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

 

July 31, 2009

Date of Reporting Period

 

 

Item 1. Schedule of Investments

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Common Stocks — 101.7%

 

 

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2

 

3

 

4

 

Short-Term Investments — 1.7%

 

 

5

Covered Call Options Written — (3.6)%

 

 

 

6

Country Concentration of Portfolio

 

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2009, as determined on a federal income tax basis, were as follows:

 

Aggregate cost		$	4,247,296,357
Gross unrealized appreciation		$	218,958,949
Gross unrealized depreciation			(689,544,600	)
Net unrealized depreciation		$	(470,585,651	)

 

Written call options activity for the fiscal year to date ended July 31, 2009 was as follows:

 

		Number of				Premiums
		Contracts				Received
Outstanding, beginning of period			145,492			$	122,260,511
Options written			1,269,022				589,039,816
Options terminated in closing purchase transactions			(1,142,290	)			(561,806,445	)
Options expired			(138,507	)			(106,667,827	)
Outstanding, end of period			133,717			$	42,826,055

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At July 31, 2009, 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 objective. The Fund generally intends to write index call options above the current value of an 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.

 

At July 31, 2009, the aggregate fair value of derivative instruments (not accounted for as hedging instruments under Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 133) in a liability position and whose primary underlying risk exposure is equity price risk was $132,801,100.

 

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The Fund adopted FASB 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.

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

At July 31, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

		Quoted Prices in
		Active Markets for				Significant Other				Significant
		Identical Assets				Observable Inputs				Unobservable Inputs
Asset Description		(Level 1)				(Level 2)				(Level 3)				Total
Common Stocks
Consumer Discretionary		$	168,250,682			$	79,091,517			$	—			$	247,342,199
Consumer Staples			156,108,937				323,100,437				—				479,209,374
Energy			177,670,418				321,385,600				—				499,056,018
Financials			264,883,159				471,735,281				—				736,618,440
Health Care			254,184,603				211,288,165				—				465,472,768
Industrials			136,649,138				154,451,763				—				291,100,901
Information Technology			359,864,178				35,408,653				—				395,272,831
Materials			156,517,475				78,032,479				—				234,549,954
Telecommunication Services			61,278,488				115,327,952				—				176,606,440
Utilities			39,295,832				151,181,721				—				190,477,553
Total Common Stocks		$	1,774,702,910			$	1,941,003,568	*		$	—			$	3,715,706,478
Short-Term Investments			61,004,228				—				—				61,004,228
Total Investments		$	1,835,707,138			$	1,941,003,568			$	—			$	3,776,710,706
Liability Description
Covered Call Options Written		$	(132,801,100	)		$	—			$	—			$	(132,801,100	)
Total		$	(132,801,100	)		$	—			$	—			$	(132,801,100	)

 

 

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.

 

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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.

 

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

 

 

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.