Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) NPORT-P Eaton Vance Risk-Managed Diversified Equity Income Fund (Mar 2020 report)

Eaton Vance

Risk-Managed Diversified Equity Income Fund

March 31, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks— 97.5%

Security	Shares		Value
Banks— 6.0%
Bank of America Corp.(1)		666,096	$	14,141,218
JPMorgan Chase & Co.(1)		156,263		14,068,358
PNC Financial Services Group, Inc. (The)(1)		56,823		5,439,098
			$	33,648,674
Beverages— 1.8%
PepsiCo, Inc.(1)		82,078	$	9,857,568
			$	9,857,568
Biotechnology— 4.1%
Gilead Sciences, Inc.(1)		101,019	$	7,552,181
Vertex Pharmaceuticals, Inc.(1)(2)		64,715		15,398,934
			$	22,951,115
Capital Markets— 1.4%
Goldman Sachs Group, Inc. (The)(1)		50,509	$	7,808,186
			$	7,808,186
Commercial Services & Supplies— 1.5%
Waste Management, Inc.(1)		89,970	$	8,327,623
			$	8,327,623
Communications Equipment— 1.6%
Cisco Systems, Inc.(1)		228,871	$	8,996,919
			$	8,996,919
Consumer Finance— 1.7%
American Express Co.(1)		108,912	$	9,323,956
			$	9,323,956
Diversified Telecommunication Services— 2.7%
Verizon Communications, Inc.(1)		284,116	$	15,265,553
			$	15,265,553
Electric Utilities— 2.0%
NextEra Energy, Inc.(1)		47,352	$	11,393,838
			$	11,393,838
Electrical Equipment— 2.0%
Eaton Corp. PLC(1)		140,479	$	10,913,814
			$	10,913,814

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Security	Shares		Value
Entertainment— 2.1%
Walt Disney Co. (The)(1)		123,117	$	11,893,102
			$	11,893,102
Equity Real Estate Investment Trusts (REITs)— 2.4%
American Tower Corp.(1)		33,147	$	7,217,759
AvalonBay Communities, Inc.(1)		42,618		6,272,091
			$	13,489,850
Food Products— 1.8%
Mondelez International, Inc., Class A(1)		205,195	$	10,276,166
			$	10,276,166
Health Care Equipment & Supplies— 4.8%
Abbott Laboratories(1)		175,206	$	13,825,506
Danaher Corp.(1)		94,705		13,108,119
			$	26,933,625
Health Care Providers & Services— 1.6%
UnitedHealth Group, Inc.(1)		36,303	$	9,053,242
			$	9,053,242
Hotels, Restaurants & Leisure— 1.2%
Starbucks Corp.(1)		102,597	$	6,744,727
			$	6,744,727
Household Durables— 0.7%
D.R. Horton, Inc.(1)		121,538	$	4,132,292
			$	4,132,292
Household Products— 2.5%
Procter & Gamble Co. (The)(1)		129,430	$	14,237,300
			$	14,237,300
Insurance— 2.1%
Progressive Corp. (The)(1)		157,842	$	11,655,053
			$	11,655,053
Interactive Media & Services— 3.5%
Alphabet, Inc., Class C(1)(2)		7,893	$	9,178,059
Facebook, Inc., Class A(1)(2)		61,558		10,267,875
			$	19,445,934
Internet & Direct Marketing Retail— 4.9%
Amazon.com, Inc.(1)(2)		14,206	$	27,697,722
			$	27,697,722

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Security	Shares		Value
IT Services— 5.9%
Accenture PLC, Class A(1)		74,186	$	12,111,606
GoDaddy, Inc., Class A(1)(2)		97,862		5,588,899
Visa, Inc., Class A(1)		96,283		15,513,117
			$	33,213,622
Machinery— 2.2%
Caterpillar, Inc.(1)		104,176	$	12,088,583
			$	12,088,583
Metals & Mining— 2.3%
Franco-Nevada Corp.(1)		69,450	$	6,911,664
Rio Tinto PLC ADR(1)		131,009		5,968,770
			$	12,880,434
Multi-Utilities— 1.2%
Sempra Energy(1)		61,558	$	6,955,438
			$	6,955,438
Oil, Gas & Consumable Fuels— 2.6%
Chevron Corp.(1)		83,656	$	6,061,714
ConocoPhillips(1)		93,126		2,868,281
EOG Resources, Inc.(1)		83,656		3,004,923
Phillips 66(1)		50,509		2,709,808
			$	14,644,726
Pharmaceuticals— 5.0%
Bristol-Myers Squibb Co.(1)		179,941	$	10,029,911
Sanofi		105,754		9,155,631
Zoetis, Inc.(1)		74,185		8,730,833
			$	27,916,375
Road & Rail— 1.9%
CSX Corp.(1)		183,097	$	10,491,458
			$	10,491,458
Semiconductors & Semiconductor Equipment— 4.8%
Intel Corp.(1)		299,900	$	16,230,588
Texas Instruments, Inc.(1)		107,332		10,725,687
			$	26,956,275
Software— 8.6%
Intuit, Inc.(1)		39,460	$	9,075,800
Microsoft Corp.(1)		249,390		39,331,297
			$	48,407,097
Specialty Retail— 2.3%
Best Buy Co., Inc.(1)		64,716	$	3,688,812
Lowe’s Cos., Inc.(1)		105,754		9,100,132
			$	12,788,944

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Security	Shares		Value
Technology Hardware, Storage & Peripherals— 5.1%
Apple, Inc.(1)		112,069	$	28,498,026
			$	28,498,026
Textiles, Apparel & Luxury Goods— 1.8%
NIKE, Inc., Class B(1)		124,695	$	10,317,264
			$	10,317,264
Tobacco— 1.4%
Altria Group, Inc.(1)		200,460	$	7,751,788
			$	7,751,788
Total Common Stocks (identified cost $493,349,251)			$	546,956,289
Short-Term Investments— 2.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.69%(3)		15,602,192	$	15,595,951
Total Short-Term Investments (identified cost $15,594,391)			$	15,595,951
Total Purchased Put Options — 1.5% (identified cost $12,256,518)			$	8,391,420
Total Investments — 101.8% (identified cost $521,200,160)			$	570,943,660
Total Written Call Options — (1.8)% (premiums received $12,264,173)			$	(9,898,913	)
Other Assets, Less Liabilities — (0.0)%(4)			$	(149,484	)
Net Assets — 100.0%			$	560,895,263

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

(1) Security (or a portion thereof) has been pledged as collateral for written options.

(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 annualizedseven-day yield as of March 31, 2020.

(4) Amount is less than (0.05)%.

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Purchased Put Options— 1.5%

Exchange-Traded Options— 1.5%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		147	$	37,993,473	$	2,800		4/1/20	$	3,250,905
S&P 500 Index		149		38,510,391		2,605		4/3/20		1,012,455
S&P 500 Index		162		41,870,358		2,475		4/6/20		573,480
S&P 500 Index		164		42,387,276		2,400		4/8/20		537,100
S&P 500 Index		165		42,645,735		2,200		4/9/20		238,425
S&P 500 Index		183		47,297,997		2,100		4/13/20		203,130
S&P 500 Index		186		48,073,374		2,025		4/15/20		191,580
S&P 500 Index		182		47,039,538		2,100		4/17/20		318,500
S&P 500 Index		183		47,297,997		1,950		4/20/20		195,810
S&P 500 Index		179		46,264,161		2,150		4/22/20		487,775
S&P 500 Index		179		46,264,161		2,200		4/24/20		647,980
S&P 500 Index		174		44,971,866		2,225		4/27/20		734,280
Total									$	8,391,420
Written Call Options— (1.8)% Exchange-Traded Options— (1.8)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		149	$	38,510,391	$	3,085		4/3/20	$	(1,863	)
S&P 500 Index		162		41,870,358		2,990		4/6/20		(3,645	)
S&P 500 Index		164		42,387,276		2,955		4/8/20		(9,430	)
S&P 500 Index		165		42,645,735		2,800		4/9/20		(91,575	)
S&P 500 Index		183		47,297,997		2,675		4/13/20		(733,830	)
S&P 500 Index		186		48,073,374		2,650		4/15/20		(1,089,960	)
S&P 500 Index		182		47,039,538		2,590		4/17/20		(1,797,250	)
S&P 500 Index		183		47,297,997		2,475		4/20/20		(3,284,850	)
S&P 500 Index		179		46,264,161		2,650		4/22/20		(1,362,190	)
S&P 500 Index		179		46,264,161		2,750		4/24/20		(656,930	)
S&P 500 Index		174		44,971,866		2,725		4/27/20		(867,390	)
Total									$	(9,898,913	)

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At March 31, 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 pursues a “collared” options strategy which consists of buying S&P 500 index put options below the current value of the index and writing S&P 500 index call options above the current value of the index with the same expiration. The strategy uses the premium income from the written call options to buy an equal number of put options. In buying put options on an index, the Fund in effect, acquires protection against decline in the value of the applicable index below the exercise price in exchange for the option premium paid. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price. The Fund retains the risk of lost appreciation, minus the premium received, should the price of the underlying index rise above the exercise price. Under normal market conditions, the Fund’s use of option collars is expected to provide a more consistent level of market exposure and market protection.

At March 31, 2020, the value of the Fund’s investment in affiliated funds was $15,595,951, which represents 2.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended March 31, 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	$	2,947,208	$	109,031,458	$	(96,361,256	)	$	(23,019	)	$	1,560	$	15,595,951	$	34,262		15,602,192

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 March 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

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Asset Description	Level 1				Level 2			Level 3		Total
Common Stocks
Communication Services	$	46,604,589			$	—		$	—	$	46,604,589
Consumer Discretionary		61,680,949				—			—		61,680,949
Consumer Staples		42,122,822				—			—		42,122,822
Energy		14,644,726				—			—		14,644,726
Financials		62,435,869				—			—		62,435,869
Health Care		77,698,726				9,155,631			—		86,854,357
Industrials		41,821,478				—			—		41,821,478
Information Technology		146,071,939				—			—		146,071,939
Materials		12,880,434				—			—		12,880,434
Real Estate		13,489,850				—			—		13,489,850
Utilities		18,349,276				—			—		18,349,276
Total Common Stocks	$	537,800,658		$		9,155,631	*	$	—	$	546,956,289
Short-Term Investments	$	—			$	15,595,951		$	—	$	15,595,951
Purchased Put Options		8,391,420				—			—		8,391,420
Total Investments	$	546,192,078			$	24,751,582		$	—	$	570,943,660
Liability Description
Written Call Options	$	(9,898,913	)		$	—		$	—	$	(9,898,913	)
Total	$	(9,898,913	)		$	—		$	—	$	(9,898,913	)

* 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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