Eaton Vance
Tax-Managed Growth Fund 1.1
March 31, 2026 (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 March 31, 2026, the value of the Fund’s investment in the Portfolio was $2,784,200,569 and the Fund owned 44.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
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Tax-Managed Growth Portfolio
March 31, 2026
Portfolio of Investments (Unaudited)
Common Stocks — 99.2%
Security Shares Value
Aerospace & Defense — 2.7%
Boeing Co.(1)      327,446 $   65,171,577
General Dynamics Corp.       37,550    12,887,911
General Electric Co.      163,119    46,288,279
Northrop Grumman Corp.       20,617    14,065,742
RTX Corp.      156,984    30,282,214
      $  168,695,723
Air Freight & Logistics — 0.2%
C.H. Robinson Worldwide, Inc.       68,737 $   11,415,154
      $   11,415,154
Automobiles — 0.5%
Tesla, Inc.(1)(2)       79,000 $   29,368,250
      $   29,368,250
Banks — 4.1%
Bank of America Corp.      459,518 $   22,401,502
Cullen/Frost Bankers, Inc.       92,000    12,611,360
Fifth Third Bancorp      479,735    22,288,488
JPMorgan Chase & Co.      514,622   151,381,207
Regions Financial Corp.       57,923     1,512,949
Truist Financial Corp.      204,576     9,404,359
Wells Fargo & Co.      446,596    35,553,508
      $  255,153,373
Beverages — 0.2%
Monster Beverage Corp.(1)      142,992 $   10,361,200
      $   10,361,200
Biotechnology — 2.3%
AbbVie, Inc.      213,103 $   46,347,772
Amgen, Inc.       97,100    34,164,635
Argenx SE ADR(1)       41,279    30,143,990
Vertex Pharmaceuticals, Inc.(1)       64,684    28,883,993
      $  139,540,390
Broadline Retail — 5.4%
Amazon.com, Inc.(1)    1,595,700 $  332,336,439
      $  332,336,439
Security Shares Value
Building Products — 0.3%
Carrier Global Corp.      277,214 $   15,609,920
      $   15,609,920
Capital Markets — 3.9%
Bank of New York Mellon Corp.      102,311 $   12,137,154
Blackrock, Inc.        7,289     7,009,904
Cboe Global Markets, Inc.       75,857    21,321,127
Charles Schwab Corp.      371,381    34,902,386
CME Group, Inc.       36,417    10,755,761
Goldman Sachs Group, Inc.      123,352   104,354,558
Intercontinental Exchange, Inc.       60,970     9,589,362
Moody's Corp.       66,944    29,204,320
S&P Global, Inc.       32,008    13,614,283
      $  242,888,855
Chemicals — 1.3%
DuPont de Nemours, Inc.      122,830 $    5,625,614
Ecolab, Inc.      110,020    29,267,520
Linde PLC       72,347    35,866,749
Sherwin-Williams Co.       32,982    10,572,380
      $   81,332,263
Commercial Services & Supplies — 0.9%
Waste Connections, Inc.       97,850 $   15,894,754
Waste Management, Inc.      170,192    39,108,420
      $   55,003,174
Communications Equipment — 1.8%
Arista Networks, Inc.(1)      628,622 $   77,182,209
Cisco Systems, Inc.      444,818    34,513,429
      $  111,695,638
Consumer Finance — 1.0%
American Express Co.      120,073 $   36,319,681
Capital One Financial Corp.      147,637    26,933,418
      $   63,253,099
Consumer Staples Distribution & Retail — 2.9%
Costco Wholesale Corp.       81,331 $   81,040,648
Walmart, Inc.      789,500    98,119,060
      $  179,159,708
Electric Utilities — 0.8%
Duke Energy Corp.      378,733 $   49,591,299
      $   49,591,299
 
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Tax-Managed Growth Portfolio
March 31, 2026
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Electrical Equipment — 1.1%
AMETEK, Inc.       76,862 $   16,476,138
Emerson Electric Co.      269,079    35,254,731
Rockwell Automation, Inc.       50,722    18,203,111
      $   69,933,980
Entertainment — 1.8%
Netflix, Inc.(1)    1,159,840 $  111,518,616
      $  111,518,616
Financial Services — 4.0%
Berkshire Hathaway, Inc., Class B(1)      346,608 $  166,094,554
Mastercard, Inc., Class A       36,635    18,305,044
Visa, Inc., Class A      212,810    64,319,694
      $  248,719,292
Ground Transportation — 2.1%
Norfolk Southern Corp.       60,919 $   17,483,753
Uber Technologies, Inc.(1)    1,087,498    78,223,731
Union Pacific Corp.      148,572    36,046,539
      $  131,754,023
Health Care Equipment & Supplies — 2.2%
Abbott Laboratories      350,303 $   35,965,609
Boston Scientific Corp.(1)      364,826    22,892,831
GE HealthCare Technologies, Inc.      135,517     9,646,100
Intuitive Surgical, Inc.(1)      101,205    46,654,493
Stryker Corp.       72,313    23,761,329
      $  138,920,362
Health Care Providers & Services — 0.5%
HCA Healthcare, Inc.       64,083 $   30,326,639
      $   30,326,639
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings, Inc.       15,827 $   66,636,735
Marriott International, Inc., Class A      140,779    46,044,587
Starbucks Corp.      346,286    31,023,763
      $  143,705,085
Household Products — 1.0%
Colgate-Palmolive Co.      397,371 $   33,867,931
Procter & Gamble Co.      209,462    30,254,691
      $   64,122,622
Security Shares Value
Insurance — 0.9%
Aflac, Inc.      129,127 $   14,166,523
Arthur J. Gallagher & Co.       47,054    10,190,955
Progressive Corp.      151,029    29,939,989
Travelers Cos., Inc.       14,676     4,280,696
      $   58,578,163
Interactive Media & Services — 11.8%
Alphabet, Inc., Class A      857,372 $  246,545,892
Alphabet, Inc., Class C      838,031   240,397,573
Meta Platforms, Inc., Class A      427,889   244,808,134
      $  731,751,599
IT Services — 0.3%
Accenture PLC, Class A       87,456 $   17,341,650
      $   17,341,650
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.      151,400 $   17,256,572
Danaher Corp.       47,861     9,074,446
      $   26,331,018
Machinery — 2.5%
Caterpillar, Inc.       65,050 $   46,085,323
Deere & Co.       32,269    18,177,128
Dover Corp.       90,009    18,762,376
Illinois Tool Works, Inc.      143,086    37,243,855
Parker-Hannifin Corp.       35,957    32,190,144
      $  152,458,826
Oil, Gas & Consumable Fuels — 3.1%
Antero Resources Corp.(1)      328,489 $   13,941,073
Cheniere Energy, Inc.      117,247    33,270,009
ConocoPhillips      192,395    25,396,140
Exxon Mobil Corp.      537,165    91,135,414
Marathon Petroleum Corp.       69,217    16,901,407
Phillips 66       51,669     9,413,058
      $  190,057,101
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.      432,876 $   26,253,930
Eli Lilly & Co.      119,190   109,627,386
Johnson & Johnson      245,520    60,014,909
Merck & Co., Inc.      202,773    24,391,564
      $  220,287,789
 
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Tax-Managed Growth Portfolio
March 31, 2026
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Semiconductors & Semiconductor Equipment — 16.7%
Advanced Micro Devices, Inc.(1)      320,000 $   65,097,600
Analog Devices, Inc.      133,698    42,534,682
Applied Materials, Inc.      187,182    63,976,936
ASML Holding NV       25,500    33,681,165
Broadcom, Inc.      615,160   190,398,172
Lam Research Corp.      249,666    53,343,637
NVIDIA Corp.    3,119,055   543,963,192
Texas Instruments, Inc.      209,452    40,663,011
      $1,033,658,395
Software — 8.5%
Cadence Design Systems, Inc.(1)       83,984 $   23,336,634
Microsoft Corp.    1,009,092   373,535,586
Palantir Technologies, Inc., Class A(1)      292,000    42,713,760
Palo Alto Networks, Inc.(1)      370,264    59,360,724
ServiceNow, Inc.(1)      276,290    28,886,120
      $  527,832,824
Specialty Retail — 3.0%
Lowe's Cos., Inc.      212,443 $   50,196,032
O'Reilly Automotive, Inc.(1)      666,000    61,478,460
Ross Stores, Inc.      135,705    29,397,774
TJX Cos., Inc.      219,657    35,079,223
Tractor Supply Co.      177,832     8,055,790
      $  184,207,279
Technology Hardware, Storage & Peripherals — 4.8%
Apple, Inc.    1,174,285 $  298,021,790
      $  298,021,790
Tobacco — 0.3%
Philip Morris International, Inc.      116,419 $   19,248,717
      $   19,248,717
Total Common Stocks
(identified cost $1,787,877,611) 		    $6,144,180,255
Short-Term Investments — 0.8%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.57%(3)   50,099,012 $   50,099,012
Total Short-Term Investments
(identified cost $50,099,012) 		    $   50,099,012
Total Purchased Call Options — 0.1%
(identified cost $4,931,894) 		    $    3,603,980
Total Investments — 100.1%
(identified cost $1,842,908,517) 		    $6,197,883,247
Total Written Options — (0.1)%
(premiums received $4,962,143) 		    $   (3,904,180)
Other Assets, Less Liabilities — 0.0%†     $      467,075
Net Assets — 100.0%     $6,194,446,142
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
† Amount is less than 0.05% or (0.05)%, as applicable.
(1) Non-income producing security.
(2) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.
(3) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2026.
 
Purchased Call Options (Exchange-Traded) — 0.1% 
Description Number of
Contracts 		Notional
Amount 		Exercise
Price 		Expiration
Date 		Value
Tesla, Inc.            790 $      29,368,250 $             420       12/18/26 $3,603,980
      Total             $3,603,980
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Tax-Managed Growth Portfolio
March 31, 2026
Portfolio of Investments (Unaudited) — continued
Written Call Options (Exchange-Traded) — 0.0%† 
Description Number of
Contracts 		Notional
Amount 		Exercise
Price 		Expiration
Date 		Value
Tesla, Inc.            790 $     29,368,250 $            500       12/18/26 $(1,892,050)
      Total             $(1,892,050)
† Amount is less than 0.05% or (0.05)%, as applicable.
Written Put Options (Exchange-Traded) — (0.1)%               
Description Number of
Contracts 		Notional
Amount 		Exercise
Price 		Expiration
Date 		Value
Tesla, Inc.            790   $    29,368,250   $           300       12/18/26 $(2,012,130)
      Total             $(2,012,130)
Abbreviations:
ADR – American Depositary Receipt
At March 31, 2026, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. The Portfolio entered into purchased and written option contracts as a substitute for purchasing or selling securities.
Affiliated Investments
At March 31, 2026, the value of the Portfolio's investments in funds that may be deemed to be affiliated was $50,099,012, which represents 0.8% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended March 31, 2026 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) $2,846,172 $124,565,797 $(77,312,957) $ — $ — $50,099,012 $186,895 50,099,012
(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 Growth Portfolio
March 31, 2026
Portfolio of Investments (Unaudited) — continued
At March 31, 2026, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:
Asset Description  Level 1 Level 2 Level 3 Total
Common Stocks $6,144,180,255* $    — $    — $6,144,180,255
Short-Term Investments    50,099,012     —     —    50,099,012
Purchased Call Options     3,603,980     —     —     3,603,980
Total Investments $6,197,883,247 $— $— $6,197,883,247
Liability Description         
Written Call Options $   (1,892,050) $    — $    — $   (1,892,050)
Written Put Options    (2,012,130)     —     —    (2,012,130)
Total $   (3,904,180) $    — $    — $   (3,904,180)
* 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 annual or semi-annual financial statements.
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