Eaton Vance
Tax-Managed Equity Asset Allocation Fund
January 31, 2024 (Unaudited)
Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, currently pursues its investment objective by investing directly in securities and in interests in one or more registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates. The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At January 31, 2024, the Fund owned 5.1% of Tax-Managed Growth Portfolio's outstanding interests, 46.5% of Tax-Managed International Equity Portfolio's outstanding interests, 44.3% of Tax-Managed Multi-Cap Growth Portfolio's outstanding interests, 34.6% of Tax-Managed Small-Cap Portfolio's outstanding interests and 19.3% of Tax-Managed Value Portfolio's outstanding interests. The Fund's Portfolio of Investments at January 31, 2024 is set forth below.
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Eaton Vance
Tax-Managed Equity Asset Allocation Fund
January 31, 2024
Portfolio of Investments (Unaudited)
Investments in Affiliated Portfolios — 96.5% |
Description | Value | ||
Tax-Managed Growth Portfolio (identified cost, $78,672,411) | $260,538,533 | ||
Tax-Managed International Equity Portfolio (identified cost, $27,045,279) | 32,017,438 | ||
Tax-Managed Multi-Cap Growth Portfolio (identified cost, $34,040,768) | 109,177,923 | ||
Tax-Managed Small-Cap Portfolio (identified cost, $55,770,964) | 64,599,439 | ||
Tax-Managed Value Portfolio (identified cost, $109,363,615) | 176,393,781 | ||
Total Investments in Affiliated Portfolios (identified cost $304,893,037) | $642,727,114 |
Debt Obligations — 3.2%(1) |
Security | Principal Amount (000's omitted) | Value | |
Banks — 2.0% | |||
Banco Davivienda SA, 6.65% to 4/22/31(2)(3)(4) | $ | 200 | $ 141,040 |
Banco Mercantil del Norte SA/Grand Cayman, 8.375% to 10/14/30(2)(3)(4) | 600 | 593,063 | |
Banco Santander SA, 9.625% to 5/21/33(3)(4) | 400 | 430,000 | |
Bank of America Corp., Series TT, 6.125% to 4/27/27(3)(4) | 425 | 424,278 | |
Bank of Nova Scotia, 4.90% to 6/4/25(3)(4) | 775 | 740,159 | |
Barclays PLC: | |||
6.125% to 12/15/25(3)(4) | 471 | 446,998 | |
8.00% to 3/15/29(3)(4) | 526 | 510,121 | |
BNP Paribas SA: | |||
4.625% to 2/25/31(2)(3)(4) | 203 | 165,364 | |
7.75% to 8/16/29(2)(3)(4) | 675 | 683,466 | |
Citigroup, Inc., Series W, 4.00% to 12/10/25(3)(4) | 1,038 | 972,550 | |
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(2)(3)(4) | 473 | 437,525 | |
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(3)(4) | 395 | 366,428 | |
ING Groep NV, 6.50% to 4/16/25(3)(4) | 243 | 237,821 | |
JPMorgan Chase & Co., Series KK, 3.65% to 6/1/26(3)(4) | 364 | 336,379 | |
KeyCorp, Series D, 5.00% to 9/15/26(3)(4) | 975 | 874,441 | |
Lloyds Banking Group PLC, 7.50% to 6/27/24(3)(4) | 600 | 594,737 | |
NatWest Group PLC: | |||
4.60% to 6/28/31(3)(4) | 200 | 151,264 | |
6.00% to 12/29/25(3)(4) | 229 | 223,661 | |
8.00% to 8/10/25(3)(4) | 778 | 781,571 | |
PNC Financial Services Group, Inc., Series U, 6.00% to 5/15/27(3)(4) | 800 | 766,696 |
Security | Principal Amount (000's omitted) | Value | |
Banks (continued) | |||
Societe Generale SA: | |||
5.375% to 11/18/30(2)(3)(4) | $ | 506 | $ 414,688 |
9.375% to 11/22/27(2)(3)(4) | 200 | 208,046 | |
Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82(4) | 775 | 806,875 | |
Truist Financial Corp.: | |||
Series P, 4.95% to 9/1/25(3)(4) | 125 | 122,041 | |
Series Q, 5.10% to 3/1/30(3)(4) | 134 | 124,272 | |
UBS Group AG: | |||
4.375% to 2/10/31(2)(3)(4) | 419 | 333,270 | |
6.875% to 8/7/25(3)(4)(5) | 348 | 344,856 | |
Wells Fargo & Co., Series BB, 3.90% to 3/15/26(3)(4) | 984 | 922,619 | |
$ 13,154,229 | |||
Capital Markets — 0.2% | |||
Charles Schwab Corp.: | |||
Series G, 5.375% to 6/1/25(3)(4) | $ | 651 | $ 643,424 |
Series I, 4.00% to 6/1/26(3)(4) | 467 | 424,980 | |
$ 1,068,404 | |||
Diversified Financial Services — 0.2% | |||
Air Lease Corp., Series B, 4.65% to 6/15/26(3)(4) | $ | 410 | $ 380,064 |
American AgCredit Corp., Series A, 5.25% to 6/15/26(2)(3)(4) | 914 | 859,160 | |
Goldman Sachs Group, Inc., Series V, 4.125% to 11/10/26(3)(4) | 143 | 130,279 | |
$ 1,369,503 | |||
Electric Utilities — 0.3% | |||
Dominion Energy, Inc., Series C, 4.35% to 1/15/27(3)(4) | $ | 583 | $ 529,347 |
Edison International, Series B, 5.00% to 12/15/26(3)(4) | 199 | 189,596 | |
Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(4) | 450 | 442,642 | |
Sempra, 4.125% to 1/1/27, 4/1/52(4) | 581 | 514,418 | |
Southern California Edison Co., Series E, 9.767%, (3 mo. SOFR + 4.461%)(3)(6) | 249 | 250,559 | |
$ 1,926,562 | |||
Food Products — 0.1% | |||
Land O' Lakes, Inc., 8.00%(2)(3) | $ | 824 | $ 733,360 |
$ 733,360 | |||
Independent Power and Renewable Electricity Producers — 0.0%(7) | |||
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82(4) | $ | 408 | $ 353,337 |
$ 353,337 |
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Eaton Vance
Tax-Managed Equity Asset Allocation Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Insurance — 0.2% | |||
Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(2)(4) | $ | 258 | $ 226,553 |
QBE Insurance Group Ltd., 5.875% to 5/12/25(2)(3)(4) | 1,004 | 990,975 | |
$ 1,217,528 | |||
Pipelines — 0.1% | |||
Enbridge, Inc., Series NC5, 8.25% to 10/15/28, 1/15/84(4) | $ | 606 | $ 628,779 |
Energy Transfer LP, Series B, 6.625% to 2/15/28(3)(4) | 359 | 325,056 | |
$ 953,835 | |||
Telecommunications — 0.1% | |||
Rogers Communications, Inc., 5.25% to 3/15/27, 3/15/82(2)(4) | $ | 450 | $ 429,662 |
$ 429,662 | |||
Total Debt Obligations (identified cost $21,904,941) | $ 21,206,420 |
Preferred Stocks — 0.3% |
Security | Shares | Value | |
Electric Utilities — 0.1% | |||
Brookfield BRP Holdings Canada, Inc., 4.625% | 24,000 | $ 372,960 | |
SCE Trust III, Series H, 5.75% to 3/15/24(4) | 6,321 | 157,520 | |
SCE Trust IV, Series J, 5.375% to 9/15/25(4) | 2,004 | 45,751 | |
$ 576,231 | |||
Insurance — 0.1% | |||
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(4) | 12,251 | $ 308,603 | |
Athene Holding Ltd., Series C, 6.375% to 6/30/25(4) | 9,631 | 240,197 | |
$ 548,800 | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
Energy Transfer LP: | |||
Series C, 10.156% (3 mo. SOFR + 4.53%) | 15,000 | $ 383,700 | |
Series E, 7.60% to 5/15/24(4) | 14,960 | 374,299 | |
NuStar Energy LP, Series B, 11.282% (3 mo. SOFR + 5.905%)(6) | 8,187 | 210,406 | |
$ 968,405 |
Security | Shares | Value | |
Real Estate Management & Development — 0.0%(7) | |||
Brookfield Property Partners LP: | |||
Series A, 5.75% | 1,892 | $ 21,928 | |
Series A-1, 6.50% | 13,884 | 185,907 | |
Series A2, 6.375% | 6,220 | 78,994 | |
$ 286,829 | |||
Total Preferred Stocks (identified cost $2,809,660) | $ 2,380,265 | ||
Total Investments — 100.0% (identified cost $329,607,638) | $666,313,799 | ||
Other Assets, Less Liabilities — (0.0)%(7) | $ (295,485) | ||
Net Assets — 100.0% | $666,018,314 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2024, the aggregate value of these securities is $6,216,172 or 0.9% of the Fund's net assets. |
(3) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(4) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(5) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At January 31, 2024, the aggregate value of these securities is $344,856 or 0.1% of the Fund's net assets. |
(6) | Variable rate security. The stated interest rate represents the rate in effect at January 31, 2024. |
(7) | Amount is less than 0.05% or (0.05)%, as applicable. |
Abbreviations: | |
SOFR | – Secured Overnight Financing Rate |
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Eaton Vance
Tax-Managed Equity Asset Allocation Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
The Fund did not have any open derivative instruments at January 31, 2024.
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 Fund's investments in securities and investments in the Portfolios, which are carried at fair value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Investments in Affiliated Portfolios | $642,727,114 | $ — | $ — | $642,727,114 |
Debt Obligations | — | 21,206,420 | — | 21,206,420 |
Preferred Stocks | 2,380,265 | — | — | 2,380,265 |
Total Investments | $645,107,379 | $21,206,420 | $ — | $666,313,799 |
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
A copy of Part F to Form N-PORT (containing a Portfolio of Investments) for each Portfolio at January 31, 2024 is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.
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