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    SEC Form N-CSRS filed by Eaton Vance Tax-Managed Global Diversified Equity Income Fund

    6/27/25 12:58:20 PM ET
    $EXG
    Finance Companies
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    Eaton Vance Tax-Managed Global Diversified Equity Income Fund
    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. false 0001379438 N-2 N-CSRS 0001379438 2024-11-01 2025-04-30 0001379438 evtmgdeif:CommonSharesMember 2024-11-01 2025-04-30 0001379438 evtmgdeif:RisksAssociatedWithForeignInvestmentsMember 2024-11-01 2025-04-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:shares
     
     
    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, 2025
    Date of Reporting Period
     
     
     

    Item 1. Reports to Stockholders


    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund (EXG)
    Semi-Annual Report
    April 30, 2025


    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 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, 2025
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    Table of Contents  
    Performance 2
    Fund Profile 3
    Endnotes and Additional Disclosures 4
    Financial Statements 5
    Officers and Trustees 19
    U.S. Customer Privacy Notice 20
    Important Notices 23

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Performance

    Portfolio Manager(s) Christopher M. Dyer, CFA, of Eaton Vance Advisers International Ltd.
    % Average Annual Total Returns1 Inception Date Six Months One Year Five Years Ten Years
    Fund at NAV 02/27/2007 (0.41)% 6.20% 12.68% 8.04%
    Fund at Market Price — 2.18 10.94 13.09 7.74

    MSCI World Index — 0.93% 12.16% 13.94% 9.33%
    Cboe S&P 500 BuyWrite IndexSM — 1.35 9.50 10.31 6.10
    % Premium/Discount to NAV2  
    As of period end (7.55)%
    Distributions3  
    Total Distributions per share for the period $0.39
    Distribution Rate at NAV 9.02%
    Distribution Rate at Market Price 9.76
    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, 2025
    Fund Profile

    Sector Allocation (% of total investments)1
    Country Allocation (% of total investments)
    Top 10 Holdings (% of total investments)1
    Microsoft Corp. 4.9%
    Alphabet, Inc., Class C 4.2
    Amazon.com, Inc. 3.4
    NVIDIA Corp. 2.9
    Apple, Inc. 2.8
    Compass Group PLC 2.5
    AstraZeneca PLC 2.4
    Nestle SA 2.0
    Siemens AG 1.9
    ASML Holding NV 1.6
    Total 28.6%
     
    Footnotes:
    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, 2025
    Endnotes and Additional Disclosures

    1 MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
    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 Pricing and Performance - 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.
    4

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited)

    Common Stocks — 99.3%
    Security Shares Value
    Aerospace & Defense — 3.1%
    BAE Systems PLC    1,421,173 $   32,946,538
    Leonardo SpA      302,231    15,712,483
    Safran SA(1)      129,526    34,469,414
          $   83,128,435
    Banks — 8.3%
    Banco Santander SA    3,905,240 $   27,496,251
    Citigroup, Inc.(1)      358,450    24,510,811
    Grupo Financiero Banorte SAB de CV, Class O    2,248,939    19,283,501
    HDFC Bank Ltd.    1,459,562    33,152,413
    KBC Group NV      235,904    21,752,415
    Societe Generale SA      735,635    38,355,251
    Toronto-Dominion Bank      585,014    37,381,317
    Truist Financial Corp.(1)      526,104    20,170,827
          $  222,102,786
    Beverages — 1.3%
    Diageo PLC(1)      509,559 $   14,308,616
    Pernod Ricard SA      183,961    19,940,537
          $   34,249,153
    Biotechnology — 1.3%
    CSL Ltd.      215,072 $   34,521,838
          $   34,521,838
    Broadline Retail — 3.4%
    Amazon.com, Inc.(1)(2)      492,463 $   90,820,026
          $   90,820,026
    Building Products — 1.0%
    Carrier Global Corp.(1)      422,081 $   26,396,946
          $   26,396,946
    Capital Markets — 1.7%
    Charles Schwab Corp.      300,212 $   24,437,257
    State Street Corp.      222,667    19,616,963
          $   44,054,220
    Consumer Finance — 0.6%
    Discover Financial Services       92,601 $   16,915,425
          $   16,915,425
    Security Shares Value
    Diversified Telecommunication Services — 1.1%
    Zegona Communications PLC(2)    3,232,578 $   29,215,672
          $   29,215,672
    Electric Utilities — 2.1%
    Iberdrola SA    1,764,826 $   31,812,496
    NextEra Energy, Inc.(1)      347,881    23,266,281
          $   55,078,777
    Electrical Equipment — 2.1%
    AMETEK, Inc.(1)      197,115 $   33,426,762
    Schneider Electric SE       95,957    22,419,945
          $   55,846,707
    Electronic Equipment, Instruments & Components — 1.5%
    Halma PLC       47,880 $    1,767,329
    Keyence Corp.       94,286    39,420,176
          $   41,187,505
    Energy Equipment & Services — 0.7%
    Baker Hughes Co.      492,462 $   17,433,155
          $   17,433,155
    Entertainment — 1.5%
    Walt Disney Co.(1)      438,145 $   39,849,288
          $   39,849,288
    Financial Services — 2.9%
    Global Payments, Inc.(1)      285,110 $   21,756,744
    Visa, Inc., Class A(1)      111,398    38,488,009
    Voya Financial, Inc.      270,220    15,997,024
          $   76,241,777
    Food Products — 2.0%
    Nestle SA(1)      510,662 $   54,353,527
          $   54,353,527
    Health Care Equipment & Supplies — 4.1%
    Abbott Laboratories      173,713 $   22,712,975
    Alcon AG      155,513    15,109,720
    Boston Scientific Corp.(1)(2)      168,474    17,330,920
    Coloplast AS, Class B      155,557    17,603,305
    Intuitive Surgical, Inc.(1)(2)       41,361    21,334,004
    Straumann Holding AG      116,355    14,187,956
          $  108,278,880
     
    5
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Security Shares Value
    Health Care Providers & Services — 0.9%
    Amplifon SpA      839,167 $   16,060,772
    UnitedHealth Group, Inc.       20,446     8,412,302
          $   24,473,074
    Health Care REITs — 0.6%
    Healthpeak Properties, Inc.(1)      922,886 $   16,464,286
          $   16,464,286
    Hotels, Restaurants & Leisure — 5.8%
    Amadeus IT Group SA      324,663 $   25,555,198
    Aramark(1)      851,535    28,466,815
    Compass Group PLC    2,021,362    68,149,860
    InterContinental Hotels Group PLC      219,715    23,445,776
    Marriott International, Inc., Class A       40,186     9,587,576
          $  155,205,225
    Household Products — 1.3%
    Reckitt Benckiser Group PLC      524,937 $   33,882,864
          $   33,882,864
    Industrial Conglomerates — 1.9%
    Siemens AG      219,042 $   50,436,922
          $   50,436,922
    Insurance — 4.2%
    AIA Group Ltd.    3,268,947 $   24,493,931
    Allstate Corp.      100,416    19,921,530
    American International Group, Inc.      320,594    26,134,823
    Prudential PLC    1,889,937    20,095,274
    RenaissanceRe Holdings Ltd.       91,288    22,085,306
          $  112,730,864
    Interactive Media & Services — 4.2%
    Alphabet, Inc., Class C(1)      700,278 $  112,667,727
          $  112,667,727
    Life Sciences Tools & Services — 0.9%
    Danaher Corp.(1)      118,822 $   23,684,789
          $   23,684,789
    Machinery — 2.7%
    IDEX Corp.(1)      165,046 $   28,713,053
    Ingersoll Rand, Inc.(1)      204,871    15,453,419
    Parker-Hannifin Corp.(1)       48,343    29,250,416
          $   73,416,888
    Security Shares Value
    Metals & Mining — 1.4%
    Anglo American PLC      669,843 $   18,285,630
    Rio Tinto Ltd.(1)      249,713    18,682,834
          $   36,968,464
    Multi-Utilities — 0.4%
    CMS Energy Corp.(1)      153,033 $   11,270,880
          $   11,270,880
    Oil, Gas & Consumable Fuels — 2.4%
    EQT Corp.(1)      549,541 $   27,169,307
    Exxon Mobil Corp.(1)      355,815    37,584,739
          $   64,754,046
    Personal Care Products — 0.3%
    L'Oreal Prime De Fidelite(2)       17,096 $    7,554,135
    L'Oreal SA(2)        1,899       839,103
          $    8,393,238
    Pharmaceuticals — 6.5%
    AstraZeneca PLC      445,146 $   63,774,644
    Eli Lilly & Co.(1)       49,356    44,368,576
    Novo Nordisk AS, Class B      441,207    29,499,767
    Zoetis, Inc.(1)      238,716    37,335,182
          $  174,978,169
    Professional Services — 1.8%
    Recruit Holdings Co. Ltd.      190,747 $   10,570,293
    RELX PLC      407,944    22,263,601
    Verisk Analytics, Inc.(1)       51,839    15,366,635
          $   48,200,529
    Residential REITs — 1.0%
    Invitation Homes, Inc.(1)      749,174 $   25,614,259
          $   25,614,259
    Semiconductors & Semiconductor Equipment — 9.5%
    ASML Holding NV(1)       67,408 $   45,125,738
    Broadcom, Inc.(1)      151,414    29,142,653
    Infineon Technologies AG    1,019,426    33,766,494
    Micron Technology, Inc.(1)      375,828    28,919,965
    NVIDIA Corp.(1)      716,668    78,059,478
    Taiwan Semiconductor Manufacturing Co. Ltd. ADR(1)       93,069    15,513,672
    Tokyo Electron Ltd.      161,286    24,015,214
          $  254,543,214
     
    6
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Security Shares Value
    Software — 8.0%
    Adobe, Inc.(1)(2)       80,545 $   30,202,764
    Intuit, Inc.(1)       44,118    27,682,722
    Microsoft Corp.(1)      336,950   133,182,857
    Salesforce, Inc.(1)       89,278    23,989,891
          $  215,058,234
    Specialty Retail — 0.9%
    TJX Cos., Inc.(1)      191,913 $   24,695,365
          $   24,695,365
    Technology Hardware, Storage & Peripherals — 2.8%
    Apple, Inc.(1)      357,629 $   75,996,163
          $   75,996,163
    Textiles, Apparel & Luxury Goods — 1.6%
    Cie Financiere Richemont SA, Class A      124,514 $   22,002,271
    LVMH Moet Hennessy Louis Vuitton SE       35,143    19,466,738
          $   41,469,009
    Trading Companies & Distributors — 1.5%
    IMCD NV      299,525 $   39,831,028
          $   39,831,028
    Total Common Stocks
    (identified cost $1,793,535,550)
        $2,654,409,354
        
    Short-Term Investments — 1.9%
    Security Shares Value
    Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.24%(3)   51,538,191 $   51,538,191
    Total Short-Term Investments
    (identified cost $51,538,191)
        $   51,538,191
    Total Investments — 101.2%
    (identified cost $1,845,073,741)
        $2,705,947,545
    Total Written Call Options — (1.4)%
    (premiums received $19,390,453)
        $  (37,659,968)
    Other Assets, Less Liabilities — 0.2%     $    4,770,984
    Net Assets — 100.0%     $2,673,058,561
        
    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 (see Note 7). The rate shown is the annualized seven-day yield as of April 30, 2025.
    Country Concentration of Portfolio
    Country Percentage of
    Total Investments
    Value
    United States 59.9% $1,621,744,810
    United Kingdom 10.7 289,754,900
    France 4.5 120,625,178
    Netherlands 3.1 84,956,766
    Spain 3.1 84,863,945
    Germany 3.1 84,203,416
    Japan 2.7 74,005,683
    Denmark 1.8 47,103,072
    Hong Kong 1.7 44,589,205
    Canada 1.4 37,381,317
    Switzerland 1.3 36,190,227
    India 1.2 33,152,413
    Italy 1.2 31,773,255
    Bermuda 0.8 22,085,306
    Belgium 0.8 21,752,415
    Mexico 0.7 19,283,501
    Australia 0.7 18,682,834
    South Africa 0.7 18,285,630
    Taiwan 0.6 15,513,672
    Total Investments 100.0% $2,705,947,545
     
    7
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Written Call Options (Exchange-Traded) — (1.4)% 
    Description Number of
    Contracts
    Notional
    Amount
    Exercise
    Price
    Expiration
    Date
    Value
    Dow Jones Euro STOXX 50 Index 800 EUR     41,281,760 EUR  4,950  5/9/25 $ (1,744,934)
    Dow Jones Euro STOXX 50 Index 780 EUR     40,249,716 EUR  5,025 5/16/25  (1,233,859)
    Dow Jones Euro STOXX 50 Index 770 EUR     39,733,694 EUR  5,225 5/23/25    (336,287)
    Dow Jones Euro STOXX 50 Index 770 EUR     39,733,694 EUR  5,225 5/30/25    (415,509)
    FTSE 100 Index 870 GBP     73,905,195 GBP  8,400 5/16/25  (1,586,219)
    Nikkei 225 Index 510 JPY 18,383,143,800 JPY 34,750  5/9/25  (5,182,840)
    S&P 500 Index 131 USD     72,954,686 USD  5,400  5/2/25  (2,198,835)
    S&P 500 Index 131 USD     72,954,686 USD  5,175  5/5/25  (4,956,385)
    S&P 500 Index 130 USD     72,397,780 USD  5,250  5/7/25  (4,115,150)
    S&P 500 Index 130 USD     72,397,780 USD  5,480  5/9/25  (1,758,900)
    S&P 500 Index 129 USD     71,840,874 USD  5,575 5/12/25  (1,021,680)
    S&P 500 Index 130 USD     72,397,780 USD  5,475 5/14/25  (1,992,900)
    S&P 500 Index 130 USD     72,397,780 USD  5,440 5/16/25  (2,395,900)
    S&P 500 Index 131 USD     72,954,686 USD  5,360 5/19/25  (3,317,575)
    S&P 500 Index 127 USD     70,727,062 USD  5,600 5/21/25  (1,205,865)
    S&P 500 Index 129 USD     71,840,874 USD  5,600 5/23/25  (1,333,215)
    S&P 500 Index 129 USD     71,840,874 USD  5,650 5/27/25  (1,039,740)
    S&P 500 Index 131 USD     72,954,686 USD  5,575 5/28/25  (1,824,175)
    Total             $(37,659,968)
    Abbreviations:
    ADR – American Depositary Receipt
    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, 2025
    Statement of Assets and Liabilities (Unaudited)

      April 30, 2025
    Assets  
    Unaffiliated investments, at value (identified cost $1,793,535,550) $2,654,409,354
    Affiliated investments, at value (identified cost $51,538,191) 51,538,191
    Foreign currency, at value (identified cost $378,446) 379,856
    Dividends receivable 3,881,700
    Dividends receivable from affiliated investments 123,826
    Receivable for premiums on written options 1,525,542
    Tax reclaims receivable 4,193,074
    Trustees' deferred compensation plan 249,339
    Other assets 2,729
    Total assets $2,716,303,611
    Liabilities  
    Written options outstanding, at value (premiums received $19,390,453) $37,659,968
    Payable for closed written options 661,684
    Payable to affiliates:  
     Investment adviser fee 2,109,040
    Trustees' fees 9,223
    Trustees' deferred compensation plan 249,339
    Accrued foreign capital gains taxes 1,740,996
    Accrued expenses 814,800
    Total liabilities $43,245,050
    Net Assets $2,673,058,561
    Sources of Net Assets  
    Common shares, $0.01 par value, unlimited number of shares authorized $3,059,360
    Additional paid-in capital 1,736,418,560
    Distributable earnings 933,580,641
    Net Assets $2,673,058,561
    Common Shares Issued and Outstanding 305,936,026
    Net Asset Value Per Common Share  
    Net assets ÷ common shares issued and outstanding $8.74
    9
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Statement of Operations (Unaudited)

      Six Months Ended
      April 30, 2025
    Investment Income  
    Dividend income (net of foreign taxes withheld of $1,416,517) $21,160,410
    Dividend income from affiliated investments 416,387
    Interest income 4,052
    Other income 1,003,251
    Total investment income $22,584,100
    Expenses  
    Investment adviser fee $13,691,474
    Trustees’ fees and expenses 54,250
    Custodian fee 349,721
    Transfer and dividend disbursing agent fees 9,669
    Legal and accounting services 247,963
    Printing and postage 271,448
    Miscellaneous 335,546
    Total expenses $14,960,071
    Deduct:  
    Waiver and/or reimbursement of expenses by affiliates $13,706
    Total expense reductions $13,706
    Net expenses $14,946,365
    Net investment income $7,637,735
    Realized and Unrealized Gain (Loss)  
    Net realized gain (loss):  
    Investment transactions $194,369,488
    Written options 29,990,668
    Foreign currency transactions 56,581
    Net realized gain $224,416,737
    Change in unrealized appreciation (depreciation):  
    Investments (including net increase in accrued foreign capital gains taxes of $470,669) $(224,184,886)
    Written options (28,668,064)
    Foreign currency 260,868
    Net change in unrealized appreciation (depreciation) $(252,592,082)
    Net realized and unrealized loss $(28,175,345)
    Net decrease in net assets from operations $(20,537,610)
    10
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Statements of Changes in Net Assets

      Six Months Ended
    April 30, 2025
    (Unaudited)
    Year Ended
    October 31, 2024
    Increase (Decrease) in Net Assets    
    From operations:    
    Net investment income $7,637,735 $22,739,663
    Net realized gain 224,416,737 117,542,132
    Net change in unrealized appreciation (depreciation) (252,592,082) 452,031,990
    Net increase (decrease) in net assets from operations $(20,537,610) $592,313,785
    Distributions to shareholders $(120,599,982) $(146,320,273)
    Tax return of capital to shareholders $— $(79,177,413)
    Capital share transactions:    
    Cost of shares repurchased $— $(2,937,825)
    Net decrease in net assets from capital share transactions $— $(2,937,825)
    Net increase (decrease) in net assets $(141,137,592) $363,878,274
    Net Assets    
    At beginning of period $2,814,196,153 $2,450,317,879
    At end of period $2,673,058,561 $2,814,196,153
    11
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Financial Highlights

      Six Months Ended
    April 30, 2025
    (Unaudited)
    Year Ended October 31,
      2024 2023 2022 2021 2020
    Net asset value — Beginning of period $9.20 $8.00 $7.81 $10.36 $8.09 $8.70
    Income (Loss) From Operations            
    Net investment income(1) $0.02 $0.07 $0.10 $0.07 $0.05 $0.05
    Net realized and unrealized gain (loss) (0.09) 1.87 0.75 (1.79) 2.98 0.08
    Total income (loss) from operations $(0.07) $1.94 $0.85 $(1.72) $3.03 $0.13
    Less Distributions            
    From net investment income $(0.39) $(0.10) $(0.10) $(0.17) $(0.07) $(0.05)
    From net realized gain — (0.38) (0.08) (0.65) (0.49) —
    Tax return of capital — (0.26) (0.48) (0.01) (0.20) (0.69)
    Total distributions $(0.39) $(0.74) $(0.66) $(0.83) $(0.76) $(0.74)
    Anti-dilutive effect of share repurchase program(1) $— $0.00(2) $— $— $— $—
    Premium from common shares sold through shelf offering (see Note 5)(1) $— $— $— $0.00(2) $—(2) $—
    Net asset value — End of period $8.74 $9.20 $8.00 $7.81 $10.36 $8.09
    Market value — End of period $8.08 $8.29 $6.97 $7.80 $10.59 $7.13
    Total Investment Return on Net Asset Value(3) (0.41)%(4) 25.78% 11.57% (17.25)% 38.57% 2.35%
    Total Investment Return on Market Value(3) 2.18%(4) 30.09% (2.67)% (19.15)% 60.71% (5.79)%
    Ratios/Supplemental Data            
    Net assets, end of period (000’s omitted) $2,673,059 $2,814,196 $2,450,318 $2,393,126 $3,154,487 $2,449,271
    Ratios (as a percentage of average daily net assets):(5)            
    Total expenses 1.08%(6) 1.07% 1.08% 1.07% 1.07% 1.08%
    Net expenses 1.08%(6)(7) 1.07%(7) 1.08%(7) 1.07%(7) 1.07% 1.08%
    Net investment income 0.55%(6) 0.81% 1.21% 0.74% 0.47% 0.57%
    Portfolio Turnover 22%(4) 23% 19% 27% 44% 43%
    (1) Computed using average shares outstanding.
    (2) Amount is less than $0.005.
    (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) Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
    (6) Annualized.
    (7) 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, 2025 and the years ended October 31, 2024, 2023 and 2022).
    12
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    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 (the "EU reclaims"). These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, the EU reclaims are recorded as income only when the likelihood of their receipt becomes certain. During the six months ended April 30, 2025, the Fund received approximately $1,003,000 from Sweden for EU reclaims and interest thereon. Such amount is included in other income on the Statement of Operations.
    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, 2025
    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, 2025, 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  Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires incremental disclosures related to a public entity’s reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.
    J  Interim Financial Statements—The interim financial statements relating to April 30, 2025 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.
    14

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    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 return of capital component. 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.
    The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at April 30, 2025, as determined on a federal income tax basis, were as follows:
    Aggregate cost $1,835,682,391
    Gross unrealized appreciation $958,907,685
    Gross unrealized depreciation (126,302,499)
    Net unrealized appreciation $832,605,186
    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, 2025, the Fund had no obligations attributable to investment leverage. For the six months ended April 30, 2025, the investment adviser fee amounted to $13,691,474 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, 2025, the investment adviser fee paid was reduced by $13,706 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 $630,666,634 and $747,461,960, respectively, for the six months ended April 30, 2025.
    15

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    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, 2025 and the year ended October 31, 2024.
    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 (NAV). 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, 2025. During the year ended October 31, 2024, the Fund repurchased 350,135 of its common shares under the share repurchase program at a cost, including brokerage commissions, of $2,937,825 and an average price per share of $8.39. The weighted average discount per share to NAV on these repurchases amounted to 10.40% for the year ended October 31, 2024.
    In February 2022, the Fund filed an automatically effective shelf registration statement (the “2022 Registration Statement”) and a prospectus supplement, pursuant to the 2022 Registration Statement, relating to the offer and sale of up to an additional 22,714,759 common shares of the Fund under the Fund's then current equity shelf offering program. As of February 2025, the offering of unsold shares pursuant to the 2022 Registration Statement has been terminated. During the six months ended April 30, 2025 and the year ended October 31, 2024, there were no shares sold by the Fund pursuant to its then current 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, 2025 is included in the Portfolio of Investments. At April 30, 2025, 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, 2025 was as follows:
      Fair Value
    Derivative Asset Derivative Liability Derivative(1)
    Written options $ — $(37,659,968)
    (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, 2025 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 $29,990,668 $(28,668,064)
    (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, 2025, which is indicative of the volume of this derivative type, was 6,537 contracts.
    16

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    7  Affiliated Investments
    At April 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $51,538,191, which represents 1.9% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended April 30, 2025 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 $15,256,522 $319,752,214 $(283,470,545) $ — $ — $51,538,191 $416,387 51,538,191
    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, 2025, 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 $  152,517,015 $    29,215,672 $     — $  181,732,687
    Consumer Discretionary   153,569,782    158,619,843      —   312,189,625
    Consumer Staples            —    130,878,782      —   130,878,782
    Energy    82,187,201             —      —    82,187,201
    Financials   306,699,537    165,345,535      —   472,045,072
    Health Care   175,178,748    190,758,002      —   365,936,750
    Industrials   148,607,231    228,650,224      —   377,257,455
    Information Technology   442,690,165    144,094,951      —   586,785,116
    Materials            —     36,968,464      —    36,968,464
    Real Estate    42,078,545             —      —    42,078,545
    Utilities    34,537,161     31,812,496      —    66,349,657
    Total Common Stocks $1,538,065,385 $1,116,343,969* $     — $2,654,409,354
    Short-Term Investments $   51,538,191 $            — $     — $   51,538,191
    Total Investments $1,589,603,576 $ 1,116,343,969 $     — $2,705,947,545
    17

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    Liability Description  Level 1 Level 2 Level 3 Total
    Written Call Options $  (27,160,320) $   (10,499,648) $     — $  (37,659,968)
    Total $  (27,160,320) $   (10,499,648) $     — $  (37,659,968)
    * 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, and by acts of terrorism and war. 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.
    18

    Table of Contents
    Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund
    April 30, 2025
    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  
    Keith Quinton  
    Marcus L. Smith  
    Nancy Wiser Stefani  
    Susan J. Sutherland  
    Scott E. Wennerholm  
     
    19

    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: [email protected]
    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: [email protected] 
        
    20

    Table of Contents
    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.
    Other important information
    21

    Table of Contents
    Eaton Vance Funds
    U.S. Customer Privacy Notice — continued March 2024

    Page 3
    *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.
    22

    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. You may also access proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/
    proxyvoting.
    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.”
    23

    Table of Contents
    This Page Intentionally Left Blank

    Table of Contents
    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    4.30.25


    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

     

    (a)

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

     

    (b)

    Not applicable.

    Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

    Not applicable.

    Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

    Not applicable.

    Item 9. Proxy Disclosures for Open-End Management Investment Companies

    Not applicable.

    Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

    Not applicable.

    Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

    Not applicable.

    Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

    Not required in this filing.

    Item 13. Portfolio Managers of Closed-End Management Investment Companies

    Not required in this filing.

    Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

    No such purchases this period.

    Item 15. Submission of Matters to a Vote of Security Holders

    There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.


    Item 16. 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 control 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 17. 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 18. Recovery of Erroneously Awarded Compensation

    Not applicable.

    Item 19. 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 24, 2025

    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 24, 2025
    By:  

    /s/ R. Kelly Williams, Jr.

      R. Kelly Williams, Jr.
      Principal Executive Officer
    Date:   June 24, 2025
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