UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04015
Eaton Vance Mutual Funds Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
November 30
Date of Fiscal Year End
November 30, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 12/30/2020 | 12/30/2020 | (11.90)% | —% | (5.69)% |
Class A with 3.25% Maximum Sales Charge | — | — | (14.77) | — | (7.32) |
Class I at NAV | 12/30/2020 | 12/30/2020 | (11.68) | — | (5.45) |
Bloomberg Municipal Index Taxable Bonds 5-10 Year | — | — | (13.25)% | 0.97% | (7.33)% |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 1.93% | 1.68% |
Net | 0.81 | 0.56 |
% Distribution Rates/Yields4 | Class A | Class I |
Distribution Rate | 2.04% | 2.31% |
Taxable-Equivalent Distribution Rate | 3.44 | 3.90 |
SEC 30-day Yield | 2.24 | 2.59 |
Taxable-Equivalent SEC 30-day Yield | 3.78 | 4.37 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 12/30/2020 | $898,049 | N.A. |
Credit Quality (% of total investments)1,2 |
1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
2 | Excludes cash and cash equivalents. |
† | 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. |
1 | Bloomberg Municipal Index Taxable Bonds 5-10 Year is an unmanaged index of taxable municipal bonds with maturities ranging between 5 to 10 Years. 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. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 3/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure |
based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
Fund profile subject to change due to active management. | |
Additional Information | |
Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. | |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
Beginning Account Value (6/1/22) | Ending Account Value (11/30/22) | Expenses Paid During Period* (6/1/22 – 11/30/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 968.40 | $3.90** | 0.79% |
Class I | $1,000.00 | $ 969.60 | $2.62** | 0.53% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.11 | $4.00** | 0.79% |
Class I | $1,000.00 | $1,022.41 | $2.69** | 0.53% |
* | 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 183/365 (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 May 31, 2022. |
** | Absent an allocation of certain expenses to an affiliate, expenses would be higher. |
Corporate Bonds — 6.1% |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 6.1% | |||
Little Co. of Mary Hospital of Indiana, Inc., 2.132%, 11/1/26 | $ | 400 | $ 354,871 |
St. Joseph's University Medical Center, Inc., 4.584%, 7/1/27 | 500 | 465,726 | |
Total Corporate Bonds (identified cost $943,186) | $ 820,597 |
Taxable Municipal Obligations — 85.1% |
Security | Principal Amount (000's omitted) | Value | |
Education — 3.2% | |||
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 2.38%, 4/1/28 | $ | 500 | $ 426,180 |
$ 426,180 | |||
General Obligations — 19.2% | |||
Academy Independent School District, TX, (PSF Guaranteed), 1.51%, 8/15/27 | $ | 250 | $ 218,047 |
Bradley, IL, 1.35%, 12/15/27 | 250 | 210,765 | |
Chicago, IL: | |||
7.045%, 1/1/29 | 160 | 163,795 | |
Prerefunded to 1/1/23, 7.045%, 1/1/29 | 25 | 25,040 | |
Detroit, MI, 2.511%, 4/1/25 | 530 | 491,983 | |
Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 1.602%, 8/1/29 | 400 | 332,212 | |
Nashua, NH, 1.40%, 1/15/32 | 255 | 188,621 | |
New York, 5.39%, 3/1/28 | 500 | 518,955 | |
Ojai Unified School District, CA: | |||
1.819%, 8/1/29 | 300 | 250,242 | |
1.919%, 8/1/30 | 230 | 187,680 | |
$ 2,587,340 | |||
Hospital — 5.3% | |||
Conway, AR, (Conway Regional Medical Center), 2.45%, 8/1/29 | $ | 250 | $ 213,038 |
University of Wisconsin Hospitals and Clinics Authority, 2.09%, 4/1/28 | 590 | 498,898 | |
$ 711,936 |
Security | Principal Amount (000's omitted) | Value | |
Housing — 3.7% | |||
Maryland Community Development Administration, (SPA: TD Bank, N.A.), 3.85%, 9/1/33(1) | $ | 500 | $ 500,000 |
$ 500,000 | |||
Insured - Education — 3.1% | |||
Connecticut Health and Educational Facilities Authority, (Connecticut State University System), (BAM), 2.05%, 11/1/29 | $ | 500 | $ 413,970 |
$ 413,970 | |||
Insured - General Obligations — 3.7% | |||
Valley View School District, PA, (BAM), 2.20%, 5/15/26 | $ | 525 | $ 493,652 |
$ 493,652 | |||
Insured - Hospital — 3.0% | |||
Maine Health and Higher Educational Facilities Authority, (Eastern Maine Medical Center), (AGM), 2.085%, 7/1/29 | $ | 500 | $ 409,830 |
$ 409,830 | |||
Insured - Special Tax Revenue — 11.4% | |||
Bexar County, TX, Combined Venue Tax Revenue, (AGM), 2.134%, 8/15/31 | $ | 750 | $ 605,430 |
Rio Elementary School District Community Facilities District No. 1, CA, (BAM), 2.107%, 9/1/29 | 500 | 419,210 | |
St. Clair County Board of Education, AL: | |||
(BAM), 1.31%, 2/1/26 | 200 | 180,696 | |
(BAM), 1.85%, 2/1/28 | 390 | 339,569 | |
$ 1,544,905 | |||
Lease Revenue/Certificates of Participation — 2.3% | |||
Beaufort County, NC, Limited Obligation Bonds, 2.00%, 6/1/29 | $ | 375 | $ 315,821 |
$ 315,821 | |||
Senior Living/Life Care — 6.8% | |||
Butler County Port Authority, OH, (Community First Solutions), 2.25%, 5/15/26 | $ | 285 | $ 270,394 |
California Public Finance Authority, (Enso Village), Green Bonds, 2.875%, 5/15/27(2) | 355 | 320,781 | |
Indiana Finance Authority, (BHI Senior Living), 1.99%, 11/15/24 | 350 | 325,899 | |
$ 917,074 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 7.4% | |||
Massachusetts, Special Obligation Revenue Bonds, Social Bonds, 3.564%, 7/15/23 | $ | 500 | $ 496,980 |
New York State Urban Development Corp., Personal Income Tax Revenue, 4.85%, 3/15/28 | 500 | 497,535 | |
$ 994,515 | |||
Student Loan — 2.5% | |||
Rhode Island Student Loan Authority, 2.373%, 12/1/28 | $ | 400 | $ 340,568 |
$ 340,568 | |||
Transportation — 12.0% | |||
Broward County, FL, Airport System Revenue, 2.734%, 10/1/30 | $ | 500 | $ 423,250 |
Central Texas Regional Mobility Authority, 1.863%, 1/1/27 | 600 | 532,038 | |
Miami-Dade County, FL, Aviation Revenue, 2.449%, 10/1/29 | 500 | 426,635 | |
San Jose, CA, Airport Revenue, 1.209%, 3/1/25 | 250 | 230,698 | |
$ 1,612,621 | |||
Water and Sewer — 1.5% | |||
Arkansas Community Water System Public Water Authority, 1.98%, 10/1/29 | $ | 250 | $ 208,913 |
$ 208,913 | |||
Total Taxable Municipal Obligations (identified cost $13,026,919) | $11,477,325 |
Short-Term Investments — 8.6% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.62%(3) | 1,162,817 | $ 1,162,817 | |
Total Short-Term Investments (identified cost $1,162,817) | $ 1,162,817 | ||
Total Investments — 99.8% (identified cost $15,132,922) | $13,460,739 | ||
Other Assets, Less Liabilities — 0.2% | $ 25,950 | ||
Net Assets — 100.0% | $13,486,689 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at November 30, 2022. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2022, the aggregate value of these securities is $320,781 or 2.4% of the Fund's net assets. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of November 30, 2022. |
At November 30, 2022, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
Texas | 13.3% |
California | 13.0% |
Others, representing less than 10% individually | 58.8% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At November 30, 2022, 21.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 7.5% to 13.7% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
BAM | – Build America Mutual Assurance Co. |
PSF | – Permanent School Fund |
SPA | – Standby Bond Purchase Agreement |
November 30, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $13,970,105) | $ 12,297,922 |
Affiliated investment, at value (identified cost $1,162,817) | 1,162,817 |
Interest receivable | 88,283 |
Dividends receivable from affiliated investment | 3,359 |
Receivable from affiliate | 8,155 |
Total assets | $13,560,536 |
Liabilities | |
Payable to affiliates: | |
Investment adviser and administration fee | $ 4,778 |
Distribution and service fees | 3 |
Trustees' fees | 502 |
Accrued expenses | 68,564 |
Total liabilities | $ 73,847 |
Net Assets | $13,486,689 |
Sources of Net Assets | |
Paid-in capital | $ 15,431,591 |
Accumulated loss | (1,944,902) |
Net Assets | $13,486,689 |
Class A Shares | |
Net Assets | $ 18,996 |
Shares Outstanding | 2,178 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.72 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 9.01 |
Class I Shares | |
Net Assets | $ 13,467,693 |
Shares Outstanding | 1,543,771 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.72 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
November 30, 2022 | |
Investment Income | |
Dividend income from affiliated investments | $ 18,036 |
Interest income | 298,913 |
Total investment income | $ 316,949 |
Expenses | |
Investment adviser and administration fee | $ 63,406 |
Distribution and service fees: | |
Class A | 24 |
Trustees’ fees and expenses | 1,679 |
Custodian fee | 20,034 |
Transfer and dividend disbursing agent fees | 592 |
Legal and accounting services | 62,402 |
Printing and postage | 435 |
Registration fees | 37,775 |
Miscellaneous | 12,596 |
Total expenses | $ 198,943 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 122,457 |
Total expense reductions | $ 122,457 |
Net expenses | $ 76,486 |
Net investment income | $ 240,463 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (272,639) |
Investment transactions - affiliated investment | (32) |
Net realized loss | $ (272,671) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (1,748,804) |
Investments - affiliated investment | 32 |
Net change in unrealized appreciation (depreciation) | $(1,748,772) |
Net realized and unrealized loss | $(2,021,443) |
Net decrease in net assets from operations | $(1,780,980) |
Year Ended November 30, 2022 | Period Ended November 30, 2021(1) | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 240,463 | $ 116,408 |
Net realized gain (loss) | (272,671) | 64,672 |
Net change in unrealized appreciation (depreciation) | (1,748,772) | 76,589 |
Net increase (decrease) in net assets from operations | $ (1,780,980) | $ 257,669 |
Distributions to shareholders: | ||
Class A | $ (190) | $ (55) |
Class I | (309,373) | (116,756) |
Total distributions to shareholders | $ (309,563) | $ (116,811) |
Transactions in shares of beneficial interest: | ||
Class A | $ 10,171 | $ 10,074 |
Class I | 309,373 | 15,106,756 |
Net increase in net assets from Fund share transactions | $ 319,544 | $15,116,830 |
Net increase (decrease) in net assets | $ (1,770,999) | $15,257,688 |
Net Assets | ||
At beginning of period | $ 15,257,688 | $ — |
At end of period | $13,486,689 | $15,257,688 |
(1) | For the period from the start of business, December 30, 2020, to November 30, 2021. |
Class A | ||
Year Ended November 30, 2022 | Period Ended November 30, 2021(1) | |
Net asset value — Beginning of period | $10.090 | $ 10.000 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.135 | $ 0.054 |
Net realized and unrealized gain (loss) | (1.325) | 0.090 |
Total income (loss) from operations | $ (1.190) | $ 0.144 |
Less Distributions | ||
From net investment income | $ (0.137) | $ (0.054) |
From net realized gain | (0.043) | — |
Total distributions | $ (0.180) | $ (0.054) |
Net asset value — End of period | $ 8.720 | $10.090 |
Total Return(3)(4) | (11.90)% | 1.44% (5) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $ 19 | $ 10 |
Ratios (as a percentage of average daily net assets): | ||
Expenses (4) | 0.79% (6) | 0.80% (7) |
Net investment income | 1.47% | 0.58% (7) |
Portfolio Turnover | 12% | 185% (5) |
(1) | For the period from the start of business, December 30, 2020, to November 30, 2021. |
(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 and do not reflect the effect of sales charges. |
(4) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.86% and 1.12% of average daily net assets for the year ended November 30, 2022 and the period ended November 30, 2021, respectively). Absent this reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended November 30, 2022). |
(7) | Annualized. |
Class I | ||
Year Ended November 30, 2022 | Period Ended November 30, 2021(1) | |
Net asset value — Beginning of period | $10.090 | $ 10.000 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.157 | $ 0.077 |
Net realized and unrealized gain (loss) | (1.324) | 0.091 |
Total income (loss) from operations | $ (1.167) | $ 0.168 |
Less Distributions | ||
From net investment income | $ (0.160) | $ (0.078) |
From net realized gain | (0.043) | — |
Total distributions | $ (0.203) | $ (0.078) |
Net asset value — End of period | $ 8.720 | $10.090 |
Total Return(3)(4) | (11.68)% | 1.68% (5) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $13,468 | $ 15,248 |
Ratios (as a percentage of average daily net assets): | ||
Expenses (4) | 0.54% (6) | 0.55% (7) |
Net investment income | 1.71% | 0.83% (7) |
Portfolio Turnover | 12% | 185% (5) |
(1) | For the period from the start of business, December 30, 2020, to November 30, 2021. |
(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 reimbursed certain operating expenses (equal to 0.86% and 1.12% of average daily net assets for the year ended November 30, 2022 and the period ended November 30, 2021, respectively). Absent this reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended November 30, 2022). |
(7) | Annualized. |
Year Ended November 30, 2022 | Period Ended November 30, 2021 | |
Ordinary income | $309,563 | $116,811 |
Deferred capital losses | $ (272,719) |
Net unrealized depreciation | (1,672,183) |
Accumulated loss | $(1,944,902) |
Aggregate cost | $ 15,132,922 |
Gross unrealized appreciation | $ 8,112 |
Gross unrealized depreciation | (1,680,295) |
Net unrealized depreciation | $ (1,672,183) |
Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.450% |
$1 billion but less than $2.5 billion | 0.425% |
$2.5 billion but less than $5 billion | 0.410% |
$5 billion and over | 0.400% |
Year Ended November 30, 2022 | Period Ended November 30, 2021(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 1,164 | $ 10,100 | 1,010 | $ 10,099 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 20 | 190 | 5 | 55 | |
Redemptions | (13) | (119) | (8) | (80) | |
Net increase | 1,171 | $ 10,171 | 1,007 | $ 10,074 | |
Class I | |||||
Sales | — | $ — | 1,499,000 | $ 14,990,000 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 33,240 | 309,373 | 11,531 | 116,756 | |
Net increase | 33,240 | $309,373 | 1,510,531 | $15,106,756 |
(1) | For the period from the start of business, December 30, 2020, to November 30, 2021. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $316,991 | $ 934,324 | $(1,251,315) | $ (32) | $ 32 | $ — | $ 322 | — |
Liquidity Fund | — | 4,903,182 | (3,740,365) | — | — | 1,162,817 | 17,714 | 1,162,817 |
Total | $ (32) | $ 32 | $1,162,817 | $18,036 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 820,597 | $ — | $ 820,597 |
Taxable Municipal Obligations | — | 11,477,325 | — | 11,477,325 |
Short-Term Investments | 1,162,817 | — | — | 1,162,817 |
Total Investments | $1,162,817 | $12,297,922 | $ — | $13,460,739 |
Boston, Massachusetts
January 25, 2023
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- present). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 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). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 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). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). 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 | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. 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). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 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). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-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 Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, 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. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
Eaton Vance Taxable Municipal Bond Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 33 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.
(a)-(d)
The following table presents the aggregate fees billed to the Fund for the Fund’s fiscal years ended November 30, 2021 and November 30, 2022 by the Funds’ principal accountant, Deloitte and 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.
Eaton Vance Taxable Municipal Bond Fund Fiscal Years Ended | 11/30/21 | 11/30/22 | ||||||
Audit Fees | $ | 37,050 | $ | 41,150 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 13,000 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 50,050 | $ | 41,150 | ||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the 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, September 30, October 31, November 30, or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 12/31/20 | 1/31/21 | 2/28/21 | 9/30/21 | 10/31/21 | 11/30/21 | 12/31/21 | 1/31/22 | 2/28/22 | 9/30/22 | 10/31/22 | 11/30/22 | ||||||||||||||||||||||||||||||||||||
Audit Fees | $ | 106,700 | $ | 201,300 | $ | 26,250 | $ | 91,600 | $ | 729,872 | $ | 37,050 | $ | 111,700 | $ | 198,900 | $ | 24,050 | $ | 104,200 | $ | 816,633 | $ | 41,150 | ||||||||||||||||||||||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Tax Fees(2) | $ | 60,338 | $ | 73,973 | $ | 10,103 | $ | 23,248 | $ | 271,569 | $ | 13,000 | $ | 61,738 | $ | 78,353 | $ | 8,478 | $ | 5,000 | $ | 44,100 | $ | 0 | ||||||||||||||||||||||||
All Other Fees(3) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
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Total | $ | 167,038 | $ | 275,273 | $ | 36,353 | $ | 114,848 | $ | 1,001,441 | $ | 50,050 | $ | 173,438 | $ | 277,253 | $ | 32,528 | $ | 109,200 | $ | 860,733 | $ | 41,150 | ||||||||||||||||||||||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 12/30/20 | 1/31/21 | 2/28/21 | 9/30/21 | 10/31/21 | 11/30/21 | 12/31/21 | 1/31/22 | 2/28/22 | 9/30/22 | 10/31/22 | 11/30/22 | ||||||||||||||||||||||||||||||||||||
Registrant(1) | $ | 60,338 | $ | 73,973 | $ | 10.103 | $ | 23,248 | $ | 271,569 | $ | 13,000 | $ | 61,738 | $ | 78,353 | $ | 8,478 | $ | 5,000 | $ | 44,100 | $ | 0 | ||||||||||||||||||||||||
Eaton Vance(2) | $ | 150,300 | $ | 150,300 | $ | 150,300 | $ | 51,800 | $ | 51,800 | $ | 51,800 | $ | 51,800 | $ | 51,800 | $ | 51,800 | $ | 52,836 | $ | 52,836 | $ | 52,836 |
(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 Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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 for Closed-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/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | January 30, 2023 |
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: | January 30, 2023 | |
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | January 30, 2023 |