UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2022

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

Annual Report

October 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual Report October 31, 2022

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	22
Federal Tax Information	23
Board of Trustees’ Contract Approval	24
Liquidity Risk Management Program	28
Management and Organization	29
Privacy Notice	32
Important Notices	34

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

The 12-month period starting November 1, 2021, was dominated by the ongoing effects of one black swan event — the COVID-19 pandemic — and fallout from another — Russia’s invasion of Ukraine in February 2022.

In the opening months of the period, stock investors as well as consumers appeared to take a “glass is half full” approach. In both the U.S. and Europe, consumers rushed to spend money saved earlier in the pandemic. Major U.S. equity indexes closed at new all-time highs during the final months of 2021.

But as the new year began, investors appeared to reevaluate the twin threats of inflation and interest rate hikes, and stock performance turned negative. In February, Russia’s invasion of Ukraine sent shock waves through U.S. and global markets, exacerbating inflationary pressures on energy and food costs. Central banks around the world — including the U.S. Federal Reserve (the Fed), the Bank of England, and the European Central Bank (ECB) — initiated their first interest rate hikes in years. In Europe, looming energy shortages caused by the Russia-Ukraine conflict pushed inflation rates even higher and stock prices lower during the period.

In the U.S., investors began to expect the Fed would raise interest rates at every policy meeting in 2022 and, in turn, worried that aggressive rate hikes could tip the economy into recession. At its June, July, and September 2022 meetings, the Fed hiked the federal funds rate 0.75% each time — to a 3.00%-3.25% range — its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down around the globe.

As the period came to a close in October 2022, however, U.S. and European stocks delivered positive performance for the first time in months — driven by a combination of better-than-expected U.S. company earnings; improving investor sentiment that stocks had been oversold during the August-September market pullback; government measures to address Europe’s energy crisis; and hope that central bank rate hikes would help tame inflation.

Meanwhile in the world’s second-largest economy, China’s zero-COVID policy severely restricted economic output. The MSCI Golden Dragon Index, a measure of Chinese large-cap and mid-cap stocks, lost more ground in October and was one of the worst-performing major indexes during the period, declining 42.74%.

Major equity indexes elsewhere also suffered significant losses. For the period as a whole, the MSCI ACWI Index, a broad measure of global equities, returned -19.96%; the S&P 500^® Index, a broad measure of U.S. stocks, returned -14.61%; and the technology-laden Nasdaq Composite Index returned -28.56%. The MSCI EAFE Index of developed-market international equities returned -23.00%, while the MSCI Emerging Markets Index, dragged down by its China allocation, returned -31.03% during the period.

Fund Performance

For the 12-month period ended October 31, 2022, Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund) returned -16.91% for Class A shares at net asset value (NAV). The Fund underperformed its primary benchmark, the Russell 3000^® Index (the Index), which returned -16.52%; and outperformed its secondary benchmark consisting of 80% the Index, 10% MSCI EAFE Index, and 10% ICE BofA Fixed Rate Preferred Securities Index (the Blended Index), which returned -17.08% during the period.

The Fund’s performance is a function of the returns of the underlying portfolios in which it invests and the Fund’s allocation among these portfolios, as well as the performance of the Fund’s direct investments. The Fund invests in tax-managed portfolios across equity market capitalizations and investment styles, as well as direct investments, which include preferred stocks and hybrid securities.

Most major equity asset classes delivered negative returns during the period. Amid the worldwide stock market decline, U.S. equities generally outperformed international markets. U.S. large-cap stocks modestly outperformed U.S. small-cap stocks during the period, while U.S. value stocks — both large-cap and small-cap — declined less than their growth stock counterparts. In this volatile market, the Fund’s international and U.S. multi-cap allocations were the largest drags on Fund performance relative to the U.S.-based, large-cap weighted Index.

The Fund’s allocations to Tax-Managed Growth Portfolio, Tax-Managed Multi-Cap Growth Portfolio, and Tax-Managed International Equity Portfolio all underperformed the Index and detracted from Fund performance versus the Index during the period. In contrast, the Fund’s allocations to Tax-Managed Value Portfolio and Tax-Managed Small-Cap Portfolio outperformed the Index and contributed to returns relative to the Index. The Fund’s direct investments in preferred stocks and other hybrid securities also outperformed the Index and contributed modestly to relative performance.

Fund management made no significant changes to the Fund’s allocation mix during the period. As of period-end, allocations to the Fund’s underlying components were as follows: Tax-Managed Multi-Cap Growth Portfolio (13.8%); Tax-Managed Growth Portfolio (35.7%); Tax-Managed Value Portfolio (28.5%); Tax-Managed International Equity Portfolio (4.6%); Tax-Managed Small-Cap Portfolio (10.8%); and direct investments in preferred stocks and other hybrid securities, including exchange-traded funds that invest in preferred securities and similar instruments (6.6%).

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Performance

Portfolio Manager(s) John H. Croft, CFA and Douglas R. Rogers, CFA, CMT

% Average Annual Total Returns1,2	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		03/04/2002		03/04/2002		(16.91	)%		7.32	%		9.68	%
Class A with 5.25% Maximum Sales Charge		—		—		(21.28	)		6.17			9.09
Class C at NAV		03/04/2002		03/04/2002		(17.53	)		6.52			9.02
Class C with 1% Maximum Deferred Sales Charge		—		—		(18.34	)		6.52			9.02
Class I at NAV		09/11/2015		03/04/2002		(16.68	)		7.59			9.87
Russell 3000® Index		—		—		(16.52	)%		9.86	%		12.45	%
MSCI EAFE Index		—		—		(23.00	)		(0.09	)		4.12
ICE BofA Fixed Rate Preferred Securities Index		—		—		(16.32	)		0.60			3.33
Blended Index		—		—		(17.08	)		7.99			10.75
% After-Tax Returns with Maximum Sales Charge2	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A After Taxes on Distributions		03/04/2002		03/04/2002		(21.68	)%		5.72	%		8.33	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		(12.04	)		4.98			7.47
Class C After Taxes on Distributions		03/04/2002		03/04/2002		(18.70	)		6.18			8.35
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		(10.35	)		5.30			7.45
Class I After Taxes on Distributions		09/11/2015		03/04/2002		(17.15	)		7.07			9.06
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		(9.24	)		6.16			8.15
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I
						1.20	%		1.95	%		0.95	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment2	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		10/31/2012		$23,728		N.A.
Class I, at minimum investment		$1,000,000		10/31/2012		$2,564,905		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Fund Profile

Portfolio Allocation (% of total investments)¹

Footnotes:

¹  Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests. Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

4

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Endnotes and Additional Disclosures

† The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

¹  Russell 3000^® Index is an unmanaged index of the 3,000 largest U.S. stocks. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 80% Russell 3000^® Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is

adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class I is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective November 18, 2022, the portfolio manager of the Fund is Douglas R. Rogers, CFA, CMT.

Additional Information

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks.

5

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (5/1/22)		Ending Account Value (10/31/22)		Expenses Paid During Period* (5/1/22 – 10/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	946.50	$	6.13		1.25	%
Class C	$	1,000.00	$	942.80	$	9.79		2.00	%
Class I	$	1,000.00	$	947.90	$	4.91		1.00	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class C	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Class I	$	1,000.00	$	1,020.16	$	5.09		1.00	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2022. The Example reflects the expenses of both the Fund and the Portfolios.

6

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Portfolio of Investments

Investments in Affiliated Portfolios — 93.5%
Description			Value
Tax-Managed Growth Portfolio (identified cost, $72,982,061)			$	201,886,366
Tax-Managed International Equity Portfolio (identified cost, $26,797,225)				26,020,381
Tax-Managed Multi-Cap Growth Portfolio (identified cost, $33,790,952)				78,228,784
Tax-Managed Small-Cap Portfolio (identified cost, $52,931,170)				61,217,994
Tax-Managed Value Portfolio (identified cost, $94,750,801)				161,144,461
Total Investments in Affiliated Portfolios (identified cost $281,252,209)			$	528,497,986
Debt Obligations — 4.0%(1)
Security	Principal Amount (000’s omitted)		Value
Banks — 2.4%
Banco Davivienda S.A., 6.65% to 4/22/31(2)(3)(4)	$	200	$	136,305
Banco Mercantil del Norte S.A./Grand Cayman, 8.375% to 10/14/30(2)(3)(4)		600		522,639
Barclays PLC:
6.125% to 12/15/25(3)(4)		471		409,181
8.00% to 3/15/29(3)(4)		526		472,534
BNP Paribas S.A.:
4.625% to 2/25/31(2)(3)(4)		203		140,831
7.75% to 8/16/29(2)(3)(4)		675		638,101
Citigroup, Inc.:
Series M, 6.30% to 5/15/24(3)(4)		704		659,120
Series W, 4.00% to 12/10/25(3)(4)		238		201,348
Credit Suisse Group AG:
5.25% to 2/11/27(2)(3)(4)		230		163,300
9.75% to 6/23/27(2)(3)(4)		800		762,102
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(2)(3)(4)		473		419,369
HSBC Holdings PLC, 4.60% to 12/17/30(3)(4)		721		477,446
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(3)(4)		395		360,969
ING Groep NV, 6.50% to 4/16/25(3)(4)		243		221,689
JPMorgan Chase & Co., Series KK, 3.65% to 6/1/26(3)(4)		881		731,186
KeyCorp, Series D, 5.00% to 9/15/26(3)(4)		975		856,394
Lloyds Banking Group PLC, 7.50% to 6/27/24(3)(4)		600		573,458
Natwest Group PLC:
4.60% to 6/28/31(3)(4)		200		129,631
6.00% to 12/29/25(3)(4)		229		204,360
8.00% to 8/10/25(3)(4)		778		735,113

Security	Principal Amount (000’s omitted)		Value
Banks (continued)
PNC Financial Services Group, Inc. (The):
Series S, 5.00% to 11/1/26(3)(4)	$	485	$	417,692
Series U, 6.00% to 5/15/27(3)(4)		800		744,000
Societe Generale S.A., 5.375% to 11/18/30(2)(3)(4)		506		367,787
Standard Chartered PLC, 4.75% to 1/14/31(2)(3)(4)		577		385,359
SVB Financial Group, Series C, 4.00% to 5/15/26(3)(4)		600		420,628
Toronto-Dominion Bank (The), 8.125% to 10/31/27, 10/31/82(4)		775		785,656
Truist Financial Corp., Series Q, 5.10% to 3/1/30(3)(4)		134		117,930
UBS Group AG:
4.375% to 2/10/31(2)(3)(4)		419		292,106
6.875% to 8/7/25(3)(4)(5)		348		331,078
Wells Fargo & Co., Series BB, 3.90% to 3/15/26(3)(4)		784		666,106
			$	13,343,418
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(4)	$	425	$	382,993
Charles Schwab Corp. (The):
Series G, 5.375% to 6/1/25(3)(4)		651		638,794
Series I, 4.00% to 6/1/26(3)(4)		467		384,528
			$	1,406,315
Diversified Financial Services — 0.2%
American AgCredit Corp., Series QIB, 5.25% to 6/15/26(2)(3)(4)	$	914	$	839,737
Goldman Sachs Group, Inc. (The), Series V, 4.125% to 11/10/26(3)(4)		143		112,434
			$	952,171
Electric Utilities — 0.4%
Dominion Energy, Inc., Series C, 4.35% to 1/15/27(3)(4)	$	583	$	485,225
Edison International, Series B, 5.00% to 12/15/26(3)(4)		199		161,688
Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(4)		450		421,142
Sempra Energy, 4.125% to 1/1/27, 4/1/52(4)		581		438,285
Southern California Edison Co., Series E, 6.981%, (3 mo. USD LIBOR + 4.199%)(3)(6)		249		244,698
Southern Co. (The), Series B, 6.923%, (3 mo. USD LIBOR + 3.63%), 3/15/57(6)		366		364,170
			$	2,115,208
Food Products — 0.1%
Land O’ Lakes, Inc., 8.00%(2)(3)	$	824	$	817,997
			$	817,997

7

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(3)(4)	$	645	$	596,625
			$	596,625
Independent Power and Renewable Electricity Producers — 0.1%
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82(4)	$	408	$	329,460
			$	329,460
Insurance — 0.2%
QBE Insurance Group, Ltd., 5.875% to 5/12/25(2)(3)(4)	$	1,004	$	916,504
			$	916,504
Multi-Utilities — 0.1%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(3)(4)	$	900	$	845,828
			$	845,828
Oil, Gas & Consumable Fuels — 0.2%
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(3)(4)	$	399	$	394,035
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(3)(4)		658		507,055
Odebrecht Oil & Gas Finance, Ltd., 0.00%(2)(3)		550		963
Plains All American Pipeline, L.P., Series B, 6.125% to 12/5/22(3)(4)		442		371,501
			$	1,273,554
Pipelines — 0.0%(7)
Energy Transfer, L.P., Series B, 6.625% to 2/15/28(3)(4)	$	359	$	258,480
			$	258,480
Total Debt Obligations (identified cost $26,169,090)			$	22,855,560
Exchange-Traded Funds — 0.9%
Security	Shares		Value
Equity Funds — 0.9%
Global X U.S. Preferred ETF		130,000	$	2,551,900
iShares Preferred & Income Securities ETF		86,286		2,632,586
Total Exchange-Traded Funds (identified cost $6,710,738)			$	5,184,486

Preferred Stocks — 1.6%
Security	Shares		Value
Banks — 0.6%
Bank of America Corp., 4.25%		52,040	$	868,027
Citizens Financial Group, Inc., 5.00%		28,000		539,840
First Republic Bank:
Series M, 4.00%		27,012		405,450
Series N, 4.50%		8,273		139,317
JPMorgan Chase & Co.:
Series JJ, 4.55%		28,660		521,899
Series LL, 4.625%		17,500		324,450
KeyCorp, 5.65%		25,000		528,500
Truist Financial Corp., 5.25%		5,773		121,637
Wells Fargo & Co., Series L, 7.50% (Convertible)		116		135,202
			$	3,584,322
Capital Markets — 0.1%
Stifel Financial Corp., Series D, 4.50%		36,350	$	588,506
			$	588,506
Electric Utilities — 0.2%
Brookfield BRP Holdings Canada, Inc., 4.625%		24,000	$	349,680
SCE Trust III, Series H, 5.75% to 3/15/24(4)		13,981		270,392
SCE Trust IV, Series J, 5.375% to 9/15/25(4)		5,882		105,523
SCE Trust V, Series K, 5.45% to 3/15/26(4)		5,504		105,567
SCE Trust VI, 5.00%		1,041		17,853
			$	849,015
Equity Real Estate Investment Trusts (REITs) — 0.0%(7)
SITE Centers Corp., Series A, 6.375%		11,958	$	239,877
			$	239,877
Insurance — 0.3%
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(4)		22,403	$	518,854
Arch Capital Group, Ltd., Series G, 4.55%		14,252		250,265
RenaissanceRe Holdings, Ltd., Series G, 4.20%		43,000		716,810
			$	1,485,929
Oil, Gas & Consumable Fuels — 0.2%
NuStar Energy, L.P., Series B, 9.126% (3 mo. USD LIBOR + 5.643%)(6)		53,257	$	1,131,179
			$	1,131,179

8

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Portfolio of Investments — continued

Security	Shares		Value
Pipelines — 0.1%
Energy Transfer, L.P.:
Series C, 7.375% to 5/15/23(4)		15,000	$	336,000
Series E, 7.60% to 5/15/24(4)		14,960		344,529
			$	680,529
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P.:
Series A, 5.75%		2,080	$	31,470
Series A-1, 6.50%		14,575		242,674
Series A2, 6.375%		19,390		316,057
			$	590,201
Total Preferred Stocks (identified cost $11,254,708)			$	9,149,558
Total Investments — 100.0% (identified cost $325,386,745)			$	565,687,590
Other Assets, Less Liabilities — (0.0)%(7)			$	(151,778	)
Net Assets — 100.0%			$	565,535,812

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2022, the aggregate value of these securities is $6,403,100 or 1.1% of the Fund’s net assets.

⁽³⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁴⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁵⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2022, the aggregate value of these securities is $331,078 or 0.1% of the Fund’s net assets.

⁽⁶⁾  Variable rate security. The stated interest rate represents the rate in effect at October 31, 2022.

⁽⁷⁾  Amount is less than 0.05% or (0.05)%, as applicable.

Abbreviations:

LIBOR – London Interbank Offered Rate

Currency Abbreviations:

USD – United States Dollar

9

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Statement of Assets and Liabilities

Assets	October 31, 2022
Unaffiliated investments, at value (identified cost $44,134,536)	$	37,189,604
Affiliated investments, at value (identified cost $281,252,209)		528,497,986
Interest and dividends receivable		378,966
Receivable for Fund shares sold		103,417
Total assets	$	566,169,973
Liabilities
Payable for investments purchased	$	6,629
Payable for Fund shares redeemed		201,233
Payable to affiliates:
Investment adviser fee		84,498
Administration fee		69,225
Distribution and service fees		111,181
Trustees’ fees		42
Accrued expenses		161,353
Total liabilities	$	634,161
Net Assets	$	565,535,812
Sources of Net Assets
Paid-in capital	$	211,897,866
Distributable earnings		353,637,946
Net Assets	$	565,535,812
Class A Shares
Net Assets	$	405,235,817
Shares Outstanding		15,786,830
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	25.67
Maximum Offering Price Per Share
(100 ÷ 94.75 of net asset value per share)	$	27.09
Class C Shares
Net Assets	$	34,489,599
Shares Outstanding		1,463,074
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	23.57
Class I Shares
Net Assets	$	125,810,396
Shares Outstanding		4,901,108
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	25.67

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Statement of Operations

Investment Income	Year Ended October 31, 2022
Dividend income (net of foreign taxes withheld of $2,384)	$	855,775
Dividend income allocated from affiliated Portfolios (net of foreign taxes withheld of $186,743)		8,978,246
Interest income		1,477,691
Securities lending income allocated from affiliated Portfolios, net		23,346
Expenses allocated from affiliated Portfolios		(3,458,635	)
Total investment income	$	7,876,423
Expenses
Investment adviser fee	$	1,343,186
Administration fee		938,752
Distribution and service fees:
Class A		1,129,175
Class C		384,543
Trustees’ fees and expenses		500
Custodian fee		43,997
Transfer and dividend disbursing agent fees		317,566
Legal and accounting services		73,735
Printing and postage		24,327
Registration fees		53,970
Miscellaneous		13,024
Total expenses	$	4,322,775
Net investment income	$	3,553,648
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$	(1,104,279	)
Foreign currency transactions		(62,278	)
Net realized gain (loss) allocated from affiliated Portfolios:
Investment transactions		13,800,229	(1)
Foreign currency transactions		(19,029	)
Net realized gain	$	12,614,643
Change in unrealized appreciation (depreciation):
Investments	$	(8,326,388	)
Foreign currency		(11	)
Change in unrealized appreciation (depreciation) allocated from affiliated Portfolios:
Investments		(125,405,612	)
Foreign currency		(17,178	)
Net change in unrealized appreciation (depreciation)	$	(133,749,189	)
Net realized and unrealized loss	$	(121,134,546	)
Net decrease in net assets from operations	$	(117,580,898	)

⁽¹⁾  Includes $12,229,272 of net realized gains from redemptions in-kind.

11 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2022			2021
From operations:
Net investment income	$	3,553,648		$	2,276,461
Net realized gain		12,614,643	(1)		28,051,800	(2)
Net change in unrealized appreciation (depreciation)		(133,749,189	)		166,128,891
Net increase (decrease) in net assets from operations	$	(117,580,898	)	$	196,457,152
Distributions to shareholders:
Class A	$	(13,091,273	)	$	(2,498,854	)
Class C		(955,498	)		—
Class I		(4,252,703	)		(910,066	)
Total distributions to shareholders	$	(18,299,474	)	$	(3,408,920	)
Transactions in shares of beneficial interest:
Class A	$	(10,281,966	)	$	(761,966	)
Class C		(818,985	)		(14,736,486	)
Class I		5,460,422			14,040,656
Net decrease in net assets from Fund share transactions	$	(5,640,529	)	$	(1,457,796	)
Net increase (decrease) in net assets	$	(141,520,901	)	$	191,590,436
Net Assets
At beginning of year	$	707,056,713		$	515,466,277
At end of year	$	565,535,812		$	707,056,713

⁽¹⁾  Includes $12,229,272 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $10,062,663 of net realized gains from redemptions in-kind.

12 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Financial Highlights

	Class A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	31.710		$	23.070		$	22.370		$	20.450		$	19.970
Income (Loss) From Operations
Net investment income(1)	$	0.157		$	0.102		$	0.165		$	0.193		$	0.160
Net realized and unrealized gain (loss)		(5.384	)		8.690			0.969			2.122			0.951
Total income (loss) from operations	$	(5.227	)	$	8.792		$	1.134		$	2.315		$	1.111
Less Distributions
From net investment income	$	(0.104	)	$	(0.152	)	$	(0.154	)	$	(0.163	)	$	(0.171	)
From net realized gain		(0.709	)		—			(0.280	)		(0.232	)		(0.460	)
Total distributions	$	(0.813	)	$	(0.152	)	$	(0.434	)	$	(0.395	)	$	(0.631	)
Net asset value — End of year	$	25.670		$	31.710		$	23.070		$	22.370		$	20.450
Total Return(2)		(16.91	)%		38.24	%		5.07	%		11.75	%		5.60	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	405,236		$	513,507		$	373,289		$	379,547		$	272,567
Ratios (as a percentage of average daily net assets):(3)
Expenses		1.25	%(4)		1.26	%		1.28	%		1.33	%		1.31	%
Net investment income		0.56	%		0.35	%		0.74	%		0.91	%		0.77	%
Portfolio Turnover of the Fund(5)		5	%		6	%		7	%		7	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾  Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fees due to the Portfolios’ investments in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022).

⁽⁵⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

13 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Financial Highlights — continued

	Class C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	29.230		$	21.310		$	20.700		$	18.930		$	18.520
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.049	)	$	(0.102	)	$	0.001		$	0.043		$	0.005
Net realized and unrealized gain (loss)		(4.963	)		8.022			0.889			1.965			0.892
Total income (loss) from operations	$	(5.012	)	$	7.920		$	0.890		$	2.008		$	0.897
Less Distributions
From net investment income	$	—		$	—		$	—		$	(0.006	)	$	(0.027	)
From net realized gain		(0.648	)		—			(0.280	)		(0.232	)		(0.460	)
Total distributions	$	(0.648	)	$	—		$	(0.280	)	$	(0.238	)	$	(0.487	)
Net asset value — End of year	$	23.570		$	29.230		$	21.310		$	20.700		$	18.930
Total Return(2)		(17.53	)%		37.17	%		4.29	%		10.88	%		4.86	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	34,490		$	43,788		$	44,822		$	56,979		$	147,004
Ratios (as a percentage of average daily net assets):(3)
Expenses		2.00	%(4)		2.01	%		2.03	%		2.08	%		2.06	%
Net investment income (loss)		(0.19	)%		(0.38	)%		0.00	%(5)		0.23	%		0.03	%
Portfolio Turnover of the Fund(6)		5	%		6	%		7	%		7	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾  Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fees due to the Portfolios’ investments in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022).

⁽⁵⁾  Amount is less than 0.005%.

⁽⁶⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

14 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Financial Highlights — continued

	Class I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	31.700		$	23.060		$	22.360		$	20.450		$	19.970
Income (Loss) From Operations
Net investment income(1)	$	0.227		$	0.172		$	0.220		$	0.244		$	0.207
Net realized and unrealized gain (loss)		(5.369	)		8.678			0.968			2.113			0.952
Total income (loss) from operations	$	(5.142	)	$	8.850		$	1.188		$	2.357		$	1.159
Less Distributions
From net investment income	$	(0.179	)	$	(0.210	)	$	(0.208	)	$	(0.215	)	$	(0.219	)
From net realized gain		(0.709	)		—			(0.280	)		(0.232	)		(0.460	)
Total distributions	$	(0.888	)	$	(0.210	)	$	(0.488	)	$	(0.447	)	$	(0.679	)
Net asset value — End of year	$	25.670		$	31.700		$	23.060		$	22.360		$	20.450
Total Return(2)		(16.68	)%		38.56	%		5.31	%		12.02	%		5.85	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	125,810		$	149,762		$	97,355		$	89,758		$	65,649
Ratios (as a percentage of average daily net assets):(3)
Expenses		1.00	%(4)		1.01	%		1.03	%		1.08	%		1.06	%
Net investment income		0.81	%		0.60	%		0.99	%		1.16	%		0.99	%
Portfolio Turnover of the Fund(5)		5	%		6	%		7	%		7	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾  Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fees due to the Portfolios’ investments in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022).

⁽⁵⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

15 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is to achieve long-term, after-tax returns for its shareholders. The Fund currently pursues its objective by investing directly in securities and in interests in five tax-managed equity portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at October 31, 2022 were as follows: Tax-Managed Growth Portfolio (0.7%), Tax-Managed Value Portfolio (18.3%), Tax-Managed International Equity Portfolio (43.7%), Tax-Managed Multi-Cap Growth Portfolio (43.7%) and Tax-Managed Small-Cap Portfolio (34.1%). The performance of the Fund is directly affected by the performance of the Portfolios. A copy of each Portfolio’s financial statements is available by calling Eaton Vance at

1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The valuation policies common to the Portfolios are as follows:

Equity Securities. Equity securities (common stocks and exchange-traded funds) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Portfolios’ investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Portfolios might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. Additional valuation policies of the Fund are as follows:

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as

16

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Notes to Financial Statements — continued

industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Preferred Equity Securities. Preferred equity securities that are not listed or traded in the over-the-counter market are valued by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

B  Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — The 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 substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

E  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP 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  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

17

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended October 31, 2022 and October 31, 2021 was as follows:

	Year Ended October 31,
	2022		2021
Ordinary income	$	3,810,323	$	3,408,920
Long-term capital gains	$	14,489,151	$	—

During the year ended October 31, 2022, distributable earnings was decreased by $346,153 and paid-in capital was increased by $346,153 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	2,251,108
Undistributed long-term capital gains		1,278,229
Net unrealized appreciation		350,108,609
Distributable earnings	$	353,637,946

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the affiliated Portfolios, at October 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	215,586,328
Gross unrealized appreciation		357,897,950
Gross unrealized depreciation		(7,796,688	)
Net unrealized appreciation	$	350,101,262

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement between the Fund and EVM, and an amendment to the agreement that took effect on July 1, 2022, the investment adviser fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate (Prior to July 1, 2022)			Annual Fee Rate (Effective July 1, 2022)
Up to $500 million		0.750	%		0.700	%
$500 million but less than $1 billion		0.700	%		0.600	%
$1 billion but less than $1.5 billion		0.675	%		0.575	%
$1.5 billion but less than $2.5 billion		0.650	%		0.550	%
$2.5 billion and over		0.625	%		0.525	%

The investment adviser fee payable by the Fund is reduced by the Fund’s allocable share of any fee paid pursuant to an investment advisory agreement by any investment company advised by EVM or its affiliates in which the Fund invests. Effective April 26, 2022, the Portfolios may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolios is reduced by an amount equal to their pro-rata share of the advisory and administration fees paid by the Portfolios due to their

18

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Notes to Financial Statements — continued

investments in the Liquidity Fund. For the year ended October 31, 2022, the Fund’s allocated share of the reduction of the investment adviser fee paid by the Portfolios was $2,019 relating to the Portfolios’ investments in the Liquidity Fund. Prior to April 26, 2022, the Portfolios may have invested their cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

For the year ended October 31, 2022, the Fund’s investment adviser fee totaled $4,528,896, of which $3,185,710 was allocated from the Portfolios and $1,343,186 was paid or accrued directly by the Fund. For the year ended October 31, 2022, the Fund’s investment adviser fee, including the fees allocated from the Portfolios, was 0.72% of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2022, the administration fee amounted to $938,752.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2022, EVM earned $95,571 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $30,631 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2022. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund and the Portfolios who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2022 amounted to $1,129,175 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2022, the Fund paid or accrued to EVD $288,407 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2022 amounted to $96,136 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances 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 gain distributions. For the year ended October 31, 2022, the Fund was informed that EVD received approximately $400 and $2,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the year ended October 31, 2022, increases and decreases in the Fund’s investments in the Portfolios were as follows:

Portfolio	Contributions		Withdrawals
Tax-Managed Growth Portfolio	$	4,037,761	$	15,212,950
Tax-Managed International Equity Portfolio		1,101,161		4,059,300
Tax-Managed Multi-Cap Growth Portfolio		1,594,969		6,032,177
Tax-Managed Small-Cap Portfolio		1,476,823		5,585,349
Tax-Managed Value Portfolio		3,662,522		13,851,666

19

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Notes to Financial Statements — continued

7  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and investments in the Portfolios, aggregated $18,736,376 and $12,169,993, respectively, for the year ended October 31, 2022.

8  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:

	Year Ended October 31, 2022						Year Ended October 31, 2021
	Shares			Amount			Shares			Amount
Class A
Sales		622,834		$	17,651,843			1,091,500		$	30,128,272
Issued to shareholders electing to receive payments of distributions in Fund shares		391,331			12,049,069			87,075			2,297,913
Redemptions		(1,423,673	)		(39,982,878	)		(1,162,917	)		(33,188,151	)
Net increase (decrease)		(409,508	)	$	(10,281,966	)		15,658		$	(761,966	)
Class C
Sales		303,090		$	7,709,274			186,874		$	4,946,493
Issued to shareholders electing to receive payments of distributions in Fund shares		32,978			938,540			—			—
Redemptions		(370,961	)		(9,466,799	)		(792,620	)		(19,682,979	)
Net decrease		(34,893	)	$	(818,985	)		(605,746	)	$	(14,736,486	)
Class I
Sales		804,880		$	22,384,882			788,945		$	22,307,460
Issued to shareholders electing to receive payments of distributions in Fund shares		131,671			4,046,241			32,538			857,060
Redemptions		(759,383	)		(20,970,701	)		(319,184	)		(9,123,864	)
Net increase		177,168		$	5,460,422			502,299		$	14,040,656

9  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

20

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Notes to Financial Statements — continued

At October 31, 2022, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Investments in Affiliated Portfolios	$	528,497,986	$	—	$	—	$	528,497,986
Debt Obligations		—		22,855,560		—		22,855,560
Exchange-Traded Funds		5,184,486		—		—		5,184,486
Preferred Stocks		9,149,558		—		—		9,149,558
Total Investments	$	542,832,030	$	22,855,560	$	—	$	565,687,590

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

21

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Equity Asset Allocation Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Equity Asset Allocation Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and 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 of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 28, 2022

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

22

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Dividend Income. For the fiscal year ended October 31, 2022, the Fund designates approximately $8,450,508, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2022 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2022, $1,403,814 or, if subsequently determined to be different, the net capital gain of such year.

23

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 8, 2022, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

¹ Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the "Overview" section, further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the "Results of the Contract Review Process" section.

24

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Board of Trustees’ Contract Approval — continued

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance on March 1, 2021;

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;

• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Equity Asset Allocation Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreements between each of Tax-Managed

25

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Board of Trustees’ Contract Approval — continued

Growth Portfolio, Tax-Managed International Equity Portfolio, Tax-Managed Multi-Cap Growth Portfolio, Tax-Managed Small-Cap Portfolio and Tax-Managed Value Portfolio (the “Portfolios”), which are portfolios in which the Fund is authorized to invest, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolios, are each referred to herein as the “Adviser”), including their respective fee structures, is in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolios.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolios, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolios by the applicable Adviser. BMR manages the Portfolios, while EVM allocates the assets of the Fund among the Portfolios.

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolios, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolios, including recent changes to such personnel, where relevant. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board considered each Adviser’s experience managing funds that seek to maximize after-tax returns. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in preferred stocks. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolios, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolios, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolios.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and blended benchmark indexes for the three-year period. The Board also considered the performance of the underlying Portfolios. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolios and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

26

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolios and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolios, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolios and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolios, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolios increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolios to continue to benefit from any economies of scale in the future.

27

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 7, 2022, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

28

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 135 funds (with the exception of Mr. Bowser who oversees 110 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Alan C. Bowser(1) 1962	Trustee	Since 2022	Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011-present). Other Directorships. None.
Mark R. Fetting 1954	Trustee	Since 2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None.
Cynthia E. Frost 1961	Trustee	Since 2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.

29

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022).
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	Since 2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None.
Nancy A. Wiser(1) 1967	Trustee	Since 2022	Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None.

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	Since 2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.

30

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Nicholas Di Lorenzo 1987	Secretary	Since 2022	Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP.
Richard F. Froio 1968	Chief Compliance Officer	Since 2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾ Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

31

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

32

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎   buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

33

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

34

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

1299    10.31.22

Eaton Vance

Global Income Builder Fund

Annual Report

October 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual Report October 31, 2022

Eaton Vance

Global Income Builder Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	4
Fund Profile	5
Endnotes and Additional Disclosures	6
Fund Expenses	7
Financial Statements	8
Report of Independent Registered Public Accounting  Firm	19 and 47
Federal Tax Information	20
Board of Trustees’ Contract Approval	48
Liquidity Risk Management Program	52
Management and Organization	53
Privacy Notice	56
Important Notices	58

Eaton Vance

Global Income Builder Fund

October 31, 2022

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

The 12-month period starting November 1, 2021, was dominated by the ongoing effects of one black swan event — the COVID-19 pandemic — and fallout from another — Russia’s invasion of Ukraine in February 2022.

In the opening months of the period, stock investors as well as consumers appeared to take a “glass is half full” approach. In both the U.S. and Europe, consumers rushed to spend money saved earlier in the pandemic. Major U.S. equity indexes closed at new all-time highs during the final months of 2021.

But as the new year began, investors appeared to reevaluate the twin threats of inflation and interest rate hikes, and stock performance turned negative. In February, Russia’s invasion of Ukraine sent shock waves through U.S. and global markets, exacerbating inflationary pressures on energy and food costs. Central banks around the world — including the U.S. Federal Reserve (the Fed), the Bank of England, and the European Central Bank (ECB) — initiated their first interest rate hikes in years. In Europe, looming energy shortages caused by the Russia-Ukraine conflict pushed inflation rates even higher and stock prices lower during the period.

In the U.S., investors began to expect the Fed would raise interest rates at every policy meeting in 2022 and, in turn, worried that aggressive rate hikes could tip the economy into recession. At its June, July, and September 2022 meetings, the Fed hiked the federal funds rate 0.75% each time — to a

3.00%-3.25% range — its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down around the globe.

As the period came to a close in October 2022, however, U.S. and European stocks delivered positive performance for the first time in months — driven by a combination of better-than-expected U.S. company earnings; improving investor sentiment that stocks had been oversold during the August-September market pullback; government measures to address Europe’s energy crisis; and hope that central bank rate hikes would help tame inflation.

Meanwhile in the world’s second-largest economy, China’s zero-COVID policy severely restricted economic output. The MSCI Golden Dragon Index, a measure of Chinese large-cap and mid-cap stocks, lost more ground in October and was one of the worst-performing major indexes during the period, declining 42.74%.

Major equity indexes elsewhere also suffered significant losses. For the period as a whole, the MSCI ACWI Index, a broad measure of global equities, returned -19.96%; the S&P 500^® Index, a broad measure of U.S. stocks, returned -14.61%; and the technology-laden Nasdaq Composite Index returned -28.56%. The MSCI EAFE Index of developed-market international equities returned -23.00%, while the MSCI Emerging Markets Index, dragged down by its China allocation, returned -31.03% during the period.

Fund Performance

For the 12-month period ended October 31, 2022, Eaton Vance Global Income Builder Fund (the Fund) returned -17.86% for Class A shares at net asset value (NAV). The Fund outperformed its primary benchmark, the MSCI World Index (the Index), which returned -18.48%; and underperformed its blended benchmark consisting of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (the ICE BofA Index), which returned -17.26% during the period.

The Fund’s out-of-Index allocations to high yield bonds, bank loans, and preferred securities contributed to performance versus the Index during the period. Stock selections in the energy, communication services, and financials sectors, along with stock selections and an underweight position in the consumer discretionary sector, also contributed to Fund performance versus the Index.

The Fund’s high yield bond allocation outperformed the Index and the broad high yield market, as measured by the ICE BofA Index. Within that allocation, the Fund had a shorter duration and a higher average credit quality than the ICE BofA Index. That asset mix helped relative performance as interest rates rose and BB-rated and B-rated bonds outperformed CCC-rated bonds during the period. The Fund reduced its exposure to lower rated bonds early in 2022.

Security selections within the health care sector also helped performance relative to the ICE BofA Index as the Fund avoided exposure to several companies that experienced sharp declines in bond prices.

The Fund’s small out-of-Index allocation to bank loans also contributed to performance relative to the Index as it delivered positive returns during a period of generally negative returns by most asset classes.

The Fund’s preferred securities allocation — preferred stocks, exchange-traded funds investing primarily in preferred stocks, and corporate bonds and other debt securities with preferred characteristics — outperformed the Index and contributed to Fund performance versus the Index. However, the preferred allocation underperformed the overall preferred market, as measured by the ICE BofA Fixed Rate Preferred Securities Index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Global Income Builder Fund

October 31, 2022

Management’s Discussion of Fund Performance^† — continued

The Fund’s use of equity index futures contracts, a type of derivative, detracted from performance relative to the Index. Within the Fund’s common stock portfolio, the Fund’s strategy of investing in dividend-paying stocks resulted in an overweight allocation to European equities and an underweight allocation to U.S. equities relative to the Index. The Fund hedged these overweight and underweight exposures by selling short European index futures contracts and buying U.S. index futures contracts. By period-end, these index futures contracts were no longer in effect.

The Fund’s common stock allocation underperformed the Index and detracted from performance relative to the Index as well. Within the Fund’s common stock allocation, detractors from performance relative to the Index included stock selections in the industrials, information technology, and utilities sectors.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Global Income Builder Fund

October 31, 2022

Performance

Portfolio Manager(s) Christopher M. Dyer, CFA and Jeffrey D. Mueller, of Eaton Vance Advisers International Ltd.; John H. Croft, CFA and Derek J.V. DiGregorio, of Boston Management and Research

% Average Annual Total Returns1,2	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		11/30/2005		11/30/2005		(17.86	)%		3.42	%		6.37	%
Class A with 5.25% Maximum Sales Charge		—		—		(22.18	)		2.32			5.80
Class C at NAV		11/30/2005		11/30/2005		(18.46	)		2.68			5.72
Class C with 1% Maximum Deferred Sales Charge		—		—		(19.24	)		2.68			5.72
Class I at NAV		01/31/2006		11/30/2005		(17.60	)		3.70			6.64
Class R at NAV		01/31/2006		11/30/2005		(18.02	)		3.15			6.10
MSCI World Index		—		—		(18.48	)%		6.37	%		8.93	%
ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index		—		—		(15.20	)		0.56			3.16
Blended Index						(17.26	)		4.43			6.97
% Total Annual Operating Expense Ratios3			Class A		Class C			Class I			Class R
				1.17%		1.92	%		0.92	%		1.42	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		10/31/2012		$17,440		N.A.
Class I, at minimum investment		$1,000,000		10/31/2012		$1,903,114		N.A.
Class R		$10,000		10/31/2012		$18,079		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

4

Eaton Vance

Global Income Builder Fund

October 31, 2022

Fund Profile

Country Allocation (% of net assets)

Asset Allocation (% of net assets)¹

Top 10 Holdings (% of net assets)²

Alphabet, Inc., Class C	2.7	%
Microsoft Corp.	2.3
Apple, Inc.	1.9
EOG Resources, Inc.	1.9
Eli Lilly & Co.	1.8
Amazon.com, Inc.	1.5
Nestle S.A.	1.4
Coca-Cola Co. (The)	1.4
Walt Disney Co. (The)	1.3
Novo Nordisk A/S, Class B	1.2
Total	17.4	%

Footnotes:

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

¹ Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

² Excludes cash and cash equivalents.

5

Eaton Vance

Global Income Builder Fund

October 31, 2022

Endnotes and Additional Disclosures

† The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

¹  MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market, below investment grade corporate bonds. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Effective December 7, 2015, the Fund changed its name and principal investment strategies to invest in common stocks, preferred stocks and other hybrid securities and income instruments of U.S. and foreign issuers. As of such date, the Fund was no longer required to invest at least 80% of its net assets in dividend-paying common and preferred stocks. Performance prior to December 7, 2015 reflects the Fund’s performance under its former principal investment strategies.

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

Fund profile subject to change due to active management.

Additional Information

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S.

Important Notice to Shareholders

Effective November 18, 2022, the Fund is managed by Christopher M. Dyer, CFA, Derek J.V. DiGregorio and Jeffrey D. Mueller.

6

Eaton Vance

Global Income Builder Fund

October 31, 2022

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (5/1/22)		Ending Account Value (10/31/22)		Expenses Paid During Period* (5/1/22 –10/31/22)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	927.40	$	5.68	**		1.17	%
Class C	$	1,000.00	$	923.60	$	9.31	**		1.92	%
Class I	$	1,000.00	$	928.50	$	4.47	**		0.92	%
Class R	$	1,000.00	$	926.20	$	6.89	**		1.42	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.31	$	5.96	**		1.17	%
Class C	$	1,000.00	$	1,015.53	$	9.75	**		1.92	%
Class I	$	1,000.00	$	1,020.57	$	4.69	**		0.92	%
Class R	$	1,000.00	$	1,018.05	$	7.22	**		1.42	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2022. The Example reflects the expenses of both the Fund and the Portfolio.

** Absent an allocation of certain expenses to affiliates, expenses would be higher.

7

Eaton Vance

Global Income Builder Fund

October 31, 2022

Statement of Assets and Liabilities

Assets	October 31, 2022
Investment in Global Income Builder Portfolio, at value (identified cost $205,298,845)	$	220,386,160
Receivable for Fund shares sold		543,870
Receivable from affiliate		6,716
Total assets	$	220,936,746
Liabilities
Payable for Fund shares redeemed	$	544,638
Payable to affiliates:
Administration fee		27,421
Distribution and service fees		38,795
Trustees’ fees		42
Accrued expenses		85,472
Total liabilities	$	696,368
Net Assets	$	220,240,378
Sources of Net Assets
Paid-in capital	$	205,513,153
Distributable earnings		14,727,225
Net Assets	$	220,240,378
Class A Shares
Net Assets	$	123,588,939
Shares Outstanding		13,849,548
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.92
Maximum Offering Price Per Share
(100 ÷ 94.75 of net asset value per share)	$	9.41
Class C Shares
Net Assets	$	15,092,639
Shares Outstanding		1,712,504
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.81
Class I Shares
Net Assets	$	80,627,058
Shares Outstanding		9,046,330
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.91
Class R Shares
Net Assets	$	931,742
Shares Outstanding		104,810
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.89

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

8 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2022

Statement of Operations

Investment Income	Year Ended October 31, 2022
Dividend income allocated from Portfolio (net of foreign taxes withheld of $717,194)	$	5,915,592
Interest and other income allocated from Portfolio (net of foreign taxes withheld of $6,335)		6,086,611
Expenses allocated from Portfolio		(1,683,357	)
Total investment income from Portfolio	$	10,318,846
Expenses
Administration fee	$	393,294
Distribution and service fees:
Class A		362,670
Class C		198,195
Class R		4,329
Trustees’ fees and expenses		500
Custodian fee		25,774
Transfer and dividend disbursing agent fees		166,655
Legal and accounting services		37,700
Printing and postage		35,904
Registration fees		71,821
Miscellaneous		32,003
Total expenses	$	1,328,845
Deduct:
Waiver and/or reimbursement of expenses by affiliates	$	41,418
Total expense reductions	$	41,418
Net expenses	$	1,287,427
Net investment income	$	9,031,419
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss):
Investment transactions (net of foreign capital gains taxes of $3,110)	$	(3,253,127	)
Futures contracts		(1,109,625	)
Foreign currency transactions		(145,417	)
Forward foreign currency exchange contracts		10,613
Net realized loss	$	(4,497,556	)
Change in unrealized appreciation (depreciation):
Investments (including net increase in accrued foreign capital gains taxes of $31,704)	$	(56,204,269	)
Foreign currency		(183,786	)
Forward foreign currency exchange contracts		(1,055	)
Net change in unrealized appreciation (depreciation)	$	(56,389,110	)
Net realized and unrealized loss	$	(60,886,666	)
Net decrease in net assets from operations	$	(51,855,247	)

9 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2022

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2022			2021
From operations:
Net investment income	$	9,031,419		$	7,486,338
Net realized gain (loss)		(4,497,556	)		14,670,016	(1)
Net change in unrealized appreciation (depreciation)		(56,389,110	)		50,261,021
Net increase (decrease) in net assets from operations	$	(51,855,247	)	$	72,417,375
Distributions to shareholders:
Class A	$	(6,678,673	)	$	(4,679,856	)
Class C		(805,593	)		(641,216	)
Class I		(4,716,320	)		(3,565,558	)
Class R		(36,989	)		(22,315	)
Total distributions to shareholders	$	(12,237,575	)	$	(8,908,945	)
Transactions in shares of beneficial interest:
Class A	$	(5,748,298	)	$	8,820,157
Class C		(4,540,481	)		(20,459,289	)
Class I		(9,706,068	)		(4,059,902	)
Class R		311,067			54,321
Net decrease in net assets from Fund share transactions	$	(19,683,780	)	$	(15,644,713	)
Other capital:
Portfolio transaction fee contributed to Portfolio	$	(115,958	)	$	(153,151	)
Portfolio transaction fee allocated from Portfolio		115,870			151,338
Net decrease in net assets from other capital	$	(88	)	$	(1,813	)
Net increase (decrease) in net assets	$	(83,776,690	)	$	47,861,904
Net Assets
At beginning of year	$	304,017,068		$	256,155,164
At end of year	$	220,240,378		$	304,017,068

⁽¹⁾ Includes $2,657,855 of net realized gains from redemptions in-kind.

10 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2022

Financial Highlights

	Class A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	11.360		$	9.070		$	9.210		$	8.620		$	9.060
Income (Loss) From Operations
Net investment income(1)	$	0.343		$	0.272		$	0.330		$	0.372		$	0.267
Net realized and unrealized gain (loss)		(2.321	)		2.342			(0.146	)		0.542			(0.383	)
Total income (loss) from operations	$	(1.978	)	$	2.614		$	0.184		$	0.914		$	(0.116	)
Less Distributions
From net investment income	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)
From net realized gain		(0.138	)		—			—			—			—
Total distributions	$	(0.462	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)
Portfolio transaction fee, net(1)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)
Net asset value — End of year	$	8.920		$	11.360		$	9.070		$	9.210		$	8.620
Total Return(3)(4)		(17.86	)%		29.08	%		2.12	%		10.97	%		(1.52	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	123,589		$	164,778		$	123,152		$	131,104		$	115,974
Ratios (as a percentage of average daily net assets):(5)
Expenses(4)		1.17	%(6)		1.17	%		1.17	%		1.24	%		1.28	%
Net investment income		3.42	%		2.52	%		3.65	%		4.22	%		2.94	%
Portfolio Turnover of the Portfolio		59	%		60	%		118	%		86	%		102	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $(0.0005).

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.02%, 0.03% and 0.02% of average daily net assets for the years ended October 31, 2022, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Includes a reduction by the investment adviser of a portion of the Portfolio’s adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022).

11 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2022

Financial Highlights — continued

	Class C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	11.230		$	8.960		$	9.110		$	8.530		$	8.960
Income (Loss) From Operations
Net investment income(1)	$	0.263		$	0.187		$	0.262		$	0.292		$	0.198
Net realized and unrealized gain (loss)		(2.290	)		2.328			(0.153	)		0.546			(0.371	)
Total income (loss) from operations	$	(2.027	)	$	2.515		$	0.109		$	0.838		$	(0.173	)
Less Distributions
From net investment income	$	(0.255	)	$	(0.245	)	$	(0.259	)	$	(0.258	)	$	(0.257	)
From net realized gain		(0.138	)		—			—			—			—
Total distributions	$	(0.393	)	$	(0.245	)	$	(0.259	)	$	(0.258	)	$	(0.257	)
Portfolio transaction fee, net(1)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)
Net asset value — End of year	$	8.810		$	11.230		$	8.960		$	9.110		$	8.530
Total Return(3)(4)		(18.46	)%		28.26	%		1.29	%		10.13	%		(2.16	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	15,093		$	24,505		$	37,875		$	56,314		$	87,821
Ratios (as a percentage of average daily net assets):(5)
Expenses(4)		1.92	%(6)		1.92	%		1.92	%		2.00	%		2.03	%
Net investment income		2.64	%		1.76	%		2.93	%		3.36	%		2.20	%
Portfolio Turnover of the Portfolio		59	%		60	%		118	%		86	%		102	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $(0.0005).

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.02%, 0.03% and 0.02% of average daily net assets for the years ended October 31, 2022, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Includes a reduction by the investment adviser of a portion of the Portfolio’s adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022).

12 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2022

Financial Highlights — continued

	Class I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	11.340		$	9.060		$	9.190		$	8.610		$	9.040
Income (Loss) From Operations
Net investment income(1)	$	0.368		$	0.297		$	0.354		$	0.386		$	0.287
Net realized and unrealized gain (loss)		(2.311	)		2.333			(0.136	)		0.542			(0.369	)
Total income (loss) from operations	$	(1.943	)	$	2.630		$	0.218		$	0.928		$	(0.082	)
Less Distributions
From net investment income	$	(0.349	)	$	(0.350	)	$	(0.348	)	$	(0.348	)	$	(0.348	)
From net realized gain		(0.138	)		—			—			—			—
Total distributions	$	(0.487	)	$	(0.350	)	$	(0.348	)	$	(0.348	)	$	(0.348	)
Portfolio transaction fee, net(1)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)
Net asset value — End of year	$	8.910		$	11.340		$	9.060		$	9.190		$	8.610
Total Return(3)(4)		(17.60	)%		29.31	%		2.51	%		11.17	%		(1.26	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	80,627		$	113,907		$	94,518		$	107,290		$	112,202
Ratios (as a percentage of average daily net assets):(5)
Expenses(4)		0.92	%(6)		0.92	%		0.92	%		0.99	%		1.02	%
Net investment income		3.66	%		2.76	%		3.92	%		4.39	%		3.17	%
Portfolio Turnover of the Portfolio		59	%		60	%		118	%		86	%		102	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $(0.0005).

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.02%, 0.03% and 0.02% of average daily net assets for the years ended October 31, 2022, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Includes a reduction by the investment adviser of a portion of the Portfolio’s adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022).

13 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2022

Financial Highlights — continued

	Class R
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	11.320		$	9.040		$	9.180		$	8.600		$	9.030
Income (Loss) From Operations
Net investment income(1)	$	0.309		$	0.247		$	0.310		$	0.345		$	0.243
Net realized and unrealized gain (loss)		(2.300	)		2.332			(0.149	)		0.536			(0.373	)
Total income (loss) from operations	$	(1.991	)	$	2.579		$	0.161		$	0.881		$	(0.130	)
Less Distributions
From net investment income	$	(0.301	)	$	(0.299	)	$	(0.301	)	$	(0.301	)	$	(0.300	)
From net realized gain		(0.138	)		—			—			—			—
Total distributions	$	(0.439	)	$	(0.299	)	$	(0.301	)	$	(0.301	)	$	(0.300	)
Portfolio transaction fee, net(1)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)	$	(0.000	)(2)
Net asset value — End of year	$	8.890		$	11.320		$	9.040		$	9.180		$	8.600
Total Return(3)(4)		(18.02	)%		28.76	%		1.87	%		10.59	%		(1.78	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	932		$	827		$	610		$	629		$	506
Ratios (as a percentage of average daily net assets):(5)
Expenses(4)		1.42	%(6)		1.42	%		1.42	%		1.49	%		1.52	%
Net investment income		3.13	%		2.29	%		3.44	%		3.92	%		2.69	%
Portfolio Turnover of the Portfolio		59	%		60	%		118	%		86	%		102	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $(0.0005).

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.02%, 0.03% and 0.02% of average daily net assets for the years ended October 31, 2022, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾ Includes a reduction by the investment adviser of a portion of the Portfolio’s adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022).

14 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2022

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Global Income Builder Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Global Income Builder Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.5% at October 31, 2022). The performance of the 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 the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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 Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

C  Federal Taxes — The 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 substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP 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  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

15

Eaton Vance

Global Income Builder Fund

October 31, 2022

Notes to Financial Statements — continued

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2022 and October 31, 2021 was as follows:

	Year Ended October 31,
	2022		2021
Ordinary income	$	8,539,399	$	8,908,945
Long-term capital gains	$	3,698,176	$	—

As of October 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	681,472
Deferred capital losses		(5,256,030	)
Net unrealized appreciation		19,301,783
Distributable earnings	$	14,727,225

At October 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $5,256,030 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2022, $5,256,030 are short-term.

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund’s average daily net assets that are not invested in other investment companies for which BMR or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.550	%
$500 million but less than $1 billion		0.525	%
$1 billion but less than $2.5 billion		0.500	%
$2.5 billion and over		0.475	%

For the year ended October 31, 2022, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged BMR to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2022, the administration fee amounted to $393,294. EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.17%, 1.92%, 0.92% and 1.42% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement

16

Eaton Vance

Global Income Builder Fund

October 31, 2022

Notes to Financial Statements — continued

may be changed or terminated after February 28, 2023. Pursuant to this agreement, EVM and EVAIL were allocated $41,418 of the Fund’s operating expenses for the year ended October 31, 2022.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2022, EVM earned $15,683 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $8,971 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2022. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2022 amounted to $362,670 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2022, the Fund paid or accrued to EVD $148,646 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2022, the Fund paid or accrued to EVD $2,165 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2022 amounted to $49,549 and $2,164 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances 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 gain distributions. For the year ended October 31, 2022, the Fund was informed that EVD received approximately $3,000 and $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the year ended October 31, 2022, increases and decreases in the Fund’s investment in the Portfolio aggregated $6,083,077 and $40,388,536, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1L of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

17

Eaton Vance

Global Income Builder Fund

October 31, 2022

Notes to Financial Statements — continued

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:

	Year Ended October 31, 2022						Year Ended October 31, 2021
	Shares			Amount			Shares			Amount
Class A
Sales		1,227,451		$	12,726,234			2,791,363		$	28,791,640
Issued to shareholders electing to receive payments of distributions in Fund shares		601,063			6,160,367			402,814			4,325,494
Redemptions		(2,485,542	)		(24,634,899	)		(2,268,917	)		(24,296,977	)
Net increase (decrease)		(657,028	)	$	(5,748,298	)		925,260		$	8,820,157
Class C
Sales		186,743		$	1,957,980			252,011		$	2,724,113
Issued to shareholders electing to receive payments of distributions in Fund shares		76,915			786,222			59,010			621,341
Redemptions		(733,864	)		(7,284,683	)		(2,353,487	)		(23,804,743	)
Net decrease		(470,206	)	$	(4,540,481	)		(2,042,466	)	$	(20,459,289	)
Class I
Sales		1,597,829		$	16,139,353			1,840,359		$	19,793,612
Issued to shareholders electing to receive payments of distributions in Fund shares		443,668			4,531,038			298,003			3,197,990
Redemptions		(3,035,715	)		(30,376,459	)		(2,534,633	)		(27,051,504	)
Net decrease		(994,218	)	$	(9,706,068	)		(396,271	)	$	(4,059,902	)
Class R
Sales		42,144		$	425,735			21,302		$	222,145
Issued to shareholders electing to receive payments of distributions in Fund shares		3,670			36,989			2,081			22,315
Redemptions		(14,076	)		(151,657	)		(17,786	)		(190,139	)
Net increase		31,738		$	311,067			5,597		$	54,321

18

Eaton Vance

Global Income Builder Fund

October 31, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Income Builder Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Income Builder Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and 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 of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2022

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

19

Eaton Vance

Global Income Builder Fund

October 31, 2022

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, 163(j) interest dividends and the foreign tax credit.

Qualified Dividend Income.  For the fiscal year ended October 31, 2022, the Fund designates approximately $6,335,655, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2022 ordinary income dividends, 29.22% qualifies for the corporate dividends received deduction.

163(j) Interest Dividends.  For the fiscal year ended October 31, 2022, the Fund designates 46.18% of distributions from net investment income as a 163(j) interest dividend.

Foreign Tax Credit.  For the fiscal year ended October 31, 2022, the Fund paid foreign taxes of $699,982.

20

Global Income Builder Portfolio

October 31, 2022

Portfolio of Investments

Common Stocks — 58.7%
Security	Shares		Value
Aerospace & Defense — 0.8%
Safran S.A.		15,665	$	1,744,609
			$	1,744,609
Air Freight & Logistics — 0.5%
GXO Logistics, Inc.(1)		27,738	$	1,013,547
			$	1,013,547
Automobiles — 0.4%
Stellantis NV		61,872	$	834,750