Eaton Vance
Stock Fund
March 31, 2024 (Unaudited)
Eaton Vance Stock Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests its assets in Stock Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At March 31, 2024, the value of the Fund’s investment in the Portfolio was $93,676,745 and the Fund owned 14.0% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
1
Stock Portfolio
March 31, 2024
Portfolio of Investments (Unaudited)
| Common Stocks — 99.7% |
| Security | Shares | Value | |
| Aerospace & Defense — 1.3% | |||
| HEICO Corp. | 44,787 | $ 8,554,317 | |
| $ 8,554,317 | |||
| Biotechnology — 2.8% | |||
| AbbVie, Inc. | 102,499 | $ 18,665,068 | |
| $ 18,665,068 | |||
| Broadline Retail — 4.9% | |||
| Amazon.com, Inc.(1) | 183,389 | $ 33,079,708 | |
| $ 33,079,708 | |||
| Capital Markets — 5.6% | |||
| Intercontinental Exchange, Inc. | 67,527 | $ 9,280,236 | |
| S&P Global, Inc. | 22,836 | 9,715,576 | |
| Stifel Financial Corp. | 100,779 | 7,877,894 | |
| Tradeweb Markets, Inc., Class A | 101,195 | 10,541,483 | |
| $ 37,415,189 | |||
| Chemicals — 1.4% | |||
| Linde PLC | 20,481 | $ 9,509,738 | |
| $ 9,509,738 | |||
| Commercial Services & Supplies — 2.3% | |||
| GFL Environmental, Inc. | 213,919 | $ 7,380,205 | |
| Waste Management, Inc. | 38,173 | 8,136,575 | |
| $ 15,516,780 | |||
| Consumer Staples Distribution & Retail — 2.2% | |||
| Walmart, Inc. | 249,591 | $ 15,017,890 | |
| $ 15,017,890 | |||
| Containers & Packaging — 1.2% | |||
| AptarGroup, Inc. | 53,612 | $ 7,714,231 | |
| $ 7,714,231 | |||
| Electric Utilities — 1.3% | |||
| NextEra Energy, Inc. | 140,832 | $ 9,000,573 | |
| $ 9,000,573 | |||
| Security | Shares | Value | |
| Electrical Equipment — 1.3% | |||
| AMETEK, Inc. | 48,932 | $ 8,949,663 | |
| $ 8,949,663 | |||
| Entertainment — 1.7% | |||
| Netflix, Inc.(1) | 15,121 | $ 9,183,437 | |
| Spotify Technology SA(1) | 7,738 | 2,042,058 | |
| $ 11,225,495 | |||
| Financial Services — 3.6% | |||
| Shift4 Payments, Inc., Class A(1) | 119,417 | $ 7,889,881 | |
| Visa, Inc., Class A | 57,466 | 16,037,612 | |
| $ 23,927,493 | |||
| Ground Transportation — 1.6% | |||
| Uber Technologies, Inc.(1) | 136,753 | $ 10,528,613 | |
| $ 10,528,613 | |||
| Health Care Equipment & Supplies — 2.6% | |||
| Intuitive Surgical, Inc.(1) | 24,334 | $ 9,711,456 | |
| Stryker Corp. | 22,394 | 8,014,141 | |
| $ 17,725,597 | |||
| Health Care Providers & Services — 1.8% | |||
| HCA Healthcare, Inc. | 16,227 | $ 5,412,191 | |
| Tenet Healthcare Corp.(1) | 65,601 | 6,895,321 | |
| $ 12,307,512 | |||
| Hotels, Restaurants & Leisure — 1.7% | |||
| Domino's Pizza, Inc. | 7,989 | $ 3,969,574 | |
| Marriott International, Inc., Class A | 28,408 | 7,167,623 | |
| $ 11,137,197 | |||
| Household Products — 1.7% | |||
| Procter & Gamble Co. | 72,047 | $ 11,689,626 | |
| $ 11,689,626 | |||
| Insurance — 4.3% | |||
| Allstate Corp. | 84,219 | $ 14,570,729 | |
| W.R. Berkley Corp. | 159,421 | 14,099,193 | |
| $ 28,669,922 | |||
| Interactive Media & Services — 7.2% | |||
| Alphabet, Inc., Class C(1) | 183,031 | $ 27,868,300 | |
| Meta Platforms, Inc., Class A | 41,333 | 20,070,478 | |
| $ 47,938,778 | |||
2
Stock Portfolio
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value | |
| IT Services — 1.4% | |||
| Gartner, Inc.(1) | 19,670 | $ 9,376,099 | |
| $ 9,376,099 | |||
| Life Sciences Tools & Services — 2.1% | |||
| Illumina, Inc.(1) | 46,115 | $ 6,332,512 | |
| Thermo Fisher Scientific, Inc. | 13,899 | 8,078,238 | |
| $ 14,410,750 | |||
| Machinery — 1.0% | |||
| Parker-Hannifin Corp. | 12,100 | $ 6,725,059 | |
| $ 6,725,059 | |||
| Media — 1.0% | |||
| Comcast Corp., Class A | 153,524 | $ 6,655,265 | |
| $ 6,655,265 | |||
| Oil, Gas & Consumable Fuels — 2.2% | |||
| ConocoPhillips | 114,040 | $ 14,515,011 | |
| $ 14,515,011 | |||
| Pharmaceuticals — 3.0% | |||
| Eli Lilly & Co. | 20,019 | $ 15,573,981 | |
| Novo Nordisk AS ADR | 37,807 | 4,854,419 | |
| $ 20,428,400 | |||
| Professional Services — 4.5% | |||
| Automatic Data Processing, Inc. | 39,536 | $ 9,873,721 | |
| Booz Allen Hamilton Holding Corp. | 44,590 | 6,618,939 | |
| TransUnion | 167,831 | 13,392,914 | |
| $ 29,885,574 | |||
| Real Estate Management & Development — 2.4% | |||
| CoStar Group, Inc.(1) | 76,058 | $ 7,347,203 | |
| FirstService Corp. | 53,264 | 8,831,171 | |
| $ 16,178,374 | |||
| Semiconductors & Semiconductor Equipment — 10.5% | |||
| Analog Devices, Inc. | 48,031 | $ 9,500,051 | |
| Broadcom, Inc. | 9,300 | 12,326,313 | |
| Lam Research Corp. | 9,168 | 8,907,354 | |
| NVIDIA Corp. | 43,787 | 39,564,182 | |
| $ 70,297,900 | |||
| Software — 11.3% | |||
| ANSYS, Inc.(1) | 19,304 | $ 6,701,577 | |
| Security | Shares | Value | |
| Software (continued) | |||
| Fair Isaac Corp.(1) | 6,593 | $ 8,238,679 | |
| Microsoft Corp. | 134,390 | 56,540,561 | |
| Palo Alto Networks, Inc.(1) | 14,510 | 4,122,726 | |
| $ 75,603,543 | |||
| Specialty Retail — 2.5% | |||
| Burlington Stores, Inc.(1) | 34,081 | $ 7,913,268 | |
| TJX Cos., Inc. | 85,222 | 8,643,215 | |
| $ 16,556,483 | |||
| Technology Hardware, Storage & Peripherals — 5.6% | |||
| Apple, Inc. | 219,274 | $ 37,601,106 | |
| $ 37,601,106 | |||
| Textiles, Apparel & Luxury Goods — 0.7% | |||
| NIKE, Inc., Class B | 48,386 | $ 4,547,316 | |
| $ 4,547,316 | |||
| Wireless Telecommunication Services — 1.0% | |||
| T-Mobile U.S., Inc. | 41,804 | $ 6,823,249 | |
| $ 6,823,249 | |||
| Total Common Stocks (identified cost $381,913,639) | $668,177,519 | ||
| Short-Term Investments — 0.3% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(2) | 2,199,433 | $ 2,199,433 | |
| Total Short-Term Investments (identified cost $2,199,433) | $ 2,199,433 | ||
| Total Investments — 100.0% (identified cost $384,113,072) | $670,376,952 | ||
| Other Assets, Less Liabilities — (0.0)%(3) | $ (19,096) | ||
| Net Assets — 100.0% | $670,357,856 | ||
| 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 March 31, 2024. |
| (3) | Amount is less than (0.05)%. |
3
Stock Portfolio
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Abbreviations: | |
| ADR | – American Depositary Receipt |
The Portfolio did not have any open derivative instruments at March 31, 2024.
Affiliated Investments
At March 31, 2024, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $2,199,433, which represents 0.3% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended March 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) | $2,428,547 | $24,887,212 | $(25,116,326) | $ — | $ — | $2,199,433 | $29,558 | 2,199,433 |
| (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 March 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 | $668,177,519* | $ — | $ — | $668,177,519 |
| Short-Term Investments | 2,199,433 | — | — | 2,199,433 |
| Total Investments | $670,376,952 | $ — | $ — | $670,376,952 |
| * | 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.
4