Eaton Vance
Enhanced Equity Income Fund
June 30, 2020
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 100.3%(1)
| | | | | | | | |
| Security | | Shares | | | Value | |
Banks — 5.7% | |
Bank of America Corp. | | | 580,746 | | | $ | 13,792,718 | |
JPMorgan Chase & Co. | | | 150,004 | | | | 14,109,376 | |
PNC Financial Services Group, Inc. (The) | | | 49,543 | | | | 5,212,419 | |
| | | | | | | | |
| | | $ | 33,114,513 | |
| | | | | | | | |
Beverages — 1.6% | |
PepsiCo, Inc.(2) | | | 71,562 | | | $ | 9,464,790 | |
| | | | | | | | |
| | | $ | 9,464,790 | |
| | | | | | | | |
Biotechnology — 2.5% | |
Vertex Pharmaceuticals, Inc.(2) | | | 50,919 | | | $ | 14,782,295 | |
| | | | | | | | |
| | | $ | 14,782,295 | |
| | | | | | | | |
Capital Markets — 1.5% | |
Goldman Sachs Group, Inc. (The) | | | 44,038 | | | $ | 8,702,790 | |
| | | | | | | | |
| | | $ | 8,702,790 | |
| | | | | | | | |
Commercial Services & Supplies — 1.4% | |
Waste Management, Inc. | | | 78,443 | | | $ | 8,307,898 | |
| | | | | | | | |
| | | $ | 8,307,898 | |
| | | | | | | | |
Communications Equipment — 1.6% | |
Cisco Systems, Inc.(2) | | | 199,546 | | | $ | 9,306,825 | |
| | | | | | | | |
| | | $ | 9,306,825 | |
| | | | | | | | |
Consumer Finance — 1.6% | |
American Express Co. | | | 94,956 | | | $ | 9,039,811 | |
| | | | | | | | |
| | | $ | 9,039,811 | |
| | | | | | | | |
Diversified Telecommunication Services — 2.3% | |
Verizon Communications, Inc. | | | 247,712 | | | $ | 13,656,363 | |
| | | | | | | | |
| | | $ | 13,656,363 | |
| | | | | | | | |
Electric Utilities — 1.7% | |
NextEra Energy, Inc. | | | 41,286 | | | $ | 9,915,659 | |
| | | | | | | | |
| | | $ | 9,915,659 | |
| | | | | | | | |
Electrical Equipment — 1.8% | |
Eaton Corp. PLC | | | 122,480 | | | $ | 10,714,550 | |
| | | | | | | | |
| | | $ | 10,714,550 | |
| | | | | | | | |
1
| | | | | | | | |
| Security | | Shares | | | Value | |
Entertainment — 1.1% | |
Netflix, Inc.(2) | | | 13,663 | | | $ | 6,217,211 | |
| | | | | | | | |
| | | $ | 6,217,211 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs) — 2.1% | |
American Tower Corp. | | | 28,900 | | | $ | 7,471,806 | |
EastGroup Properties, Inc. | | | 39,636 | | | | 4,701,226 | |
| | | | | | | | |
| | | $ | 12,173,032 | |
| | | | | | | | |
Food & Staples Retailing — 1.9% | |
Walmart, Inc. | | | 90,828 | | | $ | 10,879,378 | |
| | | | | | | | |
| | | $ | 10,879,378 | |
| | | | | | | | |
Food Products — 1.6% | |
Mondelez International, Inc., Class A(2) | | | 178,903 | | | $ | 9,147,310 | |
| | | | | | | | |
| | | $ | 9,147,310 | |
| | | | | | | | |
Health Care Equipment & Supplies — 6.0% | |
Abbott Laboratories | | | 152,752 | | | $ | 13,966,115 | |
Boston Scientific Corp.(2) | | | 185,783 | | | | 6,522,841 | |
Danaher Corp. | | | 82,571 | | | | 14,601,030 | |
| | | | | | | | |
| | | $ | 35,089,986 | |
| | | | | | | | |
Health Care Providers & Services — 2.1% | |
UnitedHealth Group, Inc. | | | 41,286 | | | $ | 12,177,306 | |
| | | | | | | | |
| | | $ | 12,177,306 | |
| | | | | | | | |
Hotels, Restaurants & Leisure — 1.1% | |
Starbucks Corp. | | | 89,452 | | | $ | 6,582,773 | |
| | | | | | | | |
| | | $ | 6,582,773 | |
| | | | | | | | |
Household Durables — 1.0% | |
D.R. Horton, Inc. | | | 105,966 | | | $ | 5,875,815 | |
| | | | | | | | |
| | | $ | 5,875,815 | |
| | | | | | | | |
Household Products — 2.3% | |
Procter & Gamble Co. (The) | | | 112,847 | | | $ | 13,493,116 | |
| | | | | | | | |
| | | $ | 13,493,116 | |
| | | | | | | | |
Insurance — 1.9% | |
Progressive Corp. (The) | | | 137,618 | | | $ | 11,024,578 | |
| | | | | | | | |
| | | $ | 11,024,578 | |
| | | | | | | | |
Interactive Media & Services — 4.8% | |
Alphabet, Inc., Class C(2) | | | 11,008 | | | $ | 15,561,019 | |
Facebook, Inc., Class A(2) | | | 53,671 | | | | 12,187,074 | |
| | | | | | | | |
| | | $ | 27,748,093 | |
| | | | | | | | |
2
| | | | | | | | |
| Security | | Shares | | | Value | |
Internet & Direct Marketing Retail — 6.5% | |
Amazon.com, Inc.(2) | | | 13,762 | | | $ | 37,966,881 | |
| | | | | | | | |
| | | $ | 37,966,881 | |
| | | | | | | | |
IT Services — 6.2% | |
Accenture PLC, Class A | | | 64,678 | | | $ | 13,887,660 | |
GoDaddy, Inc., Class A(2) | | | 84,705 | | | | 6,211,418 | |
Visa, Inc., Class A | | | 83,947 | | | | 16,216,042 | |
| | | | | | | | |
| | | $ | 36,315,120 | |
| | | | | | | | |
Life Sciences Tools & Services — 1.1% | |
Thermo Fisher Scientific, Inc. | | | 17,735 | | | $ | 6,426,100 | |
| | | | | | | | |
| | | $ | 6,426,100 | |
| | | | | | | | |
Machinery — 2.0% | |
Caterpillar, Inc. | | | 90,828 | | | $ | 11,489,742 | |
| | | | | | | | |
| | | $ | 11,489,742 | |
| | | | | | | | |
Metals & Mining — 2.5% | |
Franco-Nevada Corp. | | | 60,552 | | | $ | 8,455,481 | |
Rio Tinto PLC ADR | | | 114,223 | | | | 6,417,048 | |
| | | | | | | | |
| | | $ | 14,872,529 | |
| | | | | | | | |
Multi-Utilities — 1.1% | |
Sempra Energy | | | 53,671 | | | $ | 6,291,851 | |
| | | | | | | | |
| | | $ | 6,291,851 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels — 2.9% | |
Chevron Corp. | | | 72,938 | | | $ | 6,508,258 | |
ConocoPhillips | | | 81,195 | | | | 3,411,814 | |
EOG Resources, Inc. | | | 72,938 | | | | 3,695,039 | |
Phillips 66 | | | 44,038 | | | | 3,166,332 | |
| | | | | | | | |
| | | $ | 16,781,443 | |
| | | | | | | | |
Pharmaceuticals — 3.3% | |
Sanofi(2) | | | 92,204 | | | $ | 9,403,384 | |
Zoetis, Inc. | | | 72,938 | | | | 9,995,424 | |
| | | | | | | | |
| | | $ | 19,398,808 | |
| | | | | | | | |
Road & Rail — 1.9% | |
CSX Corp. | | | 159,637 | | | $ | 11,133,084 | |
| | | | | | | | |
| | | $ | 11,133,084 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment — 4.7% | |
Intel Corp. | | | 261,474 | | | $ | 15,643,989 | |
Texas Instruments, Inc.(2) | | | 93,581 | | | | 11,881,980 | |
| | | | | | | | |
| | | $ | 27,525,969 | |
| | | | | | | | |
3
| | | | | | | | |
| Security | | Shares | | | Value | |
Software — 9.6% | |
Intuit, Inc. | | | 34,405 | | | $ | 10,190,417 | |
Microsoft Corp.(2) | | | 225,693 | | | | 45,930,782 | |
| | | | | | | | |
| | | $ | 56,121,199 | |
| | | | | | | | |
Specialty Retail — 3.0% | |
Best Buy Co., Inc. | | | 56,424 | | | $ | 4,924,122 | |
Lowe’s Cos., Inc. | | | 92,204 | | | | 12,458,605 | |
| | | | | | | | |
| | | $ | 17,382,727 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals — 6.1% | |
Apple, Inc.(2) | | | 97,709 | | | $ | 35,644,243 | |
| | | | | | | | |
| | | $ | 35,644,243 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods — 1.8% | |
NIKE, Inc., Class B | | | 108,718 | | | $ | 10,659,800 | |
| | | | | | | | |
| | | $ | 10,659,800 | |
| | | | | | | | |
| |
Total Common Stocks
(identified cost $392,907,821) | | | $ | 585,423,588 | |
| | | | | | | | |
|
Short-Term Investments — 1.1% | |
| | |
| Description | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 0.35%(3) | | | 6,109,981 | | | $ | 6,109,981 | |
| | | | | | | | |
| |
Total Short-Term Investments
(identified cost $6,109,981) | | | $ | 6,109,981 | |
| | | | | | | | |
| |
Total Investments — 101.4%
(identified cost $399,017,802) | | | $ | 591,533,569 | |
| | | | | | | | |
| |
Total Written Covered Call Options — (1.3)%
(premiums received $7,751,488) | | | $ | (7,495,258 | ) |
| | | | | | | | |
| |
Other Assets, Less Liabilities — (0.1)% | | | $ | (443,190 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 583,595,121 | |
| | | | | | | | |
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 June 30, 2020 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 June 30, 2020. |
4
Written Covered Call Options — (1.3)%
Exchange-Traded Options — (1.3)%
| | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Notional
Amount | | | Exercise
Price | | | Expiration
Date | | | Value | |
Abbott Laboratories | | | 770 | | | $ | 7,040,110 | | | $ | 95 | | | | 7/24/20 | | | $ | (123,585 | ) |
Accenture PLC, Class A | | | 330 | | | | 7,085,760 | | | | 210 | | | | 7/17/20 | | �� | | (270,600 | ) |
Alphabet, Inc., Class C | | | 55 | | | | 7,774,855 | | | | 1,425 | | | | 7/17/20 | | | | (148,500 | ) |
Amazon.com, Inc. | | | 65 | | | | 17,932,330 | | | | 2,750 | | | | 7/24/20 | | | | (712,238 | ) |
American Express Co. | | | 475 | | | | 4,522,000 | | | | 110 | | | | 7/24/20 | | | | (13,300 | ) |
American Tower Corp. | | | 145 | | | | 3,748,830 | | | | 270 | | | | 7/17/20 | | | | (23,925 | ) |
Apple, Inc. | | | 500 | | | | 18,240,000 | | | | 325 | | | | 7/17/20 | | | | (2,045,000 | ) |
Bank of America Corp. | | | 3,010 | | | | 7,148,750 | | | | 25 | | | | 7/17/20 | | | | (155,015 | ) |
Best Buy Co., Inc. | | | 285 | | | | 2,487,195 | | | | 90 | | | | 8/21/20 | | | | (121,125 | ) |
Boston Scientific Corp. | | | 945 | | | | 3,317,895 | | | | 39 | | | | 7/17/20 | | | | (9,922 | ) |
Caterpillar, Inc. | | | 470 | | | | 5,945,500 | | | | 145 | | | | 8/21/20 | | | | (70,970 | ) |
Chevron Corp. | | | 375 | | | | 3,346,125 | | | | 110 | | | | 8/21/20 | | | | (12,562 | ) |
Cisco Systems, Inc. | | | 1,035 | | | | 4,827,240 | | | | 46 | | | | 7/17/20 | | | | (142,830 | ) |
ConocoPhillips | | | 405 | | | | 1,701,810 | | | | 53 | | | | 8/21/20 | | | | (14,580 | ) |
CSX Corp. | | | 820 | | | | 5,718,680 | | | | 75 | | | | 7/17/20 | | | | (32,800 | ) |
D.R. Horton, Inc. | | | 545 | | | | 3,022,025 | | | | 55 | | | | 7/17/20 | | | | (135,978 | ) |
Danaher Corp. | | | 425 | | | | 7,515,275 | | | | 175 | | | | 7/17/20 | | | | (183,813 | ) |
Eaton Corp. PLC | | | 615 | | | | 5,380,020 | | | | 98 | | | | 8/21/20 | | | | (81,488 | ) |
EOG Resources, Inc. | | | 375 | | | | 1,899,750 | | | | 50 | | | | 7/17/20 | | | | (104,813 | ) |
Facebook, Inc., Class A | | | 275 | | | | 6,244,425 | | | | 240 | | | | 7/17/20 | | | | (62,425 | ) |
Franco-Nevada Corp. | | | 305 | | | | 4,259,020 | | | | 140 | | | | 7/17/20 | | | | (149,450 | ) |
GoDaddy, Inc., Class A | | | 420 | | | | 3,079,860 | | | | 83 | | | | 8/21/20 | | | | (70,350 | ) |
Goldman Sachs Group, Inc. (The) | | | 225 | | | | 4,446,450 | | | | 190 | | | | 7/17/20 | | | | (263,813 | ) |
Intel Corp. | | | 1,330 | | | | 7,957,390 | | | | 68 | | | | 7/24/20 | | | | (34,580 | ) |
Intuit, Inc. | | | 170 | | | | 5,035,230 | | | | 310 | | | | 8/21/20 | | | | (154,700 | ) |
JPMorgan Chase & Co. | | | 760 | | | | 7,148,560 | | | | 115 | | | | 7/17/20 | | | | (10,260 | ) |
Lowe’s Cos., Inc. | | | 470 | | | | 6,350,640 | | | | 135 | | | | 7/17/20 | | | | (177,425 | ) |
Microsoft Corp. | | | 1,135 | | | | 23,098,385 | | | | 205 | | | | 7/24/20 | | | | (624,250 | ) |
Mondelez International, Inc., Class A | | | 925 | | | | 4,729,525 | | | | 53 | | | | 7/17/20 | | | | (34,687 | ) |
Netflix, Inc. | | | 65 | | | | 2,957,760 | | | | 450 | | | | 7/17/20 | | | | (159,413 | ) |
NextEra Energy, Inc. | | | 205 | | | | 4,923,485 | | | | 260 | | | | 8/21/20 | | | | (60,475 | ) |
NIKE, Inc., Class B | | | 560 | | | | 5,490,800 | | | | 105 | | | | 7/10/20 | | | | (5,040 | ) |
PepsiCo, Inc. | | | 360 | | | | 4,761,360 | | | | 140 | | | | 7/17/20 | | | | (13,860 | ) |
Phillips 66 | | | 225 | | | | 1,617,750 | | | | 85 | | | | 7/2/20 | | | | (1,687 | ) |
PNC Financial Services Group, Inc. (The) | | | 255 | | | | 2,682,855 | | | | 125 | | | | 7/17/20 | | | | (3,825 | ) |
Procter & Gamble Co. (The) | | | 580 | | | | 6,935,060 | | | | 120 | | | | 7/17/20 | | | | (109,330 | ) |
Progressive Corp. (The) | | | 690 | | | | 5,527,590 | | | | 85 | | | | 8/21/20 | | | | (110,400 | ) |
Rio Tinto PLC ADR | | | 575 | | | | 3,230,350 | | | | 60 | | | | 8/21/20 | | | | (70,437 | ) |
Sempra Energy | | | 275 | | | | 3,223,825 | | | | 135 | | | | 7/17/20 | | | | (2,750 | ) |
Starbucks Corp. | | | 450 | | | | 3,311,550 | | | | 80 | | | | 7/24/20 | | | | (19,350 | ) |
Texas Instruments, Inc. | | | 480 | | | | 6,094,560 | | | | 120 | | | | 7/17/20 | | | | (400,800 | ) |
Thermo Fisher Scientific, Inc. | | | 85 | | | | 3,079,890 | | | | 370 | | | | 7/17/20 | | | | (33,150 | ) |
UnitedHealth Group, Inc. | | | 205 | | | | 6,046,475 | | | | 300 | | | | 7/24/20 | | | | (177,325 | ) |
Verizon Communications, Inc. | | | 1,245 | | | | 6,863,685 | | | | 58 | | | | 7/24/20 | | | | (31,125 | ) |
Vertex Pharmaceuticals, Inc. | | | 255 | | | | 7,402,905 | | | | 300 | | | | 7/17/20 | | | | (116,025 | ) |
Visa, Inc., Class A | | | 425 | | | | 8,209,725 | | | | 200 | | | | 7/17/20 | | | | (78,200 | ) |
Walmart, Inc. | | | 455 | | | | 5,449,990 | | | | 130 | | | | 8/21/20 | | | | (42,770 | ) |
Waste Management, Inc. | | | 395 | | | | 4,183,445 | | | | 115 | | | | 7/17/20 | | | | (4,937 | ) |
Zoetis, Inc. | | | 375 | | | | 5,139,000 | | | | 140 | | | | 7/17/20 | | | | (69,375 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | $ | (7,495,258 | ) |
| | | | | |
5
Abbreviations:
| | | | | | | | | | | | |
ADR | | - | | American Depositary Receipt |
At June 30, 2020, 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 June 30, 2020, the value of the Fund’s investment in affiliated funds was $6,109,981, which represents 1.1% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended June 30, 2020 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 | | $ | 8,446,224 | | | $ | 126,185,508 | | | $ | (128,520,145 | ) | | $ | (1,548 | ) | | $ | (58 | ) | | $ | 6,109,981 | | | $ | 76,603 | | | | 6,109,981 | |
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.
6
At June 30, 2020, 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 | | $ | 47,621,667 | | | $ | — | | | $ | — | | | $ | 47,621,667 | |
Consumer Discretionary | | | 78,467,996 | | | | — | | | | — | | | | 78,467,996 | |
Consumer Staples | | | 42,984,594 | | | | — | | | | — | | | | 42,984,594 | |
Energy | | | 16,781,443 | | | | — | | | | — | | | | 16,781,443 | |
Financials | | | 61,881,692 | | | | — | | | | — | | | | 61,881,692 | |
Health Care | | | 78,471,111 | | | | 9,403,384 | | | | — | | | | 87,874,495 | |
Industrials | | | 41,645,274 | | | | — | | | | — | | | | 41,645,274 | |
Information Technology | | | 164,913,356 | | | | — | | | | — | | | | 164,913,356 | |
Materials | | | 14,872,529 | | | | — | | | | — | | | | 14,872,529 | |
Real Estate | | | 12,173,032 | | | | — | | | | — | | | | 12,173,032 | |
Utilities | | | 16,207,510 | | | | — | | | | — | | | | 16,207,510 | |
Total Common Stocks | | $ | 576,020,204 | | | $ | 9,403,384 | * | | $ | — | | | $ | 585,423,588 | |
Short-Term Investments | | $ | — | | | $ | 6,109,981 | | | $ | — | | | $ | 6,109,981 | |
Total Investments | | $ | 576,020,204 | | | $ | 15,513,365 | | | $ | — | | | $ | 591,533,569 | |
| | | | |
| Liability Description | | | | | | | | | | | | |
Written Covered Call Options | | $ | (7,495,258 | ) | | $ | — | | | $ | — | | | $ | (7,495,258 | ) |
Total | | $ | (7,495,258 | ) | | $ | — | | | $ | — | | | $ | (7,495,258 | ) |
| * | 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.
7
