0001379438falseN-2N-CSRSThe 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. 0001379438 2023-11-01 2024-04-30 0001379438 cik0001379438:RisksAssociatedWithForeignInvestmentsMember 2023-11-01 2024-04-30 0001379438 cik0001379438:CommonSharesMember 2023-11-01 2024-04-30 xbrli:shares xbrli:pure
 
 
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)
 
 
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
 
 
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
 
 
(617)
482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2024
Date of Reporting Period
 
 
 
Item 1.
Reports to Stockholders
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund (EXG)
Semi-Annual Report
April 30, 2024
Commodity Futures Trading Commission Registration
.
The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Managed Distribution Plan.
Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.
The Fund currently distributes monthly cash distributions equal to $0.0657 ($0.0553 prior to April 2024) per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.
The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Semi-Annual Report
April 30, 2024
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Performance
Portfolio Manager(s)
Christopher M. Dyer, CFA, of Eaton Vance Advisers International Ltd.
% Average Annual Total Returns
1
Inception Date
Six Months
One Year
Five Years
Ten Years
Fund at NAV 02/27/2007 17.95% 14.82% 9.96% 7.96%
Fund at Market Price — 19.81 11.63 8.47 7.38
MSCI World Index — 20.29% 18.39% 10.44% 8.86%
Cboe S&P 500 BuyWrite Index
SM
 — 9.70 9.12 5.31 5.68
% Premium/Discount to NAV
2
  
As of period end (11.50)%
Distributions
3
  
Total Distributions per share for the period $0.342
Distribution Rate at NAV
8.72
%
Distribution Rate at Market Price 9.86
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Fund Profile
Sector Allocation (% of total investments)
1
Country Allocation (% of total investments)
Top 10 Holdings (% of total investments)
1
Microsoft Corp. 5.4%
Alphabet, Inc., Class C 4.6
Amazon.com, Inc. 3.5
NVIDIA Corp. 3.3
Apple, Inc. 2.5
AstraZeneca PLC 2.4
Sanofi SA 2.3
Compass Group PLC 2.3
Nestle SA 2.1
Walt Disney Co. 2.0
Total
30.4%
 
1
 Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.
3
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Endnotes and Additional Disclosures
1
 MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Cboe S&P 500 BuyWrite Index
SM
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.
 
4
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Portfolio of Investments (Unaudited)
Common Stocks — 100.3%
Security
Shares
Value
Aerospace & Defense — 1.3%
Safran SA
(1)
      160,803 $
   34,867,250
     
$   34,867,250
Air Freight & Logistics — 1.0%
GXO Logistics, Inc.
(1)(2)
      573,077 $
   28,459,004
     
$   28,459,004
Banks — 7.4%
Banco Santander SA    5,387,610 $
   26,214,128
Barclays PLC   13,477,367    33,980,382
HDFC Bank Ltd.    1,441,443    26,097,367
HSBC Holdings PLC    4,034,954    34,974,783
KBC Group NV      199,629    14,829,272
Societe Generale SA      885,738    23,866,256
Toronto-Dominion Bank      386,408    22,923,722
Truist Financial Corp.      588,198    22,086,835
     
$  204,972,745
Beverages — 1.5%
Diageo PLC
(1)
      761,332 $
   26,311,384
Pernod Ricard SA       97,486    14,743,989
     
$   41,055,373
Biotechnology — 1.2%
CSL Ltd.      182,626 $
   32,448,272
     
$   32,448,272
Broadline Retail — 3.5%
Amazon.com, Inc.
(1)(2)
      555,938 $
   97,289,150
     
$   97,289,150
Capital Markets — 0.7%
Intercontinental Exchange, Inc.      147,969 $
   19,052,488
     
$   19,052,488
Commercial Services & Supplies — 0.6%
Waste Management, Inc.       73,603 $
   15,310,896
     
$   15,310,896
Security
Shares
Value
Consumer Finance — 0.8%
Discover Financial Services      180,332 $
   22,853,474
     
$   22,853,474
Consumer Staples Distribution & Retail — 1.0%
Dollar Tree, Inc.
(1)(2)
      232,902 $
   27,540,661
     
$   27,540,661
Diversified Telecommunication Services — 0.4%
Zegona Communications PLC
(2)
    3,464,113 $
    9,915,667
     
$    9,915,667
Electric Utilities — 2.2%
Iberdrola SA    3,041,102 $
   37,288,704
NextEra Energy, Inc.
(1)
      357,310    23,929,051
     
$   61,217,755
Electrical Equipment — 2.2%
AMETEK, Inc.
(1)
      204,095 $
   35,647,233
Schneider Electric SE      110,858    25,277,107
     
$   60,924,340
Electronic Equipment, Instruments & Components — 3.7%
CDW Corp.
(1)
      171,276 $
   41,424,813
Halma PLC    1,125,144    30,836,640
Keyence Corp.       67,716    29,779,438
     
$  102,040,891
Entertainment — 2.0%
Walt Disney Co.
(1)
      498,566 $
   55,390,683
     
$   55,390,683
Financial Services — 1.9%
Fidelity National Information Services, Inc.
(1)
      285,388 $
   19,383,553
Visa, Inc., Class A
(1)
      127,735    34,310,898
     
$   53,694,451
Food Products — 2.1%
Nestle SA
(1)
      576,725 $
   57,903,281
     
$   57,903,281
Ground Transportation — 0.5%
Union Pacific Corp.       57,749 $
   13,695,753
     
$   13,695,753
 
5
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Portfolio of Investments (Unaudited) — continued
Security
Shares
Value
Health Care Equipment & Supplies — 4.0%
Alcon, Inc.      291,844 $
   22,377,657
Boston Scientific Corp.
(1)(2)
      476,988    34,281,128
Coloplast AS, Class B       95,405    11,502,513
Intuitive Surgical, Inc.
(1)(2)
       75,087    27,828,744
Straumann Holding AG      116,355    15,467,948
     
$  111,457,990
Health Care Providers & Services — 0.4%
UnitedHealth Group, Inc.       20,446 $
    9,889,730
     
$    9,889,730
Health Care REITs — 0.9%
Healthpeak Properties, Inc.
(1)
    1,361,281 $
   25,333,439
     
$   25,333,439
Hotels, Restaurants & Leisure — 4.4%
Amadeus IT Group SA      567,193 $
   36,001,966
Compass Group PLC    2,251,305    62,617,141
InterContinental Hotels Group PLC      240,903    23,496,218
     
$  122,115,325
Household Products — 1.1%
Reckitt Benckiser Group PLC      524,937 $
   29,347,654
     
$   29,347,654
Industrial Conglomerates — 1.8%
Siemens AG      259,090 $
   48,536,236
     
$   48,536,236
Insurance — 4.1%
AIA Group Ltd.    3,975,180 $
   29,115,621
Allstate Corp.
(1)
      107,421    18,268,015
Assurant, Inc.       97,388    16,984,467
AXA SA      738,103    25,502,622
RenaissanceRe Holdings Ltd.      104,632    22,940,566
     
$  112,811,291
Interactive Media & Services — 4.6%
Alphabet, Inc., Class C
(1)(2)
      777,314 $
  127,976,977
     
$  127,976,977
Life Sciences Tools & Services — 1.5%
Danaher Corp.
(1)
      115,613 $
   28,512,478
Sartorius AG, PFC Shares       42,511    12,708,921
     
$   41,221,399
Security
Shares
Value
Machinery — 1.3%
Ingersoll Rand, Inc.
(1)
      233,604 $
   21,799,925
Parker-Hannifin Corp.       28,677    15,626,384
     
$   37,426,309
Metals & Mining — 1.5%
Anglo American PLC      647,731 $
   21,166,204
Rio Tinto Ltd.
(1)
      249,713    20,782,197
     
$   41,948,401
Multi-Utilities — 0.4%
CMS Energy Corp.
(1)
      173,764 $
   10,531,836
     
$   10,531,836
Oil, Gas & Consumable Fuels — 3.6%
ConocoPhillips
(1)
      433,547 $
   54,462,174
EOG Resources, Inc.
(1)
      341,200    45,082,756
     
$   99,544,930
Pharmaceuticals — 9.3%
AstraZeneca PLC      446,009 $
   67,458,355
Eli Lilly & Co.
(1)
       55,812    43,594,753
Novo Nordisk AS, Class B      403,450    51,739,313
Sanofi SA      636,862    62,917,543
Zoetis, Inc.
(1)
      206,004    32,804,077
     
$  258,514,041
Professional Services — 2.4%
Recruit Holdings Co. Ltd.      882,270 $
   37,997,040
RELX PLC      407,944    16,761,143
Verisk Analytics, Inc.
(1)
       59,840    13,042,726
     
$   67,800,909
Semiconductors & Semiconductor Equipment — 9.6%
ASML Holding NV
(1)
       54,570 $
   47,531,163
Infineon Technologies AG    1,395,877    48,441,173
Micron Technology, Inc.
(1)
      426,575    48,185,912
NVIDIA Corp.
(1)
      106,327    91,868,655
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
(1)
      217,796    29,912,103
     
$  265,939,006
Software — 8.1%
Adobe, Inc.
(1)(2)
       75,349 $
   34,873,778
Intuit, Inc.
(1)
       62,938    39,375,272
Microsoft Corp.
(1)
      388,838   151,386,298
     
$  225,635,348
 
6
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Portfolio of Investments (Unaudited) — continued
Security
Shares
Value
Specialty Retail — 1.3%
TJX Cos., Inc.
(1)
      376,818 $
   35,454,806
     
$   35,454,806
Technology Hardware, Storage & Peripherals — 2.5%
Apple, Inc.
(1)
      407,367 $
   69,386,821
     
$   69,386,821
Textiles, Apparel & Luxury Goods — 0.9%
LVMH Moet Hennessy Louis Vuitton SE       30,762 $
   25,269,015
     
$   25,269,015
Trading Companies & Distributors — 2.6%
Ashtead Group PLC      404,142 $
   29,345,518
IMCD NV
(2)
      282,871    42,678,046
     
$   72,023,564
Total Common Stocks
(identified cost $1,750,091,663) 		   
$2,776,797,161
    
Short-Term Investments — 0.1%
Security
Shares
Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%
(3)
    4,035,830 $
    4,035,830
Total Short-Term Investments
(identified cost $4,035,830) 		   
$    4,035,830
Total Investments — 100.4%
(identified cost $1,754,127,493) 		   
$2,780,832,991
Total Written Call Options — (0.2)%
(premiums received $11,782,063) 		   
$
   (6,148,652)
Other Assets, Less Liabilities — (0.2)%    
$
   (4,817,307)
Net Assets — 100.0%    
$2,769,867,032
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)
 Security (or a portion thereof) has been pledged as collateral for written options.
(2)
 Non-income producing security.
(3)
 May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2024.
Country Concentration of Portfolio
Country
Percentage of
Total Investments
Value
United States 52.4% $1,456,961,473
United Kingdom 13.9 386,211,089
France 7.6 212,443,782
Germany 4.0 109,686,330
Spain 3.6 99,504,798
Switzerland 3.4 95,748,886
Netherlands 3.3 90,209,209
Japan 2.4 67,776,478
Denmark 2.3 63,241,826
Australia 1.9 53,230,469
Taiwan 1.1 29,912,103
Hong Kong 1.1 29,115,621
India 0.9 26,097,367
Bermuda 0.8 22,940,566
Canada 0.8 22,923,722
Belgium 0.5 14,829,272
Total Investments
100.0%
$2,780,832,991
 
7
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Portfolio of Investments (Unaudited) — continued
Written Call Options (Exchange-Traded) — (0.2)%
 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Dow Jones Euro STOXX 50 Index   900 EUR     44,290,980 EUR  5,050 5/10/24 $   (38,842)
Dow Jones Euro STOXX 50 Index   890 EUR     43,798,858 EUR  4,975 5/17/24   (242,973)
Dow Jones Euro STOXX 50 Index   880 EUR     43,306,736 EUR  5,025 5/24/24   (166,425)
Dow Jones Euro STOXX 50 Index   890 EUR     43,798,858 EUR  5,025 5/31/24   (290,964)
FTSE 100 Index 1,040 GBP     84,698,952 GBP  7,975 5/17/24 (2,438,969)
Nikkei 225 Index   510 JPY 19,586,886,600 JPY 40,750 5/10/24    (84,584)
S&P 500 Index   146 USD     73,521,074 USD  5,275  5/1/24       (730)
S&P 500 Index   147 USD     74,024,643 USD  5,250  5/3/24     (4,043)
S&P 500 Index   147 USD     74,024,643 USD  5,280  5/6/24     (2,573)
S&P 500 Index   148 USD     74,528,212 USD  5,240  5/8/24    (15,910)
S&P 500 Index   147 USD     74,024,643 USD  5,250 5/10/24    (22,417)
S&P 500 Index   145 USD     73,017,505 USD  5,240 5/13/24    (35,887)
S&P 500 Index   146 USD     73,521,074 USD  5,150 5/15/24   (275,940)
S&P 500 Index   147 USD     74,024,643 USD  5,095 5/17/24   (602,700)
S&P 500 Index   147 USD     74,024,643 USD  5,070 5/20/24   (823,935)
S&P 500 Index   146 USD     73,521,074 USD  5,150 5/22/24   (386,170)
S&P 500 Index   146 USD     73,521,074 USD  5,170 5/24/24   (365,730)
S&P 500 Index   147 USD     74,024,643 USD  5,180 5/28/24   (349,860)
Total
           
$(6,148,652)
Abbreviations:
ADR – American Depositary Receipt
FTSE – Financial Times Stock Exchange
PFC Shares – Preference Shares
REITs – Real Estate Investment Trusts
Currency Abbreviations:
EUR – Euro
GBP – British Pound Sterling
JPY – Japanese Yen
USD – United States Dollar
8
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Statement of Assets and Liabilities (Unaudited)
 
April 30, 2024
Assets  
Unaffiliated investments, at value (identified cost $1,750,091,663) $
2,776,797,161
Affiliated investments, at value (identified cost $4,035,830) 4,035,830
Cash 1,245,735
Foreign currency, at value (identified cost $245,190) 243,356
Dividends receivable 3,348,145
Dividends receivable from affiliated investments 73,865
Receivable for premiums on written options 290,964
Tax reclaims receivable 3,013,507
Trustees' deferred compensation plan 243,005
Total assets
$2,789,291,568
Liabilities  
Written options outstanding, at value (premiums received $11,782,063) $
6,148,652
Payable for investments purchased 9,684,336
Payable to affiliates:  
 Investment adviser fee 2,264,832
Trustees' fees 9,042
Trustees' deferred compensation plan 243,005
Accrued foreign capital gains taxes 514,832
Accrued expenses 559,837
Total liabilities
$
19,424,536
Net Assets
$2,769,867,032
Sources of Net Assets  
Common shares, $0.01 par value, unlimited number of shares authorized $
3,062,862
Additional paid-in capital 1,818,811,874
Distributable earnings 947,992,296
Net Assets
$2,769,867,032
Common Shares Issued and Outstanding 306,286,161
Net Asset Value Per Common Share  
Net assets ÷ common shares issued and outstanding
$
9.04
9
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Statement of Operations (Unaudited)
 
Six Months Ended
 
April 30, 2024
Investment Income  
Dividend income (net of foreign taxes withheld of $1,271,303) $
22,833,103
Dividend income from affiliated investments 362,634
Other income 6,080,891
Total investment income
$
29,276,628
Expenses  
Investment adviser fee $
13,396,206
Trustees’ fees and expenses 54,250
Custodian fee 331,795
Transfer and dividend disbursing agent fees 6,000
Legal and accounting services 126,689
Printing and postage 323,983
Miscellaneous 137,380
Total expenses
$
14,376,303
Deduct:  
Waiver and/or reimbursement of expenses by affiliates $
10,882
Total expense reductions
$
10,882
Net expenses
$
14,365,421
Net investment income
$
14,911,207
Realized and Unrealized Gain (Loss)  
Net realized gain (loss):  
Investment transactions $
113,477,805
Written options (94,002,298)
Foreign currency transactions (14,912)
Net realized gain
$
19,460,595
Change in unrealized appreciation (depreciation):  
Investments (including net increase in accrued foreign capital gains taxes of $75,073) $
392,944,332
Written options (2,916,168)
Foreign currency (39,689)
Net change in unrealized appreciation (depreciation)
$389,988,475
Net realized and unrealized gain
$409,449,070
Net increase in net assets from operations
$424,360,277
10
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Statements of Changes in Net Assets
 
Six Months Ended
April 30, 2024
(Unaudited)
Year Ended
October 31, 2023
Increase (Decrease) in Net Assets    
From operations:    
Net investment income $
14,911,207 		$
31,037,745
Net realized gain 19,460,595 8,097,775
Net change in unrealized appreciation (depreciation) 389,988,475 221,308,271
Net increase in net assets from operations
$
424,360,277
$
260,443,791
Distributions to shareholders*
$
(104,811,124)
$
(54,816,198)
Tax return of capital to shareholders
$
—
$
(148,435,299)
Net increase in net assets
$
319,549,153
$
57,192,294
Net Assets    
At beginning of period $
2,450,317,879 		$
2,393,125,585
At end of period
$2,769,867,032
$2,450,317,879
* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.
11
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Financial Highlights
 
Six Months Ended
April 30, 2024
(Unaudited)
Year Ended October 31,
 
2023
2022
2021
2020
2019
Net asset value — Beginning of period $
8.000 		$
7.810 		$
10.360 		$
8.090 		$
8.700 		$
8.470
Income (Loss) From Operations            
Net investment income
(1)
 $
0.049 		$
0.101 		$
0.067 		$
0.047 		$
0.047 		$
0.099
Net realized and unrealized gain (loss) 1.333 0.753 (1.790) 2.984 0.082 0.899
Total income (loss) from operations
$
1.382
$
0.854
$
(1.723)
$
3.031
$
0.129
$
0.998
Less Distributions            
From net investment income* $
(0.342) 		$
(0.100) 		$
(0.164) 		$
(0.072) 		$
(0.045) 		$
(0.099)
From net realized gain — (0.079) (0.651) (0.493) — —
Tax return of capital — (0.485) (0.012) (0.196) (0.694) (0.669)
Total distributions
$
(0.342)
$
(0.664)
$
(0.827)
$
(0.761)
$
(0.739)
$
(0.768)
Premium from common shares sold through shelf offering (see Note 5)
(1)
$
—
$
—
$
0.000
(2)
$
0.000
(2)
$
—
$
—
Net asset value — End of period
$
9.040
$
8.000
$
7.810
$
10.360
$
8.090
$
8.700
Market value — End of period
$
8.000
$
6.970
$
7.800
$
10.590
$
7.130
$
8.330
Total Investment Return on Net Asset Value
(3)
17.95%
(4)
11.57%
(17.25)%
38.57%
2.35%
12.85%
Total Investment Return on Market Value
(3)
19.81%
(4)
(2.67)%
(19.15)%
60.71%
(5.79)%
7.79%
Ratios/Supplemental Data            
Net assets, end of period (000’s omitted) $2,769,867 $2,450,318 $2,393,126 $3,154,487 $2,449,271 $2,633,939
Ratios (as a percentage of average daily net assets):            
Expenses 1.06%
(5)(6)
 1.08%
(6)
 1.07%
(6)
 1.07% 1.08% 1.07%
Net investment income 1.10%
(5)
 1.21% 0.74% 0.47% 0.57% 1.18%
Portfolio Turnover 12%
(4)
 19% 27% 44% 43% 39%
(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, 2024 and the years ended October 31, 2023 and 2022).
* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.
12
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Notes to Financial Statements (Unaudited)
1  Significant Accounting Policies
Eaton Vance Tax-Managed Global Diversified Equity Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A  Investment Valuation
—
The following methodologies are used to determine the market value or fair value of investments.
Equity Securities.
 Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Derivatives.
U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.
Foreign Securities and Currencies.
 Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other.
Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation.
 In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B  Investment Transactions
—
Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C  Income
—
Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates.
In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries.
During the six months ended April 30, 2024, the Fund received approximately $6,081,000 from France for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
D  Federal and Other Taxes
—
The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
13
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.
As of April 30, 2024, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E  Foreign Currency Translation
—
Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F  Use of Estimates
—
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G  Indemnifications
—
Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H  Written Options
—
Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
I  Interim Financial Statements
—
The interim financial statements relating to April 30, 2024 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2  Distributions to Shareholders and Income Tax Information
Subject to its Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended April 30, 2024, the amount of distributions estimated to be a tax return of capital was approximately $96,748,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.
14
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at April 30, 2024, as determined on a federal income tax basis, were as follows:
Aggregate cost
$1,748,308,395
Gross unrealized appreciation $
1,099,754,790
Gross unrealized depreciation (73,378,846)
Net unrealized appreciation
$1,026,375,944
3  Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund’s average daily gross assets, as defined in the investment advisory agreement, as follows and is payable monthly:
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%
For purposes of this calculation, gross assets represent net assets plus obligations attributable to investment leverage. During the six months ended April 30, 2024, the Fund had no obligations attributable to investment leverage. For the six months ended April 30, 2024, the investment adviser fee amounted to $13,396,206 or 0.99% (annualized) of the Fund's average daily gross assets.
Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley.  The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended April 30, 2024, the investment adviser fee paid was reduced by $10,882 relating to the Fund's investment in the Liquidity Fund. EVM also serves as administrator of the Fund, but receives no compensation.
Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. 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 $335,320,850 and $478,507,707, respectively, for the six months ended April 30, 2024.
5  Common Shares of Beneficial Interest and Shelf Offering
The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended April 30, 2024 and the year ended October 31, 2023.
In August 2012, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended April 30, 2024 and the year ended October 31, 2023.
15
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
Pursuant to a registration statement filed with the SEC, the Fund is authorized to issue up to an additional 22,714,759 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Fund, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Fund’s net asset value per common share. During the six months ended April 30, 2024 and the year ended October 31, 2023, there were no shares sold by the Fund pursuant to its shelf offering.
6  Financial Instruments
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2024 is included in the Portfolio of Investments. At April 30, 2024, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the value of the underlying index decline.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at April 30, 2024 was as follows:
 
Fair Value
Derivative
Asset Derivative
Liability Derivative
(1)
Written options $ — $(6,148,652)
(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, 2024 was as follows:
Derivative
Realized Gain (Loss)
on Derivatives Recognized
in Income
(1)
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
(2)
Written options $(94,002,298) $(2,916,168)
(1)
 Statement of Operations location: Net realized gain (loss): Written options.
(2)
 Statement of Operations location: Change in unrealized appreciation (depreciation): Written options.
The average number of written options contracts outstanding during the six months ended April 30, 2024, which is indicative of the volume of this derivative type, was 7,085 contracts.
7  Affiliated Investments
At April 30, 2024, the value of the Fund's investment in funds that may be deemed to be affiliated was $4,035,830, which represents 0.1% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended April 30, 2024 were as follows:
Name
Value,
beginning
of period
Purchases
Sales
proceeds
Net realized
gain (loss)
Change in
unrealized
appreciation
(depreciation)
Value, end
of period
Dividend
income
Shares,
end of period
Short-Term Investments
 
Liquidity Fund $55,926,083 $257,444,246 $(309,334,499) $ — $ — $4,035,830 $362,634 4,035,830
16
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
8  Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At April 30, 2024, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:
Asset Description 
Level 1
Level 2
Level 3
Total
Common Stocks:        
Communication Services $
  183,367,660 		$
     9,915,667 		$
     — 		$
  193,283,327
Consumer Discretionary   132,743,956    147,384,340      —   280,128,296
Consumer Staples    27,540,661    128,306,308      —   155,846,969
Energy    99,544,930             —      —    99,544,930
Financials   198,804,018    214,580,431      —   413,384,449
Health Care   176,910,910    276,620,522      —   453,531,432
Industrials   143,581,921    235,462,340      —   379,044,261
Information Technology   506,413,652    156,588,414      —   663,002,066
Materials            —     41,948,401      —    41,948,401
Real Estate    25,333,439             —      —    25,333,439
Utilities    34,460,887     37,288,704      —    71,749,591
Total Common Stocks
$
1,528,702,034
$
1,248,095,127*
$     —
$
2,776,797,161
Short-Term Investments $
    4,035,830 		$
            — 		$
     — 		$
    4,035,830
Total Investments
$
1,532,737,864
$
 1,248,095,127
$     —
$
2,780,832,991
Liability Description 
       
Written Call Options $
   (2,885,895) 		$
    (3,262,757) 		$
     — 		$
   (6,148,652)
Total
$
   (2,885,895)
$
    (3,262,757)
$     —
$
   (6,148,652)
* 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.
9  Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
17
Table of Contents
Eaton Vance
Tax-Managed Global Diversified Equity Income Fund
April 30, 2024
Officers and Trustees
Officers
R. Kelly Williams, Jr.
President
 Nicholas S. Di Lorenzo
Secretary
Deidre E. Walsh
Vice President and Chief Legal Officer
 Laura T. Donovan
Chief Compliance Officer
James F. Kirchner
Treasurer
  
Trustees  
George J. Gorman
Chairperson
  
Alan C. Bowser  
Mark R. Fetting  
Cynthia E. Frost  
Valerie A. Mosley  
Anchal Pachnanda*  
Keith Quinton  
Marcus L. Smith  
Susan J. Sutherland  
Scott E. Wennerholm  
Nancy A. Wiser  
 
* Interested Trustee
18
Table of Contents
Eaton Vance Funds
U.S. Customer Privacy Notice March 2024
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 information 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 affiliates’ everyday business purposes —
information about your transactions and experiences
 Yes No*
For our affiliates’ everyday business purposes —
information about your creditworthiness
 Yes Yes*
For our affiliates to market to you
Yes Yes*
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
 
19
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Eaton Vance Funds
U.S. Customer Privacy Notice — continued March 2024
Page 2
Who we are
Who is providing this notice?
Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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.)
What happens when I limit
sharing for an account I hold
jointly with someone else?
Your choices will apply to everyone on your account.
Definitions
Affiliates
Companies related by common ownership or control. They can be financial and nonfinancial companies.
■ 
Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”).
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 does not jointly market.
20
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Eaton Vance Funds
U.S. Customer Privacy Notice — continued March 2024
Page 3
Other important information
*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.
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.
21
Table of Contents
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents.
 
The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
Equiniti Trust Company, LLC
(“
EQ
”),
the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct EQ, or your financial intermediary, otherwise.
 If you would prefer that your Eaton Vance documents not be householded, please contact EQ or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by EQ or your financial intermediary.
Portfolio Holdings.
 
Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting.
 
From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase Program.
 
The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders.
 
If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information.
 
Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
22
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Investment Adviser and Administrator
Eaton Vance Management
One Post Office Square
Boston, MA 02109
Investment Sub-Adviser
Eaton Vance Advisers International Ltd.
125 Old Broad Street
London, EC2N 1AR
United Kingdom
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
Equiniti Trust Company, LLC ("EQ")
P.O. Box 500
Newark, NJ 07101
Fund Offices
One Post Office Square
Boston, MA 02109
Table of Contents
7752    4.30.24

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

 

(a)(1)

    Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

    Principal Financial Officer’s Section 302 certification.

(a)(2)(ii)

    Principal Executive Officer’s Section 302 certification.

(b)

    Combined Section 906 certification.

(c)

    Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.

Signatures

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

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 

By:  

/s/ R. Kelly Williams, Jr.

  R. Kelly Williams, Jr.
  Principal Executive Officer
Date:   June 25, 2024

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
  Principal Financial Officer
Date:   June 25, 2024
By:  

/s/ R. Kelly Williams, Jr.

  R. Kelly Williams, Jr.
  Principal Executive Officer
Date:   June 25, 2024