N-Q 1 a07-22623_1nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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)

The Eaton Vance Building,
255 State Street, Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip code)

Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

Date of Fiscal Year End:

 

October 31

Date of Reporting Period:

 

July 31, 2007

 

 



Item 1. Schedule of Investments



Eaton Vance Tax-Managed Global Diversified Equity Income Fund                                           as of July 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 96.5% (1)

Security

 

Shares

 

Value

 

Aerospace & Defense — 1.3%

 

 

 

 

 

Boeing Co.

 

497,794

 

$

51,486,833

 

European Aeronautic Defence and Space Co.

 

740,512

 

22,213,040

 

 

 

 

 

$

73,699,873

 

Air Freight & Logistics — 1.0%

 

 

 

 

 

Deutsche Post AG

 

690,890

 

$

20,197,642

 

FedEx Corp.

 

342,389

 

37,916,158

 

 

 

 

 

$

58,113,800

 

Automobiles — 1.6%

 

 

 

 

 

DaimlerChrysler AG

 

463,740

 

$

42,023,600

 

Peugeot SA

 

291,229

 

24,514,901

 

Renault SA

 

173,146

 

25,035,934

 

 

 

 

 

$

91,574,435

 

Biotechnology — 0.4%

 

 

 

 

 

Cephalon, Inc. (2)

 

300,364

 

$

22,569,351

 

 

 

 

 

$

22,569,351

 

Building Products — 0.5%

 

 

 

 

 

Compagnie de Saint-Gobain

 

234,796

 

$

25,924,765

 

 

 

 

 

$

25,924,765

 

Capital Markets — 5.6%

 

 

 

 

 

Credit Suisse Group

 

1,650,819

 

$

107,542,926

 

Deutsche Bank AG

 

1,092,647

 

148,076,434

 

Goldman Sachs Group, Inc.

 

156,367

 

29,450,161

 

UBS AG

 

601,686

 

33,265,828

 

 

 

 

 

$

318,335,349

 

Chemicals — 1.0%

 

 

 

 

 

Air Liquide SA

 

190,836

 

$

24,695,138

 

E.I. du Pont de Nemours & Co.

 

692,734

 

32,371,460

 

 

 

 

 

$

57,066,598

 

Commercial Banks — 14.7%

 

 

 

 

 

Banca Monte dei Paschi di Siena SPA

 

1,742,424

 

$

11,092,986

 

Banca Popolare di Milano Scarl

 

703,725

 

10,097,958

 

Banco Bilbao Vizcaya Argentaria SA

 

1,976,056

 

48,399,356

 

Banco Santander Central Hispano SA

 

2,455,507

 

46,788,193

 

BNP Paribas SA

 

877,298

 

96,486,167

 

Commerzbank AG

 

473,485

 

20,379,490

 

Credit Agricole SA

 

1,477,388

 

56,478,917

 

Dexia SA

 

351,721

 

10,058,519

 

HSBC Holdings PLC

 

3,629,271

 

67,282,022

 

Intesa Sanpaolo

 

21,618,165

 

163,619,427

 

Lloyds TSB Group PLC

 

2,305,257

 

25,942,863

 

1



 

 

 

National Bank of Greece SA

 

208,524

 

$

12,201,158

 

Nordea Bank AB

 

1,856,590

 

29,914,060

 

Societe Generale

 

733,251

 

126,094,652

 

UniCredito Italiano SPA

 

9,205,780

 

78,132,215

 

Unione di Banche Italiane SPA

 

388,303

 

9,598,090

 

Westpac Banking Corp.

 

1,054,815

 

23,450,076

 

 

 

 

 

$

836,016,149

 

Communications Equipment — 2.2%

 

 

 

 

 

Cisco Systems, Inc. (2)

 

1,381,876

 

$

39,950,035

 

Nokia Oyj ADR

 

1,829,188

 

52,387,944

 

QUALCOMM, Inc.

 

741,554

 

30,885,724

 

 

 

 

 

$

123,223,703

 

Computer Peripherals — 2.2%

 

 

 

 

 

Apple, Inc. (2)

 

238,415

 

$

31,413,560

 

Hewlett-Packard Co.

 

790,566

 

36,389,753

 

IBM Corp.

 

523,819

 

57,960,572

 

 

 

 

 

$

125,763,885

 

Construction Materials — 0.4%

 

 

 

 

 

Lafarge SA

 

139,016

 

$

23,559,075

 

 

 

 

 

$

23,559,075

 

Diversified Financial Services — 4.3%

 

 

 

 

 

Bank of America Corp.

 

959,011

 

$

45,476,302

 

Citigroup, Inc.

 

951,004

 

44,288,256

 

Deutsche Boerse AG

 

202,278

 

23,540,222

 

Fortis

 

1,044,747

 

41,197,538

 

ING Groep NV

 

1,047,116

 

44,225,916

 

JPMorgan Chase & Co.

 

1,021,574

 

44,959,472

 

 

 

 

 

$

243,687,706

 

Diversified Telecommunication Services — 5.8%

 

 

 

 

 

AT&T, Inc.

 

1,501,030

 

$

58,780,335

 

Cesky Telecom AS

 

2,842,846

 

80,643,615

 

Deutsche Telekom AG

 

1,492,286

 

25,758,861

 

France Telecom SA

 

5,688,818

 

153,016,844

 

Telekom Austria AG

 

453,756

 

11,059,781

 

 

 

 

 

$

329,259,436

 

Electric Utilities — 5.0%

 

 

 

 

 

E. ON AG

 

273,899

 

$

43,121,899

 

Edison International

 

728,461

 

38,528,302

 

Endesa SA

 

643,386

 

34,842,447

 

Enel SPA

 

16,003,895

 

165,292,312

 

 

 

 

 

$

281,784,960

 

2



 

 

 

Electrical Equipment — 0.9%

 

 

 

 

 

Emerson Electric Co.

 

1,048,325

 

$

49,344,658

 

 

 

 

 

$

49,344,658

 

Energy Equipment & Services — 0.9%

 

 

 

 

 

Schlumberger, Ltd.

 

508,946

 

$

48,207,365

 

 

 

 

 

$

48,207,365

 

Food & Staples Retailing — 1.0%

 

 

 

 

 

Casino Guichard-Perrachon SA

 

110,479

 

$

10,764,069

 

Wal-Mart Stores, Inc.

 

1,018,860

 

46,816,617

 

 

 

 

 

$

57,580,686

 

Food Products — 2.2%

 

 

 

 

 

Nestle SA

 

162,922

 

$

62,507,783

 

Unilever NV

 

1,970,551

 

59,586,701

 

 

 

 

 

$

122,094,484

 

Gas Utilities — 0.2%

 

 

 

 

 

Gaz de France

 

247,503

 

$

11,500,387

 

 

 

 

 

$

11,500,387

 

Health Care Equipment & Supplies — 0.6%

 

 

 

 

 

Medtronic, Inc.

 

681,514

 

$

34,532,314

 

 

 

 

 

$

34,532,314

 

Health Care Providers & Services — 1.1%

 

 

 

 

 

Aetna, Inc.

 

637,234

 

$

30,631,838

 

UnitedHealth Group, Inc.

 

622,784

 

30,161,429

 

 

 

 

 

$

60,793,267

 

Hotels, Restaurants & Leisure — 2.2%

 

 

 

 

 

Accor SA

 

242,003

 

$

20,622,301

 

Intercontinental Hotels Group PLC

 

1,879,597

 

42,794,582

 

Lottomatica SPA

 

1,032,048

 

38,106,438

 

Marriott International, Inc., Class A

 

592,123

 

24,602,711

 

 

 

 

 

$

126,126,032

 

Household Durables — 0.2%

 

 

 

 

 

D.R. Horton, Inc.

 

847,168

 

$

13,825,782

 

 

 

 

 

$

13,825,782

 

Household Products — 1.1%

 

 

 

 

 

Procter & Gamble Co.

 

968,073

 

$

59,884,996

 

 

 

 

 

$

59,884,996

 

Industrial Conglomerates — 2.5%

 

 

 

 

 

General Electric Co.

 

2,130,466

 

$

82,576,862

 

Siemens AG

 

489,168

 

61,943,292

 

 

 

 

 

$

144,520,154

 

3



 

 

 

Insurance — 4.7%

 

 

 

 

 

Alleanza Assicurazioni SPA

 

814,979

 

$

10,296,958

 

Allianz SE

 

157,449

 

33,497,695

 

American International Group, Inc.

 

534,131

 

34,280,528

 

AMP, Ltd.

 

1,343,210

 

11,470,004

 

Assicurazioni Generali SPA

 

556,200

 

21,858,281

 

AXA SA

 

2,706,906

 

105,690,198

 

Progressive Corp.

 

2,489,335

 

52,226,248

 

 

 

 

 

$

269,319,912

 

Internet Software & Services — 0.4%

 

 

 

 

 

Google, Inc., Class A (2)

 

49,263

 

$

25,124,130

 

 

 

 

 

$

25,124,130

 

IT Services — 0.8%

 

 

 

 

 

Electronic Data Systems Corp.

 

889,390

 

$

24,004,636

 

MoneyGram International, Inc.

 

752,669

 

19,260,800

 

 

 

 

 

$

43,265,436

 

Life Sciences Tools & Services — 0.5%

 

 

 

 

 

Thermo Fisher Scientific, Inc. (2)

 

534,320

 

$

27,896,847

 

 

 

 

 

$

27,896,847

 

Machinery — 4.7%

 

 

 

 

 

Sandvik AB

 

2,510,263

 

$

50,465,241

 

SKF AB, Class B

 

6,333,243

 

131,991,289

 

Vallourec SA

 

320,071

 

82,835,579

 

 

 

 

 

$

265,292,109

 

Media — 2.1%

 

 

 

 

 

Comcast Corp., Class A (2)

 

1,229,527

 

$

32,299,674

 

Mediaset SPA

 

1,059,096

 

11,030,190

 

Time Warner, Inc.

 

1,849,410

 

35,619,637

 

Vivendi SA

 

1,011,408

 

42,982,877

 

 

 

 

 

$

121,932,378

 

Metals & Mining — 1.7%

 

 

 

 

 

Anglo American PLC

 

1,005,264

 

$

58,391,200

 

Arcelor Mittal

 

658,761

 

40,418,433

 

 

 

 

 

$

98,809,633

 

Multiline Retail — 1.0%

 

 

 

 

 

PPR

 

136,865

 

$

23,867,548

 

Target Corp.

 

537,779

 

32,573,274

 

 

 

 

 

$

56,440,822

 

Multi-Utilities — 0.6%

 

 

 

 

 

Public Service Enterprise Group, Inc.

 

377,763

 

$

32,544,282

 

 

 

 

 

$

32,544,282

 

4



 

 

 

Oil, Gas & Consumable Fuels — 10.0%

 

 

 

 

 

BP PLC

 

5,715,468

 

$

66,241,173

 

ConocoPhillips

 

553,713

 

44,762,159

 

ENI SPA

 

3,910,832

 

136,935,415

 

Exxon Mobil Corp.

 

936,664

 

79,738,206

 

Norsk Hydro ASA

 

1,308,932

 

50,442,736

 

Royal Dutch Shell PLC

 

1,888,429

 

74,708,420

 

Statoil ASA

 

1,617,466

 

47,861,542

 

Total SA

 

824,182

 

64,938,718

 

 

 

 

 

$

565,628,369

 

Paper and Forest Products — 0.4%

 

 

 

 

 

Mondi Ltd. (2)

 

110,468

 

$

940,557

 

Mondi PLC (2)

 

276,171

 

2,422,952

 

Weyerhaeuser Co.

 

286,091

 

20,381,123

 

 

 

 

 

$

23,744,632

 

Pharmaceuticals — 4.8%

 

 

 

 

 

Abbott Laboratories

 

706,259

 

$

35,800,269

 

Allergan, Inc.

 

487,220

 

28,322,099

 

AstraZeneca PLC

 

535,142

 

27,670,456

 

GlaxoSmithKline PLC

 

1,561,995

 

39,549,563

 

Novartis AG

 

643,352

 

34,656,100

 

Roche Holding AG

 

197,634

 

34,955,693

 

Sanofi-Synthelabo SA

 

510,077

 

42,747,024

 

Wyeth

 

607,104

 

29,456,686

 

 

 

 

 

$

273,157,890

 

Semiconductors & Semiconductor Equipment — 1.2%

 

 

 

 

 

Intel Corp.

 

2,010,753

 

$

47,493,986

 

STMicroelectrionics NV

 

1,198,613

 

20,609,846

 

 

 

 

 

$

68,103,832

 

Software — 1.0%

 

 

 

 

 

Microsoft Corp.

 

1,898,188

 

$

55,028,470

 

 

 

 

 

$

55,028,470

 

Specialty Retail — 0.5%

 

 

 

 

 

Lowe’s Companies, Inc.

 

997,267

 

$

27,933,449

 

 

 

 

 

$

27,933,449

 

Tobacco — 1.5%

 

 

 

 

 

Altria Group, Inc.

 

560,470

 

$

37,254,441

 

British American Tobacco PLC

 

1,548,869

 

50,076,182

 

 

 

 

 

$

87,330,623

 

Water Utilities — 0.4%

 

 

 

 

 

Kelda Group PLC

 

1,190,140

 

$

20,160,543

 

 

 

 

 

$

20,160,543

 

5



 

 

 

Wireless Telecommunication Services — 1.3%

 

 

 

 

 

Vodafone Group PLC

 

25,257,887

 

$

75,964,456

 

 

 

 

 

$

75,964,456

 

Total Common Stocks
(identified cost $5,615,675,645)

 

 

 

$

5,476,667,023

 

 

Other Issues — 0.00%

Description

 

Shares

 

Value

 

Cairn Energy PLC, Class B, Deferred shares (2)(3)

 

1,937,937

 

$

0

 

Kelda Group PLC, Deferred shares (2)(3)

 

1,547,183

 

0

 

Total Other Issues
(identified cost, $0)

 

 

 

$

0

 

 

Short-Term Investments — 3.1%

 

 

Interest

 

 

 

Description

 

(000’s omitted)

 

Value

 

Investment in Cash Management Portfolio, 4.86% (4)

 

$

178,886

 

$

178,886,261

 

Total Short-Term Investments
(identified cost, $178,886,261)

 

 

 

$

178,886,261

 

Total Investments — 99.6%
(identified cost $5,794,561,906)

 

 

 

$

5,655,553,284

 

 

Covered Call Options Written — (0.0)%

 

 

Number of

 

Premiums

 

 

 

Type of Contract

 

Contracts

 

Received

 

Value

 

Eurotop 100 Index, Expires 08/14/07, Strike 336.50

 

19,544

 

$

6,412,386

 

$

(469,056

)

S&P 500 Index, Expires 08/18/07, Strike 1,550.00

 

1,873

 

4,247,215

 

(168,570

)

S&P 500 Index, Expires 08/18/07, Strike 1,560.00

 

1,124

 

2,583,064

 

(67,440

)

S&P 500 Index, Expires 08/18/07, Strike 1,555.00

 

2,304

 

4,755,506

 

(184,320

)

S&P 500 Index, Expires 08/18/07, Strike 1,565.00

 

3,468

 

6,766,011

 

(260,100

)

SMI Index, Expires 08/17/07, Strike 9,250.00 

 

940

 

734,216

 

(161,477

)

SX5E Index, Expires 08/17/07, Strike 4,550.00

 

5,960

 

5,102,194

 

(501,558

)

UKX Index, Expires 08/17/07, Strike 6,675.00

 

1,535

 

2,249,236

 

(346,744

)

Total Covered Call Options Written
(premiums received $32,849,828)

 

 

 

 

 

$

(2,159,265

)

Other Assets, Less Liabilities — 0.4%

 

 

 

 

 

$

21,084,450

 

Net Assets — 100.0%

 

 

 

 

 

$

5,674,478,469

 

 

ADR — American Depository Receipt

6



 

 

 

(1)

 

A portion of each common stock holding has been segregated as collateral for outstanding options written.

(2)

 

Non-income producing security.

(3)

 

Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(4)

 

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 July 31, 2007. Net income allocated from this investment for the three months ended July 31, 2007 was $2,173,704.

 

Country Concentration of Portfolio

 

Percentage

 

 

 

Country

 

of Total Investments

 

Value

 

United States

 

34.1

%

$

1,928,078,630

 

France

 

17.0

%

961,755,093

 

Italy

 

11.6

%

656,060,269

 

United Kingdom

 

9.8

%

551,204,412

 

Germany

 

7.4

%

418,539,136

 

Switzerland

 

4.8

%

272,928,330

 

Netherlands

 

4.2

%

235,261,302

 

Sweden

 

3.8

%

212,370,589

 

Spain

 

2.3

%

130,029,996

 

Norway

 

1.7

%

98,304,279

 

Czech Republic

 

1.4

%

80,643,615

 

Belgium

 

0.9

%

51,256,057

 

Australia

 

0.6

%

34,920,080

 

Greece

 

0.2

%

12,201,158

 

Austria

 

0.2

%

11,059,781

 

South Africa

 

0.0

%

940,557

 

 

 

100.0

%

$

5,655,553,284

 

 

The cost and unrealized appreciation (depreciation) in value of the investments owned by the Fund at July 31, 2007, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

5,794,561,906

 

Gross unrealized appreciation

 

$

197,230,595

 

Gross unrealized depreciation

 

(336,239,217

)

Net unrealized depreciation

 

$

(139,008,622

)

 

The net unrealized appreciation on foreign currency at July 31, 2007 on a federal income tax basis was $367,446.

7



 

 

Written options activity for the period from the start of business, February 27, 2007, to July 31, 2007 was as follows:

 

 

Number of
Contracts

 

Premiums
Received

 

Outstanding, beginning of period

 

0

 

$

0

 

Options written

 

273,700

 

164,796,446

 

Options terminated in closing purchase transactions

 

(156,211

)

(109,362,067

)

Options expired

 

(80,741

)

(22,584,551

)

Outstanding, end of period

 

36,748

 

$

32,849,828

 

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At July 31, 2007, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

 

President

Date:

 

September 24, 2007

 

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:

 

September 24, 2007

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer

Date:

 

September 24, 2007