N-CSRS 1 d763399dncsrs.htm EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21973

 

 

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2019

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders

 


LOGO

 

 

Eaton Vance

Tax-Managed Global Diversified Equity Income Fund (EXG)

Semiannual Report

April 30, 2019

 

 

 

 

 

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

 

LOGO


 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund currently distributes monthly cash distributions equal to $0.0616 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.

The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.


Semiannual Report April 30, 2019

Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

Table of Contents

 

Performance

     2  

Fund Profile

     3  

Fund Snapshot

     4  

Endnotes and Additional Disclosures

     5  

Financial Statements

     6  

Board of Trustees’ Contract Approval

     19  

Officers and Trustees

     22  

Important Notices

     23  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Performance1

 

Portfolio Managers Michael A. Allison, CFA, of Eaton Vance Management; Christopher M. Dyer, CFA, of Eaton Vance Advisers International Ltd.

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     02/27/2007        8.37      5.12      6.00      9.64

Fund at Market Price

            2.43        –0.41        6.30        10.63  

MSCI World Index

            8.83      6.48      7.30      11.57

Cboe S&P 500 BuyWrite IndexSM

            2.30        3.53        6.06        8.71  
              
% Premium/Discount to NAV2                                        
                 –5.26
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.398  

Distribution Rate at NAV

                 8.46

Distribution Rate at Market Price

                 8.93

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Fund Profile

 

 

Sector Allocation (% of total investments)4

 

 

LOGO

Country Allocation (% of total investments)5

 

 

LOGO

Top 10 Holdings (% of total investments)4

 

 

Alphabet, Inc., Class C

     3.8

Amazon.com, Inc.

     3.4  

Microsoft Corp.

     3.3  

Melrose Industries PLC

     2.3  

Walt Disney Co. (The)

     2.1  

Apple, Inc.

     2.1  

ASML Holding NV

     1.9  

American Tower Corp.

     1.9  

NextEra Energy, Inc.

     1.9  

Facebook, Inc., Class A

     1.7  

Total

     24.4
 

 

See Endnotes and Additional Disclosures in this report.

 

  3  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Fund Snapshot

 

 

Objective

  The primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.

Strategy

  The Fund invests in a diversified portfolio of domestic and foreign common stocks with an emphasis on dividend paying stocks and writes call options on one or more U.S. and foreign indices with respect to a portion of the value of its common stock portfolio to generate current cash flow from the options premium received. The Fund evaluates returns on an after tax basis and seeks to minimize and defer federal income taxes incurred by shareholders in connection with their investment in the Fund.

 

Options Strategy

  Write Index Covered Calls

Equity Benchmark1

  MSCI World Index

Morningstar Category

  Option Writing

Distribution Frequency

  Monthly

Common Stock Portfolio

   

Positions Held

  91

% US / Non-US

  59.0/41.0

Average Market Cap

  $198.7 Billion

Call Options Written

   

% of Stock Portfolio

  48%

Average Days to Expiration

  16 days

% In the Money

  –0.8%

 

The following terms as used in the Fund snapshot:

Average Market Cap: An indicator of the size of the companies in which the Fund invests and is the sum of each security’s weight in the portfolio multiplied by its market cap. Market Cap is determined by multiplying the price of a share of a company’s common stock by the number of shares outstanding.

Call Option: For an index call option, the buyer has the right to receive from the seller (or writer) a cash payment at the option expiration date equal to any positive difference between the value of the index at contract expiration and the exercise price. The buyer of a call option makes a cash payment (premium) to the seller (writer) of the option upon entering into the option contract.

Covered Call Strategy: A strategy of owning a portfolio of common stocks and writing call options on all or a portion of such stocks to generate current earnings from option premium.

In the Money: For a call option on an index, the extent to which the current price of the value of the index exceeds the exercise price of the option.

    

 

 

See Endnotes and Additional Disclosures in this report.

 

  4  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Endnotes and Additional Disclosures

 

 

1 

MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 

2 

The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

 

3

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. As of 4/30/2019, distributions included estimates of return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

 

4 

Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.

5 

The Fund may obtain exposure to certain market segments through investments in exchange-traded funds (ETFs). For purposes of the chart, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

 

  

Fund snapshot and profile subject to change due to active management.

Important Notice to Shareholders

 

  

Effective May 1, 2019, the Fund changed its current policy of investing at least 30% of its total assets in securities of non-U.S. issuers to state that the Fund will invest at least 40% of its total assets in non-U.S. issuers, unless market conditions are deemed unfavorable, in which case the Fund will invest at least 30% of its total assets in the securities of non-U.S. issuers.

 

 

  5  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Portfolio of Investments (Unaudited)

 

 

Common Stocks — 99.7%

 

Security   Shares     Value  
Aerospace & Defense — 0.9%  

CAE, Inc.

    1,030,206     $ 23,961,498  
            $ 23,961,498  
Banks — 7.8%  

Banco Santander SA

    4,555,827     $ 23,095,198  

Bank of America Corp.(1)

    779,884       23,848,853  

Canadian Imperial Bank of Commerce

    334,597       28,174,881  

Citigroup, Inc.(1)

    510,707       36,106,985  

ING Groep NV

    1,260,935       16,089,563  

KeyCorp(1)

    1,365,360       23,962,068  

Societe Generale SA

    491,176       15,575,935  

UniCredit SpA

    1,011,128       13,998,161  

Wells Fargo & Co.(1)

    550,188       26,634,601  
            $ 207,486,245  
Beverages — 3.4%  

Anheuser-Busch InBev SA/NV

    227,922     $ 20,263,890  

Coca-Cola Co. (The)(1)

    750,244       36,806,971  

Diageo PLC(1)

    797,345       33,614,249  
            $ 90,685,110  
Biotechnology — 0.6%  

CSL, Ltd.

    122,835     $ 17,229,055  
            $ 17,229,055  
Building Products — 1.2%  

Assa Abloy AB, Class B(1)

    1,535,303     $ 32,821,027  
            $ 32,821,027  
Capital Markets — 0.7%  

TD Ameritrade Holding Corp.

    353,514     $ 18,587,766  
            $ 18,587,766  
Chemicals — 2.5%  

BASF SE

    322,598     $ 26,337,204  

Ecolab, Inc.(1)

    90,944       16,740,972  

Sika AG

    146,226       22,405,043  
            $ 65,483,219  
Consumer Finance — 2.5%  

Capital One Financial Corp.

    259,138     $ 24,055,781  

Discover Financial Services

    253,235       20,636,120  
Security   Shares     Value  
Consumer Finance (continued)  

Navient Corp.

    839,651     $ 11,343,685  

OneMain Holdings, Inc.

    326,472       11,090,254  
            $ 67,125,840  
Diversified Financial Services — 1.4%  

ORIX Corp.(1)

    2,528,186     $ 35,813,858  
            $ 35,813,858  
Electric Utilities — 2.9%  

Iberdrola SA

    2,878,961     $ 26,162,240  

NextEra Energy, Inc.(1)

    260,648       50,680,397  
            $ 76,842,637  
Electrical Equipment — 3.9%  

Legrand SA

    550,853     $ 40,516,832  

Melrose Industries PLC

    23,250,945       61,520,798  
            $ 102,037,630  
Electronic Equipment, Instruments & Components — 2.0%  

CDW Corp.(1)

    173,711     $ 18,343,882  

Keyence Corp.

    54,322       33,940,028  
            $ 52,283,910  
Entertainment — 2.7%  

Activision Blizzard, Inc.(1)

    323,277     $ 15,585,184  

Walt Disney Co. (The)(1)

    407,376       55,798,291  
            $ 71,383,475  
Equity Real Estate Investment Trusts (REITs) — 2.5%  

American Tower Corp.(1)

    261,026     $ 50,978,378  

Equity Residential

    215,846       16,494,951  
            $ 67,473,329  
Food Products — 2.3%  

Mondelez International, Inc., Class A(1)

    630,065     $ 32,038,805  

Nestle SA

    288,860       27,810,749  
            $ 59,849,554  
Health Care Equipment & Supplies — 4.6%  

Baxter International, Inc.(1)

    358,875     $ 27,382,162  

Boston Scientific Corp.(1)(2)

    723,376       26,851,717  

Danaher Corp.(1)

    243,475       32,245,829  

Intuitive Surgical, Inc.(2)

    46,117       23,548,724  
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

Straumann Holding AG

    13,699     $ 11,071,125  
            $ 121,099,557  
Health Care Providers & Services — 0.9%  

Anthem, Inc.

    86,048     $ 22,633,205  
            $ 22,633,205  
Hotels, Restaurants & Leisure — 0.8%  

Compass Group PLC

    972,114     $ 22,119,348  
            $ 22,119,348  
Household Products — 0.8%  

Reckitt Benckiser Group PLC(1)

    245,983     $ 19,901,607  
            $ 19,901,607  
Insurance — 3.4%  

AIA Group, Ltd.(1)

    1,672,510     $ 17,125,558  

Aviva PLC(1)

    4,163,585       23,383,223  

Chubb, Ltd.(1)

    172,367       25,027,688  

Prudential PLC(1)

    1,121,347       25,478,544  
            $ 91,015,013  
Interactive Media & Services — 5.5%  

Alphabet, Inc., Class C(1)(2)

    83,848     $ 99,651,671  

Facebook, Inc., Class A(1)(2)

    239,093       46,240,586  
            $ 145,892,257  
Internet & Direct Marketing Retail — 3.4%  

Amazon.com, Inc.(1)(2)

    47,329     $ 91,180,265  
            $ 91,180,265  
IT Services — 1.6%  

Amadeus IT Group SA

    194,955     $ 15,537,258  

Visa, Inc., Class A

    166,394       27,360,165  
            $ 42,897,423  
Leisure Products — 1.1%  

Yamaha Corp.(1)

    552,159     $ 28,669,423  
            $ 28,669,423  
Life Sciences Tools & Services — 0.8%  

Lonza Group AG

    69,472     $ 21,454,977  
            $ 21,454,977  
Security   Shares     Value  
Machinery — 6.5%  

Atlas Copco AB, Class A

    533,708     $ 16,659,324  

Fortive Corp.

    273,158       23,584,462  

Gardner Denver Holdings, Inc.(2)

    653,087       22,041,686  

ITT, Inc.(1)

    494,499       29,941,914  

MISUMI Group, Inc.

    636,075       16,608,612  

Stanley Black & Decker, Inc.(1)

    204,617       29,996,852  

Xylem, Inc.(1)

    398,258       33,214,717  
            $ 172,047,567  
Metals & Mining — 1.3%  

Rio Tinto, Ltd.(1)

    520,150     $ 35,059,324  
            $ 35,059,324  
Multi-Utilities — 1.4%  

CMS Energy Corp.(1)

    663,075     $ 36,833,816  
            $ 36,833,816  
Oil, Gas & Consumable Fuels — 5.5%  

BP PLC

    3,212,264     $ 23,358,617  

ConocoPhillips(1)

    350,839       22,144,958  

EOG Resources, Inc.(1)

    339,616       32,620,117  

Exxon Mobil Corp.(1)

    433,054       34,765,575  

Phillips 66(1)

    361,287       34,058,525  
            $ 146,947,792  
Personal Products — 1.3%  

Unilever PLC(1)

    546,896     $ 33,150,143  
            $ 33,150,143  
Pharmaceuticals — 5.6%  

Eli Lilly & Co.(1)

    240,319     $ 28,126,936  

GlaxoSmithKline PLC(1)

    1,642,558       33,743,425  

Johnson & Johnson(1)

    223,718       31,588,982  

Novo Nordisk A/S, Class B

    425,207       20,832,821  

Zoetis, Inc.(1)

    343,635       34,995,788  
            $ 149,287,952  
Professional Services — 1.9%  

Recruit Holdings Co., Ltd.

    878,359     $ 26,450,780  

Verisk Analytics, Inc.(1)

    160,361       22,633,351  
            $ 49,084,131  
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Semiconductors & Semiconductor Equipment — 2.5%  

ASML Holding NV(1)

    246,236     $ 51,416,729  

Taiwan Semiconductor Manufacturing Co., Ltd. ADR(1)

    326,500       14,307,230  
            $ 65,723,959  
Software — 3.3%  

Microsoft Corp.(1)

    671,741     $ 87,729,375  
            $ 87,729,375  
Specialty Retail — 3.9%  

Industria de Diseno Textil SA

    1,222,970     $ 37,029,828  

Lowe’s Cos., Inc.

    170,520       19,292,633  

Tiffany & Co.

    150,793       16,258,501  

TJX Cos., Inc. (The)

    319,760       17,548,429  

Ulta Beauty, Inc.(2)

    37,228       12,991,827  
            $ 103,121,218  
Technology Hardware, Storage & Peripherals — 2.1%  

Apple, Inc.(1)

    271,442     $ 54,470,266  
            $ 54,470,266  
Textiles, Apparel & Luxury Goods — 2.5%  

adidas AG

    90,903     $ 23,415,520  

LVMH Moet Hennessy Louis Vuitton SE

    75,063       29,471,017  

Samsonite International SA(3)

    4,333,575       12,428,600  
            $ 65,315,137  
Thrifts & Mortgage Finance — 0.3%  

MGIC Investment Corp.(2)

    612,695     $ 8,969,855  
            $ 8,969,855  
Wireless Telecommunication Services — 1.4%  

Tele2 AB, Class B

    2,718,474     $ 36,317,548  
            $ 36,317,548  

Total Common Stocks
(identified cost $2,137,443,209)

 

  $ 2,639,985,311  
Exchange-Traded Funds — 0.4%

 

Security   Shares     Value  
Equity Funds — 0.4%  

SPDR S&P 500 ETF Trust

    33,579     $ 9,872,898  

Total Exchange-Traded Funds
(identified cost $9,744,616)

 

  $ 9,872,898  

Total Investments — 100.1%
(identified cost $2,147,187,825)

 

  $ 2,649,858,209  

Total Written Call Options — (0.6)%
(premiums received $11,047,513)

 

  $ (16,494,644

Other Assets, Less Liabilities — 0.5%

 

  $ 14,082,153  

Net Assets — 100.0%

 

  $ 2,647,445,718  

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) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2019, the aggregate value of these securities is $12,428,600 or 0.5% of the Fund’s net assets.

 

Country Concentration of Portfolio

 

Country  

Percentage of

Total Investments

    Value  

United States

    58.8   $ 1,558,093,121  

United Kingdom

    10.4       276,269,954  

Japan

    5.3       141,482,701  

Spain

    3.8       101,824,524  

Sweden

    3.2       85,797,899  

France

    3.2       85,563,784  

Switzerland

    3.1       82,741,894  

Netherlands

    2.6       67,506,292  

Australia

    2.0       52,288,379  

Canada

    2.0       52,136,379  

Germany

    1.9       49,752,724  

Denmark

    0.8       20,832,821  

Belgium

    0.8       20,263,890  

Hong Kong

    0.7       17,125,558  

Taiwan

    0.5       14,307,230  

Italy

    0.5       13,998,161  

Exchange-Traded Funds

    0.4       9,872,898  

Total Investments

    100.0   $ 2,649,858,209  
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

 

Written Call Options — (0.6)%  
Exchange-Traded Options — (0.6)%  
Description    Number of
Contracts
    

Notional

Amount

     Exercise
Price
     Expiration
Date
     Value  
Dow Jones Euro Stoxx 50 Index      1,850      EUR     65,020,470      EUR     3,450        5/3/19      $ (1,050,464
Dow Jones Euro Stoxx 50 Index      1,850      EUR     65,020,470      EUR     3,425        5/10/19        (1,350,015
Dow Jones Euro Stoxx 50 Index      1,880      EUR     66,074,856      EUR     3,450        5/17/19        (999,577
Dow Jones Euro Stoxx 50 Index      1,850      EUR     65,020,470      EUR     3,500        5/24/19        (435,354
FTSE 100 Index      580      GBP     43,025,676      GBP     7,450        5/17/19        (240,679
FTSE 100 Index      580      GBP     43,025,676      GBP     7,500        5/17/19        (131,355
Nikkei 225 Index      125      JPY     2,782,341,250      JPY     21,875        5/10/19        (501,142
Nikkei 225 Index      125      JPY     2,782,341,250      JPY     22,375        5/10/19        (140,119
Nikkei 225 Index      125      JPY     2,782,341,250      JPY     22,000        5/17/19        (467,395
Nikkei 225 Index      125      JPY     2,782,341,250      JPY     22,500        5/24/19        (221,719
S&P 500 Index      215      USD     63,335,345      USD     2,900        5/3/19        (1,020,175
S&P 500 Index      215      USD     63,335,345      USD     2,900        5/6/19        (1,041,675
S&P 500 Index      215      USD     63,335,345      USD     2,890        5/8/19        (1,283,550
S&P 500 Index      215      USD     63,335,345      USD     2,925        5/10/19        (686,925
S&P 500 Index      215      USD     63,335,345      USD     2,915        5/13/19        (884,725
S&P 500 Index      215      USD     63,335,345      USD     2,915        5/15/19        (929,875
S&P 500 Index      215      USD     63,335,345      USD     2,915        5/17/19        (975,025
S&P 500 Index      215      USD     63,335,345      USD     2,905        5/20/19        (1,176,050
S&P 500 Index      214      USD     63,040,762      USD     2,950        5/22/19        (542,490
S&P 500 Index      215      USD     63,335,345      USD     2,925        5/24/19        (933,100
S&P 500 Index      214      USD     63,040,762      USD     2,950        5/28/19        (617,390
S&P 500 Index      213      USD     62,746,179      USD     2,935        5/29/19        (865,845

Total

 

   $ (16,494,644

Abbreviations:

 

ADR     American Depositary Receipt

Currency Abbreviations:

 

EUR     Euro
GBP     British Pound Sterling
JPY     Japanese Yen
USD     United States Dollar

 

  9   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets    April 30, 2019  

Unaffiliated investments, at value (identified cost, $2,147,187,825)

   $ 2,649,858,209  

Foreign currency, at value (identified cost, $13,040)

     13,078  

Dividends receivable

     7,056,555  

Dividends receivable from affiliated investment

     13,131  

Receivable for investments sold

     37,836,243  

Receivable for premiums on written options

     1,533,697  

Securities lending income receivable

     3,097  

Tax reclaims receivable

     2,584,693  

Other assets

     815  

Total assets

   $ 2,698,899,518  
Liabilities

 

Written options outstanding, at value (premiums received, $11,047,513)

   $ 16,494,644  

Payable for closed written options

     1,494,031  

Due to custodian

     30,814,449  

Payable to affiliates:

  

Investment adviser fee

     2,138,569  

Trustees’ fees

     9,042  

Accrued expenses

     503,065  

Total liabilities

   $ 51,453,800  

Net Assets

   $ 2,647,445,718  
Sources of Net Assets

 

Common shares, $0.01 par value, unlimited number of shares authorized, 302,863,454 shares issued and outstanding

   $ 3,028,635  

Additional paid-in capital

     2,409,898,932  

Distributable earnings

     234,518,151  

Net Assets

   $ 2,647,445,718  
Net Asset Value         

($2,647,445,718 ÷ 302,863,454 common shares issued and outstanding)

   $ 8.74  

 

  10   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Statement of Operations (Unaudited)

 

 

Investment Income   

Six Months Ended

April 30, 2019

 

Dividends (net of foreign taxes, $1,360,468)

   $ 28,631,118  

Dividends from affiliated investment

     175,018  

Securities lending income, net

     17,622  

Total investment income

   $ 28,823,758  
Expenses         

Investment adviser fee

   $ 12,405,954  

Trustees’ fees and expenses

     54,833  

Custodian fee

     327,141  

Transfer and dividend disbursing agent fees

     9,799  

Legal and accounting services

     54,002  

Printing and postage

     414,838  

Miscellaneous

     128,757  

Total expenses

   $ 13,395,324  

Net investment income

   $ 15,428,434  
Realized and Unrealized Gain (Loss)         

Net realized gain (loss) —

  

Investment transactions

   $ (39,240,929

Investment transactions — affiliated investment

     (4,340

Written options

     (51,355,085

Foreign currency transactions

     (171,454

Net realized loss

   $ (90,771,808

Change in unrealized appreciation (depreciation) —

  

Investments

   $ 287,818,709  

Investments — affiliated investment

     3,776  

Written options

     (9,791,526

Foreign currency

     72,983  

Net change in unrealized appreciation (depreciation)

   $ 278,103,942  

Net realized and unrealized gain

   $ 187,332,134  

Net increase in net assets from operations

   $ 202,760,568  

 

  11   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets   

Six Months Ended

April 30, 2019
(Unaudited)

    

Year Ended

October 31, 2018

 

From operations —

     

Net investment income

   $ 15,428,434      $ 25,644,221  

Net realized gain (loss)

     (90,771,808      181,993,924  

Net change in unrealized appreciation (depreciation)

     278,103,942        (212,134,066

Net increase (decrease) in net assets from operations

   $ 202,760,568      $ (4,495,921

Distributions to shareholders

   $ (120,648,136 )*     $ (23,662,772

Tax return of capital to shareholders

   $      $ (251,646,557

Capital share transactions —

     

Reinvestment of distributions

   $ 1,416,432      $ 9,914,374  

Net increase in net assets from capital share transactions

   $ 1,416,432      $ 9,914,374  

Net increase (decrease) in net assets

   $ 83,528,864      $ (269,890,876
Net Assets

 

At beginning of period

   $ 2,563,916,854      $ 2,833,807,730  

At end of period

   $ 2,647,445,718      $ 2,563,916,854  

 

*

A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

 

  12   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Financial Highlights

 

 

    Six Months Ended
April 30, 2019
(Unaudited)
    Year Ended October 31,         
    2018     2017     2016     2015     2014  
             

Net asset value — Beginning of period

  $ 8.470     $ 9.400     $ 8.930     $ 9.920     $ 10.610     $ 10.820  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.051     $ 0.085     $ 0.086     $ 0.198 (2)    $ 0.127     $ 0.428 (2) 

Net realized and unrealized gain (loss)

    0.617       (0.103     1.317       (0.212     0.159       0.338 (3) 

Total income (loss) from operations

  $ 0.668     $ (0.018   $ 1.403     $ (0.014   $ 0.286     $ 0.766  
Less Distributions                                                

From net investment income

  $ (0.398 )*    $ (0.078   $ (0.086   $ (0.183   $ (0.123   $ (0.964

From net realized gain

                                  (0.012

Tax return of capital

          (0.834     (0.847     (0.793     (0.853      

Total distributions

  $ (0.398   $ (0.912   $ (0.933   $ (0.976   $ (0.976   $ (0.976

Anti-dilutive effect of share repurchase program (see Note 5)(1)

  $     $     $     $     $     $ 0.000 (4)   

Net asset value — End of period

  $ 8.740     $ 8.470     $ 9.400     $ 8.930     $ 9.920     $ 10.610  

Market value — End of period

  $ 8.280     $ 8.490     $ 9.340     $ 8.270     $ 9.140     $ 9.930  

Total Investment Return on Net Asset Value(5)

    8.37 %(6)      (0.51 )%      16.88     0.70     3.49     7.93 %(3) 

Total Investment Return on Market Value(5)

    2.43 %(6)      0.36     25.41     1.22     1.88     10.63
Ratios/Supplemental Data                                                

Net assets, end of period (000’s omitted)

  $ 2,647,446     $ 2,563,917     $ 2,833,808     $ 2,692,688     $ 2,990,526     $ 3,198,333  

Ratios (as a percentage of average daily net assets):

           

Expenses(7)

    1.07 %(8)      1.07     1.07     1.08     1.07     1.07

Net investment income

    1.23 %(8)      0.92     0.93     2.13 %(2)      1.23     3.93 %(2) 

Portfolio Turnover

    18 %(6)      66     65     77     95     210

 

(1) 

Computed using average shares outstanding.

 

(2) 

Net investment income per share includes special dividends which amounted to $0.100 and $0.265 per share for the years ended October 31, 2016 and October 31, 2014, respectively. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 1.05% and 1.50% for the years ended October 31, 2016 and October 31, 2014, respectively.

 

(3) 

During the year ended October 31, 2014, the Fund realized a gain on the disposal of investments which did not meet the Fund’s investment guidelines. The gain was less than $0.01 per share and had no effect on total return for the year ended October 31, 2014.

 

(4) 

Amount is less than $0.0005.

 

(5) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

 

(6) 

Not annualized.

 

(7) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(8) 

Annualized.

 

*

A portion of the distributions may be deemed from net realized gain or a tax return of capital at year-end. See Note 2.

 

  13   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance Tax-Managed Global Diversified Equity Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

 

  14  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

As of April 30, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

I  Interim Financial Statements — The interim financial statements relating to April 30, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

Subject to its Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended April 30, 2019, the amount of distributions estimated to be a tax return of capital was approximately $108,929,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

At October 31, 2018, the Fund, for federal income tax purposes, had deferred capital losses of $57,733,252 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2018, $57,733,252 are short-term.

 

  15  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at April 30, 2019, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 2,141,082,692  

Gross unrealized appreciation

   $ 557,575,324  

Gross unrealized depreciation

     (65,294,451

Net unrealized appreciation

   $ 492,280,873  

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement, the fee is computed at an annual rate of 1.00% of the Fund’s average daily gross assets up to and including $1.5 billion, 0.98% over $1.5 billion up to and including $3 billion, 0.96% over $3 billion up to and including $5 billion and 0.94% on average daily gross assets over $5 billion, and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. The fee reduction cannot be terminated without the consent of a majority of Trustees and a majority of shareholders. For the six months ended April 30, 2019, the Fund’s investment adviser fee amounted to $12,405,954 or 0.99% (annualized) of the Fund’s average daily gross assets. Pursuant to a sub-advisory agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $464,133,076 and $597,594,201, respectively, for the six months ended April 30, 2019.

5  Common Shares of Beneficial Interest

Common shares issued by the Fund pursuant to its dividend reinvestment plan for the six months ended April 30, 2019 and the year ended October 31, 2018 were 166,639 and 1,090,758, respectively.

In August 2012, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended April 30, 2019 and the year ended October 31, 2018.

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2019 is included in the Portfolio of Investments. At April 30, 2019, the Fund had sufficient cash and/or securities to cover commitments under these 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.

 

  16  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at April 30, 2019 was as follows:

 

     Fair Value  
Derivative    Asset Derivative      Liability Derivative(1)  

Written options

   $         —      $ (16,494,644

 

(1) 

Statement of Assets and Liabilities location: Written options outstanding, at value.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended April 30, 2019 was as follows:

 

Derivative   

Realized Gain (Loss)

on Derivatives Recognized

in Income(1)

    

Change in Unrealized

Appreciation (Depreciation) on

Derivatives Recognized in Income(2)

 

Written options

   $ (51,355,085    $ (9,791,526

 

(1) 

Statement of Operations location: Net realized gain (loss) – Written options.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Written options.

The average number of written options contracts outstanding during the six months ended April 30, 2019, which is indicative of the volume of this derivative type, was 11,579 contracts.

7  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At April 30, 2019, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $30,814,449. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at April 30, 2019. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2019. The Fund’s average overdraft advances during the six months ended April 30, 2019 were not significant.

8  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

9  Securities Lending Agreement

The Fund has established a securities lending agreement with SSBT as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral,

 

  17  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At April 30, 2019, the Fund had no securities on loan.

10  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 April 30, 2019, 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

   $ 217,275,732      $ 36,317,548      $         —      $ 253,593,280  

Consumer Discretionary

     157,271,655        153,133,736               310,405,391  

Consumer Staples

     68,845,776        134,740,638               203,586,414  

Energy

     123,589,175        23,358,617               146,947,792  

Financials

     258,438,537        170,560,040               428,998,577  

Health Care

     227,373,343        104,331,403               331,704,746  

Industrials

     185,374,480        194,577,373               379,951,853  

Information Technology

     202,210,918        100,894,015               303,104,933  

Materials

     16,740,972        83,801,571               100,542,543  

Real Estate

     67,473,329                      67,473,329  

Utilities

     87,514,213        26,162,240               113,676,453  

Total Common Stocks

   $ 1,612,108,130      $ 1,027,877,181    $      $ 2,639,985,311  

Exchange-Traded Funds

   $ 9,872,898      $      $      $ 9,872,898  

Total Investments

   $ 1,621,981,028      $ 1,027,877,181      $      $ 2,649,858,209  

Liability Description

                                   

Written Call Options

   $ (10,956,825    $ (5,537,819    $      $ (16,494,644

Total

   $ (10,956,825    $ (5,537,819    $      $ (16,494,644

 

*

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.

 

  18  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

 

 

A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

 

 

A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

 

 

A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

 

Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

 

 

Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

 

 

Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

 

 

Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

 

 

The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

 

 

Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

 

 

Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

 

 

Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

 

 

Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;

 

 

Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

 

 

The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

 

 

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

 

 

Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

 

 

Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;

 

  19  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Board of Trustees’ Contract Approval — continued

 

 

 

 

A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

 

 

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

 

 

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the adviser or administrator to each of the funds; and

 

 

The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Global Diversified Equity Income Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. The Board also considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling covered call options on various indexes. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

 

  20  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Board of Trustees’ Contract Approval — continued

 

 

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s custom peer group and consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

 

  21  


Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

April 30, 2019

 

Officers and Trustees

 

 

Officers of Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 

 

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton(1)

Marcus L. Smith(1)

Susan J. Sutherland

Scott E. Wennerholm

 

 

*

Interested Trustee

(1) 

Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

 

  22  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

 

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

 

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

 

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

 

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

  23  


This Page Intentionally Left Blank


Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

LOGO

7752    4.30.19


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

No activity to report for the Registrant’s most recent fiscal year end.

Item 13. Exhibits

(a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)   Treasurer’s Section 302 certification.
(a)(2)(ii)   President’s Section 302 certification.
(b)   Combined Section 906 certification.
(c)   Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.

 


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 

By:  

/s/ Edward J. Perkin

  Edward J. Perkin
  President
Date:   June 24, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   June 24, 2019
By:  

/s/ Edward J. Perkin

  Edward J. Perkin
  President
Date:   June 24, 2019