Eaton Vance
Tax-Managed Diversified Equity Income Fund
July 31, 2022
Portfolio of Investments (Unaudited)
| Common Stocks — 101.4% |
| Security | Shares | Value | |
| Aerospace & Defense — 1.1% | |||
| Huntington Ingalls Industries, Inc. | 96,479 | $ 20,920,506 | |
| $ 20,920,506 | |||
| Air Freight & Logistics — 0.9% | |||
| C.H. Robinson Worldwide, Inc. | 148,212 | $ 16,407,068 | |
| $ 16,407,068 | |||
| Auto Components — 0.8% | |||
| Aptiv PLC(1) | 137,793 | $ 14,453,108 | |
| $ 14,453,108 | |||
| Automobiles — 1.1% | |||
| Tesla, Inc.(1) | 24,036 | $ 21,426,892 | |
| $ 21,426,892 | |||
| Banks — 5.9% | |||
| Bank of America Corp.(2) | 662,547 | $ 22,400,714 | |
| JPMorgan Chase & Co.(2) | 239,584 | 27,638,410 | |
| M&T Bank Corp.(2) | 163,112 | 28,944,224 | |
| Wells Fargo & Co.(2) | 752,227 | 33,000,199 | |
| $ 111,983,547 | |||
| Beverages — 2.3% | |||
| PepsiCo, Inc.(2) | 251,615 | $ 44,022,560 | |
| $ 44,022,560 | |||
| Building Products — 0.6% | |||
| Johnson Controls International PLC | 217,718 | $ 11,737,177 | |
| $ 11,737,177 | |||
| Capital Markets — 2.6% | |||
| Charles Schwab Corp. (The)(2) | 337,623 | $ 23,312,868 | |
| Goldman Sachs Group, Inc. (The)(2) | 77,087 | 25,700,035 | |
| $ 49,012,903 | |||
| Chemicals — 2.3% | |||
| FMC Corp.(2) | 183,252 | $ 20,359,297 | |
| Linde PLC | 75,787 | 22,887,674 | |
| $ 43,246,971 | |||
| Security | Shares | Value | |
| Commercial Services & Supplies — 1.4% | |||
| Waste Management, Inc. | 159,310 | $ 26,216,054 | |
| $ 26,216,054 | |||
| Containers & Packaging — 0.8% | |||
| Packaging Corp. of America | 108,001 | $ 15,186,021 | |
| $ 15,186,021 | |||
| Electric Utilities — 1.6% | |||
| Constellation Energy Corp. | 164,282 | $ 10,859,040 | |
| NextEra Energy, Inc.(2) | 240,454 | 20,315,959 | |
| $ 31,174,999 | |||
| Electrical Equipment — 2.2% | |||
| AMETEK, Inc. | 155,389 | $ 19,190,541 | |
| Eaton Corp. PLC(2) | 148,822 | 22,083,697 | |
| $ 41,274,238 | |||
| Equity Real Estate Investment Trusts (REITs) — 2.2% | |||
| EastGroup Properties, Inc.(2) | 129,348 | $ 22,059,008 | |
| Mid-America Apartment Communities, Inc. | 107,526 | 19,970,804 | |
| $ 42,029,812 | |||
| Food Products — 1.8% | |||
| Mondelez International, Inc., Class A(2) | 522,919 | $ 33,487,733 | |
| $ 33,487,733 | |||
| Health Care Equipment & Supplies — 0.8% | |||
| Zimmer Biomet Holdings, Inc. | 137,880 | $ 15,220,573 | |
| $ 15,220,573 | |||
| Health Care Providers & Services — 2.5% | |||
| UnitedHealth Group, Inc.(2) | 87,163 | $ 47,271,981 | |
| $ 47,271,981 | |||
| Hotels, Restaurants & Leisure — 1.9% | |||
| Hilton Worldwide Holdings, Inc. | 168,795 | $ 21,617,576 | |
| Starbucks Corp. | 181,237 | 15,365,273 | |
| $ 36,982,849 | |||
| Household Products — 1.9% | |||
| Procter & Gamble Co. (The)(2) | 254,704 | $ 35,380,933 | |
| $ 35,380,933 | |||
| Insurance — 1.7% | |||
| American International Group, Inc. | 426,231 | $ 22,065,979 | |
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Eaton Vance
Tax-Managed Diversified Equity Income Fund
July 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Insurance (continued) | |||
| Arch Capital Group, Ltd.(1) | 222,802 | $ 9,892,409 | |
| $ 31,958,388 | |||
| Interactive Media & Services — 5.0% | |||
| Alphabet, Inc., Class C(1)(2) | 810,663 | $ 94,555,732 | |
| $ 94,555,732 | |||
| Internet & Direct Marketing Retail — 4.4% | |||
| Amazon.com, Inc.(1)(2) | 616,916 | $ 83,252,814 | |
| $ 83,252,814 | |||
| IT Services — 6.6% | |||
| Accenture PLC, Class A(2) | 132,499 | $ 40,579,144 | |
| Amadeus IT Group S.A.(1) | 301,186 | 17,562,216 | |
| Automatic Data Processing, Inc.(2) | 117,026 | 28,217,309 | |
| Mastercard, Inc., Class A(2) | 111,270 | 39,366,213 | |
| $ 125,724,882 | |||
| Life Sciences Tools & Services — 4.0% | |||
| Danaher Corp.(2) | 124,310 | $ 36,232,636 | |
| Thermo Fisher Scientific, Inc.(2) | 40,800 | 24,415,128 | |
| Waters Corp.(1) | 40,855 | 14,872,445 | |
| $ 75,520,209 | |||
| Machinery — 0.8% | |||
| Caterpillar, Inc.(2) | 75,362 | $ 14,940,516 | |
| $ 14,940,516 | |||
| Multiline Retail — 1.3% | |||
| Target Corp. | 145,550 | $ 23,779,959 | |
| $ 23,779,959 | |||
| Multi-Utilities — 1.0% | |||
| CMS Energy Corp. | 282,318 | $ 19,403,716 | |
| $ 19,403,716 | |||
| Oil, Gas & Consumable Fuels — 5.0% | |||
| Chevron Corp.(2) | 259,918 | $ 42,569,370 | |
| ConocoPhillips | 223,087 | 21,735,367 | |
| EOG Resources, Inc.(2) | 161,845 | 18,000,401 | |
| Pioneer Natural Resources Co. | 56,353 | 13,352,843 | |
| $ 95,657,981 | |||
| Security | Shares | Value | |
| Personal Products — 0.7% | |||
| Estee Lauder Cos., Inc. (The), Class A | 50,542 | $ 13,803,020 | |
| $ 13,803,020 | |||
| Pharmaceuticals — 7.1% | |||
| Bristol-Myers Squibb Co.(2) | 414,570 | $ 30,586,975 | |
| Eli Lilly & Co.(2) | 144,743 | 47,720,320 | |
| Pfizer, Inc.(2) | 726,557 | 36,698,394 | |
| Zoetis, Inc. | 106,208 | 19,388,270 | |
| $ 134,393,959 | |||
| Road & Rail — 1.7% | |||
| CSX Corp.(2) | 717,415 | $ 23,194,027 | |
| Uber Technologies, Inc.(1) | 403,713 | 9,467,070 | |
| $ 32,661,097 | |||
| Semiconductors & Semiconductor Equipment — 3.8% | |||
| Micron Technology, Inc. | 286,635 | $ 17,731,241 | |
| NVIDIA Corp.(2) | 57,949 | 10,525,277 | |
| QUALCOMM, Inc.(2) | 162,157 | 23,522,495 | |
| Texas Instruments, Inc.(2) | 108,798 | 19,462,874 | |
| $ 71,241,887 | |||
| Software — 10.9% | |||
| Intuit, Inc.(2) | 56,024 | $ 25,556,468 | |
| Microsoft Corp.(2) | 544,372 | 152,826,995 | |
| Salesforce, Inc.(1) | 157,779 | 29,034,492 | |
| $ 207,417,955 | |||
| Specialty Retail — 0.9% | |||
| Lowe's Cos., Inc.(2) | 88,087 | $ 16,871,303 | |
| $ 16,871,303 | |||
| Technology Hardware, Storage & Peripherals — 8.1% | |||
| Apple, Inc.(2) | 948,984 | $ 154,219,390 | |
| $ 154,219,390 | |||
| Textiles, Apparel & Luxury Goods — 2.2% | |||
| Capri Holdings, Ltd.(1) | 409,249 | $ 19,922,241 | |
| NIKE, Inc., Class B(2) | 192,155 | 22,082,453 | |
| $ 42,004,694 | |||
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Eaton Vance
Tax-Managed Diversified Equity Income Fund
July 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Wireless Telecommunication Services — 1.5% | |||
| T-Mobile US, Inc.(1) | 195,029 | $ 27,900,849 | |
| $ 27,900,849 | |||
| Total Common Stocks (identified cost $1,248,969,202) | $1,922,744,276 | ||
| Short-Term Investments — 0.7% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(3) | 12,442,997 | $ 12,442,997 | |
| Total Short-Term Investments (identified cost $12,442,997) | $ 12,442,997 | ||
| Total Investments — 102.1% (identified cost $1,261,412,199) | $1,935,187,273 | ||
| Total Written Call Options — (2.2)% (premiums received $14,448,332) | $ (41,950,005) | ||
| Other Assets, Less Liabilities — 0.1% | $ 2,694,554 | ||
| Net Assets — 100.0% | $1,895,931,822 | ||
| 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) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
| Written Call Options (Exchange-Traded) — (2.2)% | |||||||
| Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
| S&P 500 Index | 185 | $76,410,365 | $3,830 | 8/1/22 | $ (5,601,800) | ||
| S&P 500 Index | 185 | 76,410,365 | 3,900 | 8/3/22 | (4,291,075) | ||
| S&P 500 Index | 185 | 76,410,365 | 3,950 | 8/5/22 | (3,421,575) | ||
| S&P 500 Index | 187 | 77,236,423 | 3,930 | 8/8/22 | (3,843,785) | ||
| S&P 500 Index | 186 | 76,823,394 | 3,870 | 8/10/22 | (4,947,600) | ||
| S&P 500 Index | 184 | 75,997,336 | 3,900 | 8/12/22 | (4,401,280) | ||
| S&P 500 Index | 182 | 75,171,278 | 3,950 | 8/15/22 | (3,589,040) | ||
| S&P 500 Index | 183 | 75,584,307 | 4,000 | 8/17/22 | (2,893,230) | ||
| S&P 500 Index | 182 | 75,171,278 | 4,065 | 8/19/22 | (2,082,080) | ||
| S&P 500 Index | 183 | 75,584,307 | 4,025 | 8/22/22 | (2,663,565) | ||
| S&P 500 Index | 183 | 75,584,307 | 4,025 | 8/24/22 | (2,739,510) | ||
| S&P 500 Index | 183 | 75,584,307 | 4,100 | 8/26/22 | (1,475,465) | ||
| Total | $(41,950,005) | ||||||
At July 31, 2022, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
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Eaton Vance
Tax-Managed Diversified Equity Income Fund
July 31, 2022
Portfolio of Investments (Unaudited) — continued
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.
Affiliated Investments
At July 31, 2022, the value of the Fund's investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Liquidity Fund) and Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) was $12,442,997, which represents 0.7% of the Fund's net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended July 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/Shares, end of period |
| Short-Term Investments | ||||||||
| Cash Reserves Fund | $25,003,342 | $198,861,951 | $(223,862,580) | $(2,713) | $ — | $ — | $7,683 | — |
| Liquidity Fund | — | 128,950,530 | (116,507,533) | — | — | 12,442,997 | 53,098 | 12,442,997 |
| Total | $(2,713) | $ — | $12,442,997 | $60,781 | ||||
Fair Value Measurements
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 July 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 | $ 122,456,581 | $ — | $ — | $ 122,456,581 |
| Consumer Discretionary | 238,771,619 | — | — | 238,771,619 |
| Consumer Staples | 126,694,246 | — | — | 126,694,246 |
| Energy | 95,657,981 | — | — | 95,657,981 |
| Financials | 192,954,838 | — | — | 192,954,838 |
| Health Care | 272,406,722 | — | — | 272,406,722 |
| Industrials | 164,156,656 | — | — | 164,156,656 |
| Information Technology | 541,041,898 | 17,562,216 | — | 558,604,114 |
| Materials | 58,432,992 | — | — | 58,432,992 |
| Real Estate | 42,029,812 | — | — | 42,029,812 |
| Utilities | 50,578,715 | — | — | 50,578,715 |
| Total Common Stocks | $1,905,182,060 | $17,562,216* | $ — | $1,922,744,276 |
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Eaton Vance
Tax-Managed Diversified Equity Income Fund
July 31, 2022
Portfolio of Investments (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| Short-Term Investments | $ 12,442,997 | $ — | $ — | $ 12,442,997 |
| Total Investments | $1,917,625,057 | $17,562,216 | $ — | $1,935,187,273 |
| Liability Description | ||||
| Written Call Options | $ (41,950,005) | $ — | $ — | $ (41,950,005) |
| Total | $ (41,950,005) | $ — | $ — | $ (41,950,005) |
| * | 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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