Eaton Vance
Tax-Managed Small-Cap Fund
January 31, 2024 (Unaudited)
Eaton Vance Tax-Managed Small-Cap Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests its assets in Tax-Managed Small-Cap 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 $122,144,752 and the Fund owned 65.4% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
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Tax-Managed Small-Cap Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)
Common Stocks — 99.5% |
Security | Shares | Value | |
Aerospace & Defense — 2.3% | |||
Hexcel Corp. | 16,646 | $ 1,105,128 | |
Woodward, Inc. | 23,738 | 3,270,384 | |
$ 4,375,512 | |||
Automobile Components — 4.2% | |||
Atmus Filtration Technologies, Inc.(1) | 43,182 | $ 964,254 | |
Dorman Products, Inc.(1) | 66,571 | 5,419,545 | |
Visteon Corp.(1) | 12,376 | 1,426,829 | |
$ 7,810,628 | |||
Automobiles — 0.6% | |||
Harley-Davidson, Inc. | 31,415 | $ 1,019,417 | |
$ 1,019,417 | |||
Banks — 6.5% | |||
Commerce Bancshares, Inc. | 83,620 | $ 4,358,274 | |
Community Bank System, Inc. | 47,999 | 2,196,914 | |
First Financial Bankshares, Inc. | 33,182 | 1,036,274 | |
SouthState Corp. | 39,930 | 3,318,183 | |
Stock Yards Bancorp, Inc. | 25,477 | 1,266,717 | |
$ 12,176,362 | |||
Building Products — 6.0% | |||
AAON, Inc. | 35,748 | $ 2,508,080 | |
AZEK Co., Inc.(1) | 90,278 | 3,481,120 | |
CSW Industrials, Inc. | 14,456 | 3,058,456 | |
Hayward Holdings, Inc.(1) | 77,843 | 974,594 | |
Janus International Group, Inc.(1) | 83,344 | 1,179,317 | |
$ 11,201,567 | |||
Capital Markets — 3.1% | |||
Cohen & Steers, Inc. | 40,159 | $ 2,827,997 | |
Stifel Financial Corp. | 40,686 | 2,968,043 | |
$ 5,796,040 | |||
Chemicals — 1.9% | |||
Quaker Chemical Corp. | 18,227 | $ 3,462,036 | |
$ 3,462,036 |
Security | Shares | Value | |
Commercial Services & Supplies — 1.0% | |||
Rentokil Initial PLC | 67,736 | $ 1,764,523 | |
$ 1,764,523 | |||
Consumer Staples Distribution & Retail — 3.3% | |||
Casey's General Stores, Inc. | 5,967 | $ 1,619,205 | |
Chefs' Warehouse, Inc.(1) | 35,174 | 1,119,237 | |
Performance Food Group Co.(1) | 47,959 | 3,485,660 | |
$ 6,224,102 | |||
Containers & Packaging — 2.7% | |||
AptarGroup, Inc. | 39,385 | $ 5,115,324 | |
$ 5,115,324 | |||
Diversified Consumer Services — 0.4% | |||
Bright Horizons Family Solutions, Inc.(1) | 7,644 | $ 751,023 | |
$ 751,023 | |||
Diversified REITs — 2.6% | |||
Essential Properties Realty Trust, Inc. | 194,237 | $ 4,838,444 | |
$ 4,838,444 | |||
Electric Utilities — 2.2% | |||
IDACORP, Inc. | 43,851 | $ 4,059,726 | |
$ 4,059,726 | |||
Financial Services — 1.2% | |||
Euronet Worldwide, Inc.(1) | 22,664 | $ 2,258,468 | |
$ 2,258,468 | |||
Food Products — 1.6% | |||
J & J Snack Foods Corp. | 7,620 | $ 1,213,333 | |
Lancaster Colony Corp. | 4,689 | 861,744 | |
Simply Good Foods Co.(1) | 25,273 | 955,319 | |
$ 3,030,396 | |||
Gas Utilities — 1.2% | |||
ONE Gas, Inc. | 36,894 | $ 2,264,185 | |
$ 2,264,185 | |||
Ground Transportation — 1.5% | |||
Landstar System, Inc. | 14,840 | $ 2,845,125 | |
$ 2,845,125 | |||
Health Care Equipment & Supplies — 4.0% | |||
Envista Holdings Corp.(1) | 101,460 | $ 2,384,310 |
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Tax-Managed Small-Cap Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Integer Holdings Corp.(1) | 20,452 | $ 2,072,197 | |
Neogen Corp.(1) | 197,701 | 3,064,365 | |
$ 7,520,872 | |||
Health Care Providers & Services — 8.5% | |||
Addus HomeCare Corp.(1) | 12,975 | $ 1,123,635 | |
Agiliti, Inc.(1) | 14,025 | 99,437 | |
Chemed Corp. | 9,517 | 5,641,582 | |
Option Care Health, Inc.(1) | 87,594 | 2,736,437 | |
R1 RCM, Inc.(1) | 183,511 | 1,879,153 | |
U.S. Physical Therapy, Inc. | 47,390 | 4,372,201 | |
$ 15,852,445 | |||
Hotels, Restaurants & Leisure — 4.6% | |||
Aramark | 111,037 | $ 3,228,956 | |
Texas Roadhouse, Inc. | 7,599 | 955,346 | |
Wyndham Hotels & Resorts, Inc. | 56,620 | 4,412,397 | |
$ 8,596,699 | |||
Industrial REITs — 3.9% | |||
EastGroup Properties, Inc. | 20,655 | $ 3,664,816 | |
Rexford Industrial Realty, Inc. | 16,444 | 864,790 | |
Terreno Realty Corp. | 46,642 | 2,785,927 | |
$ 7,315,533 | |||
Insurance — 7.0% | |||
AMERISAFE, Inc. | 28,060 | $ 1,398,510 | |
First American Financial Corp. | 14,797 | 892,999 | |
RLI Corp. | 23,812 | 3,247,242 | |
Selective Insurance Group, Inc. | 32,950 | 3,455,137 | |
White Mountains Insurance Group Ltd. | 2,608 | 4,110,130 | |
$ 13,104,018 | |||
Leisure Products — 0.5% | |||
Brunswick Corp. | 10,847 | $ 875,136 | |
$ 875,136 | |||
Machinery — 3.2% | |||
Albany International Corp., Class A | 27,299 | $ 2,427,154 | |
Middleby Corp.(1) | 25,649 | 3,618,304 | |
$ 6,045,458 | |||
Pharmaceuticals — 0.5% | |||
Jazz Pharmaceuticals PLC(1) | 7,672 | $ 941,508 | |
$ 941,508 |
Security | Shares | Value | |
Professional Services — 4.1% | |||
CBIZ, Inc.(1) | 87,378 | $ 5,562,483 | |
NV5 Global, Inc.(1) | 19,154 | 2,009,063 | |
$ 7,571,546 | |||
Retail REITs — 1.8% | |||
NETSTREIT Corp. | 185,563 | $ 3,371,680 | |
$ 3,371,680 | |||
Semiconductors & Semiconductor Equipment — 1.7% | |||
Allegro MicroSystems, Inc.(1) | 35,043 | $ 909,015 | |
Axcelis Technologies, Inc.(1) | 7,434 | 966,792 | |
Diodes, Inc.(1) | 19,961 | 1,343,775 | |
$ 3,219,582 | |||
Software — 7.1% | |||
Altair Engineering, Inc., Class A(1) | 30,776 | $ 2,616,575 | |
Clearwater Analytics Holdings, Inc., Class A(1) | 82,462 | 1,554,409 | |
Envestnet, Inc.(1) | 63,643 | 3,252,157 | |
PowerSchool Holdings, Inc., Class A(1) | 70,690 | 1,664,042 | |
Progress Software Corp. | 44,923 | 2,552,076 | |
SPS Commerce, Inc.(1) | 9,017 | 1,657,325 | |
$ 13,296,584 | |||
Specialized REITs — 1.5% | |||
CubeSmart | 64,989 | $ 2,808,825 | |
$ 2,808,825 | |||
Specialty Retail — 3.9% | |||
Burlington Stores, Inc.(1) | 6,046 | $ 1,155,693 | |
RH(1) | 2,976 | 754,357 | |
Valvoline, Inc.(1) | 145,360 | 5,304,186 | |
$ 7,214,236 | |||
Textiles, Apparel & Luxury Goods — 0.9% | |||
Steven Madden Ltd. | 39,965 | $ 1,673,734 | |
$ 1,673,734 | |||
Trading Companies & Distributors — 4.0% | |||
Core & Main, Inc., Class A(1) | 146,343 | $ 6,045,429 | |
Herc Holdings, Inc. | 9,350 | 1,379,032 | |
$ 7,424,461 | |||
Total Common Stocks (identified cost $147,672,460) | $185,825,195 |
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Tax-Managed Small-Cap Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Short-Term Investments — 0.9% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(2) | 1,724,243 | $ 1,724,243 | |
Total Short-Term Investments (identified cost $1,724,243) | $ 1,724,243 | ||
Total Investments — 100.4% (identified cost $149,396,703) | $187,549,438 | ||
Other Assets, Less Liabilities — (0.4)% | $ (802,566) | ||
Net Assets — 100.0% | $186,746,872 |
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. |
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 investment in funds that may be deemed to be affiliated was $1,724,243, which represents 0.9% 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) | $1,508,206 | $8,007,375 | $(7,791,338) | $ — | $ — | $1,724,243 | $18,917 | 1,724,243 |
(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.
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Tax-Managed Small-Cap Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
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 | $185,825,195* | $ — | $ — | $185,825,195 |
Short-Term Investments | 1,724,243 | — | — | 1,724,243 |
Total Investments | $187,549,438 | $ — | $ — | $187,549,438 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
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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