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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  
     

 

 

  

 

1

 

 

                                                 
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  
     

 

 

  

 

2

 

 

                                                 
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  
     

 

 

  

 

3

 

 

                                                 
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.

 

4

 

 

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.

 

5

 

 

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.

 

6