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

August 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric

Dividend Income Fund

Semiannual Report

August 31, 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 and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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.

Semiannual Report August 31, 2020

Parametric

Dividend Income Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	19
Liquidity Risk Management Program	23
Officers and Trustees	24
Important Notices	25

Parametric

Dividend Income Fund

August 31, 2020

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Investor Class at NAV		03/26/2014		03/26/2014		2.82	%		–1.10	%		7.51	%		6.89	%
Institutional Class at NAV		03/26/2014		03/26/2014		2.98			–0.88			7.79			7.16
Russell 1000® Value Index		—		—		2.58	%		0.84	%		7.52	%		6.58	%
% Total Annual Operating Expense Ratios3											Investor Class			Institutional Class
Gross												0.82	%		0.57	%
Net												0.65			0.40

Fund Profile

Sector Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁴

United Parcel Service, Inc., Class B	0.8	%
Watsco, Inc.	0.7
Whirlpool Corp.	0.7
Hanesbrands, Inc.	0.7
Patterson Cos., Inc.	0.7
Best Buy Co., Inc.	0.7
Target Corp.	0.7
MDC Holdings, Inc.	0.7
C.H. Robinson Worldwide, Inc.	0.7
Graco, Inc.	0.6
Total	7.0	%

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

August 31, 2020

Endnotes and Additional Disclosures

¹  Russell 1000^® Value Index is an unmanaged index of U.S. large-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.

²  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.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 6/30/21. 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.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Parametric

Dividend Income Fund

August 31, 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 (March 1, 2020 – August 31, 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 (3/1/20)		Ending Account Value (8/31/20)		Expenses Paid During Period* (3/1/20 – 8/31/20)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,028.20	$	3.32	**		0.65	%
Institutional Class	$	1,000.00	$	1,029.80	$	2.05	**		0.40	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.90	$	3.31	**		0.65	%
Institutional Class	$	1,000.00	$	1,023.20	$	2.04	**		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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on February 29, 2020.

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

4

Parametric

Dividend Income Fund

August 31, 2020

Portfolio of Investments (Unaudited)

Common Stocks— 99.2%
Security	Shares		Value
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		426	$	166,251
			$	166,251
Air Freight & Logistics — 2.0%
C.H. Robinson Worldwide, Inc.		1,989	$	195,519
Expeditors International of Washington, Inc.		2,065		182,525
United Parcel Service, Inc., Class B		1,382		226,123
			$	604,167
Auto Components — 1.1%
BorgWarner, Inc.		4,496	$	182,493
Gentex Corp.		5,867		158,702
			$	341,195
Banks — 2.6%
Cullen/Frost Bankers, Inc.		2,074	$	144,060
F.N.B. Corp.		21,182		158,865
Investors Bancorp, Inc.		19,687		152,574
People’s United Financial, Inc.		13,285		140,555
Umpqua Holdings Corp.		14,680		165,591
			$	761,645
Beverages — 1.7%
Coca-Cola Co. (The)		3,511	$	173,900
Keurig Dr Pepper, Inc.		5,653		168,629
PepsiCo, Inc.		1,220		170,873
			$	513,402
Biotechnology — 1.0%
Amgen, Inc.		623	$	157,819
Gilead Sciences, Inc.		2,011		134,234
			$	292,053
Building Products — 1.2%
A.O. Smith Corp.		3,238	$	158,565
Johnson Controls International PLC		4,589		186,910
			$	345,475
Capital Markets — 4.4%
CME Group, Inc.		960	$	168,835
Federated Hermes, Inc., Class B		6,686		159,862
Franklin Resources, Inc.		7,346		154,707

Security	Shares		Value
Capital Markets (continued)
Houlihan Lokey, Inc.		2,802	$	164,197
Janus Henderson Group PLC		7,115		147,423
Moelis & Co., Class A		5,122		163,443
Northern Trust Corp.		2,015		165,009
T. Rowe Price Group, Inc.		1,272		177,075
			$	1,300,551
Chemicals — 6.0%
Air Products and Chemicals, Inc.		652	$	190,554
Celanese Corp.		1,770		179,035
Corteva, Inc.		5,830		166,446
Dow, Inc.		3,579		161,484
DuPont de Nemours, Inc.		2,685		149,716
Eastman Chemical Co.		2,044		149,437
International Flavors & Fragrances, Inc.		1,244		153,995
Linde PLC		710		177,315
LyondellBasell Industries NV, Class A		2,143		140,324
NewMarket Corp.		359		133,724
Sensient Technologies Corp.		3,015		166,488
			$	1,768,518
Communications Equipment — 1.0%
Cisco Systems, Inc.		3,432	$	144,899
Juniper Networks, Inc.		6,563		164,075
			$	308,974
Containers & Packaging — 1.6%
International Paper Co.		4,076	$	147,836
Packaging Corp. of America		1,554		157,327
Sonoco Products Co.		3,018		160,045
			$	465,208
Distributors — 0.6%
Genuine Parts Co.		1,824	$	172,259
			$	172,259
Diversified Consumer Services — 1.1%
H&R Block, Inc.		10,508	$	152,366
Service Corp. International		4,108		187,530
			$	339,896
Diversified Telecommunication Services — 1.1%
AT&T, Inc.		4,958	$	147,798
Verizon Communications, Inc.		2,789		165,304
			$	313,102

5 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Electric Utilities — 4.1%
ALLETE, Inc.		2,630	$	141,915
Avangrid, Inc.		3,486		167,467
Duke Energy Corp.		1,948		156,502
Hawaiian Electric Industries, Inc.		4,085		141,382
OGE Energy Corp.		4,963		158,121
Pinnacle West Capital Corp.		1,899		139,292
Portland General Electric Co.		3,704		141,308
Southern Co. (The)		3,017		157,427
			$	1,203,414
Electrical Equipment — 1.8%
Eaton Corp. PLC		1,793	$	183,066
Emerson Electric Co.		2,547		176,940
Hubbell, Inc.		1,284		186,077
			$	546,083
Electronic Equipment, Instruments & Components — 1.0%
Dolby Laboratories, Inc., Class A		2,389	$	166,871
National Instruments Corp.		3,784		135,808
			$	302,679
Energy Equipment & Services — 1.4%
Baker Hughes Co.		9,400	$	134,232
Helmerich & Payne, Inc.		7,585		125,001
Schlumberger NV		7,816		148,582
			$	407,815
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		496	$	172,440
Walgreens Boots Alliance, Inc.		3,492		132,766
Walmart, Inc.		1,311		182,032
			$	487,238
Food Products — 4.5%
Archer-Daniels-Midland Co.		3,889	$	174,072
Bunge, Ltd.		3,755		171,303
General Mills, Inc.		2,473		158,148
Hormel Foods Corp.		3,268		166,603
Ingredion, Inc.		1,788		143,827
Kellogg Co.		2,326		164,937
Kraft Heinz Co. (The)		4,984		174,639
Mondelez International, Inc., Class A		2,944		171,988
			$	1,325,517

Security	Shares		Value
Gas Utilities — 3.0%
Atmos Energy Corp.		1,493	$	149,031
National Fuel Gas Co.		3,902		178,087
New Jersey Resources Corp.		4,488		135,269
ONE Gas, Inc.		2,010		148,981
South Jersey Industries, Inc.		6,468		143,266
Spire, Inc.		2,161		125,792
			$	880,426
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		1,659	$	181,611
Baxter International, Inc.		1,811		157,684
Becton, Dickinson and Co.		637		154,644
Medtronic PLC		1,703		183,021
West Pharmaceutical Services, Inc.		679		192,809
			$	869,769
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		1,602	$	155,442
Cardinal Health, Inc.		2,922		148,321
Chemed Corp.		322		166,509
Patterson Cos., Inc.		7,053		204,608
UnitedHealth Group, Inc.		535		167,214
			$	842,094
Health Care Technology — 0.6%
Cerner Corp.		2,241	$	164,422
			$	164,422
Hotels, Restaurants & Leisure — 0.6%
McDonald’s Corp.		843	$	179,997
			$	179,997
Household Durables — 3.1%
Garmin, Ltd.		1,638	$	169,713
Leggett & Platt, Inc.		4,529		185,689
MDC Holdings, Inc.		4,522		196,164
Newell Brands, Inc.		9,934		158,745
Whirlpool Corp.		1,216		216,108
			$	926,419
Household Products — 2.3%
Colgate-Palmolive Co.		2,098	$	166,287
Kimberly-Clark Corp.		1,081		170,539

6 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Household Products (continued)
Procter & Gamble Co. (The)		1,293	$	178,861
WD-40 Co.		771		157,577
			$	673,264
Industrial Conglomerates — 1.1%
3M Co.		928	$	151,283
Honeywell International, Inc.		1,079		178,628
			$	329,911
Insurance — 3.3%
Cincinnati Financial Corp.		2,384	$	189,313
Hanover Insurance Group, Inc. (The)		1,532		157,015
MetLife, Inc.		4,349		167,262
Old Republic International Corp.		9,364		150,854
Principal Financial Group, Inc.		3,470		146,122
Prudential Financial, Inc.		2,479		168,002
			$	978,568
IT Services — 3.7%
Accenture PLC, Class A		709	$	170,110
Amdocs, Ltd.		2,588		158,463
Automatic Data Processing, Inc.		1,018		141,594
International Business Machines Corp.		1,262		155,617
Jack Henry & Associates, Inc.		871		144,081
MAXIMUS, Inc.		2,263		175,496
Paychex, Inc.		2,045		156,381
			$	1,101,742
Leisure Products — 0.6%
Hasbro, Inc.		2,118	$	167,195
			$	167,195
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		1,816	$	182,362
Bio-Techne Corp.		569		145,357
			$	327,719
Machinery — 1.8%
Cummins, Inc.		895	$	185,489
Graco, Inc.		3,355		194,657
Snap-on, Inc.		1,074		159,242
			$	539,388

Security	Shares		Value
Media — 0.5%
Omnicom Group, Inc.		2,738	$	148,098
			$	148,098
Metals & Mining — 3.5%
Newmont Corp.		2,518	$	169,411
Nucor Corp.		3,532		160,565
Reliance Steel & Aluminum Co.		1,674		175,552
Royal Gold, Inc.		1,303		177,625
Southern Copper Corp.		3,911		188,119
Steel Dynamics, Inc.		6,122		180,722
			$	1,051,994
Multi-Utilities — 3.3%
Ameren Corp.		2,168	$	171,511
Avista Corp.		4,299		158,461
Consolidated Edison, Inc.		1,997		142,466
Dominion Energy, Inc.		2,159		169,352
MDU Resources Group, Inc.		6,837		161,490
Public Service Enterprise Group, Inc.		3,150		164,556
			$	967,836
Multiline Retail — 1.3%
Dollar General Corp.		848	$	171,194
Target Corp.		1,332		201,412
			$	372,606
Oil, Gas & Consumable Fuels — 8.4%
Antero Midstream Corp.(1)		28,243	$	191,205
Cabot Oil & Gas Corp.		8,462		160,524
Chevron Corp.		1,647		138,233
Concho Resources, Inc.		2,921		151,834
ConocoPhillips		3,496		132,464
CVR Energy, Inc.		7,649		127,662
EOG Resources, Inc.		2,886		130,851
Equitrans Midstream Corp.		18,125		186,325
Exxon Mobil Corp.		3,277		130,883
HollyFrontier Corp.		5,367		128,110
Kinder Morgan, Inc.		9,586		132,479
Marathon Petroleum Corp.		4,027		142,797
ONEOK, Inc.		5,330		146,468
Phillips 66		2,134		124,775
Pioneer Natural Resources Co.		1,638		170,237
Valero Energy Corp.		2,586		135,998
Williams Cos., Inc. (The)		7,612		158,025
			$	2,488,870

7 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co.		2,556	$	158,983
Eli Lilly & Co.		953		141,416
Johnson & Johnson		1,077		165,223
Merck & Co., Inc.		2,034		173,439
Pfizer, Inc.		4,467		168,808
			$	807,869
Professional Services — 1.1%
ManpowerGroup, Inc.		2,286	$	167,587
Robert Half International, Inc.		2,796		148,747
			$	316,334
Road & Rail — 0.6%
Landstar System, Inc.		1,433	$	190,718
			$	190,718
Semiconductors & Semiconductor Equipment — 2.2%
Intel Corp.		2,679	$	136,495
Maxim Integrated Products, Inc.		2,572		176,028
Texas Instruments, Inc.		1,191		169,300
Xilinx, Inc.		1,556		162,073
			$	643,896
Software — 0.6%
Microsoft Corp.		731	$	164,862
			$	164,862
Specialty Retail — 1.9%
Best Buy Co., Inc.		1,817	$	201,524
Home Depot, Inc. (The)		636		181,285
Williams-Sonoma, Inc.		1,899		166,656
			$	549,465
Technology Hardware, Storage & Peripherals — 0.6%
NetApp, Inc.		3,577	$	169,514
			$	169,514
Textiles, Apparel & Luxury Goods — 1.9%
Hanesbrands, Inc.		13,966	$	213,540
NIKE, Inc., Class B		1,588		177,682
VF Corp.		2,407		158,260
			$	549,482

Security	Shares		Value
Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp, Inc.		14,869	$	134,564
			$	134,564
Tobacco — 1.1%
Altria Group, Inc.		3,834	$	167,699
Philip Morris International, Inc.		2,153		171,788
			$	339,487
Trading Companies & Distributors — 1.7%
Fastenal Co.		3,484	$	170,229
MSC Industrial Direct Co., Inc., Class A		1,938		127,714
Watsco, Inc.		884		216,571
			$	514,514
Total Common Stocks (identified cost $25,422,660)			$	29,356,465
Short-Term Investments— 0.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.15%(2)		111,831	$	111,831
Total Short-Term Investments (identified cost $111,831)			$	111,831
Total Investments — 99.6% (identified cost $25,534,491)			$	29,468,296
Other Assets, Less Liabilities — 0.4%			$	130,732
Net Assets — 100.0%			$	29,599,028

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 August 31, 2020. The aggregate market value of securities on loan at August 31, 2020 was $189,289.

⁽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 August 31, 2020.

8 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	August 31, 2020
Unaffiliated investments, at value including $189,289 of securities on loan (identified cost, $25,422,660)	$	29,356,465
Affiliated investment, at value (identified cost, $111,831)		111,831
Dividends receivable		97,795
Dividends receivable from affiliated investment		9
Receivable for investments sold		439,488
Receivable for Fund shares sold		29,835
Securities lending income receivable		36
Receivable from affiliates		18,069
Total assets	$	30,053,528
Liabilities
Payable for Fund shares redeemed	$	406,872
Payable to affiliates:
Investment adviser and administration fee		7,841
Distribution and service fees		610
Accrued expenses		39,177
Total liabilities	$	454,500
Net Assets	$	29,599,028
Sources of Net Assets
Paid-in capital	$	33,533,240
Accumulated loss		(3,934,212	)
Total	$	29,599,028
Investor Class Shares
Net Assets	$	2,806,878
Shares Outstanding		232,382
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.08
Institutional Class Shares
Net Assets	$	26,792,150
Shares Outstanding		2,214,410
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.10

9 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended August 31, 2020
Dividends	$	580,198
Dividends from affiliated investment		434
Securities lending income, net		3,711
Total investment income	$	584,343
Expenses
Investment adviser and administration fee	$	48,409
Distribution and service fees
Investor Class		3,657
Trustees’ fees and expenses		1,081
Custodian fee		11,948
Transfer and dividend disbursing agent fees		6,338
Legal and accounting services		19,670
Printing and postage		7,310
Registration fees		19,020
Miscellaneous		5,190
Total expenses	$	122,623
Deduct —
Allocation of expenses to affiliates	$	53,899
Total expense reductions	$	53,899
Net expenses	$	68,724
Net investment income	$	515,619
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(4,857,543	)
Investment transactions — affiliated investment		(91	)
Net realized loss	$	(4,857,634	)
Change in unrealized appreciation (depreciation) —
Investments	$	3,252,479
Net change in unrealized appreciation (depreciation)	$	3,252,479
Net realized and unrealized loss	$	(1,605,155	)
Net decrease in net assets from operations	$	(1,089,536	)

10 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
From operations —
Net investment income	$	515,619		$	1,686,411
Net realized loss		(4,857,634	)		(285,425	)
Net change in unrealized appreciation (depreciation)		3,252,479			(3,163,828	)
Net decrease in net assets from operations	$	(1,089,536	)	$	(1,762,842	)
Distributions to shareholders —
Investor Class	$	(45,211	)	$	(138,069	)
Institutional Class		(501,634	)		(1,432,548	)
Total distributions to shareholders	$	(546,845	)	$	(1,570,617	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	131,563		$	517,738
Institutional Class		2,248,630			11,968,522
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		45,211			138,069
Institutional Class		222,184			743,989
Cost of shares redeemed
Investor Class		(927,961	)		(3,365,043	)
Institutional Class		(17,193,086	)		(17,902,158	)
Net decrease in net assets from Fund share transactions	$	(15,473,459	)	$	(7,898,883	)
Net decrease in net assets	$	(17,109,840	)	$	(11,232,342	)
Net Assets
At beginning of period	$	46,708,868		$	57,941,210
At end of period	$	29,599,028		$	46,708,868

11 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Financial Highlights

	Investor Class
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Year Ended February 28,									Year Ended February 29, 2016
							2019			2018			2017
Net asset value — Beginning of period	$	11.950		$	12.870		$	12.910		$	12.170		$	10.080		$	10.930
Income (Loss) From Operations
Net investment income(1)	$	0.165		$	0.362		$	0.366		$	0.328		$	0.275		$	0.284
Net realized and unrealized gain (loss)		0.135	(2)		(0.950	)		0.216			0.854			2.114			(0.666	)
Total income (loss) from operations	$	0.300		$	(0.588	)	$	0.582		$	1.182		$	2.389		$	(0.382	)
Less Distributions
From net investment income	$	(0.170	)	$	(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	$	(0.170	)	$	(0.332	)	$	(0.622	)	$	(0.442	)	$	(0.299	)	$	(0.468	)
Net asset value — End of period	$	12.080		$	11.950		$	12.870		$	12.910		$	12.170		$	10.080
Total Return(3)(4)		2.82	%(5)		(4.76	)%		4.81	%		9.87	%		23.97	%		(3.51	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,807		$	3,612		$	6,597		$	5,633		$	2,450		$	97
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.65	%(6)		0.65	%		0.65	%		0.65	%		0.68	%		0.85	%
Net investment income		2.94	%(6)		2.78	%		2.82	%		2.61	%		2.34	%		2.77	%
Portfolio Turnover		42	%(5)		51	%		77	%		30	%		26	%		31	%

⁽¹⁾ Computed using average shares outstanding.

⁽²⁾ The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁴⁾ The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.33%, 0.17%, 0.26%, 0.62%, 1.60% and 3.22% of average daily net assets for the six months ended August 31, 2020 and the years ended February 29, 2020, February 28, 2019, 2018, 2017 and February 29, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

12 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Financial Highlights — continued

	Institutional Class
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Year Ended February 28,									Year Ended February 29, 2016
							2019			2018			2017
Net asset value — Beginning of period	$	11.970		$	12.890		$	12.930		$	12.190		$	10.090		$	10.930
Income (Loss) From Operations
Net investment income(1)	$	0.181		$	0.394		$	0.399		$	0.358		$	0.310		$	0.334
Net realized and unrealized gain (loss)		0.135	(2)		(0.947	)		0.215			0.851			2.108			(0.683	)
Total income (loss) from operations	$	0.316		$	(0.553	)	$	0.614		$	1.209		$	2.418		$	(0.349	)
Less Distributions
From net investment income	$	(0.186	)	$	(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	$	(0.186	)	$	(0.367	)	$	(0.654	)	$	(0.469	)	$	(0.318	)	$	(0.491	)
Net asset value — End of period	$	12.100		$	11.970		$	12.890		$	12.930		$	12.190		$	10.090
Total Return(3)(4)		2.98	%(5)		(4.50	)%		5.06	%		10.09	%		24.26	%		(3.21	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	26,792		$	43,096		$	51,344		$	21,110		$	15,070		$	3,689
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.40	%(6)		0.40	%		0.40	%		0.40	%		0.51	%		0.60	%
Net investment income		3.23	%(6)		3.01	%		3.07	%		2.84	%		2.71	%		3.21	%
Portfolio Turnover		42	%(5)		51	%		77	%		30	%		26	%		31	%

⁽¹⁾ Computed using average shares outstanding.

⁽²⁾ The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁴⁾ The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.33%, 0.17%, 0.26%, 0.62%, 1.89% and 3.22% of average daily net assets for the six months ended August 31, 2020 and the years ended February 29, 2020, February 28, 2019, 2018, 2017 and February 29, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

13 See Notes to Financial Statements.

Parametric

Dividend Income Fund

August 31, 2020

Notes to Financial Statements (Unaudited)

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 August 31, 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

14

Parametric

Dividend Income Fund

August 31, 2020

Notes to Financial Statements (Unaudited) — continued

liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Interim Financial Statements — The interim financial statements relating to August 31, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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.

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 August 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	27,674,341
Gross unrealized appreciation	$	2,642,499
Gross unrealized depreciation		(848,544	)
Net unrealized appreciation	$	1,793,955

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 six months ended August 31, 2020, the investment adviser and administration fee amounted to $48,409 or 0.30% (annualized) 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.

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, 2021. Pursuant to this agreement, EVM and Parametric were allocated $53,899 in total of the Fund’s operating expenses for the six months ended August 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended August 31, 2020, EVM earned $472 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).

15

Parametric

Dividend Income Fund

August 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 six months ended August 31, 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 six months ended August 31, 2020 amounted to $3,657 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 $13,818,319 and $29,293,380, respectively, for the six months ended August 31, 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	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
Sales		12,455			39,503
Issued to shareholders electing to receive payments of distributions in Fund shares		4,563			10,611
Redemptions		(86,921	)		(260,637	)
Net decrease		(69,903	)		(210,523	)
Institutional Class	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
Sales		195,448			919,890
Issued to shareholders electing to receive payments of distributions in Fund shares		22,448			57,016
Redemptions		(1,602,457	)		(1,360,642	)
Net decrease		(1,384,561	)		(383,736	)

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. 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 six months ended August 31, 2020.

16

Parametric

Dividend Income Fund

August 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 August 31, 2020, the value of the securities loaned (all common stocks) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $189,289 and $195,720, respectively. Collateral received was comprised of U.S. government and/or agencies securities. 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 August 31, 2020, the value of the Fund’s investment in affiliated funds was $111,831, which represents 0.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended August 31, 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	$	233,238	$	4,293,239	$	(4,414,555	)	$	(91	)	$	—	$	111,831	$	434		111,831

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.

At August 31, 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	$	29,356,465	*	$	—	$	—	$	29,356,465
Short-Term Investments		—			111,831		—		111,831
Total Investments	$	29,356,465		$	111,831	$	—	$	29,468,296

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

17

Parametric

Dividend Income Fund

August 31, 2020

Notes to Financial Statements (Unaudited) — continued

11  Risks and Uncertainties

Pandemic Risk

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

12  Subsequent Event

On October 8, 2020, Morgan Stanley (“Morgan Stanley”) and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction will result in the automatic termination of the Fund’s investment advisory agreement, and any related sub-advisory agreement(s), if applicable. Thus, the Fund’s Board will be asked to approve a new investment advisory agreement (and new sub-advisory agreement(s), if applicable). If approved by the Fund’s Board, the new investment advisory agreement (and new sub-advisory agreement(s), if applicable) is expected to be presented to Fund shareholders for approval, and, if approved, would take effect upon the closing of the transaction.

18

Parametric

Dividend Income Fund

August 31, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

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

Information about Portfolio Management and Trading

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

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

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

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

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

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

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

19

Parametric

Dividend Income Fund

August 31, 2020

Board of Trustees’ Contract Approval — continued

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

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

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

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

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

Other Relevant Information

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

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

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

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

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

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Parametric Dividend Income Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

20

Parametric

Dividend Income Fund

August 31, 2020

Board of Trustees’ Contract Approval — continued

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the Fund’s investment strategies. With respect to the Sub-adviser, the Board considered the Sub-adviser’s investment process, investment research and similar functions with respect to the types of investments held by the Fund. In particular, the Board considered the experience of the Sub-adviser’s investment professionals in employing a top-down, disciplined and systematic investment process that emphasizes a diversified portfolio of quality companies that have historically demonstrated high current income and lower levels of stock price volatility. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

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

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

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one- and three-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

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

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

21

Parametric

Dividend Income Fund

August 31, 2020

Board of Trustees’ Contract Approval — continued

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

Economies of Scale

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

22

Parametric

Dividend Income Fund

August 31, 2020

Liquidity Risk Management Program

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

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

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

23

Parametric

Dividend Income Fund

August 31, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

24

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 Ltd., 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. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 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.

25

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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

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.

16105    8.31.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

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:	October 26, 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:	October 26, 2020

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	October 26, 2020