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

FormN-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)

February 28

Date of Fiscal Year End

February 28, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric

Dividend Income Fund

Annual Report

February 28, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

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 ReportFebruary 28, 2019

Parametric

Dividend Income 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	20
Federal Tax Information	21
Management and Organization	22
Important Notices	25

Parametric

Dividend Income Fund

February 28, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

U.S. stock indexes fluctuated widely during the12-month period ended February 28, 2019, as market sentiment cycled between optimism about positive U.S. economic data and concerns about interest rates, trade disputes and slowing growth overseas.

In March 2018, U.S. stocks opened the period by pulling back demand amid fears that rising interest rates might boost the relative appeal of fixed-income investments. After a brief rebound, equity markets again weakened in the spring of 2018, as investors confronted the prospect of a global trade war due to President Trump’sthen-new tariffs. The broad tariffs drew retaliatory actions from impacted countries, including China, Canada and certain countries in the European Union.

U.S. stocks bounced back during the summer months, led by technology stocks, which rebounded following an earlier setback from a wave of data-privacy scandals. Markets plunged in the final three months of 2018 amid global trade war fears and sagging economies in China and Europe. The U.S. stock market’s December 2018 plunge was the worst monthly loss since the 2008 financial crisis.

As 2019 began, stocks again rebounded. Remarks from the U.S. Federal Reserve Board led many investors to conclude that it was done raising interest rates for all or most of 2019 — easing concerns that rising interest rates could endanger economic growth. Investors were also encouraged by strong employment data, solid earnings from technology firms and signs that the U.S. and China were dampening down trade rhetoric and inching toward an agreement.

For the12-month period ended February 28, 2019, the blue-chip Dow Jones Industrial Average^®2 rose 5.95%, while the broader U.S. equity market represented by the S&P 500^® Index returned 4.68%. The technology-laden NASDAQ Composite Index was up 4.71% during the period.Large-cap U.S. stocks, as measured by the S&P 500^® Index, slightly underperformed theirsmall-cap counterparts, as measured by the Russell 2000^® Index. Growth stocks outpaced value stocks in both large- andsmall-cap categories, as measured by the Russell Growth and Value Indexes.

Fund Performance

For the12-month period ended February 28, 2019, Parametric Dividend Income Fund (the Fund) returned 4.81% for Investor Class shares at net asset value (NAV), outperforming its primary benchmark, the Russell 1000^® Value Index (the Index), which returned 3.16%.

To pursue broad diversification,⁶ the Fund seeks to allocate a relatively equal amount of assets among select securities — those that score the highest on Parametric’s combinedlow-risk/high-yield score — across the 11 sectors within the Index. The Fund’s equal-weight strategy may result in a portfolio with overweight positions in smaller sectors and underweight positions in larger sectors, as measured by market capitalization.

The Fund’s emphasis on diversification by targeting an equal-sector weighting benefited its performance relative to the Index during the period. Underweight exposure to financials, which lagged the broader Index, was the top contributor to relative results. An overweight position in thetop-performing utilities sector also aided relative returns. Conversely, the Fund’s overweight allocation to the materials sector weighed on relative results.

The Fund’s emphasis on diversification at the security level also benefited performance relative to the Index. Security selections within the financials sector contributed to relative performance. While financials in aggregate lagged the broader Index, the Fund held overweight positions in several names that experienced double-digit growth during the period.

Stock selections within the materials sector also aided relative results due, in part, to an underweight position in DowDuPont, Inc. The American chemical company declined over 22% during the period following a$4.5-billion “impairment charge” related to the 2017 merger of the Dow Chemical Company and E.I. du Pont de Nemours and Company.

Conversely, stock selections within the health care sector weighed on performance relative to the Index, particularly due to the Fund’sout-of-Index holdings.

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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

2

Parametric

Dividend Income Fund

February 28, 2019

Performance^2,3

Portfolio ManagersThomas Seto, Timothy W. Atwill, Ph.D., CFA and Alexander Paulsen, 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		03/26/2014		03/26/2014		4.81	%		—			9.56	%
Institutional Class at NAV		03/26/2014		03/26/2014		5.06			—			9.82
Russell 1000® Value Index		—		—		3.16	%		8.09	%		7.99	%
NASDAQ US Dividend Achievers™ Select Index		—		—		8.06			10.12			10.37
% Total Annual Operating Expense Ratios4								Investor Class			Institutional Class
Gross									1.27	%		1.02	%
Net									0.65			0.40

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		03/26/2014	$	79,364		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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

3

Parametric

Dividend Income Fund

February 28, 2019

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

PPL Corp.	0.6	%
Corning, Inc.	0.6
Merck & Co., Inc.	0.6
DSW, Inc., Class A	0.6
DTE Energy Co.	0.6
Microsoft Corp.	0.6
Waste Management, Inc.	0.6
NorthWestern Corp.	0.6
Public Service Enterprise Group, Inc.	0.6
Accenture PLC, Class A	0.6
Total	6.0	%

See Endnotes and Additional Disclosures in this report.

4

Parametric

Dividend Income Fund

February 28, 2019

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 Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index oflarge-cap stocks commonly used as a measure of U.S. stock market performance. NASDAQ Composite Index is a market capitalization-weighted index of all domestic and international securities listed on NASDAQ. NASDAQ US Dividend Achievers™ Select Index is an unmanaged index of stocks with at least ten consecutive years of increasing regular dividends. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S.small-cap stocks. Russell 1000^® Value Index is an unmanaged index of U.S.large-cap value stocks. 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 ratios reflect a contractual expense reimbursement that continues through 6/30/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵ Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective May 1, 2019, the portfolio managers of the Fund will be Thomas Seto and Alexander Paulsen.

5

Parametric

Dividend Income Fund

February 28, 2019

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 (September 1, 2018 – February 28, 2019).

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 (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	977.80	$	3.19	**		0.65	%
Institutional Class	$	1,000.00	$	979.10	$	1.96	**		0.40	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%
Institutional Class	$	1,000.00	$	1,022.80	$	2.01	**		0.40	%

* 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 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2018.

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

6

Parametric

Dividend Income Fund

February 28, 2019

Portfolio of Investments

Common Stocks — 99.4%
Security	Shares		Value
Aerospace & Defense — 1.1%
Lockheed Martin Corp.		1,065	$	329,522
United Technologies Corp.		2,606		327,496
			$	657,018
Air Freight & Logistics — 0.6%
United Parcel Service, Inc., Class B		2,876	$	316,935
			$	316,935
Automobiles — 0.5%
Ford Motor Co.		35,482	$	311,177
			$	311,177
Banks — 2.8%
Bank of Hawaii Corp.		4,069	$	334,594
F.N.B. Corp.		25,053		306,649
PacWest Bancorp		7,684		315,197
People’s United Financial, Inc.		17,845		316,927
United Bankshares, Inc.		8,805		338,024
			$	1,611,391
Beverages — 1.1%
Coca-Cola Co. (The)		7,125	$	323,047
PepsiCo, Inc.		2,761		319,282
			$	642,329
Biotechnology — 1.6%
AbbVie, Inc.		3,743	$	296,595
Amgen, Inc.		1,598		303,748
Gilead Sciences, Inc.		4,882		317,428
			$	917,771
Building Products — 0.6%
Johnson Controls International PLC		9,406	$	331,750
			$	331,750
Capital Markets — 3.0%
Artisan Partners Asset Management, Inc., Class A		12,772	$	335,904
BGC Partners, Inc., Class A		22,712		139,225
Federated Investors, Inc., Class B		10,925		325,019
Franklin Resources, Inc.		10,694		348,731
Invesco, Ltd.		16,058		310,722

Security	Shares		Value
Capital Markets (continued)
Moelis & Co., Class A		6,743	$	300,805
			$	1,760,406
Chemicals — 4.9%
Air Products and Chemicals, Inc.		1,803	$	326,668
CF Industries Holdings, Inc.		6,967		294,007
DowDuPont, Inc.		5,849		311,342
Eastman Chemical Co.		3,621		299,420
International Flavors & Fragrances, Inc.		2,513		320,408
Kronos Worldwide, Inc.		22,714		346,389
LyondellBasell Industries NV, Class A		3,374		288,544
RPM International, Inc.		5,304		306,942
Scotts Miracle-Gro Co. (The), Class A		4,194		343,489
			$	2,837,209
Commercial Services & Supplies — 1.8%
KAR Auction Services, Inc.		6,923	$	326,419
Republic Services, Inc.		4,241		332,622
Waste Management, Inc.		3,468		351,135
			$	1,010,176
Communications Equipment — 1.1%
Cisco Systems, Inc.		6,649	$	344,219
Juniper Networks, Inc.		11,300		306,004
			$	650,223
Containers & Packaging — 3.2%
Avery Dennison Corp.		2,856	$	308,562
Bemis Co., Inc.		6,004		317,612
Greif, Inc., Class A		7,872		316,454
International Paper Co.		6,236		285,733
Sonoco Products Co.		5,767		333,852
WestRock Co.		7,474		279,378
			$	1,841,591
Distributors — 0.6%
Genuine Parts Co.		3,199	$	347,987
			$	347,987
Diversified Telecommunication Services — 1.1%
AT&T, Inc.		10,462	$	325,578
Verizon Communications, Inc.		5,572		317,158
			$	642,736

7 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Portfolio of Investments — continued

Security	Shares		Value
Electric Utilities — 6.8%
American Electric Power Co., Inc.		4,090	$	331,904
Avangrid, Inc.		6,245		301,946
Duke Energy Corp.		3,361		301,347
Entergy Corp.		3,573		333,468
Eversource Energy		4,691		327,479
FirstEnergy Corp.		8,143		331,827
Hawaiian Electric Industries, Inc.		8,704		333,189
OGE Energy Corp.		7,772		330,465
Pinnacle West Capital Corp.		3,396		318,341
PPL Corp.		11,004		353,999
Southern Co. (The)		6,856		340,675
Xcel Energy, Inc.		6,205		340,406
			$	3,945,046
Electrical Equipment — 1.7%
Eaton Corp. PLC		4,346	$	346,680
Emerson Electric Co.		4,540		309,401
Rockwell Automation, Inc.		1,808		322,837
			$	978,918
Electronic Equipment, Instruments & Components — 1.7%
Corning, Inc.		10,155	$	353,495
FLIR Systems, Inc.		6,187		318,321
National Instruments Corp.		7,117		332,649
			$	1,004,465
Energy Equipment & Services — 2.7%
Baker Hughes		12,907	$	340,487
Halliburton Co.		9,465		290,481
Helmerich & Payne, Inc.		5,911		320,376
RPC, Inc.		28,138		302,484
Schlumberger, Ltd.		6,558		288,945
			$	1,542,773
Food & Staples Retailing — 1.1%
Walgreens Boots Alliance, Inc.		4,480	$	318,931
Walmart, Inc.		3,417		338,249
			$	657,180
Food Products — 4.3%
Archer-Daniels-Midland Co.		6,867	$	291,847
Bunge, Ltd.		5,571		295,709
Conagra Brands, Inc.		13,839		323,417
General Mills, Inc.		6,799		320,437

Security	Shares		Value
Food Products (continued)
Ingredion, Inc.		3,282	$	303,421
Kellogg Co.		5,741		322,989
Kraft Heinz Co. (The)		9,942		329,975
Lancaster Colony Corp.		2,039		319,654
			$	2,507,449
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		4,073	$	316,146
Baxter International, Inc.		4,265		318,723
Becton, Dickinson and Co.		1,334		331,886
Medtronic PLC		3,499		316,660
Stryker Corp.		1,775		334,605
			$	1,618,020
Health Care Providers & Services — 2.7%
Cardinal Health, Inc.		5,968	$	324,301
Owens & Minor, Inc.		51,549		321,666
Patterson Cos., Inc.		13,068		294,684
Quest Diagnostics, Inc.		3,388		293,231
UnitedHealth Group, Inc.		1,228		297,446
			$	1,531,328
Hotels, Restaurants & Leisure — 3.3%
Carnival Corp.		5,547	$	320,395
Cracker Barrel Old Country Store, Inc.		1,937		313,775
Darden Restaurants, Inc.		3,067		343,841
Extended Stay America, Inc.		17,831		325,237
Las Vegas Sands Corp.		5,013		307,949
Six Flags Entertainment Corp.		5,621		313,146
			$	1,924,343
Household Durables — 2.3%
Garmin, Ltd.		3,804	$	319,422
Leggett & Platt, Inc.		7,579		344,238
MDC Holdings, Inc.		11,662		336,328
Tupperware Brands Corp.		10,665		321,123
			$	1,321,111
Household Products — 2.2%
Clorox Co. (The)		2,187	$	345,612
Colgate-Palmolive Co.		4,657		306,757
Kimberly-Clark Corp.		2,680		313,104
Procter & Gamble Co. (The)		3,353		330,438
			$	1,295,911

8 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Portfolio of Investments — continued

Security	Shares		Value
Industrial Conglomerates — 1.2%
3M Co.		1,610	$	333,898
Honeywell International, Inc.		2,229		343,422
			$	677,320
Insurance — 4.4%
Aflac, Inc.		6,796	$	333,955
Cincinnati Financial Corp.		3,989		346,325
Fidelity National Financial, Inc.		8,287		290,791
Mercury General Corp.		5,822		308,391
MetLife, Inc.		6,624		299,339
Old Republic International Corp.		15,325		319,680
Principal Financial Group, Inc.		6,063		319,156
Travelers Cos., Inc. (The)		2,622		348,490
			$	2,566,127
IT Services — 4.3%
Accenture PLC, Class A		2,165	$	349,388
Amdocs, Ltd.		5,342		296,855
Automatic Data Processing, Inc.		2,094		320,445
Cognizant Technology Solutions Corp., Class A		4,275		303,440
International Business Machines Corp.		2,201		304,024
Jack Henry & Associates, Inc.		2,208		292,847
Paychex, Inc.		4,366		336,269
Western Union Co. (The)		16,122		288,100
			$	2,491,368
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		4,117	$	327,055
Bio-Techne Corp.		1,647		319,353
			$	646,408
Machinery — 2.8%
Cummins, Inc.		2,061	$	317,579
Dover Corp.		3,588		324,822
Ingersoll-Rand PLC		3,090		326,180
Pentair PLC		7,809		332,195
Snap-on, Inc.		2,056		328,960
			$	1,629,736
Media — 1.7%
Gannett Co., Inc.		28,369	$	333,052
Interpublic Group of Cos., Inc. (The)		14,910		343,377
Omnicom Group, Inc.		4,216		319,151
			$	995,580

Security	Shares		Value
Metals & Mining — 1.6%
Compass Minerals International, Inc.		5,634	$	295,109
Kaiser Aluminum Corp.		2,849		311,908
Nucor Corp.		4,819		291,887
			$	898,904
Multi-Utilities — 4.7%
Ameren Corp.		4,704	$	335,113
Centerpoint Energy, Inc.		10,889		328,195
Consolidated Edison, Inc.		3,998		329,635
Dominion Energy, Inc.		4,589		339,999
DTE Energy Co.		2,852		352,393
NorthWestern Corp.		5,108		350,102
Public Service Enterprise Group, Inc.		5,953		350,096
WEC Energy Group, Inc.		4,429		337,844
			$	2,723,377
Multiline Retail — 0.6%
Target Corp.		4,564	$	331,529
			$	331,529
Oil, Gas & Consumable Fuels — 7.9%
Chevron Corp.		2,580	$	308,516
ConocoPhillips		4,441		301,322
CVR Energy, Inc.		7,752		314,266
EOG Resources, Inc.		3,370		316,780
Exxon Mobil Corp.		4,080		322,443
HollyFrontier Corp.		5,450		279,040
Kinder Morgan, Inc.		17,460		334,534
Marathon Petroleum Corp.		4,754		294,796
Occidental Petroleum Corp.		4,606		304,687
ONEOK, Inc.		4,963		318,922
Phillips 66		3,259		314,037
SemGroup Corp., Class A		18,133		285,414
Targa Resources Corp.		7,193		289,446
Valero Energy Corp.		3,504		285,786
Williams Cos., Inc. (The)		10,754		287,024
			$	4,557,013
Paper & Forest Products — 0.5%
Domtar Corp.		6,164	$	313,809
			$	313,809

9 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Portfolio of Investments — continued

Security	Shares		Value
Pharmaceuticals — 2.8%
Bristol-Myers Squibb Co.		6,060	$	313,060
Eli Lilly & Co.		2,672		337,447
Johnson & Johnson		2,317		316,595
Merck & Co., Inc.		4,342		352,961
Pfizer, Inc.		7,286		315,848
			$	1,635,911
Professional Services — 0.5%
Nielsen Holdings PLC		11,662	$	305,544
			$	305,544
Real Estate Management & Development — 0.3%
Newmark Group, Inc., Class A		15,541	$	143,910
			$	143,910
Semiconductors & Semiconductor Equipment — 2.2%
Intel Corp.		6,580	$	348,477
Maxim Integrated Products, Inc.		5,430		295,555
QUALCOMM, Inc.		5,899		314,948
Texas Instruments, Inc.		2,962		313,320
			$	1,272,300
Software — 0.6%
Microsoft Corp.		3,143	$	352,110
			$	352,110
Specialty Retail — 2.2%
Buckle, Inc. (The)		17,027	$	326,748
Chico’s FAS, Inc.		51,232		299,195
DSW, Inc., Class A		11,905		352,507
L Brands, Inc.		10,921		285,475
			$	1,263,925
Thrifts & Mortgage Finance — 0.6%
New York Community Bancorp, Inc.		27,874	$	348,704
			$	348,704
Tobacco — 2.2%
Altria Group, Inc.		6,194	$	324,627
Philip Morris International, Inc.		3,669		318,983
Universal Corp.		5,062		300,379
Vector Group, Ltd.		28,744		336,880
			$	1,280,869

Security	Shares		Value
Trading Companies & Distributors — 1.6%
Fastenal Co.		5,246	$	330,183
MSC Industrial Direct Co., Inc., Class A		3,689		311,388
Watsco, Inc.		2,004		288,355
			$	929,926
Total Common Stocks (identified cost $53,724,464)			$	57,569,613
Short-Term Investments — 0.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.62%(1)		287,404	$	287,433
Total Short-Term Investments (identified cost $287,428)			$	287,433
Total Investments — 99.9% (identified cost $54,011,892)			$	57,857,046
Other Assets, Less Liabilities — 0.1%			$	84,164
Net Assets — 100.0%			$	57,941,210

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

⁽¹⁾  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 February 28, 2019.

10 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Statement of Assets and Liabilities

Assets	February 28, 2019
Unaffiliated investments, at value (identified cost, $53,724,464)	$	57,569,613
Affiliated investment, at value (identified cost, $287,428)		287,433
Dividends receivable		189,937
Dividends receivable from affiliated investment		316
Receivable for investments sold		593,784
Receivable for Fund shares sold		72,468
Receivable from affiliates		11,433
Total assets	$	58,724,984
Liabilities
Payable for investments purchased	$	653,165
Payable for Fund shares redeemed		41,594
Payable to affiliates:
Investment adviser and administration fee		13,302
Distribution and service fees		1,287
Accrued expenses		74,426
Total liabilities	$	783,774
Net Assets	$	57,941,210
Sources of Net Assets
Paid-in capital	$	56,874,859
Distributable earnings		1,066,351
Total	$	57,941,210
Investor Class Shares
Net Assets	$	6,597,325
Shares Outstanding		512,808
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.87
Institutional Class Shares
Net Assets	$	51,343,885
Shares Outstanding		3,982,707
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.89

11 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Statement of Operations

Investment Income	Year Ended February 28, 2019
Dividends	$	1,820,381
Dividends from affiliated investment		6,366
Total investment income	$	1,826,747
Expenses
Investment adviser and administration fee	$	157,115
Distribution and service fees
Investor Class		16,039
Trustees’ fees and expenses		2,887
Custodian fee		53,015
Transfer and dividend disbursing agent fees		19,467
Legal and accounting services		40,531
Printing and postage		13,781
Registration fees		49,928
Miscellaneous		13,308
Total expenses	$	366,071
Deduct —
Allocation of expenses to affiliates	$	138,454
Total expense reductions	$	138,454
Net expenses	$	227,617
Net investment income	$	1,599,130
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(1,427,161	)
Investment transactions — affiliated investment		82
Net realized loss	$	(1,427,079	)
Change in unrealized appreciation (depreciation) —
Investments	$	1,169,857
Investments — affiliated investment		5
Net change in unrealized appreciation (depreciation)	$	1,169,862
Net realized and unrealized loss	$	(257,217	)
Net increase in net assets from operations	$	1,341,913

12 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Statements of Changes in Net Assets

	Year Ended February 28,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	1,599,130		$	633,383
Net realized gain (loss)		(1,427,079	)		209,541
Net change in unrealized appreciation (depreciation)		1,169,862			1,470,757
Net increase in net assets from operations	$	1,341,913		$	2,313,681
Distributions to shareholders(1) —
Investor Class	$	(316,362	)	$	(146,932	)
Institutional Class		(2,434,344	)		(714,686	)
Total distributions to shareholders	$	(2,750,706	)	$	(861,618	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	3,262,205		$	4,143,124
Institutional Class		50,419,160			6,677,930
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		316,362			146,932
Institutional Class		1,591,258			713,880
Cost of shares redeemed
Investor Class		(2,512,977	)		(1,325,963	)
Institutional Class		(20,468,647	)		(2,584,695	)
Net increase in net assets from Fund share transactions	$	32,607,361		$	7,771,208
Net increase in net assets	$	31,198,568		$	9,223,271
Net Assets
At beginning of year	$	26,742,642		$	17,519,371
At end of year	$	57,941,210		$	26,742,642	(2)

⁽¹⁾   For the year ended February 28, 2018, the source of distributions was as follows:

Net investment income — Investor Class $(95,811) and Institutional Class $(488,083)

Net realized gain — Investor Class $(51,121) and Institutional Class $(226,603)

The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

⁽²⁾  Includes accumulated undistributed net investment income of $97,422 at February 28, 2018. The requirement to disclose the corresponding amount as of February 28, 2019 was eliminated.

13 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Financial Highlights

	Investor Class
	Year Ended February 28,									Year Ended February 29, 2016			Period Ended February 28,  2015(1)
	2019			2018			2017
Net asset value — Beginning of period	$	12.910		$	12.170		$	10.080		$	10.930		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.366		$	0.328		$	0.275		$	0.284		$	0.230
Net realized and unrealized gain (loss)		0.216			0.854			2.114			(0.666	)		1.143
Total income (loss) from operations	$	0.582		$	1.182		$	2.389		$	(0.382	)	$	1.373
Less Distributions
From net investment income	$	(0.306	)	$	(0.305	)	$	(0.249	)	$	(0.301	)	$	(0.197	)
From net realized gain		(0.316	)		(0.137	)		(0.050	)		(0.167	)		(0.246	)
Total distributions	$	(0.622	)	$	(0.442	)	$	(0.299	)	$	(0.468	)	$	(0.443	)
Net asset value — End of period	$	12.870		$	12.910		$	12.170		$	10.080		$	10.930
Total Return(3)(4)		4.81	%		9.87	%		23.97	%		(3.51	)%		13.88	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,597		$	5,633		$	2,450		$	97		$	22
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.65	%		0.65	%		0.68	%		0.85	%		0.88	%(6)
Net investment income		2.82	%		2.61	%		2.34	%		2.77	%		2.33	%(6)
Portfolio Turnover		77	%		30	%		26	%		31	%		39	%(5)

⁽¹⁾  For the period from the start of business, March 26, 2014, to February 28, 2015.

⁽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⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 0.26%, 0.62%, 1.60%, 3.22% and 4.84% of average daily net assets for the years ended February 28, 2019, 2018, 2017 and February 29, 2016 and the period ended February 28, 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

14 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Financial Highlights — continued

	Institutional Class
	Year Ended February 28,									Year Ended February 29, 2016			Period Ended February 28,  2015(1)
	2019			2018			2017
Net asset value — Beginning of period	$	12.930		$	12.190		$	10.090		$	10.930		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.399		$	0.358		$	0.310		$	0.334		$	0.249
Net realized and unrealized gain (loss)		0.215			0.851			2.108			(0.683	)		1.143
Total income (loss) from operations	$	0.614		$	1.209		$	2.418		$	(0.349	)	$	1.392
Less Distributions
From net investment income	$	(0.338	)	$	(0.332	)	$	(0.268	)	$	(0.324	)	$	(0.216	)
From net realized gain		(0.316	)		(0.137	)		(0.050	)		(0.167	)		(0.246	)
Total distributions	$	(0.654	)	$	(0.469	)	$	(0.318	)	$	(0.491	)	$	(0.462	)
Net asset value — End of period	$	12.890		$	12.930		$	12.190		$	10.090		$	10.930
Total Return(3)(4)		5.06	%		10.09	%		24.26	%		(3.21	)%		14.09	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	51,344		$	21,110		$	15,070		$	3,689		$	3,426
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.40	%		0.40	%		0.51	%		0.60	%		0.63	%(6)
Net investment income		3.07	%		2.84	%		2.71	%		3.21	%		2.54	%(6)
Portfolio Turnover		77	%		30	%		26	%		31	%		39	%(5)

⁽¹⁾  For the period from the start of business, March 26, 2014, to February 28, 2015.

⁽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⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 0.26%, 0.62%, 1.89%, 3.22% and 4.84% of average daily net assets for the years ended February 28, 2019, 2018, 2017 and February 29, 2016 and the period ended February 28, 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

15 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 28, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Dividend Income 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 total return and current income. The Fund offers Investor Class and Institutional Class shares, which are offered at net asset value and are not subject to a sales charge. 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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

Equity Securities.Equity securities 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 ask prices 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 ask prices.

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). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values 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.

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.

As of February 28, 2019, 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  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP 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.

G  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

16

Parametric

Dividend Income Fund

February 28, 2019

Notes to Financial Statements — continued

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 and Income Tax Information

It is the present policy of the Fund to make quarterly distributions 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. 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. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended February 28, 2019 and February 28, 2018 was as follows:

	Year Ended February 28,
	2019		2018
Ordinary income	$	1,839,004	$	719,315
Long-term capital gains	$	911,702	$	142,303

During the year ended February 28, 2019, distributable earnings was decreased by $183,992 and paid-in capital was increased by $183,992 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of February 28, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	101,944
Net unrealized appreciation	$	964,407

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	56,892,639
Gross unrealized appreciation	$	2,532,047
Gross unrealized depreciation		(1,567,640	)
Net unrealized appreciation	$	964,407

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 administration agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.30% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended February 28, 2019, the investment adviser and administration fee amounted to $157,115 or 0.30% 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 investment adviser 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 0.65% and 0.40% of the Fund’s average daily net assets for Investor Class and Institutional Class, respectively. This agreement

17

Parametric

Dividend Income Fund

February 28, 2019

Notes to Financial Statements — continued

may be changed or terminated after June 30, 2019. Pursuant to this agreement, EVM and Parametric were allocated $138,454 in total of the Fund’s operating expenses for the year ended February 28, 2019.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended February 28, 2019, EVM earned $794 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class shares (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 February 28, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plan

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 February 28, 2019 amounted to $16,039 for Investor Class shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $70,554,784 and $39,309,723, respectively, for the year ended February 28, 2019.

6  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 February 28,
Investor Class	2019			2018
Sales		245,182			329,233
Issued to shareholders electing to receive payments of distributions in Fund shares		25,777			11,670
Redemptions		(194,519	)		(105,850	)
Net increase		76,440			235,053
	Year Ended February 28,
Institutional Class	2019			2018
Sales		3,813,730			541,433
Issued to shareholders electing to receive payments of distributions in Fund shares		129,170			56,746
Redemptions		(1,592,576	)		(202,527	)
Net increase		2,350,324			395,652

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and

18

Parametric

Dividend Income Fund

February 28, 2019

Notes to Financial Statements — continued

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 February 28, 2019.

8  Fair Value Measurements

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

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

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

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

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

At February 28, 2019, 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	$	57,569,613	*	$	—	$	—	$	57,569,613
Short-Term Investments		—			287,433		—		287,433
Total Investments	$	57,569,613		$	287,433	$	—	$	57,857,046

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

19

Parametric

Dividend Income Fund

February 28, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Parametric Dividend Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Dividend Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of February 28, 2019, 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, the financial highlights for each of the four years in the period then ended and the period from the start of business, March 26, 2014, to February 28, 2015, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of February 28, 2019, and 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 four years in the period then ended and the period from the start of business, March 26, 2014, to February 28, 2015 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

April 18, 2019

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

20

Parametric

Dividend Income Fund

February 28, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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 capital gains dividends.

Qualified Dividend Income.  For the fiscal year ended February 28, 2019, the Fund designates approximately $1,783,343, 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 2019 ordinary income dividends, 87.68% qualifies for the corporate dividends received deduction.

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2019, $853,268 or, if subsequently determined to be different, the net capital gain of such year.

21

Parametric

Dividend Income Fund

February 28, 2019

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 174 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 174 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. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President(2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company)(1989-1995). Formerly, Consultant, Bain and Company (management consulting firm)(1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds)(2010-2014).
Valerie A. Mosley 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.(2)Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

22

Parametric

Dividend Income Fund

February 28, 2019

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)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). 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) (a registered public accounting firm)(1972-1981). 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)None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company)(2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

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
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

23

Parametric

Dividend Income Fund

February 28, 2019

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)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012).

⁽¹⁾  Year 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 Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) 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. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾ Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾ Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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.

24

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

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

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., 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 typically 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.

25

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment 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 this program is available to investors at www.FINRA.org.

17885    2.28.19

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 calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, 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) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Parametric Dividend Income Fund (the “Fund(s)”) is a series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Fund, contains a total of 34 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as anopen-end management investment company. This FormN-CSR relates to the Fund’s annual report.

(a)-(d)

The following table presents the aggregate fees billed to the Fund for the Fund’s fiscal years ended February 28, 2018 and February 28, 2019 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 Dividend Income Fund

Fiscal Years Ended	2/28/18		2/28/19
Audit Fees	$	25,850	$	25,850
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,890	$	11,190
All Other Fees(3)	$	0	$	0
Total	$	35,740	$	37,040

⁽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, February 28, August 31, September 30, October 31 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	8/31/17*		9/30/17		10/31/17		12/31/17		1/31/18		2/28/18		9/30/18		10/31/18		12/31/18		1/31/18		2/28/19
Audit Fees	$	48,950	$	99,675	$	571,663	$	105,320	$	154,630	$	25,850	$	99,625	$	621,075	$	105,320	$	191,680	$	25,850
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	12,420	$	25,606	$	351,829	$	63,439	$	52,884	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	61,370	$	125,281	$	923,492	$	168,759	$	207,514	$	35,740	$	128,231	$	1,052,013	$	170,409	$	277,637	$	37,040

* Information is not presented for fiscal years ended 7/31/18 and 8/31/18, as no Series in the Trust with such fiscal years end were in operation during such period.

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. Includes consent fee forN-14 registration statements related to fund mergers.

⁽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 thepre-approval of services provided by the registrant’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.

ThePre-Approval Policies and the types of audit andnon-audit servicespre-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 Rule2-01(c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

(g)The following table presents (i) the aggregatenon-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 aggregatenon-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	8/31/17*		9/30/17		10/31/17		12/31/17		1/31/18		2/28/18		9/30/18		10/31/18		12/31/18		1/31/19		2/28/19
Registrant(1)	$	12,420	$	25,606	$	351,829	$	63,439	$	52,884	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190
Eaton Vance(2)	$	148,018	$	148,018	$	148,018	$	148,018	$	148,018	$	148,018	$	126,485	$	126,485	$	126,485	$	126,485	$	126,485

* Information is not presented for fiscal years ended 7/31/18 and 8/31/18, as no Series in the Trust with such fiscal years end were in operation during such period.

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

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

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-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 Rule2-01(c)(7)(ii) of RegulationS-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 FormN-CSR.

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable.

Item 13. 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: April 25, 2019

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:	April 25, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

Date: April 25, 2019