NPORT-EX 2 NPORT_FH6K_75521285_0122.htm FH6K

Eaton Vance

Tax-Managed Diversified Equity Income Fund

January 31, 2022

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.0%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 0.7%

 

Huntington Ingalls Industries, Inc.

      75,203      $ 14,078,002  
     

 

 

  
   $ 14,078,002  
     

 

 

  

Automobiles — 2.3%

 

General Motors Co.(1)

      512,207      $ 27,008,675  

Tesla, Inc.(1)

      24,294        22,756,676  
     

 

 

  
   $ 49,765,351  
     

 

 

  

Banks — 7.0%

 

Bank of America Corp.(2)

      862,666      $ 39,803,409  

JPMorgan Chase & Co.(2)

      297,526        44,212,364  

M&T Bank Corp.

      128,137        21,703,845  

Wells Fargo & Co.(2)

      804,476        43,280,809  
     

 

 

  
   $ 149,000,427  
     

 

 

  

Beverages — 1.8%

 

PepsiCo, Inc.(2)

      217,569      $ 37,752,573  
     

 

 

  
   $ 37,752,573  
     

 

 

  

Building Products — 1.2%

 

Johnson Controls International PLC

      361,689      $ 26,283,940  
     

 

 

  
   $ 26,283,940  
     

 

 

  

Capital Markets — 2.9%

 

Charles Schwab Corp. (The)(2)

      393,787      $ 34,535,120  

Goldman Sachs Group, Inc. (The)(2)

      77,749        27,576,015  
     

 

 

  
   $ 62,111,135  
     

 

 

  

Chemicals — 1.2%

 

FMC Corp.

      221,194      $ 24,413,182  
     

 

 

  
   $ 24,413,182  
     

 

 

  

Containers & Packaging — 0.9%

 

Packaging Corp. of America

      130,254      $ 19,620,160  
     

 

 

  
   $ 19,620,160  
     

 

 

  

Electric Utilities — 1.4%

 

NextEra Energy, Inc.(2)

      370,425      $ 28,937,601  
     

 

 

  
   $ 28,937,601  
     

 

 

  

Electrical Equipment — 2.5%

 

AMETEK, Inc.

      132,419      $ 18,110,947  

Eaton Corp. PLC(2)

      222,912        35,315,948  
     

 

 

  
   $ 53,426,895  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Entertainment — 2.3%

 

Live Nation Entertainment, Inc.(1)

      208,245      $ 22,804,910  

Walt Disney Co. (The)(1)(2)

      178,989        25,590,057  
     

 

 

  
   $ 48,394,967  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 3.1%

 

EastGroup Properties, Inc.(2)

      135,600      $ 27,107,796  

Healthpeak Properties, Inc.

      472,130        16,699,238  

Mid-America Apartment Communities, Inc.

      108,679        22,461,776  
     

 

 

  
   $ 66,268,810  
     

 

 

  

Food Products — 1.4%

 

Mondelez International, Inc., Class A(2)

      438,422      $ 29,387,427  
     

 

 

  
   $ 29,387,427  
     

 

 

  

Health Care Equipment & Supplies — 0.8%

 

Intuitive Surgical, Inc.(1)

      59,854      $ 17,009,310  
     

 

 

  
   $ 17,009,310  
     

 

 

  

Health Care Providers & Services — 1.9%

 

UnitedHealth Group, Inc.(2)

      87,163      $ 41,190,619  
     

 

 

  
   $ 41,190,619  
     

 

 

  

Hotels, Restaurants & Leisure — 2.3%

 

Hilton Worldwide Holdings, Inc.(1)

      156,835      $ 22,758,327  

Starbucks Corp.

      273,627        26,903,006  
     

 

 

  
   $ 49,661,333  
     

 

 

  

Household Products — 2.2%

 

Procter & Gamble Co. (The)(2)

      293,344      $ 47,067,045  
     

 

 

  
   $ 47,067,045  
     

 

 

  

Insurance — 1.6%

 

American International Group, Inc.

      404,499      $ 23,359,817  

Arch Capital Group, Ltd.(1)

      231,490        10,722,617  
     

 

 

  
   $ 34,082,434  
     

 

 

  

Interactive Media & Services — 7.6%

 

Alphabet, Inc., Class C(1)(2)

      41,357      $ 112,241,657  

Meta Platforms, Inc., Class A(1)(2)

      161,651        50,638,792  
     

 

 

  
   $ 162,880,449  
     

 

 

  

Internet & Direct Marketing Retail — 4.8%

 

Amazon.com, Inc.(1)(2)

      34,096      $ 101,997,161  
     

 

 

  
   $ 101,997,161  
     

 

 

  

IT Services — 3.9%

 

Accenture PLC, Class A(2)

      132,499      $ 46,848,996  

Amadeus IT Group S.A.(1)

      174,801        12,019,352  

Mastercard, Inc., Class A

      62,665        24,212,503  
     

 

 

  
   $ 83,080,851  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Life Sciences Tools & Services — 5.0%

 

Charles River Laboratories International, Inc.(1)

      47,683      $ 15,723,946  

Danaher Corp.(2)

      130,924        37,416,770  

Thermo Fisher Scientific, Inc.(2)

      56,577        32,888,210  

Waters Corp.(1)

      65,181        20,865,742  
     

 

 

  
   $ 106,894,668  
     

 

 

  

Machinery — 1.5%

 

Caterpillar, Inc.(2)

      75,362      $ 15,189,964  

PACCAR, Inc.

      187,922        17,474,867  
     

 

 

  
   $ 32,664,831  
     

 

 

  

Oil, Gas & Consumable Fuels — 4.4%

 

Chevron Corp.(2)

      279,036      $ 36,645,798  

EOG Resources, Inc.(2)

      330,860        36,884,273  

Pioneer Natural Resources Co.

      92,862        20,326,563  
     

 

 

  
   $ 93,856,634  
     

 

 

  

Pharmaceuticals — 3.6%

 

Eli Lilly & Co.(2)

      168,709      $ 41,399,502  

Pfizer, Inc.

      306,157        16,131,412  

Zoetis, Inc.

      100,195        20,017,959  
     

 

 

  
   $ 77,548,873  
     

 

 

  

Road & Rail — 2.0%

 

CSX Corp.(2)

      1,246,213      $ 42,645,409  
     

 

 

  
   $ 42,645,409  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.9%

 

Micron Technology, Inc.

      289,709      $ 23,834,359  

NVIDIA Corp.(2)

      112,607        27,572,950  

QUALCOMM, Inc.

      187,052        32,876,260  

Texas Instruments, Inc.(2)

      235,683        42,302,742  
     

 

 

  
   $ 126,586,311  
     

 

 

  

Software — 9.9%

 

Intuit, Inc.(2)

      70,577      $ 39,186,468  

Microsoft Corp.(2)

      555,067        172,614,735  
     

 

 

  
   $ 211,801,203  
     

 

 

  

Specialty Retail — 1.9%

 

Best Buy Co., Inc.(2)

      96,465      $ 9,577,045  

Lowe’s Cos., Inc.(2)

      128,590        30,520,837  
     

 

 

  
   $ 40,097,882  
     

 

 

  

Technology Hardware, Storage & Peripherals — 7.8%

 

Apple, Inc.(2)

      948,984      $ 165,863,423  
     

 

 

  
   $ 165,863,423  
     

 

 

  

Textiles, Apparel & Luxury Goods — 2.6%

 

Capri Holdings, Ltd.(1)

      325,579      $ 19,557,530  

NIKE, Inc., Class B(2)

      235,815        34,917,127  
     

 

 

  
   $ 54,474,657  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Tobacco — 1.6%

 

Philip Morris International, Inc.

      328,479      $ 33,784,065  
     

 

 

  
   $ 33,784,065  
     

 

 

  

Total Common Stocks
(identified cost $1,255,785,343)

 

    $ 2,132,627,628  
     

 

 

  

Short-Term Investments — 0.4%

 

Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.08%(3)

      8,242,296      $ 8,241,472  
     

 

 

  

Total Short-Term Investments
(identified cost $8,241,472)

 

    $ 8,241,472  
     

 

 

  

Total Investments — 100.4%
(identified cost $1,264,026,815)

 

    $ 2,140,869,100  
     

 

 

  

Total Written Call Options — (0.6)%
(premiums received $14,600,160)

 

    $ (12,443,518 ) 
     

 

 

  

Other Assets, Less Liabilities — 0.2%

 

    $ 3,517,388  
     

 

 

  

Net Assets — 100.0%

 

    $ 2,131,942,970  
     

 

 

  

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 January 31, 2022.

Written Call Options — (0.6)%

Exchange-Traded Options — (0.6)%

 

                                                                                                                            
Description   

Number of

Contracts

     

Notional

Amount

     

Exercise

Price

     

Expiration

Date

      Value  

S&P 500 Index

      187      $ 84,440,785      $ 4,830        2/2/22      $ (468 ) 

S&P 500 Index

      188        84,892,340        4,740        2/4/22        (6,580 ) 

S&P 500 Index

      189        85,343,895        4,675        2/7/22        (56,700 ) 

S&P 500 Index

      186        83,989,230        4,790        2/9/22        (13,020 ) 

S&P 500 Index

      188        84,892,340        4,700        2/11/22        (109,980 ) 

S&P 500 Index

      190        85,795,450        4,650        2/14/22        (283,100 ) 

S&P 500 Index

      186        83,989,230        4,660        2/16/22        (305,970 ) 

S&P 500 Index

      188        84,892,340        4,525        2/18/22        (1,372,400 ) 

S&P 500 Index

      190        85,795,450        4,400        2/22/22        (3,058,050 ) 

S&P 500 Index

      185        83,537,675        4,470        2/23/22        (2,085,875 ) 

S&P 500 Index

      188        84,892,340        4,380        2/25/22        (3,426,300 ) 

S&P 500 Index

      187        84,440,785        4,515        2/28/22        (1,725,075 ) 
              

 

 

  

Total

 

    $ (12,443,518 ) 
              

 

 

  

 

4

 

 

At January 31, 2022, 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 January 31, 2022, the value of the Fund’s investment in affiliated funds was $8,241,472, which represents 0.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended January 31, 2022 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

    

Units, end

of period

  

 

  

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

  

Short-Term Investments

 

Eaton Vance Cash Reserves Fund, LLC

   $     25,003,342     $     87,405,821     $     (104,167,006 )    $     (685 )    $ —     $     8,241,472     $     4,517       8,242,296  

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 January 31, 2022, 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

    $ 211,275,416      $ —      $ —      $ 211,275,416  

Consumer Discretionary

      295,996,384        —        —        295,996,384  

Consumer Staples

      147,991,110        —        —        147,991,110  

Energy

      93,856,634        —        —        93,856,634  

Financials

      245,193,996        —        —        245,193,996  

Health Care

      242,643,470        —        —        242,643,470  

Industrials

      169,099,077        —        —        169,099,077  

Information Technology

      575,312,436        12,019,352        —        587,331,788  

Materials

      44,033,342        —        —        44,033,342  

Real Estate

      66,268,810        —        —        66,268,810  

Utilities

      28,937,601        —        —        28,937,601  

Total Common Stocks

    $     2,120,608,276      $     12,019,352 *     $ —      $     2,132,627,628  

Short-Term Investments

    $ —      $ 8,241,472      $ —      $ 8,241,472  

Total Investments

    $ 2,120,608,276      $ 20,260,824      $ —      $ 2,140,869,100  
Liability Description                  

Written Call Options

    $ (12,443,518 )     $ —      $ —      $ (12,443,518 ) 

Total

    $     (12,443,518 )     $ —      $ —      $ (12,443,518 ) 

 

*

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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