Eaton Vance
Tax-Managed Value Fund
January 31, 2024 (Unaudited)
Eaton Vance Tax-Managed Value Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests its assets in Tax-Managed Value Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2024, the value of the Fund’s investment in the Portfolio was $736,068,677 and the Fund owned 80.7% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
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Tax-Managed Value Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)
| Common Stocks — 99.8% |
| Security | Shares | Value | |
| Aerospace & Defense — 1.1% | |||
| RTX Corp. | 113,000 | $ 10,296,560 | |
| $ 10,296,560 | |||
| Banks — 7.8% | |||
| JPMorgan Chase & Co. | 230,958 | $ 40,269,837 | |
| PNC Financial Services Group, Inc. | 142,029 | 21,476,205 | |
| Wells Fargo & Co. | 188,847 | 9,476,342 | |
| $ 71,222,384 | |||
| Beverages — 2.9% | |||
| Constellation Brands, Inc., Class A | 108,163 | $ 26,508,588 | |
| $ 26,508,588 | |||
| Biotechnology — 2.4% | |||
| AbbVie, Inc. | 95,280 | $ 15,664,032 | |
| Vertex Pharmaceuticals, Inc.(1) | 13,474 | 5,839,362 | |
| $ 21,503,394 | |||
| Building Products — 0.7% | |||
| Carrier Global Corp. | 113,000 | $ 6,182,230 | |
| $ 6,182,230 | |||
| Capital Markets — 6.1% | |||
| Ameriprise Financial, Inc. | 19,677 | $ 7,611,654 | |
| Cboe Global Markets, Inc. | 22,561 | 4,147,840 | |
| Charles Schwab Corp. | 434,452 | 27,335,720 | |
| Goldman Sachs Group, Inc. | 22,892 | 8,790,757 | |
| Interactive Brokers Group, Inc., Class A | 90,310 | 8,015,012 | |
| $ 55,900,983 | |||
| Chemicals — 2.8% | |||
| FMC Corp. | 158,439 | $ 8,904,272 | |
| Linde PLC | 40,582 | 16,428,811 | |
| $ 25,333,083 | |||
| Consumer Staples Distribution & Retail — 2.0% | |||
| BJ's Wholesale Club Holdings, Inc.(1) | 284,500 | $ 18,304,730 | |
| $ 18,304,730 | |||
| Security | Shares | Value | |
| Containers & Packaging — 0.4% | |||
| Ball Corp. | 69,035 | $ 3,827,991 | |
| $ 3,827,991 | |||
| Electric Utilities — 2.5% | |||
| NextEra Energy, Inc. | 392,766 | $ 23,027,871 | |
| $ 23,027,871 | |||
| Electrical Equipment — 0.9% | |||
| Rockwell Automation, Inc. | 33,916 | $ 8,590,244 | |
| $ 8,590,244 | |||
| Electronic Equipment, Instruments & Components — 1.6% | |||
| Zebra Technologies Corp., Class A(1) | 59,656 | $ 14,290,595 | |
| $ 14,290,595 | |||
| Entertainment — 1.6% | |||
| Walt Disney Co. | 147,913 | $ 14,207,044 | |
| $ 14,207,044 | |||
| Financial Services — 3.2% | |||
| Fiserv, Inc.(1) | 117,991 | $ 16,739,383 | |
| Visa, Inc., Class A | 44,697 | 12,213,902 | |
| $ 28,953,285 | |||
| Food Products — 1.1% | |||
| Nestle SA | 90,000 | $ 10,255,547 | |
| $ 10,255,547 | |||
| Ground Transportation — 1.4% | |||
| Union Pacific Corp. | 50,876 | $ 12,410,183 | |
| $ 12,410,183 | |||
| Health Care Equipment & Supplies — 2.1% | |||
| Stryker Corp. | 58,093 | $ 19,489,040 | |
| $ 19,489,040 | |||
| Health Care Providers & Services — 1.3% | |||
| McKesson Corp. | 5,281 | $ 2,639,919 | |
| UnitedHealth Group, Inc. | 18,719 | 9,579,261 | |
| $ 12,219,180 | |||
| Household Durables — 1.6% | |||
| D.R. Horton, Inc. | 99,360 | $ 14,199,538 | |
| $ 14,199,538 | |||
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Tax-Managed Value Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Household Products — 1.4% | |||
| Clorox Co. | 89,520 | $ 13,002,780 | |
| $ 13,002,780 | |||
| Industrial Conglomerates — 2.2% | |||
| 3M Co. | 33,928 | $ 3,201,107 | |
| Honeywell International, Inc. | 83,731 | 16,935,432 | |
| $ 20,136,539 | |||
| Insurance — 4.1% | |||
| Arch Capital Group Ltd.(1) | 183,981 | $ 15,165,554 | |
| Reinsurance Group of America, Inc. | 49,257 | 8,565,299 | |
| Travelers Cos., Inc. | 64,030 | 13,533,381 | |
| $ 37,264,234 | |||
| Interactive Media & Services — 2.3% | |||
| Alphabet, Inc., Class A(1) | 148,159 | $ 20,757,076 | |
| $ 20,757,076 | |||
| IT Services — 0.6% | |||
| Accenture PLC, Class A | 14,366 | $ 5,227,500 | |
| $ 5,227,500 | |||
| Life Sciences Tools & Services — 2.7% | |||
| Thermo Fisher Scientific, Inc. | 45,967 | $ 24,775,294 | |
| $ 24,775,294 | |||
| Machinery — 7.0% | |||
| Ingersoll Rand, Inc. | 287,559 | $ 22,964,462 | |
| Otis Worldwide Corp. | 56,500 | 4,996,860 | |
| Parker-Hannifin Corp. | 32,913 | 15,288,089 | |
| Toro Co. | 44,934 | 4,155,496 | |
| Westinghouse Air Brake Technologies Corp. | 124,297 | 16,353,756 | |
| $ 63,758,663 | |||
| Metals & Mining — 1.3% | |||
| Alcoa Corp. | 411,943 | $ 12,255,304 | |
| $ 12,255,304 | |||
| Multi-Utilities — 3.3% | |||
| CMS Energy Corp. | 111,375 | $ 6,366,195 | |
| Sempra | 325,074 | 23,262,295 | |
| $ 29,628,490 | |||
| Oil, Gas & Consumable Fuels — 7.3% | |||
| Chevron Corp. | 182,306 | $ 26,877,374 | |
| Security | Shares | Value | |
| Oil, Gas & Consumable Fuels (continued) | |||
| ConocoPhillips | 161,617 | $ 18,080,094 | |
| EOG Resources, Inc. | 51,427 | 5,851,878 | |
| Phillips 66 | 109,182 | 15,756,054 | |
| $ 66,565,400 | |||
| Pharmaceuticals — 9.3% | |||
| Eli Lilly & Co. | 28,035 | $ 18,099,676 | |
| Johnson & Johnson | 65,953 | 10,479,932 | |
| Merck & Co., Inc. | 167,049 | 20,176,178 | |
| Sanofi SA | 170,680 | 17,092,840 | |
| Zoetis, Inc. | 101,295 | 19,024,214 | |
| $ 84,872,840 | |||
| Residential REITs — 4.9% | |||
| AvalonBay Communities, Inc. | 47,915 | $ 8,577,264 | |
| Invitation Homes, Inc. | 458,376 | 15,094,322 | |
| Mid-America Apartment Communities, Inc. | 166,510 | 21,043,534 | |
| $ 44,715,120 | |||
| Semiconductors & Semiconductor Equipment — 6.0% | |||
| Micron Technology, Inc. | 310,361 | $ 26,613,456 | |
| ON Semiconductor Corp.(1) | 189,888 | 13,506,734 | |
| QUALCOMM, Inc. | 69,710 | 10,352,632 | |
| Texas Instruments, Inc. | 24,085 | 3,856,490 | |
| $ 54,329,312 | |||
| Software — 0.8% | |||
| Microsoft Corp. | 4,444 | $ 1,766,845 | |
| Oracle Corp. | 52,884 | 5,907,143 | |
| $ 7,673,988 | |||
| Specialty Retail — 3.1% | |||
| Home Depot, Inc. | 81,060 | $ 28,610,938 | |
| $ 28,610,938 | |||
| Total Common Stocks (identified cost $450,618,592) | $910,295,948 | ||
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Tax-Managed Value Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Short-Term Investments — 0.2% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(2) | 1,887,595 | $ 1,887,595 | |
| Total Short-Term Investments (identified cost $1,887,595) | $ 1,887,595 | ||
| Total Investments — 100.0% (identified cost $452,506,187) | $912,183,543 | ||
| Other Assets, Less Liabilities — 0.0%(3) | $ 278,968 | ||
| Net Assets — 100.0% | $912,462,511 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
| (3) | Amount is less than 0.05%. |
| Abbreviations: | |
| REITs | – Real Estate Investment Trusts |
The Portfolio did not have any open derivative instruments at January 31, 2024.
Affiliated Investments
At January 31, 2024, the value of the Portfolio's investments in funds that may be deemed to be affiliated was $1,887,595, which represents 0.2% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended January 31, 2024 were as follows:
| Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(1) | $32,183,861 | $24,021,629 | $(54,317,895) | $ — | $ — | $1,887,595 | $40,410 | 1,887,595 |
| (1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
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 January 31, 2024, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ 34,964,120 | $ — | $ — | $ 34,964,120 |
| Consumer Discretionary | 42,810,476 | — | — | 42,810,476 |
| Consumer Staples | 57,816,098 | 10,255,547 | — | 68,071,645 |
| Energy | 66,565,400 | — | — | 66,565,400 |
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Tax-Managed Value Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| Financials | $193,340,886 | $ — | $ — | $193,340,886 |
| Health Care | 145,766,908 | 17,092,840 | — | 162,859,748 |
| Industrials | 121,374,419 | — | — | 121,374,419 |
| Information Technology | 81,521,395 | — | — | 81,521,395 |
| Materials | 41,416,378 | — | — | 41,416,378 |
| Real Estate | 44,715,120 | — | — | 44,715,120 |
| Utilities | 52,656,361 | — | — | 52,656,361 |
| Total Common Stocks | $882,947,561 | $27,348,387* | $ — | $910,295,948 |
| Short-Term Investments | $ 1,887,595 | $ — | $ — | $ 1,887,595 |
| Total Investments | $884,835,156 | $27,348,387 | $ — | $912,183,543 |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
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