0000745463
2012-11-13
2012-11-13
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2012-11-13
2012-11-13
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2012-10-31
Eaton Vance Mutual Funds Trust
0000745463
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2012-11-13
2012-11-13
2012-03-01
<p style="margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 18.7pt; text-align: center">EATON VANCE LOW DURATION FUND<br />
<br />
Supplement to Prospectus dated March 1, 2012</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">1.  Effective November 13, 2012 the name of the Fund
has been changed to “Eaton Vance Low Duration Government Income Fund”.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">2.  The following replaces the first two paragraphs
and bullet points under “Principal Investment Strategies” in “Fund Summaries – Eaton Vance Low Duration
Fund”:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">Under normal circumstances, the Fund invests at least 80%
of the Fund’s net assets in securities issued, backed or otherwise guaranteed by the U.S. Government, its agencies or instrumentalities
(the “80% Policy”). The Fund may invest up to 10% of its net assets in securities in any ratings category.  The
Fund’s dollar-weighted average duration will not exceed three years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">The Fund seeks to achieve its investment objective by primarily
allocating assets among other registered investment companies sponsored by the Eaton Vance organization that invest in various
asset classes (the “Portfolios”) (commonly known as a “fund-of-funds”).  The Fund’s portfolio
manager, taking market and other factors into consideration, determines the percentage of the Fund’s assets invested in each
Portfolio.  Each Portfolio is described in “Further Information about the Portfolios” in this Prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">3.  The following is added following the second paragraph
under “Investment Objectives & Principal Policies and Risks”:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">Low Duration Government Income Fund currently seeks its
objective by primarily investing in one or more of the following Portfolios:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt"><font style="font-family: Symbol">·	</font>CMBS
Portfolio;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt"><font style="font-family: Symbol">·	</font>Floating
Rate Portfolio;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt"><font style="font-family: Symbol">·	</font>Government
Obligations Portfolio;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt"><font style="font-family: Symbol">·	</font>Short
Duration High Income Portfolio; and</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.45pt"><font style="font-family: Symbol">·	</font>Short-Term
U.S. Government Portfolio</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">4.  The following replaces the paragraph “Short-Term
U.S. Government Portfolio (formerly “Investment Portfolio”).” under “Further Information about the Portfolios”:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt"><font style="color: #3F3F3F">Short-Term U.S. Government
Portfolio (formerly “Investment Portfolio”).  </font><font style="color: black">The Portfolio’s investment
objective is to seek total return.  Under normal circumstances, the Portfolio will invest at least 80% of its net assets in
securities issued, backed or otherwise guaranteed by the U.S. Government or its agencies or instrumentalities (the “80% Policy”).
 The Portfolio may also invest in mortgage-backed securities, corporate bonds, preferred stocks, asset-backed securities and/or
money market securities.  Additionally, the Portfolio’s dollar-weighted average duration will not exceed three years.
 The Portfolio may engage in active management techniques, securities lending and borrowing.  The Portfolio may borrow
from banks to increase investments (“leveraging”).  Such borrowings will be unsecured.  The Portfolio may
borrow an amount (when taken together with any borrowings for temporary purposes) equal to as much as 50% of the value of its net
assets (not including such borrowings).  Leveraging will exaggerate any increase or decrease in the net asset value of the
securities held by the Portfolio and, in that respect, may be considered a speculative practice.  In addition, the costs associated
with borrowing may exceed the return on investments acquired with borrowed funds.  The Portfolio is authorized to participate
in non-recourse lending programs.  The Portfolio intends to limit its cumulative net investment in such program assets to
5% of its total net assets determined at the time of investment. The Portfolio may enter into forward commitments to purchase Generic
MBS, with the total amount of such outstanding commitments not to exceed 10% of the Portfolio’s total net assets.  Such
forward commitments may be entered into for purposes of investment leverage.  The Portfolio may enter into forward commitments
to sell Generic MBS, with the total amount of such outstanding commitments not to exceed 50% of the Portfolio’s MBS holdings.
 In addition, the Portfolio at times may enter into mortgage dollar rolls.  The portfolio may engage in short sales of
securities.  The Portfolio may also take short or long positions with regard to certain Markit indices which are synthetic
total return swap indices.  The Portfolio may engage in securities lending for total return as well as for income, and may
invest the collateral received from loans in securities in which it may invest.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> November 13, 2012	            
            
   
         
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
      
   
   
   
   
6430-11/12    DGHLPS2</p>