<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 TAX FORM]
SEMIANNUAL REPORT APRIL 30, 2003
[PHOTO OF NYSE FLAG]
EATON VANCE
TAX-MANAGED
SMALL-CAP
GROWTH FUND
1.1
[PHOTO OF ADDING MACHINE TAX FORM]
<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 SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
INVESTMENT UPDATE
MANAGEMENT DISCUSSION
[PHOTO OF DUNCAN W. RICHARDSON]
Duncan W. Richardson
Chief Equity Investment Officer
- - Over the past six months, equity markets enjoyed significant rallies from
the October lows, helped by many factors, including the quick resolution in
Iraq, strong consumer confidence numbers, low interest rates, and improving
earnings quality and profitability results. Volatility remained high during
the period, and momentum continued to favor small-capitalization emerging
growth stocks, particularly in growth industries. The Fund performed well
during the period, only slightly trailing the S&P SmallCap 600 Index, which
had a total return of 3.54%.(1)
- - The best performing stocks held by the Portfolio were found in the
industrial, consumer staples, and consumer discretionary sectors. The
Portfolio's selections in the commercial services, communication equipment,
and health care equipment markets were particularly productive. Management
correctly emphasized the information technology sector, the strongest
performing sector of the S&P SmallCap 600 Index;(1) however, sub-par
selection in the electronic equipment and semiconductor industries slightly
detracted from returns. We remained cautious on telecommunication stocks, a
decision driven by the sector's continued lack of earnings visibility. On
the other hand, favorable demographic trends and technological advances in
health care prompted management to increase the Portfolio's allocation to
biotechnology and pharmaceutical stocks.
- - Our fundamental research will continue to be the key driver of future
returns. We will work to monitor Portfolio risks and to broadly diversify
positions across many sectors and industries, focusing on companies that we
expect to demonstrate strong earnings growth. We will continue to attempt
to advantageously use market volatility in building a Portfolio of solid
long-term investments. We believe our long-term oriented strategy,
tax-management techniques, and fundamental analysis can result in
competitive returns for our shareholders.
- - We are pleased to announce that Toni Shimura has been named portfolio
manager of Tax-Managed Small-Cap Growth Portfolio. Ms. Shimura has been
employed by Eaton Vance as a small-cap stock analyst since January 2003 and
is a Vice President of Eaton Vance Management and Boston Management and
Research. Prior to joining Eaton Vance, Ms. Shimura was a Senior Vice
President and portfolio manager with Massachusetts Financial Services
Company from 1993-2002.
THE FUND
THE PAST SIX MONTHS
- - During the six months ended April 30, 2003, the Fund's Class A shares had a
total return of 3.15%, the result of an increase in net asset value (NAV)
to $7.86 on April 30, 2003, from $7.62 on October 31, 2002.(2)
- - The Fund's Class B shares had a total return of 2.73% during the same
period, the result of an increase in NAV to $7.53 from $7.33.(2)
- - The Fund's Class C shares had a total return of 2.60% during the same
period, the result of an increase in NAV to $7.50 from $7.31.(2)
THE VIEWS EXPRESSED IN THIS REPORT ARE THOSE OF THE INVESTMENT ADVISER 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(3) CLASS A CLASS B CLASS C
- ----------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- ----------------------------------------------------------------------------
One Year -22.48% -23.16% -23.16%
Five Years -6.80 -7.55 -7.59
Life of Fund+ -4.21 -4.95 -5.02
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- ----------------------------------------------------------------------------
One Year -26.95% -27.00% -23.92%
Five Years -7.90 -7.92 -7.59
Life of Fund+ -5.22 -5.12 -5.02
</Table>
+Inception Dates - Class A: 9/25/97; Class B: 9/29/97; Class C: 9/29/97
TEN LARGEST HOLDINGS(4) By total net assets
<Table>
The McClatchy Co. 1.8%
Entercom Communications Corp. 1.7
The Corporate Executive Board Co. 1.7
Applebee's International, Inc. 1.6
Career Education Corp. 1.5
Respironics, Inc. 1.5
American Italian Pasta Co., Class A 1.5
99 Cents Only Stores 1.4
Varian Semiconductor Equipment Associates, Inc. 1.4
Stericycle, Inc. 1.4
</Table>
(1) It is not possible to invest directly in an Index.
(2) 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 shares and Class C shares.
(3) 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.
(4) Ten largest holdings accounted for 15.5% of the Portfolio's net assets.
Holdings are subject to change.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, will 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 SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
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 Five Years Life of Fund
Return Before Taxes -22.48% -6.80% -4.21%
Return After Taxes on Distributions -22.48% -6.80% -4.21%
Return After Taxes on Distributions -14.62% -5.28% -3.30%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS A)
<Table>
<Caption>
One Year Five Years Life of Fund
Return Before Taxes -26.95% -7.90% -5.22%
Return After Taxes on Distributions -26.95% -7.90% -5.22%
Return After Taxes on Distributions -17.52% -6.10% -4.06%
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 Five Years Life of Fund
Return Before Taxes -23.16% -7.55% -4.95%
Return After Taxes on Distributions -23.16% -7.55% -4.95%
Return After Taxes on Distributions -15.06% -5.84% -3.86%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS B)
<Table>
<Caption>
One Year Five Years Life of Fund
Return Before Taxes -27.00% -7.92% -5.12%
Return After Taxes on Distributions -27.00% -7.92% -5.12%
Return After Taxes on Distributions -17.55% 6.11% -3.99%
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 Five Years Life of Fund
Return Before Taxes -23.16% -7.59% -5.02%
Return After Taxes on Distributions -23.16% -7.59% -5.02%
Return After Taxes on Distributions -15.05% -5.87% -3.91%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS C)
<Table>
<Caption>
One Year Five Years Life of Fund
Return Before Taxes -23.92% -7.59% -5.02%
Return After Taxes on Distributions -23.92% -7.59% -5.02%
Return After Taxes on Distributions -15.55% -5.87% -3.91%
and Sale of Fund Shares
</Table>
Class A commenced operations on 9/25/97. Class B and Class C commenced
operations on 9/29/97. 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 or because the
taxable portion of distributions made during the period was insignificant. 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 SMALL-CAP GROWTH FUND 1.1 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 Small-Cap
Growth Portfolio (Portfolio), at
value (identified cost, $116,357,604) $ 143,803,810
Receivable for Fund shares sold 26,061
- -------------------------------------------------------
TOTAL ASSETS $ 143,829,871
- -------------------------------------------------------
Liabilities
- -------------------------------------------------------
Payable for Fund shares redeemed $ 321,265
Payable to affiliate for distribution
and service fees 27,291
Payable to affiliate for Trustees' fees 311
Accrued expenses 120,771
- -------------------------------------------------------
TOTAL LIABILITIES $ 469,638
- -------------------------------------------------------
NET ASSETS $ 143,360,233
- -------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------
Paid-in capital $ 304,815,289
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (187,566,125)
Accumulated net investment loss (1,335,137)
Net unrealized appreciation from
Portfolio (computed on the basis of
identified cost) 27,446,206
- -------------------------------------------------------
TOTAL $ 143,360,233
- -------------------------------------------------------
Class A Shares
- -------------------------------------------------------
NET ASSETS $ 38,133,633
SHARES OUTSTANDING 4,852,369
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 7.86
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $7.86) $ 8.34
- -------------------------------------------------------
Class B Shares
- -------------------------------------------------------
NET ASSETS $ 72,669,074
SHARES OUTSTANDING 9,646,957
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 7.53
- -------------------------------------------------------
Class C Shares
- -------------------------------------------------------
NET ASSETS $ 32,557,526
SHARES OUTSTANDING 4,338,521
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 7.50
- -------------------------------------------------------
</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 Portfolio $ 87,527
Interest allocated from Portfolio 64,285
Expenses allocated from Portfolio (552,378)
- -----------------------------------------------------
NET INVESTMENT LOSS FROM PORTFOLIO $ (400,566)
- -----------------------------------------------------
Expenses
- -----------------------------------------------------
Trustees' fees and expenses $ 1,828
Distribution and service fees
Class A 49,781
Class B 374,648
Class C 167,115
Transfer and dividend disbursing agent
fees 267,789
Printing and postage 23,543
Registration fees 18,275
Custodian fee 15,244
Legal and accounting services 8,526
Miscellaneous 7,822
- -----------------------------------------------------
TOTAL EXPENSES $ 934,571
- -----------------------------------------------------
NET INVESTMENT LOSS $(1,335,137)
- -----------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- -----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $(6,169,827)
- -----------------------------------------------------
NET REALIZED LOSS $(6,169,827)
- -----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $11,297,385
- -----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $11,297,385
- -----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 5,127,558
- -----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 3,792,421
- -----------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
4
<Page>
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1 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 YEAR ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002
- ----------------------------------------------------------------------------
From operations --
Net investment loss $ (1,335,137) $ (3,683,327)
Net realized loss (6,169,827) (55,133,680)
Net change in unrealized
appreciation (depreciation) 11,297,385 5,762,522
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 3,792,421 $ (53,054,485)
- ----------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 901,079 $ 3,056,741
Class B 635,428 3,998,728
Class C 674,689 3,650,644
Cost of shares redeemed
Class A (8,063,868) (26,394,197)
Class B (11,183,989) (28,832,637)
Class C (5,745,727) (21,123,367)
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ (22,782,388) $ (65,644,088)
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (18,989,967) $ (118,698,573)
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 162,350,200 $ 281,048,773
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 143,360,233 $ 162,350,200
- ----------------------------------------------------------------------------
Accumulated net
investment loss included
in net assets
- ----------------------------------------------------------------------------
AT END OF PERIOD $ (1,335,137) $ --
- ----------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
5
<Page>
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS A
--------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ------------------------------------------------------------
(UNAUDITED)(1) 2002(1) 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 7.620 $ 9.840 $16.490 $ 13.110 $ 9.460 $ 9.740
- ------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------
Net investment loss $(0.047) $(0.095) $(0.110) $ (0.062) $(0.053) $(0.040)
Net realized and unrealized
gain (loss) 0.287 (2.125) (6.540) 3.442 3.703 (0.240)
- ------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.240 $(2.220) $(6.650) $ 3.380 $ 3.650 $(0.280)
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 7.860 $ 7.620 $ 9.840 $ 16.490 $13.110 $ 9.460
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 3.15% (22.56)% (40.33)% 25.78% 38.58% (2.87)%
- ------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $38,134 $44,208 $81,608 $145,852 $57,518 $28,035
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.46%(5) 1.24% 1.16% 1.07% 1.04% 1.21%
Expenses after custodian
fee reduction(3) 1.46%(5) 1.24% 1.14% 1.07% 1.04% 1.21%
Net investment loss (1.25)%(5) (1.00)% (0.83)% (0.49)% (0.55)% (0.57)%
Portfolio Turnover(4) -- -- 22% 77% 80% 110%
Portfolio Turnover of the
Portfolio 61% 131% 38%* -- -- --
- ------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) 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.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
(4) Portfolio Turnover represents the rate of portfolio activity for the
period while the Fund was making investments directly in securities.
(5) Annualized.
* For the period from the Portfolio's start of business, March 1, 2001, to
October 31, 2001.
SEE NOTES TO FINANCIAL STATEMENTS
6
<Page>
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS B
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 --------------------------------------------------------------
(UNAUDITED)(1) 2002(1) 2001 2000 1999 1998
- --------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 7.330 $ 9.540 $ 16.120 $ 12.910 $ 9.390 $ 9.740
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- --------------------------------------------------------------------------------------------------------------------
Net investment loss $(0.073) $(0.161) $ (0.197) $ (0.167) $ (0.128) $(0.090)
Net realized and unrealized
gain (loss) 0.273 (2.049) (6.383) 3.377 3.648 (0.260)
- --------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.200 $(2.210) $ (6.580) $ 3.210 $ 3.520 $(0.350)
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 7.530 $ 7.330 $ 9.540 $ 16.120 $ 12.910 $ 9.390
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 2.73% (23.16)% (40.82)% 24.86% 37.49% (3.59)%
- --------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $72,669 $81,353 $132,892 $228,177 $105,949 $52,641
Ratios (As a percentage of
average daily net assets):
Expenses(3) 2.21%(5) 1.99% 1.92% 1.82% 1.81% 2.04%
Expenses after custodian
fee reduction(3) 2.21%(5) 1.99% 1.90% 1.82% 1.81% 2.04%
Net investment loss (2.00)%(5) (1.75)% (1.58)% (1.24)% (1.33)% (1.41)%
Portfolio Turnover(4) -- -- 22% 77% 80% 110%
Portfolio Turnover of the
Portfolio 61% 131% 38%* -- -- --
- --------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) 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.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
(4) Portfolio Turnover represents the rate of portfolio activity for the
period while the Fund was making investments directly in securities.
(5) Annualized.
* For the period from the Portfolio's start of business, March 1, 2001, to
October 31, 2001.
SEE NOTES TO FINANCIAL STATEMENTS
7
<Page>
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS C
--------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ------------------------------------------------------------
(UNAUDITED)(1) 2002(1) 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 7.310 $ 9.500 $16.050 $ 12.860 $ 9.370 $ 9.720
- ------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------
Net investment loss $(0.072) $(0.161) $(0.198) $ (0.154) $(0.135) $(0.092)
Net realized and unrealized
gain (loss) 0.262 (2.029) (6.352) 3.344 3.625 (0.258)
- ------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.190 $(2.190) $(6.550) $ 3.190 $ 3.490 $(0.350)
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 7.500 $ 7.310 $ 9.500 $ 16.050 $12.860 $ 9.370
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 2.60% (23.05)% (40.81)% 24.80% 37.25% (3.60)%
- ------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $32,558 $36,789 $66,550 $111,731 $39,487 $18,455
Ratios (As a percentage of
average daily net assets):
Expenses(3) 2.21%(5) 1.99% 1.92% 1.85% 1.95% 2.21%
Expenses after custodian
fee reduction(3) 2.21%(5) 1.99% 1.90% 1.85% 1.95% 2.21%
Net investment loss (2.00)%(5) (1.75)% (1.58)% (1.27)% (1.47)% (1.58)%
Portfolio Turnover(4) -- -- 22% 77% 80% 110%
Portfolio Turnover of the
Portfolio 61% 131% 38%* -- -- --
- ------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) 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.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
(4) Portfolio Turnover represents the rate of portfolio activity for the
period while the Fund was making investments directly in securities.
(5) Annualized.
* For the period from the Portfolio's start of business, March 1, 2001, to
October 31, 2001.
SEE NOTES TO FINANCIAL STATEMENTS
8
<Page>
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Eaton Vance Tax-Managed Small-Cap Growth Fund 1.1 (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 has 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
subject to a contingent deferred sales charge (see Note 6). 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 invests all of its investable
assets in interests of the Tax-Managed Small-Cap Growth Portfolio (the
Portfolio), a New York Trust, having the same investment objective as the
Fund. The value of the Fund's investment in the Portfolio reflects the Fund's
proportionate interest in the net assets of the Portfolio (73.9% at
April 30, 2003). The performance of the Fund is directly affected by the
performance of the Portfolio. The financial statements of the Portfolio,
including the Portfolio of Investments, are included elsewhere in this report
and should be read in conjunction with the Fund's financial statements.
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 -- Valuation of securities by the Portfolio is discussed
in Note 1A of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report.
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 Portfolio, 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 $178,607,078 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 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,
2005 ($56,332), on October 31, 2006 ($10,740,877), on October 31, 2007
($122,804), on October 31, 2008 ($35,279,692), on October 31, 2009
($76,461,635), and on October 31, 2010 ($55,945,738).
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 (reduced by available
capital
9
<Page>
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
loss carryforwards from prior years, 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 additional 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). Transactions in Fund shares were as follows:
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------------------------
Sales 118,509 303,074
Redemptions (1,065,859) (2,796,693)
----------------------------------------------------------------------------
NET DECREASE (947,350) (2,493,619)
----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------------------------
Sales 86,691 420,841
Redemptions (1,532,633) (3,258,847)
----------------------------------------------------------------------------
NET DECREASE (1,445,942) (2,838,006)
----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 YEAR ENDED
CLASS C (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------------------------
Sales 93,236 379,025
Redemptions (790,446) (2,345,947)
----------------------------------------------------------------------------
NET DECREASE (697,210) (1,966,922)
----------------------------------------------------------------------------
</Table>
4 Transactions with Affiliates
- -------------------------------------------
Eaton Vance Management (EVM) serves as the administrator to the Fund, but
receives no compensation. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services.
See Note 2 of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report. 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 services. For the six months ended April 30, 2003, no
significant amounts have been accrued or paid.
Except for Trustees of the Fund and the Portfolio who are not members of
EVM's or BMR's organization, officers and Trustees receive remuneration for
their services to the Fund out of the investment adviser fee earned by BMR.
Trustees of the Fund that are not affiliated with EVM or BMR 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.
Eaton Vance Distributors, Inc. (EVD), a subsidiary of EVM and the Fund's
principal underwriter, received $3,153 as its portion of the sales charge on
sales of Class A shares for the six months ended April 30, 2003.
Certain officers and Trustees of the Fund and Portfolio are officers of the
above organizations.
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) 5% and 6.25% of the aggregate amount received by the Fund for the
Class B and Class C shares sold, respectively, 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 $280,986 and $125,336 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
10
<Page>
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1 AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
Class C shares, respectively. At April 30, 2003, the amount of Uncovered
Distribution Charges of EVD calculated under the Plans was approximately
$6,744,000 and $7,809,000 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 amounting to 0.25% (annualized) 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 will be 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 fee payments for the six months ended April 30, 2003 amounted
to $49,781, $93,662 and $41,779 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 in 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, its affiliates, or
their respective employees or clients and may be waived under certain other
limited conditions. CDSC pertaining to 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 $0, $150,000 and $1,000 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.
7 Investment Transactions
- -------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio aggregated
$2,329,647 and $26,039,550, respectively for the six months ended April 30,
2003.
11
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 93.6%
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Banks -- 0.9%
- ----------------------------------------------------------------
Corus Bankshares, Inc. 40,400 $ 1,741,644
- ----------------------------------------------------------------
$ 1,741,644
- ----------------------------------------------------------------
Broadcasting and Radio -- 4.9%
- ----------------------------------------------------------------
Cox Radio, Inc. Class A(1) 50,000 $ 1,140,500
Cumulus Media, Inc.(1) 152,000 2,620,480
Entercom Communications Corp.(1) 67,000 3,255,530
Lin TV Corp., Class A(1) 109,000 2,606,190
- ----------------------------------------------------------------
$ 9,622,700
- ----------------------------------------------------------------
Business Services -- 10.5%
- ----------------------------------------------------------------
Alliance Data Systems Corp.(1) 55,700 $ 1,169,700
Arbitron, Inc.(1) 41,000 1,396,460
BearingPoint, Inc.(1) 311,200 2,542,504
Fair Isaac Corp. 48,700 2,536,296
FileNET Corp.(1) 123,000 1,892,970
Hewitt Associates, Inc., Class A(1) 59,300 1,643,203
Insight Enterprises, Inc.(1) 74,000 557,960
Iron Mountain, Inc.(1) 44,800 1,785,280
Kroll, Inc.(1) 61,000 1,360,300
Portfolio Recovery Associates, Inc.(1) 9,600 261,984
Resources Connection, Inc.(1) 70,000 1,526,000
The Corporate Executive Board Co.(1) 79,000 3,238,210
WCI Communities, Inc.(1) 43,000 594,690
- ----------------------------------------------------------------
$ 20,505,557
- ----------------------------------------------------------------
Computer Services -- 4.6%
- ----------------------------------------------------------------
Acxiom Corp.(1) 174,000 $ 2,429,040
BISYS Group, Inc. (The)(1) 95,000 1,603,600
CACI International, Inc.(1) 66,000 2,305,380
Cognizant Technology Solutions Corp.(1) 26,000 466,960
NetScreen Technologies, Inc.(1) 105,000 2,129,400
- ----------------------------------------------------------------
$ 8,934,380
- ----------------------------------------------------------------
Computer Software -- 4.7%
- ----------------------------------------------------------------
J.D. Edwards & Co.(1) 135,300 $ 1,620,894
Kronos, Inc.(1) 39,000 1,779,180
Magma Design Automation, Inc.(1) 25,000 375,000
National Instruments Corp.(1) 60,000 1,924,800
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Computer Software (continued)
- ----------------------------------------------------------------
SERENA Software, Inc.(1) 163,000 $ 2,568,880
Verint Systems, Inc.(1) 45,500 894,120
- ----------------------------------------------------------------
$ 9,162,874
- ----------------------------------------------------------------
Computers - Integrated Systems -- 1.2%
- ----------------------------------------------------------------
McDATA Corp., Class A(1) 220,000 $ 2,327,600
- ----------------------------------------------------------------
$ 2,327,600
- ----------------------------------------------------------------
Electronics - Instruments and Controls -- 2.1%
- ----------------------------------------------------------------
FLIR Systems, Inc.(1) 38,000 $ 1,979,040
Garmin, Ltd.(1) 51,000 2,161,380
- ----------------------------------------------------------------
$ 4,140,420
- ----------------------------------------------------------------
Electronics - Semiconductor Equipment -- 2.0%
- ----------------------------------------------------------------
Cymer, Inc.(1) 39,000 $ 1,113,450
Varian Semiconductor Equipment
Associates, Inc.(1) 117,000 2,696,850
- ----------------------------------------------------------------
$ 3,810,300
- ----------------------------------------------------------------
Electronics - Semiconductors -- 3.6%
- ----------------------------------------------------------------
Exar Corp.(1) 75,000 $ 1,106,250
Integrated Circuit Systems, Inc.(1) 59,000 1,281,480
Lam Research Corp.(1) 130,000 1,888,900
Micrel, Inc.(1) 44,000 515,240
PMC-Sierra, Inc.(1) 60,000 495,000
Silicon Laboratories, Inc.(1) 38,000 1,081,100
Zoran Corp.(1) 39,200 697,368
- ----------------------------------------------------------------
$ 7,065,338
- ----------------------------------------------------------------
Finance - Investment Management -- 1.3%
- ----------------------------------------------------------------
Waddell & Reed Financial, Inc., Class A 130,000 $ 2,600,000
- ----------------------------------------------------------------
$ 2,600,000
- ----------------------------------------------------------------
Financial Services -- 1.8%
- ----------------------------------------------------------------
Digital Insight Corp.(1) 30,000 $ 484,800
IndyMac Bancorp, Inc. 75,000 1,671,000
WSFS Financial Corp. 38,000 1,307,200
- ----------------------------------------------------------------
$ 3,463,000
- ----------------------------------------------------------------
Food - Wholesale / Distribution -- 2.1%
- ----------------------------------------------------------------
American Italian Pasta Co., Class A(1) 65,400 $ 2,884,140
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
12
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Food - Wholesale / Distribution (continued)
- ----------------------------------------------------------------
Performance Food Group Co.(1) 33,100 $ 1,161,148
- ----------------------------------------------------------------
$ 4,045,288
- ----------------------------------------------------------------
Health Services -- 3.0%
- ----------------------------------------------------------------
American Healthways, Inc.(1) 45,000 $ 1,111,050
IDX Systems Corp.(1) 62,000 909,540
Pharmaceutical Product Development,
Inc.(1) 33,400 874,078
Renal Care Group, Inc.(1) 75,000 2,430,000
Select Medical Corp.(1) 28,000 473,760
- ----------------------------------------------------------------
$ 5,798,428
- ----------------------------------------------------------------
Internet - Network Security / Solutions -- 1.0%
- ----------------------------------------------------------------
Check Point Software Technologies,
Ltd.(1)(2) 73,700 $ 1,159,301
Network Associates, Inc.(1) 63,100 721,233
- ----------------------------------------------------------------
$ 1,880,534
- ----------------------------------------------------------------
Internet - Software -- 2.3%
- ----------------------------------------------------------------
Embarcadero Technologies, Inc.(1) 210,300 $ 1,442,658
Manhattan Associates, Inc.(1) 78,100 1,889,239
TIBCO Software, Inc.(1) 210,000 1,035,300
- ----------------------------------------------------------------
$ 4,367,197
- ----------------------------------------------------------------
Manufacturing -- 1.3%
- ----------------------------------------------------------------
Roper Industries, Inc. 80,000 $ 2,447,200
- ----------------------------------------------------------------
$ 2,447,200
- ----------------------------------------------------------------
Media - Newspapers -- 1.8%
- ----------------------------------------------------------------
The McClatchy Co. 59,000 $ 3,457,400
- ----------------------------------------------------------------
$ 3,457,400
- ----------------------------------------------------------------
Medical - Biomed / Genetics -- 1.6%
- ----------------------------------------------------------------
Cambridge Antibody Technology Group
PLC(1) 24,000 $ 157,022
Connetics Corp.(1) 60,000 1,013,400
Invitrogen Corp.(1) 10,000 327,000
Martek Biosciences Corp.(1) 34,800 1,184,244
QIAGEN NV(1)(2) 65,000 410,150
- ----------------------------------------------------------------
$ 3,091,816
- ----------------------------------------------------------------
Medical - Drug / Diversified -- 4.3%
- ----------------------------------------------------------------
Andrx Corp.(1) 75,000 $ 1,210,500
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Medical - Drug / Diversified (continued)
- ----------------------------------------------------------------
Endo Pharmaceuticals Holdings, Inc.(1) 75,000 $ 1,239,000
Inspire Pharmaceuticals, Inc.(1) 71,000 1,036,600
Inverness Medical Innovation, Inc.(1) 40,000 740,000
Neurocrine Biosciences, Inc.(1) 24,000 1,086,000
Sepracor, Inc.(1) 30,000 574,500
Taro Pharmaceutical Industries
Ltd.(1)(2) 48,900 2,237,664
Vertex Pharmaceuticals, Inc.(1) 15,000 181,050
- ----------------------------------------------------------------
$ 8,305,314
- ----------------------------------------------------------------
Medical - Hospitals -- 1.5%
- ----------------------------------------------------------------
Amsurg Corp.(1) 63,000 $ 1,636,110
United Surgical Partners International,
Inc.(1) 72,000 1,334,160
- ----------------------------------------------------------------
$ 2,970,270
- ----------------------------------------------------------------
Medical Products -- 2.8%
- ----------------------------------------------------------------
Possis Medical, Inc.(1) 20,000 $ 384,000
Respironics, Inc.(1) 76,000 2,919,920
Thoratec Laboratories Corp.(1) 154,944 2,130,480
- ----------------------------------------------------------------
$ 5,434,400
- ----------------------------------------------------------------
Metals - Industrial -- 0.0%
- ----------------------------------------------------------------
AMT International Mining Corp.(1)(2)(3) 817,200 $ 0
Formation Capital Corp.(1)(2)(4) 400,000 41,841
- ----------------------------------------------------------------
$ 41,841
- ----------------------------------------------------------------
Mining - Gold -- 0.1%
- ----------------------------------------------------------------
QGX Ltd.(1)(2) 275,000 $ 201,360
- ----------------------------------------------------------------
$ 201,360
- ----------------------------------------------------------------
Oil and Gas - Exploration and Production -- 5.5%
- ----------------------------------------------------------------
FMC Technologies, Inc.(1) 51,000 $ 959,820
Hydril Co.(1) 48,000 1,142,880
Newfield Exploration Co.(1) 40,400 1,389,356
Noble Energy, Inc. 37,100 1,231,720
Quicksilver Resources, Inc.(1) 55,000 1,271,600
Rowan Cos., Inc. 65,000 1,332,500
Spinnaker Exploration Co.(1) 29,000 620,600
W-H Energy Services, Inc.(1) 60,000 1,080,000
XTO Energy, Inc. 86,133 1,679,593
- ----------------------------------------------------------------
$ 10,708,069
- ----------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Oil and Gas - Field Services -- 0.9%
- ----------------------------------------------------------------
Varco International, Inc.(1) 104,025 $ 1,829,800
- ----------------------------------------------------------------
$ 1,829,800
- ----------------------------------------------------------------
Publishing -- 1.2%
- ----------------------------------------------------------------
Lee Enterprises, Inc. 67,000 $ 2,403,290
- ----------------------------------------------------------------
$ 2,403,290
- ----------------------------------------------------------------
Retail -- 0.3%
- ----------------------------------------------------------------
Tractor Supply Co.(1) 15,000 $ 635,250
- ----------------------------------------------------------------
$ 635,250
- ----------------------------------------------------------------
Retail - Apparel / Shoe -- 1.2%
- ----------------------------------------------------------------
AnnTaylor Stores Corp.(1) 99,000 $ 2,342,340
- ----------------------------------------------------------------
$ 2,342,340
- ----------------------------------------------------------------
Retail - Auto Parts -- 0.7%
- ----------------------------------------------------------------
Advance Auto Parts, Inc.(1) 26,000 $ 1,293,240
- ----------------------------------------------------------------
$ 1,293,240
- ----------------------------------------------------------------
Retail - Restaurants -- 6.6%
- ----------------------------------------------------------------
Applebee's International, Inc. 115,500 $ 3,164,700
California Pizza Kitchen, Inc.(1) 50,000 1,008,000
Cheesecake Factory, Inc. (The)(1) 32,000 1,010,880
Krispy Kreme Doughnuts, Inc.(1) 60,000 1,948,800
P.F. Chang's China Bistro, Inc.(1) 59,700 2,501,430
Panera Bread Co., Class A(1) 33,200 1,129,796
Sonic Corp.(1) 79,150 2,137,842
- ----------------------------------------------------------------
$ 12,901,448
- ----------------------------------------------------------------
Retail - Specialty and Apparel -- 6.0%
- ----------------------------------------------------------------
99 Cents Only Stores(1) 93,333 $ 2,749,590
Abercrombie & Fitch Co. Class A(1) 80,000 2,630,400
Callaway Golf Co. 84,000 1,170,120
Gildan Activewear, Inc., Class A(1) 50,000 1,379,500
Hollywood Entertainment Corp.(1) 135,000 2,396,250
Tweeter Home Entertainment Group,
Inc.(1) 225,000 1,296,000
- ----------------------------------------------------------------
$ 11,621,860
- ----------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Retail - Super / Mini Markets -- 0.9%
- ----------------------------------------------------------------
Whole Foods Market, Inc.(1) 29,900 $ 1,774,864
- ----------------------------------------------------------------
$ 1,774,864
- ----------------------------------------------------------------
Schools -- 2.3%
- ----------------------------------------------------------------
Career Education Corp.(1) 48,700 $ 2,928,331
Corinthian Colleges, Inc.(1) 25,000 1,144,750
Sylvan Learning Systems, Inc.(1) 28,000 491,120
- ----------------------------------------------------------------
$ 4,564,201
- ----------------------------------------------------------------
Specialty Chemicals and Materials -- 1.9%
- ----------------------------------------------------------------
Airgas, Inc.(1) 114,000 $ 2,306,220
Pall Corp. 65,000 1,372,800
- ----------------------------------------------------------------
$ 3,679,020
- ----------------------------------------------------------------
Staffing -- 0.0%
- ----------------------------------------------------------------
Heidrick and Struggles International,
Inc.(1) 1,200 $ 17,004
- ----------------------------------------------------------------
$ 17,004
- ----------------------------------------------------------------
Technology - Information Services -- 1.4%
- ----------------------------------------------------------------
Documentum, Inc.(1) 85,000 $ 1,563,150
Macrovision Corp.(1) 70,000 1,236,900
- ----------------------------------------------------------------
$ 2,800,050
- ----------------------------------------------------------------
Telecommunications - Equipment -- 0.6%
- ----------------------------------------------------------------
Newport Corp.(1) 91,000 $ 1,175,811
- ----------------------------------------------------------------
$ 1,175,811
- ----------------------------------------------------------------
Telecommunications - Services -- 0.6%
- ----------------------------------------------------------------
Western Wireless Corp., Class A(1) 175,000 $ 1,071,000
- ----------------------------------------------------------------
$ 1,071,000
- ----------------------------------------------------------------
Transportation - Truck -- 2.2%
- ----------------------------------------------------------------
Knight Transportation, Inc.(1) 102,800 $ 2,477,480
Swift Transportation Co., Inc.(1) 102,700 1,860,924
- ----------------------------------------------------------------
$ 4,338,404
- ----------------------------------------------------------------
Waste Disposal -- 1.9%
- ----------------------------------------------------------------
Stericycle, Inc.(1) 68,000 $ 2,671,720
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Waste Disposal (continued)
- ----------------------------------------------------------------
Waste Connections, Inc.(1) 29,000 $ 975,560
- ----------------------------------------------------------------
$ 3,647,280
- ----------------------------------------------------------------
Total Common Stocks
(identified cost $150,459,534) $182,217,792
- ----------------------------------------------------------------
</Table>
PRIVATE PLACEMENTS AND SPECIAL WARRANTS -- 0.1%
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------
Metals - Gold -- 0.1%
- ----------------------------------------------------------------
Nevada Pacific Mining Co.(1)(3)(4) 80,000 $ 56,000
Western Exploration and Development,
Ltd.(1)(3)(4) 600,000 180,000
- ----------------------------------------------------------------
$ 236,000
- ----------------------------------------------------------------
Total Private Placements and Special Warrants
(identified cost $560,000) $ 236,000
- ----------------------------------------------------------------
</Table>
COMMERCIAL PAPER -- 6.3%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- ------------------------------------------------------------------------
Corporate Asset Funding, 1.25%, 5/9/03 $ 3,000 $ 2,999,167
G.E. Capital Corp., 1.36%, 5/1/03 5,392 5,392,000
Quincy Capital Corp., 1.265%, 5/6/03 3,779 3,778,336
- ------------------------------------------------------------------------
Total Commercial Paper
(at amortized cost, $12,169,503) $ 12,169,503
- ------------------------------------------------------------------------
Total Investments -- 100.0%
(identified cost $163,189,037) $194,623,295
- ------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.0% $ 80,269
- ------------------------------------------------------------------------
Net Assets -- 100.0% $194,703,564
- ------------------------------------------------------------------------
</Table>
(1) Non-income producing security.
(2) Foreign security.
(3) Security valued at fair value using methods determined in good faith by
or at the direction of the Trustees.
(4) Restricted security.
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF APRIL 30, 2003
Assets
- ------------------------------------------------------
Investments, at value
(identified cost, $163,189,037) $194,623,295
Receivable for investments sold 3,070,818
Dividends receivable 23,088
Prepaid expenses 480
- ------------------------------------------------------
TOTAL ASSETS $197,717,681
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for investments purchased $ 2,972,096
Payable to affiliate for Trustees' fees 1,024
Accrued expenses & other liabilities 40,997
- ------------------------------------------------------
TOTAL LIABILITIES $ 3,014,117
- ------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $194,703,564
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $163,269,306
Net unrealized appreciation (computed on
the basis of identified cost) 31,434,258
- ------------------------------------------------------
TOTAL $194,703,564
- ------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
APRIL 30, 2003
Investment Income
- -----------------------------------------------------
Dividends $ 115,989
Interest 84,936
- -----------------------------------------------------
TOTAL INVESTMENT INCOME $ 200,925
- -----------------------------------------------------
Expenses
- -----------------------------------------------------
Investment adviser fee $ 615,156
Trustees' fees and expenses 5,819
Custodian fee 85,834
Legal and accounting services 22,428
Miscellaneous 990
- -----------------------------------------------------
TOTAL EXPENSES $ 730,227
- -----------------------------------------------------
NET INVESTMENT LOSS $ (529,302)
- -----------------------------------------------------
Realized and Unrealized Gain (Loss)
- -----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $(8,234,508)
- -----------------------------------------------------
NET REALIZED LOSS $(8,234,508)
- -----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $15,112,569
- -----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $15,112,569
- -----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 6,878,061
- -----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 6,348,759
- -----------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
16
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO 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 YEAR ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002
- ----------------------------------------------------------------------------
From operations --
Net investment loss $ (529,302) $ (1,383,543)
Net realized loss (8,234,508) (70,962,475)
Net change in unrealized appreciation
(depreciation) 15,112,569 7,866,744
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 6,348,759 $ (64,479,274)
- ----------------------------------------------------------------------------
Capital transactions --
Contributions $ 13,966,222 $ 60,630,989
Withdrawals (34,685,745) (94,915,340)
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (20,719,523) $ (34,284,351)
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (14,370,764) $ (98,763,625)
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 209,074,328 $ 307,837,953
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 194,703,564 $ 209,074,328
- ----------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
17
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ------------------------
(UNAUDITED) 2002 2001(1)
- ------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.74%(2) 0.73% 0.70%(2)
Expenses after custodian
fee reduction 0.74%(2) 0.73% 0.68%(2)
Net investment loss (0.54)%(2) (0.49)% (0.48)%(2)
Portfolio Turnover 61% 131% 38%
- ------------------------------------------------------------------------------
TOTAL RETURN(3) 3.51% (22.16)% --
- ------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $194,704 $209,074 $307,838
- ------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 1, 2001, to October 31,
2001.
(2) Annualized.
(3) Total return is required to be disclosed for fiscal years beginning
after December 15, 2000.
SEE NOTES TO FINANCIAL STATEMENTS
18
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Tax-Managed Small-Cap Growth Portfolio (the Portfolio) is registered under
the Investment Company Act of 1940, as amended, as a diversified open-end
management investment company. The Portfolio, which was organized as a trust
under the laws of the State of New York on June 22, 1998, seeks to achieve
long-term after-tax returns by investing in a diversified portfolio of equity
securities of emerging growth companies. The Declaration of Trust permits the
Trustees to issue interests in the Portfolio. At April 30, 2003, the Eaton
Vance Tax-Managed Small-Cap Growth Fund 1.1 held an approximate 73.9%
interest in the Portfolio and one other investor owned an interest greater
than 10% that equaled 17.8%. The following is a summary of significant
accounting policies consistently followed by the Portfolio 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 -- 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. 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 -- Dividend income is recorded on the ex-dividend date for dividends
received in cash and/or securities. However, if the ex-dividend date has
passed, certain dividends from foreign securities are recorded as the
Portfolio is informed of the ex-dividend date. Interest income is recorded on
the accrual basis.
C Income Taxes -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio is
ultimately responsible for the payment of any taxes on its share of taxable
income. Since the Portfolio's investors include regulated investment
companies that invest all or substantially all of their assets in the
Portfolio, the Portfolio normally must satisfy the applicable source of
income and diversification requirements (under the Internal Revenue Code) in
order for its investors to satisfy them. The Portfolio will allocate at least
annually among its investors, each investor's distributive share of the
Portfolio's net investment income, net realized capital gains, and any other
items of income, gain, loss, deduction or credit.
D Financial Futures Contracts -- Upon entering a financial futures contract,
the Portfolio is required to deposit either in cash or securities an amount
(initial margin) equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by the Portfolio (variation margin) each day, dependent on daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by the Portfolio. The Portfolio's
investment in financial futures contracts is designed to hedge against
anticipated future changes in price of current or anticipated Portfolio
positions. Should prices move unexpectedly, the Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss.
E Foreign Currency Translation -- Investment valuations, other assets and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions. Recognized gains or losses on
investment transactions attributable to foreign currency exchange rates are
recorded for financial statement purposes as net realized gains and losses on
investments. That portion of unrealized gains and losses on investments that
results from fluctuations in foreign currency exchange rates is not
separately disclosed.
F Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
of the Portfolio. Pursuant to the custodian agreement, IBT receives a fee
reduced by credits which are determined based on the average daily cash
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
expenses on the Statement of Operations.
19
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
G Securities Sold Short -- The Portfolio may sell a security short if it owns
at least an equal amount of the security sold short or another security
exchangeable for an equal amount of the security sold short in anticipation
of a decline in the market price of the securities or in order to hedge
portfolio positions. The Portfolio will generally borrow the security sold in
order to make delivery to the buyer. Upon executing the transaction, the
Portfolio records the proceeds as deposits with brokers on the Statement of
Assets and Liabilities and establishes an offsetting payable for securities
sold short for the securities due on settlement. The proceeds are retained by
the broker as collateral for the short position. The liability is marked-
to-market on a daily basis and the Portfolio is required to pay the lending
broker any dividend or interest income earned while the short position is
open. A gain or loss is recorded when the security is delivered to the
broker. The Portfolio may recognize a loss on the transaction if the market
value of the securities sold increases before the securities are delivered.
H Use of Estimates -- The preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during the
reporting period. Actual results could differ from those estimates.
I Other -- Investment transactions are accounted for on a trade-date basis.
J 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
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
BMR receives a monthly advisory fee in the amount of 5/96th of 1% (equal to
0.625% annually) of average daily net assets of the Portfolio up to $500
million, and at reduced rates as daily net assets exceed that level. For the
six months ended April 30, 2003, the advisory fee amounted to $615,156.
Except for Trustees of the Portfolio who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to the Portfolio out of the investment adviser fee. Trustees of the Portfolio
that are not affiliated with BMR 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 Portfolio are officers of the above
organizations.
3 Investment Transactions
- -------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $113,725,537 and $137,024,973, respectively, for the six months
ended April 30, 2003.
4 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at April 30, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $151,019,534
------------------------------------------------------
Gross unrealized appreciation $ 35,252,562
Gross unrealized depreciation (3,818,304)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 31,434,258
------------------------------------------------------
</Table>
5 Financial Instruments
- -------------------------------------------
The Portfolio may trade in financial instruments with off-balance sheet risk
in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include forward
foreign currency contracts and financial futures contracts and may involve,
to a varying degree, elements of risk in excess of the amounts recognized for
financial statement purposes.
The notional or contractual amounts of these instruments represent the
investment the Portfolio has in particular classes of financial instruments
and does not necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments is meaningful
only when all related and
20
<Page>
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
offsetting transactions are considered. The Portfolio did not have any open
obligations under these financial instruments at April 30, 2003.
6 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on
the daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. The Portfolio
did not have any significant borrowings or allocated fees during the six
months ended April 30, 2003.
7 Restricted Securities
- -------------------------------------------
At April 30, 2003, the Portfolio owned the following securities (representing
0.14% of net assets) which were restricted as to public resale and not
registered under the Securities Act of 1933. The fair value is determined
using methods determined in good faith by or at the direction of the
Trustees.
<Table>
<Caption>
DATE OF
DESCRIPTION ACQUISITION SHARES COST FAIR VALUE
---------------------------------------------------------------------------------------
COMMON STOCKS
---------------------------------------------------------------------------------------
Formation Capital Corp. 12/21/98 400,000 $ 88,260 $ 41,841
---------------------------------------------------------------------------------------
$ 88,260 $ 41,841
---------------------------------------------------------------------------------------
PRIVATE PLACEMENTS AND SPECIAL WARRANTS
---------------------------------------------------------------------------------------
Nevada Pacific Mining Co. 12/21/98 80,000 $ 80,000 $ 56,000
Western Exploration and Development,
Ltd. 12/21/98 600,000 480,000 180,000
---------------------------------------------------------------------------------------
$560,000 $236,000
---------------------------------------------------------------------------------------
</Table>
21
<Page>
INVESTMENT MANAGEMENT
EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1
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 M. 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
TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO
Officers
Duncan W. Richardson
President
Toni Y. Shimura
Vice President and
Portfolio Manager
Michelle A. Alexander
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
22
<Page>
INVESTMENT ADVISER OF TAX-MANAGED SMALL-CAP GROWTH PORTFOLIO
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF EATON VANCE TAX-MANAGED SMALL-CAP GROWTH FUND 1.1
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 SMALL-CAP GROWTH FUND 1.1
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.
130-6/03 MGSRC
<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.
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
<Page>
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