<Page>
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)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Address of principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
October 31, 2003
----------------
Date of Fiscal Year End
April 30, 2003
----------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EATON VANCE LOGO]
[PHOTO OF STATUE OF LIBERTY]
SEMIANNUAL REPORT APRIL 30, 2003
[PHOTO OF NYSE FLAG]
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND
[PHOTO OF FLOOR STOCK EXCHANGE]
<Page>
IMPORTANT NOTICE REGARDING DELIVERY
OF SHAREHOLDER DOCUMENTS
The Securities and Exchange Commission (SEC) permits mutual 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 ADVISER, MAY HOUSEHOLD THE MAILING OF YOUR
DOCUMENTS INDEFINITELY UNLESS YOU INSTRUCT EATON VANCE, OR YOUR FINANCIAL
ADVISER, OTHERWISE.
If you would prefer that your Eaton Vance documents not be householded, please
contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance
documents will be effective within 30 days of receipt by Eaton Vance or your
financial adviser.
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
INVESTMENT UPDATE
MANAGEMENT DISCUSSION
[PHOTO OF DUNCAN W. RICHARDSON]
Duncan W. Richardson
Portfolio Manager
- - Over the six months ended April 30, 2003, market valuations generally
returned to more reasonable levels from the peaks of three years ago. While
some concerns on the geopolitical front were resolved, uncertainty about
the state of the U.S. economy remained. We believe that many securities are
being undervalued and that earnings expectations are too low for what
companies might be able to achieve in a decent economic environment over
the next several years.
- - While equity market returns continued to be volatile during the last six
months, we believe that the Fund benefited from the asset allocations
during this period. We maintained the initial asset allocations of the Fund
during its first year of operations, but expect to modify them slightly in
the near future, as described below.
- - Our analysis demonstrates that relative valuations between value and growth
securities have come more into balance. Our research team has also noted an
increasing number of investment ideas among smaller capitalization
companies, which have often done better (both fundamentally and in price)
coming out of economic slowdowns. To better capture these investment
opportunities and trends, management intends to shift approximately 5% of
the Fund's assets from Tax-Managed Value Portfolio, to be split equally
between Tax-Managed Mid-Cap Core and Tax-Managed Multi-Cap Opportunity
Portfolios. Targeted allocation will have 55% of the Fund's assets
dedicated to large capitalization stocks and 45% to mid and small
capitalization securities. The 45% of assets spread over four investment
portfolios is supported by three research teams (at Eaton Vance:
Tax-Managed Multi-Cap Opportunity Portfolio and Tax-Managed Small Cap
Growth Portfolio; at Atlanta Capital Management Company, LLC: Tax-Managed
Mid-Cap Core Portfolio; and at Fox Asset Management LLC: Tax-Managed Small
Cap Value Portfolio). We hope that, through the combined research effort in
the seven Portfolios, the Fund can be a broad market investment vehicle
that can help navigate through these volatile equity markets.
THE FUND
PERFORMANCE
- - During the six months ended April 30, 2003, the Fund's Class A shares had a
total return of 2.08%. This return was the result of an increase in net
asset value (NAV) to $8.36 on April 30, 2003, from $8.19 on October 31,
2002.(1)
- - The Fund's Class B shares had a total return of 1.59% during the same
period, the result of an increase in NAV to $8.30 on April 30, 2003, from
$8.17 on October 31, 2002.(1)
- - The Fund's Class C shares had a total return of 1.72% during the same
period, the result of an increase in NAV to $8.29 on April 30, 2003, from
$8.15 on October 31, 2002.(1)
THE VIEWS EXPRESSED IN THIS REPORT ARE THOSE OF THE PORTFOLIO MANAGER AND
ARE CURRENT ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THESE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET
OR OTHER CONDITIONS, AND EATON VANCE DISCLAIMS ANY RESPONSIBILITY TO UPDATE
SUCH VIEWS. THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND,
BECAUSE INVESTMENT DECISIONS FOR A FUND ARE BASED ON MANY FACTORS, MAY NOT
BE RELIED ON AS AN INDICATION OF TRADING INTENT ON BEHALF OF ANY FUND.
FUND INFORMATION
AS OF APRIL 30, 2003
<Table>
<Caption>
PERFORMANCE(2) CLASS A CLASS B CLASS C
Average Annual Total Returns (at net asset value)
One Year -17.88% -18.47% -18.49%
Life of Fund+ -14.20 -14.72 -14.81
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year -22.59% -22.54% -19.30%
Life of Fund+ -18.43 -18.38 -14.81
</Table>
+ Inception Dates - Class A: 3/4/02; Class B: 3/4/02; Class C: 3/4/02
<Table>
<Caption>
CURRENT ALLOCATIONS(3) By total investments
Tax-Managed Value Portfolio 25%
Tax-Managed Growth Portfolio 20%
Tax-Managed International Growth Portfolio 15%
Tax-Managed Mid-Cap Core Portfolio 10%
Tax-Managed Multi-Cap Opportunity Portfolio 10%
Tax-Managed Small-Cap Growth Portfolio 10%
Tax-Managed Small-Cap Value Portfolio 10%
</Table>
(1) These returns do not include the 5.75% maximum sales charge for Class A
shares or the applicable contingent deferred sales charge (CDSC) for
Class B and Class C shares. (2) Returns are historical and are calculated
by determining the percentage change in net asset value with all
distributions reinvested. SEC returns for Class A reflect the maximum 5.75%
sales charge. SEC returns for Class B reflect applicable CDSC based on the
following schedule: 5% - 1st and 2nd years; 4% - 3rd year; 3% - 4th year;
2% - 5th year; 1% - 6th year. SEC 1-Year return for Class C reflects 1%
CDSC. (3) Allocations are as of April 30, 2003. Fund profile and
allocations are subject to change. You may obtain free copies of each of
the Portfolios' most recent financial statements by contacting Eaton Vance
Distributors at 1-800-225-6265 or from the EDGAR database on the Security
and Exchange Commission's website (www.sec.gov).
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost.
MUTUAL 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.
2
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
FUND PERFORMANCE
The tables below set forth the pre-tax and after-tax performance for the Fund.
After-tax performance reflects the impact of federal income taxes on Fund
distributions of dividends and capital gains, as well as capital gains taxes on
the sale of Fund shares, while pre-tax performance does not. Because the
objective of the Fund is to provide long-term, after-tax returns to
shareholders, it is important for investors to know the effect of taxes on the
Fund's return.
AVERAGE ANNUAL TOTAL RETURNS
(FOR THE PERIOD ENDED APRIL 30, 2003)
RETURNS AT NET ASSET VALUE (NAV) (CLASS A)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -17.88% -14.20%
Return After Taxes on Distributions -17.88% -14.20%
Return After Taxes on Distributions -10.98% -11.33%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS A)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -22.59% -18.43%
Return After Taxes on Distributions -22.59% -18.43%
Return After Taxes on Distributions -13.87% -14.69%
and Sale of Fund Shares
</Table>
AVERAGE ANNUAL TOTAL RETURNS
(FOR THE PERIOD ENDED APRIL 30, 2003)
RETURNS AT NET ASSET VALUE (NAV) (CLASS B)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -18.47% -14.72%
Return After Taxes on Distributions -18.47% -14.72%
Return After Taxes on Distributions -11.34% -11.75%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS B)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -22.54% -18.38%
Return After Taxes on Distributions -22.54% -18.38%
Return After Taxes on Distributions -13.84% -14.65%
and Sale of Fund Shares
</Table>
AVERAGE ANNUAL TOTAL RETURNS
(FOR THE PERIOD ENDED APRIL 30, 2003)
RETURNS AT NET ASSET VALUE (NAV) (CLASS C)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -18.49% -14.81%
Return After Taxes on Distributions -18.49% -14.81%
Return After Taxes on Distributions -11.35% -11.82%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS C)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -19.30% -14.81%
Return After Taxes on Distributions -19.30% -14.81%
Return After Taxes on Distributions -11.85% -11.82%
and Sale of Fund Shares
</Table>
Class A, Class B, and Class C commenced operations on 3/4/02. Returns at Public
Offering Price (POP) reflect the deduction of the maximum sales charge, while
Returns at Net Asset Value (NAV) do not.
After-tax returns are calculated using the highest historical individual federal
income tax rate and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a shareholder's tax situation and may differ from
those shown. After-tax returns are not relevant for shareholders who hold shares
in tax-deferred accounts or to shares held by non-taxable entities. Return After
Taxes on Distributions for a period may be the same as Return Before Taxes for
that period because no distributions were paid during that period. Also, Return
After Taxes on Distributions and Sale of Fund shares for a period may be greater
than Return After Taxes on Distributions for the same period because of realized
losses on the sale of Fund shares.
Past performance (both before and after taxes) is no guarantee of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Performance is for the stated time period only; due to market volatility, the
Fund's current performance may be different.
3
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF APRIL 30, 2003
Assets
- ------------------------------------------------------
Investment in Tax-Managed Value
Portfolio, at value
(identified cost, $37,527,690) $ 39,351,884
Investment in Tax-Managed Growth
Portfolio, at value
(identified cost, $33,535,794) 31,621,889
Investment in Tax-Managed International
Growth Portfolio, at value
(identified cost, $18,187,401) 23,822,215
Investment in Tax-Managed Small-Cap
Value Portfolio, at value
(identified cost, $15,987,429) 15,861,931
Investment in Tax-Managed Multi-Cap
Opportunity Portfolio, at value
(identified cost, $14,714,737) 16,292,560
Investment in Tax-Managed Mid-Cap Core
Portfolio, at value
(identified cost, $15,312,942) 15,921,594
Investment in Tax-Managed Small-Cap
Growth Portfolio, at value
(identified cost, $15,010,004) 16,156,783
Receivable for Fund shares sold 1,111,165
Receivable from affiliate 27,600
- ------------------------------------------------------
TOTAL ASSETS $160,167,621
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for Fund shares redeemed $ 249,730
Payable to affiliate for distribution
and service fees 29,218
Payable to affiliate for Trustees' fees 364
Accrued expenses 51,799
- ------------------------------------------------------
TOTAL LIABILITIES $ 331,111
- ------------------------------------------------------
NET ASSETS $159,836,510
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Paid-in capital $168,828,277
Accumulated net realized loss from
Portfolios (computed on the basis of
identified cost) (17,426,177)
Accumulated net investment loss (318,449)
Net unrealized appreciation from
Portfolios (computed on the basis of
identified cost) 8,752,859
- ------------------------------------------------------
TOTAL $159,836,510
- ------------------------------------------------------
Class A Shares
- ------------------------------------------------------
NET ASSETS $ 52,631,545
SHARES OUTSTANDING 6,297,706
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 8.36
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $8.36) $ 8.87
- ------------------------------------------------------
Class B Shares
- ------------------------------------------------------
NET ASSETS $ 51,684,442
SHARES OUTSTANDING 6,225,109
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 8.30
- ------------------------------------------------------
Class C Shares
- ------------------------------------------------------
NET ASSETS $ 55,520,523
SHARES OUTSTANDING 6,699,212
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 8.29
- ------------------------------------------------------
</Table>
On sales of $50,000 or more, the offering price of Class A shares is reduced.
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
APRIL 30, 2003
Investment Income
- ------------------------------------------------------
Dividends allocated from Portfolios
(net of foreign taxes, $48,250) $ 955,935
Interest allocated from Portfolios 32,701
Expenses allocated from Portfolios (558,014)
- ------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIOS $ 430,622
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Investment adviser fee $ 60,377
Administration fee 100,383
Trustees' fees and expenses 1,122
Distribution and service fees
Class A 58,101
Class B 210,067
Class C 226,747
Transfer and dividend disbursing agent
fees 79,401
Registration fees 63,418
Legal and accounting services 13,259
Printing and postage 10,130
Custodian fee 9,764
Miscellaneous 3,168
- ------------------------------------------------------
TOTAL EXPENSES $ 835,937
- ------------------------------------------------------
Deduct --
Preliminary allocation of Fund
expenses to affiliate $ 27,600
- ------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 27,600
- ------------------------------------------------------
NET EXPENSES $ 808,337
- ------------------------------------------------------
NET INVESTMENT LOSS $ (377,715)
- ------------------------------------------------------
Realized and Unrealized Gain (Loss) from Portfolios
- ------------------------------------------------------
Net realized loss --
Investment transactions (identified
cost basis) $ (9,475,714)
Securities sold short (5,823)
Foreign currency transactions (2,704)
- ------------------------------------------------------
NET REALIZED LOSS $ (9,484,241)
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 12,391,937
Securities sold short (7,627)
Foreign currency 6,525
- ------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $ 12,390,835
- ------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) $ 2,906,594
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 2,528,879
- ------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
4
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) APRIL 30, 2003 PERIOD ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002(1)
- -------------------------------------------------------------------------------
From operations --
Net investment loss $ (377,715) $ (294,354)
Net realized loss (9,484,241) (7,934,889)
Net change in unrealized appreciation
(depreciation) 12,390,835 (3,637,976)
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 2,528,879 $ (11,867,219)
- -------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 26,885,551 $ 50,246,843
Class B 23,619,291 36,408,491
Class C 28,515,098 40,730,881
Cost of shares redeemed
Class A (13,762,001) (6,959,963)
Class B (3,784,786) (1,892,811)
Class C (5,697,957) (5,133,787)
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ 55,775,196 $ 113,399,654
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 58,304,075 $ 101,532,435
- -------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------
At beginning of period $ 101,532,435 $ --
- -------------------------------------------------------------------------------
AT END OF PERIOD $ 159,836,510 $ 101,532,435
- -------------------------------------------------------------------------------
Accumulated net investment
income (loss) included
in net assets
- -------------------------------------------------------------------------------
AT END OF PERIOD $ (318,449) $ 59,266
- -------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 4, 2002, to October 31,
2002.
SEE NOTES TO FINANCIAL STATEMENTS
5
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS A
-------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
(UNAUDITED) OCTOBER 31, 2002(1)
- -----------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 8.190 $10.000
- -----------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------
Net investment loss(2) $(0.004) $(0.024)
Net realized and unrealized
gain (loss) 0.174 (1.786)
- -----------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.170 $(1.810)
- -----------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 8.360 $ 8.190
- -----------------------------------------------------------------------------
TOTAL RETURN(3) 2.08% (18.10)%
- -----------------------------------------------------------------------------
Ratios/Supplemental Data+
- -----------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $52,632 $38,528
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 1.55%(5) 1.55%(5)
Net investment loss (0.10)%(5) (0.43)%(5)
Portfolio Turnover of
Tax-Managed Value Portfolio 44% 213%
Portfolio Turnover of
Tax-Managed Growth
Portfolio 11% 21%
Portfolio Turnover of
Tax-Managed International
Growth Portfolio 68% 128%
Portfolio Turnover of
Tax-Managed Small-Cap Value
Portfolio 11% 5%
Portfolio Turnover of
Tax-Managed Multi-Cap
Opportunity Portfolio 114% 225%
Portfolio Turnover of
Tax-Managed Mid-Cap Core
Portfolio 33% 13%
Portfolio Turnover of
Tax-Managed Small-Cap
Growth Portfolio 61% 131%
- -----------------------------------------------------------------------------
+ The operating expenses of the Fund reflect a preliminary allocation of
expenses to the Administrator. Had such action not been taken, the ratios
and net investment loss per share would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(4) 1.59%(5) 1.77%(5)
Net investment loss (0.14)%(5) (0.65)%(5)
Net investment loss per
share(2) $(0.006) $(0.036)
- -----------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 4, 2002, to October 31,
2002.
(2) Net investment loss per share was 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. Total
return is not computed on an annualized basis.
(4) Includes the Fund's share of the Portfolios' allocated expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
6
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS B
-------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
(UNAUDITED) OCTOBER 31, 2002(1)
- -----------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 8.170 $10.000
- -----------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------
Net investment loss(2) $(0.032) $(0.065)
Net realized and unrealized
gain (loss) 0.162 (1.765)
- -----------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.130 $(1.830)
- -----------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 8.300 $ 8.170
- -----------------------------------------------------------------------------
TOTAL RETURN(3) 1.59% (18.30)%
- -----------------------------------------------------------------------------
Ratios/Supplemental Data+
- -----------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $51,684 $31,101
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 2.30%(5) 2.30%(5)
Net investment loss (0.81)%(5) (1.17)%(5)
Portfolio Turnover of
Tax-Managed Value Portfolio 44% 213%
Portfolio Turnover of
Tax-Managed Growth
Portfolio 11% 21%
Portfolio Turnover of
Tax-Managed International
Growth Portfolio 68% 128%
Portfolio Turnover of
Tax-Managed Small-Cap Value
Portfolio 11% 5%
Portfolio Turnover of
Tax-Managed Multi-Cap
Opportunity Portfolio 114% 225%
Portfolio Turnover of
Tax-Managed Mid-Cap Core
Portfolio 33% 13%
Portfolio Turnover of
Tax-Managed Small-Cap
Growth Portfolio 61% 131%
- -----------------------------------------------------------------------------
+ The operating expenses of the Fund reflect a preliminary allocation of
expenses to the Administrator. Had such action not been taken, the ratios
and net investment loss per share would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(4) 2.34%(5) 2.52%(5)
Net investment loss (0.85)%(5) (1.39)%(5)
Net investment loss per
share(2) $(0.034) $(0.077)
- -----------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 4, 2002, to October 31,
2002.
(2) Net investment loss per share was 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. Total
return is not computed on an annualized basis.
(4) Includes the Fund's share of the Portfolios' allocated expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
7
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS C
-------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
(UNAUDITED) OCTOBER 31, 2002(1)
- -----------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 8.150 $10.000
- -----------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------
Net investment loss(2) $(0.032) $(0.065)
Net realized and unrealized
gain (loss) 0.172 (1.785)
- -----------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.140 $(1.850)
- -----------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 8.290 $ 8.150
- -----------------------------------------------------------------------------
TOTAL RETURN(3) 1.72% (18.50)%
- -----------------------------------------------------------------------------
Ratios/Supplemental Data+
- -----------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $55,521 $31,903
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 2.30%(5) 2.30%(5)
Net investment loss (0.81)%(5) (1.17)%(5)
Portfolio Turnover of
Tax-Managed Value Portfolio 44% 213%
Portfolio Turnover of
Tax-Managed Growth
Portfolio 11% 21%
Portfolio Turnover of
Tax-Managed International
Growth Portfolio 68% 128%
Portfolio Turnover of
Tax-Managed Small-Cap Value
Portfolio 11% 5%
Portfolio Turnover of
Tax-Managed Multi-Cap
Opportunity Portfolio 114% 225%
Portfolio Turnover of
Tax-Managed Mid-Cap Core
Portfolio 33% 13%
Portfolio Turnover of
Tax-Managed Small-Cap
Growth Portfolio 61% 131%
- -----------------------------------------------------------------------------
+ The operating expenses of the Fund reflect a preliminary allocation of
expenses to the Administrator. Had such action not been taken, the ratios
and net investment loss per share would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(4) 2.34%(5) 2.52%(5)
Net investment loss (0.85)%(5) (1.39)%(5)
Net investment loss per
share(2) $(0.034) $(0.077)
- -----------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 4, 2002, to October 31,
2002.
(2) Net investment loss per share was 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. Total
return is not computed on an annualized basis.
(4) Includes the Fund's share of the Portfolios' allocated expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
8
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund) is a
diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust
is an entity of the type commonly known as a Massachusetts business trust and
is registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. The Fund offers three classes of
shares. Class A shares are generally sold subject to a sales charge imposed
at time of purchase. Class B and Class C shares are sold at net asset value
and are generally subject to a contingent deferred sales charge (see Note 6).
Class B shares held for eight years will automatically convert to Class A
shares. Each class represents a pro rata interest in the Fund, but votes
separately on class-specific matters and (as noted below) is subject to
different expenses. Realized and unrealized gains and losses and net
investment income and losses, other than class-specific expenses, are
allocated daily to each class of shares based on the relative net assets of
each class to the total net assets of the Fund. Each class of shares differs
in its distribution plan and certain other class-specific expenses. The Fund
currently invests all of its investable assets in the following seven
tax-managed equity portfolios managed by Eaton Vance or its affiliates:
Tax-Managed Value Portfolio, Tax-Managed Growth Portfolio, Tax-Managed
International Growth Portfolio, Tax-Managed Small-Cap Value Portfolio,
Tax-Managed Multi-Cap Opportunity Portfolio, Tax-Managed Mid-Cap Core
Portfolio and Tax-Managed Small-Cap Growth Portfolio (the Portfolios). Each
Portfolio is organized as a New York Trust. The investment objectives and
policies of the Portfolios together are the same as those of the Fund. The
value of the Fund's investment in each Portfolio reflects the Fund's
proportionate interest in the net assets of the Tax-Managed Value Portfolio,
Tax-Managed Growth Portfolio, Tax-Managed International Growth Portfolio,
Tax-Managed Small-Cap Value Portfolio, Tax-Managed Multi-Cap Opportunity
Portfolio, Tax-Managed Mid-Cap Core Portfolio and Tax-Managed Small-Cap
Growth Portfolio (6.8%, 0.2%, 25.8%, 59.5%, 30.6%, 64.5%, and 8.3%,
respectively, at April 30, 2003). The performance of the Fund is directly
affected by the performance of the Portfolios. A copy of each Portfolio's
financial statements is available on the EDGAR Database on the Securities and
Exchange Commission's website (www.sec.gov), at the Commission's public
reference room in Washington, DC or upon request from the Fund's principal
underwriter, Eaton Vance Distributors Inc. (EVD) by calling 1-800-225-6265.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with accounting principles generally accepted in
the United States of America.
A Investment Valuation -- The valuation policy of each Portfolio is as follows:
Marketable securities, including options, that are listed on foreign or U.S.
securities exchanges are valued at closing sale prices on the exchange where
such securities are principally traded. Marketable securities listed in the
NASDAQ National Market System are valued at the NASDAQ official closing
price. Unlisted or listed securities for which closing sale prices are not
available are generally valued at the mean between the latest bid and asked
prices. Futures positions on securities or currencies are generally valued at
closing settlement prices. Short-term debt securities with a remaining
maturity of 60 days or less are valued at amortized cost, which approximates
fair value. Other fixed income and debt securities, including listed
securities and securities for which price quotations are available, will
normally be valued on the basis of valuations furnished by a pricing service.
Over-the-counter options are normally valued at the mean between the latest
bid and asked price. Investments for which valuations or market quotations
are unavailable are valued at fair value using methods determined in good
faith by or at the direction of the Trustees.
B Income -- The Fund's net investment income or loss consists of the Fund's
pro-rata share of the net investment income or loss of the Portfolios, less
all actual and accrued expenses of the Fund, determined in accordance with
accounting principles generally accepted in the United States of America.
C 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.
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 all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal
income or excise tax is necessary. At October 31, 2002, the Fund, for federal
income tax purposes, had a capital loss carryover of $6,745,501 which will
reduce the taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Internal Revenue Code and
thus
9
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
will reduce the amount of distributions to shareholders which would otherwise
be necessary to relieve the Fund of any liability for federal income or
excise tax. Such capital loss carryover will expire on October 31, 2010.
E Other -- Investment transactions are accounted for on a trade-date basis.
Dividends to shareholders are recorded on the ex-dividend date.
F Use of Estimates -- The preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during the
reporting period. Actual results could differ from those estimates.
G Interim Financial Statements -- The interim financial statements relating to
April 30, 2003 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the Fund's
management reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders
- -------------------------------------------
It is the present policy of the Fund to make at least one distribution
annually (normally in December) of all or substantially all of its net
investment income, if any, and at least one distribution annually of all or
substantially all of its net realized capital gains, if any. Distributions
are paid in the form of additional shares of the Fund or, at the election of
the shareholder, in cash. Shareholders may reinvest all distributions in
shares of the Fund at the net asset value as of the close of business on the
ex-dividend date. The Fund distinguishes between distributions on a tax basis
and a financial reporting basis. Accounting principles generally accepted in
the United States of America require that only distributions in excess of tax
basis earnings and profits be reported in the financial statements as a
return of capital. Permanent differences between book and tax accounting
relating to distributions are reclassified to paid-in capital.
3 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:
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
CLASS A (UNAUDITED) OCTOBER 31, 2002(1)
-------------------------------------------------------------------------------
Sales 3,275,593 5,550,097
Redemptions (1,683,064) (844,920)
-------------------------------------------------------------------------------
NET INCREASE 1,592,529 4,705,177
-------------------------------------------------------------------------------
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
CLASS B (UNAUDITED) OCTOBER 31, 2002(1)
-------------------------------------------------------------------------------
Sales 2,885,911 4,042,897
Redemptions (469,897) (233,802)
-------------------------------------------------------------------------------
NET INCREASE 2,416,014 3,809,095
-------------------------------------------------------------------------------
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
CLASS C (UNAUDITED) OCTOBER 31, 2002(1)
-------------------------------------------------------------------------------
Sales 3,501,059 4,531,807
Redemptions (715,620) (618,034)
-------------------------------------------------------------------------------
NET INCREASE 2,785,439 3,913,773
-------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 4, 2002, to October 31,
2002.
4 Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Eaton Vance Management (EVM), as
compensation for management and investment advisory services rendered to the
Fund. Under the advisory agreement, EVM receives a monthly advisory fee in
the amount of 0.80% (annually) of average daily net assets of the Fund up to
$500 million and at reduced rates as daily net assets exceed that level. The
advisory fee payable by the Fund is reduced by the Fund's allocable portion
of the advisory fees paid by the Portfolios in which it invests. The Fund's
allocated portion of the advisory fees paid by the Portfolios totaled
$474,999 for the six months ended April 30, 2003. For the six months ended
April 30, 2003, the advisory fee paid directly by the Fund amounted
to $60,377.
An administrative fee is earned by EVM for managing and administering the
business affairs of the Fund. Under the administration agreement, EVM earns a
fee in the amount of 0.15% per annum of the average daily net assets of the
10
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
Fund. For the six months ended April 30, 2003, the administration fee
amounted to $100,383. To reduce the net investment loss of the Fund, the
Administrator was allocated $27,600 of the Fund's operating expenses.
Except for Trustees of the Fund and the Portfolios who are not members of
EVM's organization, officers and Trustees receive remuneration for their
services to the Fund out of the investment adviser fee earned by EVM.
Trustees of the Fund that 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 six months ended
April 30, 2003, no significant amounts have been deferred. Certain officers
and Trustees of the Fund and Portfolios are officers of the above
organization.
Effective August 1, 2002, EVM serves as the sub-transfer agent of the Fund
and receives from the transfer agent an aggregate fee based upon the actual
expenses incurred by EVM in the performance of those activities. For the six
months ended April 30, 2003, no significant amounts have been accrued or
paid.
EVD received $55,149 as its portion of the sales charge on sales of Class A
shares for the six months ended April 30, 2003.
5 Distribution and Service Plans
- -------------------------------------------
The Fund has in effect distribution plans for Class B shares (Class B Plan)
and Class C shares (Class C Plan), pursuant to Rule 12b-1 under the
Investment Company Act of 1940 and a service plan for Class A shares
(Class A Plan) (collectively, the Plans). The Class B and Class C Plans
require the Fund to pay EVD amounts equal to 1/365 of 0.75% of the Fund's
average daily net assets attributable to Class B and Class C shares for
providing ongoing distribution services and facilities to the Fund. The Fund
will automatically discontinue payments to EVD during any period in which
there are no outstanding Uncovered Distribution Charges, which are equivalent
to the sum of (i) 6.25% of the aggregate amount received by the Fund for the
Class B and Class C shares sold, plus (ii) interest calculated by applying
the rate of 1% over the prevailing prime rate to the outstanding balance of
Uncovered Distribution Charges of EVD of each respective class, reduced by
the aggregate amount of contingent deferred sales charges (see Note 6) and
daily amounts theretofore paid to EVD by each respective class. The Fund paid
or accrued $157,550, and $170,060 for Class B and Class C shares,
respectively, to or payable to EVD for the six months ended April 30, 2003,
representing 0.75% (annualized) of the average daily net assets for Class B
and Class C shares, respectively. At April 30, 2003, the amount of Uncovered
Distribution Charges of EVD calculated under the Plans was approximately
$2,419,000, and $2,232,000 for Class B and Class C shares, respectively.
The Plans authorize the Fund to make payments of service fees to EVD,
investment dealers and other persons in amounts equal to 0.25% of the Fund's
average daily net assets attributable to Class A, Class B and Class C shares
for each fiscal year. Service fee payments are made for personal services
and/or the maintenance of shareholder accounts. Service fees are separate and
distinct from the sales commissions and distribution fees payable by the Fund
to EVD and, as such, are not subject to automatic discontinuance when there
are no outstanding Uncovered Distribution Charges of EVD. Service fees paid
or accrued for the six months ended April 30, 2003 amounted to $58,101,
$52,517 and $56,687 for Class A, Class B, and Class C shares, respectively.
6 Contingent Deferred Sales Charge
- -------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class B shares made within six years of purchase and on redemptions of
Class C shares made within one year of purchase. Generally, the CDSC is based
upon the lower of the net asset value at date of redemption or date of
purchase. No charge is levied on shares acquired by reinvestment of dividends
or capital gain distributions. Class A shares may be subject to a 1% CDSC if
redeemed within one year of purchase (depending upon the circumstances of
purchase). The Class B CDSC is imposed at declining rates that begin at 5% in
the case of redemptions in the first and second year after purchase,
declining one percentage point each subsequent year. Class C shares will be
subject to a 1% CDSC if redeemed within one year of purchase.
No CDSC is levied on shares which have been sold to EVM or its affiliates or
to their respective employees or clients and may be waived under certain
other limited conditions. CDSC on Class B and Class C redemptions are paid to
EVD to reduce the amount of Uncovered Distribution Charges calculated under
the Class B and Class C Plans, respectively (see Note 5). CDSC assessed on
Class B and Class C shares when no Uncovered Distribution Charges exist for
the respective classes will be credited to the Fund. EVD received
approximately $500, $43,000 and $10,000 of CDSC paid by shareholders for
Class A shares, Class B shares and Class C shares, respectively, for the six
months ended April 30, 2003.
11
<Page>
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
7 Investment Transactions
- -------------------------------------------
For the six months ended April 30, 2003, increases and decreases in the
Fund's investment in the Portfolios were as follows:
<Table>
<Caption>
PORTFOLIO CONTRIBUTIONS WITHDRAWALS
--------------------------------------------------------------------
Tax-Managed Value Portfolio $15,546,967 $1,537,075
Tax-Managed Growth Portfolio 12,158,284 1,036,111
Tax-Managed International Growth
Portfolio 9,882,696 1,006,796
Tax-Managed Small-Cap Value Portfolio 5,810,456 707,902
Tax-Managed Multi-Cap Opportunity
Portfolio 6,406,505 851,161
Tax-Managed Mid-Cap Core Portfolio 5,902,904 503,732
Tax-Managed Small-Cap Growth Portfolio 6,337,505 582,301
</Table>
12
<Page>
INVESTMENT MANAGEMENT
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND
Officers
Thomas E. Faust Jr.
President
William H. Ahern, Jr.
Vice President
Thomas J. Fetter
Vice President
Michael R. Mach
Vice President
Robert B. MacIntosh
Vice President
Duncan W. Richardson
Vice President
Walter A. Row, III
Vice President
Judith A. Saryan
Vice President
Susan Schiff
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
Donald R. Dwight
James B. Hawkes
Samuel L. Hayes, III
William H. Park
Norton H. Reamer
Lynn A. Stout
13
<Page>
INVESTMENT ADVISER OF EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
BOSTON, MA 02109
ADMINISTRATOR OF EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
PFPC INC.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
EATON VANCE FUNDS
EATON VANCE MANAGEMENT
BOSTON MANAGEMENT AND RESEARCH
EATON VANCE DISTRIBUTORS, INC.
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial privacy.
This notice is being sent to comply with privacy regulations of the Securities
and Exchange Commission. Each of the above financial institutions has in effect
the following 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.
- - 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).
- - Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality
of such information.
For more information about Eaton Vance's privacy policies, call: 1-800-262-1122
EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
1299-6/03 TMEAASRC
<Page>
ITEM 2. CODE OF ETHICS
Not Required in Filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not Required in Filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Required in Filing.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not Required in Filing.
ITEM 8. [RESERVED]
ITEM 9. 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 significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a) and (b) Exhibit is attached to Filing.
(c) Exhibit is attached to Filing.
<Page>
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/ Thomas E. Faust Jr.
---------------------------
Thomas E. Faust Jr.
President
Date: June 18, 2003
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 L. O'Connor
---------------------------
James L. O'Connor
Treasurer
Date: June 18, 2003
By: /s/ Thomas E. Faust Jr.
---------------------------
Thomas E. Faust Jr.
President
Date: June 18, 2003