<PAGE>
[LOGO OF EATON VANCE [PHOTO OF THE STATUE
MUTUAL FUNDS OF LIBERTY
APPEARS HERE] APPEARS HERE]
Investing
for the Semiannual Report June 30, 1998
21st
Century (R)
EATON VANCE
[PHOTO OF THE TREASURY SHORT-TERM
BUILDING APPEARS HERE]
TREASURY
FUND
Eaton Vance
Global Management-Global Distribution
[PHOTO OF THE AMERICAN FLAG APPEARS HERE]
<PAGE>
Eaton Vance Short-Term Treasury Fund as of June 30, 1998
INVESTMENT UPDATE
M. Dozier Gardner,
President
Investment Environment
- -------------------------------------------------------------------------------
[PHOTO OF M.DOZIER GARDNER APPEARS HERE]
The Economy
. In the first half of 1998, the U.S. economy continued to benefit from a
confluence of favorable trends, including good growth, historically low
unemployment, and tame inflation.
. Gross Domestic Product (GDP), the primary measure of economic growth,
increased by a moderate 1.4% in the second quarter, while the unemployment
rate declined from 4.7% in December, 1997, to 4.5% in June, 1998. On the
inflation front, the Consumer Price Index (CPI) rose only 1.6% in the 12
months ended June, 1998.
. Investors continue to evaluate the potential effect of the Asian economic
crisis on the U.S. economy. Thus far in 1998, the effects of the crisis -
which include a reduction in U.S. exports of manufactured goods and lower
prices for Asian imports - have contributed to a lower inflation rate and
expectations of continued low inflation. Not surprisingly, interest rates
moved lower. The yield of the 30-year Treasury bond declined from 5.92% at
December 31, 1997, to 5.63% at June 30, 1998.
The Market
. The trend was generally positive for short-term bonds as well during the
six-month period. The chart to the right indicates the decline in yield for
the six-month Treasury bill. Yields were at their peak at 5.42% on January 1
and reached their low on January 9 at 5.09%. The average yield during the
period was 5.27%.
. The outlook for short-term interest rates will depend on the actions of the
Federal Reserve. The Fed continues to monitor closely economic activity,
casting an especially keen eye on the employment cost index. In recent
testimony, Fed Chairman Alan Greenspan suggested that the Fed Funds rate - the
key short-term interest rate barometer - is likely to remain fairly stable
over the near-term due to the dampening effect of the Asian crisis on the U.S.
economy.
Fund Information
as of June 30, 1998
Performance/2/
- --------------------------------------------------------------------------------
SEC Average Annual Total Returns
- --------------------------------------------------------------------------------
One Year 5.0%
Five Years 4.7
Life of Fund (2/4/91) 4.4
The Fund
- --------------------------------------------------------------------------------
The Past Six Months
. During the six months ended June 30, 1998, Eaton Vance Short-Term Treasury
Fund had a total return of 2.4%.
. This return resulted from an increase in the Fund's net asset value to $66.45
per share on June 30, 1998 from $64.88 per share on December 31, 1997.
. The Fund's risk-adjusted performance through June 30 earned it a Four-Star
Overall Rating among taxable bond funds covered by Morningstar, Inc./1/ - a
nationally-recognized monitor of mutual fund performance.
About The Fund
. The Fund presents an attractive compromise between low-risk, low-yielding
money market funds and longer-term bond funds. Long-term bond funds generally
entail higher credit and/or maturity risk than do short-term bond funds.
. By investing solely in U.S. Treasury securities and repurchase agreements
collateralized exclusively by U.S. Treasury obligations, and by maintaining an
average effective maturity of around 150 days, the Fund enjoys top credit
quality and low interest rate sensitivity within its universe of taxable
fixed-income mutual funds.
[LINE GRAPH APPEARS HERE]
Date Six month T-Bill rates from 1/1/98 through 6/30/98
1/1/98 5.43
5.38
5.3
5.28
5.28
5.16
5.1
5.15
5.16
5.16
5.13
5.18
5.18
5.19
5.2
5.2
5.26
5.26
5.28
5.28
5.23
2/2/98 5.23
5.23
5.27
5.21
5.23
5.24
5.23
5.24
5.23
5.23
5.22
5.22
5.21
5.28
5.3
5.3
5.32
5.31
5.28
5.31
5.32
3/2/98 5.31
5.29
5.26
5.25
5.21
5.22
5.22
5.22
5.19
5.19
5.19
5.25
5.26
5.27
5.26
5.27
5.19
5.15
5.17
5.19
5.22
5.25
4/1/98 5.24
5.21
5.16
5.21
5.19
5.2
5.21
5.21
5.3
5.3
5.28
5.27
5.26
5.27
5.24
5.24
5.26
5.26
5.33
5.32
5.31
5.23
5/1/98 5.26
5.27
5.3
5.3
5.31
5.33
5.34
5.38
5.36
5.38
5.37
5.38
5.37
5.35
5.4
5.39
5.38
5.36
5.36
5.33
5.31
6/1/98 5.26
5.29
5.29
5.32
5.33
5.35
5.38
5.37
5.3
5.29
5.28
5.3
5.35
5.33
5.32
5.33
5.33
5.3
5.29
5.27
5.29
6/30/98 5.24
/1/ Morningstar proprietary ratings reflect historical risk-adjusted performance
through 6/30/98 and are subject to change every month. Funds are assigned
ratings from 1 star (lowest) to 5 stars (highest). Morningstar ratings are
calculated from the Fund's 3-,5-, and 10-year average annual returns (with fee
adjustment) in excess of 90-day Treasury bill returns, and a risk factor that
reflects fund performance below 90-day Treasury bill returns. The top 10% of the
funds in a category receive 5 stars; the next 22.5% receive 4 stars. The Fund
was rated 4 stars for both the 3-year period (1,468 funds) and the 5-year period
(890 funds)./2/ Returns are historical and are calculated by determining the
percentage change in net asset value with all distributions reinvested. There is
no sales charge.
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 Short-Term Treasury Fund as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
U.S. Treasury Obligations -- 76.8%
Principal
Amount
Security (000 omitted) Value
- --------------------------------------------------------------------------------
U.S. Treasury Bill, 0.00%, 4/29/99 $ 51,000 $ 48,815,670
U.S. Treasury Bill, 0.00%, 11/12/98 152,800 149,936,528
- --------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(identified cost $198,661,042) $198,752,198
- --------------------------------------------------------------------------------
Repurchase Agreements -- 23.2%
Dean Witter Repurchase Agreement, dated
6/30/98, due 7/1/98, with a maturity
value of $60,009,583 and an effective yield
of 5.75%, collateralized by U.S. Treasury
Obligations with rates ranging from 0.00% to
8.50%, with maturity dates ranging from
8/20/98 to 7/15/02 and with an
aggregate market value of $60,009,628. $ 60,000 $ 60,000,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(identified cost $60,000,000) $ 60,000,000
- --------------------------------------------------------------------------------
Total Investments -- 100.0%
(identified cost $258,661,042) $258,752,198
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.0% $ 119,257
- --------------------------------------------------------------------------------
Net Assets -- 100% $258,871,455
- --------------------------------------------------------------------------------
See notes to financial statements
3
<PAGE>
Eaton Vance Short-Term Treasury Fund as of June 30, 1998
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of June 30, 1998
Assets
- --------------------------------------------------------------------------------
Investments, at value (Including repurchase agreements of
$60,000,000) (identified cost, $258,661,042) $ 258,752,198
Cash 139,524
Interest receivable 9,583
- --------------------------------------------------------------------------------
Total assets $ 258,901,305
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Payable to affiliate for Trustees' fees $ 9,628
Other accrued expenses 20,222
- --------------------------------------------------------------------------------
Total liabilities $ 29,850
- --------------------------------------------------------------------------------
Net Assets for 3,895,703 shares of
beneficial interest outstanding $ 258,871,455
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Paid-in capital $ 251,689,112
Accumulated net realized loss (computed on the basis of
identified cost) (37,417)
Accumulated distributions in excess of realized gain
(computed on the basis of identified cost) (8,015)
Accumulated undistributed net investment income 7,136,619
Net unrealized appreciation (computed on the basis of
identified cost) 91,156
- --------------------------------------------------------------------------------
Total $ 258,871,455
- --------------------------------------------------------------------------------
Net Asset Value, Offering and
Redemption Price Per Share
- --------------------------------------------------------------------------------
($258,871,455 / 3,895,703 shares of
beneficial interest outstanding) $ 66.45
- --------------------------------------------------------------------------------
Statement of Operations
For the Six Months Ended
June 30, 1998
Investment Income
- --------------------------------------------------------------------------------
Interest $ 8,039,927
- --------------------------------------------------------------------------------
Total investment income $ 8,039,927
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee $ 559,041
Trustees fees and expenses 10,889
Distribution fees 380,120
Custodian fee 82,200
Legal and accounting services 12,715
Registration fees 7,944
Transfer and dividend disbursing agent fees 6,833
Printing and postage 6,316
Miscellaneous 3,883
- --------------------------------------------------------------------------------
Total expenses $ 1,069,941
- --------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 28,785
Preliminary reduction of investment adviser fee 137,848
- --------------------------------------------------------------------------------
Total expense reductions $ 166,633
- --------------------------------------------------------------------------------
Net expenses $ 903,308
- --------------------------------------------------------------------------------
Net investment income $ 7,136,619
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss)
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (37,417)
- --------------------------------------------------------------------------------
Net realized loss $ (37,417)
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation)
Investments (identified cost basis) $ 91,953
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ 91,953
- --------------------------------------------------------------------------------
Net realized and unrealized gain $ 54,536
- --------------------------------------------------------------------------------
Net increase in net assets from operations $ 7,191,155
- --------------------------------------------------------------------------------
See notes to financial statements
4
<PAGE>
Eaton Vance Short-Term Treasury Fund as of June 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Six Months Ended
Increase (Decrease) June 30, 1998 Year Ended
in Net Assets (Unaudited) December 31, 1997
- --------------------------------------------------------------------------------
From operations --
Net investment income $ 7,136,619 $ 10,237,231
Net realized gain (loss) (37,417) 268,633
Net change in unrealized
appreciation (depreciation) 91,953 (325)
- --------------------------------------------------------------------------------
Net increase in net assets
from operations $ 7,191,155 $ 10,505,539
- --------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ -- $ (49,784)
- --------------------------------------------------------------------------------
Total distributions to shareholders $ -- $ (49,784)
- --------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sales of shares $ 578,620,699 $ 718,832,115
Net asset value of shares issued to
shareholders in payment of -- 35,074
distributions declared
Cost of shares redeemed (329,889,095) (728,378,135)
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions $ 248,731,604 $ (9,510,946)
- --------------------------------------------------------------------------------
Net increase in net assets $ 255,922,759 $ 944,809
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of period $ 2,948,696 $ 2,003,887
- --------------------------------------------------------------------------------
At end of period $ 258,871,455 $ 2,948,696
- --------------------------------------------------------------------------------
Accumulated
undistributed net
investment income
included in net assets
- --------------------------------------------------------------------------------
At end of period $ 7,136,619 $ --
- --------------------------------------------------------------------------------
See notes to financial statements
5
<PAGE>
Eaton Vance Short-Term Treasury Fund as of June 30, 1998
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Six Months Ended Year Ended December 31,
June 30, 1998 ------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- Beginning of period $ 64.88 $62.89 $61.43 $57.52 $55.58 $54.30
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 1.56 $3.07 $ 2.88 $3.47 $ 1.80 $ 1.34
Net realized and unrealized gain (loss) 0.01 0.08 -- 0.44 0.14 (0.06)
- ----------------------------------------------------------------------------------------------------------------------------------
Total income from operations $ 1.57 $3.15 $ 2.88 $3.91 $ 1.94 $1.28
- ----------------------------------------------------------------------------------------------------------------------------------
Less distributions
- ----------------------------------------------------------------------------------------------------------------------------------
From net investment income $ -- $(1.16) $(1.42) $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $(1.16) $(1.42) $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of period $ 66.45 $64.88 $62.89 $61.43 $57.52 $55.58
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return /(1)/ 2.42% 5.00% 4.69% 6.80% 3.49% 2.36%
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data +
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $258,871 $2,949 $2,004 $1,915 $1,175 $1,743
Ratios (As a percentage of average daily net assets):
Net expenses/(2)/ 0.61%+ 0.60% 0.61% 0.62% 0.84% 0.60%
Net expenses after custodian fee reduction 0.60%+ 0.60% 0.60% 0.60% -- --
Net investment income 4.70%+ 4.74% 4.65% 5.25% 2.97% 2.48%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ The operating expenses of the Fund may reflect a reduction of the
Investment Adviser fee, an allocation of expenses to the Investment
Adviser, or both. Had such actions not been taken, the ratios and net
investment income per share would have been as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of average daily net assets):
Expenses 0.70%+ 0.70% 0.76% 0.89% 1.23% 0.70%
Expenses after custodian fee reduction 0.69%+ 0.70% 0.75% 0.87% -- --
Net investment income 4.61%+ 4.64% 4.50% 4.98% 2.58% 2.38%
Net investment income per share $ 1.53 $3.00 $ 2.80 $ 3.29 $ 1.56 $1.28
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTE: Certain of the per share amounts have been computed using the average
shares outstanding method.
+ Annualized.
(1) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(2) The expense ratios for the year ended December 31, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Fund to increase its
expense ratio by the effect of any expense offset arrangements with its
service providers. The expense ratios for each of the prior periods have
not been adjusted to reflect this change.
See notes to financial statements
6
<PAGE>
Eaton Vance Short-Term Treasury Fund as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
-----------------------------------------------------------------------------
Eaton Vance Short-Term Treasury Fund (the Fund) is a 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 a diversified, open-end
management investment company. 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 generally
accepted accounting principles.
A Investment Valuations -- Debt securities, including listed securities and
securities for which price quotations are available, will normally be valued
on the basis of market valuations furnished by a pricing service. Short-term
obligations and money market securities maturing in 60 days or less are
valued at amortized cost, which approximates value. Other assets are valued
at fair value using methods determined in good faith by the Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of discount when required for federal income tax
purposes.
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 all of its taxable income, including any net
realized gain on investments. Accordingly, no provision for federal income or
excise tax is necessary. The Fund intends on its tax return to treat as a
distribution of net investment income and realized capital gains the portion
of redemption proceeds paid to redeeming shareholders that represents their
share of the Fund's undistributed income and gains. At fiscal year-end, the
Fund utilizes earnings and profits distributed to shareholders on redemptions
of Fund shares as part of the dividends paid deduction for income tax
purposes. This practice, which involves the use of equalization accounting,
will have the effect of reducing the amount of income and gains that the Fund
is required to distribute as a dividend to shareholders each year in order to
relieve the Fund of any liability for federal income and excise tax.
D Repurchase Agreements -- The Fund may enter into repurchase agreements
collateralized exclusively by US Treasury obligations with banks and broker-
dealers determined to be creditworthy by the Investment Adviser. Under a
repurchase agreement, the Fund buys a security at one price and
simultaneously promises to sell that same security back to the seller at a
higher price for settlement at a later date. The Fund's repurchase agreements
will provide that the value of the collateral underlying the repurchase
agreement will always be at least equal to the repurchase price, including
any interest earned on the repurchase agreement, and will be marked to market
daily. In the event of bankruptcy of the counterparty or a third party
custodian, the Fund might experience delays in recovering its cash or
experience a loss.
E Other -- Investment transactions are accounted for on a trade date basis.
Dividends to shareholders are recorded on the ex-dividend date.
F Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Fund. Pursuant to the custodian agreement, IBT receives a
fee reduced by credits which are determined based on the average daily cash
balances the Fund maintains with IBT. All significant credit balances used to
reduce the Fund's custodian fees are reported as a reduction of expenses in
the Statement of Operations.
G Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles 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 Information -- The interim financial statements relating
to June 30, 1998 and for the six month period 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 Shares of Beneficial Interest
-----------------------------------------------------------------------------
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial
7
<PAGE>
Eaton Vance Short-Term Treasury Fund as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
interest (without par value). Transactions in Fund shares were as follows:
Six Months Ended
June 30, 1998 Year Ended
(Unaudited) December 31, 1997
-----------------------------------------------------------------------------
Sales 8,874,648 11,131,083
Issued to shareholders electing to
receive payments of
distributions in Fund shares -- 541
Redemptions (5,024,391) (11,118,039)
-----------------------------------------------------------------------------
Net increase 3,850,257 13,585
-----------------------------------------------------------------------------
3 Purchases and Sales of Investments
----------------------------------------------------------------------------
Purchases and sales (including maturities) of U.S. Government Securities,
aggregated $1,593,900,625 and $1,405,449,379, respectively.
4 Investment Adviser Fee and Other Transaction with Affiliates
-----------------------------------------------------------------------------
The investment adviser fee is earned by Eaton Vance Management (EVM) as
compensation for management and investment advisory services rendered to the
Fund. The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sales of
securities). For the six months ended June 30, 1998, the fee was equivalent
to 0.37% (annualized) of the Fund's average net assets and amounted to
$559,041. To enhance the net income of the Fund, EVM made a reduction of its
fee in the amount of $137,848. Except as to Trustees of the Fund who are not
members of EVM's organization, officers and Trustees receive remuneration for
their services to the Fund out of such investment adviser fee. Certain of the
officers and Trustees of the Fund are officers and directors/trustees of the
above organizations. Trustees of the Fund 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 June 30, 1998, no significant
amounts have been deferred.
5 Distribution Plan
-----------------------------------------------------------------------------
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1
under the Investment Company Act of 1940. The Plan provides that the Fund
will pay the Principal Underwriter, Eaton Vance Distributors, Inc. (EVD), a
subsidiary of EVM, a quarterly distribution fee equal to 0.25% on an annual
basis of the Fund's average daily net assets. EVD may pay up to the entire
amount of the distribution fee to Authorized Firms for providing services to
shareholders. The Plan is designed to compensate EVD and the Authorized Firms
through which the Fund's shares are distributed. For the six months ended
June 30, 1998 the Fund paid $380,120 in distribution fees to EVD, and EVD in
turn paid a substantial portion of this amount to Authorized Firms.
6 Line of Credit
-----------------------------------------------------------------------------
The Fund participates with other portfolios and funds managed by EVM and
affiliates in a $100 million unsecured line of credit agreement with a group
of banks. Borrowings will be made by the portfolio or fund solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each portfolio or fund based on its
borrowing at an amount above 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 facility is allocated among the participating portfolios and
funds at the end of each quarter. The Fund did not have any significant
borrowings or allocated fees during the year.
7 Federal Income Tax Basis of Investments
-----------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investments
owned at June 30, 1998, as computed on a federal income tax basis, are as
follows:
Aggregate cost $258,673,802
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 78,396
Gross unrealized depreciation --
-----------------------------------------------------------------------------
Net unrealized appreciation $ 78,396
-----------------------------------------------------------------------------
8
<PAGE>
Eaton Vance Short-Term Treasury Fund as of June 30, 1998
INVESTMENT MANAGEMENT
Eaton Vance Short-Term Treasury Fund
Officers
M. Dozier Gardner
President and Trustee
James B. Hawkes
Vice President and Trustee
William H. Ahern, Jr.
Vice President
Thomas J. Fetter
Vice President
Robert B. MacIntosh
Vice President
Michael B. Terry
Vice President and
Portfolio Manager
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate School of
Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
9
<PAGE>
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<PAGE>
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<PAGE>
Investment Adviser
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
200 Clarendon Street, 16th Floor
Boston, MA 02116
Transfer Agent
First Data Investor Services Group
Attention: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
Eaton Vance Short-Term Treasury Fund
24 Federal Street
Boston, MA 02110
- --------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its distribution plan,
sales charges and expenses. Please read the prospectus carefully before you
invest or send money.
- --------------------------------------------------------------------------------
TYSRC-8/98
