Eaton Vance

Tax-Managed Diversified Equity Income Fund

July 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.1%

Security	Shares		Value
Aerospace & Defense — 0.7%
Huntington Ingalls Industries, Inc.		75,203	$	15,426,391
			$	15,426,391
Automobiles — 1.1%
General Motors Co.(1)		426,148	$	24,222,252
			$	24,222,252
Banks — 6.4%
Bank of America Corp.(2)		1,142,362	$	43,821,006
JPMorgan Chase & Co.(2)		376,013		57,071,253
Wells Fargo & Co.(2)		777,093		35,699,653
			$	136,591,912
Beverages — 2.4%
Constellation Brands, Inc., Class A		85,945	$	19,280,901
PepsiCo, Inc.		200,541		31,474,910
			$	50,755,811
Building Products — 1.2%
Johnson Controls International PLC		361,689	$	25,831,828
			$	25,831,828
Capital Markets — 2.6%
Charles Schwab Corp. (The)		393,787	$	26,757,827
Goldman Sachs Group, Inc. (The)(2)		77,749		29,146,545
			$	55,904,372
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.(2)		687,566	$	38,352,432
			$	38,352,432
Electric Utilities — 1.4%
NextEra Energy, Inc.(2)		391,374	$	30,488,035
			$	30,488,035
Electrical Equipment — 2.4%
Eaton Corp. PLC(2)		318,716	$	50,373,064
			$	50,373,064
Entertainment — 4.0%
Live Nation Entertainment, Inc.(1)		268,581	$	21,188,355
Netflix, Inc.(1)(2)		46,039		23,828,405
Walt Disney Co. (The)(1)(2)		229,189		40,341,848
			$	85,358,608

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Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 2.6%
EastGroup Properties, Inc.		183,176	$	32,279,275
Mid-America Apartment Communities, Inc.		121,757		23,511,276
			$	55,790,551
Food Products — 1.2%
Mondelez International, Inc., Class A(2)		393,918	$	24,919,253
			$	24,919,253
Health Care Equipment & Supplies — 3.3%
Danaher Corp.(2)		175,472	$	52,201,165
Intuitive Surgical, Inc.(1)		17,906		17,753,083
			$	69,954,248
Health Care Providers & Services — 2.4%
UnitedHealth Group, Inc.(2)		121,757	$	50,190,671
			$	50,190,671
Hotels, Restaurants & Leisure — 2.2%
Hilton Worldwide Holdings, Inc.(1)		161,149	$	21,183,036
Starbucks Corp.		204,122		24,786,535
			$	45,969,571
Household Products — 2.1%
Procter & Gamble Co. (The)(2)		311,554	$	44,312,325
			$	44,312,325
Insurance — 1.0%
MetLife, Inc.		350,946	$	20,249,584
			$	20,249,584
Interactive Media & Services — 5.5%
Alphabet, Inc., Class C(1)(2)		42,972	$	116,214,336
			$	116,214,336
Internet & Direct Marketing Retail — 5.5%
Amazon.com, Inc.(1)(2)		35,117	$	116,854,978
			$	116,854,978
IT Services — 7.6%
Accenture PLC, Class A(2)		132,499	$	42,092,282
Fidelity National Information Services, Inc.		153,987		22,951,762
PayPal Holdings, Inc.(1)(2)		157,901		43,506,463
Visa, Inc., Class A(2)		211,176		52,031,655
			$	160,582,162
Life Sciences Tools & Services — 3.7%
Charles River Laboratories International, Inc.(1)		57,297	$	23,315,295
Thermo Fisher Scientific, Inc.(2)		68,041		36,742,820
Waters Corp.(1)		46,554		18,147,215
			$	78,205,330

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Security	Shares		Value
Machinery — 1.8%
Caterpillar, Inc.(2)		93,107	$	19,249,872
PACCAR, Inc.		225,608		18,723,208
			$	37,973,080
Metals & Mining — 2.6%
Franco-Nevada Corp.		189,797	$	30,350,438
Rio Tinto PLC ADR		297,229		25,653,835
			$	56,004,273
Oil, Gas & Consumable Fuels — 2.6%
Chevron Corp.		225,607	$	22,969,048
EOG Resources, Inc.(2)		271,651		19,792,492
Phillips 66(2)		168,311		12,359,077
			$	55,120,617
Pharmaceuticals — 3.7%
Eli Lilly & Co.		113,632	$	27,669,392
Royalty Pharma PLC, Class A		257,838		9,849,412
Sanofi		239,932		24,730,560
Zoetis, Inc.		82,365		16,695,386
			$	78,944,750
Road & Rail — 1.9%
CSX Corp.(2)		1,246,213	$	40,277,604
			$	40,277,604
Semiconductors & Semiconductor Equipment — 3.3%
Micron Technology, Inc.(1)		272,162	$	21,114,328
Texas Instruments, Inc.(2)		254,257		48,466,469
			$	69,580,797
Software — 10.5%
Intuit, Inc.(2)		89,527	$	47,446,624
Microsoft Corp.(2)		555,067		158,144,139
Palantir Technologies, Inc., Class A(1)		787,836		17,103,920
			$	222,694,683
Specialty Retail — 2.3%
Best Buy Co., Inc.(2)		146,823	$	16,495,564
Lowe’s Cos., Inc.(2)		168,311		32,431,847
			$	48,927,411
Technology Hardware, Storage & Peripherals — 6.5%
Apple, Inc.(2)		948,984	$	138,418,806
			$	138,418,806
Textiles, Apparel & Luxury Goods — 2.6%
Capri Holdings, Ltd.(1)		293,647	$	16,535,263
NIKE, Inc., Class B(2)		236,351		39,591,156
			$	56,126,419

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Security	Shares		Value
Tobacco — 1.2%
Philip Morris International, Inc.		251,962	$	25,218,877
			$	25,218,877
Total Common Stocks (identified cost $1,204,209,036)			$	2,125,835,031
Short-Term Investments — 0.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(3)		12,241,139	$	12,241,139
Total Short-Term Investments (identified cost $12,241,139)			$	12,241,139
Total Investments — 100.7% (identified cost $1,216,450,175)			$	2,138,076,170
Total Written Call Options — (0.5)% (premiums received $9,849,288)			$	(10,385,425	)
Other Assets, Less Liabilities — (0.2)%			$	(3,935,021	)
Net Assets — 100.0%			$	2,123,755,724

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

(1) Non-income producing security.

(2) Security (or a portion thereof) has been pledged as collateral for written options.

(3) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2021.

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Written Call Options — (0.5)%

Exchange-Traded Options — (0.5)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		193	$	84,828,518	$	4,360		8/2/21	$	(799,985	)
S&P 500 Index		193		84,828,518		4,375		8/4/21		(692,870	)
S&P 500 Index		192		84,388,992		4,380		8/6/21		(722,880	)
S&P 500 Index		193		84,828,518		4,400		8/9/21		(543,295	)
S&P 500 Index		192		84,388,992		4,400		8/11/21		(641,280	)
S&P 500 Index		194		85,268,044		4,380		8/13/21		(985,520	)
S&P 500 Index		197		86,586,622		4,320		8/16/21		(1,982,805	)
S&P 500 Index		193		84,828,518		4,380		8/18/21		(1,115,540	)
S&P 500 Index		191		83,949,466		4,415		8/20/21		(800,290	)
S&P 500 Index		191		83,949,466		4,445		8/23/21		(512,835	)
S&P 500 Index		192		84,388,992		4,430		8/25/21		(725,760	)
S&P 500 Index		191		83,949,466		4,425		8/27/21		(862,365	)
Total									$	(10,385,425	)

Abbreviations:
ADR	-	American Depositary Receipt

At July 31, 2021, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the value of the underlying index decline.

At July 31, 2021, the value of the Fund’s investment in affiliated funds was $12,241,139, which represents 0.6% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended July 31, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	17,537,671	$	224,549,588	$	(229,846,297	)	$	177	$	—	$	12,241,139	$	10,565		12,241,139

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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At July 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks
Communication Services	$	239,925,376		$	—		$	—	$	239,925,376
Consumer Discretionary		292,100,631			—			—		292,100,631
Consumer Staples		145,206,266			—			—		145,206,266
Energy		55,120,617			—			—		55,120,617
Financials		212,745,868			—			—		212,745,868
Health Care		252,564,439			24,730,560			—		277,294,999
Industrials		169,881,967			—			—		169,881,967
Information Technology		591,276,448			—			—		591,276,448
Materials		56,004,273			—			—		56,004,273
Real Estate		55,790,551			—			—		55,790,551
Utilities		30,488,035			—			—		30,488,035
Total Common Stocks	$	2,101,104,471		$	24,730,560	*	$	—	$	2,125,835,031
Short-Term Investments	$	—		$	12,241,139		$	—	$	12,241,139
Total Investments	$	2,101,104,471		$	36,971,699		$	—	$	2,138,076,170
Liability Description
Written Call Options	$	(10,385,425	)	$	—		$	—	$	(10,385,425	)
Total	$	(10,385,425	)	$	—		$	—	$	(10,385,425	)

* 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 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.

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