News Release

Contacts:   Laurie G. Hylton 617.672.8527

Daniel C. Cataldo 617.672.8952

Eaton Vance Corp.

Report for the Three Month Period Ended January 31, 2014

Boston, MA, February 19, 2014 – Eaton Vance Corp. (NYSE: EV) today reported adjusted earnings per diluted share⁽¹⁾ of $0.58 for the first quarter of fiscal 2014, an increase of 16 percent over the $0.50 of adjusted earnings per diluted share in the first quarter of fiscal 2013 and an increase of 5 percent over the $0.55 of adjusted earnings per diluted share in the fourth quarter of fiscal 2013.  

As determined under U.S. generally accepted accounting principles (“GAAP”), the Company earned $0.56 in the first quarter of fiscal 2014, $0.38 in the first quarter of fiscal 2013 and $0.45 in the fourth quarter of fiscal 2013. Adjusted earnings differed from GAAP earnings for the compared periods due to increases in the estimated redemption value of non-controlling interests in affiliates redeemable at other than fair value, which reduced GAAP earnings by $0.02, $0.09 and $0.10 per diluted share, respectively, in the first quarter of fiscal 2014, the first quarter of fiscal 2013 and the fourth quarter of fiscal 2013. In the first quarter of fiscal 2013, adjusted earnings further differed from GAAP earnings to reflect the application of the two-class method of computing earnings per share in connection with the special dividend declared in the first quarter of fiscal 2013, which reduced GAAP earnings per diluted share by $0.03.

Net income and gains on seed capital investments contributed $0.01 per diluted share in the first quarter of fiscal 2014 and $0.03 per diluted share in the first quarter of fiscal 2013.  Net income and gains on seed capital investments were negligible in the fourth quarter of fiscal 2013.

Net outflows of $1.1 billion from long-term funds and separate accounts in the first quarter of fiscal 2014 compare to net inflows of $5.4 billion in the first quarter of fiscal 2013 and $3.9 billion in the fourth quarter of fiscal 2013.  

"Eaton Vance moved into net outflows in the first quarter of fiscal 2014, as withdrawals from global income and alternatives, large-cap value, managed options and municipal income strategies offset continuing strength in floating-rate income and implementation services," said Thomas E. Faust Jr., Chairman and Chief Executive Officer. "With growing momentum for our newer multi-sector income and global allocation strategies and prospects for improved results for strategies now in net outflows, we expect better flows for the balance of the fiscal year."

Consolidated assets under management were $278.6 billion on January 31, 2014, an increase of 12 percent from the $247.8 billion of managed assets on January 31, 2013 and a decrease of 1 percent from the $280.7 billion of managed assets on October 31, 2013.  The year-over-year increase in ending assets under management reflects net inflows of $18.3 billion and market price

__________

⁽¹⁾ Although the Company reports its financial results in accordance with GAAP, management believes that certain non-GAAP financial measures, while not a substitute for GAAP financial measures, may be effective indicators of the Company’s performance over time.  Adjusted net income and adjusted earnings per diluted share reflect the add back of adjustments in connection with changes in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value (“non-controlling interest value adjustments”), closed-end fund structuring fees and other items management deems non-recurring or non-operating, such as special dividends, costs associated with retiring debt and tax settlements.  See reconciliation provided in Attachment 2 for more information on adjusting items.

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appreciation of $12.6 billion.  The sequential quarterly decrease in ending assets under management reflects net outflows of $1.1 billion and market price declines of $1.0 billion.

Average consolidated assets under management were $282.3 billion in the first quarter of fiscal 2014, up 31 percent from $216.2 billion in the first quarter of fiscal 2013 and up 4 percent from $271.4 billion in the fourth quarter of fiscal 2013.  

Attachments 5 and 6 summarize the Company’s consolidated assets under management and asset flows by investment mandate and investment vehicle. Attachment 7 summarizes the Company’s consolidated assets under management by investment affiliate.

As shown in Attachment 6, consolidated gross sales and other inflows were $29.5 billion in the first quarter of fiscal 2014, up 52 percent from $19.4 billion in the first quarter of fiscal 2013 and up 16 percent from $25.5 billion in the fourth quarter of fiscal 2013. Gross redemptions and other outflows were $30.6 billion in the first quarter of fiscal 2014, up 118 percent from $14.1 billion in the first quarter of fiscal 2013 and up 42 percent from $21.6 billion in the fourth quarter of fiscal 2013.  

As of January 31, 2014, 49 percent-owned affiliate Hexavest, Inc. (“Hexavest”) managed $16.1 billion of client assets, an increase of 11 percent from the $14.5 billion of managed assets on January 31, 2013 and a decrease of 5 percent from the $16.9 billion of managed assets on October 31, 2013. Net outflows from Hexavest-managed funds and separate accounts were $0.4 billion in the first quarter of fiscal 2014 compared to net inflows of $1.9 billion in the first quarter of fiscal 2013 and net inflows of $0.2 billion in the fourth quarter of fiscal 2013.  Attachment 9 summarizes assets under management and asset flow information for Hexavest. Other than Eaton Vance-sponsored funds for which Hexavest is advisor or sub-advisor, the managed assets and flows of Hexavest are not included in Eaton Vance consolidated totals.

Financial Highlights
		Three Months Ended
		(in thousands, except per share figures)
		January 31,		October 31,		January 31,
		2014		2013		2013
Revenue		$	360,261	$	356,933	$	318,517
Expenses			236,061		231,526		217,837
Operating income			124,200		125,407		100,680
Operating margin			34%		35%		32%
Non-operating (expense) income			(6,113)		(14,252)		(5,791)
Income taxes			(44,642)		(44,626)		(35,939)
Equity in net income of affiliates, net of tax			3,285		5,600		3,177
Net income			76,730		72,129		62,127
Net income attributable to non-controlling
	and other beneficial interests		(5,372)		(14,977)		(12,322)
Net income attributable to
	Eaton Vance Corp. shareholders	$	71,358	$	57,152	$	49,805
Adjusted net income attributable to Eaton
	Vance Corp. shareholders(1)	$	73,747	$	69,953	$	60,452
Earnings per diluted share		$	0.56	$	0.45	$	0.38
Adjusted earnings per diluted share(1)		$	0.58	$	0.55	$	0.50

First Quarter Fiscal 2014 vs. First Quarter Fiscal 2013

In the first quarter of fiscal 2014, revenue increased 13 percent to $360.3 million from revenue of $318.5 million in the first quarter of fiscal 2013.  Investment advisory and administrative fees were

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up 16 percent, reflecting a 31 percent increase in average consolidated assets under management, offset by lower average effective fee rates. Performance fees contributed $0.1 million and $1.6 million to investment advisory and administrative fees in the first quarter of fiscal 2014 and 2013, respectively. Distribution and service fee revenues were flat in aggregate, reflecting consistent levels of managed assets in fund share classes that are subject to distribution and service fees.

Operating expenses increased 8 percent to $236.1 million in the first quarter of fiscal 2014 from $217.8 million in the first quarter of fiscal 2013, reflecting increases in compensation, distribution and service fees, amortization of deferred sales commissions, fund-related expenses and other expenses. The increase in compensation expense reflects increases in operating income-based incentives, stock-based compensation, higher employee headcount and increases in base salaries and benefits, offset by a decrease in sales-based incentives. The increase in operating-income based incentives is due to higher bonus accruals in the first quarter of fiscal 2014 as a result of an increase in pre-bonus adjusted operating income. The increase in distribution expense reflects increases in intermediary marketing support payments and discretionary marketing expenses, offset by a decrease in Class A share commissions. The increase in amortization of deferred sales commissions largely reflects an increase in Class C share amortization, offset by a decrease in Class B share commissions.  The increase in fund-related expenses primarily reflects an increase in sub-advisory expenses for Company sponsored funds managed by unaffiliated sub-advisors. Other expenses increased 13 percent, reflecting increases in travel-related expenses, information technology, professional fees and other corporate expenses.  

Operating income was up 23 percent to $124.2 million in the first quarter of fiscal 2014 from $100.7 million in the first quarter of fiscal 2013.

Non-operating expense was $6.1 million in the first quarter of fiscal 2014 compared to $5.8 million in the first quarter of fiscal 2013. The year-over-year change reflects a decline of $4.8 million in gains (losses) and other investment income related to the Company’s investments in sponsored products, a $3.3 million increase in income (expense) of the Company’s consolidated collateralized loan obligation (“CLO”) entities, and a $1.2 million decrease in interest expense.  

The Company’s effective tax rate, calculated as a percentage of income before income taxes and equity in net income of affiliates, was 37.8 percent in the first quarter of fiscal 2014. Excluding the impact of consolidated CLO entities’ income (expense) borne by other beneficial interest holders, the Company’s effective tax rate was 37.7 percent for the quarter.  

Equity in net income of affiliates increased $0.1 million from the first quarter of fiscal 2013, reflecting an increase in the Company’s equity in the net income of Hexavest, offset by decreases in gains (losses) and other income of the Company’s investments in sponsored funds.  Equity in net income of affiliates for the first quarter of fiscal 2014 and 2013 includes $2.8 million and $2.0 million, respectively, of Company equity in the net income of Hexavest.

Net income attributable to non-controlling and other beneficial interests was $5.4 million in the first quarter of fiscal 2014 compared to $12.3 million in the first quarter of fiscal 2013. As shown in Attachment 3, net income attributable to non-controlling and other beneficial interests in the first quarter of fiscal 2014 and 2013 includes $2.4 million and $10.6 million, respectively, of non-controlling interest value adjustments relating to our majority-owned subsidiaries. The year-over-year change also reflects a decline in the net income (loss) attributable to non-controlling interest holders of the Company’s consolidated CLO entities and a decline in net income attributable to non-controlling interest holders of the Company’s consolidated funds.

Weighted average diluted shares outstanding increased 5.4 million shares, or 5 percent, in the first quarter of fiscal 2014 from the first quarter of fiscal 2013.  The change reflects an increase in the total number of shares outstanding due to the exercise of employee stock options and an increase in the dilutive effect of in-the-money options resulting from a 30 percent increase in the quarterly average share price of the Company’s Non-Voting Common Stock.

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First Quarter Fiscal 2014 vs. Fourth Quarter Fiscal 2013

In the first quarter of fiscal 2014, revenue increased 1 percent to $360.3 million from revenue of $356.9 million in the fourth quarter of fiscal 2013.  Investment advisory and administrative fees were up 1 percent in the first quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013, reflecting a 4 percent increase in average consolidated assets under management, offset by lower average effective fee rates. Performance fees contributed $0.1 million and $3.4 million to investment advisory and administrative fees in the first quarter of fiscal 2014 and the fourth quarter of fiscal 2013, respectively. Distribution and service fee revenues were flat in aggregate, reflecting consistent levels of managed assets in fund share classes that are subject to distribution and service fees.

Operating expenses increased 2 percent to $236.1 million in the first quarter of fiscal 2014 from $231.5 million in the fourth quarter of fiscal 2013, reflecting increases in compensation and distribution and service fees, offset by reduced amortization of deferred sales commissions and lower fund-related and other operating expenses. The increase in compensation expense reflects increases in operating income-based incentives, higher employee headcount and increases in base salaries, partially offset by a decrease in stock-based compensation. The increase in operating income-based incentives reflects higher bonus accruals in the first quarter of fiscal 2014. The decrease in stock-based compensation relates principally to affiliate equity plan expense recognized in the fourth quarter of fiscal 2013. The increase in distribution expense reflects an increase in intermediary marketing support payments.  The decrease in amortization of deferred sales commissions reflects a decrease in Class B share amortization. Fund-related expenses decreased 20 percent due to decreases in fund subsidies and other fund-related expense. Other expenses decreased 1 percent, reflecting decreases in information technology and professional services, offset by an increase in other corporate expenses.

Operating income was down 1 percent to $124.2 million in the first quarter of fiscal 2014 from $125.4 million in the fourth quarter of fiscal 2013.

Non-operating expense was $6.1 million in the first quarter of fiscal 2014 compared to $14.3 million in the fourth quarter of fiscal 2013, reflecting a $5.1 million improvement in gains (losses) and other investment income and a $2.9 million improvement in income (expense) of the Company’s consolidated CLO entities.  

Equity in net income of affiliates decreased by $2.3 million in the first quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013, primarily reflecting a decrease in gains (losses) and other income on the Company’s investments in sponsored products.  Equity in net income of affiliates for the first quarter of fiscal 2014 and the fourth quarter of fiscal 2013 includes $2.8 million and $3.0 million, respectively, of Company equity in the net income of Hexavest.  

Net income attributable to non-controlling and other beneficial interests was $5.4 million in the first quarter of fiscal 2014 compared to $15.0 million in the fourth quarter of fiscal 2013. As shown in Attachment 3, net income attributable to non-controlling and other beneficial interests in the first quarter of fiscal 2014 and the fourth quarter of fiscal 2013 includes $2.4 million and $12.6 million of non-controlling interest value adjustments relating to our majority-owned subsidiaries. The sequential quarter change also reflects a $1.5 million decrease in the income attributable to non-controlling interest holders of the Company’s majority-owned subsidiaries.  

Balance Sheet Information

Cash and cash equivalents totaled $361.9 million on January 31, 2014, with no outstanding borrowings against the Company’s $300 million credit facility.  During the first quarter of fiscal 2014, the Company used $43.5 million to repurchase and retire approximately 1.1 million shares of its Non-Voting Common Stock under its repurchase authorization.  Approximately 7.8 million shares of the current 8.0 million share repurchase authorization remain unused.

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Conference Call Information

Eaton Vance Corp. will host a conference call and webcast at 11:00 AM EST today to discuss the financial results for the three months ended January 31, 2014. To participate in the conference call, please call 877-407-0778 (domestic) or 201-689-8565 (international) and refer to “Eaton Vance Corp. First Quarter Earnings.” A webcast of the conference call can also be accessed via Eaton Vance’s website, www.eatonvance.com.  

A replay of the call will be available for one week by calling 877-660-6853 (domestic) or 201-612-7415 (international) or by accessing Eaton Vance’s website, www.eatonvance.com. Listeners to the telephone replay must enter the confirmation code 13575885.

About Eaton Vance Corp.

Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates offer individuals and institutions a broad array of investment strategies and wealth management solutions.  The Company’s long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today’s most discerning investors.  For more information about Eaton Vance, visit www.eatonvance.com.

Forward-Looking Statements

This news release may contain statements that are not historical facts, referred to as “forward-looking statements.”  The Company’s actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, client sales and redemption activity, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed in the Company’s filings with the Securities and Exchange Commission.

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									Attachment 1
Eaton Vance Corp.
Summary of Results of Operations
(in thousands, except per share figures)
			Three Months Ended
									%		%
									Change		Change
									Q1 2014		Q1 2014
			January 31,		October 31,		January 31,		vs.		vs.
			2014		2013		2013		Q4 2013		Q1 2013
Revenue:
	Investment advisory and administrative fees		$	304,713	$	301,536	$	263,281	1	%	16	%
	Distribution and underwriter fees			21,621		21,637		22,751	-		(5)
	Service fees			32,291		32,039		31,130	1		4
	Other revenue			1,636		1,721		1,355	(5)		21
		Total revenue		360,261		356,933		318,517	1		13
Expenses:
	Compensation and related costs			118,822		112,914		108,829	5		9
	Distribution expense			35,548		34,973		33,889	2		5
	Service fee expense			29,205		28,661		28,264	2		3
	Amortization of deferred sales commissions			4,970		5,063		4,783	(2)		4
	Fund-related expenses			8,453		10,502		7,424	(20)		14
	Other expenses			39,063		39,413		34,648	(1)		13
		Total expenses		236,061		231,526		217,837	2		8
Operating income				124,200		125,407		100,680	(1)		23
Non-operating income (expense):
	Gains (losses) and other investment income, net			413		(4,736)		5,207	NM		(92)
	Interest expense			(7,400)		(7,399)		(8,570)	-		(14)
	Loss on extinguishment of debt			-		(110)		-	NM		NM
	Other income (expense) of consolidated CLO entities:
		Gains and other investment income, net		8,709		6,934		1,793	26		386
		Interest and other expense		(7,835)		(8,941)		(4,221)	(12)		86
		Total non-operating expense		(6,113)		(14,252)		(5,791)	(57)		6
Income before income taxes and equity
in net income of affiliates				118,087		111,155		94,889	6		24
Income taxes				(44,642)		(44,626)		(35,939)	-		24
Equity in net income of affiliates, net of tax				3,285		5,600		3,177	(41)		3
Net income				76,730		72,129		62,127	6		24
Net income attributable to non-controlling
and other beneficial interests				(5,372)		(14,977)		(12,322)	(64)		(56)
Net income attributable to
Eaton Vance Corp. Shareholders			$	71,358	$	57,152	$	49,805	25		43
Earnings per share:
	Basic		$	0.59	$	0.47	$	0.39	26		51
	Diluted		$	0.56	$	0.45	$	0.38	24		47
Weighted average shares outstanding:
	Basic			118,451		117,419		114,925	1		3
	Diluted			124,480		123,431		119,112	1		5
Dividends declared per share:
	Regular		$	0.22	$	0.22	$	0.20	-		10
	Special		$	-	$	-	$	1.00	NM		NM

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						Attachment 2
Eaton Vance Corp.
Reconciliation of net income attributable to Eaton Vance Corp.
shareholders to adjusted net income attributable to Eaton Vance
Corp. shareholders and earnings per diluted share to adjusted earnings per diluted share
		Three Months Ended
								% Change		% Change
		January 31,		October 31,		January 31,		Q1 2014 vs.		Q1 2014 vs.
(in thousands, except per share figures)		2014		2013		2013		Q4 2013		Q1 2013
Net income attributable to Eaton
	Vance Corp. shareholders	$	71,358	$	57,152	$	49,805	25	%	43	%
Non-controlling interest value
	adjustments		2,389		12,602		10,647	(81)		(78)
Closed-end fund structuring fees,
	net of tax		-		131		-	NM		NM
Loss on extinguishment of debt, net of tax			-		68		-	NM		NM
Adjusted net income attributable to
	Eaton Vance Corp. shareholders	$	73,747	$	69,953	$	60,452	5		22
Earnings per diluted share		$	0.56	$	0.45	$	0.38	24		47
Non-controlling interest value
	adjustments		0.02		0.10		0.09	(80)		(78)
Special dividend adjustment			-		-		0.03	NM		NM
Adjusted earnings per diluted share		$	0.58	$	0.55	$	0.50	5		16
								Attachment 3
Eaton Vance Corp.
Components of net income attributable
to non-controlling and other beneficial interests
		Three Months Ended
								% Change		% Change
		January 31,		October 31,		January 31,		Q1 2014 vs.		Q1 2014 vs.
(in thousands)		2014		2013		2013		Q4 2013		Q1 2013
Consolidated funds		$	(196)	$	209	$	1,106	NM	%	NM	%
Majority-owned subsidiaries			3,483		5,024		3,899	(31)		(11)
Non-controlling interest value
	adjustments		2,389		12,602		10,647	(81)		(78)
Consolidated CLO entities			(304)		(2,858)		(3,330)	(89)		(91)
Net income attributable to non-controlling
	and other beneficial interests	$	5,372	$	14,977	$	12,322	(64)		(56)

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				Attachment 4
Eaton Vance Corp.
Balance Sheet
(in thousands, except per share figures)
		January 31,		October 31,
		2014		2013
Assets
Cash and cash equivalents	$	361,974	$	461,906
Investment advisory fees and other receivables		168,451		170,220
Investments		575,546		536,323
Assets of consolidated collateralized loan obligation ("CLO") entities:
Cash and cash equivalents		62,044		36,641
Bank loans and other investments		640,952		685,681
Other assets		3,006		5,814
Deferred sales commissions		16,663		17,923
Deferred income taxes		47,186		61,139
Equipment and leasehold improvements, net		47,446		48,746
Intangible assets, net		72,175		74,534
Goodwill		228,876		228,876
Other assets		68,758		79,446
Total assets	$	2,293,077	$	2,407,249
Liabilities, Temporary Equity and Permanent Equity
Liabilities:
Accrued compensation	$	65,808	$	169,953
Accounts payable and accrued expenses		67,555		58,529
Dividend payable		27,011		26,740
Debt		573,538		573,499
Liabilities of consolidated CLO entities:
Senior and subordinated note obligations		642,043		279,127
Line of credit		-		247,789
Redeemable preferred shares		26,576		64,952
Other liabilities		17,440		124,305
Other liabilities		76,162		115,960
Total liabilities		1,496,133		1,660,854
Commitments and contingencies
Temporary Equity:
Redeemable non-controlling interests		90,855		74,856
Total temporary equity		90,855		74,856
Permanent Equity:
Voting Common Stock, par value $0.00390625 per share:
Authorized, 1,280,000 shares
Issued and outstanding, 396,455 and 399,240 shares, respectively		2		2
Non-Voting Common Stock, par value $0.00390625 per share:
Authorized, 190,720,000 shares
Issued and outstanding, 122,339,437 and 121,232,506 shares, respectively		478		474
Additional paid-in capital		123,699		124,837
Notes receivable from stock option exercises		(7,015)		(7,122)
Accumulated other comprehensive loss		(8,675)		(177)
Appropriated retained earnings		9,944		10,249
Retained earnings		585,950		541,521
Total Eaton Vance Corp. shareholders' equity		704,383		669,784
Non-redeemable non-controlling interests		1,706		1,755
Total permanent equity		706,089		671,539
Total liabilities, temporary equity and permanent equity	$	2,293,077	$	2,407,249

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						Attachment 5
Eaton Vance Corp.
Consolidated Net Flows by Investment Mandate(1)
(in millions)
		Three Months Ended
		January 31,		October 31,			January 31,
		2014		2013			2013
Equity assets - beginning of period(2)		$	93,585	$	90,774		$	80,782
	Sales and other inflows		3,785		3,167			4,496
	Redemptions/outflows		(5,621)		(5,324)			(4,959)
	Net flows		(1,836)		(2,157)			(463)
	Assets acquired(3)		-		-			1,572
	Exchanges		512		166			(8)
	Market value change		(1,496)		4,802			4,635
Equity assets - end of period		$	90,765	$	93,585		$	86,518
Fixed income assets - beginning of period			44,211		45,821			49,003
	Sales and other inflows		2,451		2,149			3,377
	Redemptions/outflows		(3,281)		(3,697)			(3,375)
	Net flows		(830)		(1,548)			2
	Assets acquired(3)		-		-			472
	Exchanges		(99)		(151)			(22)
	Market value change		57		89			224
Fixed income assets - end of period		$	43,339	$	44,211		$	49,679
Floating-rate income assets -  beginning of period			41,821		38,170			26,388
	Sales and other inflows		4,786		5,742			3,260
	Redemptions/outflows		(2,705)		(2,207)			(1,359)
	Net flows		2,081		3,535			1,901
	Exchanges		54		145			33
	Market value change		117		(29)			334
Floating-rate income assets - end of period		$	44,073	$	41,821		$	28,656
Alternative assets -  beginning of period			15,212		16,098			12,864
	Sales and other inflows		1,089		1,271			1,809
	Redemptions/outflows		(2,989)		(1,903)			(1,055)
	Net flows		(1,900)		(632)			754
	Assets acquired(3)		-		-			650
	Exchanges		(48)		(47)			(13)
	Market value change		(93)		(207)			90
Alternative assets - end of period		$	13,171	$	15,212		$	14,345
Implementation services assets - beginning of period			85,637		77,673			30,302
	Sales and other inflows		17,421		13,177			6,479
	Redemptions/outflows		(16,010)		(8,490)			(3,316)
	Net flows		1,411		4,687			3,163
	Assets acquired(3)		-		-			32,064
	Exchanges		(453)		(104)			-
	Market value change		415		3,381			2,891
Implementation services assets - end of period		$	87,010	$	85,637		$	68,420
Long-term assets - beginning of period			280,466		268,536			199,339
	Sales and other inflows		29,532		25,506			19,421
	Redemptions/outflows		(30,606)		(21,621)			(14,064)
	Net flows		(1,074)		3,885			5,357
	Assets acquired(3)		-		-			34,758
	Exchanges		(34)		9			(10)
	Market value change		(1,000)		8,036			8,174
Total long-term assets - end of period		$	278,358	$	280,466		$	247,618
Cash management fund assets - end of period			211		203			155
Total assets under management - end of period		$	278,569	$	280,669		$	247,773
(1)  Consolidated Eaton Vance Corp.  See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest Inc.
(2)  Includes assets in balanced accounts holding income securities.
(3)  Represents Clifton assets acquired on December 31, 2012.

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					Attachment 6
Eaton Vance Corp.
Consolidated Net Flows by Investment Vehicle(1)
(in millions)
		Three Months Ended
		January 31,		October 31,		January 31,
		2014		2013		2013
Long-term fund assets - beginning of period		$	133,198	$	129,042	$	113,249
	Sales and other inflows		10,234		10,299		9,079
	Redemptions/outflows		(10,262)		(8,653)		(6,876)
	Net flows		(28)		1,646		2,203
	Assets acquired(2)		-		-		638
	Exchanges		(34)		(17)		(19)
	Market value change		(1,152)		2,527		3,091
Long-term fund assets - end of period		$	131,984	$	133,198	$	119,162
Institutional separate account assets - beginning of period			95,724		89,473		43,338
	Sales and other inflows		16,802		12,742		6,785
	Redemptions/outflows		(17,472)		(9,756)		(3,821)
	Net flows		(670)		2,986		2,964
	Assets acquired(2)		-		-		34,120
	Exchanges		-		26		5
	Market value change		(185)		3,239		2,923
Institutional separate account assets - end of period		$	94,869	$	95,724	$	83,350
High-net-worth separate account assets - beginning of period			19,699		19,071		15,036
	Sales and other inflows		714		832		1,379
	Redemptions/outflows		(1,104)		(1,313)		(1,198)
	Net flows		(390)		(481)		181
	Exchanges		-		(1)		(15)
	Market value change		65		1,110		1,043
High-net-worth separate account assets - end of period		$	19,374	$	19,699	$	16,245
Retail managed account assets - beginning of period			31,845		30,950		27,716
	Sales and other inflows		1,782		1,633		2,178
	Redemptions/outflows		(1,768)		(1,899)		(2,169)
	Net flows		14		(266)		9
	Exchanges		-		1		19
	Market value change		272		1,160		1,117
Retail managed account assets - end of period		$	32,131	$	31,845	$	28,861
Total long-term assets - beginning of period			280,466		268,536		199,339
	Sales and other inflows		29,532		25,506		19,421
	Redemptions/outflows		(30,606)		(21,621)		(14,064)
	Net flows		(1,074)		3,885		5,357
	Assets acquired(2)		-		-		34,758
	Exchanges		(34)		9		(10)
	Market value change		(1,000)		8,036		8,174
Total long-term assets - end of period		$	278,358	$	280,466	$	247,618
Cash management fund assets - end of period			211		203		155
Total assets under management - end of period		$	278,569	$	280,669	$	247,773
(1)   Consolidated Eaton Vance Corp.  See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest Inc.
(2)   Represents Clifton assets acquired on December 31, 2012.

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							Attachment 7
Eaton Vance Corp.
Consolidated Assets under Management by Investment Affiliate (1)
(in millions)
		January 31,		October 31,	%		January 31,	%
		2014		2013	Change		2013	Change
Eaton Vance Management(2)	$	142,931	$	144,693	-1%	$	134,554	6%
Parametric		116,442		117,044	-1%		96,725	20%
Atlanta Capital		19,196		18,932	1%		16,494	16%
Total	$	278,569	$	280,669	-1%	$	247,773	12%
(1)   Consolidated Eaton Vance Corp. See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest.
(2)   Includes managed assets of wholly owned subsidiaries Eaton Vance Investment Counsel and Fox Asset Management
LLC, as well as certain Eaton Vance-sponsored funds and accounts managed by Hexavest and unaffiliated third-party
advisors under Eaton Vance supervision.
							Attachment 8
Eaton Vance Corp.
Consolidated Assets under Management by Investment Mandate (1)
(in millions)
		January 31,		October 31,	%		January 31,	%
		2014		2013	Change		2013	Change
Equity(2)	$	90,765	$	93,585	-3%	$	86,518	5%
Fixed income		43,339		44,211	-2%		49,679	-13%
Floating-rate income		44,073		41,821	5%		28,656	54%
Alternative		13,171		15,212	-13%		14,345	-8%
Implementation services		87,010		85,637	2%		68,420	27%
Cash management		211		203	4%		155	36%
Total	$	278,569	$	280,669	-1%	$	247,773	12%
(1)   Consolidated Eaton Vance Corp. See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest.
(2)   Includes assets in balanced accounts holding income securities.

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Attachment 9
Eaton Vance Corp.
Hexavest Inc. Assets under Management and Net Flows
(in millions)
		Three Months Ended
		January 31,		October 31,		January 31,
		2014		2013		2013
Eaton Vance distributed:
Eaton Vance sponsored funds - beginning of period(1)		$	211	$	173	$	37
	Sales and other inflows		30		30		94
	Redemptions/outflows		(25)		(3)		(5)
	Net flows		5		27		89
	Market value change		(4)		11		9
Eaton Vance sponsored funds - end of period		$	212	$	211	$	135
Eaton Vance distributed separate accounts - beginning of period(2)		$	1,574	$	1,515	$	-
	Sales and other inflows		76		4		1,148
	Redemptions/outflows		(5)		(32)		-
	Net flows		71		(28)		1,148
	Exchanges		(235)		-		-
	Market value change		(27)		87		37
Eaton Vance distributed separate accounts - end of period		$	1,383	$	1,574	$	1,185
Total Eaton Vance distributed - beginning of period		$	1,785	$	1,688	$	37
	Sales and other inflows		106		34		1,242
	Redemptions/outflows		(30)		(35)		(5)
	Net flows		76		(1)		1,237
	Exchanges		(235)		-		-
	Market value change		(31)		98		46
Total Eaton Vance distributed - end of period		$	1,595	$	1,785	$	1,320
Hexavest directly distributed - beginning of period(3)		$	15,136	$	14,046	$	12,073
	Sales and other inflows		440		699		920
	Redemptions/outflows		(960)		(488)		(263)
	Net flows		(520)		211		657
	Exchanges		235		-		-
	Market value change		(308)		879		494
Hexavest directly distributed - end of period		$	14,543	$	15,136	$	13,224
Total Hexavest assets - beginning of period		$	16,921	$	15,734	$	12,110
	Sales and other inflows		546		733		2,162
	Redemptions/outflows		(990)		(523)		(268)
	Net flows		(444)		210		1,894
	Exchanges		-		-		-
	Market value change		(339)		977		540
Total Hexavest assets - end of period		$	16,138	$	16,921	$	14,544
(1)	Managed assets and flows of Eaton Vance-sponsored pooled investment vehicles for which Hexavest is advisor or sub-advisor. Eaton
	Vance receives management and/or distribution revenue on these assets, which are included in the Eaton Vance consolidated results
	in Attachments 5, 6, 7 and 8.
(2)	Managed assets and flows of Eaton Vance-distributed separate accounts managed by Hexavest.  Eaton Vance receives distribution revenue, but
	not investment advisory fees, on these assets, which are not included in the Eaton Vance consolidated results in Attachments 5, 6, 7 and 8.
(3)	Managed assets and flows of pre-transaction Hexavest clients and post-transaction Hexavest clients in Canada. Eaton Vance receives no
	investment advisory or distribution revenue on these assets, which are not included in the Eaton Vance consolidated results in Attachments 5, 6, 7
	and 8.

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