NPORT-EX 2 NPORT_1059540607673109.htm

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Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

July 31, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.3%

Security		Shares				Value
Banks — 4.6%
Banco Santander S.A.			6,282,481			$	13,472,605
Canadian Imperial Bank of Commerce			318,957				22,081,364
Citigroup, Inc.(1)			696,890				34,851,469
HDFC Bank, Ltd.			900,905				12,449,778
ING Groep NV			2,870,702				20,017,061
KeyCorp.			1,103,159				13,248,940
						$	116,121,217
Beverages — 1.2%
Diageo PLC(1)			844,145			$	30,887,788
						$	30,887,788
Biotechnology — 0.8%
CSL, Ltd.			107,659			$	20,939,961
						$	20,939,961
Building Products — 1.0%
Assa Abloy AB, Class B(1)			1,089,421			$	24,050,266
						$	24,050,266
Capital Markets — 1.2%
Bank of New York Mellon Corp. (The)(1)			842,524			$	30,204,485
						$	30,204,485
Chemicals — 1.6%
Chr. Hansen Holding A/S			167,473			$	19,110,768
Sika AG			98,432				21,628,664
						$	40,739,432
Construction Materials — 0.9%
CRH PLC			589,020			$	21,445,345
						$	21,445,345
Consumer Finance — 1.1%
Capital One Financial Corp.			192,132			$	12,258,022
OneMain Holdings, Inc.			565,473				16,229,075
						$	28,487,097
Diversified Financial Services — 2.8%
Berkshire Hathaway, Inc., Class B(1)(2)			223,846			$	43,824,570
ORIX Corp.(1)			2,453,264				26,532,321
						$	70,356,891

1

Security		Shares				Value
Electric Utilities — 2.3%
Iberdrola S.A.			2,489,464			$	32,177,035
NextEra Energy, Inc.(1)			91,512				25,687,418
						$	57,864,453
Electrical Equipment — 1.9%
Melrose Industries PLC			14,848,106			$	16,395,555
Schneider Electric SE			265,579				30,452,212
						$	46,847,767
Electronic Equipment, Instruments & Components — 4.3%
CDW Corp.			167,362			$	19,455,832
Halma PLC			442,623				12,572,183
Keyence Corp.			94,479				39,840,549
Murata Manufacturing Co., Ltd.			239,904				15,409,187
Zebra Technologies Corp., Class A(2)			75,460				21,185,395
						$	108,463,146
Entertainment — 2.0%
Nintendo Co., Ltd.			40,318			$	17,732,264
Walt Disney Co. (The)(1)			285,456				33,381,225
						$	51,113,489
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.(1)			92,315			$	24,130,218
Equity Residential			257,848				13,828,388
						$	37,958,606
Food Products — 4.0%
Mondelez International, Inc., Class A(1)			890,869			$	49,434,321
Nestle S.A.(1)			423,667				50,383,200
						$	99,817,521
Health Care Equipment & Supplies — 4.9%
Baxter International, Inc.			201,652			$	17,418,700
Boston Scientific Corp.(1)(2)			1,022,843				39,451,055
Intuitive Surgical, Inc.(1)(2)			59,242				40,606,836
Straumann Holding AG			25,161				24,924,505
						$	122,401,096
Health Care Providers & Services — 0.9%
Anthem, Inc.			83,221			$	22,785,910
						$	22,785,910
Hotels, Restaurants & Leisure — 1.2%
Compass Group PLC			2,179,351			$	29,986,121
						$	29,986,121

2

Security		Shares				Value
Industrial Conglomerates — 1.5%
DCC PLC			410,573			$	36,508,389
						$	36,508,389
Insurance — 2.3%
AIA Group, Ltd.(1)			3,007,815			$	27,121,284
Aviva PLC			4,934,312				16,969,360
AXA S.A.			698,028				14,005,016
						$	58,095,660
Interactive Media & Services — 7.4%
Alphabet, Inc., Class C(1)(2)			72,864			$	108,054,397
Facebook, Inc., Class A(1)(2)			203,174				51,539,149
Tencent Holdings, Ltd.			357,324				24,511,767
						$	184,105,313
Internet & Direct Marketing Retail — 5.0%
Amazon.com, Inc.(1)(2)			39,840			$	126,080,851
						$	126,080,851
IT Services — 2.9%
Amadeus IT Group S.A.			629,156			$	31,417,070
Visa, Inc., Class A(1)			215,131				40,960,942
						$	72,378,012
Leisure Products — 1.2%
Yamaha Corp.(1)			651,468			$	30,037,028
						$	30,037,028
Life Sciences Tools & Services — 0.7%
Lonza Group AG			29,325			$	18,337,950
						$	18,337,950
Machinery — 4.2%
Ingersoll Rand, Inc.(2)			896,504			$	28,320,561
Sandvik AB(2)			1,507,565				28,174,170
SMC Corp.			43,836				23,037,966
Stanley Black & Decker, Inc.(1)			163,202				25,022,131
						$	104,554,828
Metals & Mining — 1.6%
Rio Tinto, Ltd.(1)			531,645			$	38,910,378
						$	38,910,378
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
AGNC Investment Corp.			1,065,187			$	14,486,543
						$	14,486,543

3

Security		Shares				Value
Multi-Utilities — 0.7%
CMS Energy Corp.(1)			251,396			$	16,134,595
						$	16,134,595
Oil, Gas & Consumable Fuels — 2.8%
Chevron Corp.(1)			275,148			$	23,095,923
ConocoPhillips(1)			418,925				15,663,606
EOG Resources, Inc.			261,193				12,236,892
Phillips 66(1)			300,479				18,635,708
						$	69,632,129
Personal Products — 1.9%
Unilever PLC(1)			780,468			$	46,472,951
						$	46,472,951
Pharmaceuticals — 8.0%
Eli Lilly & Co.(1)			168,290			$	25,292,304
Novartis AG			340,417				28,039,204
Novo Nordisk A/S, Class B			397,813				26,101,533
Roche Holding AG PC(1)			92,309				31,971,822
Sanofi			430,942				45,247,663
Zoetis, Inc.(1)			286,201				43,410,968
						$	200,063,494
Professional Services — 2.1%
Recruit Holdings Co., Ltd.			993,860			$	31,004,297
Verisk Analytics, Inc.			118,294				22,323,261
						$	53,327,558
Semiconductors & Semiconductor Equipment — 4.6%
ASML Holding NV(1)			100,026			$	35,563,007
Infineon Technologies AG			1,051,245				26,801,885
Micron Technology, Inc.(2)			319,498				15,992,472
Taiwan Semiconductor Manufacturing Co., Ltd. ADR(1)			452,061				35,663,092
						$	114,020,456
Software — 5.9%
Dassault Systemes SE(1)			130,879			$	23,832,208
Intuit, Inc.			59,187				18,133,121
Microsoft Corp.(1)			517,779				106,149,873
						$	148,115,202
Specialty Retail — 2.7%
Lowe’s Cos., Inc.(1)			233,874			$	34,826,177
TJX Cos., Inc. (The)(1)			636,835				33,109,052
						$	67,935,229

4

Security		Shares				Value
Technology Hardware, Storage & Peripherals — 4.0%
Apple, Inc.(1)			234,140			$	99,518,866
						$	99,518,866
Textiles, Apparel & Luxury Goods — 3.0%
adidas AG(1)(2)			138,464			$	38,185,220
LVMH Moet Hennessy Louis Vuitton SE			83,199				36,178,510
						$	74,363,730
Total Common Stocks (identified cost $1,876,239,588)						$	2,533,549,753
Total Investments — 101.3% (identified cost $1,876,239,588)						$	2,533,549,753
Total Written Call Options — (0.8)% (premiums received $25,097,353)						$	(18,764,555	)
Other Assets, Less Liabilities — (0.5)%						$	(12,889,024	)
Net Assets — 100.0%						$	2,501,896,174

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.

5

Country Concentration of Portfolio

Country		Percentage of Total Investments				Value
United States			52.8	%		$	1,336,969,251
United Kingdom			9.0				228,702,725
Japan			7.2				183,593,612
Switzerland			6.9				175,285,345
France			5.9				149,715,609
Spain			3.0				77,066,710
Germany			2.6				64,987,105
Netherlands			2.2				55,580,068
Sweden			2.1				52,224,436
Denmark			1.8				45,212,301
Taiwan			1.4				35,663,092
Hong Kong			1.1				27,121,284
China			1.0				24,511,767
Canada			0.9				22,081,364
Ireland			0.8				21,445,345
Australia			0.8				20,939,961
India			0.5				12,449,778
Total Investments			100.0	%		$	2,533,549,753

6

Written Call Options — (0.8)%

Exchange-Traded Options — (0.8)%

Description		Number of Contracts				Notional Amount				Exercise Price				Expiration Date				Value
Dow Jones Euro Stoxx 50 Index			1,810			EUR	57,455,192			EUR	3,300				8/7/20			$	(97,312	)
Dow Jones Euro Stoxx 50 Index			1,830			EUR	58,090,056			EUR	3,350				8/14/20				(119,795	)
Dow Jones Euro Stoxx 50 Index			1,780			EUR	56,502,896			EUR	3,325				8/21/20				(302,593	)
Dow Jones Euro Stoxx 50 Index			1,790			EUR	56,820,328			EUR	3,325				8/28/20				(660,127	)
FTSE 100 Index			700			GBP	41,284,320			GBP	6,300				8/21/20				(63,716	)
FTSE 100 Index			650			GBP	38,335,440			GBP	6,350				8/21/20				(41,117	)
Nikkei 225 Index			115			JPY	2,496,650,000			JPY	22,500				8/7/20				(43,763	)
Nikkei 225 Index			110			JPY	2,388,100,000			JPY	22,875				8/14/20				(31,110	)
Nikkei 225 Index			115			JPY	2,496,650,000			JPY	23,000				8/21/20				(46,456	)
S&P 500 Index			185			USD	60,515,720			USD	3,200				8/3/20				(1,342,175	)
S&P 500 Index			186			USD	60,842,832			USD	3,200				8/5/20				(1,458,240	)
S&P 500 Index			185			USD	60,515,720			USD	3,200				8/7/20				(1,517,925	)
S&P 500 Index			185			USD	60,515,720			USD	3,200				8/10/20				(1,590,075	)
S&P 500 Index			184			USD	60,188,608			USD	3,230				8/12/20				(1,239,240	)
S&P 500 Index			184			USD	60,188,608			USD	3,215				8/14/20				(1,526,280	)
S&P 500 Index			184			USD	60,188,608			USD	3,225				8/17/20				(1,449,000	)
S&P 500 Index			185			USD	60,515,720			USD	3,250				8/19/20				(1,199,725	)
S&P 500 Index			184			USD	60,188,608			USD	3,225				8/21/20				(1,611,840	)
S&P 500 Index			185			USD	60,515,720			USD	3,225				8/24/20				(1,652,975	)
S&P 500 Index			185			USD	60,515,720			USD	3,225				8/26/20				(1,719,575	)
S&P 500 Index			184			USD	60,188,608			USD	3,275				8/28/20				(1,051,516	)
Total																		$	(18,764,555	)

Abbreviations:

ADR		-		American Depositary Receipt
PC		-		Participation Certificate

Currency Abbreviations:

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

7

At July 31, 2020, the Fund had sufficient cash and/or securities to cover commitments under open derivative 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.

Transactions in affiliated funds by the Fund for the fiscal year to date ended July 31, 2020 were as follows:

Name of affiliated fund		Value, beginning of period				Purchases				Sales proceeds				Net realized gain (loss)				Change in unrealized appreciation (depreciation)				Value, end of period				Dividend income				Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		$	2,252,007			$	409,615,477			$	(411,858,100	)		$	(9,384	)		$	—			$	—			$	78,256				—

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.

8

At July 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description		Level 1				Level 2				Level 3				Total
Common Stocks
Communication Services		$	192,974,771			$	42,244,031			$	—			$	235,218,802
Consumer Discretionary			194,016,080				134,386,879				—				328,402,959
Consumer Staples			49,434,321				127,743,939				—				177,178,260
Energy			69,632,129				—				—				69,632,129
Financials			187,184,468				130,567,425				—				317,751,893
Health Care			188,965,773				195,562,638				—				384,528,411
Industrials			75,665,953				189,622,855				—				265,288,808
Information Technology			357,059,593				185,436,089				—				542,495,682
Materials			—				101,095,155				—				101,095,155
Real Estate			37,958,606				—				—				37,958,606
Utilities			41,822,013				32,177,035				—				73,999,048
Total Common Stocks		$	1,394,713,707			$	1,138,836,046	*		$	—			$	2,533,549,753
Total Investments		$	1,394,713,707			$	1,138,836,046			$	—			$	2,533,549,753
Liability Description
Written Call Options		$	(17,358,566	)		$	(1,405,989	)		$	—			$	(18,764,555	)
Total		$	(17,358,566	)		$	(1,405,989	)		$	—			$	(18,764,555	)

* 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

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

10