Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) NPORT-P Eaton Vance Tax-Managed Diversified Equity Income Fund (Jan 2022 report)

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

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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

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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

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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	)

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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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