Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21973

Investment Company Act File Number

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

October 31

Date of Fiscal Year End

January 31, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Tax-Managed Global Diversified Equity Income Fund

January 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 97.8%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 1.3%

      

Boeing Co. (The)

      232,008       $ 29,061,322   

United Technologies Corp.

      119,327         13,605,665   
     

 

 

  
      $ 42,666,987   
     

 

 

  

Air Freight & Logistics — 0.4%

      

C.H. Robinson Worldwide, Inc.

      198,267       $ 11,606,550   
     

 

 

  
      $ 11,606,550   
     

 

 

  

Automobiles — 1.0%

      

Honda Motor Co., Ltd.

      841,744       $ 31,551,214   
     

 

 

  
      $ 31,551,214   
     

 

 

  

Beverages — 2.4%

      

Anheuser-Busch InBev NV

      356,407       $ 34,159,020   

Diageo PLC

      1,404,807         41,661,196   
     

 

 

  
      $ 75,820,216   
     

 

 

  

Biotechnology — 2.7%

      

Biogen Idec, Inc.(1)

      17,320       $ 5,414,925   

Celgene Corp.(1)

      201,912         30,676,490   

Gilead Sciences, Inc.(1)

      644,290         51,961,988   
     

 

 

  
      $ 88,053,403   
     

 

 

  

Capital Markets — 2.5%

      

Charles Schwab Corp. (The)

      661,239       $ 16,411,952   

Credit Suisse Group AG(1)

      388,006         11,690,983   

Deutsche Bank AG

      92,250         4,440,402   

Morgan Stanley

      393,520         11,612,775   

UBS AG(1)

      1,855,579         36,870,355   
     

 

 

  
      $ 81,026,467   
     

 

 

  

Chemicals — 3.8%

      

Akzo Nobel NV

      164,094       $ 11,801,961   

BASF SE

      349,964         37,415,302   

Linde AG

      73,911         13,966,783   

LyondellBasell Industries NV, Class A

      253,380         19,956,209   

Monsanto Co.

      290,194         30,920,171   

PPG Industries, Inc.

      48,331         8,813,641   
     

 

 

  
      $ 122,874,067   
     

 

 

  

Commercial Banks — 8.8%

      

Banco Bilbao Vizcaya Argentaria SA

      1,136,175       $ 13,553,196   

Barclays PLC

      7,028,763         31,378,145   

BNP Paribas SA

      502,946         38,829,990   

DNB ASA

      1,186,382         20,147,460   

HSBC Holdings PLC

      6,120,783         62,809,863   

Lloyds Banking Group PLC(1)

      7,630,470         10,405,981   

PNC Financial Services Group, Inc. (The)

      198,697         15,871,916   

Regions Financial Corp.

      1,036,893         10,545,202   

Skandinaviska Enskilda Banken AB, Class A

      1,362,147         17,550,829   

Societe Generale

      577,465         32,626,665   

SunTrust Banks, Inc.

      359,334         13,302,545   

Swedbank AB, Class A

      578,513         15,096,084   
     

 

 

  
      $ 282,117,876   
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Communications Equipment — 1.0%

      

QUALCOMM, Inc.

      279,705       $ 20,759,705   

Telefonaktiebolaget LM Ericsson, Class B

      945,475         11,577,207   
     

 

 

  
      $ 32,336,912   
     

 

 

  

Computers & Peripherals — 1.4%

      

Apple, Inc.

      91,905       $ 46,007,643   
     

 

 

  
      $ 46,007,643   
     

 

 

  

Consumer Finance — 0.8%

      

American Express Co.

      292,524       $ 24,870,390   
     

 

 

  
      $ 24,870,390   
     

 

 

  

Diversified Consumer Services — 0.6%

      

Sotheby’s

      419,151       $ 20,085,716   
     

 

 

  
      $ 20,085,716   
     

 

 

  

Diversified Financial Services — 2.8%

      

Bank of America Corp.

      2,496,828       $ 41,821,869   

Citigroup, Inc.

      444,847         21,099,093   

JPMorgan Chase & Co.

      474,236         26,253,705   
     

 

 

  
      $ 89,174,667   
     

 

 

  

Diversified Telecommunication Services — 0.5%

      

Deutsche Telekom AG

      1,044,482       $ 16,888,368   
     

 

 

  
      $ 16,888,368   
     

 

 

  

Electric Utilities — 1.9%

      

Duke Energy Corp.

      101,241       $ 7,149,640   

Edison International

      151,426         7,292,676   

NextEra Energy, Inc.

      154,726         14,223,961   

SSE PLC

      1,536,047         32,954,285   
     

 

 

  
      $ 61,620,562   
     

 

 

  

Electrical Equipment — 0.9%

      

Emerson Electric Co.

      311,884       $ 20,565,631   

Rockwell Automation, Inc.

      73,997         8,497,815   
     

 

 

  
      $ 29,063,446   
     

 

 

  

Electronic Equipment, Instruments & Components — 0.9%

      

Corning, Inc.

      1,733,930       $ 29,840,935   
     

 

 

  
      $ 29,840,935   
     

 

 

  

Food & Staples Retailing — 0.4%

      

Costco Wholesale Corp.

      124,032       $ 13,936,236   
     

 

 

  
      $ 13,936,236   
     

 

 

  

Food Products — 5.1%

      

Hershey Co. (The)

      205,763       $ 20,452,842   

Kerry Group PLC, Class A

      396,853         26,692,517   

Mondelez International, Inc., Class A

      603,505         19,764,789   

Nestle SA

      1,354,207         98,141,140   
     

 

 

  
      $ 165,051,288   
     

 

 

  

Health Care Equipment & Supplies — 0.8%

      

Abbott Laboratories

      277,584       $ 10,176,230   

Covidien PLC

      216,160         14,750,758   
     

 

 

  
      $ 24,926,988   
     

 

 

  

Hotels, Restaurants & Leisure — 0.4%

      

McDonald’s Corp.

      129,903       $ 12,232,966   
     

 

 

  
      $ 12,232,966   
     

 

 

  

Household Durables — 0.3%

      

Mohawk Industries, Inc.(1)

      57,957       $ 8,240,326   
     

 

 

  
      $ 8,240,326   
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Household Products — 3.0%

      

Procter & Gamble Co.

      240,573       $ 18,432,703   

Reckitt Benckiser Group PLC

      499,600         37,406,364   

Svenska Cellulosa AB SCA, Class B

      1,454,722         41,365,561   
     

 

 

  
      $ 97,204,628   
     

 

 

  

Industrial Conglomerates — 3.0%

      

Danaher Corp.

      185,109       $ 13,770,259   

Koninklijke Philips NV

      1,478,061         51,280,034   

Siemens AG

      256,750         32,482,457   
     

 

 

  
      $ 97,532,750   
     

 

 

  

Insurance — 4.8%

      

ACE, Ltd.

      70,856       $ 6,647,001   

Aflac, Inc.

      264,261         16,590,306   

Allianz SE

      228,888         38,050,420   

AXA SA

      665,499         17,456,668   

MetLife, Inc.

      191,956         9,415,442   

Muenchener Rueckversicherungs-Gesellschaft AG

      85,034         17,523,834   

Progressive Corp.

      650,000         15,106,000   

Prudential PLC

      1,703,711         34,295,954   
     

 

 

  
      $ 155,085,625   
     

 

 

  

Internet & Catalog Retail — 0.9%

      

Amazon.com, Inc.(1)

      61,488       $ 22,055,131   

Netflix, Inc.(1)

      17,350         7,101,875   
     

 

 

  
      $ 29,157,006   
     

 

 

  

Internet Software & Services — 3.1%

      

eBay, Inc.(1)

      375,704       $ 19,987,453   

Facebook, Inc., Class A(1)

      362,428         22,677,120   

Google, Inc., Class A(1)

      48,021         56,711,360   
     

 

 

  
      $ 99,375,933   
     

 

 

  

IT Services — 1.0%

      

Accenture PLC, Class A

      167,187       $ 13,354,897   

Visa, Inc., Class A

      83,190         17,921,622   
     

 

 

  
      $ 31,276,519   
     

 

 

  

Machinery — 0.7%

      

Deere & Co.

      198,647       $ 17,075,696   

IMI PLC

      200,211         4,913,072   
     

 

 

  
      $ 21,988,768   
     

 

 

  

Media — 1.3%

      

Lions Gate Entertainment Corp.

      369,545       $ 11,947,390   

Walt Disney Co. (The)

      284,712         20,672,938   

WPP PLC

      348,591         7,303,835   
     

 

 

  
      $ 39,924,163   
     

 

 

  

Metals & Mining — 1.2%

      

BHP Billiton, Ltd. ADR

      466,780       $ 29,850,581   

Glencore Xstrata PLC

      1,541,450         8,127,236   
     

 

 

  
      $ 37,977,817   
     

 

 

  

Multi-Utilities — 1.2%

      

National Grid PLC

      2,205,626       $ 28,550,918   

Sempra Energy

      111,487         10,335,960   
     

 

 

  
      $ 38,886,878   
     

 

 

  

Multiline Retail — 0.8%

      

Dollar General Corp.(1)

      224,043       $ 12,618,102   

Macy’s, Inc.

      271,197         14,427,680   
     

 

 

  
      $ 27,045,782   
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Oil, Gas & Consumable Fuels — 11.1%

      

BP PLC

      4,825,227       $ 37,815,546   

Chevron Corp.

      173,433         19,360,326   

Concho Resources, Inc.(1)

      199,385         19,497,859   

ENI SpA

      1,133,529         25,740,893   

EOG Resources, Inc.

      57,460         9,494,690   

Exxon Mobil Corp.

      166,643         15,357,819   

Marathon Oil Corp.

      465,273         15,256,302   

Occidental Petroleum Corp.

      335,745         29,401,190   

Phillips 66

      319,874         23,379,591   

Range Resources Corp.

      126,407         10,895,019   

Royal Dutch Shell PLC, Class B

      1,966,204         71,918,132   

Statoil ASA

      710,974         16,850,547   

Total SA

      1,062,366         60,609,712   
     

 

 

  
      $ 355,577,626   
     

 

 

  

Personal Products — 0.5%

      

Estee Lauder Cos., Inc. (The), Class A

      229,550       $ 15,779,267   
     

 

 

  
      $ 15,779,267   
     

 

 

  

Pharmaceuticals — 11.3%

      

AstraZeneca PLC

      811,336       $ 51,450,141   

Bayer AG

      355,525         46,789,109   

GlaxoSmithKline PLC

      503,448         12,940,702   

Johnson & Johnson

      109,820         9,715,775   

Merck & Co., Inc.

      628,321         33,282,163   

Novartis AG

      619,321         48,951,639   

Roche Holding AG PC

      327,601         89,882,431   

Sanofi

      546,626         53,438,633   

Shire PLC ADR

      107,585         16,096,868   
     

 

 

  
      $ 362,547,461   
     

 

 

  

Real Estate Investment Trusts (REITs) — 0.7%

      

AvalonBay Communities, Inc.

      81,961       $ 10,122,184   

Boston Properties, Inc.

      124,513         13,458,610   
     

 

 

  
      $ 23,580,794   
     

 

 

  

Road & Rail — 0.5%

      

Canadian Pacific Railway, Ltd.

      114,015       $ 17,270,992   
     

 

 

  
      $ 17,270,992   
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.4%

      

NXP Semiconductors NV(1)

      237,981       $ 11,506,381   
     

 

 

  
      $ 11,506,381   
     

 

 

  

Software — 1.5%

      

Microsoft Corp.

      374,371       $ 14,169,942   

SAP AG

      440,936         33,735,849   
     

 

 

  
      $ 47,905,791   
     

 

 

  

Specialty Retail — 1.9%

      

AutoNation, Inc.(1)

      133,940       $ 6,615,297   

Home Depot, Inc. (The)

      143,565         11,032,970   

Industria de Diseno Textil SA

      168,805         25,140,838   

Kingfisher PLC

      3,097,532         18,781,138   
     

 

 

  
      $ 61,570,243   
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.9%

      

Adidas AG

      169,959       $ 18,948,969   

Compagnie Financiere Richemont SA, Class A

      195,006         18,039,020   

NIKE, Inc., Class B

      145,709         10,614,901   

Pandora A/S

      245,748         14,099,453   
     

 

 

  
      $ 61,702,343   
     

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Tobacco — 1.3%

      

British American Tobacco PLC

      598,918       $ 28,578,982   

Philip Morris International, Inc.

      146,211         11,424,928   
     

 

 

  
      $ 40,003,910   
     

 

 

  

Wireless Telecommunication Services — 5.0%

      

Vodafone Group PLC

      43,373,507       $ 160,729,892   
     

 

 

  
      $ 160,729,892   
     

 

 

  

Total Common Stocks
(identified cost $2,409,354,774)

       $ 3,143,623,792   
     

 

 

  

Short-Term Investments — 0.8%

      
Description   

Interest

(000’s omitted)

      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.13%(2)

    $ 24,151       $ 24,151,407   
     

 

 

  

Total Short-Term Investments
(identified cost $24,151,407)

       $ 24,151,407   
     

 

 

  

Total Investments — 98.6%
(identified cost $2,433,506,181)

       $     3,167,775,199   
     

 

 

  

Call Options Written — (0.1)%

      

Exchange-Traded Options — (0.1)%

      

 

                                                                                                   
Description    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

S&P 500 Index

      1,190       $ 1,845         2/7/14       $ (35,700 ) 

S&P 500 Index

      1,280         1,850         2/14/14         (169,600 ) 

S&P 500 Index

      1,135         1,830         2/22/14         (629,925 ) 

S&P 500 Index

      1,040         1,790         2/28/14         (2,490,800 ) 
           

 

 

  
            $     (3,326,025 ) 
           

 

 

  

Over-the-Counter Options — (0.0)%(3)

 

                                                                                                                            
Description   Counterparty   Number of
Contracts		     Strike Price     Expiration
Date		     Value  

Dow Jones Euro Stoxx 50 Index

   Bank of America     28,800      EUR     3,125        2/21/14      $ (576,812 ) 

Dow Jones Euro Stoxx 50 Index

   Citibank NA     23,000      EUR 3,175        2/21/14        (176,814 ) 

Dow Jones Euro Stoxx 50 Index

   Deutsche Bank AG         47,200      EUR 3,200        2/21/14        (213,256 ) 

FTSE 100 Index

   Citibank NA     11,350      GBP 6,825        2/21/14        (83,962 ) 

FTSE 100 Index

   Societe Generale     12,550      GBP 6,800        2/21/14        (123,786 ) 
         

 

 

  
          $ (1,174,630 ) 
         

 

 

  

Total Call Options Written
(premiums received $15,665,360)

         $ (4,500,655 ) 
         

 

 

  

Other Assets, Less Liabilities — 1.5%

         $ 49,689,356   
         

 

 

  

Net Assets — 100.0%

         $     3,212,963,900   
         

 

 

  

 

5

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

ADR

   -   American Depositary Receipt

PC

   -   Participation Certificate

EUR

   -   Euro

GBP

   -   British Pound Sterling

 

(1) Non-income producing security.

 

(2) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2014 was $7,441.

 

(3) Amount is less than (0.05)%.

Country Concentration of Portfolio

 

                                                 
Country    Percentage of
Net Assets		     Value  

United States

      38.4 %    $ 1,232,934,587   

United Kingdom

      21.7        698,118,250   

Switzerland

      9.7        310,222,569   

Germany

      8.1        260,241,493   

France

      6.3        202,961,668   

Netherlands

      2.9        94,544,585   

Sweden

      2.7        85,589,681   

Ireland

      1.7        54,798,172   

Spain

      1.2        38,694,034   

Norway

      1.2        36,998,007   

Belgium

      1.1        34,159,020   

Japan

      1.0        31,551,214   

Australia

      0.9        29,850,581   

Italy

      0.8        25,740,893   

Canada

      0.5        17,270,992   

Denmark

      0.4        14,099,453   
  

 

 

    

 

 

  

Total Investments

      98.6 %    $     3,167,775,199   
  

 

 

    

 

 

  

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     2,434,333,549   
  

 

 

  

Gross unrealized appreciation

    $ 751,797,376   

Gross unrealized depreciation

      (18,355,726 ) 
  

 

 

  

Net unrealized appreciation

    $ 733,441,650   
  

 

 

  

A summary of open financial instruments at January 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

 

Settlement
Date		     

Deliver

   

In Exchange For

   

Counterparty

    Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation		  
2/28/14     

Japanese Yen

3,285,120,000

   

United States Dollar

32,191,910

    Credit Suisse International    $ 34,946       $ —       $ 34,946   
             

 

 

     

 

 

     

 

 

  
   $     34,946       $     —       $     34,946   
             

 

 

     

 

 

     

 

 

  

 

6

 

 

Written options activity for the fiscal year to date ended January 31, 2014 was as follows:

 

     Number of
Contracts		     Premiums
Received		  

Outstanding, beginning of period

      138,600      $ 17,146,821   

Options written

      398,590        49,084,618   

Options terminated in closing purchase transactions

      (406,250 )      (45,134,096 ) 

Options expired

      (3,395 )      (5,431,983 ) 
  

 

 

    

 

 

  

Outstanding, end of period

      127,545      $     15,665,360   
  

 

 

    

 

 

  

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At January 31, 2014, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objectives, the Fund is subject to the following risks:

Equity Price Risk: 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 price of the underlying index decline.

Foreign Exchange Risk: Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund enters into forward foreign currency exchange contracts.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2014 was as follows:

 

          Fair Value  

Risk

   

Derivative

    Asset
Derivative		      Liability
Derivative		  
Equity Price    Written options    $ —       $ (4,500,655 ) 
     

 

 

     

 

 

  
      $ —       $     (4,500,655 ) 
     

 

 

     

 

 

  
        
Foreign Exchange    Forward foreign currency exchange contracts    $ 34,946       $ —   
     

 

 

     

 

 

  
      $     34,946       $ —   
     

 

 

     

 

 

  

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.

 

7

 

 

At January 31, 2014, 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        

Consumer Discretionary

   $ 157,645,292      $ 133,864,467      $ —      $ 291,509,759   

Consumer Staples

     99,790,765        308,004,780        —        407,795,545   

Energy

     142,642,796        212,934,830        —        355,577,626   

Financials

     289,999,345        365,856,474        —        655,855,819   

Health Care

     172,075,197        303,452,655        —        475,527,852   

Industrials

     131,453,930        88,675,563        —        220,129,493   

Information Technology

     252,937,058        45,313,056        —        298,250,114   

Materials

     89,540,602        71,311,282        —        160,851,884   

Telecommunication Services

     —        177,618,260        —        177,618,260   

Utilities

     39,002,237        61,505,203        —        100,507,440   

Total Common Stocks

   $     1,375,087,222      $     1,768,536,570 *    $     —      $     3,143,623,792   

Short-Term Investments

   $ —      $ 24,151,407      $ —      $ 24,151,407   

Total Investments

   $ 1,375,087,222      $ 1,792,687,977      $ —      $ 3,167,775,199   

Forward Foreign Currency Exchange Contracts

   $ —      $ 34,946      $ —      $ 34,946   

Total

   $ 1,375,087,222      $ 1,792,722,923      $ —      $ 3,167,810,145   
Liability Description                            

Call Options Written

   $ (3,326,025 )    $ (1,174,630 )    $ —      $ (4,500,655 ) 

Total

   $ (3,326,025 )    $ (1,174,630 )    $ —      $ (4,500,655 ) 

 

* 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.

The Fund held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At January 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

 

8

 

 

Item 2. 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 on this
Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

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/ Walter A. Row, III
  Walter A. Row, III
  President
Date:   March 24, 2014

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/ Walter A. Row, III
  Walter A. Row, III
  President
Date:   March 24, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   March 24, 2014