UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22896
Global Macro Capital Opportunities Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
October 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 94.4% |
Security | Shares | Value | |
Brazil — 10.1% | |||
AMBEV S.A. | 238,842 | $ 739,807 | |
B3 S.A. - Brasil Bolsa Balcao | 335,425 | 976,632 | |
Banco Bradesco S.A. | 95,480 | 307,577 | |
Banco Bradesco S.A., PFC Shares | 284,006 | 1,091,929 | |
Banco BTG Pactual S.A. | 67,300 | 377,052 | |
Banco do Brasil S.A. | 49,200 | 352,606 | |
BB Seguridade Participacoes S.A. | 43,679 | 251,056 | |
Centrais Eletricas Brasilier | 54,415 | ���524,819 | |
Cia Energetica de Minas Gerais, PFC Shares | 96,795 | 213,060 | |
Cosan S.A. | 69,843 | 227,965 | |
Equatorial Energia S.A. | 59,500 | 345,907 | |
Gerdau S.A., PFC Shares | 66,452 | 331,263 | |
Hapvida Participacoes e Investimentos S.A.(1) | 506,334 | 764,574 | |
Itau Unibanco Holding S.A., PFC Shares | 257,375 | 1,514,703 | |
Itausa S.A., PFC Shares | 247,640 | 514,888 | |
JBS S.A. | 49,280 | 238,124 | |
Klabin S.A. | 47,400 | 198,391 | |
Localiza Rent a Car S.A. | 38,651 | 527,818 | |
Localiza Rent a Car S.A.(2) | 118 | 1,611 | |
Lojas Renner S.A. | 60,200 | 360,116 | |
Magazine Luiza S.A.(2) | 121,800 | 105,400 | |
Natura & Co. Holding S.A. | 56,300 | 162,944 | |
Petro Rio S.A.(2) | 47,211 | 323,453 | |
Petroleo Brasileiro S.A. | 201,527 | 1,297,607 | |
Petroleo Brasileiro S.A., PFC Shares | 256,759 | 1,481,751 | |
Raia Drogasil S.A. | 65,200 | 332,090 | |
Rede D'Or Sao Luiz S.A.(1) | 25,300 | 157,565 | |
Rumo S.A. | 80,500 | 345,033 | |
Suzano S.A. | 41,597 | 428,412 | |
Telefonica Brasil S.A. | 29,800 | 238,319 | |
TOTVS S.A. | 35,029 | 224,869 | |
Vale S.A. | 209,039 | 2,716,637 | |
Vibra Energia S.A. | 68,000 | 240,248 | |
Weg S.A. | 84,700 | 660,481 | |
$ 18,574,707 | |||
Bulgaria — 0.9% | |||
Eurohold Bulgaria AD(2) | 1,613,493 | $ 1,573,987 | |
$ 1,573,987 | |||
China — 7.2% | |||
Agricultural Bank of China, Ltd., Class H | 359,000 | $ 102,471 | |
Alibaba Group Holding, Ltd.(2) | 142,000 | 1,104,037 | |
Alibaba Health Information Technology, Ltd.(2) | 72,000 | 30,471 |
Security | Shares | Value | |
China (continued) | |||
Aluminum Corp. of China, Ltd., Class H | 72,000 | $ 20,526 | |
Anhui Conch Cement Co., Ltd., Class H | 27,500 | 70,783 | |
ANTA Sports Products, Ltd. | 13,800 | 121,324 | |
Bank of China, Ltd., Class H | 821,000 | 264,425 | |
Bank of Communications, Ltd., Class H | 188,000 | 91,729 | |
BYD Co., Ltd., Class A | 2,900 | 98,192 | |
BYD Co., Ltd., Class H | 8,500 | 190,427 | |
China CITIC Bank Corp., Ltd., Class H | 227,000 | 85,569 | |
China Conch Venture Holdings, Ltd. | 40,500 | 59,733 | |
China Construction Bank Corp., Class H | 940,000 | 498,847 | |
China Gas Holdings, Ltd. | 76,400 | 67,803 | |
China Hongqiao Group, Ltd. | 37,000 | 26,187 | |
China International Capital Corp., Ltd., Class H(1) | 22,400 | 31,130 | |
China Life Insurance Co., Ltd., Class H | 88,000 | 95,960 | |
China Longyuan Power Group Corp., Ltd., Class H | 72,000 | 82,272 | |
China Mengniu Dairy Co., Ltd.(2) | 36,000 | 115,241 | |
China Merchants Bank Co., Ltd., Class A | 26,900 | 99,246 | |
China Merchants Bank Co., Ltd., Class H | 42,500 | 139,141 | |
China Merchants Port Holdings Co., Ltd. | 50,000 | 58,620 | |
China National Building Material Co., Ltd., Class H | 102,000 | 59,228 | |
China Overseas Land & Investment, Ltd. | 49,000 | 93,635 | |
China Pacific Insurance (Group) Co., Ltd., Class H | 64,200 | 103,490 | |
China Petroleum & Chemical Corp., Class H | 298,000 | 118,105 | |
China Power International Development, Ltd. | 91,000 | 26,298 | |
China Resources Beer Holdings Co., Ltd. | 18,000 | 84,934 | |
China Resources Gas Group, Ltd. | 26,000 | 66,590 | |
China Resources Land, Ltd. | 38,000 | 118,894 | |
China Resources Mixc Lifestyle Services, Ltd.(1) | 17,800 | 52,125 | |
China Resources Power Holdings Co., Ltd. | 54,000 | 78,466 | |
China Shenhua Energy Co., Ltd., Class H | 42,000 | 110,328 | |
China State Construction International Holdings, Ltd. | 36,000 | 32,385 | |
China Tourism Group Duty Free Corp., Ltd., Class A | 3,400 | 74,709 | |
China Tower Corp., Ltd., Class H(1) | 1,082,000 | 97,894 | |
China Vanke Co., Ltd., Class H | 46,600 | 59,803 | |
China Yangtze Power Co., Ltd., Class A | 35,900 | 99,907 | |
CITIC Securities Co., Ltd., Class H | 61,000 | 91,143 | |
CITIC, Ltd. | 132,000 | 118,119 | |
Contemporary Amperex Technology Co., Ltd., Class A | 1,700 | 87,244 | |
COSCO SHIPPING Holdings Co., Ltd., Class H | 75,000 | 80,825 | |
Country Garden Holdings Co., Ltd. | 197,000 | 25,392 | |
Country Garden Services Holdings Co., Ltd. | 41,000 | 35,835 | |
CSPC Pharmaceutical Group, Ltd. | 110,000 | 112,988 | |
East Money Information Co., Ltd., Class A | 26,200 | 56,165 | |
ENN Energy Holdings, Ltd. | 9,300 | 92,461 | |
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 3,850 | 31,554 | |
Fosun International, Ltd. | 43,500 | 26,583 |
Security | Shares | Value | |
China (continued) | |||
Ganfeng Lithium Co., Ltd., Class H(1) | 9,800 | $ 66,283 | |
Geely Automobile Holdings, Ltd. | 70,000 | 75,333 | |
Genscript Biotech Corp.(2) | 16,000 | 40,453 | |
Great Wall Motor Co., Ltd., Class H | 79,500 | 86,846 | |
Guangdong Investment, Ltd. | 84,000 | 52,960 | |
Guangzhou Automobile Group Co., Ltd., Class H | 102,000 | 62,159 | |
Haier Smart Home Co., Ltd., Class H | 51,400 | 128,653 | |
Hengan International Group Co., Ltd. | 18,500 | 71,729 | |
Industrial & Commercial Bank of China, Ltd., Class A | 66,000 | 37,569 | |
Industrial & Commercial Bank of China, Ltd., Class H | 582,000 | 252,684 | |
Industrial Bank Co., Ltd., Class A | 36,400 | 75,085 | |
Innovent Biologics, Inc.(1)(2) | 34,000 | 120,382 | |
JD.com, Inc., Class A | 19,750 | 359,658 | |
Kingboard Holdings, Ltd.(2) | 10,500 | 25,921 | |
Kingdee International Software Group Co., Ltd.(2) | 64,000 | 104,871 | |
Kingsoft Corp., Ltd. | 27,200 | 82,365 | |
Kuaishou Technology(1)(2) | 11,800 | 48,732 | |
Kunlun Energy Co., Ltd. | 106,000 | 63,353 | |
Kweichow Moutai Co., Ltd., Class A | 800 | 148,283 | |
Lenovo Group, Ltd. | 158,000 | 126,275 | |
Li Ning Co., Ltd. | 25,000 | 129,323 | |
Longfor Group Holdings, Ltd.(1) | 35,500 | 45,234 | |
LONGi Green Energy Technology Co., Ltd., Class A | 13,160 | 86,911 | |
Luzhou Laojiao Co., Ltd., Class A | 2,900 | 62,207 | |
Meituan, Class B(1)(2) | 36,100 | 577,980 | |
Muyuan Foods Co., Ltd., Class A | 5,400 | 34,788 | |
NetEase, Inc. | 21,200 | 235,219 | |
New China Life Insurance Co., Ltd., Class H | 16,200 | 25,727 | |
Nongfu Spring Co., Ltd., Class H(1) | 21,400 | 107,490 | |
People's Insurance Co. Group of China, Ltd., Class H | 147,000 | 40,625 | |
PetroChina Co., Ltd., Class H | 396,000 | 151,481 | |
PICC Property & Casualty Co., Ltd., Class H | 144,000 | 132,813 | |
Ping An Bank Co., Ltd., Class A | 20,100 | 28,533 | |
Ping An Insurance Group Co. of China, Ltd., Class A | 16,200 | 80,434 | |
Ping An Insurance Group Co. of China, Ltd., Class H | 64,000 | 256,217 | |
Postal Savings Bank of China Co., Ltd., Class H(1) | 191,000 | 88,578 | |
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 40,800 | 56,214 | |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 2,300 | 73,364 | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 2,000 | 89,405 | |
Shenzhou International Group Holdings, Ltd. | 16,000 | 111,088 | |
Silergy Corp. | 8,000 | 92,253 | |
Sino Biopharmaceutical, Ltd. | 232,000 | 112,575 | |
Sinopharm Group Co., Ltd., Class H | 44,400 | 84,232 | |
Smoore International Holdings, Ltd.(1) | 46,000 | 48,967 | |
Sunny Optical Technology Group Co., Ltd. | 8,600 | 74,528 |
Security | Shares | Value | |
China (continued) | |||
Tencent Holdings, Ltd. | 59,800 | $ 1,571,351 | |
Tingyi (Cayman Islands) Holding Corp. | 54,000 | 84,407 | |
Tsingtao Brewery Co., Ltd., Class H | 14,000 | 98,015 | |
Want Want China Holdings, Ltd. | 132,000 | 86,709 | |
Weichai Power Co., Ltd., Class H | 31,000 | 29,693 | |
Wharf Holdings, Ltd. | 34,000 | 97,359 | |
Wuliangye Yibin Co., Ltd., Class A | 5,200 | 95,309 | |
WuXi AppTec Co., Ltd., Class A | 2,800 | 29,343 | |
WuXi AppTec Co., Ltd., Class H(1) | 9,800 | 78,657 | |
WuXi Biologics Cayman, Inc.(1)(2) | 36,500 | 164,237 | |
Xiaomi Corp., Class B(1)(2) | 156,800 | 176,098 | |
Xinyi Solar Holdings, Ltd. | 104,000 | 103,251 | |
Yankuang Energy Group Co., Ltd., Class H | 40,000 | 112,461 | |
Zhongsheng Group Holdings, Ltd. | 16,500 | 62,623 | |
Zijin Mining Group Co., Ltd., Class H | 122,000 | 116,368 | |
$ 13,250,895 | |||
Cyprus — 3.9% | |||
Bank of Cyprus Holdings PLC(2)(3) | 45,800 | $ 64,602 | |
Bank of Cyprus Holdings PLC(2)(3) | 4,912,529 | 7,047,341 | |
Galaxy Cosmos Mezz PLC(2) | 87,536 | 14,135 | |
Sunrisemezz PLC(2) | 104,410 | 8,451 | |
$ 7,134,529 | |||
Egypt — 0.1% | |||
Taaleem Management Services Co. SAE(2) | 1,147,699 | $ 170,740 | |
$ 170,740 | |||
Georgia — 6.4% | |||
Bank of Georgia Group PLC | 87,990 | $ 2,146,924 | |
Georgia Capital PLC(2) | 638,176 | 4,570,963 | |
TBC Bank Group PLC | 230,522 | 4,977,527 | |
$ 11,695,414 | |||
Greece — 12.8% | |||
Alpha Services and Holdings S.A.(2) | 2,363,462 | $ 2,188,790 | |
Athens Water Supply & Sewage Co. S.A. | 45,738 | 325,674 | |
Eurobank Ergasias Services and Holdings S.A.(2) | 2,708,650 | 2,673,985 | |
GEK Terna Holding Real Estate Construction S.A.(2) | 60,645 | 577,312 | |
Hellenic Energy Holdings S.A. | 64,933 | 443,912 | |
Hellenic Telecommunications Organization S.A. | 211,741 | 3,325,296 | |
Holding Co. ADMIE IPTO S.A. | 127,120 | 210,540 | |
JUMBO S.A. | 120,639 | 1,713,505 | |
LAMDA Development S.A.(2) | 75,271 | 456,047 | |
Motor Oil (Hellas) Corinth Refineries S.A. | 64,576 | 1,109,869 | |
Mytilineos S.A. | 104,888 | 1,758,784 |
Security | Shares | Value | |
Greece (continued) | |||
National Bank of Greece S.A.(2) | 575,615 | $ 2,085,611 | |
OPAP S.A. | 205,387 | 2,516,637 | |
Piraeus Financial Holdings S.A.(2) | 730,870 | 901,017 | |
Public Power Corp. S.A.(2) | 220,255 | 1,390,287 | |
Sarantis S.A. | 37,617 | 235,805 | |
Terna Energy S.A. | 60,392 | 1,122,337 | |
Titan Cement International S.A. | 45,809 | 511,929 | |
$ 23,547,337 | |||
India — 2.4% | |||
Adani Enterprises, Ltd. | 1,866 | $ 75,581 | |
Adani Green Energy, Ltd.(2) | 2,292 | 58,389 | |
Adani Ports and Special Economic Zone, Ltd. | 4,514 | 45,048 | |
Adani Total Gas, Ltd. | 1,817 | 79,961 | |
Adani Transmission , Ltd.(2) | 1,842 | 74,665 | |
Apollo Hospitals Enterprise, Ltd. | 848 | 46,227 | |
Asian Paints, Ltd. | 2,393 | 90,175 | |
Avenue Supermarts, Ltd.(1)(2) | 1,162 | 60,733 | |
Axis Bank, Ltd. | 12,918 | 141,665 | |
Bajaj Finance, Ltd. | 1,547 | 133,758 | |
Bajaj Finserv, Ltd. | 2,803 | 57,198 | |
Bharti Airtel, Ltd. | 12,736 | 128,083 | |
Cipla, Ltd. | 3,753 | 52,978 | |
Divi's Laboratories, Ltd. | 1,088 | 47,436 | |
Dr. Reddy's Laboratories, Ltd. | 932 | 50,096 | |
Eicher Motors, Ltd. | 1,100 | 51,313 | |
Grasim Industries, Ltd. | 2,220 | 46,364 | |
HCL Technologies, Ltd. | 6,829 | 85,761 | |
HDFC Life Insurance Co., Ltd.(1) | 7,502 | 49,031 | |
Hindalco Industries, Ltd. | 10,552 | 51,676 | |
Hindustan Unilever, Ltd.(2) | 4,450 | 137,702 | |
Housing Development Finance Corp., Ltd. | 9,221 | 275,719 | |
ICICI Bank, Ltd. | 27,268 | 299,838 | |
Infosys, Ltd. | 17,637 | 329,062 | |
ITC, Ltd. | 19,003 | 80,180 | |
JSW Steel, Ltd. | 6,057 | 49,383 | |
Kotak Mahindra Bank, Ltd. | 3,514 | 80,893 | |
Larsen & Toubro, Ltd. | 4,245 | 104,360 | |
Mahindra & Mahindra, Ltd. | 5,522 | 90,212 | |
Maruti Suzuki India, Ltd. | 770 | 88,843 | |
Nestle India, Ltd. | 247 | 60,757 | |
NTPC, Ltd. | 28,513 | 59,808 | |
Power Grid Corp. of India, Ltd.(2) | 22,616 | 62,235 | |
Reliance Industries, Ltd. | 15,515 | 478,029 | |
SBI Life Insurance Co., Ltd.(1) | 3,441 | 52,731 | |
State Bank of India | 11,604 | 80,542 |
Security | Shares | Value | |
India (continued) | |||
Sun Pharmaceutical Industries, Ltd. | 6,306 | $ 77,537 | |
Tata Consultancy Services, Ltd. | 4,989 | 191,758 | |
Tata Consumer Products, Ltd. | 4,771 | 44,440 | |
Tata Motors, Ltd.(2) | 12,047 | 60,230 | |
Tata Steel, Ltd. | 51,573 | 62,975 | |
Tech Mahindra, Ltd.(2) | 4,348 | 55,922 | |
Titan Co., Ltd. | 2,324 | 77,646 | |
UltraTech Cement, Ltd. | 740 | 60,063 | |
Wipro, Ltd. | 10,744 | 50,263 | |
$ 4,437,266 | |||
Indonesia — 8.3% | |||
Adaro Energy Indonesia Tbk PT | 2,190,000 | $ 558,710 | |
Astra International Tbk PT | 2,663,400 | 1,138,152 | |
Bank Central Asia Tbk PT | 6,818,000 | 3,854,061 | |
Bank Jago Tbk PT(2) | 626,600 | 205,148 | |
Bank Mandiri Persero Tbk PT | 2,376,000 | 1,605,114 | |
Bank Negara Indonesia Persero Tbk PT | 1,073,000 | 646,947 | |
Bank Rakyat Indonesia Persero Tbk PT | 8,524,484 | 2,543,136 | |
Barito Pacific Tbk PT | 4,792,700 | 253,565 | |
Charoen Pokphand Indonesia Tbk PT | 1,122,700 | 401,090 | |
Kalbe Farma Tbk PT | 3,455,800 | 454,459 | |
Merdeka Copper Gold Tbk PT(2) | 1,889,000 | 457,396 | |
Sumber Alfaria Trijaya Tbk PT | 2,806,800 | 507,190 | |
Telkom Indonesia Persero Tbk PT | 6,229,100 | 1,749,448 | |
Unilever Indonesia Tbk PT | 1,221,400 | 363,372 | |
United Tractors Tbk PT | 245,500 | 507,826 | |
$ 15,245,614 | |||
Kazakhstan — 1.9% | |||
Halyk Savings Bank of Kazakhstan JSC GDR(2)(4) | 52,200 | $ 527,220 | |
Kaspi.kz JSC GDR(4) | 30,100 | 1,971,550 | |
NAC Kazatomprom JSC GDR(2)(4) | 40,600 | 1,071,840 | |
$ 3,570,610 | |||
Lithuania — 1.2% | |||
AB Ignitis Grupe GDR(4) | 49,010 | $ 872,445 | |
Siauliu Bankas AB | 2,442,564 | 1,381,186 | |
$ 2,253,631 | |||
Serbia — 0.5% | |||
Metalac AD(2) | 67,357 | $ 897,144 | |
$ 897,144 | |||
Slovenia — 2.3% | |||
Nova Ljubljanska Banka dd(1) | 61,521 | $ 3,281,466 |
Security | Shares | Value | |
Slovenia (continued) | |||
Nova Ljubljanska Banka dd GDR(4) | 60,052 | $ 610,562 | |
Petrol | 930 | 395,590 | |
$ 4,287,618 | |||
South Korea — 9.6% | |||
AMOREPACIFIC Corp. | �� 1,140 | $ 74,016 | |
Celltrion Healthcare Co., Ltd. | 2,946 | 143,333 | |
Celltrion, Inc. | 2,896 | 389,277 | |
CJ CheilJedang Corp. | 339 | 98,426 | |
Coway Co., Ltd. | 2,186 | 84,764 | |
Doosan Enerbility Co., Ltd.(2) | 13,566 | 125,871 | |
Ecopro BM Co., Ltd. | 1,708 | 137,569 | |
Hana Financial Group, Inc. | 9,769 | 282,435 | |
Hanwha Solutions Corp.(2) | 4,550 | 150,371 | |
HLB, Inc.(2) | 3,700 | 104,897 | |
HMM Co., Ltd. | 9,451 | 126,425 | |
HYBE Co., Ltd.(2) | 432 | 36,568 | |
Hyundai Engineering & Construction Co., Ltd. | 3,379 | 82,608 | |
Hyundai Glovis Co., Ltd. | 762 | 92,878 | |
Hyundai Mobis Co., Ltd. | 1,909 | 292,801 | |
Hyundai Motor Co. | 4,067 | 468,675 | |
Hyundai Steel Co. | 2,500 | 49,195 | |
Kakao Corp. | 9,381 | 332,789 | |
KakaoBank Corp.(2) | 2,472 | 29,591 | |
KB Financial Group, Inc. | 12,130 | 408,163 | |
Kia Corp. | 7,832 | 363,959 | |
Korea Aerospace Industries, Ltd. | 2,870 | 95,314 | |
Korea Electric Power Corp.(2) | 9,138 | 107,157 | |
Korea Investment Holdings Co., Ltd. | 1,239 | 43,010 | |
Korea Shipbuilding & Offshore Engineering Co., Ltd.(2) | 1,746 | 88,944 | |
Korea Zinc Co., Ltd. | 330 | 147,989 | |
Korean Air Lines Co., Ltd.(2) | 6,673 | 108,063 | |
Krafton, Inc.(2) | 869 | 107,943 | |
KT&G Corp. | 3,555 | 238,759 | |
L&F Co., Ltd.(2) | 839 | 132,217 | |
LG Chem, Ltd. | 1,442 | 632,805 | |
LG Corp. | 3,183 | 176,698 | |
LG Display Co., Ltd. | 9,346 | 83,407 | |
LG Electronics, Inc. | 3,428 | 195,808 | |
LG Energy Solution, Ltd.(2) | 683 | 252,723 | |
LG H&H Co., Ltd. | 316 | 112,901 | |
LG Innotek Co., Ltd. | 522 | 108,296 | |
Lotte Chemical Corp. | 493 | 51,084 | |
Naver Corp. | 3,924 | 465,458 | |
NCSoft Corp. | 575 | 157,078 | |
Pearl Abyss Corp.(2) | 890 | 25,913 |
Security | Shares | Value | |
South Korea (continued) | |||
POSCO Chemical Co., Ltd. | 1,169 | $ 163,226 | |
POSCO Holdings, Inc. | 2,360 | 411,326 | |
Samsung Biologics Co., Ltd.(1)(2) | 533 | 327,548 | |
Samsung C&T Corp. | 2,715 | 225,376 | |
Samsung Electro-Mechanics Co., Ltd. | 1,863 | 157,780 | |
Samsung Electronics Co., Ltd. | 134,116 | 5,581,884 | |
Samsung Engineering Co., Ltd.(2) | 6,765 | 113,011 | |
Samsung Fire & Marine Insurance Co., Ltd. | 1,075 | 150,768 | |
Samsung Heavy Industries Co., Ltd.(2) | 25,662 | 92,643 | |
Samsung Life Insurance Co., Ltd. | 3,000 | 141,773 | |
Samsung SDI Co., Ltd. | 1,581 | 815,662 | |
Samsung SDS Co., Ltd. | 1,303 | 114,155 | |
Shinhan Financial Group Co., Ltd. | 14,332 | 364,270 | |
SK Bioscience Co., Ltd.(2) | 942 | 49,829 | |
SK Hynix, Inc. | 15,615 | 903,976 | |
SK Innovation Co., Ltd.(2) | 1,789 | 216,627 | |
SK Square Co., Ltd.(2) | 3,831 | 99,054 | |
SK, Inc. | 1,234 | 184,913 | |
S-Oil Corp. | 1,757 | 106,535 | |
Woori Financial Group, Inc. | 18,413 | 151,944 | |
Yuhan Corp. | 2,351 | 98,575 | |
$ 17,677,053 | |||
Taiwan — 5.8% | |||
ASE Technology Holding Co., Ltd. | 73,358 | $ 181,132 | |
Asustek Computer, Inc. | 17,000 | 124,291 | |
AUO Corp.(2) | 183,200 | 95,609 | |
Cathay Financial Holding Co., Ltd. | 161,087 | 188,521 | |
Chailease Holding Co., Ltd. | 33,348 | 153,824 | |
China Steel Corp. | 248,000 | 206,440 | |
Chunghwa Telecom Co., Ltd. | 79,000 | 272,385 | |
CTBC Financial Holding Co., Ltd. | 256,000 | 161,725 | |
Delta Electronics, Inc. | 38,680 | 307,769 | |
E.Sun Financial Holding Co., Ltd. | 189,462 | 136,160 | |
First Financial Holding Co., Ltd. | 164,408 | 126,118 | |
Formosa Chemicals & Fibre Corp. | 83,000 | 178,904 | |
Formosa Plastics Corp. | 82,000 | 211,266 | |
Fubon Financial Holding Co., Ltd. | 157,046 | 248,059 | |
Globalwafers Co., Ltd. | 6,000 | 66,504 | |
Hon Hai Precision Industry Co., Ltd. | 218,508 | 693,998 | |
Hotai Motor Co., Ltd. | 8,000 | 144,739 | |
Hua Nan Financial Holdings Co., Ltd. | 151,525 | 98,850 | |
Largan Precision Co., Ltd. | 2,000 | 114,424 | |
MediaTek, Inc. | 26,000 | 473,933 | |
Mega Financial Holding Co., Ltd. | 158,875 | 147,189 | |
Nan Ya Plastics Corp. | 108,000 | 228,835 |
Security | Shares | Value | |
Taiwan (continued) | |||
Novatek Microelectronics Corp. | 13,000 | $ 96,860 | |
Quanta Computer, Inc. | 67,000 | 141,913 | |
Realtek Semiconductor Corp. | 11,000 | 86,716 | |
Shin Kong Financial Holding Co., Ltd. | 8,514 | 2,111 | |
Taishin Financial Holding Co., Ltd. | 186,173 | 76,404 | |
Taiwan Cement Corp. | 142,343 | 133,473 | |
Taiwan Cooperative Financial Holding Co., Ltd. | 155,604 | 120,564 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 392,000 | 4,712,704 | |
Uni-President Enterprises Corp. | 108,960 | 221,272 | |
United Microelectronics Corp. | 221,000 | 265,744 | |
Yuanta Financial Holding Co., Ltd. | 249,694 | 152,465 | |
$ 10,570,901 | |||
United Arab Emirates — 11.7% | |||
Abu Dhabi Commercial Bank PJSC | 661,924 | $ 1,703,902 | |
Abu Dhabi Islamic Bank PJSC | 321,170 | 830,996 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 647,100 | 795,272 | |
Al Yah Satellite Communications Co. PJSC (Yahsat) | 4,224,438 | 3,150,241 | |
Aldar Properties PJSC | 1,008,500 | 1,186,269 | |
Aramex PJSC | 852,000 | 842,590 | |
Dubai Electricity & Water Authority PJSC | 3,264,287 | 2,169,156 | |
Dubai Islamic Bank PJSC | 423,067 | 670,255 | |
Emaar Properties PJSC | 1,012,900 | 1,672,049 | |
Emirates Telecommunications Group Co. PJSC | 440,000 | 3,092,345 | |
First Abu Dhabi Bank PJSC | 652,654 | 3,182,835 | |
National Central Cooling Co. PJSC | 1,342,340 | 1,163,284 | |
Ras Al Khaimah Ceramics | 1,240,700 | 972,664 | |
$ 21,431,858 | |||
Uruguay — 0.1% | |||
dLocal, Ltd.(2) | 10,000 | $ 223,000 | |
$ 223,000 | |||
Vietnam — 9.2% | |||
Bao Viet Holdings | 177,200 | $ 374,255 | |
FPT Corp. | 1,251,279 | 4,073,177 | |
Gelex Group JSC | 528,300 | 285,599 | |
Hoa Sen Group(2) | 684,800 | 313,993 | |
Hoang Huy Investment Financial Services JSC | 845,200 | 271,580 | |
Masan Group Corp. | 99,900 | 343,442 | |
Mobile World Investment Corp. | 1,041,098 | 2,313,123 | |
Nam Kim Steel JSC | 534,800 | 291,427 | |
No Va Land Investment Group Corp.(2) | 7,524 | 21,191 | |
Phat Dat Real Estate Development Corp.(2) | 3,271 | 5,747 | |
Phu Nhuan Jewelry JSC | 568,400 | 2,433,690 | |
Refrigeration Electrical Engineering Corp. | 547,655 | 1,862,909 |
Security | Shares | Value | |
Vietnam (continued) | |||
Vietnam Construction and Import-Export JSC | 485,300 | $ 311,294 | |
Vietnam National Petroleum Group(2) | 269,100 | 308,270 | |
Vietnam Prosperity JSC Bank(2) | 2,687,038 | 1,891,686 | |
Vietnam Rubber Group, Ltd. | 486,700 | 282,245 | |
Vietnam Technological & Commercial Joint Stock Bank(2) | 1,388,000 | 1,470,219 | |
$ 16,853,847 | |||
Total Common Stocks (identified cost $171,580,178) | $173,396,151 |
Preferred Stocks — 0.6% |
Security | Shares | Value | |
South Korea — 0.6% | |||
Hyundai Motor Co., Ltd. | 1,499 | $ 83,861 | |
Samsung Electronics Co., Ltd. | 23,936 | 894,534 | |
$ 978,395 | |||
Taiwan — 0.0%(5) | |||
Fubon Financial Holding Co., Ltd. | 2,110 | $ 3,556 | |
$ 3,556 | |||
Total Preferred Stocks (identified cost $984,484) | $ 981,951 |
Rights (2) — 0.0%(5) |
Security | Shares | Value | |
South Korea — 0.0%(5) | |||
HLB, Inc. | 331 | $ 2,277 | |
Total Rights (identified cost $0) | $ 2,277 |
Short-Term Investments — 2.0% |
Affiliated Fund — 1.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%(6) | 2,240,401 | $ 2,240,401 | |
Total Affiliated Fund (identified cost $2,240,401) | $ 2,240,401 |
U.S. Treasury Obligations — 0.8% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bill, 0.00%, 11/8/22 | $ | 1,500 | $ 1,499,223 |
Total U.S. Treasury Obligations (identified cost $1,499,221) | $ 1,499,223 | ||
Total Short-Term Investments (identified cost $3,739,622) | $ 3,739,624 |
Total Investments — 97.0% (identified cost $176,304,284) | $178,120,003 | ||
Other Assets, Less Liabilities — 3.0% | $ 5,513,013 | ||
Net Assets — 100.0% | $183,633,016 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2022, the aggregate value of these securities is $6,397,435 or 3.5% of the Portfolio's net assets. |
(2) | Non-income producing security. |
(3) | Securities are traded on separate exchanges for the same entity. |
(4) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2022, the aggregate value of these securities is $5,053,617 or 2.8% of the Portfolio's net assets. |
(5) | Amount is less than 0.05%. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2022. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 36.7% | $67,426,770 |
Information Technology | 12.1 | 22,276,482 |
Consumer Discretionary | 10.0 | 18,295,291 |
Communication Services | 8.2 | 15,117,427 |
Industrials | 6.0 | 11,038,902 |
Utilities | 5.1 | 9,409,834 |
Materials | 5.0 | 9,070,183 |
Energy | 4.7 | 8,624,769 |
Consumer Staples | 3.1 | 5,596,047 |
Real Estate | 2.1 | 3,869,580 |
Health Care | 2.0 | 3,655,094 |
Short-Term Investments | 2.0 | 3,739,624 |
Total Investments | 97.0% | $178,120,003 |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
EUR | 1,296,988 | USD | 1,305,054 | 12/21/22 | $ (18,067) |
EUR | 19,000,000 | USD | 19,118,166 | 12/21/22 | (264,673) |
USD | 5,004,407 | EUR | 4,973,476 | 12/21/22 | 69,281 |
USD | 4,173,880 | EUR | 4,148,082 | 12/21/22 | 57,783 |
USD | 3,561,469 | EUR | 3,539,456 | 12/21/22 | 49,305 |
USD | 2,393,115 | EUR | 2,378,324 | 12/21/22 | 33,130 |
USD | 2,126,885 | EUR | 2,113,739 | 12/21/22 | 29,445 |
USD | 1,559,640 | EUR | 1,550,000 | 12/21/22 | 21,592 |
USD | 1,857,350 | EUR | 1,868,375 | 12/21/22 | 3,382 |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
USD | 34,344 | EUR | 34,548 | 12/21/22 | $ 63 |
$ (18,759) |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 2,171 | EUR | 2,217 | Bank of America, N.A. | 11/4/22 | $ — | $ (21) |
USD | 2,718 | EUR | 2,731 | HSBC Bank USA, N.A. | 11/4/22 | 19 | — |
CNH | 88,600,000 | USD | 13,136,630 | Bank of America, N.A. | 11/25/22 | — | (1,043,927) |
CNH | 47,500,000 | USD | 7,042,337 | BNP Paribas | 11/25/22 | — | (559,229) |
USD | 13,072,785 | CNH | 88,600,000 | Bank of America, N.A. | 11/25/22 | 980,082 | — |
USD | 7,069,241 | CNH | 47,500,000 | BNP Paribas | 11/25/22 | 586,133 | — |
CNH | 52,600,000 | USD | 7,799,410 | BNP Paribas | 12/22/22 | — | (608,520) |
CNH | 9,300,000 | USD | 1,379,167 | JPMorgan Chase Bank, N.A. | 12/22/22 | — | (107,774) |
CNH | 20,863,000 | USD | 3,092,968 | Standard Chartered Bank | 12/22/22 | — | (240,811) |
USD | 6,080,680 | CNH | 40,700,000 | BNP Paribas | 12/22/22 | 516,628 | — |
USD | 1,778,593 | CNH | 11,900,000 | BNP Paribas | 12/22/22 | 151,758 | — |
USD | 1,389,471 | CNH | 9,300,000 | JPMorgan Chase Bank, N.A. | 12/22/22 | 118,078 | — |
USD | 1,658,189 | CNH | 11,100,000 | Standard Chartered Bank | 12/22/22 | 140,720 | — |
USD | 1,459,030 | CNH | 9,763,000 | Standard Chartered Bank | 12/22/22 | 124,341 | — |
USD | 4,456,726 | AED | 16,370,000 | Standard Chartered Bank | 4/19/23 | 459 | — |
USD | 1,657,609 | AED | 6,100,000 | Standard Chartered Bank | 5/30/23 | — | (2,930) |
USD | 36,233,394 | CNH | 243,500,000 | BNP Paribas | 6/16/23 | 2,540,471 | — |
$5,158,689 | $(2,563,212) |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 45 | Long | 12/16/22 | $1,920,600 | $ (1,323) |
$(1,323) |
Abbreviations: | |
GDR | – Global Depositary Receipt |
OTC | – Over-the-counter |
PFC Shares | – Preference Shares |
Currency Abbreviations: | |
AED | – United Arab Emirates Dirham |
CNH | – Yuan Renminbi Offshore |
EUR | – Euro |
USD | – United States Dollar |
October 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $174,063,883) | $ 175,879,602 |
Affiliated investment, at value (identified cost $2,240,401) | 2,240,401 |
Cash | 959,538 |
Deposits for derivatives collateral: | |
Futures contracts | 96,830 |
Centrally cleared derivatives | 18,053 |
OTC derivatives - forward foreign currency exchange contracts | 980,000 |
Foreign currency, at value (identified cost $645,834) | 636,413 |
Dividends receivable | 148,576 |
Dividends receivable from affiliated investment | 11,113 |
Receivable for investments sold | 1,759,612 |
Receivable for variation margin on open centrally cleared derivatives | 2,494 |
Receivable for open forward foreign currency exchange contracts | 5,158,689 |
Tax reclaims receivable | 12,209 |
Other assets | 6,678 |
Total assets | $187,910,208 |
Liabilities | |
Cash collateral due to broker | $ 980,000 |
Payable for investments purchased | 224,358 |
Payable for variation margin on open futures contracts | 98,032 |
Payable for open forward foreign currency exchange contracts | 2,563,212 |
Payable to affiliates: | |
Investment adviser fee | 151,353 |
Trustees' fees | 1,129 |
Accrued foreign capital gains taxes | 10,898 |
Accrued expenses | 248,210 |
Total liabilities | $ 4,277,192 |
Net Assets applicable to investors' interest in Portfolio | $183,633,016 |
Year Ended | |
October 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $560,529) | $ 6,316,667 |
Dividend income from affiliated investments | 60,411 |
Interest income | 17,351 |
Total investment income | $ 6,394,429 |
Expenses | |
Investment adviser fee | $ 1,865,169 |
Trustees’ fees and expenses | 12,031 |
Custodian fee | 330,031 |
Legal and accounting services | 85,100 |
Miscellaneous | 54,130 |
Total expenses | $ 2,346,461 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 5,958 |
Total expense reductions | $ 5,958 |
Net expenses | $ 2,340,503 |
Net investment income | $ 4,053,926 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $82) | $ (217,559) |
Investment transactions - affiliated investment | (1,976) |
Futures contracts | (3,342,039) |
Swap contracts | 246,144 |
Foreign currency transactions | (988,026) |
Forward foreign currency exchange contracts | 2,759,260 |
Net realized loss | $ (1,544,196) |
Change in unrealized appreciation (depreciation): | |
Investments (including net increase in accrued foreign capital gains taxes of $10,898) | $ (38,842,784) |
Futures contracts | 133,371 |
Swap contracts | (80,033) |
Foreign currency | 10,530 |
Forward foreign currency exchange contracts | 2,196,581 |
Net change in unrealized appreciation (depreciation) | $(36,582,335) |
Net realized and unrealized loss | $(38,126,531) |
Net decrease in net assets from operations | $(34,072,605) |
Year Ended October 31, | ||
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 4,053,926 | $ 1,848,852 |
Net realized gain (loss) | (1,544,196) | 24,455,725 |
Net change in unrealized appreciation (depreciation) | (36,582,335) | 24,471,674 |
Net increase (decrease) in net assets from operations | $ (34,072,605) | $ 50,776,251 |
Capital transactions: | ||
Contributions | $ 40,153,386 | $ 13,948,565 |
Withdrawals | (12,951,136) | (19,915,526) |
Net increase (decrease) in net assets from capital transactions | $ 27,202,250 | $ (5,966,961) |
Net increase (decrease) in net assets | $ (6,870,355) | $ 44,809,290 |
Net Assets | ||
At beginning of year | $ 190,503,371 | $ 145,694,081 |
At end of year | $183,633,016 | $190,503,371 |
Year Ended October 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.26% (1) | 1.24% | 1.28% | 1.29% (2) | 1.25% |
Net investment income | 2.17% | 1.04% | 0.84% | 1.29% | 0.97% |
Portfolio Turnover | 67% | 70% | 44% | 43% | 39% |
Total Return | (16.87)% | 35.70% | (2.84)% | 7.44% | (11.06)% |
Net assets, end of year (000’s omitted) | $183,633 | $190,503 | $145,694 | $179,334 | $162,169 |
(1) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022). |
(2) | Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019. |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 1.000% |
$500 million but less than $1 billion | 0.950% |
$1 billion but less than $2.5 billion | 0.925% |
$2.5 billion but less than $5 billion | 0.900% |
$5 billion and over | 0.880% |
Aggregate cost | $ 179,577,064 |
Gross unrealized appreciation | $ 17,093,974 |
Gross unrealized depreciation | (18,553,505) |
Net unrealized depreciation | $ (1,459,531) |
Fair Value | |||
Statement of Assets and Liabilities Caption | Equity Price | Foreign Exchange | Total |
Not applicable | $ —* | $ 263,981* | $ 263,981 |
Receivable for open forward foreign currency exchange contracts | — | 5,158,689 | 5,158,689 |
Total Asset Derivatives | $ — | $ 5,422,670 | $ 5,422,670 |
Derivatives not subject to master netting or similar agreements | $ — | $ 263,981 | $ 263,981 |
Total Asset Derivatives subject to master netting or similar agreements | $ — | $ 5,158,689 | $ 5,158,689 |
Not applicable | $ (1,323)* | $ (282,740)* | $ (284,063) |
Payable for open forward foreign currency exchange contracts | — | (2,563,212) | (2,563,212) |
Total Liability Derivatives | $(1,323) | $(2,845,952) | $(2,847,275) |
Derivatives not subject to master netting or similar agreements | $(1,323) | $ (282,740) | $ (284,063) |
Total Liability Derivatives subject to master netting or similar agreements | $ — | $(2,563,212) | $(2,563,212) |
* | Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable. |
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(a) | Cash Collateral Received(a) | Net Amount of Derivative Assets(b) |
Bank of America, N.A. | $ 980,082 | $ (980,082) | $ — | $ — | $ — |
BNP Paribas | 3,794,990 | (1,167,749) | (1,375,124) | (950,000) | 302,117 |
HSBC Bank USA, N.A. | 19 | — | — | — | 19 |
JPMorgan Chase Bank, N.A. | 118,078 | (107,774) | — | — | 10,304 |
Standard Chartered Bank | 265,520 | (243,741) | — | (21,779) | — |
$5,158,689 | $(2,499,346) | $(1,375,124) | $(971,779) | $312,440 |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(c) |
Bank of America, N.A. | $ (1,043,948) | $ 980,082 | $ — | $ — | $ (63,866) |
BNP Paribas | (1,167,749) | 1,167,749 | — | — | — |
JPMorgan Chase Bank, N.A. | (107,774) | 107,774 | — | — | — |
Standard Chartered Bank | (243,741) | 243,741 | — | — | — |
$(2,563,212) | $2,499,346 | $ — | $ — | $(63,866) |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
Statement of Operations Caption | Equity Price | Foreign Exchange | Total |
Net realized gain (loss): | |||
Futures contracts | $(3,342,039) | $ — | $(3,342,039) |
Swap contracts | 246,144 | — | 246,144 |
Forward foreign currency exchange contracts | — | 2,759,260 | 2,759,260 |
Total | $(3,095,895) | $2,759,260 | $ (336,635) |
Change in unrealized appreciation (depreciation): | |||
Futures contracts | $133,371 | $ — | $ 133,371 |
Swap contracts | (80,033) | — | (80,033) |
Forward foreign currency exchange contracts | — | 2,196,581 | 2,196,581 |
Total | $53,338 | $2,196,581 | $ 2,249,919 |
Futures Contracts — Long | Futures Contracts — Short | Forward Foreign Currency Exchange Contracts* | Swap Contracts |
$12,094,000 | $6,470,000 | $110,849,000 | $385,000 |
* | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $20,820,477 | $95,455,792 | $(116,274,293) | $ (1,976) | $ — | $ — | $ 4,129 | — |
Liquidity Fund | — | 80,250,352 | (78,009,951) | — | — | 2,240,401 | 56,282 | 2,240,401 |
Total | $(1,976) | $ — | $2,240,401 | $60,411 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Asia/Pacific | $ 3,570,610 | $ 78,035,576 | $ — | $ 81,606,186 |
Emerging Europe | 22,586 | 51,367,074 | — | 51,389,660 |
Latin America | 18,797,707 | — | — | 18,797,707 |
Middle East/Africa | — | 21,602,598 | — | 21,602,598 |
Total Common Stocks | $ 22,390,903 | $ 151,005,248* | $ — | $ 173,396,151 |
Preferred Stocks | $ — | $ 981,951 | $ — | $ 981,951 |
Rights | — | 2,277 | — | 2,277 |
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Short-Term Investments: | ||||
Affiliated Fund | $ 2,240,401 | $ — | $ — | $ 2,240,401 |
U.S. Treasury Obligations | — | 1,499,223 | — | 1,499,223 |
Total Investments | $ 24,631,304 | $ 153,488,699 | $ — | $ 178,120,003 |
Forward Foreign Currency Exchange Contracts | $ — | $ 5,422,670 | $ — | $ 5,422,670 |
Total | $ 24,631,304 | $ 158,911,369 | $ — | $ 183,542,673 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (2,845,952) | $ — | $ (2,845,952) |
Futures Contracts | (1,323) | — | — | (1,323) |
Total | $ (1,323) | $ (2,845,952) | $ — | $ (2,847,275) |
* | 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. |
Boston, Massachusetts
December 20, 2022
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust and the Portfolio. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- present). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Edward J. Perkin 1972 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Emerging and Frontier Countries Equity Fund
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other
mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
(a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years October 31, 2021 and October 31, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Fiscal Years Ended | 10/31/21 | 10/31/22 | ||||||
Audit Fees | $ | 45,800 | $ | 52,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 24,453 | $ | 3,000 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 70,253 | $ | 55,600 | ||||
|
|
|
|
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other tax related compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2021 and October 31, 2022; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
Fiscal Years Ended | 10/31/21 | 10/31/22 | ||||||
Registrant | $ | 24,453 | $ | 3,000 | ||||
Eaton Vance(1) | $ | 51,800 | $ | 52,836 |
(1) | Certain subsidiaries of Morgan Stanley. provide ongoing services to the registrant. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. 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 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 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
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.
Global Macro Capital Opportunities Portfolio
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: December 28, 2022
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/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: December 28, 2022 | ||
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: December 28, 2022