby Corp.(1)		20		4,932
Minerals Technologies, Inc.		155		8,010
Monro Muffler Brake, Inc.		242		13,433
Montpelier Re Holdings, Ltd.		86		2,397
Mueller Industries, Inc.		215		13,382
MWI Veterinary Supply, Inc.(1)		80		14,901
National Health Investors, Inc.		156		9,823
National Retail Properties, Inc.		72		2,390

14 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
United States (continued)
Nektar Therapeutics(1)		1,272	$	17,299
New Jersey Resources Corp.		216		9,850
NewMarket Corp.		23		7,702
Northwest Bancshares, Inc.		164		2,306
Northwest Natural Gas Co.		205		8,520
NorthWestern Corp.		292		13,201
NPS Pharmaceuticals, Inc.(1)		473		16,924
Nu Skin Enterprises, Inc., Class A		77		6,557
Ocwen Financial Corp.(1)		252		11,123
Owens & Minor, Inc.		255		8,833
PDC Energy, Inc.(1)		180		8,975
Piedmont Natural Gas Co., Inc.		304		10,038
Pilgrim’s Pride Corp.(1)		896		14,990
Plantronics, Inc.		191		8,200
Platinum Underwriters Holdings, Ltd.		132		7,503
PNM Resources, Inc.		484		11,931
Portland General Electric Co.		361		10,895
Post Properties, Inc.		51		2,393
Primerica, Inc.		347		14,619
ProAssurance Corp.		50		2,323
Puma Biotechnology, Inc.(1)		106		12,530
RBC Bearings, Inc.(1)		97		6,289
Resolute Energy Corp.(1)		714		5,705
Rite Aid Corp.(1)		2,585		14,347
RLI Corp.		236		9,832
Rollins, Inc.		160		4,611
Rosetta Resources, Inc.(1)		134		5,710
Salix Pharmaceuticals, Ltd.(1)		80		7,787
Sanchez Energy Corp.(1)		218		5,993
Sanderson Farms, Inc.		190		14,126
Saul Centers, Inc.		131		6,105
Schweitzer-Mauduit International, Inc.		204		9,411
Scorpio Tankers, Inc.		1,048		10,480
Seaboard Corp.		3		7,650
Seattle Genetics, Inc.(1)		340		15,252
SemGroup Corp., Class A		204		12,599
Sensient Technologies Corp.		197		9,637
Ship Finance International, Ltd.		273		4,674
Shutterstock, Inc.(1)		115		9,270
Signature Bank(1)		123		15,013
Six Flags Entertainment Corp.		198		7,106
Snyders-Lance, Inc.		250		6,677
Solar Capital, Ltd.		105		2,324
SolarWinds, Inc.(1)		155		6,183
South Jersey Industries, Inc.		176		9,388
Southwest Gas Corp.		274		14,722

Security	Shares		Value
United States (continued)
Sovran Self Storage, Inc.		123	$	8,353
Spirit Airlines, Inc.(1)		277		12,991
SS&C Technologies Holdings, Inc.(1)		138		5,357
Starwood Property Trust, Inc.		392		11,838
Stepan Co.		130		8,241
STERIS Corp.		177		8,123
Stone Energy Corp.(1)		320		9,904
SunEdison, Inc.(1)		1,209		16,817
SunPower Corp.(1)		387		12,523
Supervalu, Inc.(1)		1,580		9,132
Synaptics, Inc.(1)		211		12,314
SYNNEX Corp.(1)		73		4,099
Take-Two Interactive Software, Inc.(1)		473		9,072
Tanger Factory Outlet Centers		67		2,236
Targa Resources Corp.		207		18,690
Teledyne Technologies, Inc.(1)		189		17,363
Tennant Co.		189		12,121
TiVo, Inc.(1)		471		5,836
Tootsie Roll Industries, Inc.		229		6,948
TreeHouse Foods, Inc.(1)		151		9,942
Tyler Technologies, Inc.(1)		74		7,803
UIL Holdings Corp.		264		10,209
Ultimate Software Group, Inc.(1)		86		14,038
United Natural Foods, Inc.(1)		139		9,392
Universal Corp.		121		6,210
UNS Energy Corp.		236		14,132
Vector Group, Ltd.		144		2,572
ViaSat, Inc.(1)		101		6,011
Watsco, Inc.		124		11,733
Weis Markets, Inc.		197		9,696
West Pharmaceutical Services, Inc.		286		13,571
Westamerica Bancorporation		58		2,863
Western Refining, Inc.		423		16,544
WGL Holdings, Inc.		239		9,029
World Fuel Services Corp.		230		9,826
Yelp, Inc.(1)		192		14,582
			$	1,725,102
Total Common Stocks (identified cost $5,143,750)			$	5,690,475

15 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Equity-Linked Securities(4)(5) — 2.0%
Security	Maturity Date		Shares		Value
India — 2.0%
Bajaj Finserv, Ltd.		10/26/18		430	$	4,669
Bharat Forge, Ltd.		11/2/16		993		5,496
Britannia Industries, Ltd.		10/17/17		388		5,475
Castrol India, Ltd.		10/17/17		1,703		8,013
Eicher Motors, Ltd.		4/17/18		100		7,417
GlaxoSmithKline Consumer Healthcare		9/7/16		135		9,187
Jaiprakash Power Ventures, Ltd.		10/26/18		13,980		2,936
JSW Energy, Ltd.		10/26/18		5,910		4,166
Jubilant Foodworks, Ltd.		7/3/17		244		4,174
LIC Housing Finance, Ltd.		8/12/15		1,319		4,122
Mahindra & Mahindra Financial Services		11/3/15		1,007		3,902
Marico, Ltd.		10/17/17		2,500		8,537
Motherson Sumi Systems, Ltd.		10/26/18		1,586		5,161
Petronet LNG, Ltd.		10/17/17		3,000		5,265
Piramal Enterprises, Ltd.		10/9/14		950		8,441
Reliance Capital, Ltd.		10/26/18		770		3,985
Reliance Infrastructure, Ltd.		4/26/16		650		3,864
Shree Cement, Ltd.		7/20/17		125		8,853
Unitech, Ltd.		7/27/15		15,130		3,026
United Phosphorus, Ltd.		7/20/17		2,617		7,890
Total Equity-Linked Securities (identified cost $123,919)					$	114,579

Investment Funds — 0.0%(6)
Security	Shares		Value
Australia — 0.0%(6)
Australian Infrastructure Fund		1,502	$	9
Total Investment Funds (identified cost $4,833)			$	9

Short-Term Investments — 0.4%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.13%(7)	$	27	$	26,943
Total Short-Term Investments (identified cost $26,943)			$	26,943
Total Investments — 99.9% (identified cost $5,299,445)			$	5,832,006
Other Assets, Less Liabilities — 0.1%			$	4,023
Net Assets — 100.0%			$	5,836,029

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

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
NVDR	–	Non-Voting Depositary Receipt
PCL	–	Public Company Ltd.
PFC Shares	–	Preference Shares
REIT	–	Real Estate Investment Trust

⁽¹⁾  Non-income producing security.

⁽²⁾  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, 2014, the aggregate value of these securities is $5,121 or 0.1% of the Fund’s net assets.

⁽³⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁴⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At January 31, 2014, the aggregate value of these securities is $114,579 or 2.0% of the Fund’s net assets.

⁽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⁾  Amount is less than 0.05%.

⁽⁷⁾  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, 2014.

16 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		33.6	%	$	1,957,725
Euro		14.7			859,200
Japanese Yen		8.6			501,759
British Pound Sterling		6.1			356,993
Hong Kong Dollar		5.0			294,129
Canadian Dollar		3.3			191,448
New Taiwan Dollar		2.6			152,032
South Korean Won		2.5			145,357
Australian Dollar		2.2			125,660
Swiss Franc		2.1			121,913
Malaysian Ringgit		2.0			117,034
Thai Baht		1.8			107,931
Swedish Krona		1.8			105,915
South African Rand		1.5			87,583
Indonesian Rupiah		1.5			85,973
Singapore Dollar		1.4			84,104
Norwegian Krone		1.4			80,563
Brazilian Real		1.3			76,953
New Zealand Dollar		1.2			70,996
Israeli Shekel		1.1			62,866
Chilean Peso		1.1			62,310
Other currency, less than 1% each		3.1			183,562
Total Investments		99.9	%	$	5,832,006

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		14.8	%	$	861,147
Industrials		13.0			761,718
Consumer Discretionary		12.8			747,807
Information Technology		12.6			732,891
Health Care		11.9			694,306
Consumer Staples		10.1			592,502
Materials		8.2			477,179
Energy		7.9			459,417
Utilities		6.4			371,980
Telecommunication Services		1.8			106,107
Short-Term Investments		0.4			26,943
Investment Funds		0.0	(1)		9
Total Investments		99.9	%	$	5,832,006

⁽¹⁾  Amount is less than 0.05%.

17 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Statement of Assets and Liabilities

Assets	January 31, 2014
Unaffiliated investments, at value (identified cost, $5,272,502)	$	5,805,063
Affiliated investment, at value (identified cost, $26,943)		26,943
Foreign currency, at value (identified cost, $32,271)		31,729
Dividends receivable		3,027
Interest receivable from affiliated investment		2
Receivable for investments sold		55
Tax reclaims receivable		1,414
Receivable from affiliates		23,194
Total assets	$	5,891,427
Liabilities
Payable to affiliate:
Investment adviser and administration fee	$	3,561
Accrued expenses		51,837
Total liabilities	$	55,398
Net Assets	$	5,836,029
Sources of Net Assets
Paid-in capital	$	5,308,635
Accumulated net realized gain		3,901
Accumulated distributions in excess of net investment income		(8,563	)
Net unrealized appreciation		532,056
Net Assets	$	5,836,029
Institutional Class
Net Assets	$	5,836,029
Shares Outstanding		529,912
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.01

18 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Statement of Operations

Investment Income	Year Ended January 31, 2014
Dividends (net of foreign taxes, $13,679)	$	139,043
Interest allocated from affiliated investment		25
Expenses allocated from affiliated investment		(2	)
Total investment income	$	139,066
Expenses
Investment adviser and administration fee	$	39,190
Trustees’ fees and expenses		733
Custodian fee		80,669
Transfer and dividend disbursing agent fees		73
Legal and accounting services		34,567
Printing and postage		16,223
Registration fees		24,176
Miscellaneous		12,365
Total expenses	$	207,996
Deduct —
Allocation of expenses to affiliates	$	160,465
Total expense reductions	$	160,465
Net expenses	$	47,531
Net investment income	$	91,535
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	182,317
Foreign currency transactions		(2,981	)
Net realized gain	$	179,336
Change in unrealized appreciation (depreciation) —
Investments	$	334,363
Foreign currency		(512	)
Net change in unrealized appreciation (depreciation)	$	333,851
Net realized and unrealized gain	$	513,187
Net increase in net assets from operations	$	604,722

19 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Year Ended January 31, 2014			Period Ended January 31, 2013(1)
From operations —
Net investment income	$	91,535		$	3,031
Net realized gain from investment and foreign currency transactions, disposal of investments in violation of restrictions and net increase from payment by affiliate		179,336			9,268
Net change in unrealized appreciation (depreciation) from investments and foreign currency		333,851			198,205
Net increase in net assets from operations	$	604,722		$	210,504
Distributions to shareholders —
From net investment income	$	(130,296	)	$	(2,000	)
From net realized gain		(180,920	)		—
Total distributions to shareholders	$	(311,216	)	$	(2,000	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	77,608		$	5,000,000
Net asset value of shares issued to shareholders in payment of distributions declared		266,667			—
Cost of shares redeemed	$	(10,256	)	$	—
Net increase in net assets from Fund share transactions	$	334,019		$	5,000,000
Net increase in net assets	$	627,525		$	5,208,504
Net Assets
At beginning of period	$	5,208,504		$	—
At end of period	$	5,836,029		$	5,208,504
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(8,563	)	$	25,404

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

20 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

Financial Highlights

	Institutional Class
	Year Ended January 31, 2014			Period Ended January 31, 2013(1)
Net asset value — Beginning of period	$	10.420		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.181		$	0.006
Net realized and unrealized gain		1.023			0.418
Total income from operations	$	1.204		$	0.424
Less Distributions
From net investment income	$	(0.257	)	$	(0.004	)
From net realized gain		(0.357	)		—
Total distributions	$	(0.614	)	$	(0.004	)
Net asset value — End of period	$	11.010		$	10.420
Total Return(3)		11.50	%		4.24	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,836		$	5,209
Ratios (as a percentage of average daily net assets):
Expenses(6)		0.85	%		0.85	%(7)
Net investment income		1.63	%		0.52	%(7)
Portfolio Turnover		38	%		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 2.86% and 10.98% of average daily net assets for the year ended January 31, 2014 and the period ended January 31, 2013, respectively). Absent this subsidy, total return would have been lower.

⁽⁷⁾  Annualized.

21 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2014

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. The Fund offers Institutional Class shares, which are offered at net asset value and are not subject to a sales charge.

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

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. 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.

Foreign Securities and Currencies. 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.

Affiliated Fund. 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.

Fair Valuation. 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.

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.

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.

22

Parametric Global Small-Cap Fund

January 31, 2014

Notes to Financial Statements — continued

As of January 31, 2014, 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. 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 year ended January 31, 2014 and the period ended January 31, 2013 was as follows:

	Year Ended January 31, 2014		Period Ended January 31, 2013
Distributions declared from:
Ordinary income	$	311,216	$	2,000

During the year ended January 31, 2014, accumulated net realized gain was decreased by $4,628, accumulated distributions in excess of net investment income was decreased by $4,794 and paid-in capital was decreased by $166 due to differences between book and tax accounting, primarily for foreign currency gain (loss), investments in passive foreign investment companies (PFICs), distributions from real estate investment trusts (REITs), non-deductible expenses and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

23

Parametric Global Small-Cap Fund

January 31, 2014

Notes to Financial Statements — continued

As of January 31, 2014, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

Undistributed ordinary income	$	8,579
Undistributed long-term capital gains	$	642
Net unrealized appreciation	$	518,173

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 wash sales, investments in partnerships, investments in PFICs 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. For the year ended January 31, 2014, the investment adviser and administration fee amounted to $39,190 or 0.70% 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. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves 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 $160,465 in total of the Fund’s operating expenses for the year ended January 31, 2014.

EVM provides sub-transfer agency services to the Fund and receives a fee based upon the actual expenses it incurs in the performance of these services. For the year ended January 31, 2014, EVM earned $23 in sub-transfer agent fees, which are included in transfer and dividend disbursing agent fees on the Statement of Operations.

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, 2014, 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 $2,225,222 and $2,095,443, respectively, for the year ended January 31, 2014.

5  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:

Institutional Class	Year Ended January 31, 2014			Period Ended January 31, 2013(1)
Sales		7,114			500,000
Issued to shareholders electing to receive payments of distributions in Fund shares		23,747			—
Redemptions		(949	)		—
Net increase		29,912			500,000

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

At January 31, 2014, an affiliate of EVM owned approximately 99% of the outstanding shares of the Fund.

24

Parametric Global Small-Cap Fund

January 31, 2014

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, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	5,313,328
Gross unrealized appreciation	$	957,294
Gross unrealized depreciation		(438,616	)
Net unrealized appreciation	$	518,678

7  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.

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 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, 2014.

9  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.

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

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

Ÿ 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.

25

Parametric Global Small-Cap Fund

January 31, 2014

Notes to Financial Statements — continued

At January 31, 2014, 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	$	32,550	$	1,684,966		$	—	$	1,717,516
Developed Europe		45,387		1,520,365			—		1,565,752
Developed Middle East		12,894		62,866			—		75,760
Emerging Europe		5,121		126,728			—		131,849
Latin America		56,202		139,263			—		195,465
Middle East/Africa		—		87,583			—		87,583
North America		1,916,550		—			—		1,916,550
Total Common Stocks	$	2,068,704	$	3,621,771	*	$	—	$	5,690,475
Equity-Linked Securities	$	—	$	114,579		$	—	$	114,579
Investment Funds		—		9			—		9
Short-Term Investments		—		26,943			—		26,943
Total Investments	$	2,068,704	$	3,763,302		$	—	$	5,832,006

* 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, 2013 whose fair value was determined using Level 3 inputs. At January 31, 2014, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

26

Parametric Global Small-Cap Fund

January 31, 2014

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, 2014, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and 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 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, 2014, 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 Parametric Global Small-Cap Fund as of January 31, 2014, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended, and 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 17, 2014

27

Parametric Global Small-Cap Fund

January 31, 2014

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2015 will show the tax status of all distributions paid to your account in calendar year 2014. 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 foreign tax credit and capital gains dividends.

Qualified Dividend Income.  The Fund designates approximately $103,523, 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 2014 ordinary income dividends, 5.66% qualifies for the corporate dividends received deduction.

Foreign Tax Credit.  The Fund paid foreign taxes of $12,870 and recognized foreign source income of $124,666.

Capital Gain Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2014, $642, or, if subsequently determined to be different, the net capital gain of such year.

28

Parametric Global Small-Cap Fund

January 31, 2014

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 182 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	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	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 182 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.(2) Director of EVC and Hexavest Inc.
Noninterested Trustees
Scott E. Eston 1956	Trustee	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.(2) None.
Allen R. Freedman 1940	Trustee	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.(2) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).
Valerie A. Mosley(3) 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years. Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Trustee	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.(2) None.

29

Parametric Global Small-Cap Fund

January 31, 2014

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Ronald A. Pearlman 1940	Trustee	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.(2) None.
Helen Frame Peters 1948	Trustee	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.(2) 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	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.(2) None.
Harriett Tee Taggart 1948	Trustee	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.(2) 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	2007 (Chairman); 2005 (Trustee)	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.(2) None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.

30

Parametric Global Small-Cap Fund

January 31, 2014

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽¹⁾  Date first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for, Mr. Eston and Ms. Taggart for all funds except eUnits^TM 2 Year U.S. Equity Market Participation Trust: Upside to Cap/Buffered Downside and Ms. Mosley for all funds) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Equity Market Participation Trust: Upside to Cap/Buffered Downside (launched in 2012 and terminated in 2014); 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).

⁽³⁾  Effective January 1, 2014, Ms. Mosley was appointed as a Trustee of the Trust.

⁽⁴⁾  Date first elected to serve as officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial appointment.

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 1-800-260-0761.

31

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:

Ÿ 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.

Ÿ 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.

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

Ÿ 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 1-800-260-0761, 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 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

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) 260-0761

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.

6603    1.31.14

Parametric International Equity Fund

Annual Report

January 31, 2014

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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 1-800-260-0761.

Annual Report January 31, 2014

Parametric 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	26
Federal Tax Information	27
Management and Organization	28
Important Notices	31

Parametric International Equity Fund

January 31, 2014

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period started on February 1, 2013, global stocks, as measured by the MSCI All Country World Index (ACWI)², had recently begun a rally that would continue well into May, driven largely by strengthening economic data in the U.S., Europe and elsewhere, along with highly accommodative monetary policies by global central banks.

In late May 2013, however, then-U.S. Federal Reserve (the Fed) Chairman Ben Bernanke surprised the markets by indicating that the Fed’s $85 billion in monthly asset purchases, known collectively as quantitative easing (QE), could begin to taper off sooner than most investors had expected. The negative effect on worldwide markets was swift and dramatic. Bond investors rushed to sell assets in anticipation of rising interest rates. The prospect of reduced Fed stimulus weighed on global equities as well, most notably in emerging markets.

By late June 2013, however, global equities, in general, resumed their upward trajectory. Factors contributing to the rally included some backtracking by the Fed on its earlier statements regarding QE, ongoing improvements in housing and other U.S. economic data, and news from Europe that the eurozone had officially come out of recession.

After faltering again in August 2013 amid geopolitical tensions in the Middle East, global equities once more trended upward. In mid-September, the Fed again surprised investors by announcing that it was postponing any tapering of QE for the time being. Global stocks initially surged in response, only to drift downward in late September and early October amid investor uncertainty over the Fed’s intentions and a Congressional impasse that led to a partial U.S. government shutdown on October 1, 2013.

In mid-October, global stocks reversed direction again and began a rally that more or less lasted through the rest of 2013, driven largely by moderate economic growth that seemed to confirm the global recovery was gaining strength. Even the Fed’s mid-December announcement that tapering of QE would begin in January 2014 did not derail the rally, as investors appeared relieved that the tapering would be gradual and that the Fed still intended to keep short-term interest rates near zero for an extended period.

However, when the Fed announced further tapering toward the end of January, the reaction from global markets was

more negative. Although the Fed’s latest move was widely expected, many investors worried about continued withdrawal of stimulus in the face of recent emerging-market turmoil and some mixed economic data. Against this backdrop, the MSCI ACWI slid 4.00% for the month of January 2014.

For the full 12-month period, the MSCI ACWI returned 12.70%. In the U.S., the S&P 500 Index gained 21.52%, achieving multiple all-time closing highs along the way. The nascent European recovery helped power the FTSE Eurotop 100 Index to a 12.59% return. In response to Prime Minister Shinzo Abe’s stimulus efforts, Japan’s Nikkei-225 Stock Average advanced 19.82%. Elsewhere in the Asia-Pacific region, the MSCI Golden Dragon Index declined 2.32% amid slowing growth in China. Emerging markets were among the period’s worst performers, with the MSCI Emerging Markets Index falling 10.17%.

Fund Performance

For the 12-month period ended January 31, 2014, Parametric International Equity Fund (the Fund) had a total return of 9.04% for Investor Class shares at net asset value (NAV), underperforming the 11.93% return of the Fund’s benchmark, the MSCI EAFE Index (the Index).

Factors detracting from the Fund’s performance relative to the Index included an underweight position in Japan, where equities generally performed strongly for the 12-month period on massive government stimulus measures. Also detracting from the Fund’s performance versus the Index was the Fund’s overweight position in Singapore, whose market was adversely impacted by concerns about tighter U.S. monetary policy. An underweight position in the financials sector also detracted from the Fund’s performance versus the Index, as bank stocks generally rallied during the period on favorable economic conditions.

Factors contributing to the Fund’s performance relative to the Index included an underweight position in Australia, whose market was dragged down by poor results among commodity-related stocks during the period. Overweight positions in Ireland, Finland and Spain further contributed to the Fund’s performance versus the Index, as European markets generally rose during the period on strengthening economic indicators. An overweight position in the industrials sector also aided the Fund’s performance relative to the Index, as economically sensitive sectors benefited from improved economic activity during the period.

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 eatonvance.com.

2

Parametric International Equity Fund

January 31, 2014

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010		9.04	%		—			6.78	%
Institutional Class at NAV		04/01/2010		04/01/2010		9.31			—			7.05
MSCI EAFE Index		—		—		11.93	%		13.83	%		7.01	%
% Total Annual Operating Expense Ratios4								Investor Class			Institutional Class
Gross									1.51	%		1.25	%
Net									1.05			0.80

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Investor Class of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Institutional Class	$	50,000		04/01/2010	$	64,967		N.A.

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 eatonvance.com.

3

Parametric International Equity Fund

January 31, 2014

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Novo Nordisk A/S, Class B	1.4	%
Nestle SA	1.3
SAP AG	1.2
Linde AG	1.1
DBS Group Holdings, Ltd.	1.1
ENI SpA	1.1
Anheuser-Busch InBev NV	1.1
ASML Holding NV	1.1
Coloplast A/S, Class B	1.0
Novartis AG	0.9
Total	11.3	%

See Endnotes and Additional Disclosures in this report.

4

Parametric International Equity Fund

January 31, 2014

Endnotes and Additional Disclosures

¹  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.

²  MSCI All Country World Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. 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. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. FTSE Eurotop 100 Index is a tradable index designed to represent the performance of the 100 most highly capitalized blue-chip companies in Europe. The return for the FTSE Eurotop 100 Index is calculated in U.S. dollars. Nikkei-225 Stock Average is an unmanaged, price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. 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  Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴  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.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

5

Parametric International Equity Fund

January 31, 2014

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, 2013 – January 31, 2014).

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 (8/1/13)		Ending Account Value (1/31/14)		Expenses Paid During Period* (8/1/13 – 1/31/14)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,056.40	$	5.44	**		1.05	%
Institutional Class	$	1,000.00	$	1,058.10	$	4.15	**		0.80	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,019.90	$	5.35	**		1.05	%
Institutional Class	$	1,000.00	$	1,021.20	$	4.08	**		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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2013.

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

6

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments

Common Stocks — 99.4%
Security	Shares		Value
Australia — 5.7%
AGL Energy, Ltd.		12,775	$	170,008
Amcor, Ltd.		54,391		510,204
APA Group		9,374		49,115
Australia and New Zealand Banking Group, Ltd.		10,231		269,487
BHP Billiton, Ltd.		7,996		255,354
Caltex Australia, Ltd.		2,200		37,251
CFS Retail Property Trust Group		17,143		29,077
Coca-Cola Amatil, Ltd.		12,701		129,869
Commonwealth Bank of Australia		5,968		387,481
Computershare, Ltd.		6,770		66,142
Crown, Ltd.		2,586		37,742
CSL, Ltd.		3,715		228,666
Federation Centres		14,072		27,919
Flight Centre, Ltd.		935		38,748
Fortescue Metals Group, Ltd.		7,746		35,929
GPT Group		15,885		50,198
Harvey Norman Holdings, Ltd.		24,339		63,755
James Hardie Industries PLC CDI		4,080		46,115
Leighton Holdings, Ltd.		2,358		33,890
Metcash, Ltd.		21,442		56,583
National Australia Bank, Ltd.		8,497		247,021
Orica, Ltd.		11,666		240,136
Origin Energy, Ltd.		18,017		220,181
Orora, Ltd.(1)		54,391		60,928
Qantas Airways, Ltd.(1)		19,690		18,854
Rio Tinto, Ltd.		3,764		213,878
Seek, Ltd.		3,340		36,256
Sydney Airport		9,117		31,443
Tabcorp Holdings, Ltd.		11,542		34,869
Tatts Group, Ltd.		15,658		40,932
Telstra Corp., Ltd.		98,741		444,414
Toll Holdings, Ltd.		7,061		34,484
Transurban Group		13,826		83,538
Wesfarmers, Ltd.		1,358		49,827
Westfield Retail Trust		11,310		29,881
Westpac Banking Corp.		2,941		79,265
Woodside Petroleum, Ltd.		3,407		111,425
Woolworths, Ltd.		6,642		198,018
			$	4,698,883
Austria — 1.0%
Andritz AG		490	$	26,887
OMV AG		10,325		446,741

Security	Shares		Value
Austria (continued)
Raiffeisen Bank International AG		6,543	$	250,886
Verbund AG		4,430		93,323
			$	817,837
Belgium — 3.6%
Ageas NV SA		904	$	38,792
Anheuser-Busch InBev NV		9,453		906,001
Belgacom SA		9,652		275,529
Colruyt SA		4,547		257,944
Delhaize Group SA		686		44,061
Groupe Bruxelles Lambert SA		4,844		437,015
KBC Groep NV		730		43,056
Solvay SA		1,971		275,195
Telenet Group Holding NV		3,343		198,575
UCB SA		4,037		285,455
Umicore SA		4,293		183,565
			$	2,945,188
Denmark — 4.6%
A.P. Moller-Maersk A/S, Class A		21	$	224,790
A.P. Moller-Maersk A/S, Class B		23		256,996
Coloplast A/S, Class B		10,805		811,676
Danske Bank A/S(1)		2,198		49,713
DSV A/S		9,896		317,735
Novo Nordisk A/S, Class B		29,935		1,185,832
Novozymes A/S, Class B		13,150		568,251
TDC A/S		9,435		88,764
Tryg A/S		1,718		164,060
William Demant Holding A/S(1)		1,217		111,995
			$	3,779,812
Finland — 3.3%
Elisa Oyj		10,113	$	259,243
Fortum Oyj		7,742		166,379
Kesko Oyj, Class B		2,158		79,529
Kone Oyj, Class B		15,245		618,654
Metso Oyj		2,592		80,912
Neste Oil Oyj		9,917		177,022
Nokia Oyj (1)		49,444		342,193
Nokian Renkaat Oyj		1,308		55,031
Orion Oyj, Class B		7,244		189,071
Sampo Oyj		7,909		366,723
Stora Enso Oyj		13,165		122,873
UPM-Kymmene Oyj		3,398		52,046

7 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Finland (continued)
Valmet Corp.(1)		2,592	$	21,866
Wartsila Oyj		4,279		231,716
			$	2,763,258
France — 6.5%
ADP		1,248	$	140,806
Air Liquide SA		5,035		631,889
AXA SA		1,296		33,995
BNP Paribas SA		530		40,919
Carrefour SA		2,340		80,408
Casino Guichard-Perrachon SA		349		35,972
CGG SA(1)		3,549		52,718
Christian Dior SA		628		114,797
CNP Assurances		3,160		61,828
Compagnie Generale des Etablissements Michelin, Class B		278		29,243
Credit Agricole SA(1)		3,167		42,496
Dassault Systemes SA		1,524		180,736
EDF SA		1,139		38,665
Essilor International SA		1,598		160,357
Eutelsat Communications SA		525		15,929
GDF Suez		11,405		251,748
Iliad SA		236		53,990
Imerys SA		900		73,180
JCDecaux SA		771		32,879
Kering SA		354		70,601
L’Oreal SA		908		149,070
Lagardere SCA		2,506		88,462
LVMH Moet Hennessy Louis Vuitton SA		4,011		713,532
Natixis		10,890		63,882
Orange SA		3,618		44,788
Pernod-Ricard SA		4,073		437,403
Renault SA		4,210		365,719
Safran SA		3,384		240,488
Sanofi		2,939		287,319
SES SA		2,302		73,926
Societe BIC SA		1,160		133,487
Societe Generale		691		39,041
Sodexo		1,047		103,112
Suez Environnement Co. SA		3,868		69,279
Thales SA		1,044		67,938
Total SA		3,048		173,893
Unibail-Rodamco SE		310		74,608
Vallourec SA		656		32,751
Veolia Environnement		4,212		66,038
			$	5,367,892

Security	Shares		Value
Germany — 7.1%
Adidas AG		1,780	$	198,455
BASF SE		1,083		115,785
Bayerische Motoren Werke AG		1,871		203,103
Bayerische Motoren Werke AG, PFC Shares		2,475		198,349
Beiersdorf AG		999		98,740
Brenntag AG		189		32,578
Celesio AG		1,421		46,810
Commerzbank AG(1)		6,065		102,668
Continental AG		533		114,390
Daimler AG		2,048		171,061
Deutsche Boerse AG		923		70,879
Deutsche Lufthansa AG(1)		4,066		96,584
Deutsche Post AG		7,780		268,704
Deutsche Telekom AG		9,603		155,272
E.ON AG		2,053		37,159
Fraport AG		442		32,616
Fresenius Medical Care AG & Co. KGaA		425		29,950
Hannover Rueckversicherung AG		1,121		88,929
HeidelbergCement AG		421		31,246
Henkel AG & Co. KGaA		1,716		166,764
Henkel AG & Co. KGaA, PFC Shares		2,776		300,492
Hochtief AG		442		35,184
Kabel Deutschland Holding AG		236		31,021
Linde AG		5,022		948,995
Muenchener Rueckversicherungs-Gesellschaft AG		396		81,608
Osram Licht AG(1)		4,976		290,820
Porsche Automobil Holding SE, PFC Shares		424		41,366
ProSiebenSat.1 Media AG		670		30,014
RWE AG		1,057		39,002
RWE AG, PFC Shares		1,130		35,022
Salzgitter AG		938		41,378
SAP AG		13,283		1,016,277
Siemens AG		864		109,308
ThyssenKrupp AG(1)		3,044		78,169
United Internet AG		7,614		332,551
Volkswagen AG		452		109,454
Volkswagen AG, PFC Shares		326		82,272
			$	5,862,975
Hong Kong — 5.0%
ASM Pacific Technology, Ltd.		3,500	$	32,776
Bank of East Asia, Ltd.		46,600		177,066
BOC Hong Kong (Holdings), Ltd.		93,000		283,249
Cathay Pacific Airways, Ltd.		85,000		176,833
Cheung Kong Infrastructure Holdings, Ltd.		33,000		193,828

8 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
CLP Holdings, Ltd.		27,500	$	208,009
Galaxy Entertainment Group, Ltd.(1)		77,000		752,643
Hang Seng Bank, Ltd.		39,700		626,303
HKT Trust and HKT, Ltd.		40,000		38,238
Hong Kong & China Gas Co., Ltd.		198,759		409,181
Hopewell Holdings, Ltd.		41,000		141,531
Li & Fung, Ltd.		58,000		80,595
Link REIT (The)		19,000		86,035
MGM China Holdings, Ltd.		8,400		32,870
MTR Corp., Ltd.		57,500		203,361
Orient Overseas (International), Ltd.		7,000		29,156
Power Assets Holdings, Ltd.		55,000		412,420
Sands China, Ltd.		5,600		43,076
SJM Holdings, Ltd.		10,000		30,932
Wheelock & Co., Ltd.		3,000		12,167
Wing Hang Bank, Ltd.		8,000		114,654
Wynn Macau, Ltd.		10,000		42,408
			$	4,127,331
Ireland — 1.2%
CRH PLC		12,110	$	311,401
Kerry Group PLC, Class A		10,275		691,102
			$	1,002,503
Israel — 2.3%
Bank Hapoalim B.M.		46,398	$	240,932
Bank Leumi Le-Israel B.M.(1)		54,769		208,047
Bezeq Israeli Telecommunication Corp., Ltd.		104,496		159,244
Delek Group, Ltd.		333		118,809
Israel Chemicals, Ltd.		9,291		75,951
Israel Corp., Ltd.(1)		231		116,128
Mizrahi Tefahot Bank, Ltd.		10,951		133,371
NICE Systems, Ltd.		4,354		170,745
Teva Pharmaceutical Industries, Ltd. ADR		14,642		653,472
			$	1,876,699
Italy — 4.3%
Atlantia SpA		9,772	$	222,268
Autogrill SpA(1)		4,891		44,781
Enel Green Power SpA		113,750		286,689
Enel SpA		14,019		63,804
ENI SpA		39,987		908,050
Fiat SpA(1)		4,092		40,700
Finmeccanica SpA(1)		12,888		112,933

Security	Shares		Value
Italy (continued)
Intesa Sanpaolo SpA		23,953	$	64,557
Luxottica Group SpA		8,491		449,958
Pirelli & C. SpA		7,791		125,302
Snam Rete Gas SpA		82,053		449,811
Telecom Italia SpA		49,299		54,747
Telecom Italia SpA, PFC Shares		273,010		229,965
Tenaris SA		3,967		88,496
Terna Rete Elettrica Nazionale SpA		73,433		356,025
UniCredit SpA		6,521		48,810
			$	3,546,896
Japan — 12.4%
ABC-Mart, Inc.		1,100	$	47,562
Air Water, Inc.		5,000		73,684
Aisin Seiki Co., Ltd.		1,100		40,503
Alfresa Holdings Corp.		600		34,091
All Nippon Airways Co., Ltd.		17,000		36,029
Amada Co., Ltd.		6,000		48,545
Asahi Kasei Corp.		5,000		37,835
Bank of Kyoto, Ltd. (The)		13,000		103,552
Bank of Yokohama, Ltd. (The)		19,000		95,507
Bridgestone Corp.		900		32,312
Brother Industries, Ltd.		3,400		42,751
Calbee, Inc.		1,500		34,609
Canon, Inc.		1,800		52,580
Chiba Bank, Ltd. (The)		10,000		63,281
Chugai Pharmaceutical Co., Ltd.		5,700		129,303
Chugoku Bank, Ltd. (The)		8,000		98,475
Citizen Holdings Co., Ltd.		5,500		42,831
Coca-Cola West Co., Ltd.		1,900		37,232
Dai Nippon Printing Co., Ltd.		6,000		59,226
Daicel Chemical Industries, Ltd.		4,000		32,075
Daihatsu Motor Co., Ltd.		13,000		202,748
Denso Corp.		1,000		51,429
Electric Power Development Co., Ltd.		1,800		53,328
Fuji Electric Co., Ltd.		9,000		38,990
Fuji Heavy Industries, Ltd.		3,000		81,785
FUJIFILM Holdings Corp.		2,300		67,026
Gunma Bank, Ltd. (The)		25,000		132,299
Hachijuni Bank, Ltd. (The)		19,000		104,916
Hamamatsu Photonics K.K.		1,600		67,123
Hino Motors, Ltd.		3,000		43,656
Hirose Electric Co., Ltd.		200		28,008
Hiroshima Bank, Ltd. (The)		20,000		80,770
Hitachi Chemical Co., Ltd.		2,600		37,281

9 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Hitachi Construction Machinery Co., Ltd.		1,800	$	34,385
Hitachi, Ltd.		8,000		60,987
Hokuhoku Financial Group, Inc.		19,000		36,000
Hoya Corp.		1,600		44,214
Ibiden Co., Ltd.		2,400		43,988
IHI Corp.		10,000		45,346
Isetan Mitsukoshi Holdings, Ltd.		1,100		13,915
Isuzu Motors, Ltd.		7,000		41,438
ITOCHU Techno-Solutions Corp.		1,200		49,411
Iyo Bank, Ltd. (The)		10,000		93,482
Japan Airlines Co., Ltd.		3,900		195,209
Japan Tobacco, Inc.		2,900		89,521
JFE Holdings, Inc.		1,500		31,084
Joyo Bank, Ltd. (The)		9,000		42,601
JSR Corp.		2,400		42,736
JTEKT Corp.		2,900		42,697
JX Holdings, Inc.		5,800		27,960
Kamigumi Co., Ltd.		10,000		89,566
Kaneka Corp.		6,000		37,107
Kansai Paint Co., Ltd.		10,000		135,075
Kao Corp.		4,500		142,658
Kawasaki Heavy Industries, Ltd.		11,000		47,572
KDDI Corp.		2,500		137,655
Keikyu Corp.		5,000		39,467
Keio Corp.		11,000		70,493
Keyence Corp.		300		123,184
Kikkoman Corp.		2,000		35,514
Kinden Corp.		3,000		29,257
Kintetsu Corp.		12,000		41,259
Kirin Holdings Co., Ltd.		3,000		40,799
Koito Manufacturing Co., Ltd.		1,000		20,347
Komatsu, Ltd.		2,400		50,661
Konami Corp.		1,600		38,028
Kubota Corp.		3,000		46,174
Kuraray Co., Ltd.		3,500		39,238
Kyowa Hakko Kirin Co., Ltd.		7,000		70,920
Lawson, Inc.		600		43,650
M3, Inc.		11		32,257
Makita Corp.		1,000		52,028
Marui Group Co., Ltd.		3,000		28,103
Mazda Motor Corp.(1)		9,000		43,165
Medipal Holdings Corp.		3,200		46,728
MEIJI Holdings Co., Ltd.		600		37,443
Miraca Holdings, Inc.		800		37,805
Mitsubishi Electric Corp.		9,000		101,657
Mitsubishi Gas Chemical Co., Inc.		5,000		35,117

Security	Shares		Value
Japan (continued)
Mitsubishi Logistics Corp.		2,000	$	27,949
Mitsubishi Materials Corp.		18,000		60,427
Mitsubishi Tanabe Pharma Corp.		3,600		52,858
Mitsubishi UFJ Financial Group, Inc.		6,100		36,672
Mitsui Chemicals, Inc.		14,000		33,420
Mitsui O.S.K. Lines, Ltd.		14,000		57,386
MS&AD Insurance Group Holdings, Inc.		1,600		37,071
Murata Manufacturing Co., Ltd.		800		74,283
NGK Spark Plug Co., Ltd.		8,000		184,556
NHK Spring Co., Ltd.		3,800		38,843
Nintendo Co., Ltd.		400		45,878
Nippon Electric Glass Co., Ltd.		8,000		36,025
Nippon Express Co., Ltd.		6,000		28,183
Nippon Meat Packers, Inc.		2,000		34,057
Nippon Telegraph & Telephone Corp.		2,200		117,749
Nippon Yusen KK		10,000		30,946
Nishi-Nippon City Bank, Ltd. (The)		30,000		75,632
Nisshin Seifun Group, Inc.		3,500		34,786
Nissin Foods Holdings Co., Ltd.		800		34,631
Nitori Holdings Co., Ltd.		700		67,982
Nitto Denko Corp.		1,300		57,803
NOK Corp.		2,600		41,887
Nomura Research Institute, Ltd.		900		29,579
NSK, Ltd.		6,000		67,275
NTT DoCoMo, Inc.		18,900		302,604
Odakyu Electric Railway Co., Ltd.		7,000		61,397
OMRON Corp.		2,100		83,029
Ono Pharmaceutical Co., Ltd.		2,100		182,506
Oracle Corp. Japan		800		31,771
Osaka Gas Co., Ltd.		22,000		88,850
Panasonic Corp.		6,500		73,669
Rakuten, Inc.		4,000		65,451
Ricoh Co., Ltd.		4,000		42,033
Rinnai Corp.		900		70,025
ROHM Co., Ltd.		1,000		49,835
Sankyo Co., Ltd.		1,500		70,954
Santen Pharmaceutical Co., Ltd.		1,100		46,078
Seven Bank, Ltd.		14,800		56,411
Shikoku Electric Power Co., Inc.(1)		2,300		33,191
Shimamura Co., Ltd.		400		35,331
Shin-Etsu Chemical Co., Ltd.		1,100		60,902
Shinsei Bank, Ltd.		17,000		34,366
Shionogi & Co., Ltd.		1,800		36,671
Shiseido Co., Ltd.		1,500		23,716
Shizuoka Bank, Ltd. (The)		16,000		158,913
Showa Shell Sekiyu K.K.		3,600		34,259

10 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
SMC Corp.		200	$	50,091
SoftBank Corp.		2,300		166,513
Sony Corp.		2,000		31,334
Stanley Electric Co., Ltd.		2,000		45,183
Sumco Corp.(1)		4,800		36,722
Sumitomo Chemical Co., Ltd.		10,000		40,512
Sumitomo Electric Industries, Ltd.		2,600		40,836
Sumitomo Metal Mining Co., Ltd.		4,000		51,755
Sumitomo Mitsui Financial Group, Inc.		800		37,061
Sumitomo Mitsui Trust Holding, Inc.		8,000		37,953
Suntory Beverage & Food, Ltd.		1,200		39,166
Suruga Bank, Ltd.		8,000		135,105
Suzuken Co., Ltd.		2,700		93,320
Suzuki Motor Corp.		1,600		41,475
Sysmex Corp.		1,100		60,544
Taisho Pharmaceutical Holdings Co., Ltd.		500		36,096
Taiyo Nippon Sanso Corp.		6,000		41,513
Takashimaya Co., Ltd.		3,000		27,814
Takeda Pharmaceutical Co., Ltd.		600		27,887
Terumo Corp.		800		37,150
THK Co., Ltd.		1,800		39,018
Toho Gas Co., Ltd.		21,000		96,996
Tohoku Electric Power Co., Inc.(1)		3,000		32,356
Tokyo Electric Power Co., Inc.(1)		14,600		66,260
Tokyo Electron, Ltd.		1,300		67,777
Tokyo Gas Co., Ltd.		18,000		89,268
TonenGeneral Sekiyu K.K.		17,000		148,152
TOTO, Ltd.		3,000		47,451
Toyo Seikan Kaisha, Ltd.		2,200		39,023
Toyo Suisan Kaisha, Ltd.		1,000		31,512
Toyoda Gosei Co., Ltd.		1,600		33,649
Toyota Boshoku Corp.		2,900		33,025
Toyota Industries Corp.		700		31,984
Toyota Motor Corp.		1,900		108,717
Trend Micro, Inc.		1,000		30,732
Tsumura & Co.		1,300		32,058
Unicharm Corp.		3,300		179,287
USS Co., Ltd.		6,800		92,899
Yakult Honsha Co., Ltd.		900		43,925
Yamaguchi Financial Group, Inc.		3,000		27,332
Yamaha Corp.		2,700		39,584
Yamaha Motor Co., Ltd.		3,600		47,552
Yamato Holdings Co., Ltd.		1,600		33,497
Yaskawa Electric Corp.		5,000		67,979

Security		Shares		Value
Japan (continued)
Yokogawa Electric Corp.			3,000	$	46,467
Yokohama Rubber Co., Ltd. (The)			3,000		26,715
				$	10,318,328
Netherlands — 4.8%
Aegon NV			4,924	$	42,920
Akzo Nobel NV			6,766		486,624
ASML Holding NV			10,315		872,879
Delta Lloyd NV			1,897		48,735
European Aeronautic Defence and Space Co. NV			2,606		184,623
Gemalto NV			328		36,968
Heineken Holding NV			2,563		147,604
Heineken NV			5,793		352,943
ING Groep NV(1)			3,145		41,536
Koninklijke Ahold NV			33,456		556,884
Koninklijke DSM NV			7,818		517,511
Koninklijke KPN NV(1)			15,138		56,642
Koninklijke Vopak NV			675		37,098
QIAGEN NV(1)			9,419		206,592
Randstad Holding NV			688		43,631
Reed Elsevier NV			7,995		164,886
STMicroelectronics NV			6,835		56,102
Unilever NV			4,185		156,150
				$	4,010,328
New Zealand — 0.4%
Auckland International Airport, Ltd.			54,928	$	161,900
Contact Energy, Ltd.			15,940		66,419
Fletcher Building, Ltd.			9,121		66,813
Telecom Corporation of New Zealand, Ltd.			39,697		75,283
				$	370,415
Norway — 2.7%
Aker Solutions ASA			13,749	$	211,169
Gjensidige Forsikring ASA			3,679		70,712
Norsk Hydro ASA			33,096		150,568
Orkla ASA			13,775		107,232
Seadrill, Ltd.			5,973		214,576
Statoil ASA			29,036		688,172
Subsea 7 SA	��		8,297		142,990
Telenor ASA			30,887		642,565
Yara International ASA			1,293		53,398
				$	2,281,382

11 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Portugal — 0.6%
Banco Espirito Santo SA(1)		27,615	$	41,889
EDP-Energias de Portugal SA		65,790		246,990
Galp Energia SGPS SA, Class B		2,207		34,121
Jeronimo Martins SGPS SA		8,979		153,514
Portugal Telecom SGPS SA		13,859		60,917
			$	537,431
Singapore — 3.8%
Ascendas Real Estate Investment Trust		50,000	$	83,066
ComfortDelGro Corp., Ltd.		28,000		42,316
DBS Group Holdings, Ltd.		71,000		916,927
Jardine Cycle & Carriage, Ltd.		1,000		27,310
Noble Group, Ltd.		49,000		36,358
Olam International, Ltd.		34,000		39,348
Oversea-Chinese Banking Corp., Ltd.		68,000		494,078
Singapore Airlines, Ltd.		33,000		247,669
Singapore Press Holdings, Ltd.		28,000		87,608
Singapore Technologies Engineering, Ltd.		20,000		59,236
Singapore Telecommunications, Ltd.		159,000		438,652
StarHub, Ltd.		38,000		127,002
United Overseas Bank, Ltd.		24,000		375,283
UOL Group, Ltd.		28,000		128,236
Yangzijiang Shipbuilding Holdings, Ltd.		42,000		37,804
			$	3,140,893
Spain — 4.6%
Abertis Infraestructuras SA		9,492	$	211,815
Acciona SA		642		42,540
Acerinox SA		4,463		57,950
ACS Actividades de Construccion y Servicios SA		1,486		52,156
Amadeus IT Holding SA, Class A		8,837		349,574
CaixaBank SA		32,417		198,675
Distribuidora Internacional de Alimentacion SA		8,077		66,371
Enagas		11,136		304,413
Ferrovial SA		22,539		432,474
Gas Natural SDG SA		1,333		32,943
Grifols SA		6,037		312,634
Iberdrola SA		12,720		78,325
Indra Sistemas SA		4,892		86,611
Industria de Diseno Textil SA		3,249		483,887
International Consolidated Airlines Group SA(1)		19,811		135,536
Red Electrica Corp. SA		3,841		268,627
Repsol SA		9,283		216,961

Security	Shares		Value
Spain (continued)
Telefonica SA		27,969	$	430,761
Zardoya Otis SA		4,388		73,631
			$	3,835,884
Sweden — 5.2%
Atlas Copco AB, Class A		2,400	$	65,029
Elekta AB, Class B		4,013		58,420
Getinge AB, Class B		2,651		91,017
Hennes & Mauritz AB, Class B		12,686		545,491
Holmen AB, Class B		4,514		155,821
Investor AB, Class B		10,286		332,550
Millicom International Cellular SA SDR		2,265		220,140
Nordea Bank AB		47,852		638,537
Scania AB, Class B		4,361		89,101
Skandinaviska Enskilda Banken AB, Class A		28,839		371,581
Skanska AB, Class B		11,843		233,170
SKF AB, Class B		3,937		104,191
Svenska Cellulosa AB, Class B		3,039		86,415
Swedbank AB, Class A		13,576		354,261
Tele2 AB, Class B		13,458		147,999
Telefonaktiebolaget LM Ericsson, Class B		7,673		93,955
TeliaSonera AB		95,461		706,989
			$	4,294,667
Switzerland — 7.3%
Actelion, Ltd.(1)		3,987	$	374,335
Adecco SA(1)		3,537		277,819
ARYZTA AG(1)		429		33,711
Baloise Holding AG		832		99,385
Compagnie Financiere Richemont SA, Class A		309		28,584
Credit Suisse Group AG(1)		2,246		67,674
Geberit AG		169		48,990
Givaudan SA(1)		98		144,914
Holcim, Ltd.(1)		540		39,195
Lonza Group AG(1)		1,077		108,030
Nestle SA		15,089		1,093,519
Novartis AG		9,763		771,676
Roche Holding AG PC		2,684		736,397
Schindler Holding AG		1,737		255,004
Schindler Holding AG PC		317		45,906
Sonova Holding AG(1)		1,970		270,558
Sulzer AG		701		105,553
Swatch Group, Ltd. (The)		274		28,058
Swatch Group, Ltd. (The), Bearer Shares		416		247,239

12 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Switzerland (continued)
Swiss Life Holding AG(1)		339	$	72,963
Swiss Reinsurance Co., Ltd.(1)		5,794		500,028
Swisscom AG		701		385,073
Transocean, Ltd.		1,616		69,940
Zurich Insurance Group AG(1)		840		243,550
			$	6,048,101
United Kingdom — 13.0%
Aberdeen Asset Management PLC		13,109	$	84,081
Anglo American PLC		4,458		105,115
Associated British Foods PLC		5,991		266,986
AstraZeneca PLC		3,694		234,252
Aviva PLC		56,526		413,512
BAE Systems PLC		27,684		195,307
Barclays PLC		93,387		416,903
BHP Billiton PLC		6,299		185,434
BP PLC		76,013		595,718
Bunzl PLC		1,959		44,626
Burberry Group PLC		13,566		322,100
Capita PLC		9,287		149,850
Centrica PLC		94,038		480,257
Cobham PLC		34,677		167,314
Coca-Cola HBC AG(1)		4,385		116,146
Compass Group PLC		6,746		100,821
Croda International PLC		772		30,538
Diageo PLC		20,063		594,992
easyJet PLC		1,477		39,893
Experian PLC		4,808		82,070
Fresnillo PLC		4,981		62,209
GKN PLC		5,106		33,035
GlaxoSmithKline PLC		3,703		95,182
HSBC Holdings PLC		35,940		368,807
Kingfisher PLC		14,107		85,534
Lloyds Banking Group PLC(1)		331,223		451,702
Marks & Spencer Group PLC		12,269		94,810
Melrose Industries PLC		32,037		162,723
National Grid PLC		3,212		41,578
Next PLC		1,150		117,952
Old Mutual PLC		115,722		327,481
Prudential PLC		4,829		97,208
Randgold Resources, Ltd.		2,201		151,294
Reed Elsevier PLC		5,162		75,189
Rexam PLC		6,896		55,798
Rio Tinto PLC		3,024		160,842
Rolls-Royce Holdings PLC(1)		5,230		101,864
Royal Dutch Shell PLC, Class A		20,049		694,529

Security	Shares		Value
United Kingdom (continued)
Royal Dutch Shell PLC, Class B		2,721	$	99,526
Sage Group PLC (The)		16,525		110,814
Schroders PLC		2,441		98,800
Serco Group PLC		19,790		141,891
Severn Trent PLC		1,874		53,082
Shire PLC		2,342		116,881
Smiths Group PLC		6,110		144,093
SSE PLC		3,277		70,305
Standard Chartered PLC		16,337		332,032
Tesco PLC		62,643		329,186
Travis Perkins PLC		5,487		156,562
TUI Travel PLC		5,010		34,996
Tullow Oil PLC		16,807		217,569
Unilever PLC		988		37,919
Vodafone Group PLC		167,839		621,964
Whitbread PLC		3,750		230,908
WM Morrison Supermarkets PLC		14,366		56,612
Wolseley PLC		2,892		155,639
			$	10,812,431
Total Common Stocks (identified cost $69,643,156)			$	82,439,134
Rights(1) — 0.0%(2)
Security	Shares		Value
ACS Actividades de Construccion y Servicios SA, Exp. 2/19/14		1,486	$	846
Raiffeisen Bank International AG, Exp. 2/7/14		6,543		0
Total Rights (identified cost $905)			$	846
Short-Term Investments — 1.1%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.13%(3)	$	890	$	890,409
Total Short-Term Investments (identified cost $890,409)			$	890,409
Total Investments — 100.5% (identified cost $70,534,470)			$	83,330,389
Other Assets, Less Liabilities — (0.5)%			$	(412,175	)
Net Assets — 100.0%			$	82,918,214

13 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Portfolio of Investments — continued

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

ADR	–	American Depositary Receipt
CDI	–	CHESS Depositary Interest
PC	–	Participation Certificate
PFC Shares	–	Preference Shares
SDR	–	Swedish Depositary Receipt

⁽¹⁾ Non-income producing security.

⁽²⁾ Amount is less than 0.05%.

⁽³⁾ 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, 2014.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		37.0	%	$	30,691,038
British Pound Sterling		13.0			10,812,431
Japanese Yen		12.4			10,318,328
Swiss Franc		7.2			5,978,161
Australian Dollar		5.7			4,698,883
Swedish Krona		5.2			4,294,667
Hong Kong Dollar		5.0			4,127,331
Danish Krone		4.6			3,779,812
Singapore Dollar		3.8			3,140,893
Norwegian Krone		2.7			2,281,382
United States Dollar		2.0			1,613,821
Israeli Shekel		1.5			1,223,227
New Zealand Dollar		0.4			370,415
Total Investments		100.5	%	$	83,330,389

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		17.3	%	$	14,367,129
Industrials		12.6			10,468,203
Consumer Discretionary		11.4			9,420,946
Health Care		10.7			8,891,100
Consumer Staples		10.6			8,759,821
Materials		9.3			7,730,956
Telecommunication Services		7.8			6,442,702
Energy		6.9			5,767,326
Utilities		6.7			5,541,233
Information Technology		6.1			5,050,564
Short-Term Investments		1.1			890,409
Total Investments		100.5	%	$	83,330,389

14 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Statement of Assets and Liabilities

Assets	January 31, 2014
Unaffiliated investments, at value (identified cost, $69,644,061)	$	82,439,980
Affiliated investment, at value (identified cost, $890,409)		890,409
Cash		13,235
Foreign currency, at value (identified cost, $41,689)		41,676
Dividends receivable		30,210
Interest receivable from affiliated investment		125
Receivable for Fund shares sold		538,637
Tax reclaims receivable		77,225
Receivable from affiliates		13,775
Total assets	$	84,045,272
Liabilities
Payable for investments purchased	$	703,836
Payable for Fund shares redeemed		301,960
Payable to affiliates:
Investment adviser and administration fee		52,876
Distribution and service fees		2,957
Accrued expenses		65,429
Total liabilities	$	1,127,058
Net Assets	$	82,918,214
Sources of Net Assets
Paid-in capital	$	74,749,604
Accumulated net realized loss		(4,316,312	)
Accumulated distributions in excess of net investment income		(312,287	)
Net unrealized appreciation		12,797,209
Total	$	82,918,214
Investor Class Shares
Net Assets	$	14,007,134
Shares Outstanding		1,171,171
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.96
Institutional Class Shares
Net Assets	$	68,911,080
Shares Outstanding		5,745,566
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.99

15 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Statement of Operations

Investment Income	Year Ended January 31, 2014
Dividends (net of foreign taxes, $213,317)	$	2,059,200
Interest allocated from affiliated investment		678
Expenses allocated from affiliated investment		(85	)
Total investment income	$	2,059,793
Expenses
Investment adviser and administration fee	$	522,970
Distribution and service fees
Investor Class		25,459
Class C		563
Trustees’ fees and expenses		3,426
Custodian fee		111,517
Transfer and dividend disbursing agent fees		20,482
Legal and accounting services		42,212
Printing and postage		15,146
Registration fees		25,332
Miscellaneous		21,359
Total expenses	$	788,466
Deduct —
Allocation of expenses to affiliates	$	205,897
Total expense reductions	$	205,897
Net expenses	$	582,569
Net investment income	$	1,477,224
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,252,242
Investment transactions allocated from affiliated investment		10
Foreign currency transactions		5,724
Net realized gain	$	1,257,976
Change in unrealized appreciation (depreciation) —
Investments	$	3,171,322
Foreign currency		549
Net change in unrealized appreciation (depreciation)	$	3,171,871
Net realized and unrealized gain	$	4,429,847
Net increase in net assets from operations	$	5,907,071

16 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Year Ended January 31, 2014			Year Ended January 31, 2013
From operations —
Net investment income	$	1,477,224		$	1,331,543
Net realized gain (loss) from investment and foreign currency transactions		1,257,976			(2,089,611	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		3,171,871			9,402,447
Net increase in net assets from operations	$	5,907,071		$	8,644,379
Distributions to shareholders —
From net investment income
Investor Class	$	(264,173	)	$	(159,997	)
Class C		—			(8,524	)
Institutional Class		(1,359,470	)		(1,417,505	)
Total distributions to shareholders	$	(1,623,643	)	$	(1,586,026	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	11,052,878		$	6,166,012
Class C		70,326			242,466
Institutional Class		29,593,077			15,252,640
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		159,632			159,076
Class C		—			8,293
Institutional Class		157,259			433,419
Cost of shares redeemed
Investor Class		(5,346,423	)		(12,844,202	)
Class C		(60	)		(104,225	)
Institutional Class		(18,695,363	)		(13,202,800	)
Net asset value of shares merged*
Investor Class		519,171			—
Class C		(519,171	)		—
Net increase (decrease) in net assets from Fund share transactions	$	16,991,326		$	(3,889,321	)
Net increase in net assets	$	21,274,754		$	3,169,032
Net Assets
At beginning of year	$	61,643,460		$	58,474,428
At end of year	$	82,918,214		$	61,643,460
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(312,287	)	$	(302,193	)

* At the close of business on March 15, 2013, Class C shares were merged into Investor Class shares.

17 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Financial Highlights

	Investor Class
	Year Ended January 31,									Period Ended January 31,  2011(1)
	2014			2013			2012
Net asset value — Beginning of period	$	11.180		$	9.850		$	10.960		$	10.000
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.195		$	0.227		$	0.172		$	(0.020	)
Net realized and unrealized gain (loss)		0.822			1.370			(1.073	)		1.058
Total income (loss) from operations	$	1.017		$	1.597		$	(0.901	)	$	1.038
Less Distributions
From net investment income	$	(0.237	)	$	(0.267	)	$	(0.209	)	$	(0.078	)
Total distributions	$	(0.237	)	$	(0.267	)	$	(0.209	)	$	(0.078	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	11.960		$	11.180		$	9.850		$	10.960
Total Return(5)		9.04	%		16.32	%		(8.11	)%		10.39	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,007		$	7,038		$	12,263		$	3,578
Ratios (as a percentage of average daily net assets):
Expenses(7)(8)		1.05	%		1.29	%		1.50	%		1.50	%(9)
Net investment income (loss)		1.65	%		2.22	%		1.68	%		(0.22	)%(9)
Portfolio Turnover		35	%		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, if any.

⁽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%, 0.29%, 0.25% and 0.72% of average daily net assets for the years ended January 31, 2014, 2013 and 2012 and the period ended January 31, 2011, respectively).

⁽⁹⁾  Annualized.

18 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,									Period Ended January 31, 2011(1)
	2014			2013			2012
Net asset value — Beginning of period	$	11.200		$	9.880		$	10.970		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.259		$	0.252		$	0.239		$	0.102
Net realized and unrealized gain (loss)		0.790			1.375			(1.104	)		0.950
Total income (loss) from operations	$	1.049		$	1.627		$	(0.865	)	$	1.052
Less Distributions
From net investment income	$	(0.259	)	$	(0.307	)	$	(0.225	)	$	(0.082	)
Total distributions	$	(0.259	)	$	(0.307	)	$	(0.225	)	$	(0.082	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	11.990		$	11.200		$	9.880		$	10.970
Total Return(5)		9.31	%		16.59	%		(7.76	)%		10.54	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	68,911		$	54,167		$	45,957		$	41,969
Ratios (as a percentage of average daily net assets):
Expenses(7)(8)		0.80	%		1.02	%		1.25	%		1.25	%(9)
Net investment income		2.20	%		2.45	%		2.28	%		1.20	%(9)
Portfolio Turnover		35	%		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 0.29%, 0.30%, 0.25% and 0.72% of average daily net assets for the years ended January 31, 2014, 2013 and 2012 and the period ended January 31, 2011, respectively).

⁽⁹⁾  Annualized.

19 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2014

Notes to Financial Statements

1  Significant Accounting Policies

Parametric International Equity Fund (formerly, 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 two classes of shares. Investor Class (renamed from Class A effective March 1, 2013) and Institutional Class (renamed from Class I effective March 1, 2013) shares are sold at net asset value and are not subject to a sales charge. Prior to March 1, 2013, the date the sales charge was eliminated and the share class was renamed, Investor Class shares were generally sold subject to a sales charge of 5.75% imposed at time of purchase. The Fund previously offered Class C shares. At the close of business on March 15, 2013, Class C shares were merged into Investor Class shares. 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 — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. 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.

Debt Obligations. 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. 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.

Affiliated Fund. 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.

Fair Valuation. 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.

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.

20

Parametric International Equity Fund

January 31, 2014

Notes to Financial Statements — continued

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.

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.

At January 31, 2014, the Fund, for federal income tax purposes, had a capital loss carryforward of $94,897 and deferred capital losses of $4,189,149 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 and its character is short-term. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred, and are treated as realized prior to the utilization of the capital loss carryforward. Of the deferred capital losses at January 31, 2014, $4,189,149 are short-term.

As of January 31, 2014, 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). 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.

21

Parametric International Equity Fund

January 31, 2014

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended January 31, 2014 and January 31, 2013 was as follows:

	Year Ended January 31,
	2014		2013
Distributions declared from:
Ordinary income	$	1,623,643	$	1,586,026

During the year ended January 31, 2014, accumulated net realized loss was increased by $136,325 and accumulated distributions in excess of net investment income was decreased by $136,325 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, 2014, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

Undistributed ordinary income	$	5,791
Capital loss carryforward and deferred capital losses	$	(4,284,046	)
Net unrealized appreciation	$	12,446,865

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, 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 a majority of the Trustees and a majority of shareholders. For the year ended January 31, 2014, the investment adviser and administration fee amounted to $522,970 or 0.75% 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. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves 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% and 0.80% of the Fund’s average daily net assets for Investor Class and Institutional Class, respectively, and prior to the close of business on March 15, 2013, 1.80% of the Fund’s average daily net assets for Class C. This agreement may be changed or terminated after May 31, 2014. Pursuant to this agreement, EVM and Parametric were allocated $205,897 in total of the Fund’s operating expenses for the year ended January 31, 2014.

EVM provides sub-transfer agency services to the Fund and receives a fee based upon the actual expenses it incurs in the performance of these services. For the year ended January 31, 2014, EVM earned $1,058 in sub-transfer agent fees, which are included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $194 as its portion of the sales charge on sales of Investor Class shares for the year ended January 31, 2014. EVD also received distribution and services fees from Investor Class and Class C (prior to the close of business on March 15, 2013) (see Note 4).

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, 2014, 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 Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class

22

Parametric International Equity Fund

January 31, 2014

Notes to Financial Statements — continued

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, 2014 amounted to $25,459 for Investor Class shares.

Prior to the close of business on March 15, 2013, the Fund also had 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 paid 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, 2014, the Fund paid or accrued to EVD $422 for Class C shares.

Pursuant to the Class C Plan (prior to the close of business on March 15, 2013), the Fund also made 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 shares. Service fees paid or accrued were for personal services and/or the maintenance of shareholder accounts. They were separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2014 amounted to $141 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

Prior to the close of business on March 15, 2013, a contingent deferred sales charge (CDSC) of 1% generally was imposed on redemptions of Class C shares made within one year of purchase. Class C shares that were merged into Investor Class shares continue to be subject to the Class C CDSC. Prior to March 1, 2013, Class A (renamed Investor Class) shares may have been 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. For the year ended January 31, 2014, the Fund was informed that EVD received no CDSCs paid by Investor Class and Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $40,502,854 and $23,937,436, respectively, for the year ended January 31, 2014.

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,
Investor Class	2014			2013
Sales		930,182			609,678
Issued to shareholders electing to receive payments of distributions in Fund shares		13,007			14,798
Redemptions		(447,045	)		(1,239,459	)
Merger from Class C shares		45,498			—
Net increase (decrease)		541,642			(614,983	)
	Year Ended January 31,
Class C	2014(1)			2013
Sales		6,372			23,268
Issued to shareholders electing to receive payments of distributions in Fund shares		—			778
Redemptions		(5	)		(10,360	)
Merger to Investor Class shares		(45,969	)		—
Net increase (decrease)		(39,602	)		13,686

23

Parametric International Equity Fund

January 31, 2014

Notes to Financial Statements — continued

	Year Ended January 31,
Institutional Class	2014			2013
Sales		2,466,781			1,468,321
Issued to shareholders electing to receive payments of distributions in Fund shares		12,826			40,243
Redemptions		(1,569,599	)		(1,325,254	)
Net increase		910,008			183,310

⁽¹⁾  Offering of Class C shares was discontinued during the year ended January 31, 2013 (see Note 1).

At January 31, 2014, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM and an EVM retirement plan owned 29.2% and 12.9%, respectively, of the value of the outstanding shares of the Fund.

8  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	70,890,781
Gross unrealized appreciation	$	14,349,143
Gross unrealized depreciation		(1,909,535	)
Net unrealized appreciation	$	12,439,608

9  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 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, 2014.

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.

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

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

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

24

Parametric International Equity Fund

January 31, 2014

Notes to Financial Statements — continued

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.

At January 31, 2014, 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	$	60,928	$	22,594,922		$	—	$	22,655,850
Developed Europe		91,806		57,814,779			—		57,906,585
Developed Middle East		653,472		1,223,227			—		1,876,699
Total Common Stocks	$	806,206	$	81,632,928	*	$	—	$	82,439,134
Rights	$	846	$	—		$	—	$	846
Short-Term Investments		—		890,409			—		890,409
Total Investments	$	807,052	$	82,523,337		$	—	$	83,330,389

* 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, 2013 whose fair value was determined using Level 3 inputs. At January 31, 2014, there were no investments transferred between Level 1 and Level 2 during the year then ended.

12  Name Change

Effective March 1, 2013, the name of the Parametric International Equity Fund was changed from Eaton Vance Parametric Structured International Equity Fund.

25

Parametric International Equity Fund

January 31, 2014

Report of Independent Registered Public Accounting Firm

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

(formerly, Eaton Vance Parametric Structured International Equity Fund):

We have audited the accompanying statement of assets and liabilities of Parametric International Equity Fund (formerly, 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, 2014, 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 three 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, 2014, 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 Parametric International Equity Fund as of January 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended 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 18, 2014

26

Parametric International Equity Fund

January 31, 2014

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2015 will show the tax status of all distributions paid to your account in calendar year 2014. 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 and the foreign tax credit.

Qualified Dividend Income.  The Fund designates approximately $1,884,593, 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 $197,621 and recognized foreign source income of $2,272,517.

27

Parametric International Equity Fund

January 31, 2014

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 182 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	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	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 182 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.(2) Director of EVC and Hexavest Inc.
Noninterested Trustees
Scott E. Eston 1956	Trustee	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.(2) None.
Allen R. Freedman 1940	Trustee	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.(2) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).
Valerie A. Mosley(3) 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years. Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Trustee	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.(2) None.

28

Parametric International Equity Fund

January 31, 2014

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Ronald A. Pearlman 1940	Trustee	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.(2) None.
Helen Frame Peters 1948	Trustee	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.(2) 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	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.(2) None.
Harriett Tee Taggart 1948	Trustee	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.(2) 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	2007 (Chairman); 2005 (Trustee)	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.(2) None.

29

Parametric International Equity Fund

January 31, 2014

Management and Organization — continued

Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽¹⁾ Date first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾ During their respective tenures, the Trustees (except for, Mr. Eston and Ms. Taggart for all funds except eUnits^TM 2 Year U.S. Equity Market Participation Trust: Upside to Cap / Buffered Downside and Ms. Mosley for all funds) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Equity Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); 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).

⁽³⁾ Effective January 1, 2014, Ms. Mosley was appointed as a Trustee of the Trust.

⁽⁴⁾ Date first elected to serve as officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial appointment.

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 1-800-260-0761.

30

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:

Ÿ 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.

Ÿ 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.

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

Ÿ 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 1-800-260-0761, 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 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

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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) 260-0761

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.

4736-1.31.14

Parametric Emerging Markets Fund

Annual Report

January 31, 2014

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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 1-800-260-0761.

Annual Report January 31, 2014

Parametric 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	40
Federal Tax Information	41
Management and Organization	42
Important Notices	45

Parametric Emerging Markets Fund

January 31, 2014

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period started on February 1, 2013, global stocks, as measured by the MSCI All Country World Index (ACWI)2, had recently begun a rally that would continue well into May, driven largely by strengthening economic data in the U.S., Europe and elsewhere, along with highly accommodative monetary policies by global central banks.

In late May 2013, however, then-U.S. Federal Reserve (the Fed) Chairman Ben Bernanke surprised the markets by indicating that the Fed’s $85 billion in monthly asset purchases, known collectively as quantitative easing (QE), could begin to taper off sooner than most investors had expected. The negative effect on worldwide markets was swift and dramatic. Bond investors rushed to sell assets in anticipation of rising interest rates. The prospect of reduced Fed stimulus weighed on global equities as well, most notably in emerging markets dependent on exports to developed nations.

By late June 2013, however, global equities, in general, resumed their upward trajectory. Factors contributing to the rally included some backtracking by the Fed on its earlier statements regarding QE, ongoing improvements in housing and other U.S. economic data, and news from Europe that the eurozone had officially come out of recession.

After faltering again in August 2013 amid geopolitical tensions in the Middle East, global equities once more trended upward. In mid-September, the Fed again surprised investors by announcing that it was postponing any tapering of QE for the time being. Global stocks initially surged in response, only to drift downward in late September and early October amid investor uncertainty over the Fed’s intentions and a Congressional impasse that led to a partial U.S. government shutdown on October 1, 2013.

In mid-October, global stocks reversed direction again and began a rally that more or less lasted through the rest of 2013, driven largely by moderate economic growth that seemed to confirm the global recovery was gaining strength. Even the Fed’s mid-December announcement that tapering of QE would begin in January 2014 did not derail the rally, as investors appeared relieved that the tapering would be gradual and that the Fed still intended to keep short-term interest rates near zero for an extended period.

However, when the Fed announced further tapering toward the end of January, the reaction from global markets was

more negative. Although the Fed’s latest move was widely expected, many investors worried about continued withdrawal of stimulus in the face of some mixed economic data and recent turmoil in emerging markets, particularly the so-called “fragile five” — Turkey, Brazil, India, Indonesia and South Africa. Against this backdrop, the MSCI Emerging Markets Index fell 6.49% for the month of January, while the broader MSCI ACWI slid 4.00%.

For the full 12-month period, the MSCI ACWI returned 12.70%. Emerging markets were among the period’s worst performers, with the MSCI Emerging Markets Index falling 10.17%. In the U.S., the S&P 500 Index gained 21.52%, achieving multiple all-time closing highs along the way. The nascent European recovery helped power the FTSE Eurotop 100 Index to a 12.59% return. In response to Prime Minister Shinzo Abe’s stimulus efforts, Japan’s Nikkei-225 Stock Average advanced 19.82%. Elsewhere in the Asia-Pacific region, the MSCI Golden Dragon Index declined 2.32% amid slowing growth in China.

Fund Performance

For the 12-month period ended January 31, 2014,

Parametric Emerging Markets Fund (the Fund) had a total return of -6.62% for Investor Class shares at net asset value (NAV). By comparison, the Fund’s benchmark, the MSCI Emerging Markets Index (the Index), returned -10.17% during the period.

Factors contributing to the Fund’s performance relative to the Index included the Fund’s underweight position in Brazil, which underperformed the overall Index for the 12-month period. The Brazilian equity market fell in response to Brazil’s continued sluggish economic growth and a surge in domestic inflation. In addition, the Fund’s overweight positions in the United Arab Emirates and Qatar, both of which outperformed the Index for the period, also contributed to the Fund’s performance versus the Index.

Detractors from the Fund’s performance relative to the Index included the Fund’s underweight positions in Taiwan and Korea, both of which outperformed the overall Index for the 12-month period. Both countries’ equity markets were buoyed by continued strong growth in their export-driven economies. In addition, the Fund’s overweight position in Chile, which underperformed the Index for the period, also hurt the Fund’s performance versus 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 eatonvance.com.

2

Parametric Emerging Markets Fund

January 31, 2014

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Investor Class at NAV		06/30/2006		06/30/2006		–6.62	%		15.83	%		5.64	%
Class C at NAV		06/30/2006		06/30/2006		–7.27			15.01			4.85
Class C with 1% Maximum Sales Charge		—		—		–8.20			15.01			4.85
Institutional Class at NAV		06/30/2006		06/30/2006		–6.42			16.16			5.89
MSCI Emerging Markets Index		—		—		–10.17	%		14.77	%		5.44	%
% Total Annual Operating Expense Ratios4					Investor Class			Class C			Institutional Class
						1.42	%		2.16	%		1.16	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Investor Class of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class C	$10,000	06/30/2006	$14,328	N.A.
Institutional Class	$50,000	06/30/2006	$77,240	N.A.

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 eatonvance.com.

3

Parametric Emerging Markets Fund

January 31, 2014

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Samsung Electronics Co., Ltd.	1.0	%
MTN Group, Ltd.	1.0
OAO Gazprom ADR	0.9
China Mobile, Ltd.	0.7
Tencent Holdings, Ltd.	0.7
America Movil SAB de CV, Series L	0.7
Naspers, Ltd., Class N	0.7
Infosys, Ltd.	0.6
LUKOIL OAO ADR	0.6
CEZ AS	0.6
Total	7.5	%

See Endnotes and Additional Disclosures in this report.

4

Parametric Emerging Markets Fund

January 31, 2014

Endnotes and Additional Disclosures

¹  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.

²  MSCI All Country World Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. 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. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. FTSE Eurotop 100 Index is a tradable index designed to represent the performance of the 100 most highly capitalized blue-chip companies in Europe. The return for the FTSE Eurotop 100 Index is calculated in U.S. dollars. Nikkei-225 Stock Average is an unmanaged, price- weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. 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  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. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴ Source: Fund prospectus.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

5

Parametric Emerging Markets Fund

January 31, 2014

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, 2013 – January 31, 2014).

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 (8/1/13)		Ending Account Value (1/31/14)		Expenses Paid During Period* (8/1/13 – 1/31/14)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,002.70	$	6.92		1.37	%
Class C	$	1,000.00	$	999.30	$	10.68		2.12	%
Institutional Class	$	1,000.00	$	1,004.00	$	5.66		1.12	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class C	$	1,000.00	$	1,014.50	$	10.76		2.12	%
Institutional Class	$	1,000.00	$	1,019.60	$	5.70		1.12	%

* 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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2013.

6

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments

Common Stocks — 98.6%
Security	Shares		Value
Argentina — 0.6%
Adecoagro SA(1)		77,700	$	583,527
Arcos Dorados Holdings, Inc., Class A		341,000		3,021,260
Banco Macro SA, Class B ADR(1)		87,487		1,590,514
BBVA Banco Frances SA ADR(1)		200,488		1,166,840
Cresud SA ADR		202,530		1,739,733
Grupo Financiero Galicia SA, Class B ADR		205,600		1,634,520
IRSA Inversiones y Representaciones SA ADR		61,510		598,492
MercadoLibre, Inc.		69,300		6,686,757
Pampa Energia SA ADR(1)		188,600		782,690
Petrobras Energia SA ADR		750,308		3,533,951
Telecom Argentina SA ADR		385,251		5,871,225
			$	27,209,509
Bahrain — 0.2%
Ahli United Bank BSC		740,000	$	585,931
Al-Salam Bank		7,121,118		3,038,094
Gulf Finance House EC(1)		11,304,802		2,628,125
Ithmaar Bank BSC(1)		4,240,000		1,019,159
			$	7,271,309
Bangladesh — 0.7%
Aftab Automobiles, Ltd.		783,888	$	913,754
Bangladesh Export Import Co., Ltd.(1)		6,237,700		2,917,098
Beximco Pharmaceuticals, Ltd.(1)		852,550		593,243
BSRM Steels, Ltd.		1,709,000		1,833,131
City Bank, Ltd. (The)(1)		4,429,900		1,215,261
Grameenphone, Ltd.		988,000		2,687,920
Islami Bank Bangladesh, Ltd.		2,337,100		1,053,278
Khulna Power Co., Ltd.		736,100		575,197
Lankabangla Finance, Ltd.(1)		1,845,500		1,895,002
Malek Spinning Mills, Ltd.		897,500		340,309
National Bank, Ltd.		9,487,100		1,735,818
People’s Leasing and Financial Services, Ltd.(1)		2,043,800		730,029
Pubali Bank, Ltd.		1,789,325		905,090
Social Islami Bank, Ltd.		4,105,750		756,380
Square Pharmaceuticals, Ltd.		1,331,525		3,933,659
Summit Power, Ltd.(1)		1,293,300		798,981
Titas Gas Transmission & Distribution Co., Ltd.		2,596,000		2,746,598
United Airways Bangladesh, Ltd.(1)		6,135,968		1,388,389
United Commercial Bank, Ltd.		7,394,000		2,993,043
			$	30,012,180

Security	Shares		Value
Botswana — 0.2%
Barclays Bank of Botswana		1,137,465	$	621,718
Botswana Insurance Holdings Ltd.		575,111		672,882
First National Bank of Botswana		6,069,100		2,760,449
Letshego Holdings, Ltd.		12,485,691		3,280,895
Sechaba Breweries Ltd.		905,550		2,033,267
Standard Chartered Bank Botswana		531,120		684,467
			$	10,053,678
Brazil — 5.6%
AES Tiete SA, PFC Shares		189,400	$	1,481,539
All America Latina Logistica SA (Units)		669,600		1,821,380
AMBEV SA		2,158,450		14,323,173
AMBEV SA ADR		141,760		941,825
Anhanguera Educacional Participacoes SA		307,100		1,615,306
B2W Companhia Global do Varejo(1)		176,170		1,691,150
Banco Bradesco SA ADR, PFC Shares		67,291		708,574
Banco Bradesco SA, PFC Shares		1,193,731		12,891,287
Banco do Brasil SA		561,098		4,826,384
Banco do Estado do Rio Grande do Sul, PFC Shares		164,900		718,357
Banco Santander Brasil SA		533,700		2,484,992
BM&F Bovespa SA		962,351		3,797,029
BR Malls Participacoes SA		296,000		1,856,935
BR Properties SA		153,300		1,080,656
Bradespar SA, PFC Shares		121,000		1,112,894
Braskem SA, PFC Shares		89,760		689,189
BRF-Brasil Foods SA		338,540		6,059,280
BRF-Brasil Foods SA ADR		19,900		351,832
Brookfield Incorporacoes SA(1)		842,100		461,887
Centrais Eletricas Brasileiras SA		471,100		1,831,723
CETIP SA - Mercados Organizados		173,900		1,664,173
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		63,069		2,428,349
Cia de Concessoes Rodoviarias SA (CCR)		953,100		6,113,816
Cia de Saneamento Basico do Estado de Sao Paulo		393,660		3,624,820
Cia de Saneamento de Minas Gerais-COPASA		72,900		952,066
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		49,290		497,531
Cia Energetica de Minas Gerais SA ADR		84,265		486,210
Cia Energetica de Minas Gerais SA, PFC Shares		693,855		3,992,887
Cia Energetica de Sao Paulo, PFC Shares		228,700		2,187,633
Cia Hering		102,400		1,136,672
Cia Paranaense de Energia-Copel, PFC Shares		123,300		1,415,537
Cia Siderurgica Nacional SA		365,800		1,686,893
Cielo SA		409,699		10,851,448
Contax Participacoes SA, PFC Shares		121,500		175,927
Cosan SA Industria e Comercio		53,700		799,694

7 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
CPFL Energia SA		242,100	$	1,821,111
Cyrela Brazil Realty SA		221,300		1,305,341
Diagnosticos da America SA		215,900		1,327,018
Duratex SA		102,326		501,109
EcoRodovias Infraestrutura e Logistica SA		217,700		1,107,364
EDP-Energias do Brasil SA		313,400		1,251,051
Eletropaulo Metropolitana SA, Class B, PFC Shares		210,580		764,877
Embraer SA		418,300		3,170,431
Embraer SA ADR		85,948		2,637,744
Eneva SA(1)		300,500		396,391
Estacio Participacoes SA		167,700		1,302,552
Fibria Celulose SA(1)		111,757		1,244,331
Gafisa SA		632,800		803,473
Gerdau SA, PFC Shares		428,500		3,027,516
Gol Linhas Aereas Inteligentes SA, PFC Shares		204,000		799,421
Hypermarcas SA		267,800		1,683,051
Iochpe-Maxion SA		115,700		1,165,180
Itau Unibanco Holding SA ADR, PFC Shares		78,727		963,618
Itau Unibanco Holding SA, PFC Shares		1,093,590		13,634,490
Itausa-Investimentos Itau SA, PFC Shares		2,081,181		7,222,009
JBS SA		583,825		2,035,950
Klabin SA, PFC Shares		260,000		1,326,477
Kroton Educacional SA		54,900		836,038
Light SA		132,200		1,046,267
LLX Logistica SA(1)		1,596,000		638,348
Localiza Rent a Car SA		157,980		1,995,226
Lojas Americanas SA, PFC Shares		340,423		2,066,984
Lojas Renner SA		78,300		1,792,225
Marcopolo SA, PFC Shares		950,200		2,041,521
Marfrig Global Foods SA(1)		287,155		493,744
Metalurgica Gerdau SA, PFC Shares		148,000		1,310,936
MMX Mineracao e Metalicos SA(1)		138,467		212,137
MRV Engenharia e Participacoes SA		338,300		1,151,650
Natura Cosmeticos SA		120,900		1,958,386
OGX Petroleo e Gas Participacoes SA(1)		1,965,400		245,659
Oi SA ADR		190,200		325,242
Oi SA, PFC Shares		1,257,857		2,161,905
PDG Realty SA Empreendimentos e Participacoes(1)		1,224,600		844,232
Petroleo Brasileiro SA		43,200		243,640
Petroleo Brasileiro SA ADR		71,900		855,610
Petroleo Brasileiro SA, PFC Shares		3,018,600		18,247,078
Randon Participacoes SA, PFC Shares		242,800		936,458
Rossi Residencial SA(1)		716,100		573,966
Souza Cruz SA		228,000		1,995,716
Suzano Papel e Celulose SA		437,425		1,722,595
Telefonica Brasil SA, PFC Shares		304,426		5,759,270

Security	Shares		Value
Brazil (continued)
Tim Participacoes SA		944,227	$	4,939,720
Totvs SA		191,090		2,500,444
Tractebel Energia SA		154,500		2,208,271
Ultrapar Participacoes SA		184,384		4,061,525
Usinas Siderurgicas de Minas Gerais SA, PFC Shares		283,250		1,392,774
Vale SA		34,400		467,464
Vale SA ADR		65,300		888,080
Vale SA, PFC Shares		1,468,440		18,165,672
Weg SA		236,900		2,682,695
			$	235,011,031
Bulgaria — 0.1%
CB First Investment Bank AD(1)		235,000	$	505,017
Chimimport AD(1)		329,922		462,854
Corporate Commercial Bank AD(1)		10,400		620,651
MonBat AD		60,235		340,923
Petrol AD(1)		102,500		225,437
Sopharma AD		354,600		966,973
			$	3,121,855
Chile — 2.8%
AES Gener SA		3,010,000	$	1,438,854
Aguas Andinas SA, Series A		3,899,500		2,487,344
Almendral SA		2,512,600		224,978
Antarchile SA, Series A		173,104		2,082,562
Banco de Chile		56,702,280		7,012,256
Banco de Chile ADR		7,286		533,700
Banco de Credito e Inversiones		88,574		4,935,159
Banco Santander Chile SA		134,220,710		6,728,772
Banmedica SA		484,730		828,406
Besalco SA		1,191,000		977,330
Cap SA		164,112		2,383,030
Cencosud SA		1,685,831		4,760,079
CFR Pharmaceuticals SA		4,417,100		893,034
Cia Cervecerias Unidas SA		250,590		2,682,229
Cia General de Electricidad SA		403,219		1,827,228
Cia Sud Americana de Vapores SA(1)		14,510,741		594,450
Colbun SA		9,412,410		2,192,967
Corpbanca SA		395,674,470		4,341,172
E.CL SA		693,400		838,321
Embotelladora Andina SA, Class B, PFC Shares		315,241		1,181,797
Empresa Nacional de Electricidad SA		4,554,263		5,855,018
Empresas CMPC SA		2,182,420		4,714,140
Empresas Copec SA		893,176		10,169,162
Empresas La Polar SA(1)		1,713,400		151,159

8 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Chile (continued)
Enersis SA		25,224,721	$	6,643,376
ENTEL SA		157,000		1,902,314
Grupo Security SA		3,397,289		1,120,229
Inversiones Aguas Metropolitanas SA		614,900		993,256
Inversiones La Construccion SA		54,000		636,864
Invexans SA		5,047,652		90,463
Latam Airlines Group SA		362,395		5,030,481
Latam Airlines Group SA BDR		28,260		413,375
Madeco SA(1)		5,047,652		28,943
Molibdenos y Metales SA		65,700		913,303
Parque Arauco SA		1,208,000		2,062,465
Quinenco SA		359,844		787,093
Ripley Corp. SA		1,255,600		703,474
S.A.C.I. Falabella SA		1,390,300		10,838,384
Salfacorp SA		1,726,600		1,478,360
Sigdo Koppers SA		1,000,231		1,406,385
Sociedad de Inversiones Pampa Calichera SA, Class A		219,730		175,677
Sociedad Matriz SAAM SA		6,242,812		512,124
Sociedad Quimica y Minera de Chile SA, Series B		212,340		5,311,106
Socovesa SA		1,443,206		298,106
Sonda SA		2,150,500		4,260,034
Vina Concha y Toro SA		727,222		1,320,558
			$	116,759,517
China — 8.9%
Agile Property Holdings, Ltd.		1,096,000	$	1,003,734
Agricultural Bank of China, Ltd., Class H		7,395,000		3,228,272
Air China, Ltd., Class H		2,310,000		1,504,323
Aluminum Corp. of China, Ltd., Class H(1)		3,374,000		1,200,338
Angang Steel Co., Ltd., Class H(1)		1,226,000		781,557
Anhui Conch Cement Co., Ltd., Class H		906,500		3,496,667
Anta Sports Products, Ltd.		1,021,000		1,490,816
Baidu, Inc. ADR(1)		92,500		14,476,250
Bank of China, Ltd., Class H		21,583,000		9,109,753
Bank of Communications, Ltd., Class H		3,583,900		2,323,305
Beijing Capital International Airport Co., Ltd., Class H		1,568,000		1,193,249
Beijing Enterprises Holdings, Ltd.		309,500		2,608,881
Belle International Holdings, Ltd.		1,079,000		1,172,551
BYD Co., Ltd., Class H(1)		607,200		2,878,074
Chaoda Modern Agriculture Holdings, Ltd.(1)(2)		2,391,958		0
China Agri-Industries Holdings, Ltd.		2,074,000		916,106
China Bluechemical, Ltd., Class H		1,270,000		697,934
China CITIC Bank Corp., Ltd., Class H		4,367,000		2,089,132
China Coal Energy Co., Class H		3,400,000		1,701,365

Security	Shares		Value
China (continued)
China Communications Construction Co., Ltd., Class H		2,930,000	$	2,132,231
China Communications Services Corp., Ltd., Class H		2,540,000		1,372,516
China Construction Bank Corp., Class H		25,662,630		17,777,683
China COSCO Holdings Co., Ltd., Class H(1)		2,694,975		1,135,572
China Dongxiang (Group) Co., Ltd.		4,257,000		828,258
China Eastern Airlines Corp., Ltd., Class H(1)		1,120,000		380,497
China Everbright International, Ltd.		1,986,000		2,608,627
China Everbright, Ltd.		536,000		728,808
China High Speed Transmission Equipment Group Co., Ltd.(1)		2,184,000		1,321,503
China International Marine Containers Co., Ltd., Class B		482,672		1,116,873
China Life Insurance Co., Ltd., Class H		2,263,000		6,159,579
China Longyuan Power Group Corp., Class H		2,266,000		2,726,017
China Mengniu Dairy Co., Ltd.		960,000		4,403,316
China Merchants Bank Co., Ltd., Class H		1,723,524		3,035,844
China Merchants Holdings (International) Co., Ltd.		710,035		2,425,332
China Minsheng Banking Corp., Ltd., Class H		2,080,700		2,031,813
China Mobile, Ltd.		3,222,000		30,766,111
China National Building Material Co., Ltd., Class H		2,124,000		2,039,291
China Oilfield Services, Ltd., Class H		1,090,000		2,902,111
China Overseas Land & Investment, Ltd.		1,530,160		4,107,479
China Pacific Insurance (Group) Co., Ltd., Class H		848,000		3,063,018
China Petroleum & Chemical Corp., Class H		13,122,300		10,348,446
China Pharmaceutical Group, Ltd.		1,402,000		1,171,445
China Railway Construction Corp., Class H		1,592,000		1,334,285
China Railway Group, Ltd., Class H		3,177,000		1,404,073
China Resources Enterprise, Ltd.		842,000		2,504,812
China Resources Gas Group, Ltd.		642,000		1,982,485
China Resources Land, Ltd.		954,000		2,240,744
China Resources Power Holdings Co., Ltd.		1,365,600		3,246,735
China Shenhua Energy Co., Ltd., Class H		2,164,500		5,555,708
China Shineway Pharmaceutical Group, Ltd.		381,000		562,582
China Shipping Container Lines Co., Ltd., Class H(1)		4,252,000		1,000,148
China Shipping Development Co., Ltd., Class H(1)		1,702,000		1,021,072
China Southern Airlines Co., Ltd., Class H		2,700,000		934,566
China Taiping Insurance Holdings Co., Ltd.(1)		573,400		998,869
China Telecom Corp., Ltd., Class H		9,130,000		4,160,016
China Travel International Investment Hong Kong, Ltd.		4,692,000		894,288
China Unicom (Hong Kong), Ltd.		3,210,372		4,177,828
China Vanke Co., Ltd., Class B		667,820		1,108,552
China Yurun Food Group, Ltd.(1)		1,776,000		1,045,430
China Zhongwang Holdings, Ltd.(1)		464,000		137,273
Chongqing Changan Automobile Co., Ltd., Class B		1,100,286		1,986,170
Citic Pacific, Ltd.		1,152,000		1,440,009
CNOOC, Ltd.		8,070,000		12,535,239

9 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Cosco Pacific, Ltd.		1,516,000	$	1,945,652
Country Garden Holdings Co.		3,294,631		1,791,748
Ctrip.com International, Ltd. ADR(1)		140,100		5,535,351
Datang International Power Generation Co., Ltd., Class H		3,414,000		1,366,835
Dongfeng Motor Group Co., Ltd., Class H		1,966,000		2,894,773
Golden Eagle Retail Group, Ltd.		739,000		1,009,131
Great Wall Motor Co., Ltd., Class H		862,500		4,103,447
Guangdong Investment, Ltd.		2,022,000		1,865,183
Guangzhou Automobile Group Co., Ltd., Class H		1,892,013		1,894,497
Guangzhou R&F Properties Co., Ltd., Class H		682,000		908,362
Hengan International Group Co., Ltd.		149,500		1,613,996
Hengdeli Holdings, Ltd.		2,681,800		563,413
Hidili Industry International Development, Ltd.(1)		594,000		75,200
Home Inns & Hotels Management, Inc. ADR(1)		10,800		370,332
Huaneng Power International, Inc., Class H		2,746,000		2,567,371
Industrial & Commercial Bank of China, Ltd., Class H		25,680,000		15,866,164
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		401,700		369,255
Inner Mongolia Yitai Coal Co., Ltd., Class B		669,000		1,040,053
Jiangsu Expressway Co., Ltd., Class H		1,152,000		1,453,683
Jiangxi Copper Co., Ltd., Class H		1,092,000		1,965,493
Kingboard Chemical Holdings, Ltd.		648,600		1,451,205
Kunlun Energy Co., Ltd.		2,206,000		3,652,925
Lee & Man Paper Manufacturing, Ltd.		1,220,000		815,325
Lenovo Group, Ltd.		3,736,000		4,818,303
Li Ning Co., Ltd.(1)		255,500		204,584
Maanshan Iron & Steel Co., Ltd., Class H(1)		2,294,000		557,946
Mindray Medical International, Ltd. ADR		59,100		2,070,864
NetEase.com, Inc. ADR(1)		24,700		1,851,759
New Oriental Education & Technology Group, Inc. ADR		380,400		11,160,936
Nine Dragons Paper Holdings, Ltd.		1,753,000		1,501,729
PetroChina Co., Ltd., Class H		10,618,000		10,235,820
PICC Property & Casualty Co., Ltd., Class H		1,228,000		1,662,013
Ping An Insurance (Group) Co. of China, Ltd., Class H		610,000		4,925,997
Poly Property Group Co., Ltd.		1,918,000		914,101
Renhe Commercial Holdings Co., Ltd.(1)		6,322,000		310,466
Semiconductor Manufacturing International Corp.(1)		23,397,000		2,371,105
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,396,000		1,645,482
Shanghai Electric Group Co., Ltd., Class H		2,414,000		770,855
Shanghai Industrial Holdings, Ltd.		304,000		1,012,997
Shimao Property Holdings, Ltd.		665,000		1,450,805
SINA Corp.(1)		22,900		1,492,851
Sino Biopharmaceutical, Ltd.		2,052,000		1,726,833
Sino-Ocean Land Holdings, Ltd.		1,720,500		928,892

Security	Shares		Value
China (continued)
Sinopec Shanghai Petrochemical Co., Ltd., Class H		2,931,000	$	826,183
Sinopharm Group Co., Ltd., Class H		374,800		1,052,160
Sinotrans Shipping, Ltd.		1,000,000		327,032
Sohu.com, Inc.(1)		10,300		749,634
Sun Art Retail Group, Ltd.		1,476,000		1,932,484
Tencent Holdings, Ltd.		423,000		29,629,195
Tingyi (Cayman Islands) Holding Corp.		1,266,000		3,275,452
Tsingtao Brewery Co., Ltd., Class H		254,000		1,861,369
Want Want China Holdings, Ltd.		3,750,000		5,049,149
Weichai Power Co., Ltd., Class H		456,400		1,734,296
Wumart Stores, Inc., Class H		321,000		410,664
WuXi PharmaTech (Cayman), Inc. ADR(1)		61,900		2,160,310
Yangzijiang Shipbuilding Holdings, Ltd.		1,809,000		1,628,267
Yantai Changyu Pioneer Wine Co., Ltd., Class B		144,216		368,159
Yanzhou Coal Mining Co., Ltd., Class H		1,764,000		1,320,708
Zhaojin Mining Industry Co., Ltd., Class H		1,140,000		665,189
Zhejiang Expressway Co., Ltd., Class H		1,404,000		1,260,280
Zhuzhou CSR Times Electric Co., Ltd., Class H		513,000		1,585,191
Zijin Mining Group Co., Ltd., Class H		6,290,000		1,336,107
ZTE Corp., Class H(1)		730,753		1,515,475
			$	372,146,597
Colombia — 1.4%
Almacenes Exito SA		452,090	$	5,942,872
Banco Davivienda SA, PFC Shares		154,200		1,636,906
Banco de Bogota		91,067		2,999,541
Bancolombia SA ADR, PFC Shares		145,000		6,371,300
Bolsa de Valores de Colombia		46,242,700		497,770
Celsia SA ESP		809,070		2,050,844
Cementos Argos SA		476,640		1,969,523
Corporacion Financiera Colombiana SA		97,625		1,719,155
Ecopetrol SA		4,701,790		8,209,780
Empresa de Energia de Bogota SA		3,474,085		2,300,633
Empresa de Telecommunicaciones de Bogota SA		2,532,380		502,475
Fabricato SA(1)		36,122,860		257,134
Grupo Argos SA		346,150		3,090,740
Grupo Argos SA, PFC Shares		108,995		982,938
Grupo Aval Acciones y Valores SA		3,145,485		1,786,565
Grupo Aval Acciones y Valores SA, PFC Shares		5,059,300		2,911,213
Grupo de Inversiones Suramericana		254,570		3,876,781
Grupo Nutresa SA		482,255		5,645,655
Grupo Odinsa SA		150,661		597,510
Interconexion Electrica SA		825,160		3,037,160
ISAGEN SA ESP		1,935,100		2,822,126
			$	59,208,621

10 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Croatia — 0.5%
Adris Grupa DD, PFC Shares		50,044	$	2,417,324
Atlantic Grupa DD		5,200		682,054
Atlantska Plovidba DD(1)		22,867		1,544,424
Croatia Osiguranje DD(1)		500		627,693
Dalekovod DD(1)		51,895		304,540
Ericsson Nikola Tesla		6,040		1,606,879
Hrvatski Telekom DD		199,470		5,978,220
INA Industrija Nafte DD		900		538,676
Koncar-Elektroindustrija DD		14,719		1,825,080
Kras DD(1)		7,262		476,613
Petrokemija DD(1)		25,975		663,314
Podravka Prehrambena Industrija DD(1)		31,335		1,526,086
Privredna Banka Zagreb DD		3,177		248,806
Zagrebacka Banka DD		176,195		839,904
			$	19,279,613
Czech Republic — 1.6%
CEZ AS		908,060	$	22,953,524
Fortuna Entertainment Group NV		246,600		1,609,556
Komercni Banka AS		92,864		20,145,410
New World Resources PLC, Class A(1)		1,183,100		1,001,455
Pegas Nonwovens SA		96,614		2,841,393
Philip Morris CR AS		9,113		4,870,433
Telefonica 02 Czech Republic AS		544,904		7,911,346
Unipetrol AS(1)		617,307		4,635,989
			$	65,969,106
Egypt — 2.1%
Alexandria Mineral Oils Co.		193,820	$	1,774,280
Amer Group Holding		4,390,500		738,999
Arab Cotton Ginning		1,993,380		1,339,530
Citadel Capital Co.(1)		2,280,400		1,380,218
Commercial International Bank		3,912,306		19,310,213
Eastern Tobacco		281,822		4,714,715
Egypt Kuwaiti Holding Co.		1,849,596		1,867,054
Egyptian Financial Group-Hermes Holding SAE(1)		2,101,605		3,462,957
Egyptian Resorts Co.(1)		4,721,950		1,048,698
El Ezz Aldekhela Steel Alexa Co.		4,000		409,950
El Sewedy Cables Holding Co.		529,606		2,469,139
Ezz Steel(1)		1,548,345		3,817,684
Global Telecom Holding SAE(1)		12,928,866		9,795,139
Juhayna Food Industries		3,370,924		7,415,430
Maridive & Oil Services SAE(1)		1,761,799		1,871,367
Misr Beni-Suef Cement Co.		69,150		498,314
National Societe General Bank		282,510		1,273,037

Security	Shares		Value
Egypt (continued)
Orascom Telecom Media and Technology Holding SAE		21,964,609	$	3,763,264
Oriental Weavers Co.		187,375		988,894
Palm Hills Developments SAE(1)		3,395,160		1,538,129
Pioneers Holding(1)		1,229,900		1,463,676
Sidi Kerir Petrochemicals Co.		1,686,400		4,295,726
Six of October Development & Investment Co.(1)		382,178		1,304,438
South Valley Cement(1)		704,261		531,913
Talaat Moustafa Group(1)		5,219,460		5,466,016
Telecom Egypt		1,949,337		4,211,726
			$	86,750,506
Estonia — 0.2%
AS Merko Ehitus		50,618	$	516,914
AS Nordecon International(1)		145,374		205,869
AS Olympic Entertainment Group		503,790		1,285,224
AS Tallink Group		3,623,652		4,401,453
AS Tallinna Kaubamaja		137,340		1,010,998
AS Tallinna Vesi		58,790		990,325
			$	8,410,783
Ghana — 0.1%
Aluworks Ghana, Ltd.(1)		457,409	$	10,570
CAL Bank, Ltd.		1,298,010		553,107
Ghana Commercial Bank, Ltd.		1,554,441		3,315,849
HFC Bank Ghana, Ltd.(1)		1,235,326		493,092
Produce Buying Co., Ltd.		582,428		41,602
Standard Chartered Bank of Ghana, Ltd.		148,200		1,020,963
			$	5,435,183
Greece — 1.6%
Aegean Marine Petroleum Network, Inc.		63,900	$	581,490
Alpha Bank AE(1)		4,025,790		3,651,817
Costamare, Inc.		76,519		1,502,833
Diana Containerships, Inc.		76,800		311,808
Diana Shipping, Inc.(1)		164,791		2,012,098
DryShips, Inc.(1)		674,500		2,293,300
Ellaktor SA(1)		524,621		2,384,941
Folli Follie SA(1)		82,904		2,500,458
Frigoglass SA(1)		104,857		622,727
GasLog, Ltd.		57,055		1,195,873
GEK Terna Holding Real Estate Construction SA(1)		381,049		1,717,917
Hellenic Exchanges SA		150,168		1,479,351
Hellenic Petroleum SA		199,209		1,932,265
Hellenic Telecommunications Organization SA(1)		467,190		6,829,839
Intralot SA		418,837		1,104,982

11 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Greece (continued)
JUMBO SA(1)		274,881	$	4,674,216
Marfin Investment Group Holdings SA(1)		1,321,172		756,587
Metka SA		115,677		1,844,785
Motor Oil (Hellas) Corinth Refineries SA		170,267		1,963,164
Mytilineos Holdings SA(1)		226,317		1,776,397
National Bank of Greece SA(1)		762,604		3,376,195
Navios Maritime Acqisition Corp.		208,900		896,181
Navios Maritime Holdings, Inc.		171,886		1,629,479
OPAP SA		473,915		6,128,467
Piraeus Bank SA(1)		2,007,941		4,734,584
Public Power Corp. SA		216,943		2,906,252
Safe Bulkers, Inc.		87,300		854,667
StealthGas, Inc.(1)		87,399		839,030
Titan Cement Co. SA(1)		123,232		3,311,444
Tsakos Energy Navigation, Ltd.		126,700		861,560
Viohalco SA(1)		223,488		1,130,318
			$	67,805,025
Hungary — 1.6%
Magyar Telekom Rt.		5,561,100	$	7,446,480
MOL Hungarian Oil & Gas Rt.		280,600		17,173,396
OTP Bank Rt.		1,087,430		19,903,179
Richter Gedeon Nyrt.		1,061,000		21,446,500
			$	65,969,555
India — 6.5%
ABB, Ltd.		19,900	$	186,410
ACC, Ltd.		64,370		1,042,821
Adani Enterprises, Ltd.		397,200		1,514,755
Adani Ports and Special Economic Zone, Ltd.		1,003,100		2,336,311
Aditya Birla Nuvo, Ltd.		17,702		311,447
Amtek Auto, Ltd.		152,500		157,528
Asian Paints, Ltd.		270,300		2,038,829
Axis Bank, Ltd.		186,000		3,335,160
Bajaj Auto, Ltd.		59,560		1,812,696
Bank of Baroda		114,960		1,010,431
Bank of India		247,400		757,615
Bharat Forge, Ltd.		63,650		355,307
Bharat Heavy Electricals, Ltd.		726,400		1,995,619
Bharat Petroleum Corp., Ltd.		253,200		1,465,802
Bharti Airtel, Ltd.		2,248,160		11,282,860
Biocon, Ltd.		101,600		707,355
Cairn India, Ltd.		503,800		2,601,545
Canara Bank, Ltd.		176,800		626,004
Cipla, Ltd.		287,310		1,881,427

Security	Shares		Value
India (continued)
Coal India, Ltd.		623,800	$	2,456,904
Colgate-Palmolive (India), Ltd.		24,900		518,863
Container Corp. of India, Ltd.		54,240		632,167
Crompton Greaves, Ltd.		213,600		393,391
Cummins India, Ltd.		49,900		349,476
Dabur India, Ltd.		364,400		1,003,769
Divi’s Laboratories, Ltd.		46,800		981,788
DLF, Ltd.		445,700		979,255
Dr. Reddy’s Laboratories, Ltd.		73,620		3,062,028
Educomp Solutions, Ltd.(1)		157,865		59,569
Essar Oil, Ltd.(1)		425,030		304,265
Financial Technologies India, Ltd.		32,600		140,815
GAIL (India), Ltd.		585,050		3,363,877
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		412,798
Glenmark Pharmaceuticals, Ltd.		125,460		1,118,481
GMR Infrastructure, Ltd.		1,721,400		556,214
Grasim Industries, Ltd.		8,158		333,309
Gujarat Ambuja Cements, Ltd.		657,400		1,679,360
Gujarat State Petronet, Ltd.		383,800		340,193
GVK Power & Infrastructure, Ltd.(1)		2,796,900		405,941
HCL Technologies, Ltd.		199,400		4,650,305
HDFC Bank, Ltd.		912,320		9,166,452
Hero MotoCorp, Ltd.		60,900		1,925,298
Hindalco Industries, Ltd.		886,210		1,551,457
Hindustan Petroleum Corp., Ltd.		220,900		862,695
Hindustan Unilever, Ltd.		709,000		6,449,187
Hindustan Zinc, Ltd.		148,400		307,394
Housing Development & Infrastructure, Ltd.(1)		1,151,714		782,062
Housing Development Finance Corp., Ltd.		1,278,300		16,433,437
ICICI Bank, Ltd.		450,570		7,085,976
IDBI Bank, Ltd.		367,000		325,974
Idea Cellular, Ltd.		1,624,900		3,705,135
IDFC, Ltd.		1,075,200		1,597,091
IFCI, Ltd.		1,864,200		676,307
Indiabulls Housing Finance, Ltd.		165,200		544,458
Indiabulls Real Estate, Ltd.		646,300		552,826
Indian Hotels Co., Ltd.		164,280		153,437
Indian Oil Corp., Ltd.		242,400		948,257
Infosys, Ltd.		459,300		26,979,043
ITC, Ltd.		1,313,460		6,818,791
IVRCL, Ltd.(1)		1,113,900		197,351
Jaiprakash Associates, Ltd.		1,722,800		1,106,819
Jindal Steel & Power, Ltd.		437,200		1,742,943
JSW Steel, Ltd.		163,300		2,387,311
Kotak Mahindra Bank, Ltd.		234,100		2,449,324
Lanco Infratech, Ltd.(1)		2,361,100		273,504

12 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Larsen & Toubro, Ltd.		258,090	$	4,061,812
LIC Housing Finance, Ltd.		351,400		1,098,522
Lupin, Ltd.		148,500		2,093,310
Mahindra & Mahindra, Ltd.		226,260		3,206,681
Maruti Suzuki India, Ltd.		67,750		1,775,121
Mphasis, Ltd.		39,900		235,457
Nestle India, Ltd.		11,930		958,912
Nicholas Piramal India, Ltd.		76,807		686,076
NTPC, Ltd.		2,333,600		4,707,530
Oil & Natural Gas Corp., Ltd.		1,829,680		8,053,573
Oracle Financial Service Software, Ltd.(1)		16,500		847,977
Power Grid Corporation of India, Ltd.		1,946,900		2,976,092
Ranbaxy Laboratories, Ltd.(1)		158,960		818,390
Reliance Capital, Ltd.		153,735		793,301
Reliance Communications, Ltd.		1,731,560		3,388,750
Reliance Industries, Ltd.		1,404,338		18,621,552
Reliance Infrastructure, Ltd.		288,300		1,714,042
Reliance Power, Ltd.(1)		1,400,250		1,386,210
Sesa Sterlite, Ltd.		1,223,612		3,675,437
Shree Renuka Sugars, Ltd.		777,100		228,853
Siemens India, Ltd.		47,180		414,608
State Bank of India		99,200		2,416,306
State Bank of India GDR(3)		9,600		460,886
Steel Authority of India, Ltd.		646,200		660,023
Sun Pharmaceuticals Industries, Ltd.		595,400		5,595,728
Sun TV Network, Ltd.		147,473		848,767
Suzlon Energy, Ltd.(1)		2,099,450		357,681
Tata Communications, Ltd.		127,400		560,905
Tata Consultancy Services, Ltd.		481,600		17,135,265
Tata Motors, Ltd.		742,250		4,134,900
Tata Power Co., Ltd.		1,558,700		1,851,172
Tata Steel, Ltd.		300,796		1,704,493
Tata Tea, Ltd.		279,500		627,320
Tech Mahindra, Ltd.		88,511		2,533,856
Titan Industries, Ltd.		234,100		824,054
UltraTech Cement, Ltd.		64,100		1,752,556
Unitech, Ltd.(1)		2,836,900		571,890
United Spirits, Ltd.		64,600		2,547,787
UPL, Ltd.		303,700		916,762
Voltas, Ltd.		296,300		502,199
Wipro, Ltd.		527,679		4,828,104
Yes Bank, Ltd.		209,900		1,033,130
Zee Entertainment Enterprises, Ltd.		373,114		1,588,967
			$	269,380,176

Security	Shares		Value
Indonesia — 3.3%
Adaro Energy Tbk PT		36,822,500	$	2,867,814
Agis Tbk PT(1)		17,097,000		617,686
AKR Corporindo Tbk PT		6,850,500		2,478,479
Aneka Tambang Tbk PT		10,251,500		860,496
Astra Argo Lestari Tbk PT		775,000		1,359,148
Astra International Tbk PT		21,623,000		11,376,740
Bank Central Asia Tbk PT		13,688,500		11,110,588
Bank Danamon Indonesia Tbk PT		4,504,303		1,603,886
Bank Mandiri Tbk PT		10,075,000		7,146,270
Bank Negara Indonesia Persero Tbk PT		9,366,500		3,358,795
Bank Pan Indonesia Tbk PT(1)		4,945,000		270,636
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		12,193,000		913,853
Bank Rakyat Indonesia Tbk PT		11,498,000		7,857,506
Bank Tabungan Negara Tbk PT		10,171,500		748,078
Berlian Laju Tanker Tbk PT(1)(2)		7,544,500		0
Bhakti Investama Tbk PT		49,042,500		1,205,241
Bumi Resources Tbk PT(1)		37,563,000		938,079
Bumi Serpong Damai Tbk PT		13,777,500		1,631,296
Charoen Pokphand Indonesia Tbk PT		10,278,000		3,467,078
Delta Dunia Makmur Tbk PT(1)		9,252,500		70,845
Energi Mega Persada Tbk PT(1)		64,369,200		373,694
Gudang Garam Tbk PT		660,000		2,267,139
Harum Energy Tbk PT		2,626,500		513,481
Holcim Indonesia Tbk PT		3,029,000		516,101
Indo Tambangraya Megah Tbk PT		976,500		2,145,026
Indocement Tunggal Prakarsa Tbk PT		3,654,500		6,710,360
Indofood Sukses Makmur Tbk PT		5,994,500		3,426,798
Indosat Tbk PT		2,794,500		972,897
Jasa Marga (Persero) Tbk PT		3,198,000		1,348,700
Kalbe Farma Tbk PT		28,956,500		3,325,842
Lippo Karawaci Tbk PT		28,867,500		2,246,862
Matahari Putra Prima Tbk PT		7,240,000		1,191,143
Medco Energi Internasional Tbk PT		4,497,500		880,302
Media Nusantara Citra Tbk PT		3,201,000		587,644
Pembangunan Perumahan Persero Tbk PT		9,145,000		1,010,698
Perusahaan Gas Negara Tbk PT		17,387,500		6,763,519
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		970,110
Semen Gresik (Persero) Tbk PT		6,584,000		7,649,143
Surya Semesta Internusa Tbk PT		14,275,000		784,805
Tambang Batubara Bukit Asam Tbk PT		2,036,500		1,540,444
Telekomunikasi Indonesia Tbk PT		71,869,500		13,327,178
Tower Bersama Infrastructure Tbk PT(1)		2,871,000		1,457,020
Trada Maritime Tbk PT(1)		10,350,500		1,396,340
Unilever Indonesia Tbk PT		1,486,800		3,494,281

13 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Indonesia (continued)
United Tractors Tbk PT		4,529,583	$	7,136,550
Vale Indonesia Tbk PT		5,222,500		989,217
Wijaya Karya Persero Tbk PT		11,836,000		1,881,730
XL Axiata Tbk PT		4,954,500		1,971,883
			$	136,761,421
Jordan — 0.9%
Arab Bank PLC		1,401,120	$	18,524,545
Arab Potash Co. PLC		46,536		1,809,738
Bank of Jordan		298,710		1,100,430
Capital Bank of Jordan(1)		231,454		576,158
Jordan Ahli Bank(1)		765,591		1,571,495
Jordan Islamic Bank		405,003		2,223,598
Jordan Petroleum Refinery		435,706		3,025,729
Jordan Phosphate Mines		149,908		1,567,721
Jordan Steel		453,091		849,338
Jordan Telecom Corp.		339,850		1,831,628
Jordanian Electric Power Co.		488,876		2,063,181
Royal Jordanian Airlines(1)		455,790		394,221
Taameer Jordan Holdings PSC(1)		1,228,805		296,748
Union Investment Corp.(1)		595,615		1,990,007
Union Land Development(1)		47,830		225,055
			$	38,049,592
Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR(3)		712,200	$	6,982,345
Kazakhmys PLC		1,613,976		4,709,750
Kazkommertsbank JSC GDR(1)(3)		340,233		593,543
KazMunaiGas Exploration Production GDR(3)		545,900		7,897,743
Kcell JSC GDR(3)		385,400		6,321,009
Nostrum Oil & Gas, LP GDR		243,200		2,672,768
			$	29,177,158
Kenya — 0.8%
Athi River Mining, Ltd.		390,500	$	392,904
Bamburi Cement Co., Ltd.		606,300		1,445,943
Barclays Bank of Kenya, Ltd.		8,196,160		1,606,708
Co-operative Bank of Kenya, Ltd. (The)		7,659,600		1,539,652
East African Breweries, Ltd.		2,253,280		6,811,982
Equity Bank, Ltd.		10,547,600		3,748,917
KenolKobil, Ltd.(1)		4,090,000		432,248
Kenya Airways, Ltd.(1)		1,264,800		175,621
Kenya Commercial Bank, Ltd.		7,746,920		3,797,494
Kenya Electricity Generating Co., Ltd.		2,321,100		325,004
Kenya Power & Lighting, Ltd.		9,484,354		1,620,423

Security	Shares		Value
Kenya (continued)
Mumias Sugar Co., Ltd.(1)		3,844,600	$	133,474
Nation Media Group, Ltd.		407,184		1,507,776
Safaricom, Ltd.		71,083,572		9,044,980
Standard Chartered Bank Kenya, Ltd.		149,188		500,976
			$	33,084,102
Kuwait — 1.6%
Agility Public Warehousing Co. KSC		1,548,750	$	3,491,569
Ahli United Bank		303,187		762,288
Al Ahli Bank of Kuwait KSC		510,925		755,799
Al Safat Energy Holding Co. KSCC(1)		1,880,000		336,666
Al Safwa Group Holding Co. KSC(1)(2)		1,361,086		0
Al-Qurain Petrochemicals Co.		2,424,073		2,048,603
Aviation Lease and Finance Co. KSCC		730,000		672,134
Boubyan Bank KSC(1)		499,500		982,601
Boubyan Petrochemicals Co.		1,530,000		3,693,357
Burgan Bank SAK		1,038,231		2,019,559
Combined Group Contracting Co.		73,205		326,797
Commercial Bank of Kuwait SAK(1)		365,000		986,225
Commercial Real Estate Co. KSCC		2,186,862		740,526
Gulf Bank(1)		1,859,887		2,394,843
Gulf Cable and Electrical Industries Co.		245,000		664,677
Kuwait Cement Co.		223,100		291,643
Kuwait Finance House KSC		2,314,471		6,578,195
Kuwait Foods Co. (Americana)		425,000		3,741,405
Kuwait International Bank		1,224,000		1,300,122
Kuwait Pipes Industries & Oil Services Co.(1)(2)		1,188,500		201,654
Kuwait Portland Cement Co.		255,000		1,219,885
Kuwait Projects Co. Holdings KSC		1,097,933		2,547,298
Kuwait Real Estate Co.(1)		4,120,000		1,440,762
Mabanee Co. SAKC		932,352		3,882,862
Mena Holding Group(1)(2)		198,000		0
Mobile Telecommunications Co.		3,780,000		9,106,313
National Bank of Kuwait SAK		2,855,412		9,505,625
National Industries Group Holding(1)		3,862,500		3,104,868
National Investment Co.(1)		1,510,000		829,246
National Ranges Co.(1)		7,920,000		703,757
Sultan Center Food Products Co.(1)		4,020,000		1,322,522
			$	65,651,801
Latvia — 0.0%(4)
Grindeks(1)		42,000	$	558,907
Latvian Shipping Co.(1)		405,000		305,544
			$	864,451

14 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Lebanon — 0.1%
Solidere GDR(1)(3)		320,943	$	4,219,518
Solidere, Class A(1)		86,340		1,137,689
Solidere, Class B(1)		1,726		22,516
			$	5,379,723
Lithuania — 0.1%
Apranga PVA		278,536	$	1,097,261
Klaipedos Nafta PVA		1,345,900		558,084
Lesto AB		118,064		144,025
Pieno Zvaigzdes		104,200		283,305
Rokiskio Suris		122,500		284,595
Siauliu Bankas		809,317		322,125
			$	2,689,395
Malaysia — 3.2%
Aeon Co. (M) Bhd		165,300	$	606,847
Airasia Bhd		1,228,200		829,536
Alliance Financial Group Bhd		560,300		778,995
AMMB Holdings Bhd		887,900		1,942,346
Astro Malaysia Holdings Bhd		979,300		860,417
Axiata Group Bhd		2,706,750		5,306,652
Batu Kawan Bhd		210,000		1,233,336
Berjaya Corp. Bhd		2,289,600		348,233
Berjaya Sports Toto Bhd		805,627		972,855
Boustead Holdings Bhd		596,210		934,077
British American Tobacco Malaysia Bhd		93,800		1,705,264
Bumi Armada Bhd(1)		2,088,900		2,528,240
Bursa Malaysia Bhd		344,900		802,952
CIMB Group Holdings Bhd		1,771,500		3,664,644
Dialog Group Bhd		2,704,273		2,627,022
Digi.com Bhd		1,873,500		2,628,479
Felda Global Ventures Holdings Bhd		1,358,400		1,767,626
Gamuda Bhd		2,919,700		3,898,829
Genting Bhd		1,448,500		4,507,769
Genting Plantations Bhd		261,700		807,739
Hong Leong Bank Bhd		382,900		1,614,146
Hong Leong Financial Group Bhd		276,000		1,306,070
IGB Corp. Bhd		856,200		681,877
IHH Healthcare Bhd(1)		2,077,100		2,288,088
IJM Corp. Bhd		1,828,190		3,235,334
IOI Corp. Bhd		2,088,118		2,607,330
IOI Properties Group Bhd(1)		1,044,058		842,360
KLCC Property Holdings Bhd		399,100		690,103
KNM Group Bhd(1)		5,003,150		919,080
Kuala Lumpur Kepong Bhd		284,000		1,988,684

Security	Shares		Value
Malaysia (continued)
Kulim (Malaysia) Bhd(1)		860,000	$	822,195
Lafarge Malayan Cement Bhd		942,950		2,393,579
Malayan Banking Bhd		1,980,587		5,706,163
Malaysia Airports Holdings Bhd		342,800		861,641
Malaysia Marine and Heavy Engineering Holdings Bhd		739,000		801,320
Malaysian Resources Corp. Bhd		1,423,500		647,568
Maxis Bhd		1,737,900		3,614,515
Media Prima Bhd		575,000		410,689
MISC Bhd(1)		482,400		865,243
MMC Corp. Bhd		868,200		724,217
Mudajaya Group Bhd		510,600		399,178
Multi-Purpose Holdings Bhd		940,340		858,634
Parkson Holdings Bhd		766,578		671,314
Petronas Chemicals Group Bhd		3,748,800		7,439,143
Petronas Dagangan Bhd		507,500		4,647,811
Petronas Gas Bhd		298,800		2,084,592
PPB Group Bhd		404,100		1,862,912
Public Bank Bhd		837,820		4,787,821
Resorts World Bhd		2,155,600		2,803,359
RHB Capital Bhd		733,900		1,685,340
Sapurakencana Petroleum Bhd(1)		5,340,168		6,996,538
Sime Darby Bhd		3,863,639		10,382,370
Sunway Bhd		304,600		246,490
Supermax Corp. Bhd		650,400		565,198
TA Enterprise Bhd		1,323,000		294,007
Tan Chong Motor Holdings Bhd		265,900		451,774
Telekom Malaysia Bhd		1,249,900		2,057,562
Tenaga Nasional Bhd		1,719,525		6,062,096
Top Glove Corp. Bhd		525,500		862,652
UEM Land Holdings Bhd		1,683,050		1,038,045
UMW Holdings Bhd		448,400		1,587,364
Unisem (M) Bhd		1,289,100		361,276
Wah Seong Corp. Bhd		439,687		252,432
WCT Bhd		1,257,800		781,916
YTL Corp. Bhd		2,863,465		1,315,403
YTL Power International Bhd		1,793,521		1,000,724
			$	133,268,011
Mauritius — 0.6%
CIM Financial Services, Ltd.		5,283,300	$	1,411,948
LUX Island Resorts, Ltd.(1)		842,920		1,111,358
Mauritius Commercial Bank		1,387,300		9,511,350
New Mauritius Hotels, Ltd.		1,630,850		4,723,016
Rogers & Co., Ltd.		167,300		1,071,227
State Bank of Mauritius, Ltd.		127,622,900		4,312,000

15 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Mauritius (continued)
Sun Resorts, Ltd.(1)		1,042,199	$	1,504,649
Terra Mauricia, Ltd.		926,300		1,111,443
United Basalt Products, Ltd.		289,200		833,066
United Docks, Ltd.(1)		27,400		63,532
			$	25,653,589
Mexico — 6.3%
Alfa SAB de CV, Series A		6,966,000	$	19,626,057
America Movil SAB de CV ADR, Series L		905,400		19,248,804
America Movil SAB de CV, Series L		27,123,050		28,919,896
Bolsa Mexicana de Valores SAB de CV		1,503,700		3,035,734
Cemex SAB de CV ADR(1)		1,222,390		15,120,964
Cemex SAB de CV, Series CPO(1)		10,101,822		12,485,653
Coca-Cola Femsa SA de CV, Series L		359,300		3,817,059
Compartamos SAB de CV		2,788,400		5,035,132
Controladora Comercial Mexicana SA de CV		518,500		1,967,152
Corporacion GEO SAB de CV, Series B(1)(2)		1,144,000		70,997
Desarrolladora Homex SAB de CV(1)		776,450		211,907
Embotelladoras Arca SAB de CV		800,314		4,398,915
Empresas ICA SAB de CV(1)		2,013,500		3,888,792
Fibra Uno Administracion SA de CV		2,173,500		7,014,226
Fomento Economico Mexicano SA de CV ADR		37,200		3,356,928
Fomento Economico Mexicano SAB de CV, Series UBD		1,447,100		13,089,254
Genomma Lab Internacional SA de CV(1)		1,019,300		2,515,097
Grupo Aeroportuario del Pacifico SAB de CV, Class B		442,300		2,411,253
Grupo Aeroportuario del Sureste SAB de CV, Class B		220,600		2,482,946
Grupo Bimbo SA de CV, Series A		2,277,300		6,075,524
Grupo Carso SA de CV, Series A1		957,500		5,008,010
Grupo Elektra SA de CV		74,500		2,266,139
Grupo Financiero Banorte SAB de CV, Class O		3,428,600		21,642,172
Grupo Financiero Inbursa SAB de CV, Class O		4,951,200		12,346,532
Grupo Mexico SAB de CV, Series B		4,508,679		14,523,246
Grupo Simec SA de CV, Series B(1)		133,800		499,024
Grupo Televisa SA ADR		160,800		4,672,848
Grupo Televisa SAB, Series CPO		1,487,900		8,644,372
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,038,200		2,343,596
Industrias CH SAB de CV, Series B(1)		225,500		1,340,455
Industrias Penoles SA de CV		188,600		4,387,834
Inmuebles Carso SAB de CV(1)		714,800		711,379
Kimberly-Clark de Mexico SAB de CV, Class A		1,727,100		4,435,912
Mexichem SAB de CV		1,483,316		5,144,025
Minera Frisco SAB de CV(1)		714,800		1,127,731
Organizacion Soriana SAB de CV, Class B(1)		120,000		342,755
Promotora y Operadora de Infraestructura SAB de CV(1)		348,200		4,217,766

Security	Shares		Value
Mexico (continued)
Ternium SA ADR		46,000	$	1,369,880
TV Azteca SAB de CV, Series CPO		1,240,300		783,650
Urbi Desarrollos Urbanos SAB de CV(1)(2)		2,260,600		132,688
Wal-Mart de Mexico SAB de CV, Series V		5,879,400		14,063,258
			$	264,775,562
Morocco — 0.8%
Alliances Developpement Immobilier SA		11,000	$	641,324
Attijariwafa Bank		160,000		5,882,254
Banque Centrale Populaire		116,860		2,691,550
Banque Marocaine du Commerce Exterieur (BMCE)		114,517		2,786,548
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		2,860		254,427
Ciments du Maroc		4,580		454,299
Compagnie Generale Immobiliere		9,100		821,471
Cosumar Compagnie Sucriere Marocaine et de Raffinage		3,930		898,001
Delta Holding SA(1)		52,900		194,049
Douja Promotion Groupe Addoha SA		370,934		2,548,187
Holcim Maroc SA		7,774		1,460,451
Label Vie		2,100		364,083
Lafarge Ciments		17,410		2,760,845
Managem		9,862		1,477,959
Maroc Telecom		665,524		7,780,546
Samir(1)		15,717		567,547
SONASID (Societe Nationale de Siderurgie)(1)		4,267		478,954
Wafa Assurance		2,730		991,662
			$	33,054,157
Nigeria — 0.8%
Access Bank PLC		19,423,730	$	1,091,116
Afriland Properties PLC(1)(2)		1,169,236		0
Ashaka Cement PLC		2,154,293		248,845
Dangote Cement PLC		1,608,950		2,313,295
Dangote Flour Mills PLC(1)		2,810,000		167,214
Dangote Sugar Refinery PLC		8,508,432		610,504
Diamond Bank PLC(1)		16,654,000		713,423
Ecobank Transnational, Inc.		12,593,618		1,157,860
Fidelity Bank PLC		22,430,824		335,298
First Bank of Nigeria PLC		32,229,046		2,879,292
First City Monument Bank PLC(1)		23,552,733		557,764
Flour Mills of Nigeria PLC		660,000		340,697
Guaranty Trust Bank PLC		25,061,574		4,280,969
Guiness Nigeria PLC		764,975		1,049,511
Intercontinental Wapic Insurance PLC(1)		4,144,875		25,091

16 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Nigeria (continued)
Lafarge Cement WAPCO Nigeria PLC		2,172,600	$	1,423,560
Nestle Nigeria PLC		316,060		2,183,221
Nigerian Breweries PLC		3,299,505		3,184,789
Oando PLC		17,611,194		2,091,335
PZ Cussons Nigeria PLC		1,481,250		345,382
Skye Bank PLC		16,027,300		384,742
UAC of Nigeria PLC		6,144,089		2,573,038
UBA Capital PLC(1)		4,676,946		61,570
Unilever Nigeria PLC		2,757,800		915,266
United Bank for Africa PLC		34,626,110		1,742,139
Zenith Bank PLC		25,374,462		3,662,306
			$	34,338,227
Oman — 0.9%
Al Anwar Ceramic Tile Co.		309,100	$	483,906
Bank Dhofar SAOG		1,533,131		1,466,446
Bank Muscat SAOG		4,050,336		6,857,608
Bank Sohar SAOG		5,208,479		3,062,964
Dhofar International Development & Investment Holding Co.		275,832		439,926
Galfar Engineering & Contracting SAOG		1,882,660		1,376,073
HSBC Bank Oman SAOG		1,709,435		732,500
National Bank of Oman SAOG		1,368,355		1,177,439
Oman Cables Industry SAOG		93,600		572,148
Oman Cement Co. SAOG		741,260		1,623,881
Oman Flour Mills Co. SAOG		561,100		913,895
Oman National Investment Corp. Holdings		272,868		387,731
Oman Telecommunications Co. SAOG		1,240,071		5,086,153
Omani Qatari Telecommunications Co. SAOG		1,590,700		2,479,005
Ominvest		1,243,872		1,415,769
Raysut Cement Co. SAOG		634,209		3,425,307
Renaissance Services SAOG(1)		1,930,523		3,980,834
Shell Oman Marketing Co. SAOG		34,398		204,928
			$	35,686,513
Pakistan — 0.9%
Adamjee Insurance Co., Ltd.		1,313,244	$	492,968
Azgard Nine, Ltd.(1)		1,954,200		180,991
Bank Alfalah, Ltd.		4,021,538		1,050,150
D.G. Khan Cement Co., Ltd.		1,053,232		959,293
Engro Corp., Ltd.(1)		1,080,287		1,820,900
Fauji Fertilizer Bin Qasim, Ltd.		1,184,000		476,765
Fauji Fertilizer Co., Ltd.		1,768,610		1,895,318
Habib Bank, Ltd.		509,107		802,465
Hub Power Co., Ltd.		6,688,300		4,096,587

Security	Shares		Value
Pakistan (continued)
Kot Addu Power Co., Ltd.		1,009,900	$	612,778
Lucky Cement, Ltd.		878,300		2,572,742
Millat Tractors, Ltd.		162,140		704,712
Muslim Commercial Bank, Ltd.		2,241,119		6,002,687
National Bank of Pakistan		1,284,040		708,212
Nishat Mills, Ltd.		1,142,810		1,458,461
Oil & Gas Development Co., Ltd.		1,890,991		4,896,004
Pakistan Oil Fields, Ltd.		278,600		1,396,513
Pakistan Petroleum, Ltd.		1,298,277		2,721,909
Pakistan State Oil Co., Ltd.		440,928		1,430,184
Pakistan Telecommunication Co., Ltd.		2,612,200		707,718
United Bank, Ltd.		745,745		945,116
			$	35,932,473
Panama — 0.3%
Copa Holdings SA, Class A		86,900	$	11,357,830
			$	11,357,830
Peru — 1.6%
Alicorp SA		3,057,200	$	9,367,616
Banco Continental SA		391,400		762,558
Casa Grande SAA		99,420		220,816
Cementos Pacasmayo SAA		241,600		467,282
Cia de Minas Buenaventura SA ADR		424,180		5,259,832
Cia Minera Milpo SA(1)		567,882		404,337
Credicorp, Ltd.		123,694		16,317,712
Edegel SA		1,592,100		1,387,377
Edelnor SA		108,248		172,553
Energia del Sur SA		44,784		404,531
Ferreyros SA		5,803,179		3,659,107
Grana y Montero SA		1,901,212		8,014,319
Intergroup Financial Services Corp.		62,900		1,997,075
Luz del Sur SAA		484,850		1,511,399
Minsur SA		1,488,259		848,777
Sociedad Minera Cerro Verde SAA(1)		44,121		975,074
Southern Copper Corp.		380,627		10,649,943
Union Andina de Cementos SAA		1,014,000		1,214,070
Volcan Cia Minera SA, Class B		5,423,215		2,190,034
			$	65,824,412
Philippines — 1.5%
Aboitiz Equity Ventures, Inc.		3,611,100	$	4,131,024
Aboitiz Power Corp.		1,176,200		927,877
Alliance Global Group, Inc.		4,540,000		2,705,282
Ayala Corp.		192,195		2,221,055

17 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Philippines (continued)
Ayala Land, Inc.		4,730,800	$	2,724,645
Ayala Land, Inc., PFC Shares(2)		3,951,800		8,720
Bank of the Philippine Islands		1,270,595		2,484,659
BDO Unibank, Inc.		1,274,481		2,215,008
Bloomberry Resorts Corp.(1)		5,481,900		1,057,469
DMCI Holdings, Inc.		1,733,600		2,277,307
Energy Development Corp.		6,100,000		706,505
Filinvest Land, Inc.		14,494,000		418,644
First Gen Corp.		1,768,322		609,893
First Philippine Holdings Corp.		228,500		321,007
Globe Telecom, Inc.		18,040		678,276
Holcim Philippines, Inc.		1,492,000		463,147
International Container Terminal Services, Inc.		746,400		1,618,236
JG Summit Holding, Inc.		4,019,900		3,475,251
Jollibee Foods Corp.		725,800		2,427,589
Lopez Holdings Corp.		4,600,000		438,590
LT Group, Inc.		4,594,700		1,859,938
Manila Electric Co.		271,300		1,547,351
Manila Water Co.		727,400		369,773
Megaworld Corp.		12,596,000		988,987
Metro Pacific Investments Corp.		7,682,400		728,081
Metropolitan Bank & Trust Co.		835,191		1,395,047
Petron Corp.		2,555,500		787,470
Philex Mining Corp.(1)		6,094,825		1,244,032
Philex Petroleum Corp.(1)		283,500		51,290
Philippine Long Distance Telephone Co.		83,920		5,014,503
Puregold Price Club, Inc.		1,549,000		1,310,196
Robinsons Land Corp.		2,417,100		1,058,224
San Miguel Corp.		716,000		880,008
Semirara Mining Corp.		306,600		2,164,472
SM Investments Corp.		359,172		5,555,640
SM Prime Holdings, Inc.		5,515,999		1,883,594
Top Frontier Investment Holdings, Inc.(1)		71,600		113,751
Universal Robina Corp.		1,463,200		3,808,626
Vista Land & Lifescapes, Inc.		3,675,000		420,929
			$	63,092,096
Poland — 3.1%
Agora SA(1)		134,330	$	419,406
AmRest Holdings SE (1)		7,766		217,224
Asseco Poland SA		445,726		6,495,632
Bank Handlowy w Warszawie SA		50,570		1,652,266
Bank Millennium SA(1)		687,285		1,766,581
Bank Pekao SA		179,638		10,545,122
Bioton SA(1)		425,302		503,605

Security	Shares		Value
Poland (continued)
Boryszew SA(1)		1,226,700	$	205,998
BRE Bank SA		23,504		3,795,978
Budimex SA		25,400		1,086,534
Cinema City International NV(1)		71,200		767,168
Cyfrowy Polsat SA(1)		1,022,728		6,393,162
Enea SA		202,800		803,974
Eurocash SA		355,800		4,619,080
Getin Holding SA		378,250		484,668
Getin Noble Bank SA(1)		2,322,186		2,288,413
Globe Trade Centre SA(1)		457,190		1,072,526
Grupa Azoty SA		40,250		668,126
Grupa Lotos SA(1)		101,253		1,132,146
ING Bank Slaski SA(1)		47,450		1,795,831
Jastrzebska Spolka Weglowa SA		51,700		756,131
Kernel Holding SA(1)		97,900		1,180,278
KGHM Polska Miedz SA		195,580		6,779,173
KOPEX SA		125,900		534,724
LPP SA		1,711		4,772,504
Lubelski Wegiel Bogdanka SA		45,700		1,812,495
Netia SA(1)		1,111,077		1,714,885
NG2 SA		43,900		1,655,637
Orbis SA		30,000		373,513
Polimex-Mostostal SA(1)		9,735,442		399,530
Polish Oil & Gas		2,349,400		3,450,532
Polska Grupa Energetyczna SA		1,874,600		9,795,478
Polski Koncern Naftowy Orlen SA		435,500		5,345,995
Powszechna Kasa Oszczednosci Bank Polski SA		1,151,310		14,880,061
Powszechny Zaklad Ubezpieczen SA		86,300		11,280,704
Synthos SA		844,500		1,354,460
Tauron Polska Energia SA		3,279,494		4,443,367
Telekomunikacja Polska SA		1,844,550		6,141,262
TVN SA		957,538		4,714,300
			$	128,098,469
Qatar — 1.7%
Aamal Co. QSC(1)		169,226	$	683,073
Barwa Bank(1)(2)		82,170		145,068
Barwa Real Estate Co.		282,093		2,414,202
Doha Bank, Ltd.		100,995		1,774,233
Gulf International Services QSC		224,525		4,670,171
Industries Qatar		292,319		14,443,433
Masraf Al Rayan		861,150		8,176,197
Qatar Electricity & Water Co.		55,780		2,773,276
Qatar Fuel		20,665		1,627,698
Qatar Gas Transport Co., Ltd. (NAKILAT)		806,240		4,598,541

18 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Qatar (continued)
Qatar Insurance Co.		47,100	$	1,010,584
Qatar International Islamic Bank		45,943		856,802
Qatar Islamic Bank		113,487		2,339,084
Qatar National Bank		235,174		11,906,544
Qatar National Cement Co.		11,550		371,107
Qatar National Navigation		89,621		2,165,291
Qatar Telecom QSC		195,396		7,966,686
United Development Co.		112,224		695,820
Vodafone Qatar(1)		845,910		2,651,759
			$	71,269,569
Romania — 0.7%
Banca Transilvania(1)		16,436,222	$	8,170,736
Biofarm Bucuresti		8,351,488		676,459
BRD-Group Societe Generale(1)		3,791,160		10,006,802
OMV Petrom SA		54,160,300		7,567,438
Transelectrica SA		391,630		1,743,685
TRANSGAZ SA Medias		23,600		1,282,502
			$	29,447,622
Russia — 6.2%
Aeroflot-Russian Airlines		352,600	$	833,282
CTC Media, Inc.		525,667		6,024,144
Evraz PLC(1)		481,905		672,864
Federal Grid Co. Unified Energy System JSC(1)		702,395,282		1,688,558
Federal Hydrogenerating Co. JSC		188,947,412		2,983,102
Federal Hydrogenerating Co. JSC ADR		348,000		543,020
Globaltrans Investment PLC GDR(3)		136,400		1,807,446
IDGC Holding JSC(1)		55,701,200		1,160,924
LSR Group GDR(3)		186,400		653,120
LUKOIL OAO ADR		409,577		23,253,228
Magnit OJSC		45,600		10,888,961
Magnit OJSC GDR(3)		199,200		10,487,026
Magnitogorsk Iron & Steel Works GDR(1)(3)		105,708		275,985
Mail.ru Group, Ltd. GDR(3)		169,600		6,328,267
Mechel ADR(1)		378,000		733,320
MegaFon OAO GDR		104,900		3,125,819
MMC Norilsk Nickel		2,386		365,879
MMC Norilsk Nickel ADR		492,924		7,488,979
Mobile TeleSystems OJSC		1,688,728		13,854,298
Mosenergo		8,811,603		207,029
NovaTek OAO GDR(3)		81,616		9,962,155
Novolipetsk Steel GDR(3)		71,436		1,026,929
OAO Gazprom		73,400		304,324
OAO Gazprom ADR		4,610,254		37,965,580

Security	Shares		Value
Russia (continued)
OAO Inter Rao Ues(1)		3,521,574,300	$	1,059,994
OAO TMK GDR(3)		64,757		714,831
PIK Group GDR(1)(3)		166,400		321,368
Polymetal International PLC		160,500		1,510,381
Rosneft Oil Co. GDR(3)		867,350		5,931,980
Rostelecom		1,279,622		4,032,379
Rostelecom ADR		20,859		394,339
Sberbank of Russia		7,838,188		21,200,825
Sberbank of Russia ADR		1,431,200		15,450,075
Severstal OAO GDR(3)		162,445		1,313,161
Sistema JSFC		3,124,700		3,702,735
Sistema JSFC GDR(3)		41,430		1,116,610
SOLLERS		24,262		487,503
Surgutneftegas OJSC ADR		788,903		6,057,970
Surgutneftegas OJSC, PFC Shares		6,110,400		4,414,281
Tatneft ADR		179,866		5,932,233
TGK-2(1)		13,779,634		358
Transneft, PFC Shares		1,347		3,073,811
United Co. RUSAL PLC(1)		744,000		262,270
Uralkali OJSC GDR(3)		210,925		5,113,205
VimpelCom, Ltd. ADR		562,884		5,454,346
VTB Bank OJSC GDR(3)		2,303,670		5,838,096
X5 Retail Group NV GDR(1)(3)		472,594		7,954,939
Yandex NV, Class A(1)		385,400		14,163,450
			$	258,135,379
Slovenia — 0.7%
Gorenje DD(1)		301,465	$	1,711,855
KRKA DD		125,705		10,069,945
Luka Koper		118,550		2,166,882
Mercator Poslovni Sistem(1)		18,415		1,764,390
Petrol		8,994		3,084,782
Reinsurance Co. Sava, Ltd.(1)		159,037		2,017,362
Sava DD(1)		18,004		9,894
Telekom Slovenije DD		17,842		3,189,583
Zavarovalnica Triglav DD		123,739		3,758,121
			$	27,772,814
South Africa — 5.9%
Adcock Ingram Holdings, Ltd.		138,900	$	843,359
AECI, Ltd.		73,130		850,950
African Bank Investments, Ltd.		1,246,994		1,203,056
African Rainbow Minerals, Ltd.		94,900		1,875,658
Allied Electronics Corp., Ltd., PFC Shares		186,200		385,823
Anglo Platinum, Ltd.(1)		58,680		2,343,756

19 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
South Africa (continued)
AngloGold Ashanti, Ltd.		341,471	$	4,973,038
Aquarius Platinum, Ltd.(1)		173,100		111,953
Arcelormittal South Africa, Ltd.(1)		50,577		173,593
Aspen Pharmacare Holdings, Ltd.		212,931		4,828,305
Aveng, Ltd.(1)		939,990		1,990,891
AVI, Ltd.		206,400		957,140
Barclays Africa Group, Ltd.		267,950		3,142,413
Barloworld, Ltd.		643,720		6,059,557
Bidvest Group, Ltd.		598,396		13,386,486
Capital Property Fund		1,259,064		1,104,176
Capitec Bank Holdings, Ltd.		26,400		447,891
Clicks Group, Ltd.		147,300		755,974
DataTec, Ltd.		140,700		601,344
Discovery Holdings, Ltd.		294,845		1,994,092
FirstRand, Ltd.		1,817,650		5,111,288
Foschini, Ltd.		156,100		1,307,617
Gold Fields, Ltd.		681,677		2,362,902
Grindrod, Ltd.		340,300		775,439
Group Five, Ltd.		81,460		290,732
Growthpoint Properties, Ltd.		1,017,100		2,027,251
Harmony Gold Mining Co., Ltd.		374,410		1,070,246
Hyprop Investments, Ltd.		92,800		606,844
Illovo Sugar, Ltd.		174,700		422,978
Impala Platinum Holdings, Ltd.		490,598		5,125,145
Imperial Holdings, Ltd.		149,080		2,485,600
Investec, Ltd.		206,500		1,322,838
JD Group, Ltd.		103,590		262,646
JSE, Ltd.		105,800		788,958
Kumba Iron Ore, Ltd.		66,960		2,721,622
Kumba Resources, Ltd.		118,010		1,593,076
Lewis Group, Ltd.		62,700		338,648
Liberty Holdings, Ltd.		126,000		1,298,522
Life Healthcare Group Holdings, Ltd.		741,700		2,371,888
Massmart Holdings, Ltd.		65,350		712,574
Mediclinic International, Ltd.		237,520		1,529,359
MMI Holdings, Ltd.		873,296		1,855,479
Mondi, Ltd.		91,130		1,384,988
Mr. Price Group, Ltd.		146,900		1,819,416
MTN Group, Ltd.		2,395,440		42,776,213
Murray & Roberts Holdings, Ltd.(1)		851,250		1,900,148
Nampak, Ltd.		465,438		1,459,052
Naspers, Ltd., Class N		276,242		28,419,060
Nedbank Group, Ltd.		148,030		2,579,997
Netcare, Ltd.		777,350		1,559,112
Northam Platinum, Ltd.(1)		207,738		778,231
Pick’n Pay Stores, Ltd.		223,470		914,837

Security	Shares		Value
South Africa (continued)
PPC, Ltd.		468,427	$	1,256,162
Redefine Properties, Ltd.		2,205,400		1,756,796
Remgro, Ltd.		330,100		5,521,606
Reunert, Ltd.		382,460		2,201,959
RMB Holdings, Ltd.		568,400		2,202,248
RMI Holdings		562,900		1,243,770
Sanlam, Ltd.		1,292,190		5,558,909
Sappi, Ltd. (1)		415,236		1,285,117
Sasol, Ltd.		445,050		21,413,897
Shoprite Holdings, Ltd.		250,900		3,233,751
Sibanye Gold, Ltd.		800,277		1,135,354
Spar Group, Ltd.		99,800		1,077,719
Standard Bank Group, Ltd.		851,021		8,993,169
Steinhoff International Holdings, Ltd.		1,066,540		4,405,589
Sun International, Ltd.		30,482		269,412
Telkom South Africa, Ltd.(1)		253,050		689,379
Tiger Brands, Ltd.		128,800		3,090,385
Tongaat-Hulett		70,800		772,829
Truworths International, Ltd.		300,800		1,984,094
Vodacom Group (Pty), Ltd.		613,500		6,495,492
Wilson Bayly Holmes-Ovcon, Ltd.		98,500		1,301,494
Woolworths Holdings, Ltd.		459,909		2,513,445
			$	246,404,737
South Korea — 6.2%
AMOREPACIFIC Corp.		1,388	$	1,304,658
Asiana Airlines, Inc. (1)		92,200		461,449
BS Financial Group, Inc.		116,970		1,720,160
Celltrion, Inc.		36,202		1,517,402
Cheil Industries, Inc.		34,600		2,405,757
Cheil Worldwide, Inc.(1)		51,100		1,328,427
CJ CheilJedang Corp.		4,296		1,057,836
CJ Corp.		6,100		668,987
CJ O Shopping Co., Ltd.		3,130		1,172,767
Daelim Industrial Co., Ltd.		8,650		661,717
Daewoo Engineering & Construction Co., Ltd.(1)		65,741		416,213
Daewoo Industrial Development Co., Ltd.(1)(2)		3,657		28,067
Daewoo International Corp.		21,675		825,685
Daewoo Securities Co., Ltd.		125,693		1,000,699
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		27,380		871,325
Daum Communications Corp.		5,600		415,644
DGB Financial Group Co., Ltd.		65,650		1,016,635
Dong-A Pharmaceutical Co., Ltd.		2,407		285,300
Dong-A ST Co., Ltd.(1)		4,078		436,118
Dongbu Insurance Co., Ltd.		36,640		1,824,442

20 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
Dongkuk Steel Mill Co., Ltd.		27,430	$	308,945
Doosan Corp.		3,160		401,175
Doosan Heavy Industries & Construction Co., Ltd.		23,400		793,673
Doosan Infracore Co., Ltd.(1)		34,600		415,421
E-Mart Co., Ltd.		7,728		1,862,711
GS Engineering & Construction Corp.		15,070		466,927
GS Holdings Corp.		38,400		1,820,408
Hana Financial Group, Inc.		151,951		5,749,733
Hanjin Kal Corp.(1)		7,983		174,338
Hanjin Shipping Co., Ltd.(1)		60,891		361,452
Hankook Tire Co., Ltd.		21,623		1,237,800
Hanmi Pharmaceutical Co., Ltd.(1)		7,344		951,876
Hansol Paper Co., Ltd.		60,500		677,932
Hanwha Chemical Corp.		81,490		1,496,074
Hanwha Corp.		34,490		1,160,652
Hite-Jinro Co., Ltd.		20,121		400,574
Honam Petrochemical Corp.		11,770		2,279,725
Hynix Semiconductor, Inc.(1)		162,890		5,675,727
Hyosung Corp.		21,380		1,335,487
Hyundai Department Store Co., Ltd.		7,615		1,011,517
Hyundai Development Co.		29,900		674,153
Hyundai Engineering & Construction Co., Ltd.		22,070		1,192,932
Hyundai Glovis Co., Ltd.		13,870		2,929,373
Hyundai Heavy Industries Co., Ltd.		13,270		2,742,659
Hyundai Hysco Co., Ltd.		10,067		363,112
Hyundai Marine & Fire Insurance Co., Ltd.		38,700		1,111,218
Hyundai Merchant Marine Co., Ltd.(1)		48,500		652,727
Hyundai Mipo Dockyard Co., Ltd.		3,775		605,599
Hyundai Mobis		19,100		5,470,399
Hyundai Motor Co.		56,700		12,305,327
Hyundai Securities Co., Ltd.		43,870		233,789
Hyundai Steel Co.		50,817		3,579,144
Hyundai Wia Corp.		5,400		805,619
Industrial Bank of Korea		96,580		1,114,699
Kangwon Land, Inc.		50,840		1,597,874
KB Financial Group, Inc.		198,011		6,799,700
KCC Corp.		2,345		1,067,981
Kia Motors Corp.		86,120		4,296,798
Korea Electric Power Corp.(1)		173,220		5,648,338
Korea Express Co., Ltd.(1)		4,349		430,881
Korea Gas Corp.		17,570		1,082,692
Korea Investment Holdings Co., Ltd.		21,590		790,151
Korea Zinc Co., Ltd.		8,940		2,846,308
Korean Air Lines Co., Ltd.(1)		28,110		895,056
Korean Reinsurance Co.		78,574		825,706
KT Corp.		69,653		2,015,692

Security	Shares		Value
South Korea (continued)
KT Corp. ADR		16,800	$	237,720
KT&G Corp.		42,315		2,972,008
Kumho Petro Chemical Co., Ltd.		12,900		1,043,802
LG Chem, Ltd.		24,918		5,969,096
LG Corp.		43,010		2,287,306
LG Display Co., Ltd.(1)		71,100		1,660,619
LG Electronics, Inc.		39,320		2,394,401
LG Hausys, Ltd.		2,858		415,175
LG Household & Health Care, Ltd.		3,550		1,571,859
LG International Corp.		20,600		566,491
LG Life Sciences, Ltd.(1)		11,000		418,150
LG Uplus Corp.		154,920		1,586,252
LIG Insurance Co., Ltd.		28,900		845,802
Lotte Shopping Co., Ltd.		5,065		1,791,845
LS Corp.		7,030		548,479
LS Industrial Systems Co., Ltd.		9,200		567,883
Macquarie Korea Infrastructure Fund		196,315		1,099,935
Mirae Asset Securities Co., Ltd.		15,680		519,580
Naver Corp.		8,556		5,398,447
NCsoft Corp.		5,150		946,716
NHN Entertainment Corp.(1)		4,718		332,677
Nong Shim Co., Ltd.		2,500		632,876
OCI Co., Ltd.		15,570		2,728,805
ORION Corp.		1,700		1,382,569
POSCO		44,027		12,239,508
S-Oil Corp.		29,385		1,866,066
S1 Corp.		9,450		685,576
Samsung C&T Corp.		32,720		1,779,441
Samsung Card Co., Ltd.		20,460		661,692
Samsung Electro-Mechanics Co., Ltd.		17,390		1,073,292
Samsung Electronics Co., Ltd.		36,500		43,223,606
Samsung Engineering Co., Ltd.		12,600		839,508
Samsung Fine Chemicals Co., Ltd.		18,150		685,172
Samsung Fire & Marine Insurance Co., Ltd.		22,985		5,305,779
Samsung Heavy Industries Co., Ltd.		42,450		1,317,165
Samsung Life Insurance Co., Ltd.		59,400		5,698,831
Samsung SDI Co., Ltd.		13,350		1,771,303
Samsung Securities Co., Ltd.		34,040		1,370,350
Samsung Techwin Co., Ltd.		14,795		725,362
Shinhan Financial Group Co., Ltd.		242,903		10,250,618
Shinsegae Co., Ltd.		5,075		1,083,584
SK Broadband Co., Ltd.(1)		155,846		684,450
SK C&C Co., Ltd.		7,100		820,459
SK Chemicals Co., Ltd.		15,660		850,312
SK Holdings Co., Ltd.		6,715		1,118,199
SK Innovation Co., Ltd.		38,379		4,491,502

21 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
SK Networks Co., Ltd.		64,010	$	500,986
SK Telecom Co., Ltd.		28,168		5,675,437
STX Pan Ocean Co., Ltd.(1)		2,739		10,928
TONGYANG Securities, Inc.		78,565		172,935
Woongjin Coway Co., Ltd.		22,950		1,487,229
Woori Finance Holdings Co., Ltd.		216,660		2,478,628
Woori Investment & Securities Co., Ltd.		78,408		661,647
Yuhan Corp.		4,368		792,042
Zyle Motor Sales Corp.(1)(2)		5,113		28,066
			$	258,347,528
Taiwan — 6.5%
Acer, Inc.(1)		1,854,990	$	1,095,602
Advanced Semiconductor Engineering, Inc.		2,915,135		2,671,070
Ambassador Hotel		298,000		289,525
AmTRAN Technology Co., Ltd.		650,067		419,172
Asia Cement Corp.		1,855,251		2,275,462
Asia Optical Co., Inc.(1)		658,907		688,258
Asustek Computer, Inc.		354,325		3,250,780
AU Optronics Corp.(1)		4,898,837		1,423,674
Capital Securities Corp.		711,928		276,518
Catcher Technology Co., Ltd.		375,647		2,491,732
Cathay Financial Holding Co., Ltd.		4,272,889		6,425,585
Chailease Holding Co., Ltd.		371,700		916,745
Chang Hwa Commercial Bank		2,646,571		1,565,060
Cheng Shin Rubber Industry Co., Ltd.		1,614,672		4,093,850
Chicony Electronics Co., Ltd.		334,248		853,101
Chimei Innolux Corp.(1)		4,571,281		1,585,230
China Airlines, Ltd.(1)		2,591,887		911,718
China Development Financial Holding Corp.		7,962,050		2,316,450
China Life Insurance Co., Ltd.		1,709,684		1,629,345
China Motor Corp.		881,315		817,228
China Petrochemical Development Corp.		3,333,659		1,470,795
China Steel Corp.		8,601,700		7,388,967
Chipbond Technology Corp.		513,000		782,104
Chong Hong Construction Co., Ltd.		167,800		451,242
Chunghwa Telecom Co., Ltd.		2,915,746		8,740,225
Clevo Co.		394,155		812,244
Compal Electronics, Inc.		2,454,345		1,824,562
Coretronic Corp.		649,505		601,661
CTBC Financial Holding Co., Ltd.		7,756,398		5,105,918
Delta Electronics, Inc.		796,105		4,356,959
Dynapack International Technology Corp.		183,374		494,735
E Ink Holdings, Inc.(1)		1,234,000		658,564
E.Sun Financial Holding Co., Ltd.		3,484,871		2,160,497

Security	Shares		Value
Taiwan (continued)
Elan Microelectronics Corp.		345,300	$	596,418
Epistar Corp.(1)		526,472		1,169,946
EVA Airways Corp.(1)		1,442,118		767,264
Evergreen International Storage & Transport Corp.		868,000		583,627
Evergreen Marine Corp.(1)		2,081,252		1,220,740
Everlight Electronics Co., Ltd.		406,291		965,802
Far Eastern Department Stores, Ltd.		2,016,662		1,833,503
Far Eastern New Century Corp.		1,778,105		1,833,523
Far EasTone Telecommunications Co., Ltd.		1,673,074		3,286,864
Faraday Technology Corp.		406,880		510,780
Feng Hsin Iron & Steel Co., Ltd.		183,260		313,568
First Financial Holding Co., Ltd.		3,873,253		2,315,557
Formosa Chemicals & Fibre Corp.		2,491,399		6,525,590
Formosa International Hotels Corp.		132,363		1,460,880
Formosa Petrochemical Corp.		1,005,320		2,534,942
Formosa Plastics Corp.		3,346,896		8,595,312
Formosa Taffeta Co., Ltd.		842,000		889,913
Formosan Rubber Group, Inc.		433,000		397,179
Foxconn International Holdings, Ltd.(1)		1,391,000		690,979
Foxconn Technology Co., Ltd.		527,059		1,183,988
Fubon Financial Holding Co., Ltd.		3,531,596		4,982,227
Giant Manufacturing Co., Ltd.		352,208		2,224,087
Gintech Energy Corp.(1)		731,649		743,506
Goldsun Development & Construction Co., Ltd.		1,672,928		670,653
Great Wall Enterprise Co., Ltd.		716,068		619,157
Highwealth Construction Corp.		305,164		611,655
Hon Hai Precision Industry Co., Ltd.		3,933,991		10,989,943
Hotai Motor Co., Ltd.		278,000		3,374,350
HTC Corp.		392,798		1,761,434
Hua Nan Financial Holdings Co., Ltd.		3,878,926		2,184,930
Inventec Co., Ltd.		2,015,966		1,859,940
Kinsus Interconnect Technology Corp.		182,000		627,572
Largan Precision Co., Ltd.		57,795		2,219,119
Lite-On Technology Corp.		1,019,083		1,509,271
Macronix International Corp., Ltd.(1)		1,202,873		264,880
MediaTek, Inc.		434,462		5,789,944
Mega Financial Holding Co., Ltd.		4,098,035		3,308,664
Merida Industry Co., Ltd.		370,150		2,284,914
Motech Industries, Inc.(1)		629,451		1,110,586
Nan Kang Rubber Tire Co., Ltd.(1)		1,153,253		1,397,573
Nan Ya Plastics Corp.		3,893,214		8,484,398
Neo Solar Power Corp.(1)		685,542		800,054
Novatek Microelectronics Corp., Ltd.		373,942		1,503,244
Pegatron Corp.		925,028		1,208,859
Phison Electronics Corp.		112,363		703,034
Pou Chen Corp.		2,417,819		3,342,250

22 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
Powertech Technology, Inc.		547,865	$	756,012
President Chain Store Corp.		619,664		4,149,194
Quanta Computer, Inc.		1,417,508		3,469,360
Radiant Opto-Electronics Corp.		281,264		1,220,738
Radium Life Tech Co., Ltd.		608,826		464,316
Realtek Semiconductor Corp.		429,002		1,166,609
RichTek Technology Corp.		101,478		525,422
Ruentex Development Co., Ltd.		657,306		1,153,614
Ruentex Industries, Ltd.		1,233,060		2,960,146
Sanyang Industrial Co., Ltd.		1,819,866		2,808,486
Shin Kong Financial Holding Co., Ltd.		4,539,440		1,520,263
Shin Kong Synthetic Fibers Corp.		1,321,483		432,553
Siliconware Precision Industries Co., Ltd.		1,540,243		1,855,657
Simplo Technology Co., Ltd.		205,889		943,229
Sino-American Silicon Products, Inc.(1)		576,233		1,054,264
SinoPac Financial Holdings Co., Ltd.		4,417,872		2,058,419
Solar Applied Materials Technology Corp.		336,245		298,992
Synnex Technology International Corp.		730,818		1,239,095
Tainan Spinning Co., Ltd.		905,338		607,763
Taishin Financial Holdings Co., Ltd.		4,690,423		2,214,435
Taiwan Business Bank(1)		1,937,164		574,968
Taiwan Cement Corp.		2,568,850		3,750,044
Taiwan Cooperative Financial Holding Co., Ltd.		3,331,731		1,796,327
Taiwan Fertilizer Co., Ltd.		816,000		1,701,652
Taiwan Glass Industry Corp.		542,564		530,418
Taiwan Mobile Co., Ltd.		1,805,784		5,298,600
Taiwan Semiconductor Manufacturing Co., Ltd.		6,491,465		22,353,051
Taiwan Tea Corp.(1)		395,711		357,529
Tatung Co., Ltd.(1)		2,377,785		680,753
Teco Electric & Machinery Co., Ltd.		1,099,000		1,193,640
Tong Yang Industry Co., Ltd.		758,608		1,026,510
TPK Holding Co., Ltd.		155,148		980,552
Tripod Technology Corp.		396,535		719,407
TSRC Corp.		660,060		936,057
TTY Biopharm Co., Ltd.		500,778		1,481,755
Tung Ho Steel Enterprise Corp.		991,060		856,027
U-Ming Marine Transport Corp.		186,000		308,615
Uni-President Enterprises Corp.		3,814,252		6,259,452
Unimicron Technology Corp.		948,000		723,402
United Microelectronics Corp.		5,337,090		2,183,947
Walsin Lihwa Corp.(1)		1,921,000		596,884
Wan Hai Lines, Ltd.		518,962		252,345
Waterland Financial Holdings		1,061,384		348,723
Wei Chuan Food Corp.		623,000		982,760
Wintek Corp.(1)		1,892,877		629,637
Wistron Corp.		1,461,102		1,204,989

Security	Shares		Value
Taiwan (continued)
WPG Holdings Co., Ltd.		919,489	$	1,066,672
Yageo Corp.		551,600		227,100
Yang Ming Marine Transport(1)		1,868,755		812,099
Yieh Phui Enterprise(1)		1,687,553		542,236
Young Fast Optoelectronics Co., Ltd.		147,302		146,992
Yuanta Financial Holding Co., Ltd.		5,532,938		3,072,081
Yuen Foong Yu Paper Manufacturing Co., Ltd.		899,120		431,096
Yulon Motor Co., Ltd.		1,342,809		2,302,858
			$	270,324,942
Thailand — 2.9%
Advanced Info Service PCL(5)		1,829,700	$	11,588,551
Airports of Thailand PCL(5)		667,400		3,461,956
AP Thailand PCL		2,877,000		378,218
Bangkok Bank PCL		252,500		1,309,488
Bangkok Bank PCL(5)		235,700		1,222,039
Bangkok Dusit Medical Services PCL(5)		559,400		1,997,235
Bangkok Land PCL(5)		9,100,500		394,280
Banpu PCL(5)		1,134,000		905,897
BEC World PCL(5)		1,752,100		2,475,077
Berli Jucker PCL(5)		1,391,100		1,905,628
Big C Supercenter PCL(5)		268,600		1,424,871
BTS Group Holdings PCL		6,774,200		1,650,984
Bumrungrad Hospital PCL(5)		899,500		2,293,505
Central Pattana PCL(5)		1,562,400		1,775,371
CH. Karnchang PCL(5)		1,608,800		701,903
Charoen Pokphand Foods PCL(5)		4,351,000		3,750,518
CP ALL PCL(5)		5,769,900		6,845,018
Delta Electronics (Thailand) PCL(5)		1,345,400		2,156,098
Electricity Generating PCL(5)		316,200		1,222,283
Glow Energy PCL(5)		877,300		1,797,721
Hana Microelectronics PCL(5)		1,397,700		1,048,731
Home Product Center PCL(5)		2,567,800		663,284
Indorama Ventures PCL(5)		2,106,900		1,320,263
IRPC PCL(5)		12,191,400		1,150,791
Italian-Thai Development PCL(1)(5)		9,648,906		1,023,169
Kasikornbank PCL(5)		1,176,800		6,059,588
Khon Kaen Sugar Industry PCL		1,832,000		659,427
Kiatnakin Bank PCL(5)		301,600		339,812
Krung Thai Bank PCL(5)		3,910,200		1,975,787
L.P.N. Development PCL(5)		1,255,000		554,954
Land & Houses PCL(5)		2,593,500		677,405
Minor International PCL(5)		2,557,797		1,611,586
Pruksa Real Estate PCL(5)		1,602,000		856,802
PTT Exploration & Production PCL(5)		1,476,598		6,842,137

23 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
Thailand (continued)
PTT Global Chemical PCL(5)		1,844,950	$	3,971,587
PTT PCL(5)		903,760		7,549,463
Quality House PCL(5)		8,677,625		675,494
Ratchaburi Electricity Generating Holding PCL(5)		676,000		978,233
Samart Corp. PCL(5)		1,846,300		813,775
Siam Cement PCL (The)(5)		311,300		3,795,396
Siam City Cement PCL(5)		63,690		685,904
Siam Commercial Bank PCL(5)		1,626,100		7,325,037
Sino Thai Engineering & Construction PCL(5)		2,449,157		978,533
Thai Airways International PCL(5)		1,332,800		567,755
Thai Beverage PCL(5)		13,827,000		5,929,436
Thai Oil PCL(5)		857,600		1,367,404
Thai Tap Water Supply Co., Ltd.(5)		3,598,200		1,051,451
Thai Union Frozen Products PCL(5)		1,086,302		2,294,027
Thanachart Capital PCL(5)		779,400		730,605
Thoresen Thai Agencies PCL(1)(5)		1,318,656		694,017
TMB Bank PCL(5)		27,016,400		1,862,608
Total Access Communication PCL(5)		1,130,500		3,217,650
TPI Polene PCL(5)		1,115,200		354,575
True Corp. PCL(1)(5)		8,208,197		1,790,401
			$	120,673,728
Turkey — 3.0%
Akbank TAS		3,146,933	$	8,050,526
Akcansa Cimento AS		126,800		639,767
Akenerji Elektrik Uretim AS(1)		598,472		265,007
Aksa Akrilik Kimya Sanayii AS		185,209		613,950
Albaraka Turk Katilim Bankasi AS(1)		522,467		331,356
Anadolu Efes Biracilik ve Malt Sanayii AS		359,039		3,639,681
Arcelik AS		524,754		2,592,657
Asya Katilim Bankasi AS(1)		944,900		452,507
Aygaz AS		191,813		647,121
Bagfas Bandirma Gubre Fabrikalari AS		40,900		594,143
BIM Birlesik Magazalar AS		403,820		6,907,966
Cimsa Cimento Sanayi ve Ticaret AS		141,400		718,390
Coca-Cola Icecek AS		141,600		2,965,123
Dogan Sirketler Grubu Holding AS(1)		4,298,609		1,333,075
Dogan Yayin Holding AS(1)		2,624,303		604,403
Eczacibasi Ilac Sanayi ve Ticaret AS		557,300		525,774
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		2,927,700		2,779,843
Enka Insaat ve Sanayi AS		1,663,355		4,744,907
Eregli Demir ve Celik Fabrikalari TAS		5,387,451		6,476,471
Ford Otomotiv Sanayi AS		128,600		1,128,027
Gubre Fabrikalari TAS(1)		490,400		715,535
Haci Omer Sabanci Holding AS		1,437,018		4,764,797

Security	Shares		Value
Turkey (continued)
Ihlas Holding AS(1)		4,223,700	$	673,769
Is Gayrimenkul Yatirim Ortakligi AS		553,650		309,254
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		4,080,528		1,754,228
KOC Holding AS		2,114,960		7,187,649
Koza Altin Isletmeleri AS		152,600		1,290,477
Koza Anadolu Metal Madencilik Isletmeleri AS(1)		780,100		757,232
Petkim Petrokimya Holding AS(1)		1,455,661		1,633,215
Sekerbank TAS(1)		747,999		671,186
TAV Havalimanlari Holding AS		440,300		3,312,364
Tekfen Holding AS		888,117		1,859,998
Tofas Turk Otomobil Fabrikasi AS		252,600		1,188,170
Trakya Cam Sanayii AS		1,385,367		1,283,253
Tupras-Turkiye Petrol Rafinerileri AS		368,970		6,081,848
Turcas Petrolculuk AS		395,759		401,539
Turk Hava Yollari Anonim Ortakligi (THY) AS		1,718,245		5,136,908
Turk Sise ve Cam Fabrikalari AS		2,382,662		2,638,973
Turk Telekomunikasyon AS		1,348,500		3,352,615
Turkcell Iletisim Hizmetleri AS(1)		1,856,400		9,169,990
Turkiye Garanti Bankasi AS		3,413,200		9,036,650
Turkiye Halk Bankasi AS		1,017,500		5,040,159
Turkiye Is Bankasi		2,426,907		4,362,845
Turkiye Sinai Kalkinma Bankasi AS		476,663		359,635
Turkiye Vakiflar Bankasi TAO		1,413,300		2,166,050
Ulker Gida Sanayi ve Ticaret AS		277,059		1,706,157
Yapi ve Kredi Bankasi AS		953,085		1,346,070
Yazicilar Holding AS		156,400		1,233,051
Zorlu Enerji Elektrik Uretim AS(1)		299,054		125,918
			$	125,570,229
Ukraine — 0.1%
Astarta Holding NV(1)		43,910	$	921,612
Avangardco Investments Public, Ltd. GDR(1)		53,218		612,574
Ferrexpo PLC		1,008,205		2,510,583
MHP SA GDR(3)		91,701		1,383,332
			$	5,428,101
United Arab Emirates — 1.7%
Aabar Investments (PJSC)(1)(2)		2,497,440	$	0
Abu Dhabi Commercial Bank (PJSC)		2,930,000		5,278,093
Abu Dhabi National Hotels		718,461		678,883
Agthia Group (PJSC)		1,252,100		1,651,522
Air Arabia (PJSC)		14,733,200		6,125,173
Ajman Bank (PJSC)(1)		709,500		547,640
Aldar Properties (PJSC)		3,314,659		3,022,668

24 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Shares		Value
United Arab Emirates (continued)
Amlak Finance (PJSC)(1)(2)		227,500	$	0
Arabtec Holding Co.(1)		10,233,936		11,989,007
Aramex (PJSC)		374,500		309,132
DP World, Ltd.		661,916		12,067,411
Dubai Financial Market(1)		2,424,500		1,678,520
Dubai Investments (PJSC)		749,225		562,997
Emaar Properties (PJSC)		4,065,400		8,848,064
First Gulf Bank (PJSC)		1,090,240		5,905,302
National Bank of Abu Dhabi (PJSC)		2,011,863		8,335,760
Ras Al Khaimah Properties (PJSC)		1,276,300		401,508
Union National Bank		1,523,438		2,847,752
Waha Capital (PJSC)		1,349,751		1,123,330
			$	71,372,762
Vietnam — 0.8%
Bank for Foreign Trade of Vietnam JSC		1,353,440	$	1,829,847
Baoviet Holdings		676,500		1,491,610
Development Investment Construction Corp.		220,934		136,031
FPT Corp.		676,666		1,781,582
Gemadept Corp.		312,000		518,537
Hagl JSC		1,488,938		1,550,500
HCM City Infrastructure Investment JSC		547,500		516,314
Hoa Phat Group JSC		1,239,332		2,676,732
Kim Long Securities Corp.(1)		1,377,700		624,873
Kinh Bac City Development Share Holding Corp.(1)		328,860		167,360
Kinhdo Corp.		606,900		1,636,969
Masan Group Corp.(1)		315,390		1,421,595
PetroVietnam Construction JSC(1)		919,725		131,732
PetroVietnam Drilling and Well Services JSC		645,791		2,199,613
PetroVietnam Fertilizer and Chemical JSC		880,500		1,890,979
PetroVietnam Technical Services JSC		1,713,000		2,259,644
Pha Lai Thermal Power JSC		483,390		597,455
Phu Nhuan Jewelry JSC		181,200		266,247
Refrigeration Electrical Engineering Corp.		1,182,100		1,941,725
Saigon Securities, Inc.		882,600		964,455
Song Da Urban & Industrial Zone Investment and Development JSC(1)		153,250		174,966
Tan Tao Investment Industry Co.(1)		1,554,838		533,752
Vietnam Construction and Import-Export JSC(1)		621,655		327,135
Vietnam Dairy Products JSC		519,727		3,483,513
Vietnam Joint Stock Commercial Bank for Industry and Trade		2,825,273		2,271,064
Vincom JSC(1)		1,176,119		4,268,993
			$	35,663,223
Total Common Stocks (identified cost $4,028,901,691)			$	4,112,943,860

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	$	21,288
Total Corporate Bonds (identified cost $27,437)			$	21,288

Equity-Linked Securities(6)(7) — 0.9%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.9%
Abdullah Al Othaim Markets		8/13/14		18,000	$	678,527
Al Abdullatif Industrial Investment Co.		5/4/15		64,200		661,616
Al Rajhi Bank		2/16/15		137,993		2,635,383
Al Tayyar		7/2/15		42,100		1,198,318
Alinma Bank		2/23/15		250,600		1,107,539
Almarai Co.		11/24/14		59,399		948,302
Arab National Bank		5/11/15		59,500		502,126
Bank Albilad		4/30/15		83,166		899,203
Banque Saudi Fransi		2/23/15		75,630		694,715
Dar Al Arkan Real Estate Development		8/10/15		185,500		492,150
Etihad Etissalat Co		12/5/14		134,038		3,140,624
Fawaz Abdulaziz Alhokair Co.		2/23/15		30,000		1,171,875
Jarir Marketing Co.		5/4/15		25,425		1,180,442
Mobile Telecommunications Co.		5/4/15		227,977		545,560
National Industrialization Co.		5/4/15		156,903		1,265,548
Rabigh Refining and Petrochemicals Co.		10/13/14		92,400		644,268
Riyad Bank		12/15/14		80,600		791,947
Sahara Petrochemical Co.		9/21/15		122,800		710,521
Samba Financial Group		2/10/15		82,008		1,164,391
Saudi Airlines Catering Co.		8/3/15		5,500		220,710
Saudi Arabian Amiantit Co.		5/11/15		106,500		441,570
Saudi Arabian Fertilizer Co.		5/11/15		28,633		1,234,904
Saudi Arabian Mining Co.		5/11/15		54,900		443,543
Saudi Basic Industries Corp		2/23/15		107,696		3,201,824
Saudi British Bank		3/27/15		62,300		767,455
Saudi Cable Co.		8/10/15		97,900		310,637
Saudi Cement Co.		8/10/15		25,900		738,935
Saudi Chemical Co.		5/1/15		25,900		398,819
Saudi Electricity Co.		3/27/15		268,400		1,052,021
Saudi Industrial Investment Group		3/27/15		95,000		937,232
Saudi International Petrochemical Co.		3/27/15		40,200		338,717
Saudi Kayan Petrochemical Co.		3/27/15		247,500		923,893

25 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Security	Maturity Date		Shares		Value
Saudi Arabia (continued)
Saudi Telecom Co.		5/11/15		98,200	$	1,597,213
Savola Group		2/2/15		115,300		1,783,115
Yanbu National Petrochemical Co.		3/9/15		51,400		1,000,480
Total Equity-Linked Securities (identified cost $28,212,502)					$	35,824,123

Investment Funds — 0.1%
Security	Shares		Value
Vietnam Enterprise Investments, Ltd.(1)		1,239,727	$	3,285,277
Total Investment Funds (identified cost $5,027,204)			$	3,285,277
Rights(1) — 0.0%
Security	Shares		Value
Citadel Capital Co., Exp. 2/13/14		1,905,620	$	0
Marfrig Global Foods SA, Exp. 2/27/14		119		0
Polimex-Mostostal SA		3,081,072		0
Total Rights (identified cost $0)			$	0
Warrants(1) — 0.0%(4)
Security	Shares		Value
Malaysian Resources Corp. Bhd, Exp. 9/16/18, Strike MYR 2.30		474,500	$	31,903
WCT Bhd, Exp. 12/11/17, Strike MYR 2.25		135,200		15,756
Total Warrants (identified cost $43,532)			$	47,659

Short-Term Investments — 0.0%(4)
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 2/3/14	$	408	$	407,955
Total Short-Term Investments (identified cost $407,955)			$	407,955
Total Investments — 99.6% (identified cost $4,062,620,321)			$	4,152,530,162
Other Assets, Less Liabilities — 0.4%			$	15,907,174
Net Assets — 100.0%			$	4,168,437,336

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 not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2014, the aggregate value of these securities is $86,703,494 or 2.1% 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, 2014, the aggregate value of these securities is $35,824,123 or 0.9% of the Fund’s net assets.

26 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		12.7	%	$	531,530,542
Hong Kong Dollar		7.9			330,193,984
New Taiwan Dollar		6.5			269,633,963
Indian Rupee		6.4			268,940,578
South Korean Won		6.2			258,109,808
South African Rand		5.9			246,292,784
Brazilian Real		5.4			227,265,671
Mexican Peso		5.3			221,006,138
Indonesian Rupiah		3.3			136,761,421
Malaysian Ringgit		3.2			133,315,670
Polish Zloty		3.1			129,020,081
New Turkish Lira		3.0			125,570,229
Chilean Peso		2.8			115,812,442
Thai Baht		2.7			113,624,492
Euro		2.3			94,564,149
Egyptian Pound		2.0			83,012,085
Qatari Riyal		1.7			71,269,569
Kuwaiti Dinar		1.6			67,256,891
Hungarian Forint		1.6			65,969,555
Czech Koruna		1.6			65,969,106
United Arab Emirates Dirham		1.6			64,971,570
Philippine Peso		1.5			63,092,096
Colombian Peso		1.3			52,837,321
Other currency, less than 1% each		10.0			416,510,017
Total Investments		99.6	%	$	4,152,530,162

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		26.7	%	$	1,112,089,150
Materials		10.6			440,638,009
Industrials		10.5			439,431,532
Telecommunication Services		10.1			420,681,694
Energy		9.9			414,552,759
Consumer Staples		8.6			359,829,697
Information Technology		8.1			338,381,209
Consumer Discretionary		8.0			332,067,395
Utilities		4.6			190,211,334
Health Care		2.4			100,932,863
Investment Funds		0.1			3,285,277
Other		0.0	(1)		429,243
Total Investments		99.6	%	$	4,152,530,162

⁽¹⁾  Amount is less than 0.05%.

27 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Statement of Assets and Liabilities

Assets	January 31, 2014
Investments, at value (identified cost, $4,062,620,321)	$	4,152,530,162
Cash		1,121,681
Foreign currency, at value (identified cost, $5,866,354)		5,815,232
Dividends and interest receivable		2,897,220
Receivable for investments sold		9,584,323
Receivable for Fund shares sold		11,545,527
Tax reclaims receivable		276,285
Total assets	$	4,183,770,430
Liabilities
Demand note payable	$	300,000
Payable for Fund shares redeemed		8,893,003
Payable to affiliates:
Investment adviser fee		2,838,783
Administration fee		548,647
Distribution and service fees		185,044
Accrued foreign capital gains taxes		1,236,331
Accrued expenses		1,331,286
Total liabilities	$	15,333,094
Net Assets	$	4,168,437,336
Sources of Net Assets
Paid-in capital	$	4,111,817,056
Accumulated net realized loss		(16,768,171	)
Accumulated distributions in excess of net investment income		(15,150,494	)
Net unrealized appreciation		88,538,945
Total	$	4,168,437,336
Investor Class Shares
Net Assets	$	755,767,914
Shares Outstanding		53,699,058
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.07
Class C Shares
Net Assets	$	19,779,054
Shares Outstanding		1,416,815
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	13.96
Institutional Class Shares
Net Assets	$	3,392,890,368
Shares Outstanding		240,393,826
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.11

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

28 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Statement of Operations

Investment Income	Year Ended January 31, 2014
Dividends (net of foreign taxes, $12,422,827)	$	108,888,516
Interest (net of foreign taxes, $247)		4,404
Total investment income	$	108,892,920
Expenses
Investment adviser fee	$	31,650,266
Administration fee		6,105,053
Distribution and service fees
Investor Class		2,181,696
Class C		220,815
Trustees’ fees and expenses		68,000
Custodian fee		5,263,917
Transfer and dividend disbursing agent fees		1,992,046
Legal and accounting services		153,984
Printing and postage		206,283
Registration fees		377,052
Stock dividend tax		144,579
Miscellaneous		189,337
Total expenses	$	48,553,028
Deduct —
Reduction of custodian fee	$	320
Total expense reductions	$	320
Net expenses	$	48,552,708
Net investment income	$	60,340,212
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $658)	$	52,492,095
Foreign currency transactions		(1,926,104	)
Net realized gain	$	50,565,991
Change in unrealized appreciation (depreciation) —
Investments (net of increase in accrued foreign capital gains taxes of $788,430)	$	(361,631,680	)
Foreign currency		(149,271	)
Net change in unrealized appreciation (depreciation)	$	(361,780,951	)
Net realized and unrealized loss	$	(311,214,960	)
Net decrease in net assets from operations	$	(250,874,748	)

29 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2014			2013
From operations —
Net investment income	$	60,340,212		$	41,883,282
Net realized gain (loss) from investment and foreign currency transactions		50,565,991			(11,146,455	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(361,780,951	)		313,232,350
Net increase (decrease) in net assets from operations	$	(250,874,748	)	$	343,969,177
Distributions to shareholders —
From net investment income
Investor Class	$	(10,167,892	)	$	(8,541,444	)
Class C		(104,628	)		(112,543	)
Institutional Class		(53,474,366	)		(35,860,230	)
Tax return of capital
Investor Class		—			(501,753	)
Class C		—			(6,611	)
Institutional Class		—			(2,106,548	)
Total distributions to shareholders	$	(63,746,886	)	$	(47,129,129	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	421,136,418		$	308,459,699
Class C		2,992,656			4,847,765
Institutional Class		1,414,075,531			874,027,705
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		8,965,960			8,746,689
Class C		81,618			89,763
Institutional Class		43,279,391			30,549,286
Cost of shares redeemed
Investor Class		(353,127,985	)		(139,255,686	)
Class C		(4,912,768	)		(6,181,813	)
Institutional Class		(550,702,918	)		(381,683,788	)
Net increase in net assets from Fund share transactions	$	981,787,903		$	699,599,620
Net increase in net assets	$	667,166,269		$	996,439,668
Net Assets
At beginning of year	$	3,501,271,067		$	2,504,831,399
At end of year	$	4,168,437,336		$	3,501,271,067
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(15,150,494	)	$	(10,578,102	)

30 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Financial Highlights

	Investor Class
	Year Ended January 31,						Period Ended January 31,  2012(1)			Year Ended October 31,
	2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	15.260		$	13.940		$	13.750		$	15.540		$	12.440		$	8.290
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.201		$	0.173		$	(0.014	)	$	0.201		$	0.105		$	0.121
Net realized and unrealized gain (loss)		(1.204	)		1.339			0.328			(1.826	)		3.082			4.120
Total income (loss) from operations	$	(1.003	)	$	1.512		$	0.314		$	(1.625	)	$	3.187		$	4.241
Less Distributions
From net investment income	$	(0.187	)	$	(0.181	)	$	(0.124	)	$	(0.165	)	$	(0.089	)	$	(0.092	)
Tax return of capital		—			(0.011	)		—			—			—			—
Total distributions	$	(0.187	)	$	(0.192	)	$	(0.124	)	$	(0.165	)	$	(0.089	)	$	(0.092	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	0.000	(4)	$	0.002		$	0.001
Net asset value — End of period	$	14.070		$	15.260		$	13.940		$	13.750		$	15.540		$	12.440
Total Return(5)		(6.62	)%		10.89	%		2.38	%(6)		(10.59	)%		25.77	%		51.81	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	755,768		$	738,776		$	493,567		$	481,194		$	267,040		$	104,727
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.38	%		1.42	%		1.45	%(8)		1.45	%		1.51	%		1.57	%(9)
Net investment income (loss)		1.36	%		1.22	%		(0.43	)%(8)		1.33	%		0.77	%		1.26	%
Portfolio Turnover		7	%		3	%		0	%(6)(10)		3	%		8	%		11	%

  ⁽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, if any.

  ⁽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% of average daily net assets for the year ended October 31, 2009).

⁽¹⁰⁾  Amount is less than 0.5%.

31 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Financial Highlights — continued

	Class C
	Year Ended January 31,						Period Ended January 31,  2012(1)			Year Ended October 31,
	2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	15.130		$	13.820		$	13.530		$	15.310		$	12.280		$	8.160
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.091		$	0.095		$	(0.038	)	$	0.074		$	0.020		$	0.042
Net realized and unrealized gain (loss)		(1.188	)		1.294			0.333			(1.792	)		3.032			4.087
Total income (loss) from operations	$	(1.097	)	$	1.389		$	0.295		$	(1.718	)	$	3.052		$	4.129
Less Distributions
From net investment income	$	(0.073	)	$	(0.075	)	$	(0.005	)	$	(0.062	)	$	(0.024	)	$	(0.010	)
Tax return of capital		—			(0.004	)		—			—			—			—
Total distributions	$	(0.073	)	$	(0.079	)	$	(0.005	)	$	(0.062	)	$	(0.024	)	$	(0.010	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	0.000	(4)	$	0.002		$	0.001
Net asset value — End of period	$	13.960		$	15.130		$	13.820		$	13.530		$	15.310		$	12.280
Total Return(5)		(7.27	)%		10.07	%		2.18	%(6)		(11.27	)%		24.91	%		50.69	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	19,779		$	23,348		$	22,646		$	22,866		$	22,800		$	16,918
Ratios (as a percentage of average daily net assets):
Expenses(7)		2.13	%		2.16	%		2.19	%(8)		2.19	%		2.26	%		2.32	%(9)
Net investment income (loss)		0.63	%		0.68	%		(1.18	)%(8)		0.49	%		0.15	%		0.44	%
Portfolio Turnover		7	%		3	%		0	%(6)(10)		3	%		8	%		11	%

  ⁽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% of average daily net assets for the year ended October 31, 2009).

⁽¹⁰⁾  Amount is less than 0.5%.

32 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,						Period Ended January 31, 2012(1)			Year Ended October 31,
	2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	15.310		$	13.970		$	13.810		$	15.580		$	12.460		$	8.320
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.224		$	0.222		$	(0.006	)	$	0.233		$	0.163		$	0.156
Net realized and unrealized gain (loss)		(1.197	)		1.339			0.322			(1.821	)		3.071			4.109
Total income (loss) from operations	$	(0.973	)	$	1.561		$	0.316		$	(1.588	)	$	3.234		$	4.265
Less Distributions
From net investment income	$	(0.227	)	$	(0.209	)	$	(0.156	)	$	(0.182	)	$	(0.116	)	$	(0.126	)
Tax return of capital		—			(0.012	)		—			—			—			—
Total distributions	$	(0.227	)	$	(0.221	)	$	(0.156	)	$	(0.182	)	$	(0.116	)	$	(0.126	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	0.000	(4)	$	0.002		$	0.001
Net asset value — End of period	$	14.110		$	15.310		$	13.970		$	13.810		$	15.580		$	12.460
Total Return(5)		(6.42	)%		11.22	%		2.41	%(6)		(10.39	)%		26.22	%		52.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,392,890		$	2,739,147		$	1,988,618		$	1,845,906		$	1,623,796		$	846,944
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.13	%		1.16	%		1.20	%(8)		1.20	%		1.26	%		1.33	%(9)
Net investment income (loss)		1.52	%		1.56	%		(0.18	)%(8)		1.53	%		1.19	%		1.56	%
Portfolio Turnover		7	%		3	%		0	%(6)(10)		3	%		8	%		11	%

  ⁽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% of average daily net assets for the year ended October 31, 2009).

⁽¹⁰⁾  Amount is less than 0.5%.

33 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2014

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Emerging Markets Fund (formerly, 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. Investor Class (renamed from Class A effective March 1, 2013) and Institutional Class (renamed from Class I effective March 1, 2013) shares are sold at net asset value and are not subject to a sales charge. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Prior to March 1, 2013, the date the sales charge was eliminated and the share class was renamed, Investor Class shares were generally sold subject to a sales charge of 5.75% imposed at time of purchase. Effective March 1, 2013, 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. 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 — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. 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.

Debt Obligations. 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. 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.

Fair Valuation. 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.

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, 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.

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.

34

Parametric Emerging Markets Fund

January 31, 2014

Notes to Financial Statements — continued

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.

At January 31, 2014, the Fund, for federal income tax purposes, had a capital loss carryforward of $10,862,282 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on January 31, 2017 ($9,781,273) and January 31, 2019 ($1,081,009) and its character is short-term. In addition, such capital loss carryforward cannot be utilized prior to the utilization of new capital losses, if any, created after January 31, 2014.

During the year ended January 31, 2014, a capital loss carryforward of $37,880,663 was utilized to offset net realized gains by the Fund.

Additionally, at January 31, 2014, the Fund had a late year ordinary loss of $2,561,639 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

As of January 31, 2014, 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). 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.

35

Parametric Emerging Markets Fund

January 31, 2014

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended January 31, 2014 and January 31, 2013 was as follows:

	Year Ended January 31,
	2014		2013
Distributions declared from:
Ordinary income	$	63,746,886	$	44,514,217
Tax return of capital	$	—	$	2,614,912

During the year ended January 31, 2014, accumulated net realized loss was decreased by $1,222,374, accumulated distributions in excess of net investment income was increased by $1,165,718 and paid-in capital was decreased by $56,656 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, 2014, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

Capital loss carryforward	$	(10,862,282	)
Late year ordinary losses	$	(2,561,639	)
Net unrealized appreciation	$	70,044,201

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

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 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, 2014, the investment adviser fee amounted to $31,650,266 or 0.78% 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, 2014, the administration fee amounted to $6,105,053.

EVM provides sub-transfer agency services to the Fund and receives a fee based upon the actual expenses it incurs in the performance of these services. For the year ended January 31, 2014, EVM earned $72,393 in sub-transfer agent fees, which are included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $539 as its portion of the sales charge on sales of Investor Class shares for the year ended January 31, 2014. EVD also received distribution and service fees from Investor Class 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, 2014, 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 Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class 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, 2014 amounted to $2,181,696 for Investor Class shares.

36

Parametric Emerging Markets Fund

January 31, 2014

Notes to Financial Statements — continued

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, 2014, the Fund paid or accrued to EVD $165,611 for Class C shares.

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 that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2014 amounted to $55,204 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

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. Prior to March 1, 2013, Class A (renamed Investor Class) shares may have been 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. For the year ended January 31, 2014, the Fund was informed that EVD received approximately $800 and $3,000 of CDSCs paid by Investor Class and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,284,842,355 and $288,873,895, respectively, for the year ended January 31, 2014.

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,
Investor Class	2014			2013
Sales		28,688,546			22,197,036
Issued to shareholders electing to receive payments of distributions in Fund shares		610,344			590,993
Redemptions		(24,010,356	)		(9,787,693	)
Net increase		5,288,534			13,000,336
	Year Ended January 31,
Class C	2014			2013
Sales		207,316			343,481
Issued to shareholders electing to receive payments of distributions in Fund shares		5,598			6,110
Redemptions		(338,798	)		(445,335	)
Net decrease		(125,884	)		(95,744	)
	Year Ended January 31,
Institutional Class	2014			2013
Sales		95,945,622			61,302,981
Issued to shareholders electing to receive payments of distributions in Fund shares		2,938,163			2,058,577
Redemptions		(37,453,290	)		(26,741,612	)
Net increase		61,430,495			36,619,946

37

Parametric Emerging Markets Fund

January 31, 2014

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, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	4,081,115,065
Gross unrealized appreciation	$	649,962,172
Gross unrealized depreciation		(578,547,075	)
Net unrealized appreciation	$	71,415,097

9  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 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. At January 31, 2014, the Fund had a balance outstanding pursuant to this line of credit of $300,000 at an interest rate of 1.07%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at January 31, 2014. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 11) at January 31, 2014. The Fund’s average borrowings or allocated fees during the year ended January 31, 2014 were not significant.

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. The foregoing risks of foreign investing can be more significant in less developed countries characterized as emerging market countries.

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.

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

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

Ÿ 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.

38

Parametric Emerging Markets Fund

January 31, 2014

Notes to Financial Statements — continued

At January 31, 2014, 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	$	42,181,918	$	1,647,423,131		$	64,853	$	1,689,669,902
Emerging Europe		40,878,236		767,684,161			—		808,562,397
Latin America		436,487,393		343,455,404			203,685		780,146,482
Middle East/Africa		4,823,122		829,395,235			346,722		834,565,079
Total Common Stocks	$	524,370,669	$	3,587,957,931	**	$	615,260	$	4,112,943,860
Corporate Bonds	$	—	$	21,288		$	—	$	21,288
Equity-Linked Securities		—		35,824,123			—		35,824,123
Investment Funds		—		3,285,277			—		3,285,277
Rights		—		0			—		0
Warrants		47,659		—			—		47,659
Short-Term Investments		—		407,955			—		407,955
Total Investments	$	524,418,328	$	3,627,496,574		$	615,260	$	4,152,530,162

* 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, 2014 is not presented.

At January 31, 2014, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

12  Name Change

Effective March 1, 2013, the name of the Parametric Emerging Markets Fund was changed from Eaton Vance Parametric Structured Emerging Markets Fund.

39

Parametric Emerging Markets Fund

January 31, 2014

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Parametric Emerging Markets Fund (formerly, 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, 2014, 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, for the three month period ended January 31, 2012 and for each of the three 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.

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, 2014, 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 Parametric Emerging Markets Fund as of January 31, 2014, 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, for the three month period ended January 31, 2012 and for each of the three 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 18, 2014

40

Parametric Emerging Markets Fund

January 31, 2014

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2015 will show the tax status of all distributions paid to your account in calendar year 2014. 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 $73,859,979, 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 2014 ordinary income dividends, 0.49% qualifies for the corporate dividends received deduction.

Foreign Tax Credit.  The Fund paid foreign taxes of $12,222,610 and recognized foreign source income of $120,669,558.

41

Parametric Emerging Markets Fund

January 31, 2014

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 182 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	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	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 182 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.(2) Director of EVC and Hexavest Inc.
Noninterested Trustees
Scott E. Eston 1956	Trustee	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.(2) None.
Allen R. Freedman 1940	Trustee	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.(2) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).
Valerie A. Mosley(3) 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years. Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Trustee	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.(2) None.

42

Parametric Emerging Markets Fund

January 31, 2014

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Ronald A. Pearlman 1940	Trustee	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.(2) None.
Helen Frame Peters 1948	Trustee	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.(2) 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	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.(2) None.
Harriett Tee Taggart 1948	Trustee	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.(2) 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	2007 (Chairman); 2005 (Trustee)	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.(2) None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.

43

Parametric Emerging Markets Fund

January 31, 2014

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽¹⁾  Date first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for, Mr. Eston and Ms. Taggart for all funds except eUnits^TM 2 Year U.S. Equity Market Participation Trust: Upside to Cap / Buffered Downside and Ms. Mosley for all funds) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Equity Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); 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).

⁽³⁾  Effective January 1, 2014, Ms. Mosley was appointed as a Trustee of the Trust.

⁽⁴⁾  Date first elected to serve as officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial appointment.

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 1-800-260-0761.

44

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:

Ÿ 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.

Ÿ 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.

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

Ÿ 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 1-800-260-0761, 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 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

45

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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) 260-0761

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.

2774    1.31.14

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is 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 Emerging Markets Fund, Parametric Global Small-Cap Fund, and Parametric International Equity 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 37 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 years ended January 31, 2013 and January 31, 2014 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 Emerging Markets Fund Fiscal Years Ended	1/31/13		1/31/14
Audit Fees	$	73,670	$	77,720
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	32,090	$	17,290
All Other Fees(3)	$	0	$	0
Total	$	105,760	$	95,010

Parametric Global Small-Cap Fund Fiscal Years Ended	1/31/13*		1/31/14
Audit Fees	$	19,550	$	23,250
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	10,240	$	10,240
All Other Fees(3)	$	0	$	0
Total	$	29,790	$	33,490

* Fund commenced operation on December 20, 2012.

Parametric International Equity Fund Fiscal Years Ended	1/31/13		1/31/14
Audit Fees	$	23,310	$	24,110
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	13,160	$	13,260
All Other Fees(3)	$	0	$	0
Total	$	36,470	$	37,370

⁽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 and other related tax/compliance planning matters.

⁽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, August 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*	9/30/12		10/31/12		11/30/12		12/31/12		1/31/13		9/30/13		10/31/13		11/30/13		12/31/13		1/31/14
Audit Fees	$	109,600	$	524,630	$	19,550	$	88,479	$	116,530	$	117,400	$	556,530	$	24,800	$	93,320	$	125,080
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	28,740	$	281,940	$	8,310	$	55,380	$	55,490	$	29,970	$	299,460	$	9,410	$	57,050	$	40,790
All Other Fees(3)	$	620	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	138,960	$	806,570	$	27,860	$	143,859	$	172,020	$	147,370	$	855,990	$	34,210	$	150,370	$	165,870

* Information is not presented for fiscal years ended 8/31/12 and 8/31/13 as no Series in the Trust with such fiscal year ends was in operation during such periods.

⁽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 and other related tax/compliance planning matters.

⁽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*	9/30/12		10/31/12		11/30/12		12/31/12		1/31/13		9/30/13		10/31/13		11/30/13		12/31/13		1/31/14
Registrant(1)	$	29,360	$	281,940	$	8,310	$	55,380	$	55,490	$	29,970	$	299,460	$	9,410	$	57,050	$	40,790
Eaton Vance(2)	$	606,619	$	566,619	$	662,119	$	615,489	$	544,549	$	369,820	$	526,385	$	409,385	$	409,385	$	370,325

* Information is not presented for fiscal years ended 8/31/12 and 8/31/13 as no Series in the Trust with such fiscal year ends was in operation during such periods.

⁽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 applicable.

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 applicable.

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

Not applicable.

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

Not applicable.

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/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 13, 2014

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 13, 2014
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 13, 2014