<PAGE>
[LOGO]
EDUCATION
SEMIANNUAL REPORT JUNE 30, 2000
EATON VANCE
HIGHWAY TAX FREE
RESERVES
BRIDGE
75TH ANNIVERSARY
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
INVESTMENT UPDATE
[PHOTO]
William H. Ahern, Jr.
Portfolio Manager
INVESTMENT ENVIRONMENT
The Economy
- In response to a strong economy and signs of rising inflation, the Federal
Reserve Board raised the Federal Funds rate, a key barometer of short-term
interest rates, on six occasions in the past 13 months. The Fed has been
especially concerned that rising labor costs and increased demand, despite
improvements in productivity, could lead to higher inflation.
- There is evidence that the Fed's series of rate hikes is starting to have
the desired effect. Interest-rate-sensitive sectors of the economy -
especially housing and construction - have slowed significantly. Although
still healthy, consumer spending has cooled off.
- Recent inflation indicators have been favorable. Wage gains, a source of
concern in a tight labor market, showed little movement in May. Both the
Producer Price Index and the Consumer Price Index have been benign, and the
number of manufacturers experiencing price increases from suppliers dropped
off sharply.
The Market
- The bond market rallied briefly in February and March, as investors sought
some refuge from the increasingly volatile equity markets. However, the
downtrend resumed in April and May, when the Fed punctuated its
anti-inflation stance with a 50 basis point (0.50%) rate hike.
- In June, bond yields rallied again. Investors were encouraged by new data
indicating the economy was cooling down, since this decreases the
likelihood that the Federal Reserve Bank will impose many further rate
hikes.
-------------------------------------------------------------------------
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.
-------------------------------------------------------------------------
THE FUND
The Past Six Months
- During the six months ended June 30, 2000, shareholders of Eaton Vance Tax
Free Reserves received $0.018 per share in dividend income, all of which
was free from regular federal income tax.(1)
- Based on the last monthly dividend paid and the Fund's $1.00 share price,
its distribution rate was 3.73% on June 30, 2000.(2) The Fund's 7-day yield
on that date was 3.73%.(3)
About Eaton Vance Tax Free Reserves
- Eaton Vance Tax Free Reserves invests only in U.S. dollar-denominated,
high-quality municipal securities that present minimal credit risk.(4)
- To attain its investment objective, the Fund invests in short-term
obligations that are rated in the two highest short-term ratings categories
and provide income exempt from regular federal income tax.(1)
- Many investors are interested in earning tax-exempt income with their cash
reserves. A money market mutual fund investing in high-quality assets, free
of federal taxation, can be a prudent way of earning income while
preserving capital and maintaining liquidity.(1,4)
(1) A portion of the Fund's income may at times be subject to federal
alternative minimum and/or regular income tax. Income may be subject to
state 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 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 Fund 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
may vary.
2
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 100.2%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Commercial Paper -- 4.6%
------------------------------------------------------------------------
$1,500 Rochester, MN, Health Care Facilities,
(Mayo Clinic), 4.20%, 11/16/00 $ 1,500,000
------------------------------------------------------------------------
$ 1,500,000
------------------------------------------------------------------------
General Obligation Notes / Bonds -- 18.8%
------------------------------------------------------------------------
$1,725 Harford County, MD, 5.00%, 12/1/00 $ 1,731,547
1,000 Maryland State, 4.75%, 8/1/00 1,000,862
200 New Hampshire State, 4.25%, 9/1/00 199,982
1,375 Portland, OR, 5.00%, 4/1/01 1,378,932
1,810 Washington State, 4.70%, 10/1/00 1,813,525
------------------------------------------------------------------------
$ 6,124,848
------------------------------------------------------------------------
Revenue Notes / Bonds -- 7.5%
------------------------------------------------------------------------
$ 400 Maricopa County, AZ, Transportation
Board of Excise Tax Authority, (AMBAC),
5.50%, 7/1/00 $ 400,000
1,000 Tarrant County, TX, Water Control and
Improvement, (AMBAC), 5.75%, 3/1/01 1,007,041
1,000 Wisconsin HEFA, (Medical College of
Wisconsin), 7.25%, 12/1/00 1,026,713
------------------------------------------------------------------------
$ 2,433,754
------------------------------------------------------------------------
Variable Rate Demand Obligations -- 69.3%
------------------------------------------------------------------------
$1,250 Albuquerque, NM, Airport, (LOC:
Bayerische Landesbank), 4.80%, 7/1/17 $ 1,250,000
1,100 Austin, TX, Airport, (LOC: Morgan
Guaranty Trust), 4.80%, 11/15/17 1,100,000
465 Bexar County, TX, Health Facilities,
(LOC: Rabobank Nederland),
4.80%, 7/1/11 465,000
750 California PCR, (Wadham Energy), (LOC:
Banque Paribas), 4.80%, 11/1/17 750,000
500 Chicago, IL, Multifamily, (LOC: Swiss
Bank), 4.85%, 11/1/10 500,000
1,500 Clark County, NV, Airport, (LOC:
Westduetsche Landesbank), 4.70%, 7/1/25 1,500,000
1,200 Delaware Valley, PA, Regional Finance
Authority, (LOC: Credit Suisse),
4.75%, 12/1/20 1,200,000
400 Fulton County, GA, IDR, (American
National Red Cross), (LOC: Wachovia Bank
of GA, N.A.), 4.80%, 8/1/05 400,000
900 Galveston, TX, IDR, (Mitchell
Interests), (LOC: Bank One),
5.10%, 9/1/13 900,000
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Variable Rate Demand Obligations (continued)
------------------------------------------------------------------------
$ 965 Illinois Development Finance Authority,
(Cinnamon Lake Towers), (LOC: The First
National Bank of Chicago),
4.80%, 4/15/37 $ 965,000
1,250 Jefferson Parish, LA, Hospital Revenue
Authority, (West Jefferson Medical
Center), (LOC: Rabobank Nederland),
4.80%, 1/1/26 1,250,000
1,500 Kansas City, MO, IDA, (Willow Creek IV
Apartments), Fannie Mae, 4.90%, 9/1/25 1,500,000
600 Lee County, FL, IDA, Health Care
Facilities, (Cypress Cove HealthPark),
(LOC: Kredietbank, N.V.),
4.75%, 10/1/04 600,000
1,500 Maryland HEFA, (Charlestown Community),
(LOC: First Union), 5.05%, 1/1/28 1,500,000
1,000 Metropolitan Government of Nashville and
Davidson Counties, TN, IDR, (Dixie
Graphics, Inc.), (LOC: Suntrust Bank,
Nashville, N.A.), 4.80%, 5/1/09 1,000,000
300 Missouri HEFA, Cox Health Systems, (SPA:
Chase Manhattan), (MBIA), 4.50%, 6/1/15 300,000
750 Nebhelp, Inc., NE, (LOC: Student Loan
Marketing), 4.80%, 12/1/16 750,000
1,000 New York, NY, Local Government
Assistance Corp., (LOC: Bank of Nova
Scotia), 4.40%, 4/1/25 1,000,000
700 Panhandle-Plains, TX, HEFA, (LOC:
Student Loan Marketing), 4.80%, 10/1/02 700,000
1,500 Port Development Corp., TX, Stolt
Terminals, (LOC: Canadian Imperial
Bank), 4.75%, 1/15/14 1,500,000
2,020 Putnam County, FL, PCR, (Seminole
Electric), (SBPA: National Rural
Utilities Corp.), 4.85%, 3/15/14 2,020,000
1,485 Texas Veteran's Housing Assistance State
Guaranty, 4.70%, 12/1/16 1,485,000
------------------------------------------------------------------------
$22,635,000
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.2%
(identified cost $32,693,602) $32,693,602(1)
------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.2)% $ (51,568)
------------------------------------------------------------------------
Net Assets -- 100.0% $32,642,034
------------------------------------------------------------------------
</TABLE>
At June 30, 2000, the concentration of the Fund's investments in the various
states, determined as a percentage of net assets, is as follows:
<TABLE>
<S> <C>
Maryland 13.0%
Texas 21.9%
Others, representing less than 10% individually 65.3%
</TABLE>
(1) Cost for federal income taxes is the same.
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF JUNE 30, 2000
<S> <C>
Assets
-----------------------------------------------------
Investments, at value
(identified cost, $32,693,602) $32,693,602
Cash 69,057
Receivable for Fund shares sold 482,259
Interest receivable 209,704
-----------------------------------------------------
TOTAL ASSETS $33,454,622
-----------------------------------------------------
Liabilities
-----------------------------------------------------
Dividends payable $ 76,880
Payable to affiliate for Trustees' fees 485
Payable for Fund shares redeemed 717,327
Accrued expenses 17,896
-----------------------------------------------------
TOTAL LIABILITIES $ 812,588
-----------------------------------------------------
NET ASSETS FOR 32,659,583 SHARES OF
BENEFICIAL INTEREST OUTSTANDING $32,642,034
-----------------------------------------------------
Sources of Net Assets
-----------------------------------------------------
Paid-in capital $32,659,721
Accumulated net realized loss (computed
on the basis of identified cost) (17,687)
-----------------------------------------------------
TOTAL $32,642,034
-----------------------------------------------------
Net Asset Value, Offering Price
and Redemption Price Per Share
-----------------------------------------------------
($32,642,034 DIVIDED BY 32,659,583
SHARES OF BENEFICIAL INTEREST
OUTSTANDING) $ 1.00
-----------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
JUNE 30, 2000
<S> <C>
Investment Income
--------------------------------------------------
Interest $790,892
--------------------------------------------------
TOTAL INVESTMENT INCOME $790,892
--------------------------------------------------
Expenses
--------------------------------------------------
Investment adviser fee $102,429
Legal and accounting services 13,431
Transfer and dividend disbursing
agent fees 9,503
Registration fees 6,905
Interest 854
Custodian fee 17,909
Miscellaneous 1,976
--------------------------------------------------
TOTAL EXPENSES $153,007
--------------------------------------------------
Deduct --
Reduction of custodian fee $ 17,909
Reduction of investment adviser fee 60,439
--------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 78,348
--------------------------------------------------
NET EXPENSES $ 74,659
--------------------------------------------------
NET INVESTMENT INCOME $716,233
--------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $716,233
--------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 1999
<S> <C> <C>
-----------------------------------------------------------------------------
From operations --
Net investment income $ 716,233 $ 1,360,580
-----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 716,233 $ 1,360,580
-----------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (716,233) $ (1,360,580)
-----------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (716,233) $ (1,360,580)
-----------------------------------------------------------------------------
Transactions in shares of beneficial
interest at
Net Asset Value of $1.00
per share --
Proceeds from sale of shares $ 75,060,255 $ 159,035,883
Net asset value of shares issued to
shareholders in payment of
distributions declared 196,140 529,882
Cost of shares redeemed (83,070,098) (166,381,727)
-----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ (7,813,703) $ (6,815,962)
-----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (7,813,703) $ (6,815,962)
-----------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------
At beginning of period $ 40,455,737 $ 47,271,699
-----------------------------------------------------------------------------
AT END OF PERIOD $ 32,642,034 $ 40,455,737
-----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------------------------------------------------------------------------------------------------------------
Income (loss) from operations
--------------------------------------------------------------------------------------------------------------
Net investment income $ 0.018 $ 0.029 $ 0.031 $ 0.031 $ 0.030 $ 0.035
--------------------------------------------------------------------------------------------------------------
Less distributions
--------------------------------------------------------------------------------------------------------------
From net investment income $(0.018) $(0.029) $(0.031) $(0.031) $(0.030) $(0.035)
--------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.018) $(0.029) $(0.031) $(0.031) $(0.030) $(0.035)
--------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 1.80% 2.89% 3.09% 3.16% 3.08% 3.53%
--------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
--------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $32,642 $40,456 $47,272 $33,960 $23,355 $23,912
Ratios (As a percentage of
average daily net assets):
Net expenses(2) 0.45%(3) 0.46% 0.48% 0.52% 0.33% 0.34%
Net expenses after
custodian fee
reduction(2) 0.37%(3) 0.38% 0.40% 0.46% 0.27% --
Interest expense --(3)(4) --(4) 0.01% 0.01% 0.02% 0.05%
Net investment income 3.51%(3) 2.83% 3.04% 3.12% 3.04% 3.47%
--------------------------------------------------------------------------------------------------------------
+ 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:
Ratios (As a percentage of
average daily net assets):
Expenses(2) 0.75%(3) 0.76% 0.76% 0.67% 0.69% 0.73%
Expenses after custodian
fee reduction(2) 0.67%(3) 0.68% 0.68% 0.61% 0.63% --
Net investment income 3.21%(3) 2.53% 2.76% 2.96% 2.66% 3.02%
Net investment income per
share $ 0.016 $ 0.026 $ 0.028 $ 0.030 $ 0.027 $ 0.030
--------------------------------------------------------------------------------------------------------------
</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) 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 the year ended
December 31, 1995 have not been adjusted to reflect this change.
(3) Annualized.
(4) Represents less than 0.01%
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
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 Security Valuation -- The Fund 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 Fund 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.
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, 1999, the Fund,
for federal income tax purposes, had a capital loss carryover of $17,687,
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
($16,208) 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 & Trust Company (IBT) serves as custodian
to the Fund. Pursuant to the custodian agreement, IBT receives a fee reduced
by credits which are determined based on the average daily cash balance the
Fund maintains with IBT. All significant credit balances used to reduce the
Fund's custodian fees are reported as a reduction of total expenses in the
Statement of Operations.
F Use of Estimates -- The preparation of the 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 Statements -- The interim financial statements relating to
June 30, 2000 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the Trust'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.
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,
7
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
EVM made a reduction of its fee in the amount of $60,439 for the six months
ended June 30, 2000. 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 officers and
Trustees of the Fund are officers 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 $150 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, 2000 was $24,176 and the average interest rate was
7.10%.
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 $31,732,558 and $38,275,000, respectively.
8
<PAGE>
EATON VANCE TAX FREE RESERVES AS OF JUNE 30, 2000
INVESTMENT MANAGEMENT
EATON VANCE TAX FREE RESERVES
Officers
James B. Hawkes
President and Trustee
William H. Ahern, Jr.
Vice President and
Portfolio Manager
Thomas J. Fetter
Vice President
Robert B. MacIntosh
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration
Norton H. Reamer
Chairman of the Board,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
9
<PAGE>
INVESTMENT ADVISER
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
PFPC, INC.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02904-9653
(800) 262-1122
EATON VANCE TAX FREE RESERVES
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges
and expenses. Please read the prospectus carefully before you invest or send
money.
------------------------------------------------------------------------------
227-8/00 TRSRC