Eaton Vance Tax-Managed Global Diversified Equity
Table of Contents

 
 
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, 2009
Date of Reporting Period
 
 

 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Signatures
EX-99.CERT Section 302 Certifications

Table of Contents

Item 1. Schedule of Investments

 

Table of Contents

Eaton Vance Tax-Managed Global Diversified Equity Income Fund   as of January 31, 2009
     
     
PORTFOLIO OF INVESTMENTS (Unaudited)    
Common Stocks — 92.7%
                 
Security   Shares     Value  
 
Aerospace & Defense — 3.1%
                
BAE Systems PLC
     3,674,843     $ 21,329,277  
Boeing Co. (The)
     157,763       6,674,953  
General Dynamics Corp.
     320,461       18,179,753  
Lockheed Martin Corp.
     240,455       19,726,928  
Raytheon Co.
     280,220       14,184,736  
United Technologies Corp.
     472,955       22,697,110  
 
              
 
           $ 102,792,757  
 
              
Auto Components — 0.3%
                
Johnson Controls, Inc.
     821,584     $ 10,278,016  
 
              
 
           $ 10,278,016  
 
              
Beverages — 1.3%
                
Coca-Cola Co. (The)
     402,546     $ 17,196,765  
PepsiCo, Inc.
     502,110       25,220,985  
 
              
 
           $ 42,417,750  
 
              
Biotechnology — 1.9%
                
Amgen, Inc.(1)
     292,823     $ 16,061,342  
Biogen Idec, Inc.(1)
     340,006       16,541,292  
Genzyme Corp.(1)
     439,575       30,295,509  
 
              
 
           $ 62,898,143  
 
              
Capital Markets — 4.0%
                
Bank of New York Mellon Corp. (The)
     528,068     $ 13,592,470  
Credit Suisse Group
     2,105,247       53,729,120  
Goldman Sachs Group, Inc.
     133,248       10,757,111  
Invesco, Ltd.
     523,558       6,172,749  
Julius Baer Holding AG
     1,500,341       44,493,269  
T. Rowe Price Group, Inc.
     183,653       5,065,150  
 
              
 
           $ 133,809,869  
 
              
Chemicals — 0.9%
                
BASF AG
     713,273     $ 20,662,875  
E.I. Du Pont de Nemours & Co.
     482,134       11,069,797  
 
              
 
           $ 31,732,672  
 
              
Commercial Banks — 3.4%
                
Banco Santander Central Hispano SA
     5,241,454     $ 42,414,517  
HSBC Holdings PLC
     7,395,701       57,381,653  
Wells Fargo & Co.
     850,957       16,083,087  
 
              
 
           $ 115,879,257  
 
              
Commercial Services & Supplies — 0.5%
                
Waste Management, Inc.
     579,774     $ 18,083,151  
 
              
 
           $ 18,083,151  
 
              
Communications Equipment — 2.1%
                
Cisco Systems, Inc.(1)
     2,107,918     $ 31,555,532  
Nokia Oyj ADR
     1,024,768       12,573,903  
QUALCOMM, Inc.
     777,057       26,847,319  
 
              
 
           $ 70,976,754  
 
              

1

 

Table of Contents

                 
Security   Shares     Value  
 
Computers & Peripherals — 2.7%
                
Apple, Inc.(1)
     193,768     $ 17,464,310  
Hewlett-Packard Co.
     929,306       32,293,384  
International Business Machines Corp.
     448,616       41,115,656  
 
              
 
           $ 90,873,350  
 
              
Diversified Financial Services — 1.0%
                
Bank of America Corp.
     700,653     $ 4,610,297  
Citigroup, Inc.
     1,042,335       3,700,289  
JPMorgan Chase & Co.
     1,013,486       25,854,028  
 
              
 
           $ 34,164,614  
 
              
Diversified Telecommunication Services — 3.9%
                
AT&T, Inc.
     750,567     $ 18,478,960  
BCE, Inc.
     1,000,000       20,460,000  
France Telecom SA
     1,040,537       23,317,452  
Koninklijke KPN N.V.
     3,659,863       48,714,759  
Verizon Communications, Inc.
     697,238       20,826,499  
 
              
 
           $ 131,797,670  
 
              
Electric Utilities — 2.7%
                
E.ON AG
     1,223,459     $ 39,408,844  
Edison International
     443,058       14,430,399  
FirstEnergy Corp.
     247,290       12,362,027  
Iberdrola SA
     3,051,720       23,757,128  
 
              
 
           $ 89,958,398  
 
              
Electrical Equipment — 1.9%
                
ABB, Ltd.(1)
     2,348,969     $ 30,502,872  
Emerson Electric Co.
     539,496       17,641,519  
Vestas Wind Systems A/S(1)
     354,995       17,096,614  
 
              
 
           $ 65,241,005  
 
              
Energy Equipment & Services — 0.9%
                
Diamond Offshore Drilling, Inc.
     111,816     $ 7,017,572  
Schlumberger, Ltd.
     527,607       21,531,642  
 
              
 
           $ 28,549,214  
 
              
Food & Staples Retailing — 1.2%
                
CVS Caremark Corp.
     632,815     $ 17,010,067  
Kroger Co. (The)
     389,240       8,757,900  
Wal-Mart Stores, Inc.
     332,922       15,687,285  
 
              
 
           $ 41,455,252  
 
              
Food Products — 5.7%
                
Cadbury PLC ADR
     319,335     $ 10,314,521  
Groupe Danone
     225,675       11,583,139  
Nestle SA
     2,936,104       101,469,719  
Unilever NV
     3,031,029       66,814,044  
 
              
 
           $ 190,181,423  
 
              
Gas Utilities — 1.5%
                
GDF Suez
     1,341,840     $ 51,337,805  
 
              
 
           $ 51,337,805  
 
              
Health Care Equipment & Supplies — 1.2%
                
Baxter International, Inc.
     142,960     $ 8,384,604  
Becton, Dickinson & Co.
     95,270       6,923,271  
Boston Scientific Corp.(1)
     1,358,587       12,050,667  
Medtronic, Inc.
     389,339       13,038,963  
 
              
 
           $ 40,397,505  
 
              
Health Care Providers & Services — 0.7%
                
Aetna, Inc.
     322,725     $ 10,004,475  
UnitedHealth Group, Inc.
     477,996       13,541,627  
 
              
 
           $ 23,546,102  
 
              

2

 

Table of Contents

                 
Security   Shares     Value  
 
Hotels, Restaurants & Leisure — 1.0%
                
McDonald’s Corp.
     552,116     $ 32,033,770  
 
              
 
           $ 32,033,770  
 
              
Household Durables — 2.0%
                
Centex Corp.
     993,073     $ 8,451,051  
D.R. Horton, Inc.
     1,657,162       9,876,686  
KB HOME
     748,433       7,985,780  
Lennar Corp., Class A
     1,274,287       9,799,267  
NVR, Inc.(1)
     19,944       8,497,939  
Pulte Homes, Inc.
     1,080,903       10,971,165  
Ryland Group, Inc.
     206,452       3,220,651  
Toll Brothers, Inc.(1)
     539,909       9,189,251  
 
              
 
           $ 67,991,790  
 
              
Household Products — 1.6%
                
Clorox Co.
     184,419     $ 9,248,613  
Colgate-Palmolive Co.
     327,287       21,286,747  
Procter & Gamble Co.
     418,274       22,795,933  
 
              
 
           $ 53,331,293  
 
              
Industrial Conglomerates — 2.3%
                
General Electric Co.
     2,044,566     $ 24,800,586  
Siemens AG
     902,535       50,823,544  
 
              
 
           $ 75,624,130  
 
              
Insurance — 6.0%
                
ACE, Ltd.
     247,559     $ 10,808,426  
Aflac, Inc.
     280,630       6,513,422  
Allianz SE
     570,180       47,806,484  
Chubb Corp.
     472,337       20,112,109  
MetLife, Inc.
     466,637       13,406,481  
Travelers Companies, Inc. (The)
     638,512       24,672,104  
Zurich Financial Services AG
     436,853       78,769,737  
 
              
 
           $ 202,088,763  
 
              
Internet Software & Services — 0.8%
                
Google, Inc., Class A(1)
     79,491     $ 26,910,088  
 
              
 
           $ 26,910,088  
 
              
IT Services — 0.5%
                
Accenture, Ltd., Class A
     250,585     $ 7,908,463  
Visa, Inc., Class A
     175,041       8,638,273  
 
              
 
           $ 16,546,736  
 
              
Life Sciences Tools & Services — 0.3%
                
Thermo Fisher Scientific, Inc.(1)
     241,899     $ 8,691,431  
 
              
 
           $ 8,691,431  
 
              
Machinery — 0.7%
                
Danaher Corp.
     286,358     $ 16,016,003  
Illinois Tool Works, Inc.
     204,245       6,670,642  
 
              
 
           $ 22,686,645  
 
              
Media — 2.4%
                
Comcast Corp., Class A
     2,052,262     $ 30,065,638  
Time Warner, Inc.
     1,516,839       14,152,108  
Vivendi SA
     1,413,617       36,415,697  
 
              
 
           $ 80,633,443  
 
              
Metals & Mining — 2.8%
                
Anglo American PLC
     922,751     $ 16,598,971  
ArcelorMittal
     349,570       7,822,634  
BHP Billiton, Ltd. ADR
     266,452       10,002,608  
Goldcorp, Inc.
     2,067,557       61,137,661  
 
              
 
           $ 95,561,874  
 
              

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Table of Contents

                 
Security   Shares     Value  
 
Multi-Utilities — 1.3%
                
Public Service Enterprise Group, Inc.
     547,082     $ 17,271,379  
RWE AG
     326,245       25,348,487  
 
              
 
           $ 42,619,866  
 
              
Oil, Gas & Consumable Fuels — 12.8%
                
Anadarko Petroleum Corp.
     617,147     $ 22,673,981  
BP PLC
     8,097,864       57,349,764  
Chevron Corp.
     466,712       32,912,530  
ConocoPhillips
     267,586       12,718,363  
ENI SpA
     3,349,689       70,850,196  
Exxon Mobil Corp.
     649,825       49,698,616  
Hess Corp.
     413,750       23,008,638  
Occidental Petroleum Corp.
     376,344       20,529,565  
Royal Dutch Shell PLC, Class B
     2,416,333       57,362,664  
Total SA
     1,485,146       74,011,531  
XTO Energy, Inc.
     258,281       9,579,642  
 
              
 
           $ 430,695,490  
 
              
Pharmaceuticals — 9.5%
                
Abbott Laboratories
     622,976     $ 34,537,789  
Bayer AG
     405,251       21,512,229  
Merck & Co., Inc.
     735,862       21,008,860  
Novartis AG
     1,200,790       49,341,053  
Novo-Nordisk A/S, Class B
     198,135       10,555,381  
Pfizer, Inc.
     647,653       9,442,781  
Roche Holding AG
     684,822       96,138,543  
Sanofi-Aventis SA
     862,170       48,491,281  
Schering-Plough Corp.
     855,972       15,030,868  
Teva Pharmaceutical Industries, Ltd. ADR
     335,351       13,900,299  
 
              
 
           $ 319,959,084  
 
              
Semiconductors & Semiconductor Equipment — 0.7%
                
ASML Holding NV
     1,345,721     $ 22,258,225  
 
              
 
           $ 22,258,225  
 
              
Software — 1.5%
                
Microsoft Corp.
     1,779,976     $ 30,437,590  
Oracle Corp.(1)
     1,092,814       18,392,060  
 
              
 
           $ 48,829,650  
 
              
Specialty Retail — 1.0%
                
Best Buy Co., Inc.
     663,969     $ 18,604,411  
Home Depot, Inc.
     693,797       14,937,449  
 
              
 
           $ 33,541,860  
 
              
Tobacco — 2.7%
                
British American Tobacco PLC
     2,855,929     $ 78,309,139  
Philip Morris International, Inc.
     338,683       12,582,073  
 
              
 
           $ 90,891,212  
 
              
Wireless Telecommunication Services — 1.9%
                
Rogers Communications, Inc., Class B
     260,492     $ 7,335,455  
Vodafone Group PLC
     30,939,483       57,464,725  
 
              
 
           $ 64,800,180  
 
              
 
                
Total Common Stocks
(identified cost $4,647,806,901)
           $ 3,112,066,237  
 
              

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Table of Contents

Investment Funds — 0.4%
                 
Security   Shares     Value  
 
Capital Markets — 0.4%
                
SPDR S&P Homebuilders ETF
     1,214,903     $ 12,464,905  
 
              
 
Total Investment Funds
(identified cost $16,886,666)
           $ 12,464,905  
 
              
Call Options Purchased — 0.1%
                                 
    Number     Strike     Expiration        
Description   of Contracts     Price     Date     Value  
S&P 500 Index
     1,951     $ 855       2/21/2009     $ 3,511,800  
 
                              
 
Total Call Options Purchased
(identified cost $5,271,407)
                           $ 3,511,800  
 
                              
Short-Term Investments — 7.8%
                 
    Interest        
Description   (000’s omitted)     Value  
Cash Management Portfolio, 0.23%(2)
     262,557     $ 262,557,225  
 
              
 
Total Short-Term Investments
(identified cost $262,557,225)
           $ 262,557,225  
 
              
 
              
Total Investments — 101.0%
(identified cost $4,932,522,199)
           $ 3,390,600,167  
 
              
Covered Call Options Written — (1.2)%
                                 
    Number     Strike     Expiration        
Description   of Contracts     Price     Date     Value  
AMEX EUROTOP 100 Index
     23,693     $ 176       2/17/09     $ (13,260,261 )
Dow Jones Euro Stoxx 50 Index
     74,865     EUR 2,450       2/20/09       (1,265,314 )
FTSE 100 Index
     21,111     GBP 4,400       2/20/09       (1,330,842 )
S&P 500 Index
     1,140     $ 825       2/21/09       (3,739,200 )
S&P 500 Index
     5,746     $ 845       2/21/09       (12,066,600 )
S&P 500 Index
     2,934     $ 875       2/21/09       (2,934,000 )
S&P 500 Index
     3,902     $ 885       2/21/09       (3,316,700 )
SMI Index
     9,622     CHF 5,450       2/20/09       (771,485 )
 
                              
 
Total Covered Call Options Written
(premiums received $78,968,128)
                           $ (38,684,402 )
 
                              
 
                                
Other Assets, Less Liabilities — 0.2%
                           $ 6,149,479  
 
                              
 
                                
Net Assets — 100.0%
                           $ 3,358,065,244  
 
                              
 
ADR   -  American Depository Receipt
 
CHF   -  Swiss Franc
 
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, 2009. Net income allocated from the investment in Cash Management Portfolio for the fiscal year to date ended January 31, 2009 was $371,212.

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Country Concentration of Portfolio
                 
    Percentage        
Country   of Net Assets     Value  
 
United States
     49.7 %   $ 1,668,742,712  
Switzerland
     13.9       465,252,739  
United Kingdom
     10.6       356,110,713  
France
     7.3       245,156,905  
Germany
     6.1       205,562,463  
Netherlands
     4.1       137,787,028  
Canada
     2.7       88,933,115  
Italy
     2.1       70,850,196  
Spain
     2.0       66,171,645  
Denmark
     0.8       27,651,995  
Bermuda
     0.4       14,081,212  
Israel
     0.4       13,900,299  
Finland
     0.4       12,573,903  
Australia
     0.3       10,002,608  
Luxembourg
     0.2       7,822,634  
           
Total
     101.0 %   $ 3,390,600,167  
 
            

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The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2009, as determined on a federal income tax basis, were as follows:
         
Aggregate cost
   $ 4,933,076,888  
       
Gross unrealized appreciation
   $ 13,532,736  
Gross unrealized depreciation
     (1,556,009,457 )
       
Net unrealized depreciation
   $ (1,542,476,721 )
       
Written call options activity for the fiscal year to date ended January 31, 2009 was as follows:
                 
    Number of Contracts     Premiums Received  
             
Outstanding, beginning of period
     145,492     $ 122,260,511  
Options written
     431,475       273,090,114  
Options terminated in closing purchase transactions
     (372,025 )     (253,259,348 )
Options expired
     (61,929 )     (63,123,149 )
 
            
Outstanding, end of period
     143,013     $ 78,968,128  
 
            
All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At January 31, 2009, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective November 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At January 31, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
                         
            Investments in     Other Financial  
        Valuation Inputs   Securities     Instruments*  
Level 1  
Quoted Prices
   $ 1,968,610,207     $ (25,424,141 )
Level 2  
Other Significant Observable Inputs
     1,421,989,960       (13,260,261 )
Level 3  
Significant Unobservable Inputs
     —       —  
       
 
            
Total  
 
   $ 3,390,600,167     $ (38,684,402 )
       
 
            
*   Other financial instruments include written call options.
The Fund held no investments or other financial instruments as of October 31, 2008 whose fair value was determined using Level 3 inputs.
For information on the Fund’s policy regarding 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.

7

 

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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.

 

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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/ Duncan W. Richardson    
 
       
 
  Duncan W. Richardson    
 
  President    
 
        
Date:
  March 25, 2009    
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/ Duncan W. Richardson    
 
       
 
  Duncan W. Richardson    
 
  President    
 
        
Date:
  March 25, 2009    
 
        
By:
  /s/ Barbara E. Campbell    
 
       
 
  Barbara E. Campbell    
 
  Treasurer    
 
        
Date:
  March 25, 2009