<PAGE>
[LOGO OF EATON VANCE MUTUAL FUNDS APPEARS HERE]
[PHOTO OF EDUCATION SIGN APPEARS HERE]
Semiannual Report June 30, 1998
[PHOTO OF HIGHWAY APPEARS HERE]
EATON VANCE
TAX FREE
RESERVES
Eaton Vance
Global Management-Global Distribution
[PHOTO OF BROOKLYN BRIDGE APPEARS HERE]
<PAGE>
Eaton Vance Tax Free Reserves as of June 30, 1998
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INVESTMENT UPDATE
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[PHOTO OF M. DOZIER GARDNER, PRESIDENT APPEARS HERE]
Investment Environment
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The Economy
. In the first half of 1998, the U.S. economy continued to benefit from a
confluence of favorable trends, including robust growth, historically low
unemployment, and tame inflation.
. Gross Domestic Product (GDP), the primary measure of economic growth,
increased by a stronger-than-expected 5.4% in the first 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 Market
. Short-term tax-free yields were little changed during the six-month period,
reflecting a stable Fed Funds rate and manageable supply pressures within the
short-term municipal market. The Fed Funds rate is the rate for inter-bank
overnight loans and serves as a key short-term interest rate barometer.
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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.
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The Fund
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The Past Six Months
. During the six months ended June 30, 1998, shareholders of Eaton Vance Tax
Free Reserves received $0.015 in income dividends, all free from federal
income tax./1/
. Based on the last monthly dividend paid and the Fund's $1.00 share price, its
distribution rate was 3.09% on June 30, 1998./2/ The Fund's SEC 7-day yield
on that date was 3.13%./3/
. To equal that distribution rate, a shareholder in the 36% federal income tax
bracket would need a yield of 4.83% from a taxable investment./4/
About Eaton Vance Tax Free Reserves
. Eaton Vance Tax Free Reserves invests only in dollar-denominated, high-
quality securities which present minimal credit risk./4/
. To attain its investment objective, the Fund seeks to invest in short-term
obligations which are rated in the two highest short-term ratings categories
and which provide income exempt from regular federal income tax.
. Tax rates continue to burden investors who seek to maximize their after-tax
investment dollars. A money market mutual fund that invests in high-quality
investments, free of federal taxation, can be a sensible way to earn income
while preserving capital and maintaining liquidity.
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/1/ A portion of the Fund's income may be subject to federal alternative minimum
tax.
/2/ The Fund's distribution rate represents actual distributions paid to
shareholders and is calculated by dividing the last distribution per share
(annualized) by the net asset value.
/3/ The Fund's SEC yield is calculated by dividing the net investment income per
share for the 7-day period by the net asset value at the end of the period
and annualizing the result.
/4/ An investment in the Fund is neither insured nor guaranteed by the U.S.
Government, and there can be no assurance that the Funds will be able to
maintain a stable net asset value of $1.00 per share. The Fund has no sales
charge.
Past performance is no guarantee of future results. Investment return and
yield will vary.
2
<PAGE>
Eaton Vance Tax Free Reserves as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 103.3%
Ratings (Unaudited) Principal
- ----------------------- Amount
Moody's/S&P Moody's/S&P (000's
Short-Term Long-Term omitted) Security Value
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Commercial Paper -- 10.4%
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P-1/A-1+ Aa1/AAA $2,000 Burlington, KS PCR,
3.60%, 7/20/98 $ 2,000,000
P-1/A-1+ Aa2/AA 1,000 Jacksonville, FL
Electric Authority,
3.70%, 8/27/98 1,000,000
NR/A-1+ NR/AA+ 1,500 Rochester, MN Health
Care Facilities,
(Mayo Clinic),
3.75%, 8/26/98 1,500,000
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$ 4,500,000
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General Obligation Notes/Bonds -- 17.6%
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NR/NR Aa2/AA $2,650 Illinois State,
3.90%, 12/1/98 $ 2,652,666
NR/NR Aaa/AAA 1,500 Iowa State School
District, Cash
Anticipation Program,
(Iowa School Corp.),
(FSA), 4.50%, 6/25/99 1,512,069
NR/SP1+ NR/NR 1,000 Michigan Municipal Bond
Authority, 4.50%, 7/2/98 1,000,017
NR/NR Aaa/AAA 1,000 Minnesota State
Infrastructure,
6.80%, 8/1/98 1,002,474
NR/NR Aa1/AA+ 1,500 Washington State,
4.20%, 8/1/98 1,500,772
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$ 7,667,998
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Prerefunded -- 9.4%
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NR/NR Aaa/AA+ $1,000 Boulder, CO,
7.40%, 10/1/98 $ 1,009,503
NR/NR Aaa/AAA 1,000 Dallas, TX, 8.25%, 5/1/99 1,036,012
NR/NR Aaa/AA 1,750 Metropolitan Atlanta
Rapid Transit Authority,
GA, Sales Tax Revenue,
8.00%, 7/1/12 1,785,000
NR/NR Aaa/A+ 255 Wisconsin HEFA, (Wheaton
Franciscan Services,
Inc.), 8.20%, 8/15/98 261,482
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$ 4,091,997
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Revenue Notes/Bonds -- 2.3%
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NR/SP1 NR/NR $1,000 Oshkosh, WI School
District, 4.15%, 8/24/98 $ 1,000,429
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$ 1,000,429
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Variable Rate Demand Obligations -- 63.6%
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VMIG1/A-1+ Aa2/AA $2,000 Adams County, CO IDR,
(LOC: Barclays Bank),
3.60%, 12/1/15 $ 2,000,000
P-1/A-1 A2/A 2,100 California PCR, (Wadham
Energy), (LOC: Banque
Paribas), 4.20%, 11/1/17 2,100,000
VMIG1/A-1+ Aaa/AAA 1,500 Colorado Student
Authority, (LOC: Student
Loan Marketing Assc.),
3.50%, 9/1/24 1,500,000
VMIG1/A-1+ Aa3/AA- 3,000 Delaware EDA, IDR,
(Delaware Clean Power),
(LOC: Canadian Imperial
Bank), 3.60%, 8/1/29 3,000,000
VMIG1/A-1+ Aa3/AA 1,500 Delaware Valley, PA
Regional Finance
Authority (LOC: Credit
Suisse), 3.40%, 12/1/20 1,500,000
VMIG1/A-1+ Aaa/AAA 1,500 Eddy County, NM PCR,
(IMC Fertilizer, Inc.),
(LOC: Rabobank
Nederland), 3.40%, 2/1/03 1,500,000
VMIG1/A-1+ Aa3/AA- 1,200 Florida HFA, (Monterey
Meadows Apt.), (LOC:
Citibank, N.A.),
3.50%, 12/1/07 1,200,000
VMIG1/A-1+ Aa2/AA- 2,000 Fort Wayne, IN Hospital
Authority, (Parkview
Memorial Hospital),
(LOC: Bank of America),
3.40%, 1/1/16 2,000,000
VMIG1/A-1+ Aa2/AA+ 800 Fulton County, GA IDR,
(American National Red
Cross), (LOC: Wachovia
Bank GA, N.A.),
3.55%, 8/1/05 800,000
VMIG1/A-1+ Aa3/AA- 845 Fulton County, GA
Residential Care
(Caterbury Court), (LOC:
Suntrust Bank),
3.60%, 10/1/99 845,000
P-1/A-1+ Aa2/AA 1,000 Galveston, TX IDR,
(Mitchell Interests),
(LOC: Bank One),
3.70%, 9/1/13 1,000,000
NR/A-1+ NR/AA- 965 Illinois DFA, (Cinnamon
Lake Towers), (LOC: The
First National Bank of
Chicago), 3.65%, 4/1/37 965,000
P-1/A-1+ Aaa/AAA 2,600 Kansas City, MO IDA
(Willow Creek IV
Apartments), Fannie Mae,
3.55%, 9/1/25 2,600,000
VMIG1/NR Aa3/NR 2,000 Lee County, FL IDA
Health Care Facilities,
(Cypress Cove
HealthPark), (LOC:
Kredietbank, N.V.),
3.50%, 10/1/04 2,000,000
See notes to financial statements
3
<PAGE>
Eaton Vance Tax Free Reserves as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited) Principal
- ---------------------- Amount
Moody's/S&P Moody's/S&P (000's
Short-Term Long-Term omitted) Security Value
- ---------------------------------------------------------------------------
Variable Rate Demand Obligations (continued)
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VMIG1/A-1+ Aa3/AA- $1,260 Metropolitan Government
Nashville and Davidson
County, TN IDR, (Dixie
Graphics, Inc.), (LOC:
Suntrust Bank, Nashville,
N.A.), 3.60%, 5/1/09 $ 1,260,000
VMIG1/A-1+ Aaa/AAA 200 Montgomery County, PA
HEHA, (Holy Redeemer
Hospital), (AMBAC),
3.40%, 9/1/18 200,000
MIG1/A-1+ NR/AA- 2,170 Putnam County, FL PCR,
(Seminole Electric),
3.65%, 3/15/14 2,170,000
VMIG1/A-1+ Aa1/AA+ 1,000 South Carolina EDA,
(Baptist Healthcare),
(LOC: Credit Local De
France), 3.45%, 8/1/17 1,000,000
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$27,640,000
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Total Tax-Exempt Investments -- 103.3%
(identified cost $44,900,424) $44,900,424(1)
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Other Assets, Less Liabilities -- (3.3)% $(1,423,179)
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Net Assets -- 100% $43,477,245
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At June 30, 1998, the concentration of the Fund's investments in
various states, determined as a percentage of total investments, is
as follows:
Colorado 10.0%
Florida 14.2%
Others (less than 10% individually) 75.8%
(1) Cost for Federal income tax purposes is the same.
See notes to financial statements
4
<PAGE>
Eaton Vance Tax Free Reserves as of June 30, 1998
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of June 30, 1998
Assets
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Investments, at value $ 44,900,424
Cash 279
Receivable for Fund shares sold 457,997
Interest receivable 359,872
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Total assets $ 45,718,572
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Liabilities
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Payable for Fund shares redeemed $ 1,033,831
Distributions payable 60,006
Demand note payable 1,141,000
Payable to affiliate for Trustees' fees 2,439
Other accrued expenses 4,051
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Total liabilities $ 2,241,327
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Net Assets for 43,495,253 shares of beneficial interest
outstanding $ 43,477,245
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Sources of Net Assets
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Paid-in capital $ 43,495,253
Accumulated net realized loss (computed on the basis of (18,008)
identified cost)
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Total $ 43,477,245
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Net Asset Value, Offering and
Redemption Price Per Share
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($43,477,245 / 43,495,253 shares of
beneficial interest outstanding) $ 1.00
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Statement of Operations
For the Six Months Ended
June 30, 1998
Investment Income
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Interest $1,035,679
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Total investment income $1,035,679
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Expenses
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Investment adviser fee $ 147,526
Trustees fees and expenses 2,667
Custodian fee 20,542
Legal and accounting services 12,421
Registration fees 7,960
Transfer and dividend disbursing agent fees 7,044
Interest 6,482
Printing and postage 1,253
Miscellaneous 4,794
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Total expenses $ 210,689
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Deduct --
Reduction of custodian fee $ 20,542
Preliminary reduction of investment adviser fee 51,691
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Total expense reductions $ 72,233
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Net expenses $ 138,456
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Net investment income $ 897,223
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See notes to financial statements
5
<PAGE>
Eaton Vance Tax Free Reserves 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 $ 897,223 $ 2,004,308
Net realized loss -- (1,479)
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Net increase in net assets
from operations $ 897,223 $ 2,002,829
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Distributions to shareholders --
From net investment income $ (897,223) $ (2,004,308)
- --------------------------------------------------------------------------------
Total distributions to shareholders $ (897,223) $ (2,004,308)
- --------------------------------------------------------------------------------
Transactions in shares of beneficial
interest at Net Asset Value of
$1.00 per share --
Proceeds from sale of shares $ 100,062,475 $ 181,218,594
Net asset value of shares
issued to shareholders in
payment of 506,266 1,177,904
distributions declared
Cost of shares redeemed (91,051,364) (171,789,887)
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Net increase in net assets from
Fund share transactions $ 9,517,377 $ 10,606,611
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Net increase in net assets $ 9,517,377 $ 10,605,132
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Net Assets
- --------------------------------------------------------------------------------
At beginning of period $ 33,959,868 $ 23,354,736
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At end of period $ 43,477,245 $ 33,959,868
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See notes to financial statements
6
<PAGE>
Eaton Vance Tax Free Reserves 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 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $1.0000 $ 1.0000
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.0152 $ 0.0312 $ 0.0303 $ 0.0347 $0.0235 $ 0.0184
- ------------------------------------------------------------------------------------------------------------------------------------
Total income from operations $ 0.0152 $ 0.0312 $ 0.0303 $ 0.0347 $0.0235 $ 0.0184
- ------------------------------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------------------------------
From net investment income $ (0.0152) $(0.0312) $ (0.0303) $(0.0347) $ (0.0235) $(0.0184)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.0152) $(0.0312) $ (0.0303) $(0.0347) $ (0.0235) $(0.0184)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value-- End of period $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $1.0000 $ 1.0000
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return /(1)/ 1.53% 3.16% 3.08% 3.53% 2.36% 1.86%
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $ 43,477 $ 33,960 $ 23,355 $ 23,912 $29,021 $ 60,247
Ratios (As a percentage of average daily net assets):
Net operating expenses /(2)/ 0.52%+ 0.52% 0.33% 0.34% 0.47% 0.62%
Net operating expenses after custodian fee
reduction /(2)/ 0.45%+ 0.46% 0.27% -- -- --
Interest expense 0.02%+ 0.01% 0.02% 0.05% 0.07% 0.03%
Net investment income 3.07%+ 3.12% 3.04% 3.47% 2.27% 1.82%
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
<CAPTION>
Ratios (As a percentage of average daily net assets):
<S> <C> <C> <C> <C> <C> <C>
Operating expenses /(2)/ 0.70%+ 0.67% 0.69% 0.73% 0.87% 0.82%
Operating expenses after custodian
fee reduction /(2)/ 0.63%+ 0.61% 0.63% -- % -- % --
Net investment income 2.89%+ 2.96% 2.66% 3.02% 1.88% 1.65%
Net investment income per share $ 0.0143 $ 0.0296 $ 0.0266 $ 0.0303 $ 0.0189 $ 0.0167
- ------------------------------------------------------------------------------------------------------------------------------------
Leverage Analysis
- ------------------------------------------------------------------------------------------------------------------------------------
Amount of debt outstanding at end of period $ 1,141,000 $ -- $ -- $ 1,266,000 $ 6,117,000 $ 2,428,000
Average daily balance of debt outstanding
during period 210,376 134,611 116,757 279,586 440,145 285,000
Average weekly balance of shares outstanding
during period 58,972,080 64,279,572 61,730,866 51,107,215 40,463,382 48,697,998
Average amount of debt per share during period $ 0.004 $ 0.002 $ 0.002 $ 0.005 $ 0.011 $ 0.006
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ 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, 1996 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
7
<PAGE>
Eaton Vance Tax Free Reserves as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
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Eaton Vance Tax Free Reserves (the Fund) is a series of Eaton Vance Mutual
Funds Trust (the Trust). The Trust is an entity of the type 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 seeks to earn as high a rate of income exempt from regular federal income
tax while preserving capital and maintaining liquidity. 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 -- The Trustees have determined that the best method
currently available for valuing portfolio investments is amortized cost. The
Fund's use of the amortized cost method to value its portfolio investments is
subject to the Fund's compliance with certain conditions as specified under
Rule 2a-7 of the Investment Company Act of 1940.
B Interest Income -- Interest income consists of interest accrued, adjusted
for amortization of any discount or premium, accrued ratably to the date of
maturity or call 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 (the Code) applicable to regulated investment companies
and to distribute to shareholders each year all of its net investment income,
including any net realized gain on investments. Accordingly, no provision for
federal income or excise tax is necessary. At December 31, 1997, the Fund, for
federal income tax purposes, had a capital loss carryover of $18,008, which
will reduce the Fund's taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Code, and thus will reduce
the amount of the distributions to shareholders which would otherwise be
necessary to relieve the Fund of any liability for federal income tax. Such
capital loss carryover will expire on December 31, 2002 ($16,529) and December
31, 2005 ($1,479). Dividends paid by the Fund from net interest earned on
tax-exempt municipal bonds are not includable by shareholders as gross income
for federal income tax purposes because the Fund intends to meet certain
requirements of the Code applicable to regulated investment companies which
will enable the Fund to pay exempt-interest dividends. The portion of such
interest, if any, earned on private activity bonds issued after August 7,
1986, may be considered a tax preference item for shareholders.
D Other -- Investment transactions are accounted for on a trade date basis.
E Expense Reduction -- Investors Bank and 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 fee are reported as a reduction of expenses in the
Statement of Operations.
F 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.
G 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 Distribution to Shareholders
------------------------------------------------------------------------------
The net investment income of the Fund is determined daily, and substantially
all of the net investment income so determined is declared as a dividend to
shareholders of record at the time of declaration. Such dividends are paid
monthly. Distributions are paid in the form of additional shares of the Fund,
or, at the election of the shareholder, in cash.
8
<PAGE>
Eaton Vance Tax Free Reserves as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
3 Investment Adviser Fee and Other Transactions
with Affiliates
------------------------------------------------------------------------------
The investment adviser fee is earned by Eaton Vance Management (EVM) as
compensation for management, investment advisory, and other services rendered
to the Fund and is computed at the monthly rate of 1/24 of 1% (0.50% annually)
of the Fund's average monthly net assets. To enhance the net investment income
of the Fund, EVM made a preliminary reduction of its fee in the amount of
$51,691 for the six months ended June 30, 1998. 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 Trust are officers and
directors/trustees of the above organizations.
4 Shares of Beneficial Interest
------------------------------------------------------------------------------
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value).
5 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 Fund 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 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 average daily loan balance for the
six months ended June 30, 1998 was $210,376, and the average interest rate was
6.21%.
6 Purchases and Sales of Investments
------------------------------------------------------------------------------
The Fund invests primarily in state and municipal debt securities. The ability
of the issuers of the debt securities held by the Fund to meet their
obligations may be affected by economic developments in a specific industry or
municipality. Purchases and sales (including maturities) of investments
aggregated $86,603,806 and $75,532,300, respectively.
9
<PAGE>
Eaton Vance Tax Free Reserves as of June 30, 1998
INVESTMENT MANAGEMENT
Eaton Bance Tax Free Reserves
Officers Independent Trustees
M. Dozier Gardner Donald R. Dwight
President and Trustee President, Dwight Partners, Inc.
James B. Hawkes Samuel L. Hayes, III
Vice President and Trustee Jacob H. Schiff Professor of
Investment Banking,
William H. Ahern, Jr. Harvard University Graduate School of
Vice President and Business Administration
Portfolio Manager
Norton H. Reamer
Thomas J. Fetter Chairman and Chief Executive Officer,
Vice President United Asset Management Corporation
Robert B. MacIntosh John L. Thorndike
Vice President Formerly Director, Fiduciary Company
Incorporated
Michael B. Terry
Vice President Jack L. Treynor
Investment Adviser and Consultant
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
10
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This Page Intentionally Left Blank
<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 Tax Free Reserves
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 sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
- --------------------------------------------------------------------------------
TRSRC 8/98
