<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
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(Registrant's Telephone Number)
OCTOBER 31, 2003
----------------
Date of Fiscal Year End
APRIL 30, 2003
--------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EATON VANCE LOGO]
[PHOTO OF STATUE OF LIB]
SEMIANNUAL REPORT APRIL 30, 2003
[PHOTO OF NYSE FLAG]
EATON VANCE TAX-MANAGED MID-CAP CORE FUND
[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 MID-CAP CORE FUND AS OF APRIL 30, 2003
INVESTMENT UPDATE
MANAGEMENT DISCUSSION
[PHOTO OF PAUL J. MARSHALL, WILLIAM R. HACKNEY, III, AND CHARLES B. REED,]
The Investment Team Managing Tax-Managed Mid-Cap Core Portfolio: Paul J.
Marshall, William R. Hackney, III, and Charles B. Reed, of Atlanta Capital
Management
- - The Fund's performance during the six-month period ended April 30, 2003,
benefited from an overweight position in information technology, industrials,
and energy. The rebound in technology stocks was directly related to the
growing belief among investors that a new tech-spending cycle would begin in
the second half of 2003. Industrial stocks, with significant earnings leverage
to an improving economy, benefited accordingly. Our exposure to energy
exploration and production companies also enhanced returns, as oil and gas
prices rose as a result of geopolitical concerns and secular trends related to
a fall off in domestic natural gas supplies.
- - During the period, health care and financial stocks within the Portfolio did
not perform as we expected. Concerns developed over the ability of many
healthcare service companies to sustain mid-to-high single digit price
increases on an annual basis. Additionally, many of the regional banks in the
Portfolio were positioned for an increase in interest rates, which did not
materialize. The energy and health care sectors were moved from an overweight
to an underweight position relative to the S&P Mid-Cap 400 Index (the "Index")
during the period, while the Portfolio's sector weighting in industrials and
information technology was increased substantially.(1)
- - Over the next 12 to 18 months, we believe that the price performance of
mid-cap stocks, as measured by the Index, will be directly related to any
movement in interest rates, the profitability of companies within the Index,
and any subsequent increase in capital expenditures.(1) The consumer has been
remarkably resilient in the current environment and any significant drop in
consumer spending will have a negative impact on earnings growth and the
broader market. In our opinion, deflation concerns are exaggerated, as a
weaker dollar and an active Federal Reserve should keep prices from falling
precipitously. We believe that a little inflation would be good for the
economy, as it would indicate that corporate America's pricing power has
improved, which in turn would spur revenue growth.
THE FUND
The Past Six Month
- - During the six months ended April 30, 2003, the Fund's Class A shares had a
total return of 4.22%. This return was the result of an increase in net asset
value (NAV) to $8.89 on April 30, 2003, from $8.53 on October 31, 2002.(2)
- - The Fund's Class B shares had a total return of 3.89% during the same period,
the result of an increase in NAV to $8.82 on April 30, 2003, from $8.49 on
October 31, 2002.(2)
- - The Fund's Class C shares had a total return of 3.77% during the same period,
the result of an increase in NAV to $8.81 on April 30, 2003, from $8.49 on
October 31, 2002.(2)
- - For comparison, the average total return of funds included in the Lipper
Mid-Cap Core Classification was 4.80%for the period from October 31, 2002
until April 30, 2003.(1) The S&P Mid-Cap 400 Index had a return of 3.98% for
the same period.(1)
THE VIEWS EXPRESSED IN THIS REPORT ARE THOSE OF THE MANAGEMENT TEAM 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 ATLANTA CAPITAL MANAGEMENT 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 -14.02% -14.62% -14.72%
Life of Fund+ -9.57 -10.18 -10.26
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year -18.96% -18.89% -15.57%
Life of Fund+ -14.03 -14.03 -10.26
</Table>
+ Inception Dates - Class A: 3/4/02; Class B: 3/4/02; Class C:3/4/02
TEN LARGEST HOLDINGS(4) By total net assets
<Table>
Ace Ltd. 3.0%
WellPoint Health Networks, Inc. 2.7
Apache Corp. 2.5
DENTSPLY International, Inc. 2.5
Dover Corp. 2.5
Cox Radio, Inc. Class A 2.4
Affiliated Managers Group, Inc. 2.4
Ambac Financial Group, Inc. 2.3
Questar Corp. 2.3
Jacobs Engineering Group, Inc. 2.3
</Table>
(1) It is not possible to invest directly in an Index or a Lipper
Classification. (2) These returns do not include the 5.75% maximum sales
charge for the Fund's Class A shares or the applicable contingent deferred
sales charges (CDSC) for Class B 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 24.9%
of the Portfolio's total 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.
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 MID-CAP CORE 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 -14.02% -9.57%
Return After Taxes on Distributions -14.02% -9.57%
Return After Taxes on Distributions -9.12% -7.64%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS A)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -18.96% -14.03%
Return After Taxes on Distributions -18.96% -14.03%
Return After Taxes on Distributions -12.33% -11.19%
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 -14.62% -10.18%
Return After Taxes on Distributions -14.62% -10.18%
Return After Taxes on Distributions -9.50% -8.13%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS B)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -18.89% -14.03%
Return After Taxes on Distributions -18.89% -14.03%
Return After Taxes on Distributions -12.28% -11.19%
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 -14.72% -10.26%
Return After Taxes on Distributions -14.72% -10.26%
Return After Taxes on Distributions -9.57% -8.20%
and Sale of Fund Shares
</Table>
RETURNS AT PUBLIC OFFERING PRICE (POP) (CLASS C)
<Table>
<Caption>
ONE YEAR LIFE OF FUND
Return Before Taxes -15.57% -10.26%
Return After Taxes on Distributions -15.57% -10.26%
Return After Taxes on Distributions -10.12% -8.20%
and Sale of Fund Shares
</Table>
Class A, Class B, and Class C commenced operations on 3/4/02. Returns at Public
Offering Price (POP) reflect the deduction of the maximum sales charge, while
Returns at Net AssetValue (NAV)do not.
After-tax returns are calculated using the highest historical individual federal
income tax rate and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a shareholder's tax situation and may differ from
those shown. After-tax returns are not relevant for shareholders who hold shares
in tax-deferred accounts or to shares held by non-taxable entities. Return After
Taxes on Distributions for a period may be the same as Return Before Taxes for
that period because no distributions were paid during that period. Also, Return
After Taxes on Distributions and Sale of Fund shares for a period may be greater
than Return After Taxes on Distributions for the same period because of realized
losses on the sale of Fund shares.
Past performance (both before and after taxes)is no guarantee of future results.
Investment return and principal value will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.Performance is for
the stated time period only; due to market volatility, the Fund's current
performance may be different.
3
<Page>
EATON VANCE TAX-MANAGED MID-CAP CORE 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 Mid-Cap
Portfolio, at value
(identified cost, $8,535,888) $8,680,145
Receivable for Fund shares sold 22,647
Receivable from affiliate 60,147
- ----------------------------------------------------
TOTAL ASSETS $8,762,939
- ----------------------------------------------------
Liabilities
- ----------------------------------------------------
Payable for Fund shares redeemed $ 8,239
Payable to affiliate for distribution
and service fees 1,616
Payable to affiliate for Trustees' fees 80
Accrued expenses 18,952
- ----------------------------------------------------
TOTAL LIABILITIES $ 28,887
- ----------------------------------------------------
NET ASSETS $8,734,052
- ----------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------
Paid-in capital $9,328,372
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (690,860)
Accumulated net investment loss (47,717)
Net unrealized appreciation from
Portfolio (computed on the basis of
identified cost) 144,257
- ----------------------------------------------------
TOTAL $8,734,052
- ----------------------------------------------------
Class A Shares
- ----------------------------------------------------
NET ASSETS $4,266,272
SHARES OUTSTANDING 480,032
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 8.89
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $8.89) $ 9.43
- ----------------------------------------------------
Class B Shares
- ----------------------------------------------------
NET ASSETS $1,937,544
SHARES OUTSTANDING 219,762
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 8.82
- ----------------------------------------------------
Class C Shares
- ----------------------------------------------------
NET ASSETS $2,530,236
SHARES OUTSTANDING 287,043
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 8.81
- ----------------------------------------------------
</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 $ 31,762
Interest allocated from Portfolio 495
Expenses allocated from Portfolio (41,256)
- ---------------------------------------------------
NET INVESTMENT LOSS FROM PORTFOLIO $ (8,999)
- ---------------------------------------------------
Expenses
- ---------------------------------------------------
Administration fee $ 5,814
Trustees' fees and expenses 8
Distribution and service fees
Class A 5,060
Class B 8,537
Class C 9,980
Registration fees 43,119
Custodian fee 8,447
Transfer and dividend disbursing agent
fees 8,385
Legal and accounting services 5,177
Printing and postage 2,800
Miscellaneous 1,538
- ---------------------------------------------------
TOTAL EXPENSES $ 98,865
- ---------------------------------------------------
Deduct --
Preliminary allocation of expenses to
affiliate $ 60,147
- ---------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 60,147
- ---------------------------------------------------
NET EXPENSES $ 38,718
- ---------------------------------------------------
NET INVESTMENT LOSS $ (47,717)
- ---------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- ---------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $(435,409)
- ---------------------------------------------------
NET REALIZED LOSS $(435,409)
- ---------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 777,282
- ---------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 777,282
- ---------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 341,873
- ---------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 294,156
- ---------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
4
<Page>
EATON VANCE TAX-MANAGED MID-CAP CORE FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) APRIL 30, 2003 PERIOD ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002(1)
- ---------------------------------------------------------------------------------------
From operations --
Net investment loss $ (47,717) $ (29,238)
Net realized loss (435,409) (255,412)
Net change in unrealized
appreciation (depreciation) 777,282 (633,025)
- ---------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 294,156 $ (917,675)
- ---------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 1,881,220 $ 5,085,324
Class B 796,801 1,514,606
Class C 1,465,359 2,162,624
Cost of shares redeemed
Class A (2,175,768) (161,573)
Class B (167,947) (106,793)
Class C (583,692) (352,590)
- ---------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ 1,215,973 $ 8,141,598
- ---------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 1,510,129 $ 7,223,923
- ---------------------------------------------------------------------------------------
Net Assets
- ---------------------------------------------------------------------------------------
At beginning of period $ 7,223,923 $ --
- ---------------------------------------------------------------------------------------
AT END OF PERIOD $ 8,734,052 $ 7,223,923
- ---------------------------------------------------------------------------------------
Accumulated net
investment loss included
in net assets
- ---------------------------------------------------------------------------------------
AT END OF PERIOD $ (47,717) $ --
- ---------------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 4, 2002, to October 31,
2002.
SEE NOTES TO FINANCIAL STATEMENTS
5
<Page>
EATON VANCE TAX-MANAGED MID-CAP CORE FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS A
-------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
(UNAUDITED) OCTOBER 31, 2002(2)
- -----------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 8.530 $10.000
- -----------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------
Net investment loss(1) $(0.037) $(0.047)
Net realized and unrealized
gain (loss) 0.397 (1.423)
- -----------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.360 $(1.470)
- -----------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 8.890 $ 8.530
- -----------------------------------------------------------------------------
TOTAL RETURN(3) 4.22% (14.70)%
- -----------------------------------------------------------------------------
Ratios/Supplemental Data+
- -----------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 4,266 $ 4,394
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 1.70%(5) 1.65%(5)
Net investment loss (0.85)%(5) (0.80)%(5)
Portfolio Turnover of the
Portfolio 33% 13%
- -----------------------------------------------------------------------------
+ The operating expenses of the Fund 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) 3.25%(5) 4.78%(5)
Net investment loss (2.40)%(5) (3.93)%(5)
Net investment loss per share $(0.105) $(0.231)
- -----------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, March 4, 2002, to October 31,
2002.
(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 MID-CAP CORE FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS B
-------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
(UNAUDITED) OCTOBER 31, 2002(2)
- -----------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 8.490 $10.000
- -----------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------
Net investment loss(1) $(0.069) $(0.089)
Net realized and unrealized
gain (loss) 0.399 (1.421)
- -----------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.330 $(1.510)
- -----------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 8.820 $ 8.490
- -----------------------------------------------------------------------------
TOTAL RETURN(3) 3.89% (15.10)%
- -----------------------------------------------------------------------------
Ratios/Supplemental Data+
- -----------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 1,938 $ 1,254
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 2.45%(5) 2.40%(5)
Net investment loss (1.63)%(5) (1.52)%(5)
Portfolio Turnover of the
Portfolio 33% 13%
- -----------------------------------------------------------------------------
+ The operating expenses of the Fund 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) 4.00%(5) 5.53%(5)
Net investment loss (3.18)%(5) (4.65)%(5)
Net investment loss per share $(0.134) $(0.272)
- -----------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, March 4, 2002, to October 31,
2002.
(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 MID-CAP CORE FUND AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS C
-------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
(UNAUDITED) OCTOBER 31, 2002(2)
- -----------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 8.490 $10.000
- -----------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------
Net investment loss(1) $(0.070) $(0.090)
Net realized and unrealized
gain (loss) 0.390 (1.420)
- -----------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.320 $(1.510)
- -----------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 8.810 $ 8.490
- -----------------------------------------------------------------------------
TOTAL RETURN(3) 3.77% (15.10)%
- -----------------------------------------------------------------------------
Ratios/Supplemental Data+
- -----------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,530 $ 1,575
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 2.45%(5) 2.40%(5)
Net investment loss (1.65)%(5) (1.52)%(5)
Portfolio Turnover of the
Portfolio 33% 13%
- -----------------------------------------------------------------------------
+ The operating expenses of the Fund 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) 4.00%(5) 5.53%(5)
Net investment loss (3.20)%(5) (4.65)%(5)
Net investment loss per share $(0.135) $(0.275)
- -----------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, March 4, 2002, to October 31,
2002.
(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 MID-CAP CORE FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Eaton Vance Tax-Managed Mid-Cap Core Fund (the Fund) is a diversified series
of Eaton Vance Mutual Funds Trust (the Trust). The Trust is an entity of the
type commonly known as a Massachusetts business trust and is registered under
the Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund offers three classes of shares. Class A shares
are generally sold subject to a sales charge imposed at time of purchase.
Class B and Class C shares are sold at net asset value and are generally
subject to a contingent deferred sales charge (see Note 6). Class B shares
held for eight years will automatically convert to Class A shares. Each class
represents a pro-rata interest in the Fund, but votes separately on
class-specific matters and (as noted below) is subject to different expenses.
Realized and unrealized gains and losses and net investment income and
losses, other than class-specific expenses, are allocated daily to each class
of shares based on the relative net assets of each class to the total net
assets of the Fund. Each class of shares differs in its distribution plan and
certain other class-specific expenses. The Fund invests all of its investable
assets in interests of the Tax-Managed Mid-Cap Core 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 (35.2% 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 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 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 net investment income, and
any net realized capital gains. Accordingly, no provision for federal income
or excise tax is necessary. At October 31, 2002, the Fund did not have any
undistributed long term gains. At October 31, 2002, the Fund, for federal
income tax purposes, had a capital loss carryover of $251,940 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 loss carryover will expire on October 31, 2010.
E Other -- Investment transactions are accounted for on a trade-date basis.
Dividends to shareholders are recorded on the ex-dividend date.
F Use of Estimates -- The preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during the
reporting period. Actual results could differ from those estimates.
G Interim Financial Statements -- The interim financial statements relating to
April 30, 2003 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the Fund's
management reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders
- -------------------------------------------
It is the present policy of the Fund to make at least one distribution
annually (normally in December) of all or substantially all of its net
investment income, if any, and at least one distribution annually of all or
substantially all of its net realized capital gains, if any. Distributions
are paid
9
<Page>
EATON VANCE TAX-MANAGED MID-CAP CORE FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
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 PERIOD ENDED
CLASS A (UNAUDITED) OCTOBER 31, 2002(1)
-------------------------------------------------------------------------------
Sales 217,324 533,609
Redemptions (252,622) (18,279)
-------------------------------------------------------------------------------
NET INCREASE (DECREASE) (35,298) 515,330
-------------------------------------------------------------------------------
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
CLASS B (UNAUDITED) OCTOBER 31, 2002(1)
-------------------------------------------------------------------------------
Sales 92,118 159,604
Redemptions (20,082) (11,878)
-------------------------------------------------------------------------------
NET INCREASE 72,036 147,726
-------------------------------------------------------------------------------
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
CLASS C (UNAUDITED) OCTOBER 31, 2002(1)
-------------------------------------------------------------------------------
Sales 169,360 225,822
Redemptions (67,951) (40,188)
-------------------------------------------------------------------------------
NET INCREASE 101,409 185,634
-------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 4, 2002, to October 31,
2002.
4 Transactions with Affiliates
- -------------------------------------------
The administration fee is earned by Eaton Vance Management (EVM) 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 $5,814. To reduce the net
investment loss of the Fund, EVM was allocated $60,147 of the Fund's
operating expenses for the six months ended April 30, 2003. 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 $2,564 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 of the 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% (annualized) of the Fund's average
daily net assets attributable to Class B and Class C shares, for providing
ongoing distribution services and facilities to the Fund. The Fund will
automatically discontinue payments to EVD during any period in which there
are no outstanding Uncovered Distribution Charges, which are equivalent to
the sum of (i) 6.25% of the aggregate amount received by the Fund for the
Class B and Class C shares sold, plus
10
<Page>
EATON VANCE TAX-MANAGED MID-CAP CORE FUND AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
(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 $6,403 and $7,485 for Class B and
Class C shares, respectively, to or payable to EVD for the six months ended
April 30, 2003, representing 0.75% (annualized) of the average daily net
assets for Class B and Class C shares, respectively. At April 30, 2003, the
amount of Uncovered Distribution Charges of EVD calculated under the Plans
was approximately $93,911 and $123,411 for Class B and Class C shares,
respectively.
The Plans authorize the Fund to make payments of service fees to EVD,
investment dealers and other persons in amounts equal to 0.25% (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 are made for
personal services and/or the maintenance of shareholder accounts. Service
fees are separate and distinct from the sales commissions and distribution
fees payable by the Fund to EVD and, as such, are not subject to automatic
discontinuance when there are no outstanding Uncovered Distribution Charges
of EVD. Service fees for the six months ended April 30, 2003 amounted to
$5,060, $2,134 and $2,495 for Class A, Class B and Class C
shares, respectively.
6 Contingent Deferred Sales Charge
- -------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class B shares made within six years of purchase and on redemptions of
Class C shares made within one year of purchase. Generally, the CDSC is based
upon the lower of the net asset value at date of redemption or date of
purchase. No charge is levied on shares acquired by reinvestment of dividends
or capital gain distributions. Class A shares may be subject to a 1% CDSC if
redeemed within one year of purchase (depending upon the circumstances of
purchase). The Class B CDSC is imposed at declining rates that begin at 5% in
the case of redemptions in the first and second year after purchase,
declining one percentage point each subsequent year. Class C shares will be
subject to a 1% CDSC if redeemed within one year of purchase.
No CDSC is levied on shares which have been sold to EVM or its affiliates or
to their respective employees or clients and may be waived under certain
other limited conditions. CDSC charges received on Class B and Class C
redemptions are paid to EVD to reduce the amount of Uncovered Distribution
Charges calculated under the Class B and Class C Plans, respectively (see
Note 5). CDSC charges assessed on Class B and Class C shares when no
Uncovered Distribution Charges exist for the respective classes will be
credited to the Fund. The Fund was informed that EVD received approximately
$50, $1,500 and $150 of CDSC paid by shareholders for Class A, Class B 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 for the six
months ended April 30, 2003 aggregated $4,162,415 and $2,928,827,
respectively.
11
<Page>
TAX-MANAGED MID-CAP CORE PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 97.5%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------
Advertising Agencies -- 2.3%
- --------------------------------------------------------------
Omnicom Group, Inc. 9,100 $ 563,290
- --------------------------------------------------------------
$ 563,290
- --------------------------------------------------------------
Airlines -- 0.9%
- --------------------------------------------------------------
SkyWest, Inc. 18,300 $ 234,057
- --------------------------------------------------------------
$ 234,057
- --------------------------------------------------------------
Banks - Regional -- 4.7%
- --------------------------------------------------------------
City National Corp. 5,000 $ 205,850
SouthTrust Corp. 9,900 265,924
Southwest Bancorporation of Texas,
Inc.(1) 12,300 417,954
Synovus Financial Corp. 13,800 268,686
- --------------------------------------------------------------
$ 1,158,414
- --------------------------------------------------------------
Basic Materials -- 1.7%
- --------------------------------------------------------------
Vulcan Materials Co. 11,800 $ 412,646
- --------------------------------------------------------------
$ 412,646
- --------------------------------------------------------------
Broadcasting and Radio -- 2.4%
- --------------------------------------------------------------
Cox Radio, Inc. Class A(1) 26,400 $ 602,184
- --------------------------------------------------------------
$ 602,184
- --------------------------------------------------------------
Business Services - Miscellaneous -- 7.6%
- --------------------------------------------------------------
ChoicePoint, Inc.(1) 14,266 $ 503,304
Fair Isaac Corp. 5,800 302,064
Fiserv, Inc.(1) 12,200 359,168
SEI Investments Co. 9,500 250,135
The Reynolds and Reynolds Co. Class A 16,100 463,841
- --------------------------------------------------------------
$ 1,878,512
- --------------------------------------------------------------
Computer Services -- 2.0%
- --------------------------------------------------------------
PeopleSoft, Inc.(1) 15,300 $ 229,959
SunGard Data Systems, Inc.(1) 12,000 258,000
- --------------------------------------------------------------
$ 487,959
- --------------------------------------------------------------
Computer Software -- 1.0%
- --------------------------------------------------------------
National Instruments Corp.(1) 7,600 $ 243,808
- --------------------------------------------------------------
$ 243,808
- --------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------
Computers - Integrated Systems -- 4.9%
- --------------------------------------------------------------
Adobe Systems, Inc. 11,900 $ 411,264
Affiliated Computer Services, Inc.(1) 8,700 414,990
Jack Henry & Associates, Inc. Class A 29,000 377,870
- --------------------------------------------------------------
$ 1,204,124
- --------------------------------------------------------------
Cosmetics and Toiletries -- 1.8%
- --------------------------------------------------------------
Alberto-Culver Co. Class A 9,500 $ 452,960
- --------------------------------------------------------------
$ 452,960
- --------------------------------------------------------------
Education -- 1.6%
- --------------------------------------------------------------
Education Management Corp.(1) 8,000 $ 390,560
- --------------------------------------------------------------
$ 390,560
- --------------------------------------------------------------
Electronics - Equipment / Instruments -- 1.7%
- --------------------------------------------------------------
Amphenol Corp. Class A(1) 9,300 $ 411,897
- --------------------------------------------------------------
$ 411,897
- --------------------------------------------------------------
Electronics - Semiconductors -- 3.1%
- --------------------------------------------------------------
Microchip Technology, Inc. 22,950 $ 477,131
QLogic Corp.(1) 6,400 281,536
- --------------------------------------------------------------
$ 758,667
- --------------------------------------------------------------
Engineering and Construction -- 2.3%
- --------------------------------------------------------------
Jacobs Engineering Group, Inc.(1) 13,700 $ 563,755
- --------------------------------------------------------------
$ 563,755
- --------------------------------------------------------------
Finance - Investment Management -- 6.9%
- --------------------------------------------------------------
Affiliated Managers Group, Inc.(1) 13,000 $ 602,030
Ambac Financial Group, Inc. 9,900 577,665
Legg Mason, Inc. 9,500 515,850
- --------------------------------------------------------------
$ 1,695,545
- --------------------------------------------------------------
Food - Wholesale / Distribution -- 2.3%
- --------------------------------------------------------------
Performance Food Group Co.(1) 16,000 $ 561,280
- --------------------------------------------------------------
$ 561,280
- --------------------------------------------------------------
Gas Distribution -- 1.1%
- --------------------------------------------------------------
Piedmont Natural Gas Co., Inc. 7,600 $ 283,936
- --------------------------------------------------------------
$ 283,936
- --------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
12
<Page>
TAX-MANAGED MID-CAP CORE PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------
Healthcare Services -- 4.7%
- --------------------------------------------------------------
First Health Group Corp.(1) 20,300 $ 508,515
WellPoint Health Networks, Inc.(1) 8,700 660,678
- --------------------------------------------------------------
$ 1,169,193
- --------------------------------------------------------------
Household Products -- 1.0%
- --------------------------------------------------------------
Estee Lauder Companies Inc., (The),
Class A 7,400 $ 240,500
- --------------------------------------------------------------
$ 240,500
- --------------------------------------------------------------
Industrial Gases -- 1.9%
- --------------------------------------------------------------
Praxair, Inc. 8,000 $ 464,640
- --------------------------------------------------------------
$ 464,640
- --------------------------------------------------------------
Insurance -- 3.0%
- --------------------------------------------------------------
Ace Ltd. 22,200 $ 734,376
- --------------------------------------------------------------
$ 734,376
- --------------------------------------------------------------
Insurance Brokers -- 1.4%
- --------------------------------------------------------------
Arthur J. Gallagher & Co., Inc. 14,200 $ 354,858
- --------------------------------------------------------------
$ 354,858
- --------------------------------------------------------------
Manufacturing -- 7.6%
- --------------------------------------------------------------
Danaher Corp. 7,100 $ 489,758
Dover Corp. 21,100 606,414
Harsco Corp. 10,500 361,935
Nucor Corp. 10,000 408,500
- --------------------------------------------------------------
$ 1,866,607
- --------------------------------------------------------------
Medical - Hospitals -- 2.0%
- --------------------------------------------------------------
Health Management Associates, Inc. Class
A 29,700 $ 506,682
- --------------------------------------------------------------
$ 506,682
- --------------------------------------------------------------
Medical Products -- 2.7%
- --------------------------------------------------------------
Patterson Dental Co.(1) 9,600 $ 385,632
Renal Care Group, Inc.(1) 8,900 288,360
- --------------------------------------------------------------
$ 673,992
- --------------------------------------------------------------
Medical Services / Supplies -- 2.5%
- --------------------------------------------------------------
DENTSPLY International, Inc. 16,300 $ 610,435
- --------------------------------------------------------------
$ 610,435
- --------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------
Multi-Utilities -- 2.3%
- --------------------------------------------------------------
Questar Corp. 19,000 $ 573,800
- --------------------------------------------------------------
$ 573,800
- --------------------------------------------------------------
Office Electronics / Technology -- 1.0%
- --------------------------------------------------------------
Zebra Technologies Corp. Class A(1) 3,600 $ 240,012
- --------------------------------------------------------------
$ 240,012
- --------------------------------------------------------------
Oil and Gas - Exploration and Production -- 5.9%
- --------------------------------------------------------------
Apache Corp. 10,725 $ 614,006
Devon Energy Corp. 0 10
EOG Resources, Inc. 12,800 478,464
Newfield Exploration Co.(1) 10,600 364,534
- --------------------------------------------------------------
$ 1,457,014
- --------------------------------------------------------------
Publishing -- 1.2%
- --------------------------------------------------------------
The New York Times Co. Class A 6,500 $ 301,470
- --------------------------------------------------------------
$ 301,470
- --------------------------------------------------------------
Retail - Discount -- 1.9%
- --------------------------------------------------------------
Family Dollar Stores, Inc. 13,600 $ 464,984
- --------------------------------------------------------------
$ 464,984
- --------------------------------------------------------------
Retail - Restaurants -- 4.2%
- --------------------------------------------------------------
Brinker International, Inc.(1) 16,900 $ 536,575
Sonic Corp.(1) 18,400 496,984
- --------------------------------------------------------------
$ 1,033,559
- --------------------------------------------------------------
Retail - Specialty and Apparel -- 3.4%
- --------------------------------------------------------------
Bed Bath and Beyond, Inc.(1) 13,600 $ 537,336
Tiffany & Co. 10,700 296,818
- --------------------------------------------------------------
$ 834,154
- --------------------------------------------------------------
Telecommunications -- 1.1%
- --------------------------------------------------------------
CenturyTel, Inc. 9,500 $ 279,775
- --------------------------------------------------------------
$ 279,775
- --------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
TAX-MANAGED MID-CAP CORE PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------
Transportation -- 1.4%
- --------------------------------------------------------------
Expeditors International of Washington,
Inc. 9,900 $ 359,954
- --------------------------------------------------------------
$ 359,954
- --------------------------------------------------------------
Total Common Stocks
(identified cost $23,316,684) $24,069,599
- --------------------------------------------------------------
Total Investments -- 97.5%
(identified cost $23,316,684) $24,069,599
- --------------------------------------------------------------
Other Assets, Less Liabilities -- 2.5% $ 620,425
- --------------------------------------------------------------
Net Assets -- 100.0% $24,690,024
- --------------------------------------------------------------
</Table>
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
TAX-MANAGED MID-CAP CORE 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, $23,316,684) $24,069,599
Cash 1,168,681
Receivable for investments sold 179,538
Interest and dividends receivable 8,355
Prepaid expenses 15
- -----------------------------------------------------
TOTAL ASSETS $25,426,188
- -----------------------------------------------------
Liabilities
- -----------------------------------------------------
Payable for investments purchased $ 717,419
Payable to affiliate for Trustees' fees 155
Accrued expenses 18,590
- -----------------------------------------------------
TOTAL LIABILITIES $ 736,164
- -----------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $24,690,024
- -----------------------------------------------------
Sources of Net Assets
- -----------------------------------------------------
Net proceeds from capital contributions
and withdrawals $23,937,109
Net unrealized appreciation (computed on
the basis of identified cost) 752,915
- -----------------------------------------------------
TOTAL $24,690,024
- -----------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
APRIL 30, 2003
Investment Income
- -----------------------------------------------------
Dividends $ 86,797
Interest 1,331
- -----------------------------------------------------
TOTAL INVESTMENT INCOME $ 88,128
- -----------------------------------------------------
Expenses
- -----------------------------------------------------
Investment adviser fee $ 85,264
Trustees' fees and expenses 197
Custodian fee 17,549
Legal and accounting services 9,773
Miscellaneous 135
- -----------------------------------------------------
TOTAL EXPENSES $ 112,918
- -----------------------------------------------------
NET INVESTMENT LOSS $ (24,790)
- -----------------------------------------------------
Realized and Unrealized Gain (Loss)
- -----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $(1,208,996)
- -----------------------------------------------------
NET REALIZED LOSS $(1,208,996)
- -----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 2,142,038
- -----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 2,142,038
- -----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 933,042
- -----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 908,252
- -----------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
TAX-MANAGED MID-CAP CORE 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 PERIOD ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002(1)
- -------------------------------------------------------------------------------
From operations --
Net investment loss $ (24,790) $ (49,816)
Net realized loss (1,208,996) (577,498)
Net change in unrealized
appreciation (depreciation) 2,142,038 (1,389,123)
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 908,252 $ (2,016,437)
- -------------------------------------------------------------------------------
Capital transactions --
Contributions $ 10,065,319 $ 19,978,729
Withdrawals (3,432,559) (913,290)
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 6,632,760 $ 19,065,439
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 7,541,012 $ 17,049,002
- -------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------
At beginning of period $ 17,149,012 $ 100,010
- -------------------------------------------------------------------------------
AT END OF PERIOD $ 24,690,024 $ 17,149,012
- -------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 1, 2002, to October 31,
2002.
SEE NOTES TO FINANCIAL STATEMENTS
16
<Page>
TAX-MANAGED MID-CAP CORE PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED
APRIL 30, 2003 PERIOD ENDED
(UNAUDITED) OCTOBER 31, 2002(1)
- -----------------------------------------------------------------------------
Ratios/Supplemental Data
- -----------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 1.07%(2) 1.68%(2)
Net investment loss (0.23)%(2) (0.81)%(2)
Portfolio Turnover 33% 13%
- -----------------------------------------------------------------------------
TOTAL RETURN(3) 4.55% (14.72)%
- -----------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $24,690 $17,149
- -----------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, March 1, 2002, to October 31,
2002.
(2) Annualized.
(3) Total return is not computed on an annualized basis.
SEE NOTES TO FINANCIAL STATEMENTS
17
<Page>
TAX-MANAGED MID-CAP CORE PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Tax-Managed Mid-Cap Core 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 December 10, 2001, seeks to
achieve long-term, after-tax returns by investing in a diversified portfolio
of common stocks of mid-cap companies. The Declaration of Trust permits the
Trustees to issue interests in the Portfolio. At April 30, 2003, the Eaton
Vance Tax-Managed Mid-Cap Core Fund held an approximate 35.2% interest in the
Portfolio and one other investor owned an interest greater than 10% that
equaled 64.5%. 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 ask 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 Contract -- 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 (margin maintenance) 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 Put Options -- Upon the purchase of a put option by the Portfolio, the
premium paid is recorded as an investment, the value of which is
marked-to-market daily. When a purchased option expires, the Portfolio will
realize a loss in the amount of the cost of the option. When the Portfolio
enters into a closing sale transaction, the Portfolio will realize a gain or
loss depending on whether the sales proceeds from the closing sale
transaction are greater or less than the cost of the option. When the
Portfolio exercises a put option, settlement is made in cash. The risk
associated with purchasing options is limited to the premium originally paid.
F 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
convertible or exchangeable for an equal amount of the security sold short.
Such transactions are done 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 in the Statement of Assets and Liabilities and
establishes an offsetting payable for securities sold short for the
securities
18
<Page>
TAX-MANAGED MID-CAP CORE PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
due on settlement. The proceeds are retained by the broker as collateral for
the short position. The liability is marked-to-market 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.
G 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.
H 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.
I 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.
J Other -- Investment transactions are accounted for on a trade date basis.
K 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
0.80% annually of the 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 $85,264.
Pursuant to a sub-advisory agreement, BMR has delegated the investment
management of the Portfolio to Atlanta Capital Management Company, LLC
(Atlanta Capital), a majority-owned subsidiary of Eaton Vance. BMR pays
Atlanta Capital a monthly fee for sub-advisory services provided to the
Portfolio equal to 0.55% annually of the average daily net assets up to $500
million, and at reduced rates as daily net assets exceed that level. 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 $12,921,215 and $6,797,619, respectively, for the six months ended
April 30, 2003.
19
<Page>
TAX-MANAGED MID-CAP CORE PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
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 $23,316,684
-----------------------------------------------------
Gross unrealized appreciation $ 1,514,626
Gross unrealized depreciation (761,711)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 752,915
-----------------------------------------------------
</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 written
options, forward foreign currency exchange 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 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 for the six months
ended April 30, 2003.
20
<Page>
INVESTMENT MANAGEMENT
EATON VANCE TAX-MANAGED MID-CAP CORE 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 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 MID-CAP CORE PORTFOLIO
Officers
James B. Hawkes
President and Trustee
Thomas E. Faust Jr.
Vice President
William R. Hackney, III
Vice President
Paul J. Marshall
Vice President
Charles B. Reed
Vice President
Michelle A. Alexander
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
Donald R. Dwight
Samuel L. Hayes, III
William H. Park
Norton H. Reamer
Lynn A. Stout
21
<Page>
INVESTMENT ADVISER OF TAX-MANAGED MID-CAP CORE PORTFOLIO
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
SUB-ADVISER OF TAX-MANAGED MID-CAP CORE PORTFOLIO
ATLANTA CAPITAL MANAGEMENT COMPANY LLC
1349 West Peachtree Street
Suite 1600
Atlanta, GA 30309
ADMINISTRATOR OF EATON VANCE TAX-MANAGED MID-CAP CORE FUND
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA02109
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 MID-CAP CORE 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.
1301-6/03 TMMCCSRC
<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