<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
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(Address of principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(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 STOCK EXCHANGE FLOOR]
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND
FORMERLY TAX-MANAGED CAPITAL APPRECIATION FUND
[PHOTO OF CALCULATOR / 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 MULTI-CAP OPPORTUNITY FUND AS OF APRIL 30, 2003
INVESTMENT UPDATE
MANAGEMENT DISCUSSION
[PHOTO OF ARIEH COLL]
Arieh Coll
Portfolio Manager
- - Eaton Vance Tax-Managed Multi-Cap Opportunity Fund encountered a volatile
market environment over the past six months. After hitting its bottom in
early October of 2002, the stock market has risen sharply since March, as
it anticipated a better economy and stronger corporate profits.
- - To meet our investment objective, we are looking for growth companies that
we expect to grow faster than the growth rate of the U.S. economy and the
U.S. stock market as a whole. In this weaker economy, several of the
companies that met our criteria were in the health care sector, which has
seen a combination of growth prospects and attractive stock valuations. As
a result, over the the last six months, we increased our exposure to drug
stocks, which were a positive contributor to performance. Also aiding
performance was the announcement in early April that long-term Portfolio
holding Hotels.com is being acquired by USA Interactive.
- - Among technology-related stocks, it was difficult to find compelling
investments during the period because many tech companies are still
suffering from the IT downturn. Our more successful investments in tech
have been closely linked to the Internet and benefit from the migration
from offline to online usage, such as travel and shopping sites. This is an
area where consumer behavior patterns are changing, in spite of a weak
economy; therefore, when valuations are reasonable, we have been
selectively investing in these types of stocks. In the financial sector, we
found attractive investments that we believe to have good growth prospects
and reasonable valuations.
- - In terms of what hurt performance during the period, some of our holdings
in the areas of financial services and health care that were the subject of
regulatory investigations or increased competition saw significant
declines. As noted above, the continued volatility in the market has had a
negative impact on performance. However, we believe that prospects for a
stronger economy have improved. Consumers are more willing to spend, which
is reflected in rising consumer confidence. We believe that they will also
have more disposable income in the next few months, as the Bush tax cut is
enacted, consumers refinance their mortgages again, and gasoline prices
fall.
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 4.69%. This return was the result of an increase in net
asset value (NAV)to $7.59 on April 30, 2003, from $7.25 on October 31,
2002.(1)
- - The Fund's Class B shares had a total return of 4.38% during the same
period, the result of an increase in NAV to $7.39 from $7.08.(1)
- - The Fund's Class C shares had a total return of 4.37% during the same
period, the result of an increase in NAV to $7.40 from $7.09.(1)
- - For comparison, the S&P500 Composite Index - a broad-based, unmanaged
market index commonly used to measure overall U.S. stock market performance
- returned 4.47% for the six-month period ended April 30, 2003.(2)
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.
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.
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 -22.15% -22.70% -22.68%
Life of Fund+ -9.28 -10.20 -10.16
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year -26.60% -26.56% -23.45%
Life of Fund+ -11.16 -11.50 -10.16%
</Table>
+ Inception Dates - Class A: 6/30/00; Class B: 7/10/00; Class C: 7/10/00
TEN LARGEST HOLDINGS(4)
<Table>
Progressive Corp. 7.4%
Biovail Corp. 5.7
Hollywood Entertainment Corp. 4.1
MIM Corp. 3.5
Hotels.com Class A 3.4
Everest Re Group Ltd. 3.2
McDonald's Corp. 3.2
United Surgical Partners International, Inc. 2.9
USA Interactive, Inc. 2.5
Capital One Financial Corp. 2.4
</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) It is not possible to invest directly in an Index.
(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 38.3% 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, may be worth
more or less than their original cost.
2
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND 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 LIFE OF FUND
Return Before Taxes -22.15% -9.28%
Return After Taxes on Distributions -22.15% -9.28%
Return After Taxes on Distributions -14.40% -7.29%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS A)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -26.60% -11.16%
Return After Taxes on Distributions -26.60% -11.16%
Return After Taxes on Distributions -17.29% -8.73%
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 -22.70% -10.20%
Return After Taxes on Distributions -22.70% -10.20%
Return After Taxes on Distributions -14.75% -8.00%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS B)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -26.56% -11.50%
Return After Taxes on Distributions -26.56% -11.50%
Return After Taxes on Distributions -17.27% -8.99%
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 LIFE OF FUND
Return Before Taxes -22.68% -10.16%
Return After Taxes on Distributions -22.68% -10.16%
Return After Taxes on Distributions -14.74% -7.96%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS C)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -23.45% -10.16%
Return After Taxes on Distributions -23.45% -10.16%
Return After Taxes on Distributions -15.24% -7.96%
and Sale of Fund Shares
</Table>
Class A commenced operations on 6/30/00. Class B and Class C commenced
operations on 7/10/00. 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 MULTI-CAP OPPORTUNITY 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 Multi-Cap
Opportunity Portfolio, at value
(identified cost, $31,542,927) $ 36,874,919
Receivable for Fund shares sold 20,246
- ------------------------------------------------------
TOTAL ASSETS $ 36,895,165
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for Fund shares redeemed $ 58,385
Payable to affiliate for distribution
and service fees 6,800
Payable to affiliate for Trustees' fees 15
Accrued expenses 37,568
- ------------------------------------------------------
TOTAL LIABILITIES $ 102,768
- ------------------------------------------------------
NET ASSETS $ 36,792,397
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Paid-in capital $ 48,251,598
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (16,408,815)
Accumulated net investment loss (382,378)
Net unrealized appreciation from
Portfolio (computed on the basis of
identified cost) 5,331,992
- ------------------------------------------------------
TOTAL $ 36,792,397
- ------------------------------------------------------
Class A Shares
- ------------------------------------------------------
NET ASSETS $ 12,482,863
SHARES OUTSTANDING 1,644,137
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 7.59
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $7.59) $ 8.05
- ------------------------------------------------------
Class B Shares
- ------------------------------------------------------
NET ASSETS $ 13,349,668
SHARES OUTSTANDING 1,807,653
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 7.39
- ------------------------------------------------------
Class C Shares
- ------------------------------------------------------
NET ASSETS $ 10,959,866
SHARES OUTSTANDING 1,481,515
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 7.40
- ------------------------------------------------------
</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 (net
of foreign taxes, $2,696) $ 31,838
Interest allocated from Portfolio 9,112
Expenses allocated from Portfolio (148,219)
- ----------------------------------------------------
NET INVESTMENT LOSS FROM PORTFOLIO $ (107,269)
- ----------------------------------------------------
Expenses
- ----------------------------------------------------
Administration fee $ 27,622
Trustees' fees and expenses 90
Distribution and service fees
Class A 16,143
Class B 59,973
Class C 54,309
Class D 5,192
Transfer and dividend disbursing agent
fees 51,723
Registration fees 32,949
Printing and postage 10,917
Legal and accounting services 6,893
Custodian fee 6,621
Miscellaneous 2,677
- ----------------------------------------------------
TOTAL EXPENSES $ 275,109
- ----------------------------------------------------
NET INVESTMENT LOSS $ (382,378)
- ----------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- ----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (307,944)
Foreign currency transactions (136)
- ----------------------------------------------------
NET REALIZED LOSS $ (308,080)
- ----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $2,181,172
- ----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $2,181,172
- ----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $1,873,092
- ----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $1,490,714
- ----------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
4
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY 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 YEAR ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002
- ----------------------------------------------------------------------------
From operations --
Net investment loss $ (382,378) $ (725,069)
Net realized loss (308,080) (8,149,913)
Net change in unrealized
appreciation (depreciation) 2,181,172 1,605,513
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 1,490,714 $ (7,269,469)
- ----------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 1,628,655 $ 8,488,672
Class B 2,995,814 6,182,208
Class C 2,423,721 8,885,763
Class D 173,163 815,557
Issued in reorganization of Eaton
Vance Tax-Managed Young
Shareholder Fund
Class A -- 1,486,483
Class B -- 1,662,196
Class C -- 1,179,885
Class D -- 77,316
Cost of shares redeemed
Class A (3,948,913) (3,874,438)
Class B (2,141,168) (2,644,894)
Class C (3,337,969) (4,881,624)
Class D (1,247,920) (264,219)
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS $ (3,454,617) $ 17,112,905
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ (1,963,903) $ 9,843,436
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 38,756,300 $ 28,912,864
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 36,792,397 $ 38,756,300
- ----------------------------------------------------------------------------
Accumulated net
investment loss included
in net assets
- ----------------------------------------------------------------------------
AT END OF PERIOD $ (382,378) $ --
- ----------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
5
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND 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(1) 2000(1)(2)
- ------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 7.250 $ 8.380 $11.340 $10.000
- ------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------
Net investment loss $(0.057) $(0.114) $(0.065) $(0.016)
Net realized and unrealized
gain (loss) 0.397 (1.016) (2.895) 1.356
- ------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.340 $(1.130) $(2.960) $ 1.340
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 7.590 $ 7.250 $ 8.380 $11.340
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 4.69% (13.48)% (26.10)% 13.40%
- ------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $12,483 $14,289 $10,637 $ 674
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 1.81%(5) 1.60% 1.40% 1.48%(5)
Net expenses after
custodian fee
reduction(4) 1.81%(5) 1.60% 1.40% 1.40%(5)
Net investment loss (1.59)%(5) (1.35)% (0.69)% (0.43)%(5)
Portfolio Turnover of the
Portfolio 114% 225% 324% 90%
- ------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund may reflect an 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) 1.67% 2.40% 12.00%(5)
Expenses after custodian
fee reduction(4) 1.67% 2.40% 11.92%(5)
Net investment loss (1.42)% (1.69)% (10.96)%(5)
Net investment loss per share $(0.120) $(0.159) $(0.408)
- ------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, June 30, 2000 to October 31,
2000.
(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 Portfolio's allocated expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
6
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND 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(1) 2000(1)(2)
- ------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 7.080 $ 8.260 $11.260 $10.000
- ------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------
Net investment loss $(0.082) $(0.175) $(0.131) $(0.027)
Net realized and unrealized
gain (loss) 0.392 (1.005) (2.869) 1.287
- ------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.310 $(1.180) $(3.000) $ 1.260
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 7.390 $ 7.080 $ 8.260 $11.260
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 4.38% (14.29)% (26.64)% 12.60%
- ------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $13,350 $11,939 $ 8,931 $ 714
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 2.56%(5) 2.35% 2.15% 2.23%(5)
Net expenses after
custodian fee
reduction(4) 2.56%(5) 2.35% 2.15% 2.15%(5)
Net investment loss (2.34)%(5) (2.10)% (1.43)% (0.78)%(5)
Portfolio Turnover of the
Portfolio 114% 225% 324% 90%
- ------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund may reflect an 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) 2.42% 3.15% 12.75%(5)
Expenses after custodian
fee reduction(4) 2.42% 3.15% 12.67%(5)
Net investment loss (2.17)% (2.43)% (11.30)%(5)
Net investment loss per share $(0.181) $(0.223) $(0.391)
- ------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, July 10, 2000 to October 31,
2000.
(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 Portfolio's allocated expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
7
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND 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(1) 2000(1)(2)
- ------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 7.090 $ 8.270 $11.260 $10.000
- ------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------
Net investment loss $(0.082) $(0.175) $(0.133) $(0.025)
Net realized and unrealized
gain (loss) 0.392 (1.005) (2.857) 1.285
- ------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.310 $(1.180) $(2.990) $ 1.260
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 7.400 $ 7.090 $ 8.270 $11.260
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 4.37% (14.27)% (26.55)% 12.60%
- ------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $10,960 $11,432 $ 8,670 $ 308
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 2.56%(5) 2.35% 2.15% 2.23%(5)
Net expenses after
custodian fee
reduction(4) 2.56%(5) 2.35% 2.15% 2.15%(5)
Net investment loss (2.34)%(5) (2.10)% (1.46)% (0.72)%(5)
Portfolio Turnover of the
Portfolio 114% 225% 324% 90%
- ------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund may reflect an 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) 2.42% 3.15% 12.75%(5)
Expenses after custodian
fee reduction(4) 2.42% 3.15% 12.67%(5)
Net investment loss (2.17)% (2.46)% (11.24)%(5)
Net investment loss per share $(0.181) $(0.224) $(0.390)
- ------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, July 10, 2000 to October 31,
2000.
(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 Portfolio's allocated expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
8
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Eaton Vance Tax-Managed Multi-Cap Opportunity Fund (formerly Eaton Vance
Tax-Managed Capital Appreciation 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 currently 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
subject to a contingent deferred sale charge (see Note 6). Class B shares
held for eight years will automatically convert to Class A shares. The Fund
previously offered Class D shares. Such offering was discontinued during the
six months ended April 30, 2003. 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, 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 in the Tax-Managed Multi-Cap
Opportunity Portfolio (formerly the Capital Appreciation 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 (69.2%) 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 consists of the Fund's pro rata
share of the net investment income 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 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 $14,784,216 which will
reduce taxable income arising from future net realized gains, 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 carryovers will expire on October 31, 2008 ($113,885), October
31, 2009 ($5,993,050) and October 31, 2010 ($8,677,281).
D Other -- Investment transactions are accounted for on a trade-date basis.
E 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.
F 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.
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
9
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
substantially all of its net investment income and at least one distribution
of all or substantially all of its net realized capital gains. Distributions
are paid in the form of additional shares or, at the election of the
shareholder, in cash. Shareholders may reinvest capital gain distributions in
additional shares of the Fund at the net asset value as of 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 YEAR ENDED
CLASS A (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------------------------------
Sales 223,151 962,879
Redemptions (549,579) (480,035)
Issued to Eaton Vance Tax-Managed Young
Shareholder Fund shareholders -- 218,922
------------------------------------------------------------------------------------
NET INCREASE (DECREASE) (326,428) 701,766
------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------------------------------
Sales 423,773 698,496
Redemptions (302,606) (344,190)
Issued to Eaton Vance Tax-Managed Young
Shareholder Fund shareholders -- 250,709
------------------------------------------------------------------------------------
NET INCREASE 121,167 605,015
------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 YEAR ENDED
CLASS C (UNAUDITED) OCTOBER 31, 2002
--------------------------------------------------------------------------------
Sales 337,723 997,713
Redemptions (468,458) (611,856)
Issued to Eaton Vance Tax-Managed Young
Shareholder Fund shareholders -- 177,693
--------------------------------------------------------------------------------
NET INCREASE (DECREASE) (130,735) 563,550
--------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 YEAR ENDED
CLASS D (UNAUDITED)(1) OCTOBER 31, 2002
------------------------------------------------------------------------------------
Sales 21,094 85,948
Redemptions (161,487) (30,331)
Issued to Eaton Vance Tax-Managed Young
Shareholder Fund shareholders -- 10,562
------------------------------------------------------------------------------------
NET INCREASE (DECREASE) (140,393) 66,179
------------------------------------------------------------------------------------
</Table>
(1) Offering of Class D shares was discontinued during the six months ended
April 30, 2003. (See Note 1)
4 Transactions with Affiliates
- -------------------------------------------
The administration fee is earned by Eaton Vance Management (EVM) (the
Administrator) as compensation 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 average daily net assets of the Fund. For
the six months ended April 30, 2003, the administration fee amounted to
$27,622. 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. Except as to 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. 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.
During the six months ended April 30, 2003, no significant amounts have been
earned. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), a
subsidiary of EVM and the Fund's principal underwriter, received $1,372 as
its portion of the sales charge on sales of Class A shares for the six
10
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
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),
Class C shares (Class C Plan), and Class D shares (Class D Plans) 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,
Class C and Class D 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,
Class C and Class D 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, Class C and Class D
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 $44,980, $40,732, and $3,894 for Class B, Class C, and Class D,
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,
Class C, and Class D shares, respectively. At April 30, 2003, the amount of
Uncovered Distribution Charges of EVD calculated under the Plans was
approximately $823,000 and $787,000 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 not exceeding 0.25%
(annualized) of the Fund's average daily net assets attributable to Class A,
Class B, Class C and Class D 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 distributions 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 $16,143, $14,993, $13,577, and $1,298
for Class A, Class B, Class C, and Class D shares, respectively.
6 Contingent Deferred Sales Charge
- -------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class B and Class D 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 on the
circumstances of purchase). The Class B and Class D CDSC is imposed at
declining rates that begin at 5% in the first and second year of redemption
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 or its
affiliates or to their respective employees or clients and may be waived
under certain other limited conditions. CDSC charges received on Class B,
Class C and Class D redemptions are paid to EVD to reduce the amount of
Uncovered Distribution Charges calculated under the Class B, Class C and
Class D Plans, respectively (see Note 5). CDSC charges received on Class B,
Class C and Class D redemptions when no Uncovered Distribution Charges exist
for the respective classes will be credited to the Fund. EVD received
approximately $32,000, $1,000 and $1,000 of CDSC paid by shareholders for
Class B, Class C and Class D shares, respectively, for the six months ended
April 30, 2003.
7 Investment Transactions
- -------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio for the six
months ended April 30, 2003, aggregated $7,291,283 and $10,802,947,
respectively.
8 Transfer of Net Assets
- -------------------------------------------
Prior to the opening of business on September 30, 2002, the Fund acquired the
net assets of Eaton Vance Tax-Managed Young Shareholder Fund pursuant to an
Agreement and Plan of Reorganization dated June 18, 2002. In accordance with
the agreement, the Fund issued 218,922 Class A shares, 250,709 Class B
shares, 177,693 Class C shares and 10,562 Class D shares having a total
aggregate value of $4,405,880. As a result, the Fund issued 1.202 shares of
Class A, 1.208 shares of Class B, 1.205 shares of Class C, and 1.056 shares
of Class D for each share of Class A, Class B, Class C and Class D of Eaton-
Vance Tax-Managed Young Shareholder Fund. The transaction was structured for
tax purposes to qualify as a
11
<Page>
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
tax free reorganization under the Internal Revenue Code. The Eaton Vance
Tax-Managed Young Shareholder Fund's net assets at the date of the
transaction was $4,405,880, including $67,151 of unrealized appreciation.
Directly after the merger, the combined net assets of the Eaton Vance
Tax-Managed Multi-Cap Opportunity Fund was $36,973,411 with a net asset value
of $6.79, $6.63, $6.64, and $7.32 for Class A, Class B, Class C, and
Class D, respectively.
12
<Page>
TAX-MANAGED MULTI-CAP OPPORTUNITY PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 99.3%
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Advertising -- 1.3%
- ----------------------------------------------------------------------
TMP Worldwide, Inc.(1) 39,900 $ 669,123
- ----------------------------------------------------------------------
$ 669,123
- ----------------------------------------------------------------------
Agricultural Services -- 1.2%
- ----------------------------------------------------------------------
Monsanto Co. 37,000 $ 643,800
- ----------------------------------------------------------------------
$ 643,800
- ----------------------------------------------------------------------
Airlines -- 1.5%
- ----------------------------------------------------------------------
AMR Corp.(1) 60,000 $ 269,400
Delta Air Lines, Inc. 43,000 549,970
- ----------------------------------------------------------------------
$ 819,370
- ----------------------------------------------------------------------
Banks -- 0.9%
- ----------------------------------------------------------------------
Commerce Bancorp, Inc. 12,500 $ 508,375
- ----------------------------------------------------------------------
$ 508,375
- ----------------------------------------------------------------------
Biotechnology -- 2.0%
- ----------------------------------------------------------------------
Celgene Corp.(1) 17,000 $ 452,370
Cephalon, Inc.(1) 15,000 612,600
- ----------------------------------------------------------------------
$ 1,064,970
- ----------------------------------------------------------------------
Broadcasting and Cable -- 4.2%
- ----------------------------------------------------------------------
Comcast Corp., Special Class A(1) 22,100 $ 664,326
Liberty Media Corp.(1) 25,000 275,000
USA Interactive, Inc.(1) 44,200 1,323,790
- ----------------------------------------------------------------------
$ 2,263,116
- ----------------------------------------------------------------------
Broadcasting and Radio -- 0.5%
- ----------------------------------------------------------------------
Cumulus Media, Inc. Class A(1) 16,000 $ 275,840
- ----------------------------------------------------------------------
$ 275,840
- ----------------------------------------------------------------------
Business Services -- 1.0%
- ----------------------------------------------------------------------
Heidrick and Struggles International,
Inc.(1) 20,000 $ 280,000
Hudson Highland Group, Inc.(1) 6,375 94,548
On Assignment, Inc.(1) 31,600 151,680
- ----------------------------------------------------------------------
$ 526,228
- ----------------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Chemicals -- 1.3%
- ----------------------------------------------------------------------
OM Group, Inc. 60,000 $ 699,600
- ----------------------------------------------------------------------
$ 699,600
- ----------------------------------------------------------------------
Communications Services -- 0.5%
- ----------------------------------------------------------------------
Polycom, Inc.(1) 28,000 $ 274,960
- ----------------------------------------------------------------------
$ 274,960
- ----------------------------------------------------------------------
Computers - Integrated Systems -- 0.6%
- ----------------------------------------------------------------------
Brocade Communications Systems, Inc.(1) 55,000 $ 317,350
- ----------------------------------------------------------------------
$ 317,350
- ----------------------------------------------------------------------
Computers and Business Equipment -- 2.2%
- ----------------------------------------------------------------------
Drexler Technology Corp.(1) 49,000 $ 781,060
Insight Enterprises, Inc.(1) 51,100 385,294
- ----------------------------------------------------------------------
$ 1,166,354
- ----------------------------------------------------------------------
Consumer Staples -- 0.9%
- ----------------------------------------------------------------------
Colgate-Palmolive Co. 8,000 $ 457,360
- ----------------------------------------------------------------------
$ 457,360
- ----------------------------------------------------------------------
Distribution Services -- 0.9%
- ----------------------------------------------------------------------
Airgas, Inc.(1) 24,000 $ 485,520
- ----------------------------------------------------------------------
$ 485,520
- ----------------------------------------------------------------------
Drugs -- 13.3%
- ----------------------------------------------------------------------
American Pharmaceutical Partners,
Inc.(1) 24,653 $ 575,648
Andrx Corp.(1) 16,000 258,240
Biovail Corp.(1) 84,500 3,054,675
IVAX Corp.(1) 18,000 289,260
King Pharmaceuticals, Inc.(1) 41,000 517,010
Taro Pharmaceutical Industries Ltd.(1) 27,500 1,258,400
Teva Pharmaceutical Industries Ltd. 24,000 1,120,800
- ----------------------------------------------------------------------
$ 7,074,033
- ----------------------------------------------------------------------
Education -- 2.3%
- ----------------------------------------------------------------------
Apollo Group, Inc. Class A(1) 10,500 $ 569,089
Sylvan Learning Systems, Inc.(1) 38,400 673,536
- ----------------------------------------------------------------------
$ 1,242,625
- ----------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
TAX-MANAGED MULTI-CAP OPPORTUNITY PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Electronic Equipment & Instruments -- 1.0%
- ----------------------------------------------------------------------
L-3 Communications Holdings, Inc.(1) 11,500 $ 510,600
- ----------------------------------------------------------------------
$ 510,600
- ----------------------------------------------------------------------
Electronic Manufacturing Services -- 0.7%
- ----------------------------------------------------------------------
FLIR Systems, Inc.(1) 7,000 $ 364,560
- ----------------------------------------------------------------------
$ 364,560
- ----------------------------------------------------------------------
Energy Sources -- 0.7%
- ----------------------------------------------------------------------
Calpine Corp.(1) 70,000 $ 375,900
- ----------------------------------------------------------------------
$ 375,900
- ----------------------------------------------------------------------
Financial Services -- 5.8%
- ----------------------------------------------------------------------
Capital One Financial Corp. 30,500 $ 1,277,035
IndyMac Bancorp, Inc. 39,000 868,920
MBNA Corp. 37,000 699,300
Student Loan Corp., (The) 2,500 268,025
- ----------------------------------------------------------------------
$ 3,113,280
- ----------------------------------------------------------------------
Health Care Services -- 9.6%
- ----------------------------------------------------------------------
American Healthcorp, Inc.(1) 39,900 $ 985,131
Cerner Corp.(1) 28,000 559,440
Davita, Inc.(1) 50 1,031
MIM Corp.(1) 251,760 1,842,883
United Surgical Partners International,
Inc.(1) 82,000 1,519,460
VistaCare, Inc. Class A(1) 9,600 194,400
- ----------------------------------------------------------------------
$ 5,102,345
- ----------------------------------------------------------------------
Insurance -- 14.3%
- ----------------------------------------------------------------------
Endurance Specialty Holdings Ltd.(1) 5,600 $ 154,000
Everest Re Group Ltd. 24,603 1,713,599
Kingsway Financial Services, Inc.(1) 69,200 790,264
Mercury General Corp. 14,000 616,000
Platinum Underwriters Holdings Ltd. 14,446 382,097
Progressive Corp. 58,000 3,944,000
- ----------------------------------------------------------------------
$ 7,599,960
- ----------------------------------------------------------------------
Internet Services -- 2.6%
- ----------------------------------------------------------------------
Overture Services, Inc.(1) 47,900 $ 512,530
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Internet Services (continued)
- ----------------------------------------------------------------------
Yahoo!, Inc.(1) 35,000 $ 867,300
- ----------------------------------------------------------------------
$ 1,379,830
- ----------------------------------------------------------------------
Investment Services -- 0.9%
- ----------------------------------------------------------------------
PMI Group, Inc. 15,000 $ 462,300
- ----------------------------------------------------------------------
$ 462,300
- ----------------------------------------------------------------------
Leisure and Tourism -- 3.4%
- ----------------------------------------------------------------------
Hotels.com Class A(1) 25,250 $ 1,807,900
- ----------------------------------------------------------------------
$ 1,807,900
- ----------------------------------------------------------------------
Medical Products -- 2.1%
- ----------------------------------------------------------------------
Digene Corp.(1) 23,500 $ 446,735
Gen-Probe Inc.(1) 18,000 558,900
Martek Biosciences Corp.(1) 3,700 125,911
- ----------------------------------------------------------------------
$ 1,131,546
- ----------------------------------------------------------------------
Mortgage Bank -- 0.9%
- ----------------------------------------------------------------------
Doral Financial Corp. 12,000 $ 480,120
- ----------------------------------------------------------------------
$ 480,120
- ----------------------------------------------------------------------
Network Hardware -- 1.4%
- ----------------------------------------------------------------------
NetScreen Technologies, Inc.(1) 37,500 $ 760,500
- ----------------------------------------------------------------------
$ 760,500
- ----------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 1.9%
- ----------------------------------------------------------------------
El Paso Corp. 70,000 $ 525,000
Patterson-UTI Energy, Inc.(1) 14,000 463,260
- ----------------------------------------------------------------------
$ 988,260
- ----------------------------------------------------------------------
Personal Care -- 0.5%
- ----------------------------------------------------------------------
Estee Lauder Companies Inc., (The) Class
A 8,000 $ 260,000
- ----------------------------------------------------------------------
$ 260,000
- ----------------------------------------------------------------------
Restaurants -- 3.7%
- ----------------------------------------------------------------------
CKE Restaurants, Inc.(1) 50,000 $ 273,500
McDonald's Corp. 99,000 1,692,900
- ----------------------------------------------------------------------
$ 1,966,400
- ----------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
TAX-MANAGED MULTI-CAP OPPORTUNITY PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Retail -- 6.1%
- ----------------------------------------------------------------------
CSK Auto Corp.(1) 12,000 $ 123,000
Dick's Sporting Goods, Inc.(1) 7,000 210,910
Hollywood Entertainment Corp.(1) 124,400 2,208,100
Linens 'n Things, Inc.(1) 18,000 381,420
Select Comfort Corp.(1) 6,600 89,364
Tweeter Home Entertainment Group,
Inc.(1) 45,000 259,200
- ----------------------------------------------------------------------
$ 3,271,994
- ----------------------------------------------------------------------
Retail - Specialty and Apparel -- 5.1%
- ----------------------------------------------------------------------
Abercrombie & Fitch Co. Class A(1) 28,000 $ 920,640
AnnTaylor Stores Corp.(1) 30,000 709,800
Burberry Group PLC 120,000 501,970
Kohl's Corp.(1) 10,000 568,000
- ----------------------------------------------------------------------
$ 2,700,410
- ----------------------------------------------------------------------
Semiconductors -- 0.9%
- ----------------------------------------------------------------------
SIPEX Corp.(1) 140,000 $ 471,800
- ----------------------------------------------------------------------
$ 471,800
- ----------------------------------------------------------------------
Software -- 1.1%
- ----------------------------------------------------------------------
Eidos PLC(1) 265,000 $ 577,574
- ----------------------------------------------------------------------
$ 577,574
- ----------------------------------------------------------------------
Specialty Retail -- 1.5%
- ----------------------------------------------------------------------
CarMax, Inc.(1) 31,000 $ 655,650
Rona, Inc.(1) 13,100 144,063
- ----------------------------------------------------------------------
$ 799,713
- ----------------------------------------------------------------------
Telecommunications - Services -- 0.5%
- ----------------------------------------------------------------------
Amdocs Ltd.(1) 15,000 $ 264,900
IDT Corp.(1) 1,000 14,280
- ----------------------------------------------------------------------
$ 279,180
- ----------------------------------------------------------------------
Total Common Stocks
(identified cost $45,978,265) $52,892,796
- ----------------------------------------------------------------------
</Table>
COMMERCIAL PAPER -- 1.7%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- ----------------------------------------------------------------------
G.E. Capital Corp., 1.36%, 5/1/03 $ 921 $ 921,000
- ----------------------------------------------------------------------
Total Commercial Paper
(at amortized cost, $921,000) $ 921,000
- ----------------------------------------------------------------------
Total Investments -- 101.0%
(identified cost $46,899,265) $53,813,796
- ----------------------------------------------------------------------
Other Assets, Less Liabilities -- (1.0)% $ (540,683)
- ----------------------------------------------------------------------
Net Assets -- 100.0% $53,273,113
- ----------------------------------------------------------------------
</Table>
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
TAX-MANAGED MULTI-CAP OPPORTUNITY 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,
$46,899,265) $53,813,796
Cash 86,086
Receivable for investments sold 2,893,498
Interest and dividends receivable 1,931
Prepaid expenses 101
- -----------------------------------------------------
TOTAL ASSETS $56,795,412
- -----------------------------------------------------
Liabilities
- -----------------------------------------------------
Payable for investments purchased $ 3,503,932
Payable to affiliate for Trustees' fees 155
Accrued expenses 18,212
- -----------------------------------------------------
TOTAL LIABILITIES $ 3,522,299
- -----------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $53,273,113
- -----------------------------------------------------
Sources of Net Assets
- -----------------------------------------------------
Net proceeds from capital contributions
and withdrawals $46,358,582
Net unrealized appreciation (computed on
the basis of identified cost) 6,914,531
- -----------------------------------------------------
TOTAL $53,273,113
- -----------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED APRIL 30, 2003
Investment Income
- ----------------------------------------------------
Dividends (net of foreign taxes, $3,827) $ 44,645
Interest 12,356
- ----------------------------------------------------
TOTAL INVESTMENT INCOME $ 57,001
- ----------------------------------------------------
Expenses
- ----------------------------------------------------
Investment adviser fee $ 163,941
Trustees' fees and expenses 449
Custodian fee 25,131
Legal and accounting services 12,461
Miscellaneous 306
- ----------------------------------------------------
TOTAL EXPENSES $ 202,288
- ----------------------------------------------------
NET INVESTMENT LOSS $ (145,287)
- ----------------------------------------------------
Realized and Unrealized Gain (Loss)
- ----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (529,940)
Foreign currency transactions (195)
- ----------------------------------------------------
NET REALIZED LOSS $ (530,135)
- ----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $3,093,585
- ----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $3,093,585
- ----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $2,563,450
- ----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $2,418,163
- ----------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
16
<Page>
TAX-MANAGED MULTI-CAP OPPORTUNITY 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 $ (145,287) $ (281,818)
Net realized loss (530,135) (10,717,936)
Net change in unrealized
appreciation (depreciation) 3,093,585 1,856,909
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 2,418,163 $ (9,142,845)
- ----------------------------------------------------------------------------
Capital transactions --
Contributions $ 13,697,788 $ 42,921,678
Withdrawals (11,738,836) (19,274,525)
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 1,958,952 $ 23,647,153
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 4,377,115 $ 14,504,308
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 48,895,998 $ 34,391,690
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 53,273,113 $ 48,895,998
- ----------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
17
<Page>
TAX-MANAGED MULTI-CAP OPPORTUNITY 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 2000(1)
- -----------------------------------------------------------------------------------------
Ratios/Supplemental Data
- -----------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.80%(2) 0.82% 1.09% 1.36%(2)
Expenses after custodian
fee reduction 0.80%(2) 0.82% 1.09% 1.28%(2)
Net investment loss (0.58)%(2) (0.58)% (0.36)% (0.21)%(2)
Portfolio Turnover 114% 225% 324% 90%
- -----------------------------------------------------------------------------------------
TOTAL RETURN(3) 5.22% (12.80)% -- --
- -----------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $53,273 $48,896 $34,392 $ 4,012
- -----------------------------------------------------------------------------------------
</Table>
(1) For the period from the commencement of investment operations, June 29,
2000 to October 31, 2000.
(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 MULTI-CAP OPPORTUNITY PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Tax-Managed Multi-Cap Opportunity Portfolio (formerly Capital Appreciation
Portfolio) (the Portfolio) is registered under the Investment Company Act of
1940, as amended, as a diversified open-end investment management company.
The Portfolio, which was organized as a trust under the laws of the State of
New York on February 28, 2000, seeks to achieve long-term, after-tax returns
by investing in a diversified portfolio of equity securities. The Declaration
of Trust permits the Trustees to issue beneficial interests in the Portfolio.
At April 30, 2003, the Eaton Vance Tax-Managed Multi-Cap Opportunity Fund
held approximately 69.2% interest in the Portfolio and one other investor
owned an interest greater than 10% that was approximately 30.6%. 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 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 last 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 -- 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 determined
on the basis of interest accrued, adjusted for amortization of premium or
accretion of discount.
C Income Taxes -- The Portfolio has elected to be 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. Since
at least one of the Portfolio's investors is a regulated investment company
that invests all or substantially all of its 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 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
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
total expenses on the Statement of Operations.
E Securities Sold Short -- The Portfolio may sell securities it does not own 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 the delivery to the buyer. Upon executing the
transaction, the Portfolio records the proceeds as deposits with brokers in
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.
F Other -- Investment transactions are accounted for on the date the securities
are purchased or sold. Realized gains and losses are computed based on the
specific identification of securities sold.
G Use of Estimates -- The preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of
19
<Page>
TAX-MANAGED MULTI-CAP OPPORTUNITY PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
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.
H 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.
Under the advisory agreement, BMR receives a monthly advisory fee equal to
0.65% 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 $163,941.
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 such investment adviser fee. Trustees of the
Portfolio that are not affiliated with the Investment Adviser 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 $59,111,490 and $56,933,113, 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 $46,899,265
-----------------------------------------------------
Gross unrealized appreciation $ 8,554,064
Gross unrealized depreciation (1,639,533)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 6,914,531
-----------------------------------------------------
</Table>
5 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.
6 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 written
options 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 offsetting transactions
are considered. At April 30, 2003, there were no outstanding obligations
under these financial instruments.
20
<Page>
INVESTMENT MANAGEMENT
EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY 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
Toni Y. Shimura
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 MULTI-CAP OPPORTUNITY PORTFOLIO
Officers
Duncan W. Richardson
President
Arieh Coll
Vice President and
Portfolio Manager
Kristin S. Anagnost
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
21
<Page>
INVESTMENT ADVISER OF TAX-MANAGED MULTI-CAP OPPORTUNITY PORTFOLIO
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF EATON VANCE TAX-MANAGED MULTI-CAP OPPORTUNITY 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 MULTI-CAP OPPORTUNITY 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.
824-6/03 TMCAPSRC
<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