Item 1. | Reports to Stockholders |
% Average Annual Total Returns1 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 02/27/2007 | 14.61% | 6.15% | 8.04% | 7.83% |
Fund at Market Price | — | 4.46 | (3.81) | 6.03 | 7.92 |
MSCI World Index | — | 12.26% | 3.18% | 8.13% | 8.70% |
Cboe S&P 500 BuyWrite IndexSM | — | 7.84 | (1.12) | 4.21 | 5.78 |
% Premium/Discount to NAV2 | |
As of period end | (8.97)% |
Distributions3 | |
Total Distributions per share for the period | $0.332 |
Distribution Rate at NAV | 7.73% |
Distribution Rate at Market Price | 8.50 |
1 | Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
1 | MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
3 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
Fund profile subject to change due to active management. | |
Important Notice to Shareholders | |
On January 26, 2023, the Fund’s Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the Fund’s By-Laws. |
Written Call Options (Exchange-Traded) — (0.4)% | |||||||
Description | Number of Contracts |
Notional Amount |
Exercise Price |
Expiration Date |
Value | ||
Dow Jones Euro STOXX 50 Index | 930 | EUR | 40,541,583 | EUR | 4,375 | 5/5/23 | $ (167,482) |
Dow Jones Euro STOXX 50 Index | 930 | EUR | 40,541,583 | EUR | 4,425 | 5/12/23 | (83,973) |
Dow Jones Euro STOXX 50 Index | 930 | EUR | 40,541,583 | EUR | 4,400 | 5/19/23 | (229,691) |
Dow Jones Euro STOXX 50 Index | 920 | EUR | 40,105,652 | EUR | 4,375 | 5/26/23 | (290,810) |
FTSE 100 Index | 990 | GBP | 77,918,643 | GBP | 8,000 | 5/19/23 | (186,317) |
Nikkei 225 Index | 140 | JPY | 4,039,901,600 | JPY | 28,125 | 5/2/23 | (768,710) |
Nikkei 225 Index | 150 | JPY | 4,328,466,000 | JPY | 29,000 | 5/12/23 | (210,557) |
Nikkei 225 Index | 140 | JPY | 4,039,901,600 | JPY | 29,125 | 5/19/23 | (222,279) |
Nikkei 225 Index | 140 | JPY | 4,039,901,600 | JPY | 29,125 | 5/26/23 | (223,366) |
S&P 500 Index | 169 | USD | 70,464,212 | USD | 4,180 | 5/1/23 | (126,750) |
S&P 500 Index | 169 | USD | 70,464,212 | USD | 4,160 | 5/3/23 | (554,320) |
S&P 500 Index | 170 | USD | 70,881,160 | USD | 4,160 | 5/5/23 | (694,450) |
S&P 500 Index | 171 | USD | 71,298,108 | USD | 4,150 | 5/8/23 | (855,000) |
S&P 500 Index | 170 | USD | 70,881,160 | USD | 4,190 | 5/10/23 | (542,300) |
S&P 500 Index | 170 | USD | 70,881,160 | USD | 4,225 | 5/12/23 | (341,700) |
S&P 500 Index | 170 | USD | 70,881,160 | USD | 4,200 | 5/15/23 | (545,700) |
S&P 500 Index | 170 | USD | 70,881,160 | USD | 4,200 | 5/17/23 | (601,800) |
S&P 500 Index | 171 | USD | 71,298,108 | USD | 4,190 | 5/19/23 | (758,385) |
S&P 500 Index | 170 | USD | 70,881,160 | USD | 4,200 | 5/22/23 | (697,000) |
S&P 500 Index | 171 | USD | 71,298,108 | USD | 4,140 | 5/24/23 | (1,398,780) |
S&P 500 Index | 170 | USD | 70,881,160 | USD | 4,200 | 5/26/23 | (762,156) |
Total | $(10,261,526) |
Abbreviations: | |
ADR | – American Depositary Receipt |
FTSE | – Financial Times Stock Exchange |
PC | – Participation Certificate |
REITs | – Real Estate Investment Trusts |
Currency Abbreviations: | |
EUR | – Euro |
GBP | – British Pound Sterling |
JPY | – Japanese Yen |
USD | – United States Dollar |
April 30, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,858,016,456) | $2,620,793,495 |
Affiliated investment, at value (identified cost $10,612,855) | 10,612,855 |
Cash | 1,036,371 |
Foreign currency, at value (identified cost $286) | 287 |
Dividends receivable | 4,494,032 |
Dividends receivable from affiliated investment | 11,028 |
Receivable for investments sold | 1,467,611 |
Receivable for premiums on written options | 1,276,332 |
Tax reclaims receivable | 3,051,396 |
Total assets | $2,642,743,407 |
Liabilities | |
Written options outstanding, at value (premiums received $11,242,929) | $10,261,526 |
Payable for closed written options | 606,826 |
Payable to affiliates: | |
Investment adviser fee | 2,122,269 |
Trustees' fees | 9,223 |
Accrued foreign capital gains taxes | 937,447 |
Accrued expenses | 938,994 |
Total liabilities | $14,876,285 |
Net Assets | $2,627,867,122 |
Sources of Net Assets | |
Common shares, $0.01 par value, unlimited number of shares authorized | $3,062,862 |
Additional paid-in capital | 1,967,430,438 |
Distributable earnings | 657,373,822 |
Net Assets | $2,627,867,122 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding | $8.58 |
Six Months Ended | |
April 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,582,111) | $25,509,537 |
Dividend income from affiliated investment | 263,712 |
Other income | 8,486,473 |
Total investment income | $34,259,722 |
Expenses | |
Investment adviser fee | $12,453,910 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 311,048 |
Transfer and dividend disbursing agent fees | 9,050 |
Legal and accounting services | 78,755 |
Printing and postage | 463,192 |
Miscellaneous | 172,785 |
Total expenses | $13,542,990 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $10,023 |
Total expense reductions | $10,023 |
Net expenses | $13,532,967 |
Net investment income | $20,726,755 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $5,215,597 |
Written options | (32,099,546) |
Foreign currency transactions | 167,538 |
Net realized loss | $(26,716,411) |
Change in unrealized appreciation (depreciation): | |
Investments (including net increase in accrued foreign capital gains taxes of $400,021) | $328,795,442 |
Written options | 13,246,409 |
Foreign currency | 315,090 |
Net change in unrealized appreciation (depreciation) | $342,356,941 |
Net realized and unrealized gain | $315,640,530 |
Net increase in net assets from operations | $336,367,285 |
Six Months Ended April 30, 2023 (Unaudited) |
Year Ended October 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $20,726,755 | $20,486,954 |
Net realized gain (loss) | (26,716,411) | 213,778,636 |
Net change in unrealized appreciation (depreciation) | 342,356,941 | (759,647,383) |
Net increase (decrease) in net assets from operations | $336,367,285 | $(525,381,793) |
Distributions to shareholders | $(101,625,748)* | $(248,779,255) |
Tax return of capital to shareholders | $— | $(3,720,982) |
Capital share transactions: | ||
Proceeds from shelf offering, net of offering costs (see Note 5) | $— | $3,013,774 |
Reinvestment of distributions | — | 13,507,132 |
Net increase in net assets from capital share transactions | $— | $16,520,906 |
Net increase (decrease) in net assets | $234,741,537 | $(761,361,124) |
Net Assets | ||
At beginning of period | $2,393,125,585 | $3,154,486,709 |
At end of period | $2,627,867,122 | $2,393,125,585 |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
Six Months Ended April 30, 2023 (Unaudited) |
Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $7.810 | $10.360 | $8.090 | $8.700 | $8.470 | $9.400 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.068 | $0.067 | $0.047 | $0.047 | $0.099 | $0.085 |
Net realized and unrealized gain (loss) | 1.034 | (1.790) | 2.984 | 0.082 | 0.899 | (0.103) |
Total income (loss) from operations | $1.102 | $(1.723) | $3.031 | $0.129 | $0.998 | $(0.018) |
Less Distributions | ||||||
From net investment income | $(0.332)* | $(0.164) | $(0.072) | $(0.045) | $(0.099) | $(0.078) |
From net realized gain | — | (0.651) | (0.493) | — | — | — |
Tax return of capital | — | (0.012) | (0.196) | (0.694) | (0.669) | (0.834) |
Total distributions | $(0.332) | $(0.827) | $(0.761) | $(0.739) | $(0.768) | $(0.912) |
Premium from common shares sold through shelf offering (see Note 5)(1) | $— | $0.000(2) | $0.000(2) | $— | $— | $— |
Net asset value — End of period | $8.580 | $7.810 | $10.360 | $8.090 | $8.700 | $8.470 |
Market value — End of period | $7.810 | $7.800 | $10.590 | $7.130 | $8.330 | $8.490 |
Total Investment Return on Net Asset Value(3) | 14.61%(4) | (17.25)% | 38.57% | 2.35% | 12.85% | (0.51)% |
Total Investment Return on Market Value(3) | 4.46%(4) | (19.15)% | 60.71% | (5.79)% | 7.79% | 0.36% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $2,627,867 | $2,393,126 | $3,154,487 | $2,449,271 | $2,633,939 | $2,563,917 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.08%(5)(6) | 1.07%(6) | 1.07% | 1.08% | 1.07% | 1.07% |
Net investment income | 1.65%(5) | 0.74% | 0.47% | 0.57% | 1.18% | 0.92% |
Portfolio Turnover | 13%(4) | 27% | 44% | 43% | 39% | 66% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $0.0005. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2023 and the year ended October 31, 2022). |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
Aggregate cost | $1,867,144,252 |
Gross unrealized appreciation | $842,180,280 |
Gross unrealized depreciation | (88,179,708) |
Net unrealized appreciation | $754,000,572 |
Average Daily Gross Assets | Annual Fee Rate |
Up to and including $1.5 billion | 1.000% |
Over $1.5 billion up to and including $3 billion | 0.980% |
Over $3 billion up to and including $5 billion | 0.960% |
Over $5 billion | 0.940% |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Written options | $ — | $(10,261,526) |
(1) | Statement of Assets and Liabilities location: Written options outstanding, at value. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Written options | $(32,099,546) | $13,246,409 |
(1) | Statement of Operations location: Net realized gain (loss): Written options. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Written options. |
Name | Value, beginning of period |
Purchases | Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $ — | $219,436,823 | $(208,823,968) | $ — | $ — | $10,612,855 | $263,712 | 10,612,855 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Communication Services | $ 138,268,287 | $ 3,687,659 | $ — | $ 141,955,946 |
Consumer Discretionary | 90,290,543 | 176,134,280 | — | 266,424,823 |
Consumer Staples | 151,206,381 | 114,120,199 | — | 265,326,580 |
Energy | 92,441,720 | — | — | 92,441,720 |
Financials | 204,909,594 | 196,499,579 | — | 401,409,173 |
Health Care | 161,055,029 | 267,394,681 | — | 428,449,710 |
Industrials | 121,677,761 | 253,877,916 | — | 375,555,677 |
Information Technology | 395,627,950 | 114,220,986 | — | 509,848,936 |
Materials | — | 38,688,917 | — | 38,688,917 |
Real Estate | 22,335,866 | — | — | 22,335,866 |
Utilities | 38,949,246 | 39,406,901 | — | 78,356,147 |
Total Common Stocks | $1,416,762,377 | $1,204,031,118* | $ — | $2,620,793,495 |
Short-Term Investments | $ 10,612,855 | $ — | $ — | $ 10,612,855 |
Total Investments | $1,427,375,232 | $ 1,204,031,118 | $ — | $2,631,406,350 |
Liability Description | Level 1 | Level 2 | Level 3 | Total |
Written Call Options | $ (7,878,341) | $ (2,383,185) | $ — | $ (10,261,526) |
Total | $ (7,878,341) | $ (2,383,185) | $ — | $ (10,261,526) |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Officers | |
R. Kelly Williams, Jr. President |
Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer |
Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
* | Interested Trustee |
(1) | Mr. Bowser began serving as Trustee effective January 4, 2023. |
(2) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information |
Does Eaton Vance share? |
Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing |
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? |
We collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates |
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Item 2. | Code of Ethics |
Not required in this filing.
Item 3. | Audit Committee Financial Expert |
Not required in this filing.
Item 4. | Principal Accountant Fees and Services |
Not required in this filing.
Item 5. | Audit Committee of Listed Registrants |
Not required in this filing.
Item 6. | Schedule of Investments |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not required in this filing.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not required in this filing.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
No such purchases this period.
Item 10. | Submission of Matters to a Vote of Security Holders |
No material changes.
Item 11. | Controls and Procedures |
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
No activity to report for the Registrant’s most recent fiscal year end.
Item 13. | Exhibits |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
President | ||
Date: | June 23, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | June 23, 2023 | |
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
President | ||
Date: | June 23, 2023 |