<PAGE>
INVESTING
FOR THE
[LOGO] 21ST
CENTURY-Registered Trademark-
[PICTURE]
SEMIANNUAL REPORT JUNE 30, 2000
EATON VANCE
COMBINED
MONEY CASH MANAGEMENT FUND
MARKET FUNDS
REPORT
LIQUID ASSETS FUND
75 YEARS OF EXCELLENCE
EATON 75TH VANCE
ANNIVERSARY
MONEY MARKET FUND
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO]
MICHAEL B. TERRY
PORTFOLIO MANAGER
INVESTMENT ENVIRONMENT
--------------------------------------------------------------------------------
- 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 rate hikes are starting to have the desired
effect of producing a "soft landing" for the economy. 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. Increases in
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 actions of the Federal Reserve Bank caused short-term yields to reach
their highest levels since the early 1990s (see chart at right). With
uncertainty and volatility in the equity and bond markets, many investors were
able to benefit from the relative stability provided by money market
instruments.
THE CASH MANAGEMENT PORTFOLIO
--------------------------------------------------------------------------------
- The Portfolio, in which Cash Management Fund, Liquid Assets Fund, and Money
Market Fund invest, consists of only high-quality securities.(1)
- Commercial paper, a liquid investment commonly held by money market funds,
accounted for 69.4% of the Portfolio's holdings as of June 30, 2000.(2) Each
of the commercial paper holdings has received the top credit rating by at
least two of the nationally recognized statistical rating organizations.
- The remaining 30.6% of the Portfolio was invested in U.S. Federal Agency
obligations at June 30, 2000,(2) which are not officially rated but are
generally considered to be of high credit quality.(1)
- The Portfolio's average maturity typically ranged from 22 and 39 days.
60-Day Commercial Paper Rates in 2000*
[GRAPH]
[PLOT POINTS TO COME]
(1) An investment in one of the 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) Portfolio weightings subject to change.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost.
--------------------------------------------------------------------------------
MUTUAL FUND SHARES ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE
SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTED.
--------------------------------------------------------------------------------
2
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
CASH LIQUID MONEY
MANAGEMENT FUND ASSETS FUND MARKET FUND
<S> <C> <C> <C>
-------------------------------------------------------------------------
Assets
-------------------------------------------------------------------------
Investment in Cash Management
Portfolio at value $110,352,117 $2,610,936 $63,781,107
Receivable for Fund shares
sold 23,804,224 -- 199,103
Receivable from the
Administrator -- -- 338
-------------------------------------------------------------------------
TOTAL ASSETS $134,156,341 $2,610,936 $63,980,548
-------------------------------------------------------------------------
Liabilities
-------------------------------------------------------------------------
Payable for Fund shares
redeemed $ 1,471,839 $ 51,846 $ 9,037,624
Dividends payable 226,212 2,833 115,048
Payable to affiliate for
Trustees' fees 1,122 -- 561
Payable to affiliate for
service fees -- -- 215
Accrued expenses 41,347 16,570 8,967
-------------------------------------------------------------------------
TOTAL LIABILITIES $ 1,740,520 $ 71,249 $ 9,162,415
-------------------------------------------------------------------------
NET ASSETS (REPRESENTED BY
PAID-IN-CAPITAL) $132,415,821 $2,539,687 $54,818,133
-------------------------------------------------------------------------
Shares of Beneficial Interest Outstanding
-------------------------------------------------------------------------
132,415,821 2,539,687 54,818,133
-------------------------------------------------------------------------
Net Asset Value, Offering Price and
Redemption Price Per Share (Note 6)
-------------------------------------------------------------------------
(NET ASSETS DIVIDED BY 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 JUNE 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
CASH LIQUID MONEY
MANAGEMENT FUND ASSETS FUND MARKET FUND
<S> <C> <C> <C>
-------------------------------------------------------------------------
Investment Income
-------------------------------------------------------------------------
Interest allocated from
Portfolio $2,965,308 $112,188 $2,434,138
Expenses allocated from
Portfolio (286,622) (10,952) (236,634)
-------------------------------------------------------------------------
NET INVESTMENT INCOME FROM
PORTFOLIO $2,678,686 $101,236 $2,197,504
-------------------------------------------------------------------------
Expenses
-------------------------------------------------------------------------
Trustees fees and expenses $ 2,135 $ 67 $ 1,637
Distribution and service fees -- 3,277 327,779
Legal and accounting services 6,734 6,215 7,452
Printing and postage -- 3,540 4,004
Custodian fee 3,003 3,050 7,611
Amortization of organization
expenses -- -- 1,715
Transfer and dividend
disbursing agent fees 67,532 4,123 45,148
Registration fees 3,929 10,698 16,529
Miscellaneous 7,134 3,728 5,446
-------------------------------------------------------------------------
TOTAL EXPENSES $ 90,467 $ 34,698 $ 417,321
-------------------------------------------------------------------------
Deduct --
Allocation of expenses to
the Administrator $ -- $ -- $ 338
-------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ -- $ 338
-------------------------------------------------------------------------
NET EXPENSES $ 90,467 $ 34,698 $ 416,983
-------------------------------------------------------------------------
NET INVESTMENT INCOME $2,588,219 $ 66,538 $1,780,521
-------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
<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 $ 2,588,219 $ 66,538 $ 1,780,521
------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (2,588,219) $ (66,538) $ (1,780,521)
------------------------------------------------------------------------------
Transactions in shares of beneficial interest at
Net Asset Value of $1.00 per share --
Proceeds from sale of shares $ 257,720,024 $ -- $ 95,684,448
Net asset value of shares
issued to shareholders in
payment of distributions
declared 1,418,198 39,071 1,285,051
Cost of shares redeemed (257,955,658) (2,603,848) (139,559,095)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM FUND
SHARE TRANSACTIONS $ 1,182,564 $(2,564,777) $ (42,589,596)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS $ 1,182,564 $(2,564,777) $ (42,589,596)
------------------------------------------------------------------------------
Net Assets
------------------------------------------------------------------------------
At beginning of period $ 131,233,257 $ 5,104,464 $ 97,407,729
------------------------------------------------------------------------------
AT END OF PERIOD $ 132,415,821 $ 2,539,687 $ 54,818,133
------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1999
<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 $ 4,878,042 $ 230,781 $ 1,548,726
-------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (4,878,042) $ (230,781) $ (1,548,726)
-------------------------------------------------------------------------------
Transactions in shares of beneficial interest at
Net Asset Value of $1.00 per share --
Proceeds from sale of shares $ 475,718,737 $ -- $ 204,567,719
Net asset value of shares
issued to shareholders in
payment of distributions
declared 2,352,688 136,517 1,217,835
Cost of shares redeemed (443,082,182) (3,005,591) (142,669,365)
-------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM FUND
SHARE TRANSACTIONS $ 34,989,243 $(2,869,074) $ 63,116,189
-------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS $ 34,989,243 $(2,869,074) $ 63,116,189
-------------------------------------------------------------------------------
Net Assets
-------------------------------------------------------------------------------
At beginning of year $ 96,244,014 $ 7,973,538 $ 34,291,540
-------------------------------------------------------------------------------
AT END OF YEAR $ 131,233,257 $ 5,104,464 $ 97,407,729
-------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
----------------------------------------------------------------------------
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 $ 0.026 $0.044 $ 0.047 $0.048 $0.047 $ 0.052
--------------------------------------------------------------------------------------------------------------
Less distributions
--------------------------------------------------------------------------------------------------------------
From net investment income $ (0.026) $(0.044 ) $(0.047) $(0.048 ) $(0.047 ) $ (0.052)
--------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 1.000 $1.000 $ 1.000 $1.000 $1.000 $ 1.000
--------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 2.66% 4.47% 4.78% 4.89% 4.82% 5.35%
--------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $132,416 $131,233 $96,244 $146,743 $151,691 $155,251
Ratios (As a percentage of
average daily net assets):
Expenses(2) 0.78%(3) 0.79% 0.85% 0.78% 0.74% 0.74%
Net investment income 5.35%(3) 4.43% 4.69% 4.79% 4.70% 5.22%
--------------------------------------------------------------------------------------------------------------
</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.
(3) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LIQUID ASSETS FUND
----------------------------------------------------------------------------
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 $ 0.017 $ 0.036 $ 0.041 $ 0.042 $ 0.043 $ 0.051
--------------------------------------------------------------------------------------------------------------
Less distributions
--------------------------------------------------------------------------------------------------------------
From net investment income $(0.017) $(0.036) $(0.041) $(0.042) $(0.043) $(0.051)
--------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 1.63% 3.63% 4.20% 4.29% 4.41% 5.16%
--------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,540 $ 5,104 $ 7,974 $13,001 $19,910 $34,026
Ratios (As a percentage of
average daily net assets):
Expenses(2) 2.48%(3) 1.59% 1.43% 1.35% 1.13% 0.91%
Net investment income 3.61%(3) 3.56% 4.14% 4.21% 4.31% 5.11%
--------------------------------------------------------------------------------------------------------------
</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.
(3) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MONEY MARKET FUND
----------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995(1)
<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 $ 0.022 $ 0.034 $ 0.037 $ 0.038 $ 0.037 $ 0.031
--------------------------------------------------------------------------------------------------------------
Less distributions
--------------------------------------------------------------------------------------------------------------
From net investment income $(0.022) $(0.034) $(0.037) $(0.038) $(0.037) $(0.031)
--------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 2.02% 3.50% 3.75% 3.88% 3.77% 3.17%
--------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
--------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $54,818 $97,408 $34,292 $23,809 $31,250 $12,951
Ratios (As a percentage of
average daily net assets):
Net expenses(3) 1.65%(4) 1.71% 1.82% 1.73% 1.73% 1.68%(4)
Net investment income 4.50%(4) 3.55% 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):
Expenses(3) 1.65%(4) 1.71% 1.86% 1.82% 1.76% 1.85%(4)
Net investment income 4.50%(4) 3.55% 3.66% 3.74% 3.66% 4.03%(4)
Net investment income per
share $ 0.022 $ 0.034 $ 0.037 $ 0.037 $ 0.037 $ 0.030
--------------------------------------------------------------------------------------------------------------
</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 JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
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) are each
diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust
is an entity of the type commonly known as a Massachusetts business trust and
is registered under the Investment Company Act of 1940 as amended (1940 Act),
as an open-end management investment company. The Liquid Assets Fund is
currently closed to new investments.
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 (62.4% for Cash Management Fund, 1.5% for Liquid Assets Fund and
36.1% for Money Market Fund at June 30, 2000). 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.
C Federal Taxes -- Each Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal
income or excise tax is necessary. At December 31, 1999 Liquid Assets Fund,
for federal income tax purposes, had a capital loss carryover of $6,674 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, were
amortized on the straight-line basis over five years and are fully amortized
at June 30, 2000.
E 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.
F Other -- Investment transactions are accounted for on a trade-date basis.
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 Funds'
management reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
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
10
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
gains. 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 (without par
value). At June 30, 2000, the Funds' Principal Underwriter owned 18% of the
shares of Cash Management Fund.
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 six months ended June 30, 2000, $338 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 officers and
Trustees of the Funds and of the Portfolio are officers of the
above organizations.
5 Distribution and Service Plans
-------------------------------------------
Money Market Fund and Liquid Assets Fund have in effect 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 shares sold plus (ii) interest
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 six months ended June 30, 2000, Money Market
Fund paid $296,617 to EVD, representing 0.75% (annualized) of the Fund's
average daily net assets. At June 30, 2000, the amount of Uncovered
Distribution Charges of EVD calculated under the Plan for Money Market Fund
and Liquid Assets Fund were approximately $6,725,000 and $2,692,000,
respectively.
The Plans authorize the Funds to make payments of service fees to EVD,
investment dealers and other persons in amounts not exceeding 0.25% of each
Fund's average daily net assets. The Trustees implemented the Plans by
authorizing the Funds to make quarterly service fee payments to EVD and
investment dealers in amounts equal to 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 six months ended June 30, 2000, Money Market Fund and Liquid
Assets Fund paid service fees to EVD and investment dealers in the amount of
$31,162 and $3,277 respectively. Service fee payments are made for personal
services and/or maintenance of shareholder accounts. Service fees paid to EVD
and investment dealers are separate and distinct from the sales commissions
and distribution fees payable by the Fund to EVD, and as such are not subject
to automatic discontinuance when there are no outstanding Uncovered
Distribution Charges of EVD.
Certain officers and Trustees of the Funds are officers of the above
organization.
6 Contingent Deferred Sales Charge
-------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
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 and may be waived
under certain other limited conditions. 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
11
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
the respective Funds. The Fund was informed that EVD received approximately
$412,000 and $2,000 of CDSC paid by shareholders for the six months ended
June 30, 2000 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 six
months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
<S> <C>
------------------------------------------------------
Increases $236,280,795
Decreases 259,245,311
<CAPTION>
LIQUID ASSETS FUND
<S> <C>
------------------------------------------------------
Increases $ 6,479
Decreases 2,624,504
<CAPTION>
MONEY MARKET FUND
<S> <C>
------------------------------------------------------
Increases $ 96,203,636
Decreases 131,812,230
</TABLE>
8 Subsequent Event
-------------------------------------------
Liquid Assets Fund terminated operations on July 31, 2000.
12
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMERCIAL PAPER -- 69.4%
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Automotive -- 3.7%
------------------------------------------------------------------------
$3,295 Ford Motor Credit Co., 6.54%, 7/7/00 $ 3,291,408
1,500 General Motors Acceptance Corp.,
6.52%, 7/3/00 1,499,457
1,700 General Motors Acceptance Corp.,
6.62%, 8/4/00 1,689,371
------------------------------------------------------------------------
$ 6,480,236
------------------------------------------------------------------------
Banking and Finance -- 17.3%
------------------------------------------------------------------------
$3,000 American Express Credit Corp.,
6.52%, 8/9/00 $ 2,978,810
3,000 Asset Securitization Coop. Corp.,
6.55%, 8/16/00(1) 2,974,892
1,765 Asset Securitization Coop. Corp.,
6.55%, 8/15/00(1) 1,750,549
2,193 Associates Corp. of North America,
6.55%, 8/22/00 2,172,252
5,000 CIESCO L.P., 6.53%, 8/7/00 4,966,443
3,400 CIT Group Holdings, Inc.,
6.60%, 7/31/00 3,381,300
3,000 Corporate Asset Funding Co.,
6.58%, 7/20/00(1) 2,989,582
3,000 Corporate Receivables Corp.,
6.57%, 8/23/00(1) 2,970,982
3,460 Delaware Funding Corp.,
6.68%, 7/18/00(1) 3,449,086
1,240 Norwest Financial, Inc., 6.54%, 8/14/00 1,230,088
1,685 Norwest Financial, Inc., 6.57%, 7/5/00 1,683,770
------------------------------------------------------------------------
$ 30,547,754
------------------------------------------------------------------------
Chemicals -- 1.4%
------------------------------------------------------------------------
$2,130 E.I. duPont de Nemours & Co.,
6.10%, 7/6/00 $ 2,128,196
409 E.I. duPont de Nemours & Co.,
6.15%, 7/6/00 408,651
------------------------------------------------------------------------
$ 2,536,847
------------------------------------------------------------------------
Credit Unions -- 2.8%
------------------------------------------------------------------------
$2,324 Mid-States Corp. Federal Credit Union,
6.55%, 7/10/00 $ 2,320,194
2,560 Mid-States Corp. Federal Credit Union,
6.57%, 8/14/00 2,539,443
------------------------------------------------------------------------
$ 4,859,637
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Electric Utilities -- 5.6%
------------------------------------------------------------------------
$3,450 National Rural Utilities Coop. Finance
Corp., 6.52%, 8/21/00 $ 3,418,133
3,550 Potomac Electric Power Co.,
6.58%, 8/3/00 3,528,588
3,000 TECO Finance, Inc., 6.55%, 8/14/00(1) 2,975,983
------------------------------------------------------------------------
$ 9,922,704
------------------------------------------------------------------------
Electrical and Electronic Equipment -- 5.0%
------------------------------------------------------------------------
$1,790 General Electric Capital Corp.,
6.52%, 8/22/00 $ 1,773,142
3,000 General Electric Capital Corp.,
6.55%, 8/11/00 2,977,621
1,165 General Electric Capital Corp.,
6.58%, 9/12/00 1,149,456
3,000 Panasonic Finance America,
6.95%, 7/5/00(1) 2,997,683
------------------------------------------------------------------------
$ 8,897,902
------------------------------------------------------------------------
Food and Beverages -- 1.8%
------------------------------------------------------------------------
$1,743 Coca-Cola Co., 6.52%, 8/4/00 $ 1,732,267
1,450 H.J. Heinz Co., 6.50%, 7/27/00 1,443,193
------------------------------------------------------------------------
$ 3,175,460
------------------------------------------------------------------------
Household Products -- 3.1%
------------------------------------------------------------------------
$3,500 Procter & Gamble Co., 6.50%, 7/31/00 $ 3,481,042
2,000 Unilever Capital Corp.,
6.45%, 7/11/00(1) 1,996,416
------------------------------------------------------------------------
$ 5,477,458
------------------------------------------------------------------------
Insurance -- 12.4%
------------------------------------------------------------------------
$1,900 A.I. Credit Corp., 6.50%, 7/17/00 $ 1,894,511
3,000 AIG Funding Inc., 6.54%, 7/25/00 2,986,920
2,000 American General Corp., 6.53%, 7/28/00 1,990,205
2,000 American General Finance Corp.,
6.55%, 8/18/00 1,982,533
3,000 Marsh & McLennan Cos.,
Inc., 6.85%, 7/11/00(1) 2,994,292
3,000 Prudential Funding Corp.,
6.59%, 7/21/00 2,989,017
400 Prudential Funding Corp.,
6.57%, 7/21/00 398,540
985 Transamerica Finance Corp.,
6.52%, 7/7/00 983,930
759 Transamerica Finance Corp.,
6.70%, 7/26/00 755,469
1,800 USAA Capital Corp., 6.60%, 8/15/00 1,785,150
3,148 USAA Capital Corp., 6.06%, 7/14/00 3,141,111
------------------------------------------------------------------------
$ 21,901,678
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Oil -- 1.3%
------------------------------------------------------------------------
$2,310 Exxon Imperial U.S., Inc.,
6.50%, 7/24/00(1) $ 2,300,407
------------------------------------------------------------------------
$ 2,300,407
------------------------------------------------------------------------
Pharmaceutical -- 3.9%
------------------------------------------------------------------------
$2,000 Pfizer, Inc., 6.48%, 7/13/00(1) $ 1,995,680
5,000 Schering Corp., 6.58%, 8/29/00 4,946,081
------------------------------------------------------------------------
$ 6,941,761
------------------------------------------------------------------------
Publishing -- 1.7%
------------------------------------------------------------------------
$3,000 McGraw-Hill Co., Inc., 6.61%, 8/2/00 $ 2,982,373
------------------------------------------------------------------------
$ 2,982,373
------------------------------------------------------------------------
Telecommunications -- 8.0%
------------------------------------------------------------------------
$1,000 AT&T Corp., 6.57%, 9/8/00 $ 987,407
1,905 AT&T Corp., 6.60%, 8/18/00 1,888,236
3,370 BellSouth Telecommunications, Inc.,
6.52%, 8/28/00 3,334,600
2,000 BellSouth Telecommunications, Inc.,
6.55%, 8/15/00 1,983,625
3,000 Motorola, Inc., 6.57%, 7/26/00 2,986,312
3,000 SBC Communications, Inc.,
6.56%, 7/19/00(1) 2,990,160
------------------------------------------------------------------------
$ 14,170,340
------------------------------------------------------------------------
Transportation -- 1.4%
------------------------------------------------------------------------
$2,550 United Parcel Service of America,
6.46%, 7/10/00 $ 2,545,882
------------------------------------------------------------------------
$ 2,545,882
------------------------------------------------------------------------
Total Commercial Paper
(identified cost $122,740,439) $122,740,439
------------------------------------------------------------------------
</TABLE>
U.S. GOVERNMENT OBLIGATIONS -- 30.6%
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
$3,266 FFCB Discount Notes, 6.47%, 8/2/00 $ 3,247,217
2,300 FHLB Discount Notes, 6.42%, 8/16/00 2,281,132
1,700 FHLB Discount Notes, 6.42%, 8/25/00 1,683,326
3,000 FHLMC Discount Notes, 6.44%, 7/18/00 2,990,877
5,000 FHLMC Discount Notes, 6.435%, 8/1/00 4,972,294
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
$3,830 FHLMC Discount Notes, 6.45%, 8/3/00 $ 3,807,355
5,000 FHLMC Discount Notes, 6.54%, 8/17/00 4,957,308
5,000 FHLMC Discount Notes, 6.53%, 8/24/00 4,951,025
1,600 FNMA Discount Notes, 6.37%, 7/12/00 1,596,886
5,000 FNMA Discount Notes, 6.41%, 8/8/00 4,966,169
5,865 FNMA Discount Notes, 6.53%, 8/10/00 5,822,446
2,943 FNMA Discount Notes, 6.52%, 8/17/00 2,917,948
5,000 FNMA Discount Notes, 6.54%, 8/31/00 4,944,592
5,000 FNMA Discount Notes, 6.465%, 9/7/00 4,938,942
------------------------------------------------------------------------
Total U.S. Government Obligations
(identified cost $54,077,517) $ 54,077,517
------------------------------------------------------------------------
Total Investments -- 100.0%
(identified cost $176,817,956) $176,817,956(2)
------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.0)% $ (50,361)
------------------------------------------------------------------------
Net Assets -- 100.0% $176,767,595
------------------------------------------------------------------------
</TABLE>
FHLMC - Federal Home Loan Mortgage Corporation (Freddie Mac)
FHLB - Federal Home Loan Bank
FNMA - Federal National Mortgage Association (Fannie Mae)
FFCB - Federal Farm Credit Bank
(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.
(2) Cost for Federal Income tax purposes is the same.
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
CASH MANAGEMENT PORTFOLIO 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 $176,817,956
Cash 75
------------------------------------------------------
TOTAL ASSETS $176,818,031
------------------------------------------------------
Liabilities
------------------------------------------------------
Payable to affiliate for Trustees' fees $ 5,618
Accrued expenses 44,818
------------------------------------------------------
TOTAL LIABILITIES $ 50,436
------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $176,767,595
------------------------------------------------------
Sources of Net Assets
------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $176,767,595
------------------------------------------------------
TOTAL $176,767,595
------------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
JUNE 30, 2000
<S> <C>
Investment Income
----------------------------------------------------
Interest $5,511,956
----------------------------------------------------
TOTAL INVESTMENT INCOME $5,511,956
----------------------------------------------------
Expenses
----------------------------------------------------
Investment adviser fee $ 456,300
Trustees' fees and expenses 8,135
Custodian fee 53,884
Legal and accounting services 15,879
Miscellaneous 40
----------------------------------------------------
TOTAL EXPENSES $ 534,238
----------------------------------------------------
NET INVESTMENT INCOME $4,977,718
----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
CASH MANAGEMENT PORTFOLIO 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 $ 4,977,718 $ 7,411,714
-----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 4,977,718 $ 7,411,714
-----------------------------------------------------------------------------
Capital transactions --
Contributions $ 332,514,098 $ 678,102,808
Withdrawals (393,682,090) (592,899,074)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ (61,167,992) $ 85,203,734
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ (56,190,274) $ 92,615,448
-----------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------
At beginning of period $ 232,957,869 $ 140,342,421
-----------------------------------------------------------------------------
AT END OF PERIOD $ 176,767,595 $ 232,957,869
-----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<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>
------------------------------------------------------------------------------------------
Ratios/Supplemental Data
------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.59%(1) 0.60% 0.61% 0.59% 0.59% 0.60%
Net investment income 5.49%(1) 4.60% 4.90% 4.96% 4.83% 5.36%
------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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.
The Portfolio, which was organized as a trust under the laws of the State of
New York on May 1, 1992, seeks to achieve as high a rate of income as may be
consistent with preservation of capital and maintenance of liquidity. 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.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount.
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 Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
to the Portfolio. Pursuant to the respective custodian agreements, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances the Portfolio maintains with IBT. All significant credit
balances used to reduce the Portfolio's custodian fees are reported as a
reduction of expenses on the Statement of Operations. For the six months
ended June 30, 2000, $383 credit balances were used to reduce the Portfolio's
custodian fee.
E 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.
F Other -- Investment transactions are accounted for on a trade-date basis.
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
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
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 $456,300 for the six months ended
June 30, 2000. 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 officers and Trustees of the Portfolio are officers 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 $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is
18
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
charged to each participating portfolio or fund based on its borrowings at an
amount above either the Eurodollar rate or federal funds rate. In addition, a
fee computed at an annual rate of 0.10% on the daily unused portion of the
line of credit is allocated among the participating portfolios and funds at
the end of each quarter. The Portfolio did not have any significant
borrowings or allocated fees during the six months ended June 30, 2000.
4 Investments
-------------------------------------------
Purchases and sales (including maturities) of investments during the six
months ended June 30, 2000, exclusive of U.S. Government securities,
aggregated $531,872,330 and $527,593,951, respectively. Purchases and sales
(including maturities) of U.S. Government Agency securities aggregated
$196,841,199 and $262,709,726, respectively.
19
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
INVESTMENT MANAGEMENT
EATON VANCE MUTUAL FUNDS TRUST
Officers
James B. Hawkes
President and Trustee
William H. Ahern, Jr.
Vice President
Thomas J. Fetter
Vice President
Armin J. Lang
Vice President
Michael R. Mach
Vice President
Robert B. MacIntosh
Vice President
Edward E. Smiley, Jr.
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
CASH MANAGEMENT PORTFOLIO
Officers
James B. Hawkes
President and Trustee
Michael B. Terry
Vice President and
Portfolio Manager
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
20
<PAGE>
PORTFOLIO INVESTMENT ADVISER
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
FUND ADMINISTRATOR
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 MUTUAL FUNDS TRUST
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.
--------------------------------------------------------------------------------
131-8/00 MMSRC
