<PAGE>
[LOGO OF EATON VANCE APPEARS HERE]
Investing for the 21st Century
[PICTURE OF FLAG APPEARS HERE]
Annual Report December 31, 1998
EATON VANCE
[PICTURE OF STATUE OF COMBINED Cash Management Fund
LIBERTY APPEARS HERE] MONEY
MARKET FUNDS
REPORT
Liquid Assets Fund
Global Management-Global Distribution
Money Market Fund
[PICTURE OF COLUMNS APPEARS HERE]
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
[PHOTO OF JAMES B. HAWKES APPEARS HERE]
James B. Hawkes
President
Investment Environment
- --------------------------------------------------------------------------------
The Economy
. The U.S. economy continued the longest uninterrupted growth period in its
history in 1998, seemingly unaffected by presidential scandal, renewed
conflict with Iraq, or global economic troubles. Recent data suggests that
the real growth rate for 1998 will be about 4%. Inflation remained very low.
. Many economists predicted that the "Asian flu" would hamper growth in 1998.
Instead, it redirected capital to the U.S. markets, resulting in lower
interest rates, increased consumer spending, and continued growth in the U.S.
stock market.
. For 1999, a slowdown in the manufacturing sector, weakening corporate
earnings, further overseas economic problems, and the Y2K computer problem
are some of the obstacles the economy will face.
The Market
. After nine quiet months, the Federal Reserve Board lowered the Federal Funds
interest rate 3 times since September 29, ending the year at 4.75%. The
Federal Funds rate is the rate for interbank overnight loans and serves as a
key interest rate barometer.
. While declining Federal Funds rates restored investor confidence and sent
stock prices higher in the fourth quarter, rates on short-term money market
instruments dropped, and yields on money market funds also fell.
The Portfolio
- --------------------------------------------------------------------------------
About The Portfolio
. The Portfolio continues to invest only in securities of the highest quality.
Each of its commercial paper holdings has been given the top credit rating
by at least two nationally recognized statistical rating organizations.
. 60-day commercial paper is a commonly used liquid investment for money market
funds. At December 31, 1998, approximately 66% of the assets of the Eaton
Vance Cash Management Portfolio was invested in high-quality commercial
paper.
. The Portfolio also invests in U.S. Government agency securities, which are
not rated officially but are considered to be of high quality.*
. In the past year, the Portfolio's weighted average maturity ranged between 23
and 41 days.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
* An investment in one of the Portfolio's money market funds 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.
2
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
FINANCIAL STATEMENTS
Statements of Assets and Liabilities
As of December 31, 1998
<TABLE>
<CAPTION>
Cash Liquid Money
Management Fund Assets Fund Market Fund
- ---------------------------------------------------------------------------------------------------------------------
Assets
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment in Cash Management Portfolio, at value $97,470,918 $8,007,056 $34,864,447
Receivable for Fund shares sold 683,910 -- 168,460
Receivable from the Administrator -- -- 11,429
Deferred organization expenses -- -- 8,675
- ---------------------------------------------------------------------------------------------------------------------
Total assets $98,154,828 $8,007,056 $35,053,011
- ---------------------------------------------------------------------------------------------------------------------
Liabilities
- ---------------------------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed $ 1,670,937 $ 9,057 $ 734,880
Dividends payable 185,208 6,015 3,601
Payable to affiliate for Trustees' fees 775 37 37
Other accrued expenses 53,894 18,409 22,953
- ---------------------------------------------------------------------------------------------------------------------
Total liabilities $ 1,910,814 $ 33,518 $ 761,471
- ---------------------------------------------------------------------------------------------------------------------
Net Assets (represented by paid-in-capital) $96,244,014 $7,973,538 $34,291,540
- ---------------------------------------------------------------------------------------------------------------------
Shares of Beneficial Interest Outstanding
- ---------------------------------------------------------------------------------------------------------------------
96,244,014 7,973,538 34,291,540
- ---------------------------------------------------------------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share
- ---------------------------------------------------------------------------------------------------------------------
(Net assets / shares of beneficial interest outstanding) $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
3
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Operations
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
Cash Liquid Money
Management Fund Assets Fund Market Fund
- ---------------------------------------------------------------------------------------------------------------------
Investment Income
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Interest allocated from Portfolio $5,504,077 $569,079 $1,524,002
Expenses allocated from Portfolio (605,410) (62,511) (167,927)
- ---------------------------------------------------------------------------------------------------------------------
Net investment income from Portfolio $4,898,667 $506,568 $1,356,075
- ---------------------------------------------------------------------------------------------------------------------
Expenses
- ---------------------------------------------------------------------------------------------------------------------
Trustees fees and expenses $ 3,055 $ 174 $ 174
Distribution and service fees -- 22,142 234,260
Transfer and dividend disbursing agent fees 119,382 12,265 27,142
Custodian fee 20,506 2,991 4,079
Registration fees 46,088 14,188 35,804
Printing and postage 17,549 5,422 7,080
Legal and accounting services 22,519 22,633 22,339
Amortization of organization expenses -- -- 6,960
Miscellaneous 7,971 3,326 7,801
- ---------------------------------------------------------------------------------------------------------------------
Total expenses $ 237,070 $ 83,141 $ 345,639
- ---------------------------------------------------------------------------------------------------------------------
Deduct --
Allocation of expenses to the Administrator $ -- $ -- $ 11,429
- ---------------------------------------------------------------------------------------------------------------------
Total expense reductions $ -- $ -- $ 11,429
- ---------------------------------------------------------------------------------------------------------------------
Net expenses $ 237,070 $ 83,141 $ 334,210
- ---------------------------------------------------------------------------------------------------------------------
Net investment income $4,661,597 $423,427 $1,021,865
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
4
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
Cash Liquid Money
Increase (Decrease) in Net Assets Management Fund Assets Fund Market Fund
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
From operations--
Net investment income $ 4,661,597 $ 423,427 $ 1,021,865
- --------------------------------------------------------------------------------------------------------------------
Distributions to shareholders--
From net investment income $ (4,661,597) $ (423,427) $ (1,021,865)
- --------------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest--
Proceeds from sale of shares $ 503,937,629 $ 77,632 $106,237,780
Net asset value of shares issued to shareholders in
payment of distributions declared 2,326,522 239,050 790,419
Cost of shares redeemed (556,763,381) (5,343,871) (96,545,361)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund
share transactions $ (50,499,230) $ (5,027,189) $ 10,482,838
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (50,499,230) $ (5,027,189) $ 10,482,838
- --------------------------------------------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------------------------------------------
At beginning of year $ 146,743,244 $ 13,000,727 $ 23,808,702
- --------------------------------------------------------------------------------------------------------------------
At end of year $ 96,244,014 $ 7,973,538 $ 34,291,540
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
5
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended December 31, 1997
<TABLE>
<CAPTION>
Cash Liquid Money
Increase (Decrease) in Net Assets Management Assets Market
Fund Fund Fund
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
From operations --
Net investment income $ 4,817,207 $ 679,542 $ 1,065,668
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (4,817,207) $ (679,542) $ (1,065,668)
- ------------------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares $ 553,471,378 $ 138,284 $ 224,831,973
Net asset value of shares issued to shareholders in
payment of distributions declared 2,926,310 394,175 646,729
Cost of shares redeemed (561,345,354) (7,442,068) (232,920,194)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share
transactions $ (4,947,666) $(6,909,609) $ (7,441,492)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (4,947,666) $(6,909,609) $ (7,441,492)
- ------------------------------------------------------------------------------------------------------------------------
Net Assets
- ------------------------------------------------------------------------------------------------------------------------
At beginning of period $ 151,690,910 $19,910,336 $ 31,250,194
- ------------------------------------------------------------------------------------------------------------------------
At end of period $ 146,743,244 $13,000,727 $ 23,808,702
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
6
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Cash Management Fund
---------------------------------------------------------------
Year Ended December 31,
---------------------------------------------------------------
1998 1997 1996 1995 1994
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- Beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------------
Income from operations
- --------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.0470 $ 0.0478 $ 0.0470 $ 0.0522 $ 0.0345
- --------------------------------------------------------------------------------------------------------------------
Less distributions
- --------------------------------------------------------------------------------------------------------------------
From net investment income $(0.0470) $ (0.0478) $(0.0470) $(0.0522) $(0.0345)
- --------------------------------------------------------------------------------------------------------------------
Net asset value -- End of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------------
Total Return (1) 4.78% 4.89% 4.82% 5.35% 3.49%
- --------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $ 96,244 $146,743 $151,691 $155,251 $111,622
Ratios (As a percentage of average daily net
assets): 0.85% 0.78% 0.74% 0.74% 0.84%
Expenses (2)
Net investment income 4.69% 4.79% 4.70% 5.22% 3.40%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(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) Includes the Fund's share of its Portfolio's allocated expenses.
See notes to financial statements
7
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Liquid Assets Fund
-------------------------------------------------------
Year Ended December 31,
-------------------------------------------------------
1998 1997 1996 1995 1994
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- Beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------------
Income from operations
- --------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.0410 $ 0.0420 $ 0.0432 $ 0.0505 $ 0.0328
- --------------------------------------------------------------------------------------------------------------------
Less distributions
- --------------------------------------------------------------------------------------------------------------------
From net investment income $(0.0410) $(0.0420) $(0.0432) $(0.0505) $(0.0328)
- --------------------------------------------------------------------------------------------------------------------
Net asset value -- End of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------------
Total Return (1) 4.20% 4.29% 4.41% 5.16% 3.29%
- --------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $ 7,974 $ 13,001 $ 19,910 $ 34,026 $118,599
Ratios (As a percentage of average daily net assets):
Net expenses (2) 1.43% 1.35% 1.13% 0.91% 0.94%
Net investment income 4.14% 4.21% 4.31% 5.11% 3.55%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(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) Includes the Fund's share of its Portfolio's allocated expenses.
See notes to financial statements
8
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Money Market Fund
---------------------------------------------------------------------------
Year Ended December 31,
---------------------------------------------------------------------------
1998 1997 1996 1995(1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value -- Beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------------------------------------------
Income from operations
- ------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.0369 $ 0.0381 $ 0.0370 $ 0.0312
- ------------------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.0369) $(0.0381) $(0.0370) $(0.0312)
- ------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of year $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------------------------------------------
Total Return (2) 3.75% 3.88% 3.77% 3.17%
- ------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted)
Ratios (As a percentage of average daily net
assets): $ 34,292 $ 23,809 $ 31,250 $ 12,951
Net expenses (3) 1.82% 1.73% 1.73% 1.68%(4)
Net investment income 3.70% 3.83% 3.70% 4.19%(4)
- ------------------------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund may reflect an allocation of expenses to
the Administrator. Had such action not been taken, the ratios and net
investment income per share would have been as follows:
Ratios (As a percentage of average daily net
assets): 1.86% 1.82% 1.76% 1.85%(4)
Expenses (3)
Net investment income 3.66% 3.74% 3.66% 4.03%(4)
Net investment income per share $0.0365 $0.0372 $0.0367 $0.0300
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, April 5, 1995, to December 31,
1995.
(2) 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.
(3) Includes the Fund's share of its Portfolio's allocated expenses.
(4) Annualized.
See notes to financial statements
9
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-----------------------------------------------------------------------------
Eaton Vance Mutual Funds 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 (1940 Act), as an open-end
management investment company. The Trust presently consists of fifteen
Series, three of which are included in these financial statements. They
include Eaton Vance Cash Management Fund ("Cash Management Fund"), Eaton
Vance Liquid Assets Fund ("Liquid Assets Fund") and Eaton Vance Money Market
Fund ("Money Market Fund") (individually, the "Fund", collectively the
"Funds") each of which is registered under the 1940 Act, as diversified,
open-end management investment companies seeking high income consistent with
the preservation of capital and maintenance of liquidity.
The Funds invest all of their investable assets in interests in the Cash
Management Portfolio (the Portfolio), a New York Trust, having the same
investment objective as the Funds. The value of each Fund's investment in the
Portfolio reflects the Fund's proportionate interest in the net assets of the
Portfolio (69.5% for Cash Management Fund, 5.7% for Liquid Assets Fund and
24.8% for Money Market Fund at December 31, 1998). The performance of each
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 each
of the Fund's financial statements. The following is a summary of significant
accounting policies consistently followed by the Funds in the preparation of
their financial statements. The policies are in conformity with generally
accepted accounting principles.
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 Funds' net investment income consists of each Fund's pro rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of each Fund determined in accordance with generally
accepted accounting principles. Prior to Cash Management Fund's and Liquid
Asset Fund's investment in the Portfolio, these Funds held their investments
directly. For investments held directly, interest income is determined on the
basis of interest accrued, adjusted for amortization of premium or discount
when required for federal income tax purposes.
C Federal Taxes -- The Funds' policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal
income or excise tax is necessary. At December 31, 1998, Liquid Assets Fund,
for federal income tax purposes, had a capital loss carryover of $6,891,
which will reduce the Fund's 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 the distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for
federal income or excise tax. Such capital loss carryover will expire on
December 31, 2001.
D Deferred Organization Expenses -- Costs incurred by the Money Market Fund
in connection with its organization, including registration costs, are being
amortized on the straight-line basis over five years.
E 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.
F Other -- Investment transactions are accounted for on a trade date basis.
2 Distributions to Shareholders
-----------------------------------------------------------------------------
The net investment income of each Fund is determined daily, and substantially
all of the net income so determined is declared as a dividend to shareholders
of record at the time of declaration. Distributions are paid monthly.
Distributions are paid in the form of additional shares or, at the election
of the shareholder, in cash.
The Funds distinguish between distributions on a tax basis and a financial
reporting basis. Generally accepted accounting principles require that only
distributions in excess of tax basis earnings and profits be reported in
the financial statements as a return of capital. Differences in the
recognition or classification of income between the financial statements
and tax earnings and profits which result in temporary over distributions
for financial statement purposes are classified as distributions in excess
of net investment income or accumulated net realized gains.
10
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
Permanent differences between book and tax accounting relating to
distributions are reclassified to paid-in capital.
3 Shares of Beneficial Interest
-----------------------------------------------------------------------------
The Funds' Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest, with no par
value. Transactions in Fund shares were as follows:
Cash Management Fund
------------------------------------------
Year Ended December 31,
------------------------------------------
1998 1997
-----------------------------------------------------------------------------
Sales 503,937,629 553,471,378
Issued to
shareholders
electing to
receive payments 2,326,522 2,926,310
of distributions
in Fund shares
Redemptions (556,763,381) (561,345,354)
-----------------------------------------------------------------------------
Net decrease (50,499,230) (4,947,666)
-----------------------------------------------------------------------------
Liquid Assets Fund
------------------------------------------
Year Ended December 31,
------------------------------------------
1998 1997
-----------------------------------------------------------------------------
Sales 77,632 138,284
Issued to
shareholders
electing to
receive payments
of distributions
in Fund shares 239,050 394,175
Redemptions (5,343,871) (7,442,068)
-----------------------------------------------------------------------------
Net decrease (5,027,189) (6,909,609)
-----------------------------------------------------------------------------
Money Market Fund
------------------------------------------
Year Ended December 31,
------------------------------------------
1998 1997
-----------------------------------------------------------------------------
Sales 106,237,780 224,831,973
Issued to
shareholders
electing to
receive payments
of distributions
in Fund shares 790,419 646,729
----------------------------------------------------------------------------
Redemptions (96,545,361) (232,920,194)
-----------------------------------------------------------------------------
Net increase (decrease) 10,482,838 (7,441,492)
-----------------------------------------------------------------------------
4 Transactions with Affiliates
-----------------------------------------------------------------------------
Eaton Vance Management (EVM) serves as the administrator of the Funds, but
receives no compensation. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services.
See Note 2 of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report. To enhance the net income of the Money
Market Fund for the year ended December 31, 1998, $11,429 of expenses related
to the operation of the Fund were allocated to EVM. Except as to Trustees of
the Funds and the Portfolio who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to each fund out of such investment adviser fee. Certain of the officers and
Trustees of the Funds and Portfolio are officers and directors/trustees of
the above organizations.
5 Distribution Plans
-----------------------------------------------------------------------------
Money Market Fund and Liquid Assets Fund have adopted distribution plans
(individually the "Plan" and collectively the "Plans") pursuant to Rule 12b-1
under the 1940 Act. The Plan for Money Market Fund requires the Fund to pay
the Principal Underwriter, Eaton Vance Distributors, Inc. (EVD), amounts
equal to 0.75% of the Fund's average daily net assets, 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. The Plan for Liquid Assets Fund
does not provide for annual payments to EVD for providing such services and
facilities, however, the Plan does require the Fund to calculate outstanding
Uncovered Distribution Charges. Each Fund's balance of Uncovered Distribution
Charges is equivalent to the sum of (i) 6.25% (5% for Liquid Assets Fund) of
the aggregate amount received by the Fund for share sold plus (ii)
distribution fees calculated by applying the rate of 1% over the prevailing
prime rate to the outstanding balance of Uncovered Distribution Charges of
EVD reduced by the aggregate amount of contingent deferred sales charges
(Note 6) and amounts theretofore paid to EVD. For the year ended December 31,
1998, Money Market Fund paid $207,037 to EVD, representing 0.75% of the
Fund's average daily net assets. At December 31, 1998, the amount of
Uncovered Distribution Charges of EVD calculated under the Plan for Money
Market Fund and Liquid Assets Fund were approximately $4,943,000 and
$2,367,000, respectively.
11
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
In addition, the Plan authorized the Funds to make payments of service fees
to the Principal Underwriter, Authorized Firms and other persons in amounts
not exceeding 0.25% of each Fund's average daily net assets. The Trustees of
the Funds implemented the Plans by authorizing the Funds to make quarterly
service fee payments to the Principal Underwriter and Authorized Firms in
amounts not expected to exceed 0.15% (0.25% for Liquid Assets Fund) per annum
of each Fund's average daily net assets based on the value of the Fund shares
sold by such persons and remaining outstanding for at least one year. For the
year ended December 31, 1998, Money Market Fund and Liquid Assets Fund paid
service fees to EVD and Authorized Firms in the amount of $27,223 and $22,142
respectively. Service fee payments are made for personal services and/or
maintenance of shareholder accounts. Service fees paid to EVD and Authorized
Firms were 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.
Certain of the officers and Trustees of the Funds are officers or directors
of EVD.
6 Contingent Deferred Sales Charge
-----------------------------------------------------------------------------
A contingent deferred sales charges (CDSC) is imposed on any redemption of
shares from either Money Market Fund or Liquid Assets Fund made within six
years 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 gains distributions.
The CDSC is imposed at 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. No CDSC is levied on shares which have been sold to EVM or
its affiliates or to their respective employees or clients. CDSC charges are
paid to EVD to reduce the amount of Uncovered Distribution Charges calculated
under the Funds' Distribution Plans. CDSC charges received when no Uncovered
Distribution Charges exist will be credited to the respective Funds. EVD
received approximately $268,000 and $24,000 of CDSC paid by shareholders for
the year ended December 31, 1998 for the Money Market Fund and Liquid Assets
Fund, respectively.
7 Investment Transactions
-----------------------------------------------------------------------------
Increases and decreases in the Funds' investment in the Portfolio for the
year ended December 31, 1998 were as follows:
Cash Management Fund
-----------------------------------------------------------------------------
Increases $504,466,122
Decreases 558,723,043
-----------------------------------------------------------------------------
Liquid Assets Fund
-----------------------------------------------------------------------------
Increases $ 106,443
Decreases 5,754,345
-----------------------------------------------------------------------------
Money Market Fund
-----------------------------------------------------------------------------
Increases $106,226,025
Decreases 96,480,292
12
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders
of Eaton Vance Mutual Funds Trust:
- --------------------------------------------------------------------------------
In our opinion, the accompanying statement of assets and liabilities and the
related statements of operations and of changes in net assets and financial
highlights present fairly, in all material respects, the financial position of
Eaton Vance Cash Management Fund, Eaton Vance Liquid Assets Fund, and Eaton
Vance Money Market Fund (the "Funds") at December 31, 1998, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each
period indicated on the statements herein, in conformity with generally accepted
accounting principles. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 5, 1999
13
<PAGE>
Cash Management Portfolio as of December 31, 1998
PORTFOLIO OF INVESTMENTS
Commercial Paper -- 66.2%
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Automotive -- 1.1%
- --------------------------------------------------------------------------------
P-1 A-1 $1,500 General Motors Acceptance
Corp., 5.51%, 1/25/99 $ 1,494,490
- --------------------------------------------------------------------------------
$ 1,494,490
- --------------------------------------------------------------------------------
Banking and Finance -- 21.7%
- --------------------------------------------------------------------------------
P-1 A-1+ $4,000 Asset Securitization Coop.
Corp., 5.27%, 1/11/99(1)(2) $ 3,994,145
P-1 A-1+ 2,000 Associates Corp. of No.
America, 5.15%, 1/14/99 1,996,280
P-1 A-1+ 2,000 Associates Corp. of No.
America, 5.17%, 2/5/99 1,989,947
P-1 A-1+ 895 Associates Corp. of No.
America, 5.20%, 2/3/99 890,734
P-1 A-1+ 3,260 Central Corp. Credit
Union, 5.42%, 1/14/99 3,253,619
P-1 A-1+ 4,000 CIESCO, 5.07%, 1/26/99 3,985,916
P-1 A-1+ 3,000 Corporate Asset Funding
Co., Inc., 5.30%, 2/3/99(1) 2,985,425
P-1 A-1+ 2,500 Corporate Receivables
Corp., 5.48%, 1/20/99(1) 2,492,770
P-1 A-1+ 2,805 CXC, Inc., 5.40%,
1/13/99(1) 2,799,951
P-1 A-1+ 1,000 Delaware Funding Corp.,
5.40%, 1/28/99(1)(2) 995,950
P-1 A-1+ 1,070 Delaware Funding Corp.,
5.50%, 2/4/99(1)(2) 1,064,442
P-1 A-1 4,000 Norwest Financial, Inc.,
5.06%, 1/21/99 3,988,755
- --------------------------------------------------------------------------------
$ 30,437,934
- --------------------------------------------------------------------------------
Chemicals -- 2.1%
- --------------------------------------------------------------------------------
P-1 A-1+ $3,000 E.I. Dupont de Nemours &
Co., 5.05%, 1/27/99 $ 2,989,058
- --------------------------------------------------------------------------------
$ 2,989,058
- --------------------------------------------------------------------------------
Electric Utilities -- 4.1%
- --------------------------------------------------------------------------------
P-1 A-1+ $1,800 National Rural Utilities
Coop., Finance Co., 5.00%,
1/15/99 $ 1,796,500
P-1 A-1+ 1,200 National Rural Utilities
Coop., Finance Co., 5.05%,
2/12/99 1,192,930
P-1 A-1+ 2,800 TECO Finance, Inc.,
5.10%, 2/2/99(1) 2,787,307
- --------------------------------------------------------------------------------
$ 5,776,737
- --------------------------------------------------------------------------------
Electrical and Electronic Equipment -- 5.4%
- --------------------------------------------------------------------------------
P-1 A-1+ $2,260 General Electric Capital
Corp., 5.03%, 1/22/99 $ 2,253,369
P-1 A-1+ 3,000 General Electric Capital
Corp., 5.04%, 1/29/99 2,988,240
P-1 A-1+ 630 General Electric Capital
Corp., 5.16%, 1/29/99 627,472
P-1 A-1+ 1,145 Motorola, Inc., 5.03%,
2/26/99 1,136,041
P-1 A-1+ 610 Motorola, Inc., 5.10%,
2/25/99 605,247
- --------------------------------------------------------------------------------
$ 7,610,369
- --------------------------------------------------------------------------------
Food and Beverages -- 5.9%
- --------------------------------------------------------------------------------
P-1 A-1 $1,500 Anheuser-Busch Cos., Inc.,
5.20%, 2/5/99 $ 1,492,417
P-1 A-1+ 4,000 Coca-Cola Co., 5.12%,
2/22/99 3,970,418
P-1 A-1 1,500 Heinz (H.J.) Co., 5.25%,
2/5/99 1,492,344
P-1 A-1+ 1,250 Kellogg Co., 4.98%, 3/11/99 1,238,069
- --------------------------------------------------------------------------------
$ 8,193,248
- --------------------------------------------------------------------------------
Gas Utilities -- 1.6%
- --------------------------------------------------------------------------------
P-1 A-1+ $2,175 Consolidated Natural Gas
Co., 5.10%, 2/1/99 $ 2,165,448
- --------------------------------------------------------------------------------
$ 2,165,448
- --------------------------------------------------------------------------------
Household Products -- 2.8%
- --------------------------------------------------------------------------------
P-1 A-1+ $1,000 Procter and Gamble Co.,
5.05%, 2/25/99 $ 992,285
P-1 A-1+ 3,000 Procter and Gamble Co.,
5.15%, 1/28/99 2,988,413
- --------------------------------------------------------------------------------
$ 3,980,698
- --------------------------------------------------------------------------------
Insurance -- 9.4%
- --------------------------------------------------------------------------------
P-1 A-1+ $3,000 AIG Funding, Inc., 5.07%,
1/5/99 $ 2,998,310
P-1 A-1+ 3,000 American General Corp.,
5.32%, 1/19/99 2,992,020
P-1 A-1+ 900 Marsh and McLennan Cos.,
Inc., 5.30%, 1/15/99(1)(2) 898,145
P-1 A-1+ 2,500 MetLife Funding, Inc.,
5.22%, 1/25/99 2,491,300
P-1 A-1 575 Prudential Funding Corp.,
5.37%, 1/12/99 574,057
P-1 A-1 1,400 Transamerica Finance
Corp., 5.00%, 2/19/99 1,390,472
See notes to financial statements
14
<PAGE>
Cash Management Portfolio as of December 31, 1998
PORTFOLIO OF INVESTMENTS CONT'D
Ratings (Unaudited)
- -------------------
Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Insurance (continued)
- --------------------------------------------------------------------------------
P-1 A-1+ $1,890 USAA Capital Corp.,
5.19%, 2/17/99 $ 1,877,194
- --------------------------------------------------------------------------------
$ 13,221,498
- --------------------------------------------------------------------------------
Leasing -- 2.9%
- --------------------------------------------------------------------------------
P-1 A-1+ $4,000 Greenwich Asset Funding,
Inc., 5.40%, 1/14/99(1)(2) $ 3,992,200
- --------------------------------------------------------------------------------
$ 3,992,200
- --------------------------------------------------------------------------------
Oil -- 3.7%
- --------------------------------------------------------------------------------
P-1 A-1+ $3,000 Chevron USA, Inc., 5.10%,
2/3/99 $ 2,985,975
P-1 A-1+ 2,210 Chevron USA, Inc., 5.15%,
2/4/99 2,199,251
- --------------------------------------------------------------------------------
$ 5,185,226
- --------------------------------------------------------------------------------
Pharmaceutical -- 2.8%
- --------------------------------------------------------------------------------
P-1 A-1+ $4,000 Schering Corp., 5.15%,
2/12/99 $ 3,975,967
- --------------------------------------------------------------------------------
$ 3,975,967
- --------------------------------------------------------------------------------
Telecommunications -- 2.7%
- --------------------------------------------------------------------------------
P-1 A-1+ $3,860 Bellsouth
Telecommunications, Inc.,
5.08%, 2/11/99 $ 3,837,668
- --------------------------------------------------------------------------------
$ 3,837,668
- --------------------------------------------------------------------------------
Total Commercial Paper, at value
(identified cost $92,860,541) $ 92,860,541
- --------------------------------------------------------------------------------
U.S. Government Obligations -- 33.8%
Amount
(000's
omitted) Security Value
- --------------------------------------------------------------------------------
$5,000 FHLMC Discount Notes,
4.905%, 2/18/99 $ 4,967,300
5,000 FHLMC Discount Notes,
4.95%, 1/6/99 4,996,562
4,865 FHLMC Discount Notes,
4.96%, 3/17/99 4,814,728
5,450 FHLMC Discount Notes,
5.02%, 1/12/99 5,441,639
2,370 FNMA Discount Notes,
4.905%, 2/16/99 2,355,146
2,600 FNMA Discount Notes,
4.905%, 2/19/99 2,582,642
5,000 FNMA Discount Notes,
4.93%, 1/26/99 4,982,882
3,900 FNMA Discount Notes,
5.02%, 2/24/99 3,870,633
1,585 FNMA Discount Notes,
5.04%, 1/4/99 1,584,334
5,000 FNMA Discount Notes,
5.05%, 1/7/99 4,995,791
3,000 FNMA Discount Notes,
5.05%, 1/8/99 2,997,054
3,825 FNMA Discount Notes,
5.07%, 1/4/99 3,823,384
- --------------------------------------------------------------------------------
Total U.S. Government Obligations, at value
(identified cost $47,412,095) $ 47,412,095
- --------------------------------------------------------------------------------
Total Investments -- 100.0%
(identified cost $140,272,636) $140,272,636(3)
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0% $ 69,785
- --------------------------------------------------------------------------------
Net Assets -- 100% $140,342,421
- --------------------------------------------------------------------------------
FHLMC-Federal Home Loan Mortgage Corporation (Freddie Mac)
FNMA-Federal National Mortgage Association (Fannie Mae)
(1) A security which has been issued under section 4(2) of the Securities Act of
1933 and is generally regarded as restricted and illiquid. This security may
be resold in transactions exempt from registration or to the public if the
security is registered. All such securities held have been deemed by the
Portfolio's Trustees to be liquid and were purchased with the expectation
that resale would not be necessary. At December 31, 1998, the value of these
securities amounted to $22,010,335 or 15.7% of the Portfolio's net assets.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. It is the
Portfolio's intention to hold the security until maturity. At December 31,
1998, the value of these securities amounted to $10,944,882 or 7.8% of the
Portfolio's net assets.
(3) Cost for Federal income tax purposes is the same.
See notes to financial statements
15
<PAGE>
Cash Management Portfolio as of December 31, 1998
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of December 31, 1998
Assets
- --------------------------------------------------------------------------------
<S> <C>
Investments, at value $140,272,636
Cash 94,028
Deferred organization expenses 907
- --------------------------------------------------------------------------------
Total assets $140,367,571
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Payable to affiliate for Trustees' fees $ 1,699
Other accrued expenses 23,451
- --------------------------------------------------------------------------------
Total liabilities $ 25,150
- --------------------------------------------------------------------------------
Net Assets (representing paid-in-capital) $140,342,421
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Net proceeds from capital contributions and
withdrawals $140,342,421
- --------------------------------------------------------------------------------
Total $140,342,421
- --------------------------------------------------------------------------------
<CAPTION>
Statement of Operations
For the Year Ended
December 31, 1998
Investment Income
- --------------------------------------------------------------------------------
Interest $ 7,597,158
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee $ 689,334
Trustees fees and expenses 8,095
Custodian fee 91,029
Legal and accounting services 33,844
Amortization of organization expenses 2,727
Miscellaneous 10,819
- --------------------------------------------------------------------------------
Total expenses $ 835,848
- --------------------------------------------------------------------------------
Net investment income $ 6,761,310
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
16
<PAGE>
Cash Management Portfolio as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) Year Ended Year Ended
in Net Assets December 31, 1998 December 31, 1997
- --------------------------------------------------------------------------------
From operations--
Net investment income $ 6,761,310 $ 7,185,996
- --------------------------------------------------------------------------------
Capital transactions--
Contributions $ 610,798,591 $ 791,713,159
Withdrawals (660,957,683) (806,819,022)
- --------------------------------------------------------------------------------
Net decrease in net assets
from capital transactions $ (50,159,092) $ (15,105,863)
- --------------------------------------------------------------------------------
Net decrease in net assets $ (43,397,782) $ (7,919,867)
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of year $ 183,740,203 $ 191,660,070
- --------------------------------------------------------------------------------
At end of year $ 140,342,421 $ 183,740,203
- --------------------------------------------------------------------------------
See notes to financial statements
17
<PAGE>
Cash Management Portfolio as of December 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Year Ended December 31,
--------------------------------------------------------------
1998 1997 1996 1995 1994/(1)/
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses 0.61% 0.59% 0.59% 0.60% 0.58%/(2)/
Net investment income 4.90% 4.96% 4.83% 5.36% 4.22%/(2)/
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ For the period from the start of business, May 2, 1994, to December 31,
1994.
/(2)/ Annualized.
See notes to financial statements
18
<PAGE>
Cash Management Portfolio as of December 31, 1998
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-----------------------------------------------------------------------------
Cash Management Portfolio (the Portfolio) is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company
which was organized as a trust under the laws of the State of New York on May
1, 1992. The Declaration of Trust permits the Trustees to issue interests in
the Portfolio. The following is a summary of significant accounting policies
of the Portfolio. The policies are in conformity with generally accepted
accounting principles.
A Security Valuation -- The Portfolio values investment securities utilizing
the amortized cost valuation technique permitted by Rule 2a-7 of the
Investment Company Act of 1940, pursuant to which the Portfolio must comply
with certain conditions. This technique involves initially valuing a
portfolio security at its cost and thereafter assuming a constant
amortization to maturity of any discount or premium. It is the normal
practice of the Portfolio to hold portfolio securities to maturity and
realize par value unless such sale or other disposition is mandated by
withdrawal requests or other extraordinary circumstances.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount when required
for federal income tax purposes.
C Income Taxes -- The Portfolio has elected to be treated as a partnership
for Federal tax purposes. No provision is made by the Portfolio for federal
or state taxes on any taxable income of the Portfolio because each investor
in the Portfolio is ultimately responsible for the payment of any taxes.
Since some of the Portfolio's investors are 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 Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
E 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.
F Other -- Investment transactions are accounted for on a trade date basis.
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.
The fee is computed at the rate of 1/2 of 1% per annum of the Portfolio's
average daily net assets and amounted to $689,334 for the year ended December
31, 1998. Except as to Trustees of the Portfolio who are not members of EVM's
or BMR's organization, officers and Trustees receive remuneration for their
services to the Portfolio out of such investment adviser fee.
Certain of the officers and Trustees of the Portfolio are officers and
directors/trustees of the above organizations.
3 Line of Credit
-----------------------------------------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR or
EVM and its affiliates in a $130 million unsecured line of credit agreement
with a group of banks. The Portfolio may temporarily borrow from the line of
credit to satisfy redemption requests or settle investment transactions.
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 Portfolio did not have any
significant borrowings or allocated fees during the period.
19
<PAGE>
Cash Management Portfolio as of December 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
4 Investments
-----------------------------------------------------------------------------
Purchases and sales (including maturities) of investments, during the year
ended December 31, 1998, exclusive of U.S. Government securities, aggregated
$946,588,316 and $927,805,191, respectively. Purchases and sales (including
maturities) of U.S. Government Agency securities aggregated $457,029,364 and
$519,458,871, respectively.
20
<PAGE>
Cash Management Portfolio as of December 31, 1998
INDEPENDENT ACCOUNTANTS' REPORT
To the Trustees and Investors
of Cash Management Portfolio:
- --------------------------------------------------------------------------------
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and supplementary data present fairly, in all material
respects, the financial position of Cash Management Portfolio (the "Portfolio")
at December 31, 1998, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the supplementary data for each of the four years then ended, and for the period
from the start of business, May 2, 1994, to December 31, 1994, in conformity
with generally accepted accounting principles. These financial statements and
supplementary data (hereafter referred to as "financial statements") are the
responsibility of the Portfolio's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 5, 1999
21
<PAGE>
Eaton Vance Money Market Funds as of December 31, 1998
INVESTMENT MANAGEMENT
Eaton Vance Mutual Funds Trust
Officers Independent Trustees
James B. Hawkes Jessica M. Bibliowicz
President and Trustee President and Chief Operating Officer
John A. Levin & Co. Director,
William H. Ahern, Jr. Baker, Fentress & Co.
Vice President
Donald R. Dwight
Thomas J. Fetter President, Dwight Partners, Inc.
Vice President
Samuel L. Hayes, III
Robert B. MacIntosh Jacob H. Schiff Professor of Investment Banking,
Vice President Emeritus, Harvard University Graduate School
of Business Administration
Michael B. Terry Norton H. Reamer
Vice President Chairman and Chief Executive Officer,
United Asset Management Corporation
James L. O'Connor
Treasurer Lynn A. Stout
Professor of Law,
Alan R. Dynner Georgetown University Law Center
Secretary
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
Cash Management Portfolio
Officers Independent Trustees
James B. Hawkes Jessica M. Bibliowicz
President and Trustee President and Chief Operating Officer
John A. Levin & Co. Director,
Michael B. Terry Baker, Fentress & Co.
Vice President and
Portfolio Manager Donald R. Dwight
President, Dwight Partners, Inc.
James L. O'Connor
Treasurer Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking,
Alan R. Dynner Emeritus, Harvard University Graduate School of
Secretary Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
John L. Thorndike
Formerly Director, Fiduciary
Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
22
<PAGE>
This Page Intentionally Left Blank
<PAGE>
Portfolio Investment Adviser
Boston Management and Research
24 Federal Street
Boston, MA 02110
Fund Administrator
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
Independent Accountants
PricewaterhouseCoopers LLP
One Post Office Square
Boston, MA 02109
Eaton Vance
Mutual Funds Trust
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.
- --------------------------------------------------------------------------------
2-2021-2/99 MMSRC-2/99
