NPORT-EX 2 NPORT_3804230952330905.htm

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Eaton Vance

Tax-Managed Diversified Equity Income Fund

January 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.5%

Security		Shares				Value
Automobiles — 2.1%
General Motors Co.			558,123			$	28,285,674
Tesla, Inc.(1)			14,984				11,890,253
						$	40,175,927
Banks — 6.1%
Bank of America Corp.(2)			1,250,617			$	37,080,794
JPMorgan Chase & Co.(2)			408,291				52,534,803
Wells Fargo & Co.			876,394				26,186,653
						$	115,802,250
Beverages — 2.1%
Constellation Brands, Inc., Class A			89,129			$	18,799,980
PepsiCo, Inc.			155,943				21,297,135
						$	40,097,115
Biotechnology — 1.3%
Vertex Pharmaceuticals, Inc.(1)(2)			112,272			$	25,719,270
						$	25,719,270
Building Products — 0.6%
Johnson Controls International PLC			250,968			$	12,503,226
						$	12,503,226
Capital Markets — 1.5%
Goldman Sachs Group, Inc. (The)(2)			106,884			$	28,983,734
						$	28,983,734
Communications Equipment — 0.9%
Cisco Systems, Inc.			378,325			$	16,865,728
						$	16,865,728
Consumer Finance — 0.7%
American Express Co.(2)			119,865			$	13,935,505
						$	13,935,505
Diversified Telecommunication Services — 2.1%
Verizon Communications, Inc.(2)			719,193			$	39,375,817
						$	39,375,817
Electric Utilities — 1.9%
NextEra Energy, Inc.(2)			449,496			$	36,350,742
						$	36,350,742

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Security		Shares				Value
Electrical Equipment — 2.1%
Eaton Corp. PLC(2)			333,375			$	39,238,237
						$	39,238,237
Entertainment — 5.0%
Live Nation Entertainment, Inc.(1)			282,546			$	18,775,182
Netflix, Inc.(1)			62,095				33,058,757
Walt Disney Co. (The)(1)(2)			254,756				42,842,316
						$	94,676,255
Equity Real Estate Investment Trusts (REITs) — 2.2%
AvalonBay Communities, Inc.			128,788			$	21,078,732
EastGroup Properties, Inc.			155,831				21,059,001
						$	42,137,733
Food & Staples Retailing — 1.8%
Walmart, Inc.(2)			239,731			$	33,679,808
						$	33,679,808
Food Products — 1.3%
Mondelez International, Inc., Class A(2)			440,614			$	24,427,640
						$	24,427,640
Health Care Equipment & Supplies — 4.6%
Abbott Laboratories(2)			359,596			$	44,442,470
Danaher Corp.(2)			183,543				43,653,867
						$	88,096,337
Health Care Providers & Services — 2.2%
UnitedHealth Group, Inc.(2)			127,358			$	42,484,082
						$	42,484,082
Hotels, Restaurants & Leisure — 1.2%
Starbucks Corp.			243,477			$	23,571,008
						$	23,571,008
Household Products — 2.3%
Procter & Gamble Co. (The)(2)			341,641			$	43,801,793
						$	43,801,793
Insurance — 2.4%
MetLife, Inc.			367,088			$	17,675,287
Progressive Corp. (The)(2)			322,139				28,087,300
						$	45,762,587
Interactive Media & Services — 3.9%
Alphabet, Inc., Class C(1)(2)			29,966			$	55,009,785
Facebook, Inc., Class A(1)(2)			77,741				20,082,832
						$	75,092,617

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Security		Shares				Value
Internet & Direct Marketing Retail — 5.7%
Amazon.com, Inc.(1)(2)			33,712			$	108,087,414
						$	108,087,414
IT Services — 6.3%
Accenture PLC, Class A(2)			157,323			$	38,059,580
Fidelity National Information Services, Inc.			161,069				19,885,579
GoDaddy, Inc., Class A(1)			232,239				18,249,341
Visa, Inc., Class A(2)			228,494				44,156,465
						$	120,350,965
Life Sciences Tools & Services — 1.9%
Thermo Fisher Scientific, Inc.(2)			71,171			$	36,275,859
						$	36,275,859
Machinery — 2.1%
Caterpillar, Inc.(2)			97,390			$	17,806,787
PACCAR, Inc.			235,986				21,526,643
						$	39,333,430
Metals & Mining — 2.3%
Franco-Nevada Corp.			164,814			$	19,667,255
Rio Tinto PLC ADR			310,901				23,759,054
						$	43,426,309
Multi-Utilities — 1.4%
CMS Energy Corp.			161,069			$	9,161,605
Sempra Energy			146,087				18,079,727
						$	27,241,332
Oil, Gas & Consumable Fuels — 2.3%
Chevron Corp.			235,602			$	20,073,291
EOG Resources, Inc.(2)			234,921				11,971,574
Phillips 66(2)			177,640				12,043,992
						$	44,088,857
Pharmaceuticals — 2.7%
Sanofi			250,969			$	23,603,196
Zoetis, Inc.			176,053				27,156,175
						$	50,759,371
Road & Rail — 1.9%
CSX Corp.(2)			434,512			$	37,261,577
						$	37,261,577

3

Security		Shares				Value
Semiconductors & Semiconductor Equipment — 3.2%
Micron Technology, Inc.(1)			239,731			$	18,763,746
Texas Instruments, Inc.(2)			254,715				42,203,728
						$	60,967,474
Software — 9.9%
Intuit, Inc.(2)			93,644			$	33,827,022
Microsoft Corp.(2)			580,599				134,675,744
Palantir Technologies, Inc., Class A(1)			603,072				21,216,073
						$	189,718,839
Specialty Retail — 2.4%
Best Buy Co., Inc.(2)			153,577			$	16,712,249
Lowe’s Cos., Inc.(2)			176,053				29,374,443
						$	46,086,692
Technology Hardware, Storage & Peripherals — 6.9%
Apple, Inc.(2)			992,635			$	130,988,115
						$	130,988,115
Textiles, Apparel & Luxury Goods — 2.2%
NIKE, Inc., Class B(2)			247,223			$	33,026,521
PVH Corp.			108,629				9,261,708
						$	42,288,229
Total Common Stocks (identified cost $1,158,063,178)						$	1,899,651,874
Short-Term Investments — 0.7%
Description		Units				Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(3)			14,010,617			$	14,010,617
Total Short-Term Investments (identified cost $14,010,617)						$	14,010,617
Total Investments — 100.2% (identified cost $1,172,073,795)						$	1,913,662,491
Total Written Call Options — (0.3)% (premiums received $14,904,876)						$	(5,577,485	)
Other Assets, Less Liabilities — 0.1%						$	908,945
Net Assets — 100.0%						$	1,908,993,951

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, 2021.

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Written Call Options — (0.3)%

Exchange-Traded Options — (0.3)%

Description		Number of Contracts				Notional Amount				Exercise Price				Expiration Date				Value
S&P 500 Index			204			$	75,770,496			$	3,810				2/1/21			$	(38,250	)
S&P 500 Index			204				75,770,496				3,780				2/3/21				(346,800	)
S&P 500 Index			203				75,399,072				3,825				2/5/21				(189,805	)
S&P 500 Index			203				75,399,072				3,800				2/8/21				(433,405	)
S&P 500 Index			204				75,770,496				3,850				2/10/21				(216,240	)
S&P 500 Index			203				75,399,072				3,775				2/12/21				(931,770	)
S&P 500 Index			203				75,399,072				3,800				2/16/21				(735,875	)
S&P 500 Index			204				75,770,496				3,850				2/17/21				(386,580	)
S&P 500 Index			202				75,027,648				3,850				2/19/21				(464,600	)
S&P 500 Index			202				75,027,648				3,850				2/22/21				(528,230	)
S&P 500 Index			202				75,027,648				3,860				2/24/21				(540,350	)
S&P 500 Index			202				75,027,648				3,840				2/26/21				(765,580	)
Total																		$	(5,577,485	)

Abbreviations:

ADR - American Depositary Receipt

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At January 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 January 31, 2021, the value of the Fund’s investment in affiliated funds was $14,010,617, which represents 0.7% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended January 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			$	82,615,414			$	(86,142,468	)		$	—			$	—			$	14,010,617			$	3,688				14,010,617

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 January 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		$	209,144,689			$	—			$	—			$	209,144,689
Consumer Discretionary			260,209,270				—				—				260,209,270
Consumer Staples			142,006,356				—				—				142,006,356
Energy			44,088,857				—				—				44,088,857
Financials			204,484,076				—				—				204,484,076
Health Care			219,731,723				23,603,196				—				243,334,919
Industrials			128,336,470				—				—				128,336,470
Information Technology			518,891,121				—				—				518,891,121
Materials			43,426,309				—				—				43,426,309
Real Estate			42,137,733				—				—				42,137,733
Utilities			63,592,074				—				—				63,592,074
Total Common Stocks		$	1,876,048,678			$	23,603,196	*		$	—			$	1,899,651,874
Short-Term Investments		$	—			$	14,010,617			$	—			$	14,010,617
Total Investments		$	1,876,048,678			$	37,613,813			$	—			$	1,913,662,491
Liability Description
Written Call Options		$	(5,577,485	)		$	—			$	—			$	(5,577,485	)
Total		$	(5,577,485	)		$	—			$	—			$	(5,577,485	)

* 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.

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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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