NPORT-EX 2 NPORT_8810184664270724.htm HTML

Eaton Vance

Enhanced Equity Income Fund

December 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.0%(1)

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 1.0%

      

Airbus SE

      43,658      $ 6,407,472  
     

 

 

  
      $ 6,407,472  
     

 

 

  

Banks — 8.5%

      

Bank of America Corp.

      565,326      $ 19,910,782  

JPMorgan Chase & Co.

      178,678        24,907,713  

PNC Financial Services Group, Inc. (The)

      52,725        8,416,492  
     

 

 

  
      $ 53,234,987  
     

 

 

  

Beverages — 1.4%

      

PepsiCo, Inc.

      64,442      $ 8,807,288  
     

 

 

  
      $ 8,807,288  
     

 

 

  

Biotechnology — 3.6%

      

Gilead Sciences, Inc.

      118,631      $ 7,708,642  

Vertex Pharmaceuticals, Inc.(2)

      67,371        14,750,881  
     

 

 

  
      $ 22,459,523  
     

 

 

  

Capital Markets — 1.3%

      

Goldman Sachs Group, Inc. (The)

      35,150      $ 8,082,039  
     

 

 

  
      $ 8,082,039  
     

 

 

  

Chemicals — 1.0%

      

DuPont de Nemours, Inc.

      102,521      $ 6,581,848  
     

 

 

  
      $ 6,581,848  
     

 

 

  

Commercial Services & Supplies — 1.5%

      

Waste Management, Inc.

      83,481      $ 9,513,495  
     

 

 

  
      $ 9,513,495  
     

 

 

  

Communications Equipment — 1.3%

      

Cisco Systems, Inc.

      169,891      $ 8,147,972  
     

 

 

  
      $ 8,147,972  
     

 

 

  

Consumer Finance — 2.0%

      

American Express Co.

      101,055      $ 12,580,337  
     

 

 

  
      $ 12,580,337  
     

 

 

  

Diversified Telecommunication Services — 4.0%

      

AT&T, Inc.

      171,356      $ 6,696,592  

Verizon Communications, Inc.

      304,632        18,704,405  
     

 

 

  
      $ 25,400,997  
     

 

 

  

Electric Utilities — 1.7%

 

NextEra Energy, Inc.

      45,402      $ 10,994,548  
     

 

 

  
   $ 10,994,548  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Electrical Equipment — 2.3%

 

Eaton Corp. PLC

      150,852      $ 14,288,701  
     

 

 

  
   $ 14,288,701  
     

 

 

  

Entertainment — 3.9%

 

Live Nation Entertainment, Inc.(2)

      128,883      $ 9,211,268  

Walt Disney Co. (The)

      105,450        15,251,234  
     

 

 

  
   $ 24,462,502  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 2.4%

 

American Tower Corp.

      30,756      $ 7,068,344  

AvalonBay Communities, Inc.

      39,280        8,237,016  
     

 

 

  
   $ 15,305,360  
     

 

 

  

Food Products — 1.7%

 

Mondelez International, Inc., Class A

      190,395      $ 10,486,957  
     

 

 

  
   $ 10,486,957  
     

 

 

  

Health Care Equipment & Supplies — 4.4%

 

Abbott Laboratories

      162,564      $ 14,120,309  

Danaher Corp.

      87,769        13,470,786  
     

 

 

  
   $ 27,591,095  
     

 

 

  

Health Care Providers & Services — 1.7%

 

Anthem, Inc.

      35,149      $ 10,616,052  
     

 

 

  
   $ 10,616,052  
     

 

 

  

Hotels, Restaurants & Leisure — 1.7%

 

Marriott International, Inc., Class A

      70,300      $ 10,645,529  
     

 

 

  
   $ 10,645,529  
     

 

 

  

Household Durables — 1.2%

 

D.R. Horton, Inc.

      147,922      $ 7,802,886  
     

 

 

  
   $ 7,802,886  
     

 

 

  

Household Products — 2.1%

 

Procter & Gamble Co. (The)

      106,914      $ 13,353,559  
     

 

 

  
   $ 13,353,559  
     

 

 

  

Insurance — 1.8%

 

Progressive Corp. (The)

      156,710      $ 11,344,237  
     

 

 

  
   $ 11,344,237  
     

 

 

  

Interactive Media & Services — 1.6%

 

Alphabet, Inc., Class C(2)

      7,322      $ 9,789,660  
     

 

 

  
   $ 9,789,660  
     

 

 

  

Internet & Direct Marketing Retail — 3.3%

 

Amazon.com, Inc.(2)

      11,090      $ 20,492,546  
     

 

 

  
   $ 20,492,546  
     

 

 

  

IT Services — 6.0%

 

Accenture PLC, Class A

      68,834      $ 14,494,376  

GoDaddy, Inc., Class A(2)

      90,785        6,166,117  

Visa, Inc., Class A

      89,339        16,786,798  
     

 

 

  
   $ 37,447,291  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Machinery — 2.3%

 

Caterpillar, Inc.

      96,662      $ 14,275,044  
     

 

 

  
   $ 14,275,044  
     

 

 

  

Metals & Mining — 1.4%

 

Steel Dynamics, Inc.

      253,372      $ 8,624,783  
     

 

 

  
   $ 8,624,783  
     

 

 

  

Multi-Utilities — 1.4%

 

Sempra Energy

      58,583      $ 8,874,153  
     

 

 

  
   $ 8,874,153  
     

 

 

  

Oil, Gas & Consumable Fuels — 4.4%

 

ConocoPhillips

      86,410      $ 5,619,242  

EOG Resources, Inc.

      77,599        6,499,692  

Exxon Mobil Corp.

      146,458        10,219,839  

Phillips 66

      46,867        5,221,453  
     

 

 

  
   $ 27,560,226  
     

 

 

  

Pharmaceuticals — 4.2%

 

Bristol-Myers Squibb Co.

      166,962      $ 10,717,291  

Sanofi

      64,396        6,467,125  

Zoetis, Inc.

      68,732        9,096,680  
     

 

 

  
   $ 26,281,096  
     

 

 

  

Road & Rail — 2.0%

 

CSX Corp.

      169,891      $ 12,293,313  
     

 

 

  
   $ 12,293,313  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.5%

 

Intel Corp.

      130,348      $ 7,801,328  

Texas Instruments, Inc.

      112,773        14,467,648  
     

 

 

  
   $ 22,268,976  
     

 

 

  

Software — 7.3%

 

Intuit, Inc.

      36,615      $ 9,590,567  

Microsoft Corp.

      231,403        36,492,253  
     

 

 

  
   $ 46,082,820  
     

 

 

  

Specialty Retail — 3.9%

 

Best Buy Co., Inc.

      130,348      $ 11,444,554  

Lowe’s Cos., Inc.

      111,308        13,330,246  
     

 

 

  
   $ 24,774,800  
     

 

 

  

Technology Hardware, Storage & Peripherals — 4.9%

 

Apple, Inc.

      103,985      $ 30,535,195  
     

 

 

  
   $ 30,535,195  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.5%

 

NIKE, Inc., Class B

      93,733      $ 9,496,090  
     

 

 

  
   $ 9,496,090  
     

 

 

  

Tobacco — 1.8%

 

Altria Group, Inc.

      229,938      $ 11,476,206  
     

 

 

  
   $ 11,476,206  
     

 

 

  

 

3

 

 

                                                 
Security            Value  

Total Common Stocks
(identified cost $426,072,826)

       $ 628,379,583  
     

 

 

  

Short-Term Investments — 0.7%

      
Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 1.78%(3)

      4,696,647      $ 4,696,647  
     

 

 

  

Total Short-Term Investments
(identified cost $4,696,647)

       $ 4,696,647  
     

 

 

  

Total Investments — 100.7%
(identified cost $430,769,473)

       $ 633,076,230  
     

 

 

  

Total Written Covered Call Options — (0.7)%
(premiums received $4,472,274)

       $ (4,504,328 ) 
     

 

 

  

Other Assets, Less Liabilities — (0.0)%(4)

 

    $ (136,075 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 628,435,827  
     

 

 

  

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

 

(1)

All or a portion of each applicable common stock for which a written call option is outstanding at December 31, 2019 has been pledged as collateral for such written option.

 

(2)

Non-income producing security.

 

(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 December 31, 2019.

 

(4)

Amount is less than (0.05)%.

Written Covered Call Options — (0.7)%

                                                                                                                            

Exchange-Traded Options — (0.7)%

 

Description    Number of
Contracts		      Notional
Amount		      Exercise
Price		      Expiration
Date		      Value  

Abbott Laboratories

      835      $ 7,252,810      $ 90        2/21/20      $ (86,840 ) 

Accenture PLC, Class A

      345        7,264,665        215        2/21/20        (92,288 ) 

Alphabet, Inc., Class C

      35        4,679,570        1,350        1/17/20        (42,700 ) 

Altria Group, Inc.

      1,150        5,739,650        53        2/21/20        (77,625 ) 

Amazon.com, Inc.

      55        10,163,120        1,850        1/24/20        (212,988 ) 

American Express Co.

      515        6,411,235        125        1/17/20        (60,255 ) 

American Tower Corp.

      155        3,562,210        240        1/17/20        (7,750 ) 

Anthem, Inc.

      175        5,285,525        300        1/24/20        (136,063 ) 

Apple, Inc.

      515        15,122,975        310        2/21/20        (267,800 ) 

AT&T, Inc.

      865        3,380,420        40        1/31/20        (38,060 ) 

AvalonBay Communities, Inc.

      195        4,089,150        220        1/17/20        (1,462 ) 

Bank of America Corp.

      2,885        10,160,970        36        1/24/20        (186,083 ) 

Best Buy Co., Inc.

      655        5,750,900        88        1/24/20        (159,493 ) 

 

4

 

 

                                                                                                                            
Description    Number of
Contracts		      Notional
Amount		      Exercise
Price		      Expiration
Date		      Value  

Bristol-Myers Squibb Co.

      830      $ 5,327,770      $ 68        2/21/20      $ (70,135 ) 

Caterpillar, Inc.

      490        7,236,320        150        1/17/20        (73,255 ) 

Cisco Systems, Inc.

      855        4,100,580        48        1/31/20        (72,248 ) 

ConocoPhillips

      440        2,861,320        66        1/31/20        (65,780 ) 

CSX Corp.

      865        6,259,140        78        2/21/20        (61,415 ) 

D.R. Horton, Inc.

      740        3,903,500        58        1/17/20        (740 ) 

Danaher Corp.

      435        6,676,380        155        1/17/20        (75,038 ) 

DuPont de Nemours, Inc.

      510        3,274,200        67        1/31/20        (51,255 ) 

Eaton Corp. PLC

      760        7,198,720        93        1/17/20        (222,300 ) 

EOG Resources, Inc.

      385        3,224,760        90        2/21/20        (57,172 ) 

Exxon Mobil Corp.

      745        5,198,610        75        1/17/20        (1,862 ) 

Gilead Sciences, Inc.

      595        3,866,310        70        1/31/20        (25,287 ) 

GoDaddy, Inc., Class A

      455        3,090,360        73        1/17/20        (7,962 ) 

Goldman Sachs Group, Inc. (The)

      180        4,138,740        230        1/17/20        (81,450 ) 

Intel Corp.

      660        3,950,100        60        1/17/20        (61,380 ) 

Intuit, Inc.

      185        4,845,705        270        1/24/20        (45,325 ) 

JPMorgan Chase & Co.

      890        12,406,600        140        2/21/20        (275,900 ) 

Live Nation Entertainment, Inc.

      645        4,609,815        70        1/17/20        (154,800 ) 

Lowe’s Cos., Inc.

      560        6,706,560        122        1/24/20        (62,720 ) 

Marriott International, Inc., Class A

      350        5,300,050        160        2/21/20        (52,500 ) 

Microsoft Corp.

      1,175        18,529,750        155        1/17/20        (443,563 ) 

Mondelez International, Inc., Class A

      965        5,315,220        55        1/17/20        (68,032 ) 

NextEra Energy, Inc.

      225        5,448,600        240        1/17/20        (94,500 ) 

NIKE, Inc., Class B

      475        4,812,225        101        1/31/20        (110,675 ) 

PepsiCo, Inc.

      325        4,441,775        140        1/24/20        (15,600 ) 

Phillips 66

      240        2,673,840        120        1/31/20        (4,200 ) 

PNC Financial Services Group, Inc. (The)

      265        4,230,195        165        2/21/20        (49,687 ) 

Procter & Gamble Co. (The)

      540        6,744,600        130        1/17/20        (4,590 ) 

Progressive Corp. (The)

      780        5,646,420        75        2/21/20        (48,750 ) 

Sempra Energy

      300        4,544,400        150        1/17/20        (78,750 ) 

Steel Dynamics, Inc.

      1,275        4,340,100        36        1/17/20        (19,125 ) 

Texas Instruments, Inc.

      565        7,248,385        125        1/17/20        (240,125 ) 

Verizon Communications, Inc.

      1,520        9,332,800        61        1/3/20        (72,960 ) 

Vertex Pharmaceuticals, Inc.

      335        7,334,825        230        1/24/20        (65,325 ) 

Visa, Inc., Class A

      450        8,455,500        190        1/24/20        (96,525 ) 

Walt Disney Co. (The)

      480        6,942,240        150        1/17/20        (27,840 ) 

Waste Management, Inc.

      420        4,786,320        115        1/17/20        (36,750 ) 

Zoetis, Inc.

      340        4,499,900        130        1/31/20        (139,400 ) 
              

 

 

  

Total

 

    $ (4,504,328 ) 
              

 

 

  

At December 31, 2019, 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 covered call options on individual stocks above the current value of the stock to generate premium income. In writing call options on individual stocks, the Fund in effect, sells potential appreciation in the value of the applicable stock above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline.

At December 31, 2019, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is equity price risk was $4,504,328.

 

5

 

 

At December 31, 2019, the value of the Fund’s investment in affiliated funds was $4,696,647, which represents 0.7% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended December 31, 2019 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, 1.78%

    $     8,446,224      $     43,007,923      $     (46,757,618 )    $ 176      $ (58 )    $     4,696,647      $     42,710            4,696,647  

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 December 31, 2019, 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

    $ 59,653,159      $ —      $ —      $ 59,653,159  

Consumer Discretionary

      73,211,851        —        —        73,211,851  

Consumer Staples

      44,124,010        —        —        44,124,010  

Energy

      27,560,226        —        —        27,560,226  

Financials

      85,241,600        —        —        85,241,600  

Health Care

      80,480,641        6,467,125        —        86,947,766  

Industrials

      50,370,553        6,407,472        —        56,778,025  

Information Technology

      144,482,254        —        —        144,482,254  

Materials

      15,206,631        —        —        15,206,631  

Real Estate

      15,305,360        —        —        15,305,360  

Utilities

      19,868,701        —        —        19,868,701  

Total Common Stocks

    $ 615,504,986      $ 12,874,597 *     $ —      $ 628,379,583  

Short-Term Investments

    $ —      $ 4,696,647      $ —      $ 4,696,647  

Total Investments

    $     615,504,986      $     17,571,244      $ —      $     633,076,230  
Liability Description                                

Written Covered Call Options

    $ (4,504,328 )     $ —      $ —      $ (4,504,328 ) 

Total

    $ (4,504,328 )     $ —      $ —      $ (4,504,328 ) 

 

*

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