Eaton Vance Tax-Managed Global Diversified Equity
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
(Registrants Telephone Number)
October 31
April 30, 2010
Item 1. Reports to Stockholders
Eaton Vance Tax-Managed Global Diversified Equity Income Fund |
IMPORTANT
NOTICES REGARDING DISTRIBUTIONS,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Managed Distribution Plan. On March 10, 2009,
the Fund received authorization from the Securities and Exchange
Commission to distribute long-term capital gains to shareholders
more frequently than once per year. In this connection, the
Board of Trustees formally approved the implementation of a
Managed Distribution Plan (MDP) to make quarterly cash
distributions to common shareholders, stated in terms of a fixed
amount per common share.
The Fund intends to pay quarterly cash distributions equal to
$0.3825 per share. You should not draw any conclusions about the
Funds 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 Funds Board of
Trustees.
With each distribution, the Fund will issue a notice to
shareholders and an accompanying press release which will
provide detailed information required by the Funds
exemptive order. The Funds Board of Trustees 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.
Delivery of Shareholder Documents. The Securities
and Exchange Commission (the 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.
Eaton Vance, or your financial adviser, may household the
mailing of your documents indefinitely unless you instruct Eaton
Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be
householded, please contact Eaton Vance at
1-800-262-1122,
or contact your financial adviser.
Your instructions that householding not apply to delivery of
your Eaton Vance documents will be effective within 30 days
of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its
underlying Portfolio(s) (if applicable) will file a schedule of
portfolio holdings on
Form N-Q
with the SEC for the first and third quarters of each fiscal
year. The
Form N-Q
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 SECs website at
www.sec.gov.
Form N-Q
may also be reviewed and copied at the SECs public
reference room in Washington, D.C. (call
1-800-732-0330
for information on the operation of the public reference room).
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.
This description is also available on the SECs website at
www.sec.gov.
Please refer to the inside back
cover of this report for an important notice about
the privacy policies adopted by the Eaton Vance
organization.
Eaton Vance Tax-Managed Global Diversified Equity Income Fund as of April 30, 2010
INVESTMENT
UPDATE
![(PHOTO OF WALTER A. ROW)](b81387a1b8083402.jpg)
Walter A. Row, CFA
Co-Portfolio Manager
![(PHOTO OF MICHAEL A. ALLISON)](b81387a1b8083403.jpg)
Michael A. Allison, CFA
Co-Portfolio Manager
Economic and Market Conditions
|
|
Global equities remained volatile, but most market indices with the notable exception of Europe
posted positive returns for the six months ending April 30, 2010. A sharp market correction in the
United States in February was driven by concerns about Greek debt, belt-tightening in China, and a
U.S. political environment unsettled by proposed health care reform and bank regulation. Market
growth resumed, however, and the period ended on a solid footing. For the six-month period, the Dow
Jones Industrial Average rose 14.87%, the NASDAQ Composite Index gained 20.94% and the S&P 500
Index increased 15.66%.1 |
|
|
|
Foreign equities had mixed results during the period. Some international markets demonstrated
fairly robust results, while others most notably in the Euro zone turned in much weaker
showings. The MSCI Europe, Australasia, Far East Index registered only a modest 2.48% return for
the period, largely due to the weak performance of many European stocks. For example, the FTSE
Eurotop 100 Index, which tracks the performance of the most actively traded and highly capitalized
stocks in the pan-European region, had a negative return for the period, falling nearly 1.5%. Much
of this disappointing performance was the result of investor worries about the possibility of
sovereign debt defaults in Greece and other southern European countries, such as Italy, Portugal
and Spain.
|
|
|
|
Emerging markets outperformed those in the developed world for the period, with the
MSCI Emerging Markets Index rising 12.37%. Regionally, emerging markets in Asia generally performed
well, although concerns about credit tightening in China held back economic activity in that area
during the latter part of the period. Commodity-oriented emerging markets such as Brazil, Russia
and South Africa benefited from higher prices for oil, iron ore, copper and other basic materials. |
Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. The Funds performance at market price will differ from its results at
NAV. Although market price performance generally reflects investment results over time, during
shorter periods, returns at market price can also be affected by factors such as changing
perceptions about the Fund, market conditions, fluctuations in supply and demand for the Funds
shares, or changes in Fund distributions. The Fund has no current intention to utilize leverage,
but may do so in the future through borrowings and/or other permitted methods. Investment return
and principal value will fluctuate so that shares, when sold, may be worth more or less than their
original cost. Performance is for the stated time period only; due to market volatility, the Funds
current performance may be lower or higher than the quoted return. For performance as of the most
recent month end, please refer to www.eatonvance.com.
Management Discussion
|
|
The Fund is a closed-end fund and trades on the New York Stock Exchange (NYSE) under the symbol
EXG. At net asset value (NAV), the Funds return for the six months ending April 30, 2010,
outpaced the FTSE Eurotop 100 Index, but came up short compared to the S&P 500 Index, the CBOE S&P
500 BuyWrite Index (BXM) and its Lipper peer group average. As of April 30, 2010, the Fund was
trading at a premium to NAV of 2.43%. |
|
|
|
The Funds underlying portfolio of common stocks
outperformed a blended index consisting of a 60% weighting in the FTSE Eurotop 100 Index and a 40%
weighting in the S&P 500 Index (reflecting the Funds composition) at NAV for the period. Stock
selection in the telecommunication services sector made the strongest relative contribution.
Specifically, a lack of exposure to poor-performing European diversified telecom stocks, which have
been facing a host of problems, boosted the Funds relative performance. |
Total Return Performance 10/31/09 4/30/10
|
|
|
|
|
|
|
|
|
NYSE Symbol |
|
|
|
|
|
EXG |
|
At Net Asset Value (NAV)2 |
|
|
|
|
|
|
3.98 |
% |
At Market Price2 |
|
|
|
|
|
|
8.63 |
% |
|
|
|
|
|
|
|
|
|
S&P 500 Index1 |
|
|
|
|
|
|
15.66 |
% |
CBOE
S&P 500 BuyWrite Index (BXM)1 |
|
|
|
|
|
|
9.61 |
% |
FTSE Eurotop 100 Index1 |
|
|
|
|
|
|
-1.49 |
% |
Lipper Options Arbitrage/Options Strategies
Funds Average1 |
|
|
|
|
|
|
11.16 |
% |
|
|
|
|
|
|
|
|
|
Premium/(Discount) to NAV (4/30/10) |
|
|
|
|
|
|
2.43 |
% |
Total Distributions per share |
|
|
|
|
|
$ |
0.858 |
|
Distribution Rate3 |
|
At NAV |
|
|
12.82 |
% |
|
|
At Market Price |
|
|
12.52 |
% |
See page 3 for more performance information.
|
|
|
1 |
|
It is not possible to invest directly in an Index or a Lipper Classification. The
Indices total returns do not reflect commissions or expenses that would have been incurred if
an investor individually purchased or sold the securities represented in the Indices. The
return for the FTSE Eurotop 100 Index is calculated in U.S. dollars. The Lipper total return
is the average total return, at net asset value, of the funds that are in the same Lipper
Classification as the Fund. |
|
2 |
|
Six-month returns are cumulative. |
|
3 |
|
The Distribution Rate is based on the Funds last regular distribution per share
(annualized) divided by the Funds NAV or market price at the end of the period. The Funds
distributions may be comprised of ordinary income, net realized capital gains and return of
capital. |
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.
1
Eaton Vance Tax-Managed Global Diversified Equity Income Fund as of April 30, 2010
INVESTMENT UPDATE
|
|
Relative to the blended index, the equity portion of the Fund also benefited from stock
selection in financials. The Funds emphasis on U.S. securities versus their European counterparts
especially in insurance companies and commercial banks added to relative performance amid the
weak European equity environment. |
|
|
|
Conversely, the Funds positioning in the energy sector detracted the most from its relative
showing, as stock picks in oil, gas and consumable fuels lagged. Health care proved a further drag
on performance, primarily due to lackluster results in pharmaceuticals and lack of exposure to one
of the strongest-performing names in this industry. |
|
|
|
Under normal market conditions, the Fund seeks to earn high levels of tax-advantaged income and
gains by emphasizing dividend-paying stocks and by writing (selling) stock index call options on a
portion of its underlying common stock portfolio. As of April 30, 2010, the Fund had written call
options on approximately 50% of its equity holdings. |
|
|
|
The Funds strategy of writing call options on a portion of its common stock portfolio generates
current cash flow from the options premiums received. However, in an up market such as we saw in
this six-month period, this income comes at the cost of reducing the portfolios upside potential
from stock price appreciation. Although the Funds options strategy lowered volatility during the
period, it detracted from overall relative performance given the equity markets strong advances. |
|
|
|
On January 15, 2010, the Fund announced a change in its distribution rate. The Funds portfolio
management team reviews the level and sustainability of the Funds distributions periodically.
Before deciding to decrease the amount of the Funds quarterly distribution to $0.3825 per share,
the team considered a number of factors including the current market and volatility outlooks, level
of assets in the Fund, and the dividend yield of the underlying equity portfolio. As portfolio and
market conditions change, the rate of distributions on the Funds shares could be further changed. |
The views expressed throughout this report are those of the portfolio managers and are current only
through the end of the period of the report as stated on the cover. These views are subject to
change at any time based upon market or other conditions, and the investment adviser disclaims any
responsibility to update such views. These views may not be relied on as investment advice and,
because investment decisions for a fund are based on many factors, may not be relied on as an
indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in
the report may not be representative of the Funds current or future investments and may change due
to active management.
2
Eaton Vance Tax-Managed Global Diversified Equity Income Fund as of April 30, 2010
FUND PERFORMANCE
|
|
|
|
|
NYSE Symbol: |
|
EXG |
|
Average Annual Total Returns (at market price, NYSE) |
|
Six Months1 |
|
|
8.63 |
% |
One Year |
|
|
51.20 |
|
Life of Fund (2/27/07) |
|
|
-0.49 |
|
|
Average Annual Total Returns (at net asset value) |
|
Six Months1 |
|
|
3.98 |
% |
One Year |
|
|
27.77 |
|
Life of Fund (2/27/07) |
|
|
-1.24 |
|
|
|
|
1 |
|
Six-month returns are cumulative. Other returns are presented on an average annual
basis. |
Country Allocation2
By total investments
Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. The Funds performance at market price will differ from its results at
NAV. Although market price performance generally reflects investment results over time, during
shorter periods, returns at market price can also be affected by factors such as changing
perceptions about the Fund, market conditions, fluctuations in supply and demand for the Funds
shares, or changes in Fund distributions. The Fund has no current intention to utilize leverage,
but may do so in the future through borrowings and/or other permitted methods. Investment return
and principal value will fluctuate so that shares, when sold, may be worth more or less than their
original cost. Performance is for the stated time period only; due to market volatility, the Funds
current performance may be lower or higher than the quoted return. For performance as of the most
recent month end, please refer to www.eatonvance.com.
Top 10 Holdings3
By total investments
|
|
|
|
|
Nestle SA |
|
|
2.9 |
% |
BP PLC |
|
|
2.7 |
|
Goldcorp, Inc. |
|
|
2.3 |
|
Novartis AG |
|
|
2.3 |
|
HSBC Holdings PLC |
|
|
2.2 |
|
Royal Dutch Shell PLC, Class B |
|
|
2.1 |
|
ENI SpA |
|
|
2.0 |
|
Vodafone Group PLC |
|
|
1.8 |
|
BHP Billiton, Ltd. ADR |
|
|
1.8 |
|
Siemens AG |
|
|
1.6 |
|
Sector Weightings4
By total investments
|
|
|
2 |
|
As a percentage of the Funds total investments as of 4/30/10. |
|
3 |
|
Top 10 Holdings represented 21.7% of the Funds total investments as of 4/30/10. Top
10 Holdings are presented without the offsetting effect of the Funds written option positions
at 4/30/10. |
|
4 |
|
Reflects the Funds total investments as of 4/30/10. Sector Weightings are presented
without the offsetting effect of the Funds written option positions at 4/30/10. |
3
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
PORTFOLIO OF
INVESTMENTS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks 99.0%
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Aerospace
& Defense 0.8%
|
|
General Dynamics Corp.
|
|
|
203,955
|
|
|
$
|
15,574,004
|
|
|
|
Lockheed Martin Corp.
|
|
|
163,861
|
|
|
|
13,910,160
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,484,164
|
|
|
|
|
|
|
|
Air
Freight & Logistics 0.2%
|
|
FedEx Corp.
|
|
|
97,287
|
|
|
$
|
8,756,803
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,756,803
|
|
|
|
|
|
|
|
Automobiles 0.5%
|
|
Bayerische Motoren Werke AG
|
|
|
376,368
|
|
|
$
|
18,614,013
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,614,013
|
|
|
|
|
|
|
|
Beverages 2.1%
|
|
Coca-Cola
Co. (The)
|
|
|
265,712
|
|
|
$
|
14,202,306
|
|
|
|
Diageo PLC
|
|
|
2,350,832
|
|
|
|
39,951,109
|
|
|
|
PepsiCo, Inc.
|
|
|
319,596
|
|
|
|
20,844,051
|
|
|
|
|
|
|
|
|
|
|
|
$
|
74,997,466
|
|
|
|
|
|
|
|
Biotechnology 0.8%
|
|
Amgen,
Inc.(1)
|
|
|
297,451
|
|
|
$
|
17,061,789
|
|
|
|
Celgene
Corp.(1)
|
|
|
200,270
|
|
|
|
12,406,727
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,468,516
|
|
|
|
|
|
|
|
Capital
Markets 4.1%
|
|
Credit Suisse Group
AG(1)
|
|
|
793,293
|
|
|
$
|
36,410,357
|
|
|
|
Deutsche Bank AG
|
|
|
294,968
|
|
|
|
20,588,083
|
|
|
|
Goldman Sachs Group, Inc.
|
|
|
221,575
|
|
|
|
32,172,690
|
|
|
|
Northern Trust Corp.
|
|
|
269,331
|
|
|
|
14,807,818
|
|
|
|
State Street Corp.
|
|
|
271,930
|
|
|
|
11,828,955
|
|
|
|
UBS AG(1)
|
|
|
2,062,352
|
|
|
|
31,801,468
|
|
|
|
|
|
|
|
|
|
|
|
$
|
147,609,371
|
|
|
|
|
|
|
|
Commercial
Banks 9.3%
|
|
Banco Santander Central Hispano SA
|
|
|
4,175,310
|
|
|
$
|
53,090,508
|
|
|
|
Barclays PLC
|
|
|
4,381,398
|
|
|
|
22,665,588
|
|
|
|
BNP Paribas SA
|
|
|
339,884
|
|
|
|
23,345,321
|
|
|
|
DnB NOR ASA
|
|
|
1,280,565
|
|
|
|
15,155,628
|
|
|
|
HSBC Holdings PLC
|
|
|
7,926,287
|
|
|
|
81,514,715
|
|
|
|
Intesa Sanpaolo
SpA(1)
|
|
|
6,045,235
|
|
|
|
19,924,571
|
|
|
|
Itau Unibanco Holding SA ADR
|
|
|
2,099,663
|
|
|
|
45,520,694
|
|
|
|
KeyCorp
|
|
|
1,342,936
|
|
|
|
12,113,283
|
|
|
|
PNC Financial Services Group, Inc.
|
|
|
299,849
|
|
|
|
20,152,851
|
|
|
|
U.S. Bancorp
|
|
|
441,934
|
|
|
|
11,830,573
|
|
|
|
Wells Fargo & Co.
|
|
|
975,008
|
|
|
|
32,282,515
|
|
|
|
|
|
|
|
|
|
|
|
$
|
337,596,247
|
|
|
|
|
|
|
|
Commercial
Services & Supplies 0.4%
|
|
Waste Management, Inc.
|
|
|
424,914
|
|
|
$
|
14,736,018
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,736,018
|
|
|
|
|
|
|
|
Communications
Equipment 2.3%
|
|
Cisco Systems,
Inc.(1)
|
|
|
1,268,849
|
|
|
$
|
34,157,415
|
|
|
|
Nokia Oyj ADR
|
|
|
1,460,446
|
|
|
|
17,759,023
|
|
|
|
QUALCOMM, Inc.
|
|
|
258,523
|
|
|
|
10,015,181
|
|
|
|
Telefonaktiebolaget LM Ericsson, Class B
|
|
|
1,947,639
|
|
|
|
22,476,785
|
|
|
|
|
|
|
|
|
|
|
|
$
|
84,408,404
|
|
|
|
|
|
|
|
Computers
& Peripherals 2.9%
|
|
Apple,
Inc.(1)
|
|
|
187,338
|
|
|
$
|
48,917,699
|
|
|
|
Hewlett-Packard Co.
|
|
|
459,694
|
|
|
|
23,890,297
|
|
|
|
International Business Machines Corp.
|
|
|
240,344
|
|
|
|
31,004,376
|
|
|
|
|
|
|
|
|
|
|
|
$
|
103,812,372
|
|
|
|
|
|
|
|
Consumer
Finance 0.4%
|
|
American Express Co.
|
|
|
321,494
|
|
|
$
|
14,827,303
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,827,303
|
|
|
|
|
|
|
|
Diversified
Financial Services 2.0%
|
|
Bank of America Corp.
|
|
|
1,055,548
|
|
|
$
|
18,820,421
|
|
|
|
Citigroup,
Inc.(1)
|
|
|
2,710,842
|
|
|
|
11,846,379
|
|
|
|
JPMorgan Chase & Co.
|
|
|
961,289
|
|
|
|
40,931,686
|
|
|
|
|
|
|
|
|
|
|
|
$
|
71,598,486
|
|
|
|
|
|
|
|
Diversified
Telecommunication Services 2.2%
|
|
AT&T, Inc.
|
|
|
711,910
|
|
|
$
|
18,552,375
|
|
|
|
France Telecom SA
|
|
|
986,946
|
|
|
|
21,605,866
|
|
|
|
Koninklijke KPN NV
|
|
|
1,624,605
|
|
|
|
24,373,897
|
|
|
|
Verizon Communications, Inc.
|
|
|
548,664
|
|
|
|
15,850,903
|
|
|
|
|
|
|
|
|
|
|
|
$
|
80,383,041
|
|
|
|
|
|
|
See
notes to financial statements
4
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
PORTFOLIO OF
INVESTMENTS (Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Electric
Utilities 2.1%
|
|
American Electric Power Co., Inc.
|
|
|
347,864
|
|
|
$
|
11,931,735
|
|
|
|
E.ON AG
|
|
|
1,160,448
|
|
|
|
42,794,693
|
|
|
|
Iberdrola SA
|
|
|
2,894,551
|
|
|
|
22,971,253
|
|
|
|
|
|
|
|
|
|
|
|
$
|
77,697,681
|
|
|
|
|
|
|
|
Electrical
Equipment 1.5%
|
|
ABB,
Ltd.(1)
|
|
|
1,805,429
|
|
|
$
|
34,630,829
|
|
|
|
Emerson Electric Co.
|
|
|
411,709
|
|
|
|
21,503,561
|
|
|
|
|
|
|
|
|
|
|
|
$
|
56,134,390
|
|
|
|
|
|
|
|
Electronic
Equipment, Instruments & Components 0.5%
|
|
Corning, Inc.
|
|
|
997,947
|
|
|
$
|
19,210,480
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,210,480
|
|
|
|
|
|
|
|
Energy
Equipment & Services 0.8%
|
|
Halliburton Co.
|
|
|
402,779
|
|
|
$
|
12,345,177
|
|
|
|
Schlumberger, Ltd.
|
|
|
222,046
|
|
|
|
15,858,525
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,203,702
|
|
|
|
|
|
|
|
Food
& Staples Retailing 2.4%
|
|
Carrefour SA
|
|
|
488,254
|
|
|
$
|
23,931,146
|
|
|
|
CVS Caremark Corp.
|
|
|
308,214
|
|
|
|
11,382,343
|
|
|
|
Tesco PLC
|
|
|
3,897,124
|
|
|
|
26,020,752
|
|
|
|
Wal-Mart Stores, Inc.
|
|
|
513,603
|
|
|
|
27,554,801
|
|
|
|
|
|
|
|
|
|
|
|
$
|
88,889,042
|
|
|
|
|
|
|
|
Food
Products 4.7%
|
|
Danone(1)
|
|
|
328,022
|
|
|
$
|
19,327,145
|
|
|
|
Kellogg Co.
|
|
|
142,438
|
|
|
|
7,825,544
|
|
|
|
Nestle SA
|
|
|
2,152,579
|
|
|
|
105,327,634
|
|
|
|
Unilever NV
|
|
|
1,206,623
|
|
|
|
36,708,836
|
|
|
|
|
|
|
|
|
|
|
|
$
|
169,189,159
|
|
|
|
|
|
|
|
Health
Care Equipment & Supplies 1.0%
|
|
Covidien PLC
|
|
|
371,721
|
|
|
$
|
17,838,891
|
|
|
|
Varian Medical Systems,
Inc.(1)
|
|
|
167,505
|
|
|
|
9,443,932
|
|
|
|
Zimmer Holdings,
Inc.(1)
|
|
|
177,527
|
|
|
|
10,813,169
|
|
|
|
|
|
|
|
|
|
|
|
$
|
38,095,992
|
|
|
|
|
|
|
Health
Care Providers & Services 1.0%
|
|
AmerisourceBergen Corp.
|
|
|
368,733
|
|
|
$
|
11,375,413
|
|
|
|
Cardinal Health, Inc.
|
|
|
411,571
|
|
|
|
14,277,398
|
|
|
|
Fresenius Medical Care AG & Co. KGaA ADR
|
|
|
191,285
|
|
|
|
10,317,913
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,970,724
|
|
|
|
|
|
|
|
Hotels,
Restaurants & Leisure 0.9%
|
|
Carnival Corp.
|
|
|
249,324
|
|
|
$
|
10,396,811
|
|
|
|
McDonalds Corp.
|
|
|
329,616
|
|
|
|
23,267,593
|
|
|
|
|
|
|
|
|
|
|
|
$
|
33,664,404
|
|
|
|
|
|
|
|
Household
Products 2.2%
|
|
Colgate-Palmolive Co.
|
|
|
352,709
|
|
|
$
|
29,662,827
|
|
|
|
Procter & Gamble Co.
|
|
|
562,470
|
|
|
|
34,963,135
|
|
|
|
Reckitt Benckiser Group PLC
|
|
|
284,748
|
|
|
|
14,847,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
79,472,962
|
|
|
|
|
|
|
|
Industrial
Conglomerates 3.7%
|
|
General Electric Co.
|
|
|
2,216,489
|
|
|
$
|
41,802,983
|
|
|
|
Philips Electronics NV
|
|
|
1,084,049
|
|
|
|
36,401,419
|
|
|
|
Siemens AG
|
|
|
579,293
|
|
|
|
57,133,479
|
|
|
|
|
|
|
|
|
|
|
|
$
|
135,337,881
|
|
|
|
|
|
|
|
Insurance 3.7%
|
|
Allianz
SE(1)
|
|
|
232,013
|
|
|
$
|
26,599,133
|
|
|
|
Berkshire Hathaway, Inc.,
Class B(1)
|
|
|
162,360
|
|
|
|
12,501,720
|
|
|
|
Lincoln National Corp.
|
|
|
402,666
|
|
|
|
12,317,553
|
|
|
|
MetLife, Inc.
|
|
|
442,603
|
|
|
|
20,173,845
|
|
|
|
Prudential Financial, Inc.
|
|
|
328,505
|
|
|
|
20,879,778
|
|
|
|
Prudential PLC
|
|
|
3,327,115
|
|
|
|
29,520,614
|
|
|
|
Zurich Financial Services AG
|
|
|
61,190
|
|
|
|
13,565,497
|
|
|
|
|
|
|
|
|
|
|
|
$
|
135,558,140
|
|
|
|
|
|
|
|
Internet
& Catalog Retail 0.5%
|
|
Amazon.com,
Inc.(1)
|
|
|
145,895
|
|
|
$
|
19,996,369
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,996,369
|
|
|
|
|
|
|
|
Internet
Software & Services 0.9%
|
|
Google, Inc.,
Class A(1)
|
|
|
59,403
|
|
|
$
|
31,212,712
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,212,712
|
|
|
|
|
|
|
See
notes to financial statements
5
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
PORTFOLIO OF
INVESTMENTS (Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
IT
Services 0.4%
|
|
MasterCard, Inc., Class A
|
|
|
58,390
|
|
|
$
|
14,483,056
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,483,056
|
|
|
|
|
|
|
|
Machinery 1.4%
|
|
Danaher Corp.
|
|
|
220,553
|
|
|
$
|
18,588,207
|
|
|
|
Deere & Co.
|
|
|
237,510
|
|
|
|
14,207,848
|
|
|
|
Illinois Tool Works, Inc.
|
|
|
193,725
|
|
|
|
9,899,348
|
|
|
|
PACCAR, Inc.
|
|
|
192,695
|
|
|
|
8,964,171
|
|
|
|
|
|
|
|
|
|
|
|
$
|
51,659,574
|
|
|
|
|
|
|
|
Media 0.4%
|
|
Walt Disney Co. (The)
|
|
|
356,250
|
|
|
$
|
13,124,250
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,124,250
|
|
|
|
|
|
|
|
Metals
& Mining 4.9%
|
|
ArcelorMittal
|
|
|
331,565
|
|
|
$
|
12,902,912
|
|
|
|
BHP Billiton, Ltd. ADR
|
|
|
890,910
|
|
|
|
64,849,339
|
|
|
|
Freeport-McMoRan Copper & Gold, Inc.
|
|
|
101,895
|
|
|
|
7,696,129
|
|
|
|
Goldcorp, Inc.
|
|
|
1,961,074
|
|
|
|
84,777,229
|
|
|
|
United States Steel Corp.
|
|
|
132,945
|
|
|
|
7,266,774
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177,492,383
|
|
|
|
|
|
|
|
Multi-Utilities 2.7%
|
|
GDF Suez
|
|
|
1,272,732
|
|
|
$
|
45,262,708
|
|
|
|
PG&E Corp.
|
|
|
255,083
|
|
|
|
11,172,635
|
|
|
|
Public Service Enterprise Group, Inc.
|
|
|
518,906
|
|
|
|
16,672,450
|
|
|
|
RWE AG
|
|
|
309,441
|
|
|
|
25,454,016
|
|
|
|
|
|
|
|
|
|
|
|
$
|
98,561,809
|
|
|
|
|
|
|
|
Multiline
Retail 0.4%
|
|
Target Corp.
|
|
|
283,168
|
|
|
$
|
16,103,764
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,103,764
|
|
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels 12.8%
|
|
Anadarko Petroleum Corp.
|
|
|
585,362
|
|
|
$
|
36,386,102
|
|
|
|
Apache Corp.
|
|
|
137,273
|
|
|
|
13,968,901
|
|
|
|
BP PLC
|
|
|
11,219,346
|
|
|
|
96,737,932
|
|
|
|
Chevron Corp.
|
|
|
442,675
|
|
|
|
36,051,452
|
|
|
|
ENI SpA
|
|
|
3,177,174
|
|
|
|
71,007,655
|
|
|
|
Exxon Mobil Corp.
|
|
|
282,069
|
|
|
|
19,138,382
|
|
|
|
Hess Corp.
|
|
|
392,440
|
|
|
|
24,939,562
|
|
|
|
Occidental Petroleum Corp.
|
|
|
356,961
|
|
|
|
31,648,162
|
|
|
|
Peabody Energy Corp.
|
|
|
196,195
|
|
|
|
9,166,230
|
|
|
|
Royal Dutch Shell PLC, Class B
|
|
|
2,548,704
|
|
|
|
77,126,700
|
|
|
|
Total SA
|
|
|
922,884
|
|
|
|
50,211,614
|
|
|
|
|
|
|
|
|
|
|
|
$
|
466,382,692
|
|
|
|
|
|
|
|
Personal
Products 0.2%
|
|
Avon Products, Inc.
|
|
|
227,572
|
|
|
$
|
7,357,403
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,357,403
|
|
|
|
|
|
|
|
Pharmaceuticals 9.3%
|
|
Abbott Laboratories
|
|
|
590,890
|
|
|
$
|
30,229,932
|
|
|
|
AstraZeneca PLC
|
|
|
665,477
|
|
|
|
29,419,489
|
|
|
|
Bristol-Myers Squibb Co.
|
|
|
610,529
|
|
|
|
15,440,278
|
|
|
|
GlaxoSmithKline PLC
|
|
|
3,024,642
|
|
|
|
56,444,498
|
|
|
|
Johnson & Johnson
|
|
|
221,635
|
|
|
|
14,251,131
|
|
|
|
Merck & Co., Inc.
|
|
|
697,963
|
|
|
|
24,456,624
|
|
|
|
Novartis AG
|
|
|
1,638,910
|
|
|
|
83,559,409
|
|
|
|
Pfizer, Inc.
|
|
|
1,326,670
|
|
|
|
22,181,922
|
|
|
|
Sanofi-Aventis(1)
|
|
|
644,489
|
|
|
|
43,966,054
|
|
|
|
Teva Pharmaceutical Industries, Ltd. ADR
|
|
|
318,079
|
|
|
|
18,680,780
|
|
|
|
|
|
|
|
|
|
|
|
$
|
338,630,117
|
|
|
|
|
|
|
|
Real
Estate Investment Trusts (REITs) 0.8%
|
|
AvalonBay Communities, Inc.
|
|
|
137,875
|
|
|
$
|
14,344,515
|
|
|
|
Boston Properties, Inc.
|
|
|
175,171
|
|
|
|
13,813,985
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,158,500
|
|
|
|
|
|
|
|
Road
& Rail 0.5%
|
|
CSX Corp.
|
|
|
323,485
|
|
|
$
|
18,131,334
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,131,334
|
|
|
|
|
|
|
|
Semiconductors
& Semiconductor Equipment 0.8%
|
|
ASML Holding NV ADR
|
|
|
483,831
|
|
|
$
|
15,801,920
|
|
|
|
Intel Corp.
|
|
|
590,272
|
|
|
|
13,475,910
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,277,830
|
|
|
|
|
|
|
|
Software 2.3%
|
|
Microsoft Corp.
|
|
|
1,380,441
|
|
|
$
|
42,158,668
|
|
|
|
Oracle Corp.
|
|
|
1,036,532
|
|
|
|
26,783,987
|
|
|
|
SAP AG
|
|
|
306,172
|
|
|
|
14,772,208
|
|
|
|
|
|
|
|
|
|
|
|
$
|
83,714,863
|
|
|
|
|
|
|
See
notes to financial statements
6
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
PORTFOLIO OF
INVESTMENTS (Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Specialty
Retail 3.2%
|
|
Best Buy Co., Inc.
|
|
|
629,772
|
|
|
$
|
28,717,603
|
|
|
|
Gap, Inc. (The)
|
|
|
429,067
|
|
|
|
10,610,827
|
|
|
|
Hennes & Mauritz AB
|
|
|
310,367
|
|
|
|
19,804,098
|
|
|
|
Home Depot, Inc.
|
|
|
847,834
|
|
|
|
29,886,149
|
|
|
|
Staples, Inc.
|
|
|
649,346
|
|
|
|
15,279,111
|
|
|
|
TJX Companies, Inc. (The)
|
|
|
290,365
|
|
|
|
13,455,514
|
|
|
|
|
|
|
|
|
|
|
|
$
|
117,753,302
|
|
|
|
|
|
|
|
Textiles,
Apparel & Luxury Goods 1.5%
|
|
LVMH Moet Hennessy Louis Vuitton SA
|
|
|
296,996
|
|
|
$
|
34,178,614
|
|
|
|
NIKE, Inc., Class B
|
|
|
250,971
|
|
|
|
19,051,208
|
|
|
|
|
|
|
|
|
|
|
|
$
|
53,229,822
|
|
|
|
|
|
|
|
Tobacco 0.8%
|
|
British American Tobacco PLC
|
|
|
475,533
|
|
|
$
|
14,985,865
|
|
|
|
Philip Morris International, Inc.
|
|
|
261,544
|
|
|
|
12,836,580
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,822,445
|
|
|
|
|
|
|
|
Wireless
Telecommunication Services 2.7%
|
|
American Tower Corp.,
Class A(1)
|
|
|
191,051
|
|
|
$
|
7,796,791
|
|
|
|
Rogers Communications, Inc., Class B
|
|
|
660,201
|
|
|
|
23,509,758
|
|
|
|
Vodafone Group PLC
|
|
|
29,346,067
|
|
|
|
65,686,584
|
|
|
|
|
|
|
|
|
|
|
|
$
|
96,993,133
|
|
|
|
|
|
|
|
|
Total
Common Stocks
|
|
|
(identified
cost $3,510,833,506)
|
|
$
|
3,603,802,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments 0.6%
|
|
|
|
Interest
|
|
|
|
|
|
|
Description
|
|
(000s
omitted)
|
|
|
Value
|
|
|
|
|
|
Eaton Vance Cash Reserves Fund, LLC,
0.19%(2)
|
|
$
|
20,919
|
|
|
$
|
20,919,403
|
|
|
|
|
|
|
|
|
Total
Short-Term Investments
|
|
|
(identified
cost $20,919,403)
|
|
$
|
20,919,403
|
|
|
|
|
|
|
|
|
Total
Investments 99.6%
|
|
|
(identified
cost $3,531,752,909)
|
|
$
|
3,624,721,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Call Options
Written (0.2)%
|
|
|
|
Number of
|
|
|
Strike
|
|
|
Expiration
|
|
|
|
|
|
|
Description
|
|
Contracts
|
|
|
Price
|
|
|
Date
|
|
|
Value
|
|
|
|
|
|
Dow Jones Euro Stoxx 50 Index
|
|
|
123,700
|
|
|
EUR
|
3,000
|
|
|
|
5/21/10
|
|
|
$
|
(757,622
|
)
|
|
|
FTSE 100 Index
|
|
|
35,750
|
|
|
GBP
|
5,775
|
|
|
|
5/21/10
|
|
|
|
(847,839
|
)
|
|
|
S&P 500 Index
|
|
|
2,790
|
|
|
$
|
1,205
|
|
|
|
5/22/10
|
|
|
|
(3,208,500
|
)
|
|
|
S&P 500 Index
|
|
|
4,995
|
|
|
$
|
1,215
|
|
|
|
5/22/10
|
|
|
|
(4,095,900
|
)
|
|
|
SMI Index
|
|
|
17,200
|
|
|
CHF
|
7,000
|
|
|
|
5/21/10
|
|
|
|
(94,299
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total
Call Options Written
|
|
|
|
|
|
|
(premiums
received $28,090,130)
|
|
$
|
(9,004,160
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities 0.6%
|
|
$
|
22,708,225
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets 100.0%
|
|
$
|
3,638,425,587
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets.
ADR - American Depositary Receipt
CHF - Swiss Franc
EUR - Euro
GBP - British Pound Sterling
|
|
|
(1)
|
|
Non-income producing security. |
|
(2)
|
|
Affiliated investment company available to Eaton Vance
portfolios and funds which invests in high quality, U.S. dollar
denominated money market instruments. The rate shown is the
annualized seven-day yield as of April 30, 2010. Net income
allocated from the investment in Eaton Vance Cash Reserves Fund,
LLC and Cash Management Portfolio, another affiliated investment
company, for the six months ended April 30, 2010 was
$12,504 and $0, respectively. |
See
notes to financial statements
7
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
PORTFOLIO OF
INVESTMENTS (Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Country
Concentration of Portfolio
|
|
|
|
Percentage
|
|
|
|
|
|
|
Country
|
|
of Net
Assets
|
|
|
Value
|
|
|
|
|
|
United States
|
|
|
45.0
|
%
|
|
$
|
1,636,592,944
|
|
|
|
United Kingdom
|
|
|
15.2
|
|
|
|
554,920,846
|
|
|
|
Switzerland
|
|
|
8.4
|
|
|
|
305,295,194
|
|
|
|
France
|
|
|
7.2
|
|
|
|
261,828,468
|
|
|
|
Germany
|
|
|
5.9
|
|
|
|
216,273,538
|
|
|
|
Netherlands
|
|
|
3.5
|
|
|
|
129,144,597
|
|
|
|
Canada
|
|
|
3.0
|
|
|
|
108,286,987
|
|
|
|
Italy
|
|
|
2.5
|
|
|
|
90,932,226
|
|
|
|
Spain
|
|
|
2.1
|
|
|
|
76,061,761
|
|
|
|
Australia
|
|
|
1.8
|
|
|
|
64,849,339
|
|
|
|
Brazil
|
|
|
1.3
|
|
|
|
45,520,694
|
|
|
|
Sweden
|
|
|
1.1
|
|
|
|
42,280,883
|
|
|
|
Israel
|
|
|
0.5
|
|
|
|
18,680,780
|
|
|
|
Ireland
|
|
|
0.5
|
|
|
|
17,838,891
|
|
|
|
Finland
|
|
|
0.5
|
|
|
|
17,759,023
|
|
|
|
Norway
|
|
|
0.4
|
|
|
|
15,155,628
|
|
|
|
Luxembourg
|
|
|
0.4
|
|
|
|
12,902,912
|
|
|
|
Panama
|
|
|
0.3
|
|
|
|
10,396,811
|
|
|
|
|
|
Total Investments
|
|
|
99.6
|
%
|
|
$
|
3,624,721,522
|
|
|
|
|
|
See
notes to financial statements
8
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
FINANCIAL
STATEMENTS (Unaudited)
Statement
of Assets and Liabilities
|
|
|
|
|
|
|
As of
April 30, 2010
|
|
|
|
|
|
|
Assets
|
|
Unaffiliated investments, at value
(identified cost, $3,510,833,506)
|
|
$
|
3,603,802,119
|
|
|
|
Affiliated investment, at value
(identified cost, $20,919,403)
|
|
|
20,919,403
|
|
|
|
Restricted cash*
|
|
|
9,240,603
|
|
|
|
Foreign currency, at value (identified cost, $866,930)
|
|
|
865,215
|
|
|
|
Dividends receivable
|
|
|
5,687,836
|
|
|
|
Interest receivable from affiliated investment
|
|
|
730
|
|
|
|
Tax reclaims receivable
|
|
|
10,654,073
|
|
|
|
|
|
Total assets
|
|
$
|
3,651,169,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Written options outstanding, at value
(premiums received, $28,090,130)
|
|
$
|
9,004,160
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
3,031,831
|
|
|
|
Trustees fees
|
|
|
4,208
|
|
|
|
Accrued expenses
|
|
|
704,193
|
|
|
|
|
|
Total liabilities
|
|
$
|
12,744,392
|
|
|
|
|
|
Net Assets
|
|
$
|
3,638,425,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 304,738,520 shares issued and outstanding
|
|
$
|
3,047,385
|
|
|
|
Additional paid-in capital
|
|
|
4,867,881,683
|
|
|
|
Accumulated net realized loss
|
|
|
(1,113,830,908
|
)
|
|
|
Accumulated distributions in excess of net investment income
|
|
|
(230,969,898
|
)
|
|
|
Net unrealized appreciation
|
|
|
112,297,325
|
|
|
|
|
|
Net Assets
|
|
$
|
3,638,425,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value
|
|
($3,638,425,587
¸
304,738,520 common shares issued and outstanding)
|
|
$
|
11.94
|
|
|
|
|
|
|
|
*
|
Represents
restricted cash on deposit at the custodian for written options.
|
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
|
April 30,
2010
|
|
|
|
|
|
|
Investment
Income
|
|
Dividends (net of foreign taxes, $3,499,262)
|
|
$
|
48,416,652
|
|
|
|
Interest income allocated from affiliated investments
|
|
|
46,900
|
|
|
|
Expenses allocated from affiliated investments
|
|
|
(34,396
|
)
|
|
|
|
|
Total investment income
|
|
$
|
48,429,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
18,212,044
|
|
|
|
Trustees fees and expenses
|
|
|
25,250
|
|
|
|
Custodian fee
|
|
|
684,406
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
4,688
|
|
|
|
Legal and accounting services
|
|
|
82,779
|
|
|
|
Printing and postage
|
|
|
351,577
|
|
|
|
Miscellaneous
|
|
|
179,205
|
|
|
|
|
|
Total expenses
|
|
$
|
19,539,949
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of custodian fee
|
|
$
|
164
|
|
|
|
|
|
Total expense reductions
|
|
$
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
19,539,785
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
28,889,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
(34,546,519
|
)
|
|
|
Investment transactions allocated from affiliated investments
|
|
|
(278,830
|
)
|
|
|
Written options
|
|
|
(33,360,263
|
)
|
|
|
Foreign currency transactions
|
|
|
(833,025
|
)
|
|
|
|
|
Net realized loss
|
|
$
|
(69,018,637
|
)
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments
|
|
$
|
203,475,390
|
|
|
|
Written options
|
|
|
(11,323,833
|
)
|
|
|
Foreign currency
|
|
|
(593,521
|
)
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
191,558,036
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain
|
|
$
|
122,539,399
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
151,428,770
|
|
|
|
|
|
See
notes to financial statements
9
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
FINANCIAL
STATEMENTS CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
Increase
(Decrease)
|
|
April 30,
2010
|
|
|
Year Ended
|
|
|
|
in Net Assets
|
|
(Unaudited)
|
|
|
October 31,
2009
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
28,889,371
|
|
|
$
|
77,622,557
|
|
|
|
Net realized loss from investment transactions, written options
and foreign currency transactions
|
|
|
(69,018,637
|
)
|
|
|
(684,085,742
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency
|
|
|
191,558,036
|
|
|
|
1,168,551,824
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
151,428,770
|
|
|
$
|
562,088,639
|
|
|
|
|
|
Distributions to shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(259,859,269
|
)*
|
|
$
|
(77,467,818
|
)
|
|
|
Tax return of capital
|
|
|
|
|
|
|
(496,873,431
|
)
|
|
|
|
|
Total distributions
|
|
$
|
(259,859,269
|
)
|
|
$
|
(574,341,249
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
$
|
27,127,566
|
|
|
$
|
2,623,971
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
27,127,566
|
|
|
$
|
2,623,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(81,302,933
|
)
|
|
$
|
(9,628,639
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
|
|
At beginning of period
|
|
$
|
3,719,728,520
|
|
|
$
|
3,729,357,159
|
|
|
|
|
|
At end of period
|
|
$
|
3,638,425,587
|
|
|
$
|
3,719,728,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
distributions
in excess of net
investment income
included in net assets
|
|
At end of period
|
|
$
|
(230,969,898
|
)
|
|
$
|
|
|
|
|
|
|
|
|
*
|
A portion of the
distributions may be deemed a tax return of capital at year-end.
See Note 2.
|
See
notes to financial statements
10
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
FINANCIAL
STATEMENTS CONTD
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Year Ended
October 31,
|
|
|
|
|
|
|
|
|
April 30,
2010
|
|
|
|
|
|
Period Ended
|
|
|
|
|
|
(Unaudited)
|
|
|
2009
|
|
|
2008
|
|
|
October 31,
2007(1)
|
|
|
|
|
Net asset value Beginning of period
|
|
$
|
12.300
|
|
|
$
|
12.340
|
|
|
$
|
19.590
|
|
|
$
|
19.100
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) From Operations
|
|
Net investment
income(3)
|
|
$
|
0.095
|
|
|
$
|
0.257
|
|
|
$
|
0.378
|
|
|
$
|
1.096
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
0.403
|
|
|
|
1.603
|
|
|
|
(5.728
|
)
|
|
|
0.349
|
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
0.498
|
|
|
$
|
1.860
|
|
|
$
|
(5.350
|
)
|
|
$
|
1.445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
Distributions
|
|
From net investment income
|
|
$
|
(0.858
|
)*
|
|
$
|
(0.256
|
)
|
|
$
|
(0.464
|
)
|
|
$
|
(0.950
|
)
|
|
|
Tax return of capital
|
|
|
|
|
|
|
(1.644
|
)
|
|
|
(1.436
|
)
|
|
|
|
|
|
|
|
|
Total distributions
|
|
$
|
(0.858
|
)
|
|
$
|
(1.900
|
)
|
|
$
|
(1.900
|
)
|
|
$
|
(0.950
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offering costs charged to paid-in
capital(3)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.005
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period
|
|
$
|
11.940
|
|
|
$
|
12.300
|
|
|
$
|
12.340
|
|
|
$
|
19.590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period
|
|
$
|
12.220
|
|
|
$
|
12.060
|
|
|
$
|
10.450
|
|
|
$
|
17.330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value(4)
|
|
|
3.98
|
%(5)
|
|
|
21.14
|
%
|
|
|
(29.21
|
)%
|
|
|
7.80
|
%(5)(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value(4)
|
|
|
8.63
|
%(5)
|
|
|
40.26
|
%
|
|
|
(32.23
|
)%
|
|
|
(4.64
|
)%(5)(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets, end of period (000s omitted)
|
|
$
|
3,638,426
|
|
|
$
|
3,719,729
|
|
|
$
|
3,729,357
|
|
|
$
|
5,921,396
|
|
|
|
Ratios (as a percentage of average daily net assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses(7)
|
|
|
1.06
|
%(8)
|
|
|
1.06
|
%
|
|
|
1.07
|
%
|
|
|
1.06
|
%(8)
|
|
|
Net investment income
|
|
|
1.56
|
%(8)
|
|
|
2.25
|
%
|
|
|
2.23
|
%
|
|
|
8.47
|
%(8)
|
|
|
Portfolio Turnover
|
|
|
8
|
%(5)
|
|
|
44
|
%
|
|
|
86
|
%
|
|
|
142
|
%(5)
|
|
|
|
|
|
|
|
(1)
|
|
For the period from the start of business, February 27,
2007, to October 31, 2007. |
|
(2)
|
|
Net asset value at beginning of period reflects the deduction of
the sales load of $0.90 per share paid by the shareholder from
the $20.00 offering price. |
|
(3)
|
|
Computed using average shares outstanding. |
|
(4)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested. |
|
(5)
|
|
Not annualized. |
|
(6)
|
|
Total investment return on net asset value is calculated
assuming a purchase at the offering price of $20.00 less the
sales load of $0.90 per share paid by the shareholder on the
first day and a sale at the net asset value on the last day of
the period reported with all distributions reinvested. Total
investment return on market value is calculated assuming a
purchase at the offering price of $20.00 less the sales load of
$0.90 per share paid by the shareholder on the first day and a
sale at the current market price on the last day of the period
reported with all distributions reinvested. |
|
(7)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%. |
|
(8)
|
|
Annualized. |
|
|
* |
A portion of the distributions may be deemed a tax return of
capital at year-end. See Note 2.
|
See
notes to financial statements
11
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
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
Funds primary investment objective is to provide current
income and gains, with a secondary objective of capital
appreciation. The Fund pursues its investment objectives by
investing primarily in a diversified portfolio of domestic and
foreign common stocks. Under normal market conditions, the Fund
seeks to generate current earnings in part by employing an
options strategy of writing index call options with respect to a
portion of its common stock portfolio.
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.
A Investment
Valuation Equity securities (including common
shares of closed-end investment companies) listed on a U.S.
securities exchange generally are valued at the last sale price
on the day of valuation or, if no sales took place on such date,
at the mean between the closing bid and asked prices therefore
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 asked prices or, in
the case of preferred equity securities that are not listed or
traded in the over-the-counter market, by a third party pricing
service that will use various techniques that consider factors
including, but not limited to, prices or yields of securities
with similar characteristics, benchmark yields, broker/dealer
quotes, quotes of underlying common stock, issuer spreads, as
well as industry and economic events. Exchange-traded options
are valued at the last sale price for the day of valuation as
quoted on any exchange on which the option is listed or, in the
absence of sales on such date, at the mean between the closing
bid and asked prices therefore as reported by the Options Price
Reporting Authority.
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 time until option expiration. Short-term debt
securities with a remaining maturity of sixty days or less are
generally valued at amortized cost, which approximates market
value. 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
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. 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 securitys value, or
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 all 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 securitys 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 companys or entitys financial
condition, and an evaluation of the forces that influence the
issuer and the market(s) in which the security is purchased and
sold.
The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash
Reserves Fund), an affiliated investment company managed by
Eaton Vance Management (EVM). Cash Reserves Fund generally
values its investment securities utilizing the amortized cost
valuation technique in accordance with
Rule 2a-7
under the 1940 Act. This technique involves initially valuing a
portfolio security at its cost and thereafter assuming a
constant amortization to maturity of any discount or premium. If
amortized cost is determined not to approximate fair value, Cash
Reserves Fund may value its investment securities based on
available market quotations provided by a third party pricing
service.
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,
12
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
NOTES TO FINANCIAL
STATEMENTS (Unaudited) CONTD
certain dividends from foreign securities are recorded as the
Fund is informed of the ex-dividend date. Withholding taxes on
foreign dividends and capital gains have been provided for in
accordance with the Funds understanding of the applicable
countries tax rules and rates. Interest income is recorded
on the basis of interest accrued, adjusted for amortization of
premium or accretion of discount.
D Federal
Taxes The Funds 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.
At October 31, 2009, the Fund, for federal income tax
purposes, had a capital loss carryforward of $1,021,338,213
which will 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 will 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. Such capital loss carryforward will expire
on October 31, 2015 ($343,361,757), October 31, 2016
($14,048,943) and October 31, 2017 ($663,927,513).
As of April 30, 2010, the Fund had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Funds federal
tax returns filed since the start of business on
February 27, 2007 to October 31, 2009 remains subject
to examination by the Internal Revenue Service.
E Expense
Reduction State Street Bank and
Trust Company (SSBT) serves as custodian of the Fund.
Pursuant to the custodian agreement, SSBT receives a fee reduced
by credits, which are determined based on the average daily cash
balance the Fund maintains with SSBT. All credit balances, if
any, used to reduce the Funds custodian fees are reported
as a reduction of expenses in the Statement of Operations.
F 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.
G Use
of Estimates The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America 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.
H Indemnifications
Under the Funds 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
Funds 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 Funds 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.
I 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 Funds 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. 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.
13
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
NOTES TO FINANCIAL
STATEMENTS (Unaudited) CONTD
J Purchased
Options Upon the purchase of a call or put
option, the premium paid by the Fund is included in the
Statement of Assets and Liabilities as an investment. The amount
of the investment is subsequently
marked-to-market
to reflect the current market value of the option purchased, in
accordance with the Funds policies on investment
valuations discussed above. If an option which the Fund had
purchased expires on the stipulated expiration date, the Fund
will realize a loss in the amount of the cost of the option. If
the Fund enters into a closing sale transaction, the Fund will
realize a gain or loss, depending on whether the sales proceeds
from the closing sale transaction are greater or less than the
cost of the option. If the Fund exercises a put option, it will
realize a gain or loss from the sale of the underlying security,
and the proceeds from such sale will be decreased by the premium
originally paid. If the Fund exercises a call option, the cost
of the security which the Fund purchases upon exercise will be
increased by the premium originally paid. The risk associated
with purchasing options is limited to the premium originally
paid.
K Interim
Financial Statements The interim financial
statements relating to April 30, 2010 and for the six
months then ended have not been audited by an independent
registered public accounting firm, but in the opinion of the
Funds management, reflect all adjustments, consisting only
of normal recurring adjustments, necessary for the fair
presentation of the financial statements.
2 Distributions
to Shareholders
Subject to its Managed Distribution Plan, the Fund intends to
make quarterly distributions from its cash available for
distribution, which consists of the Funds 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 (reduced by available
capital loss carryforwards from prior years, if any).
Distributions are recorded on the ex-dividend date. The Fund
distinguishes between distributions on a tax basis and a
financial reporting basis. Accounting principles generally
accepted in the United States of America require that only
distributions in excess of tax basis earnings and profits be
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, 2010, the amount of
distributions estimated to be a tax return of capital was
approximately $237,436,000. The final determination of tax
characteristics of the Funds distributions will occur at
the end of the year, at which time it will be reported to the
shareholders.
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 its 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 the
Trustees and shareholders. Prior to its liquidation in
February 2010, the portion of the adviser fee payable by
Cash Management Portfolio, another affiliated investment
company, on the Funds investment of cash therein was
credited against the Funds investment adviser fee. EVM
does not currently receive a fee for advisory services provided
to Cash Reserves Fund. For the six months ended April 30,
2010, the Funds investment adviser fee totaled $18,239,957
of which $27,913 was allocated from Cash Management Portfolio
and $18,212,044 was paid or accrued directly by the Fund. For
the six months ended April 30, 2010, the Funds
investment adviser fee, including the portion allocated from
Cash Management Portfolio, was 0.98% (annualized) of the
Funds average daily gross assets. EVM also serves as
administrator of the Fund, but receives no compensation.
Except for Trustees of the Fund who are not members of
EVMs organization, officers and Trustees 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, 2010, 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 $304,906,239 and $531,885,820,
respectively, for the six months ended April 30, 2010.
5 Common
Shares of Beneficial Interest
Common shares issued pursuant to the Funds dividend
reinvestment plan for the six months ended April 30, 2010
and the year ended October 31, 2009 were 2,240,321 and
213,331, respectively.
14
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
NOTES TO FINANCIAL
STATEMENTS (Unaudited) CONTD
6 Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Fund at April 30, 2010, as determined on
a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
3,532,339,004
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
462,020,203
|
|
|
|
Gross unrealized depreciation
|
|
|
(369,637,685
|
)
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
92,382,518
|
|
|
|
|
|
7 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
written call options at April 30, 2010 is included in the
Portfolio of Investments.
Written call options activity for the six months ended
April 30, 2010 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
Premiums
|
|
|
|
|
|
Contracts
|
|
|
Received
|
|
|
|
|
Outstanding, beginning of period
|
|
|
120,589
|
|
|
$
|
42,754,859
|
|
|
|
Options written
|
|
|
1,026,876
|
|
|
|
196,111,236
|
|
|
|
Options terminated in closing purchase transactions
|
|
|
(850,851
|
)
|
|
|
(186,611,906
|
)
|
|
|
Options expired
|
|
|
(112,179
|
)
|
|
|
(24,164,059
|
)
|
|
|
|
|
Outstanding, end of period
|
|
|
184,435
|
|
|
$
|
28,090,130
|
|
|
|
|
|
All of the assets of the Fund are subject to segregation to
satisfy the requirements of the escrow agent. At April 30,
2010, 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 generally intends
to write 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 price of the underlying
index decline. The Fund is not subject to counterparty credit
risk with respect to its written options as the Fund, not the
counterparty, is obligated to perform under
such derivatives.
The fair value of 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, 2010 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value
|
|
|
|
Derivative
|
|
Asset
Derivatives
|
|
|
Liability
Derivatives(1)
|
|
|
|
|
Written options
|
|
$
|
|
|
|
$
|
9,004,160
|
|
|
|
|
|
|
(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, 2010 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
Realized Gain
|
|
|
Appreciation
|
|
|
|
|
|
(Loss) on
|
|
|
(Depreciation)
on
|
|
|
|
|
|
Derivatives
|
|
|
Derivatives
|
|
|
|
|
|
Recognized in
|
|
|
Recognized in
|
|
|
|
Derivative
|
|
Income(1)
|
|
|
Income(2)
|
|
|
|
|
Written options
|
|
$
|
(33,360,263
|
)
|
|
$
|
(11,323,833
|
)
|
|
|
|
|
|
(1)
|
|
Statement of Operations location: Net realized gain
(loss) Written options. |
|
(2)
|
|
Statement of Operations location: Change in unrealized
appreciation (depreciation) Written options. |
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 stock 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.
15
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund as
of April 30, 2010
NOTES TO FINANCIAL
STATEMENTS (Unaudited) CONTD
9 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 funds own assumptions in determining the fair
value of investments)
|
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, 2010, the inputs used in valuing the
Funds investments, which are carried at value, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
Significant
|
|
|
|
|
|
|
|
|
|
|
|
Markets for
|
|
|
Other
|
|
|
Significant
|
|
|
|
|
|
|
|
|
Identical
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
|
|
|
|
|
|
|
Asset
Description
|
|
(Level
1)
|
|
|
(Level
2)
|
|
|
(Level
3)
|
|
|
Total
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
199,889,199
|
|
|
$
|
72,596,725
|
|
|
$
|
|
|
|
$
|
272,485,924
|
|
|
|
Consumer Staples
|
|
|
166,628,990
|
|
|
|
281,099,487
|
|
|
|
|
|
|
|
447,728,477
|
|
|
|
Energy
|
|
|
199,502,493
|
|
|
|
295,083,901
|
|
|
|
|
|
|
|
494,586,394
|
|
|
|
Financials
|
|
|
446,058,540
|
|
|
|
289,289,507
|
|
|
|
|
|
|
|
735,348,047
|
|
|
|
Health Care
|
|
|
228,775,899
|
|
|
|
213,389,450
|
|
|
|
|
|
|
|
442,165,349
|
|
|
|
Industrials
|
|
|
186,074,437
|
|
|
|
128,165,727
|
|
|
|
|
|
|
|
314,240,164
|
|
|
|
Information Technology
|
|
|
328,870,724
|
|
|
|
37,248,993
|
|
|
|
|
|
|
|
366,119,717
|
|
|
|
Materials
|
|
|
164,589,471
|
|
|
|
12,902,912
|
|
|
|
|
|
|
|
177,492,383
|
|
|
|
Telecommunication Services
|
|
|
65,709,827
|
|
|
|
111,666,347
|
|
|
|
|
|
|
|
177,376,174
|
|
|
|
Utilities
|
|
|
39,776,820
|
|
|
|
136,482,670
|
|
|
|
|
|
|
|
176,259,490
|
|
|
|
|
|
Total Common Stocks
|
|
$
|
2,025,876,400
|
|
|
$
|
1,577,925,719*
|
|
|
$
|
|
|
|
$
|
3,603,802,119
|
|
|
|
|
|
Short-Term Investments
|
|
$
|
|
|
|
$
|
20,919,403
|
|
|
$
|
|
|
|
$
|
20,919,403
|
|
|
|
|
|
Total Investments
|
|
$
|
2,025,876,400
|
|
|
$
|
1,598,845,122
|
|
|
$
|
|
|
|
$
|
3,624,721,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Call Options Written
|
|
$
|
(9,004,160
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(9,004,160
|
)
|
|
|
|
|
Total
|
|
$
|
(9,004,160
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(9,004,160
|
)
|
|
|
|
|
|
|
|
*
|
|
Includes foreign equity securities whose values were adjusted to
reflect market trading that occurred after the close of trading
in their applicable foreign markets. |
The Fund held no investments or other financial instruments as
of October 31, 2009 whose fair value was determined using
Level 3 inputs.
16
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Overview
of the Contract Review Process
The Investment Company Act of 1940, as amended (the 1940
Act), provides, in substance, that each investment
advisory agreement between a fund and its investment adviser
will continue in effect from year to year only if its
continuance is approved at least annually by the funds
board of trustees, including by a vote of 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 of the Boards of Trustees (each a
Board) of the Eaton Vance group of mutual funds (the
Eaton Vance Funds) held on April 26, 2010, the
Board, including a majority of the Independent Trustees, voted
to approve continuation of existing advisory and
sub-advisory
agreements for the Eaton Vance Funds for an additional
one-year
period. In voting its approval, the Board relied upon the
affirmative recommendation of the Contract Review Committee of
the Board, which is a committee comprised exclusively of
Independent Trustees. Prior to making its recommendation, the
Contract Review Committee reviewed information furnished for a
series of meetings of the Contract Review Committee held between
February and April 2010. Such information included, among
other things, the following:
Information
about Fees, Performance and Expenses
|
|
|
|
|
An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds;
|
|
|
An independent report comparing each funds total expense
ratio and its components to comparable funds;
|
|
|
An independent report comparing the investment performance of
each fund (including yield where relevant) to the investment
performance of comparable funds over various time periods;
|
|
|
Data regarding investment performance in comparison to relevant
peer groups of similarly managed funds and appropriate indices;
|
|
|
For each fund, comparative information concerning the fees
charged and the services provided by each adviser in managing
other mutual funds and institutional accounts using investment
strategies and techniques similar to those used in managing such
fund;
|
|
|
Profitability analyses for each adviser with respect to each
fund;
|
Information
about Portfolio Management
|
|
|
|
|
Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel;
|
|
|
Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds;
|
|
|
Data relating to portfolio turnover rates of each fund;
|
|
|
The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes;
|
Information
about each Adviser
|
|
|
|
|
Reports detailing the financial results and condition of each
adviser;
|
|
|
Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts;
|
|
|
Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes;
|
|
|
Copies of or descriptions of each advisers policies and
procedures relating to proxy voting, the handling of corporate
actions and class actions;
|
|
|
Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions;
|
|
|
Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates;
|
|
|
A description of Eaton Vance Managements procedures for
overseeing third party advisers and
sub-advisers;
|
Other
Relevant Information
|
|
|
|
|
Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates;
|
|
|
Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and
|
|
|
The terms of each advisory agreement.
|
17
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT CONTD
In addition to the information identified above, the Contract
Review Committee considered information provided from time to
time by each adviser throughout the year at meetings of the
Board and its committees. Over the course of the twelve-month
period ended April 30, 2010, with respect to one or more
Funds, the Board met ten times and the Contract Review
Committee, the Audit Committee, the Governance Committee, the
Portfolio Management Committee and the Compliance Reports and
Regulatory Matters Committee, each of which is a Committee
comprised solely of Independent Trustees, met nine, thirteen,
three, eight and fifteen times, respectively. At such meetings,
the Trustees received, among other things, presentations by the
portfolio managers and other investment professionals of each
adviser relating to the investment performance of each fund and
the investment strategies used in pursuing the funds
investment objective, as well as trading policies and procedures
and risk management techniques.
For funds that invest through one or more underlying portfolios,
the Board considered similar information about the portfolio(s)
when considering the approval of advisory agreements. In
addition, in cases where the funds investment adviser has
engaged a
sub-adviser,
the Board considered similar information about the
sub-adviser
when considering the approval of any
sub-advisory
agreement.
The Contract Review Committee was assisted throughout the
contract review process by Goodwin Procter LLP, legal counsel
for the Independent Trustees. The members of the Contract Review
Committee relied upon the advice of such counsel and their own
business judgment in determining the material factors to be
considered in evaluating each advisory and
sub-advisory
agreement and the weight to be given to each such factor. The
conclusions reached with respect to each 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 advisory and
sub-advisory
agreement.
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 continuance of the investment advisory
agreement of Eaton Vance Tax-Managed Global Diversified Equity
Income Fund (the Fund) with Eaton Vance Management
(the Adviser), including its fee structure, is in
the interests of shareholders and, therefore, the Contract
Review Committee recommended to the Board approval of the
agreement. The Board accepted the recommendation of the Contract
Review Committee as well as the factors considered and
conclusions reached by the Contract Review Committee with
respect to the agreement. Accordingly, the Board, including a
majority of the Independent Trustees, voted to approve
continuation of the investment advisory agreement for the Fund.
Nature,
Extent and Quality of Services
In considering whether to approve the investment advisory
agreement of the Fund, the Board evaluated the nature, extent
and quality of services provided to the Fund by the Adviser.
The Board considered the Advisers management capabilities
and investment process with respect to the types of investments
held by the Fund, including the education, experience and number
of its investment professionals and other personnel who provide
portfolio management, investment research, and similar services
to the Fund. The Board evaluated the abilities and experience of
such investment personnel in analyzing factors such as tax
efficiency and special considerations relevant to investing in
stocks and selling call options on various indexes. The Board
also took into account the resources dedicated to portfolio
management and other services, including the compensation
methods of the Adviser to recruit and retain investment
personnel, and the time and attention devoted to the Fund by
senior management.
The Board also reviewed the compliance programs of the Adviser
and relevant affiliates thereof. Among other matters, the Board
considered compliance and reporting matters relating to personal
trading by investment personnel, selective disclosure of
portfolio holdings, late trading, frequent trading, portfolio
valuation, business continuity and the allocation of investment
opportunities. The Board also evaluated 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 family of funds.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services
provided by the Adviser, taken as a whole, are appropriate and
consistent with the terms of the investment advisory agreement.
18
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT CONTD
Fund Performance
The Board compared the Funds investment performance to a
relevant universe of comparable funds identified by an
independent data provider as well as a peer group of similarly
managed funds and appropriate benchmark indices. The Board
reviewed comparative performance data for the
one-year
period ended September 30, 2009 for the Fund. The Board
concluded that the performance of the Fund was satisfactory.
Management
Fees and Expenses
The Board reviewed contractual investment advisory fee rates
payable by the Fund (referred to as management
fees). As part of its review, the Board considered the
management fees and the Funds total expense ratio for the
year ended September 30, 2009 as compared to a group of
similarly managed funds selected by an independent data
provider. The Board also considered factors that had an impact
on Fund expense ratios, as identified by management in response
to inquiries from the Contract Review Committee, as well as
actions being taken to reduce expenses at the fund complex level.
After reviewing the foregoing information, and in light of the
nature, extent and quality of the services provided by the
Adviser, the Board concluded that the management fees charged
for advisory and related services are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser
and relevant affiliates thereof 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 with and without regard to revenue sharing or other
payments by the Adviser and its affiliates to third parties in
respect of distribution services. The Board also considered
other direct or indirect benefits received by the Adviser and
its affiliates in connection with its relationship with the
Fund, including the benefits of research services that may be
available to the Adviser as a result of securities transactions
effected for the Fund and other investment advisory clients.
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 are
reasonable.
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 the economies
of scale 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 and decreases. Based upon
the foregoing, the Board concluded that the benefits from
economies of scale are currently being shared equitably by the
Adviser and its affiliates and the Fund and that, assuming
reasonably foreseeable increases in the assets of the Fund, the
structure of the advisory fee, which includes breakpoints at
several asset levels, can be expected to cause the Adviser and
its affiliates and the Fund to continue to share such benefits
equitably.
19
Eaton Vance
Tax-Managed Global Diversified Equity Income
Fund
OFFICERS AND TRUSTEES
|
|
|
Officers Duncan W. Richardson President
Michael A. Allison Vice President
Thomas E. Faust Jr. Vice President and Trustee
Walter A. Row, III Vice President
Barbara E. Campbell Treasurer
Maureen A. Gemma Secretary and Chief Legal Officer
Paul M. ONeil Chief Compliance Officer
|
|
Trustees Ralph F. Verni Chairman
Benjamin C. Esty
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Heidi L. Steiger
Lynn A. Stout
|
Number of
Employees
The Fund is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a diversified, closed-end management investment company and
has no employees.
Number of
Shareholders
As of April 30, 2010, our records indicate that there are
183 registered shareholders and approximately 188,425
shareholders owning the Fund shares in street name, such as
through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our
reports directly, which contain important information about the
Fund, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
New York
Stock Exchange symbol
The New York Stock Exchange symbol is EXG.
20
IMPORTANT
NOTICE ABOUT 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 customers 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, Boston
Management and Research, and Eaton Vance Distributors, Inc.
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 customers account (i.e., fund
shares) is held in the name of a third-party financial
adviser/broker-dealer, it is likely that only such
advisers privacy policies apply to the customer. This
notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vances Privacy Policy,
please call
1-800-262-1122.
Investment
Adviser and Administrator of
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
Eaton Vance
Management
Two International
Place
Boston, MA 02110
Custodian
State Street
Bank and Trust Company
200 Clarendon
Street
Boston, MA 02116
Transfer
Agent
American Stock
Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
Two International Place
Boston, MA 02110
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer,
Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide
a copy of such code of ethics to any person upon request, without charge, by calling
1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of
Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President
and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as
Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an
institutional
investment management firm) and as a Senior Manager at Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public accounting firm).
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
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund
Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds
investment adviser and adopted the investment advisers proxy voting policies and procedures (the
Policies) which are described below. The Trustees will review the Funds proxy voting records
from time to time and will annually consider approving the Policies for the upcoming year. In the
event that a conflict of interest arises between the Funds shareholders and the investment
adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment
adviser will generally refrain from voting the proxies related to the companies giving rise to such
conflict until it consults with the Boards Contract Review Committee except as contemplated under
the Fund Policy. The Boards Contract Review Committee will instruct the investment adviser on the
appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders
and to align the interests of management with those shareholders. An independent proxy
voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to
assist in the voting of proxies through the provision of vote analysis, implementation and
recordkeeping and disclosure services. The investment adviser will generally vote proxies through
the Agent. The Agent is required to vote all proxies and/or refer then back to the investment
adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in
accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser
proxies relating to mergers and restructurings, and the disposition of assets, termination,
liquidation and mergers contained in mutual fund proxies. The investment adviser will normally
vote against anti-takeover measures and other proposals designed to limit the ability of
shareholders to act on possible transactions, except in the case of closed-end management
investment companies. The investment adviser generally supports management on social and
environmental proposals. The investment adviser may abstain from voting from time to time where it
determines that the costs associated with voting a proxy outweighs the benefits derived from
exercising the right to vote or the economic effect on shareholders interests or the value of the
portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of
interest between the Funds shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund by maintaining a list of significant existing and
prospective corporate clients. The investment advisers personnel responsible for reviewing and
voting proxies on behalf of
the Fund will report any proxy received or expected to be received from a company included on that
list to the personal of the investment adviser identified in the Policies. If such personnel
expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of
the Policies or the recommendation of the Agent, the personnel will consult with members of senior
management of the investment adviser to determine if a material conflict of interests exists. If
it is determined that a material conflict does exist, the investment adviser will seek instruction
on how to vote from the Contract Review Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent
12 month period ended June 30 is available (1) without charge, upon request, by calling
1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
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 registrants principal executive officer and principal
financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by
the registrant has been accumulated and communicated to the registrants principal executive
officer and principal financial officer in order to allow timely decisions regarding required
disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial
reporting.
Item 12. Exhibits
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(a)(1)
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Registrants Code of Ethics Not applicable (please see Item 2). |
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(a)(2)(i)
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Treasurers Section 302 certification. |
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(a)(2)(ii)
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Presidents Section 302 certification. |
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(b)
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Combined Section 906 certification. |
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(c)
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Registrants notices to shareholders pursuant to Registrants exemptive order granting an
exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions
paid pursuant to the Registrants 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
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By:
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/s/ Duncan W. Richardson
Duncan W. Richardson
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President |
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Date:
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June 8, 2010 |
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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.
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By:
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/s/ Barbara E. Campbell
Barbara E. Campbell
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Treasurer |
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Date:
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June 8, 2010 |
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By:
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/s/ Duncan W. Richardson
Duncan W. Richardson
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President |
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Date:
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June 8, 2010 |
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