N-CSR

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)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

February 28

Date of Fiscal Year End

February 29, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric

Dividend Income Fund

Annual Report

February 29, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 1-800-260-0761.

Annual Report February 29, 2020

Parametric

Dividend Income 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	21
Federal Tax Information	22
Management and Organization	23
Important Notices	26

Parametric

Dividend Income Fund

February 29, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

At the start of the 12-month period opened on March 1, 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes in 2018, markets were projecting the Fed might lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks climbed in March and April 2019. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade dispute — proved to be temporary, and the U.S. stock rally resumed in June and July. After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50% – 1.75%.

After a mild downturn in August, U.S. equities rallied again in the final months of 2019, spurred by optimism about a U.S.- China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase-one” trade deal with China.

In the last two months of the period, however, the outbreak of the coronavirus in China and its spread across the globe reversed much of the markets’ extraordinary gains in 2019. Consumer spending and industrial output in the world’s second-largest economy took a nosedive, as citizens were urged to stay home in an effort to contain the virus and factories delayed reopening until after the Chinese New Year.

As investors around the world worried about the negative effects on the global supply chain and global GDP, nearly all major equity indexes posted negative returns in January and February of 2020.

During the 12-month period ended February 29, 2020, the blue-chip Dow Jones Industrial Average^®2 returned 0.44%, while the broader U.S. equity market represented by the S&P 500^® Index returned 8.19%. The technology-laden Nasdaq Composite Index returned 14.94% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- and small-cap categories as measured by the Russell 1000^® Growth and Value Indexes (large caps) and the Russell 2000^® Growth and Value Indexes (small caps).

Fund Performance

For the 12-month period ended February 29, 2020, Parametric Dividend Income Fund (the Fund) returned –4.76% for Investor Class shares at net asset value (NAV), underperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned 0.54%.

The Fund is structured with a focus on broad diversification⁶ by both allocating a relatively equal weight among each of the Index’s 11 sectors; and allocating a relatively equal weight among select securities — those that rank the highest on Parametric’s combined low-risk/high-yield score — within each of the Index’s 11 sectors. The Fund’s equal-weighting approach may result in a portfolio with overweight positions in smaller sectors and underweight positions in larger sectors, as measured by market capitalization.

The Fund’s emphasis on diversification by targeting an equal- sector weighting detracted from performance relative to the Index during the period. An overweight exposure to the energy sector, which lagged the Index, was the largest sector-level detractor. An overweight allocation to the materials sector also detracted. Conversely, the Fund’s overweight allocation to the utilities sector contributed to relative results during the period.

In aggregate the Fund’s emphasis on diversification at the security level also detracted from performance relative to the Index. Security selections in the consumer discretionary sector made up the lion’s share of relative underperformance due, in part, to an overweight position in Six Flags Entertainment Corp., which plummeted after missing earnings and slashing its dividend; and an overweight position in Tupperware Brands Corp. (Tupperware), which declined over 40% during the period amid a first-quarter dividend cut and a third-quarter dividend suspension. By period- end, Tupperware was sold from the Fund.

Stock selections within the financials sector also detracted from relative results due, in part, to an overweight position in Franklin Resources, Inc. The asset manager’s stock price declined over 30% during the period as a result of poor asset flows and the CEO’s decision to step down.

Conversely, stock selections within the health care sector contributed to performance relative to the Index, partially due to the Fund’s underweight position in Pfizer, Inc., which declined in price amid lower-than-expected revenues and the announcement of a merger between the company’s Upjohn Co. business and generic drug firm Mylan NV. The Fund’s overweight positions in West Pharmaceutical Services, Inc. and Quest Diagnostics, Inc., both of which returned over 25% during the period, also contributed to relative results.

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. 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

Parametric

Dividend Income Fund

February 29, 2020

Performance^{2, 3}

Portfolio Managers Thomas C. Seto and Alexander Paulsen, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Investor Class at NAV		03/26/2014		03/26/2014		–4.76	%		5.57	%		7.00	%
Institutional Class at NAV		03/26/2014		03/26/2014		–4.50			5.84			7.26
Russell 1000® Value Index		—		—		0.54	%		5.50	%		6.70	%
% Total Annual Operating Expense Ratios4								Investor Class			Institutional Class
Gross									0.91	%		0.66	%
Net									0.65			0.40

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Investor Class 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
Institutional Class	$	50,000		03/26/2014	$	75,789		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. 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

Parametric

Dividend Income Fund

February 29, 2020

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Healthcare Services Group, Inc.	0.7	%
NextEra Energy, Inc.	0.7
Jack Henry & Associates, Inc.	0.7
Cardinal Health, Inc.	0.7
Newmont Corp.	0.7
Clorox Co. (The)	0.7
Republic Services, Inc.	0.7
Duke Energy Corp.	0.7
Ameren Corp.	0.7
West Pharmaceutical Services, Inc.	0.6
Total	6.9	%

See Endnotes and Additional Disclosures in this report.

4

Parametric

Dividend Income Fund

February 29, 2020

Endnotes and Additional Disclosures

¹ 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.

² Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. 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. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 1000^® Growth Index is an unmanaged index of U.S. large-cap growth stocks. Russell 1000^® Value Index is an unmanaged index of U.S. large-cap value stocks. Russell 2000^® Growth Index is an unmanaged index of U.S. small-cap growth stocks. Russell 2000^® Value Index is an unmanaged index of U.S. small-cap value stocks. 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.

³ Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴ Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 6/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵ Excludes cash and cash equivalents.

⁶ Diversification cannot ensure a profit or eliminate the risk of loss.

Fund profile subject to change due to active management.

5

Parametric

Dividend Income Fund

February 29, 2020

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 (September 1, 2019 – February 29, 2020).

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 (9/1/19)		Ending Account Value (2/29/20)		Expenses Paid During Period* (9/1/19 – 2/29/20)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	961.90	$	3.17	**		0.65	%
Institutional Class	$	1,000.00	$	962.40	$	1.95	**		0.40	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.60	$	3.27	**		0.65	%
Institutional Class	$	1,000.00	$	1,022.90	$	2.01	**		0.40	%

* 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 182/366 (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 August 31, 2019.

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

6

Parametric

Dividend Income Fund

February 29, 2020

Portfolio of Investments

Common Stocks — 99.5%
Security	Shares		Value
Aerospace & Defense — 1.2%
Lockheed Martin Corp.		755	$	279,252
United Technologies Corp.		2,029		264,967
			$	544,219
Air Freight & Logistics — 1.6%
C.H. Robinson Worldwide, Inc.(1)		3,614	$	249,005
Expeditors International of Washington, Inc.		3,864		272,103
United Parcel Service, Inc., Class B		2,578		233,283
			$	754,391
Auto Components — 0.6%
Gentex Corp.		10,352	$	276,398
			$	276,398
Automobiles — 0.5%
Ford Motor Co.		32,208	$	224,168
			$	224,168
Banks — 2.6%
Cullen/Frost Bankers, Inc.		3,100	$	243,009
F.N.B. Corp.		22,565		227,681
PacWest Bancorp		7,498		237,237
People’s United Financial, Inc.		16,698		233,605
Umpqua Holdings Corp.		17,077		262,815
			$	1,204,347
Beverages — 1.2%
Coca-Cola Co. (The)		5,444	$	291,199
PepsiCo, Inc.		2,158		284,921
			$	576,120
Biotechnology — 1.8%
AbbVie, Inc.		3,407	$	292,014
Amgen, Inc.		1,255		250,661
Gilead Sciences, Inc.		4,330		300,329
			$	843,004
Building Products — 0.6%
Johnson Controls International PLC		7,414	$	271,130
			$	271,130

Security	Shares		Value
Capital Markets — 1.7%
Federated Hermes, Inc., Class B		9,068	$	261,612
Franklin Resources, Inc.		10,870		236,531
T. Rowe Price Group, Inc.		2,485		293,255
			$	791,398
Chemicals — 4.7%
Air Products and Chemicals, Inc.		1,288	$	282,858
Celanese Corp.		2,436		228,351
Corteva, Inc.		10,504		285,709
Dow, Inc.		5,137		207,586
DuPont de Nemours, Inc.		4,820		206,778
Eastman Chemical Co.		3,574		219,837
International Flavors & Fragrances, Inc.		2,376		284,597
Linde PLC		1,439		274,863
LyondellBasell Industries NV, Class A		2,966		211,950
			$	2,202,529
Commercial Services & Supplies — 2.0%
Healthcare Services Group, Inc.(1)		12,457	$	343,066
Republic Services, Inc.		3,379		304,989
Waste Management, Inc.		2,592		287,219
			$	935,274
Communications Equipment — 1.6%
Cisco Systems, Inc.		6,068	$	242,295
InterDigital, Inc.		5,257		278,043
Juniper Networks, Inc.		11,454		243,054
			$	763,392
Containers & Packaging — 2.0%
International Paper Co.		6,097	$	225,345
Packaging Corp. of America		2,699		244,584
Sonoco Products Co.		4,885		235,506
WestRock Co.		7,053		234,512
			$	939,947
Distributors — 0.5%
Genuine Parts Co.		2,854	$	248,983
			$	248,983
Diversified Consumer Services — 0.5%
Graham Holdings Co., Class B		447	$	224,787
			$	224,787

7 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Portfolio of Investments — continued

Security	Shares		Value
Diversified Telecommunication Services — 1.1%
AT&T, Inc.		7,719	$	271,863
Verizon Communications, Inc.		4,853		262,839
			$	534,702
Electric Utilities — 6.9%
American Electric Power Co., Inc.		3,208	$	286,346
Avangrid, Inc.		5,784		287,407
Duke Energy Corp.		3,322		304,628
Entergy Corp.		2,533		296,133
Evergy, Inc.		4,476		292,507
Eversource Energy		3,465		299,584
NextEra Energy, Inc.		1,245		314,686
OGE Energy Corp.		6,784		258,470
Pinnacle West Capital Corp.		3,221		288,247
Portland General Electric Co.		5,379		292,671
Southern Co. (The)		4,799		289,668
			$	3,210,347
Electrical Equipment — 1.1%
Eaton Corp. PLC		3,175	$	288,036
Emerson Electric Co.		3,691		236,630
			$	524,666
Electronic Equipment, Instruments & Components — 1.2%
Dolby Laboratories, Inc., Class A		4,415	$	290,065
National Instruments Corp.		6,967		280,631
			$	570,696
Energy Equipment & Services — 1.7%
Baker Hughes Co.		11,525	$	185,437
Halliburton Co.		11,635		197,330
Helmerich & Payne, Inc.		6,165		227,427
Schlumberger, Ltd.		7,432		201,333
			$	811,527
Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		1,023	$	287,606
Walgreens Boots Alliance, Inc.		4,849		221,890
Walmart, Inc.		2,524		271,785
			$	781,281
Food Products — 4.4%
Archer-Daniels-Midland Co.		6,510	$	245,101
Bunge, Ltd.		5,170		242,732

Security	Shares		Value
Food Products (continued)
General Mills, Inc.		5,618	$	275,282
Hormel Foods Corp.(1)		6,723		279,677
Ingredion, Inc.		3,013		250,983
Kellogg Co.		4,400		266,068
Kraft Heinz Co. (The)		9,469		234,547
Mondelez International, Inc., Class A		5,278		278,678
			$	2,073,068
Gas Utilities — 0.6%
Atmos Energy Corp.		2,599	$	268,347
			$	268,347
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		3,503	$	269,836
Baxter International, Inc.		3,587		299,407
Becton, Dickinson and Co.		1,122		266,834
Medtronic PLC		2,680		269,796
Stryker Corp.		1,444		275,212
West Pharmaceutical Services, Inc.		2,008		302,324
			$	1,683,409
Health Care Providers & Services — 2.5%
Cardinal Health, Inc.		5,961	$	310,688
Chemed Corp.		686		286,487
Quest Diagnostics, Inc.		2,771		293,892
UnitedHealth Group, Inc.		1,026		261,589
			$	1,152,656
Hotels, Restaurants & Leisure — 3.5%
Carnival Corp.		5,886	$	196,946
Cracker Barrel Old Country Store, Inc.(1)		1,849		265,017
Darden Restaurants, Inc.		2,768		269,880
Extended Stay America, Inc.		19,436		213,407
Las Vegas Sands Corp.		4,351		253,707
Six Flags Entertainment Corp.		6,331		160,048
Vail Resorts, Inc.		1,235		262,573
			$	1,621,578
Household Durables — 1.1%
Garmin, Ltd.		3,105	$	274,451
Leggett & Platt, Inc.		5,905		234,192
			$	508,643

8 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Portfolio of Investments — continued

Security	Shares		Value
Household Products — 3.1%
Church & Dwight Co., Inc.		4,268	$	296,712
Clorox Co. (The)		1,915		305,289
Colgate-Palmolive Co.		4,383		296,159
Kimberly-Clark Corp.		2,170		284,682
Procter & Gamble Co. (The)		2,422		274,243
			$	1,457,085
Industrial Conglomerates — 1.1%
3M Co.		1,589	$	237,142
Honeywell International, Inc.		1,703		276,176
			$	513,318
Insurance — 5.9%
Aflac, Inc.		5,639	$	241,631
American Financial Group, Inc.		2,736		252,861
Cincinnati Financial Corp.		2,747		256,130
Everest Re Group, Ltd.		1,032		255,812
Fidelity National Financial, Inc.		6,670		258,529
Hanover Insurance Group, Inc. (The)		2,177		258,062
Hartford Financial Services Group, Inc. (The)		4,840		241,758
Old Republic International Corp.		12,842		253,244
Principal Financial Group, Inc.		5,284		234,557
Prudential Financial, Inc.		3,025		228,236
Travelers Cos., Inc. (The)		2,113		253,159
			$	2,733,979
IT Services — 4.1%
Accenture PLC, Class A		1,444	$	260,772
Amdocs, Ltd.		4,204		268,005
Automatic Data Processing, Inc.		1,792		277,294
International Business Machines Corp.		2,262		294,399
Jack Henry & Associates, Inc.		2,057		312,129
Paychex, Inc.		3,379		261,805
Western Union Co. (The)		11,355		254,239
			$	1,928,643
Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.		3,551	$	273,676
Bio-Techne Corp.		1,398		264,068
			$	537,744
Machinery — 1.7%
Cummins, Inc.		1,697	$	256,739
Graco, Inc.		5,748		283,491

Security	Shares		Value
Machinery (continued)
Snap-on, Inc.		1,798	$	260,261
			$	800,491
Media — 1.2%
Interpublic Group of Cos., Inc. (The)		13,115	$	280,136
Omnicom Group, Inc.		3,763		260,701
			$	540,837
Metals & Mining — 2.7%
Newmont Corp.		6,950	$	310,179
Nucor Corp.		4,965		205,303
Reliance Steel & Aluminum Co.		2,512		256,952
Royal Gold, Inc.		2,440		235,387
Southern Copper Corp.		7,096		238,780
			$	1,246,601
Multi-Utilities — 4.7%
Ameren Corp.		3,849	$	304,071
Consolidated Edison, Inc.		3,178		250,490
Dominion Energy, Inc.		3,613		282,465
DTE Energy Co.		2,240		250,141
MDU Resources Group, Inc.		9,721		269,563
NorthWestern Corp.		4,100		288,394
Public Service Enterprise Group, Inc.		4,959		254,446
WEC Energy Group, Inc.		3,258		300,811
			$	2,200,381
Multiline Retail — 1.0%
Kohl’s Corp.		5,888	$	230,515
Macy’s, Inc.		17,091		226,114
			$	456,629
Oil, Gas & Consumable Fuels — 7.5%
Cabot Oil & Gas Corp.		16,297	$	227,017
Chevron Corp.		2,334		217,856
ConocoPhillips		4,325		209,417
CVR Energy, Inc.		7,254		206,159
EOG Resources, Inc.		3,394		214,704
Equitrans Midstream Corp.(1)		21,670		152,990
Exxon Mobil Corp.		4,107		211,264
HollyFrontier Corp.		5,724		192,784
Kinder Morgan, Inc.		14,142		271,102
Marathon Petroleum Corp.		4,802		227,711
Occidental Petroleum Corp.		6,914		226,364

9 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Portfolio of Investments — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ONEOK, Inc.		4,014	$	267,814
Phillips 66		2,518		188,498
Targa Resources Corp.(1)		7,348		238,075
Valero Energy Corp.		3,027		200,539
Williams Cos., Inc. (The)		12,338		235,039
			$	3,487,333
Paper & Forest Products — 1.1%
Domtar Corp.		7,831	$	225,298
Louisiana-Pacific Corp.		10,180		289,621
			$	514,919
Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.		4,729	$	279,295
Eli Lilly & Co.		2,316		292,117
Johnson & Johnson		2,094		281,601
Merck & Co., Inc.		3,340		255,710
Pfizer, Inc.		7,248		242,228
			$	1,350,951
Professional Services — 0.5%
Robert Half International, Inc.		4,481	$	225,887
			$	225,887
Semiconductors & Semiconductor Equipment — 1.7%
Intel Corp.		5,056	$	280,709
Maxim Integrated Products, Inc.		4,912		273,205
Texas Instruments, Inc.		2,299		262,408
			$	816,322
Software — 0.6%
Microsoft Corp.		1,827	$	295,992
			$	295,992
Specialty Retail — 1.8%
Best Buy Co., Inc.		3,444	$	260,539
Tiffany & Co.		2,258		301,646
Williams-Sonoma, Inc.(1)		4,131		257,733
			$	819,918
Textiles, Apparel & Luxury Goods — 1.0%
Tapestry, Inc.		11,250	$	263,812
VF Corp.		2,795		201,240
			$	465,052

Security	Shares		Value
Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp, Inc.		23,727	$	256,489
			$	256,489
Tobacco — 1.1%
Altria Group, Inc.		5,601	$	226,112
Philip Morris International, Inc.		3,541		289,902
			$	516,014
Trading Companies & Distributors — 1.6%
Fastenal Co.		8,162	$	279,304
MSC Industrial Direct Co., Inc., Class A		3,537		218,657
Watsco, Inc.		1,681		263,883
			$	761,844
Total Common Stocks (identified cost $45,786,110)			$	46,467,436
Short-Term Investments — 0.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.75%(2)		233,191	$	233,238
Total Short-Term Investments (identified cost $233,238)			$	233,238
Total Investments — 100.0% (identified cost $46,019,348)			$	46,700,674
Other Assets, Less Liabilities — 0.0%(3)			$	8,194
Net Assets — 100.0%			$	46,708,868

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

⁽¹⁾  All or a portion of this security was on loan at February 29, 2020. The aggregate market value of securities on loan at February 29, 2020 was $1,101,025.

⁽²⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 29, 2020.

⁽³⁾  Amount is less than 0.05%.

10 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Statement of Assets and Liabilities

Assets	February 29, 2020
Unaffiliated investments, at value including $1,101,025 of securities on loan (identified cost, $45,786,110)	$	46,467,436
Affiliated investment, at value (identified cost, $233,238)		233,238
Dividends receivable		148,780
Dividends receivable from affiliated investment		210
Receivable for Fund shares sold		963
Securities lending income receivable		265
Receivable from affiliates		6,244
Total assets	$	46,857,136
Liabilities
Payable for Fund shares redeemed	$	67,363
Payable to affiliates:
Investment adviser and administration fee		12,681
Distribution and service fees		823
Accrued expenses		67,401
Total liabilities	$	148,268
Net Assets	$	46,708,868
Sources of Net Assets
Paid-in capital	$	49,006,699
Accumulated loss		(2,297,831	)
Total	$	46,708,868
Investor Class Shares
Net Assets	$	3,612,474
Shares Outstanding		302,285
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.95
Institutional Class Shares
Net Assets	$	43,096,394
Shares Outstanding		3,598,971
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.97

11 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Statement of Operations

Investment Income	Year Ended February 29, 2020
Dividends	$	1,918,736
Dividends from affiliated investment		5,412
Securities lending income, net		1,549
Total investment income	$	1,925,697
Expenses
Investment adviser and administration fee	$	169,155
Distribution and service fees
Investor Class		13,206
Trustees’ fees and expenses		3,240
Custodian fee		26,445
Transfer and dividend disbursing agent fees		16,193
Legal and accounting services		40,262
Printing and postage		12,521
Registration fees		42,760
Miscellaneous		11,515
Total expenses	$	335,297
Deduct —
Allocation of expenses to affiliates	$	96,011
Total expense reductions	$	96,011
Net expenses	$	239,286
Net investment income	$	1,686,411
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(285,562	)
Investment transactions — affiliated investment		137
Net realized loss	$	(285,425	)
Change in unrealized appreciation (depreciation) —
Investments	$	(3,163,823	)
Investments — affiliated investment		(5	)
Net change in unrealized appreciation (depreciation)	$	(3,163,828	)
Net realized and unrealized loss	$	(3,449,253	)
Net decrease in net assets from operations	$	(1,762,842	)

12 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Year Ended February 29, 2020			Year Ended February 28, 2019
From operations —
Net investment income	$	1,686,411		$	1,599,130
Net realized loss		(285,425	)		(1,427,079	)
Net change in unrealized appreciation (depreciation)		(3,163,828	)		1,169,862
Net increase (decrease) in net assets from operations	$	(1,762,842	)	$	1,341,913
Distributions to shareholders —
Investor Class	$	(138,069	)	$	(316,362	)
Institutional Class		(1,432,548	)		(2,434,344	)
Total distributions to shareholders	$	(1,570,617	)	$	(2,750,706	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	517,738		$	3,262,205
Institutional Class		11,968,522			50,419,160
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		138,069			316,362
Institutional Class		743,989			1,591,258
Cost of shares redeemed
Investor Class		(3,365,043	)		(2,512,977	)
Institutional Class		(17,902,158	)		(20,468,647	)
Net increase (decrease) in net assets from Fund share transactions	$	(7,898,883	)	$	32,607,361
Net increase (decrease) in net assets	$	(11,232,342	)	$	31,198,568
Net Assets
At beginning of year	$	57,941,210		$	26,742,642
At end of year	$	46,708,868		$	57,941,210

13 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Financial Highlights

	Investor Class
	Year Ended February 29, 2020			Year Ended February 28,									Year Ended February 29, 2016
				2019			2018			2017
Net asset value — Beginning of year	$	12.870		$	12.910		$	12.170		$	10.080		$	10.930
Income (Loss) From Operations
Net investment income(1)	$	0.362		$	0.366		$	0.328		$	0.275		$	0.284
Net realized and unrealized gain (loss)		(0.950	)		0.216			0.854			2.114			(0.666	)
Total income (loss) from operations	$	(0.588	)	$	0.582		$	1.182		$	2.389		$	(0.382	)
Less Distributions
From net investment income	$	(0.325	)	$	(0.306	)	$	(0.305	)	$	(0.249	)	$	(0.301	)
From net realized gain		(0.007	)		(0.316	)		(0.137	)		(0.050	)		(0.167	)
Total distributions	$	(0.332	)	$	(0.622	)	$	(0.442	)	$	(0.299	)	$	(0.468	)
Net asset value — End of year	$	11.950		$	12.870		$	12.910		$	12.170		$	10.080
Total Return(2)(3)		(4.76	)%		4.81	%		9.87	%		23.97	%		(3.51	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	3,612		$	6,597		$	5,633		$	2,450		$	97
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.65	%		0.65	%		0.65	%		0.68	%		0.85	%
Net investment income		2.78	%		2.82	%		2.61	%		2.34	%		2.77	%
Portfolio Turnover		51	%		77	%		30	%		26	%		31	%

⁽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⁾  The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.17%, 0.26%, 0.62%, 1.60% and 3.22% of average daily net assets for the years ended February 29, 2020, February 28, 2019, 2018, 2017 and February 29, 2016, respectively). Absent this reimbursement, total return would be lower.

14 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Financial Highlights — continued

	Institutional Class
	Year Ended February 29, 2020			Year Ended February 28,									Year Ended February 29, 2016
				2019			2018			2017
Net asset value — Beginning of year	$	12.890		$	12.930		$	12.190		$	10.090		$	10.930
Income (Loss) From Operations
Net investment income(1)	$	0.394		$	0.399		$	0.358		$	0.310		$	0.334
Net realized and unrealized gain (loss)		(0.947	)		0.215			0.851			2.108			(0.683	)
Total income (loss) from operations	$	(0.553	)	$	0.614		$	1.209		$	2.418		$	(0.349	)
Less Distributions
From net investment income	$	(0.360	)	$	(0.338	)	$	(0.332	)	$	(0.268	)	$	(0.324	)
From net realized gain		(0.007	)		(0.316	)		(0.137	)		(0.050	)		(0.167	)
Total distributions	$	(0.367	)	$	(0.654	)	$	(0.469	)	$	(0.318	)	$	(0.491	)
Net asset value — End of year	$	11.970		$	12.890		$	12.930		$	12.190		$	10.090
Total Return(2)(3)		(4.50	)%		5.06	%		10.09	%		24.26	%		(3.21	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	43,096		$	51,344		$	21,110		$	15,070		$	3,689
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.40	%		0.40	%		0.40	%		0.51	%		0.60	%
Net investment income		3.01	%		3.07	%		2.84	%		2.71	%		3.21	%
Portfolio Turnover		51	%		77	%		30	%		26	%		31	%

⁽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⁾  The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.17%, 0.26%, 0.62%, 1.89% and 3.22% of average daily net assets for the years ended February 29, 2020, February 28, 2019, 2018, 2017 and February 29, 2016, respectively). Absent this reimbursement, total return would be lower.

15 See Notes to Financial Statements.

Parametric

Dividend Income Fund

February 29, 2020

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Dividend Income 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’s investment objective is total return and current income. The Fund offers Investor Class and Institutional Class shares, which are offered 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 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 following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities 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 Global or Global Select Market generally 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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund 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.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D  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 February 29, 2020, 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.

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.

16

Parametric

Dividend Income Fund

February 29, 2020

Notes to Financial Statements — continued

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make quarterly 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 February 29, 2020 and February 28, 2019 was as follows:

	Year Ended February 29, 2020		Year Ended February 28, 2019
Ordinary income	$	1,539,004	$	1,839,004
Long-term capital gains	$	31,613	$	911,702

During the year ended February 29, 2020, accumulated loss was increased by $30,723 and paid-in capital was increased by $30,723 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 February 29, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	196,812
Deferred capital losses	$	(1,036,119	)
Net unrealized depreciation	$	(1,458,524	)

At February 29, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $1,036,119 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 February 29, 2020, $786,480 are short-term and $249,639 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 29, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	48,159,198
Gross unrealized appreciation	$	2,531,916
Gross unrealized depreciation		(3,990,440	)
Net unrealized depreciation	$	(1,458,524	)

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administration agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.30% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended February 29, 2020, the investment adviser and administration fee amounted to $169,155 or 0.30% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

17

Parametric

Dividend Income Fund

February 29, 2020

Notes to Financial Statements — continued

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.65% and 0.40% of the Fund’s average daily net assets for Investor Class and Institutional Class, respectively. This agreement may be changed or terminated after June 30, 2020. Pursuant to this agreement, EVM and Parametric were allocated $96,011 in total of the Fund’s operating expenses for the year ended February 29, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended February 29, 2020, EVM earned $973 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended February 29, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plan

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class 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 February 29, 2020 amounted to $13,206 for Investor Class shares.

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

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $28,011,469 and $35,644,905, respectively, for the year ended February 29, 2020.

6  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 were as follows:

Investor Class	Year Ended February 29, 2020			Year Ended February 28, 2019
Sales		39,503			245,182
Issued to shareholders electing to receive payments of distributions in Fund shares		10,611			25,777
Redemptions		(260,637	)		(194,519	)
Net increase (decrease)		(210,523	)		76,440
Institutional Class	Year Ended February 29, 2020			Year Ended February 28, 2019
Sales		919,890			3,813,730
Issued to shareholders electing to receive payments of distributions in Fund shares		57,016			129,170
Redemptions		(1,360,642	)		(1,592,576	)
Net increase (decrease)		(383,736	)		2,350,324

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by

18

Parametric

Dividend Income Fund

February 29, 2020

Notes to Financial Statements — continued

Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended February 29, 2020.

8  Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At February 29, 2020, the value of the securities loaned (all common stock) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $1,101,025 and $1,151,312, respectively. Collateral received was comprised of U.S. government and/or agencies securities of $1,151,312. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

9  Investments in Affiliated Funds

At February 29, 2020, the value of the Fund’s investment in affiliated funds was $233,238, which represents 0.5% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended February 29, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	287,433	$	13,391,625	$	(13,445,952	)	$	137	$	(5	)	$	233,238	$	5,412		233,191

10  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.

19

Parametric

Dividend Income Fund

February 29, 2020

Notes to Financial Statements — continued

At February 29, 2020, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	46,467,436	*	$	—	$	—	$	46,467,436
Short-Term Investments		—			233,238		—		233,238
Total Investments	$	46,467,436		$	233,238	$	—	$	46,700,674

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

11  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has continued to spread rapidly 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, and in March 2020, a declaration of a national emergency in the United States. The near-term impact of this coronavirus has resulted in substantial market volatility. The ultimate economic and market impact of this coronavirus cannot be reliably estimated as of April 17, 2020, the date these financial statements were issued.

20

Parametric

Dividend Income Fund

February 29, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Parametric Dividend Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Dividend Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of February 29, 2020, 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 February 29, 2020, 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 February 29, 2020, 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

April 17, 2020

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

21

Parametric

Dividend Income Fund

February 29, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. 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 and the dividends received deduction for corporations.

Qualified Dividend Income.  For the fiscal year ended February 29, 2020, the Fund designates approximately $1,839,980, 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 2020 ordinary income dividends, 99.36% qualifies for the corporate dividends received deduction.

22

Parametric

Dividend Income Fund

February 29, 2020

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 Trustees 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. Trustees and officers of the Trust hold indefinite terms of office. 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 Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	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 in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	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 in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

23

Parametric

Dividend Income Fund

February 29, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. 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	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	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 in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

24

Parametric

Dividend Income Fund

February 29, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	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⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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 1-800-260-0761.

25

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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 1-800-260-0761, 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 for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

26

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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) 260-0761

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.

17885    2.29.20

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Parametric Dividend Income Fund (the “Fund(s)”) is a series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Fund, contains a total of 33 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Fund’s annual report.

(a)-(d)

The following table presents the aggregate fees billed to the Fund for the Fund’s fiscal years ended February 28, 2019 and February 29, 2020 by the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Parametric Dividend Income Fund

Fiscal Years Ended	2/28/19		2/29/20
Audit Fees	$	25,850	$	26,250
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	11,190	$	11,413
All Other Fees(3)	$	0	$	0
Total	$	37,040	$	37,663

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The various Series comprising the Trust have differing fiscal year ends (January 31, February 28, September 30, October 31 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	9/30/18		10/31/18		12/31/18		1/31/19		2/28/19		7/31/19*		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20
Audit Fees	$	99,625	$	621,075	$	105,320	$	191,680	$	25,850	$	37,050	$	98,300	$	661,708	$	106,700	$	156,850	$	26,250
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	345,480	$	63,478	$	69,073	$	11,413
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	128,231	$	1,052,013	$	170,409	$	277,637	$	37,040	$	53,050	$	123,068	$	1,007,188	$	170,178	$	225,923	$	37,663

* Information is not presented for the fiscal period ended 7/31/18 as no Series in the Trust with such fiscal year end was in operation during the last two fiscal years. As of September 9, 2019, no Series in the Trust has a July 31 fiscal year end

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. Includes consent fee for N-14 registration statements related to fund mergers.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	9/30/18		10/31/18		12/31/18		1/31/19		2/28/19		7/31/19*		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20
Registrant(1)	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	345,480	$	63,478	$	69,073	$	11,413
Eaton Vance(2)	$	126,485	$	126,485	$	126,485	$	126,485	$	126,485	$	60,130	$	59,903	$	59,903	$	59,903	$	59,903	$	59,903

* Information is not presented for the fiscal period ended 7/31/18 as no Series in the Trust with such fiscal year end was in operation during the last two fiscal years. As of September 9, 2019, no Series in the Trust has a July 31 fiscal year end

⁽¹⁾ Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds.

⁽²⁾ Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Mutual Funds Trust
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

Date: April 23, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

Date: April 23, 2020

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

Date: April 23, 2020

EX-99.CERT

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 23, 2020	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Payson F. Swaffield, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 23, 2020	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

EX-99.906CERT

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Mutual Funds Trust (the “Trust”) that:

(a) the Annual Report of the Trust on Form N-CSR for the period ended February 29, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Mutual Funds Trust

Date: April 23, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: April 23, 2020

/s/ Payson F. Swaffield

Payson F. Swaffield

President