ETJ Eaton Vance Risk Managed Diversified Equity Income Fund

Eaton Vance

Risk-Managed Diversified Equity Income Fund

March 31, 2024

Portfolio of Investments (Unaudited)

Eaton Vance

Risk-Managed Diversified Equity Income Fund

March 31, 2024

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Risk-Managed Diversified Equity Income Fund

March 31, 2024

Portfolio of Investments (Unaudited) — continued

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)	May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024.

Purchased Put Options (Exchange-Traded) — 0.1%
Description	Number of Contracts	Notional Amount		Exercise Price		Expiration Date	Value
S&P 500 Index	95	$	49,916,325	$	5,000	4/1/24	$     1,188
S&P 500 Index	94		49,390,890		4,950	4/3/24	2,350
S&P 500 Index	94		49,390,890		5,035	4/5/24	9,165
S&P 500 Index	95		49,916,325		4,940	4/8/24	9,025
S&P 500 Index	94		49,390,890		5,030	4/10/24	28,435
S&P 500 Index	95		49,916,325		4,970	4/12/24	28,737
S&P 500 Index	94		49,390,890		5,025	4/15/24	47,000
S&P 500 Index	94		49,390,890		5,030	4/17/24	62,510
S&P 500 Index	93		48,865,455		5,105	4/19/24	125,085
S&P 500 Index	94		49,390,890		5,100	4/22/24	131,600
S&P 500 Index	94		49,390,890		5,090	4/24/24	139,590
S&P 500 Index	93		48,865,455		5,120	4/26/24	188,415
Total							$773,100

Written Call Options (Exchange-Traded) — (0.5)%
Description	Number of Contracts	Notional Amount		Exercise Price		Expiration Date	Value
S&P 500 Index	95	$	49,916,325	$	5,250	4/1/24	$  (124,925)
S&P 500 Index	94		49,390,890		5,225	4/3/24	(357,200)
S&P 500 Index	94		49,390,890		5,320	4/5/24	(52,640)
S&P 500 Index	95		49,916,325		5,240	4/8/24	(389,975)
S&P 500 Index	94		49,390,890		5,300	4/10/24	(184,240)
S&P 500 Index	95		49,916,325		5,255	4/12/24	(435,100)
S&P 500 Index	94		49,390,890		5,300	4/15/24	(252,860)
S&P 500 Index	94		49,390,890		5,300	4/17/24	(294,220)
S&P 500 Index	93		48,865,455		5,360	4/19/24	(152,520)
S&P 500 Index	94		49,390,890		5,340	4/22/24	(223,250)
S&P 500 Index	94		49,390,890		5,330	4/24/24	(290,930)
S&P 500 Index	93		48,865,455		5,375	4/26/24	(210,675)
Total							$(2,968,535)

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Eaton Vance

Risk-Managed Diversified Equity Income Fund

March 31, 2024

Portfolio of Investments (Unaudited) — continued

Abbreviations:
ADR	– American Depositary Receipt

At March 31, 2024, 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.

Affiliated Investments

At March 31, 2024, the value of the Fund's investment in funds that may be deemed to be affiliated was $7,025,795, which represents 1.2% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended March 31, 2024 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	Shares, end of period
Short-Term Investments
Liquidity Fund, Institutional Class(1)	$9,422,220	$34,131,806	$(36,528,231)	$ —	$ —	$7,025,795	$62,033	7,025,795

(1)	Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.

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.

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Eaton Vance

Risk-Managed Diversified Equity Income Fund

March 31, 2024

Portfolio of Investments (Unaudited) — continued

At March 31, 2024, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at fair value, were as follows:

Asset Description	Level 1	Level 2	Level 3	Total
Common Stocks	$614,134,592*	$    —	$    —	$614,134,592
Short-Term Investments	7,025,795	—	—	7,025,795
Purchased Put Options	773,100	—	—	773,100
Total Investments	$621,933,487	$    —	$    —	$621,933,487
Liability Description
Written Call Options	$ (2,968,535)	$    —	$    —	$ (2,968,535)
Total	$ (2,968,535)	$    —	$    —	$ (2,968,535)

*	The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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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