NPORT-EX 2 NPORT_FT2D_13154591_0923.htm
Eaton Vance
Tax-Managed Growth Fund 1.1
September 30, 2023 (Unaudited)
Eaton Vance Tax-Managed Growth Fund 1.1 (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Growth Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At September 30, 2023, the value of the Fund’s investment in the Portfolio was $2,053,176,033 and the Fund owned 44.4% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
1
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited)
Common Stocks — 98.8%
Security Shares Value
Aerospace & Defense — 1.4%
Boeing Co. (The)(1)     160,196 $   30,706,369
General Dynamics Corp.      37,550     8,297,424
Lockheed Martin Corp.      18,733     7,661,048
Northrop Grumman Corp.      16,117     7,094,542
RTX Corp.     126,984     9,139,038
      $   62,898,421
Air Freight & Logistics — 1.0%
C.H. Robinson Worldwide, Inc.      80,986 $    6,975,324
FedEx Corp.      76,559    20,282,010
United Parcel Service, Inc., Class B     127,908    19,937,020
      $   47,194,354
Automobile Components — 0.2%
Aptiv PLC(1)      89,316 $    8,805,664
      $    8,805,664
Automobiles — 0.4%
Tesla, Inc.(1)      67,031 $   16,772,497
      $   16,772,497
Banks — 2.9%
Bank of America Corp.     478,599 $   13,104,041
Fifth Third Bancorp     491,355    12,446,022
JPMorgan Chase & Co.     514,622    74,630,482
PNC Financial Services Group, Inc. (The)      15,834     1,943,940
Regions Financial Corp.     261,997     4,506,348
Truist Financial Corp.     311,559     8,913,703
U.S. Bancorp      76,801     2,539,041
Wells Fargo & Co.     446,596    18,247,913
      $  136,331,490
Beverages — 1.9%
Coca-Cola Co. (The)     455,199 $   25,482,040
Constellation Brands, Inc., Class A      56,905    14,301,934
Monster Beverage Corp.(1)     142,992     7,571,426
PepsiCo, Inc.     228,875    38,780,580
      $   86,135,980
Biotechnology — 2.6%
AbbVie, Inc.     193,103 $   28,783,933
Amgen, Inc.      97,100     26,096,596
Security Shares Value
Biotechnology (continued)
Argenx SE ADR(1)      43,298 $   21,286,596
Biogen, Inc.(1)       7,070     1,817,061
Gilead Sciences, Inc.     193,738    14,518,726
Vertex Pharmaceuticals, Inc.(1)      78,684    27,361,574
      $  119,864,486
Broadline Retail — 3.8%
Amazon.com, Inc.(1)   1,372,000 $  174,408,640
      $  174,408,640
Building Products — 0.4%
Carrier Global Corp.     189,214 $   10,444,613
Johnson Controls International PLC     160,853     8,558,988
      $   19,003,601
Capital Markets — 3.5%
Ameriprise Financial, Inc.      30,879 $   10,180,189
Bank of New York Mellon Corp. (The)     149,031     6,356,172
BlackRock, Inc.       7,289     4,712,266
Cboe Global Markets, Inc.      75,857    11,849,622
Charles Schwab Corp. (The)     371,381    20,388,817
CME Group, Inc.      36,417     7,291,412
Goldman Sachs Group, Inc. (The)     128,899    41,707,849
Intercontinental Exchange, Inc.      60,970     6,707,919
LPL Financial Holdings, Inc.      33,113     7,869,304
Moody's Corp.      66,944    21,165,685
S&P Global, Inc.      32,008    11,696,043
T. Rowe Price Group, Inc.     105,316    11,044,489
      $  160,969,767
Chemicals — 1.6%
Air Products and Chemicals, Inc.       2,258 $      639,917
Corteva, Inc.      18,814       962,524
Dow, Inc.      18,955       977,320
DuPont de Nemours, Inc.     142,744    10,647,275
Ecolab, Inc.     110,020    18,637,388
Linde PLC      58,347    21,725,506
PPG Industries, Inc.      89,144    11,570,891
Sherwin-Williams Co. (The)      32,982     8,412,059
      $   73,572,880
Commercial Services & Supplies — 0.5%
Waste Connections, Inc.      57,850 $    7,769,255
Waste Management, Inc.     108,692    16,569,009
      $   24,338,264
 
2
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Communications Equipment — 1.2%
Arista Networks, Inc.(1)     153,507 $   28,234,542
Cisco Systems, Inc.     517,461    27,818,703
Motorola Solutions, Inc.       2,673       727,698
      $   56,780,943
Consumer Finance — 0.7%
American Express Co.     121,531 $   18,131,210
Capital One Financial Corp.      15,163     1,471,569
Discover Financial Services     144,856    12,548,875
      $   32,151,654
Consumer Staples Distribution & Retail — 1.8%
Costco Wholesale Corp.     113,479 $   64,111,096
Kroger Co. (The)      35,353     1,582,046
Sprouts Farmers Market, Inc.(1)     182,261     7,800,771
Sysco Corp.     155,777    10,289,071
Walgreens Boots Alliance, Inc.      66,946     1,488,879
      $   85,271,863
Electric Utilities — 0.6%
Duke Energy Corp.     152,233 $   13,436,084
Edison International     197,713    12,513,256
      $   25,949,340
Electrical Equipment — 1.0%
AMETEK, Inc.      23,362 $    3,451,969
Eaton Corp. PLC       8,651     1,845,086
Emerson Electric Co.     269,079    25,984,959
Rockwell Automation, Inc.      50,722    14,499,898
      $   45,781,912
Energy Equipment & Services — 0.4%
Halliburton Co.     166,374 $    6,738,147
Schlumberger NV     206,344    12,029,855
      $   18,768,002
Entertainment — 1.9%
Activision Blizzard, Inc.      79,304 $    7,425,234
Netflix, Inc.(1)     102,984    38,886,758
Walt Disney Co. (The)(1)     534,448    43,317,010
      $   89,629,002
Financial Services — 4.2%
Berkshire Hathaway, Inc., Class A(1)          84 $   44,644,068
Berkshire Hathaway, Inc., Class B(1)     224,230     78,547,769
Security Shares Value
Financial Services (continued)
Mastercard, Inc., Class A      36,635 $   14,504,163
PayPal Holdings, Inc.(1)     146,905     8,588,066
Visa, Inc., Class A     212,810    48,948,428
      $  195,232,494
Food Products — 1.1%
Conagra Brands, Inc.     127,385 $    3,492,897
Flowers Foods, Inc.     147,169     3,264,209
General Mills, Inc.      15,587       997,412
Hershey Co. (The)      47,710     9,545,817
Lamb Weston Holdings, Inc.      73,135     6,762,062
McCormick & Co., Inc., Non Voting Shares      96,258     7,280,955
Mondelez International, Inc., Class A     142,261     9,872,913
Nestle S.A.      94,686    10,718,076
      $   51,934,341
Ground Transportation — 1.2%
CSX Corp.      52,770 $    1,622,678
Norfolk Southern Corp.      65,062    12,812,660
Uber Technologies, Inc.(1)     213,498     9,818,773
Union Pacific Corp.     148,572    30,253,716
      $   54,507,827
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories     260,303 $   25,210,346
Becton Dickinson & Co.       8,470     2,189,749
Boston Scientific Corp.(1)     289,826    15,302,813
Dexcom, Inc.(1)     153,683    14,338,624
GE HealthCare Technologies, Inc.     135,517     9,220,577
Intuitive Surgical, Inc.(1)     101,205    29,581,209
Medtronic PLC     110,455     8,655,254
Stryker Corp.      72,313    19,760,973
Zimmer Biomet Holdings, Inc.      77,057     8,647,336
      $  132,906,881
Health Care Providers & Services — 2.5%
Cardinal Health, Inc.      14,717 $    1,277,730
CVS Health Corp.     168,934    11,794,972
DaVita, Inc.(1)     135,077    12,768,829
Elevance Health, Inc.      29,512    12,850,115
HCA Healthcare, Inc.      64,083    15,763,136
UnitedHealth Group, Inc.     123,171    62,101,587
      $  116,556,369
Hotels, Restaurants & Leisure — 2.6%
Airbnb, Inc., Class A(1)      63,500 $    8,712,835
 
3
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Hotels, Restaurants & Leisure (continued)
Booking Holdings, Inc.(1)      15,067 $   46,465,875
Chipotle Mexican Grill, Inc.(1)       3,990     7,309,002
Marriott International, Inc., Class A      46,029     9,047,460
McDonald's Corp.       5,400     1,422,576
Starbucks Corp.     418,945    38,237,110
Yum! Brands, Inc.      79,662     9,952,970
      $  121,147,828
Household Products — 1.4%
Colgate-Palmolive Co.     397,371 $   28,257,052
Kimberly-Clark Corp.      20,354     2,459,781
Procter & Gamble Co. (The)     220,699    32,191,156
      $   62,907,989
Industrial Conglomerates — 0.5%
General Electric Co.     163,119 $   18,032,805
Honeywell International, Inc.      22,939     4,237,751
      $   22,270,556
Industrial REITs — 0.1%
EastGroup Properties, Inc.      25,000 $    4,163,250
      $    4,163,250
Insurance — 1.6%
Aflac, Inc.     154,400 $   11,850,200
Aon PLC, Class A, Class A      27,135     8,797,710
Arthur J. Gallagher & Co.      47,054    10,725,018
Markel Group, Inc.(1)       6,362     9,367,981
Marsh & McLennan Cos., Inc.      46,353     8,820,976
Progressive Corp. (The)     151,029    21,038,340
Travelers Cos., Inc. (The)      20,353     3,323,848
      $   73,924,073
Interactive Media & Services — 7.8%
Alphabet, Inc., Class A(1)     897,034 $  117,385,869
Alphabet, Inc., Class C(1)     980,031   129,217,088
Meta Platforms, Inc., Class A(1)     383,462   115,119,127
      $  361,722,084
IT Services — 1.7%
Accenture PLC, Class A     155,875 $   47,870,771
Akamai Technologies, Inc.(1)     147,626    15,728,074
International Business Machines Corp.      92,900    13,033,870
      $   76,632,715
Security Shares Value
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.     151,400 $   16,929,548
Danaher Corp.     170,507    42,302,787
Illumina, Inc.(1)      10,000     1,372,800
      $   60,605,135
Machinery — 2.3%
Caterpillar, Inc.      56,089 $   15,312,297
Deere & Co.      32,269    12,177,675
Donaldson Co., Inc.      89,373     5,330,206
Dover Corp.      97,408    13,589,390
Illinois Tool Works, Inc.     143,086    32,954,137
Otis Worldwide Corp.      68,364     5,490,313
PACCAR, Inc.      28,969     2,462,944
Parker-Hannifin Corp.      16,957     6,605,090
Snap-on, Inc.      14,911     3,803,200
Westinghouse Air Brake Technologies Corp.      77,029     8,185,872
      $  105,911,124
Media — 0.2%
Comcast Corp., Class A     218,452 $    9,686,162
      $    9,686,162
Metals & Mining — 0.1%
Nucor Corp.      35,624 $    5,569,812
      $    5,569,812
Multi-Utilities — 0.2%
Consolidated Edison, Inc.      50,472 $    4,316,870
Dominion Energy, Inc.     119,000     5,315,730
      $    9,632,600
Oil, Gas & Consumable Fuels — 3.8%
Antero Resources Corp.(1)     328,489 $    8,337,051
Cheniere Energy, Inc.     149,498    24,810,688
ConocoPhillips     285,715    34,228,657
Devon Energy Corp.      33,163     1,581,875
EOG Resources, Inc.      16,793     2,128,681
Exxon Mobil Corp.     686,802    80,754,179
Hess Corp.      20,651     3,159,603
Marathon Petroleum Corp.      69,480    10,515,103
Murphy Oil Corp.      41,407     1,877,808
Phillips 66      51,867     6,231,820
      $  173,625,465
Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A      26,451 $    3,823,492
 
4
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Personal Care Products (continued)
Kenvue, Inc.     327,541 $    6,577,023
      $   10,400,515
Pharmaceuticals — 4.6%
AstraZeneca PLC ADR     182,272 $   12,343,460
Bristol-Myers Squibb Co.     143,581     8,333,441
Catalent, Inc.(1)      45,943     2,091,785
Eli Lilly & Co.     171,783    92,269,803
Johnson & Johnson     267,485    41,660,789
Merck & Co., Inc.     215,040    22,138,368
Pfizer, Inc.     311,715    10,339,586
Zoetis, Inc.     142,003    24,705,682
      $  213,882,914
Professional Services — 1.0%
ASGN, Inc.(1)      59,571 $    4,865,759
Automatic Data Processing, Inc.      68,245    16,418,382
Jacobs Solutions, Inc.      56,851     7,760,162
Paycom Software, Inc.      26,230     6,800,652
Verisk Analytics, Inc.      46,792    11,054,142
      $   46,899,097
Residential REITs — 0.1%
Invitation Homes, Inc.     156,000 $    4,943,640
      $    4,943,640
Semiconductors & Semiconductor Equipment — 7.1%
Analog Devices, Inc.     133,698 $   23,409,183
Applied Materials, Inc.     187,182    25,915,348
Broadcom, Inc.      24,966    20,736,260
Intel Corp.     691,483    24,582,221
Lam Research Corp.      25,000    15,669,250
Marvell Technology, Inc.      95,391     5,163,515
NVIDIA Corp.     302,592   131,624,494
ON Semiconductor Corp.(1)     203,500    18,915,325
QUALCOMM, Inc.     314,846    34,966,797
Texas Instruments, Inc.     158,452    25,195,452
      $  326,177,845
Software — 10.9%
Adobe, Inc.(1)      80,840 $   41,220,316
Cadence Design Systems, Inc.(1)      83,984    19,677,451
Check Point Software Technologies, Ltd.(1)      56,152     7,483,939
Fortinet, Inc.(1)     206,000    12,088,080
Intuit, Inc.      46,644    23,832,285
Microsoft Corp.     887,192    280,130,874
Security Shares Value
Software (continued)
Oracle Corp.      80,569 $    8,533,869
Palo Alto Networks, Inc.(1)     153,052    35,881,511
Salesforce, Inc.(1)     112,456    22,803,828
ServiceNow, Inc.(1)      67,266    37,599,003
Splunk, Inc.(1)      22,755     3,327,919
Workday, Inc., Class A(1)      54,405    11,688,914
      $  504,267,989
Specialized REITs — 0.3%
American Tower Corp.      10,718 $    1,762,575
Public Storage      51,744    13,635,579
      $   15,398,154
Specialty Retail — 2.5%
Best Buy Co., Inc.      72,849 $    5,060,820
Lowe's Cos., Inc.     212,443    44,154,153
O'Reilly Automotive, Inc.(1)      14,850    13,496,571
Ross Stores, Inc.     141,093    15,936,455
TJX Cos., Inc. (The)     219,657    19,523,114
Tractor Supply Co.      50,157    10,184,379
Ulta Beauty, Inc.(1)      17,591     7,026,725
      $  115,382,217
Technology Hardware, Storage & Peripherals — 7.4%
Apple, Inc.   1,986,542 $  340,115,856
      $  340,115,856
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B     424,913 $   40,630,181
      $   40,630,181
Tobacco — 0.5%
Altria Group, Inc.     157,274 $    6,613,372
Philip Morris International, Inc.     162,661    15,059,155
      $   21,672,527
Total Common Stocks
(identified cost $1,657,976,458) 		    $4,563,336,400
    
 
5
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Short-Term Investments — 0.1%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2)   6,890,153 $    6,890,153
Total Short-Term Investments
(identified cost $6,890,153) 		    $    6,890,153
Total Investments — 98.9%
(identified cost $1,664,866,611) 		    $4,570,226,553
Other Assets, Less Liabilities — 1.1%     $   49,866,165
Net Assets — 100.0%     $4,620,092,718
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 September 30, 2023.
Abbreviations:
ADR – American Depositary Receipt
REITs – Real Estate Investment Trusts
 
Affiliated Investments
At September 30, 2023, the value of the Portfolio's investment in affiliated issuers and funds that may be deemed to be affiliated was $6,890,153, which represents 0.1% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended September 30, 2023 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
Common Stocks 
Morgan Stanley $90,143,050 $ — $(96,092,054) $8,727,060 $(2,778,056) $ — $189,077       —
Short-Term Investments 
Liquidity Fund, Institutional Class(1) 170,972,940 244,220,889 (408,303,676)  —  — 6,890,153 1,207,286 6,890,153
Total       $8,727,060 $(2,778,056) $6,890,153 $1,396,363  
(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 September 30, 2023, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at value, were as follows:
Asset Description  Level 1  Level 2  Level 3  Total 
Common Stocks:        
Communication Services $  461,037,248 $       — $ — $  461,037,248
6
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Asset Description (continued) Level 1  Level 2  Level 3  Total 
Consumer Discretionary $  477,147,027 $       — $ — $  477,147,027
Consumer Staples   307,605,139 10,718,076  —   318,323,215
Energy   192,393,467        —  —   192,393,467
Financials   598,609,478        —  —   598,609,478
Health Care   643,815,785        —  —   643,815,785
Industrials   428,805,156        —  —   428,805,156
Information Technology 1,303,975,348        —  — 1,303,975,348
Materials    79,142,692        —  —    79,142,692
Real Estate    24,505,044        —  —    24,505,044
Utilities    35,581,940        —  —    35,581,940
Total Common Stocks $4,552,618,324 $10,718,076* $ — $4,563,336,400
Short-Term Investments $    6,890,153 $       — $ — $    6,890,153
Total Investments $4,559,508,477 $10,718,076 $ — $4,570,226,553
* 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.
7