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, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 84.8% |
Security | Shares | Value | |
Belgium — 0.1% | |||
Cenergy Holdings S.A. | 60,106 | $ 404,299 | |
$ 404,299 | |||
Bulgaria — 0.2% | |||
Eurohold Bulgaria AD(1) | 978,120 | $ 899,482 | |
$ 899,482 | |||
China — 0.0%(2) | |||
Ganfeng Lithium Group Co., Ltd., Class H(3) | 2,800 | $ 10,057 | |
$ 10,057 | |||
Cyprus — 3.0% | |||
Bank of Cyprus Holdings PLC(4) | 45,800 | $ 141,568 | |
Bank of Cyprus Holdings PLC(4) | 2,841,093 | 8,759,831 | |
Optima bank S.A.(1) | 339,741 | 2,552,308 | |
$ 11,453,707 | |||
Georgia — 7.2% | |||
Bank of Georgia Group PLC | 206,490 | $ 8,360,204 | |
Georgia Capital PLC(1) | 1,014,117 | 11,368,973 | |
TBC Bank Group PLC | 227,322 | 7,429,109 | |
$ 27,158,286 | |||
Greece — 19.3% | |||
Aegean Airlines S.A.(1) | 74,253 | $ 812,719 | |
Alpha Services and Holdings S.A.(1) | 4,593,637 | 6,876,365 | |
Athens Water Supply & Sewage Co. S.A. | 87,668 | 520,945 | |
Autohellas Tourist & Trading S.A. | 39,638 | 534,040 | |
Ellaktor S.A.(1) | 179,472 | 353,790 | |
Eurobank Ergasias Services and Holdings S.A.(1) | 5,488,394 | 8,970,910 | |
GEK Terna Holding Real Estate Construction S.A. | 119,525 | 1,670,550 | |
Hellenic Telecommunications Organization S.A. | 396,797 | 5,561,661 | |
Helleniq Energy Holdings S.A. | 121,665 | 893,288 | |
Holding Co. ADMIE IPTO S.A. | 239,157 | 506,844 | |
Ideal Holdings S.A.(1) | 23,943 | 147,479 | |
JUMBO S.A. | 243,322 | 6,401,937 | |
LAMDA Development S.A.(1) | 144,089 | 927,660 | |
Motor Oil (Hellas) Corinth Refineries S.A. | 139,914 | 3,332,414 | |
Mytilineos S.A. | 221,742 | 8,214,299 | |
National Bank of Greece S.A.(1) | 1,136,445 | 6,508,819 | |
OPAP S.A. | 374,475 | 6,342,966 | |
Piraeus Financial Holdings S.A.(1) | 2,058,570 | 6,101,898 |
Security | Shares | Value | |
Greece (continued) | |||
Public Power Corp. S.A.(1) | 422,686 | $ 4,314,378 | |
Sarantis S.A. | 62,205 | 516,797 | |
Terna Energy S.A. | 109,639 | 1,645,224 | |
Titan Cement International S.A. | 78,547 | 1,471,063 | |
$ 72,626,046 | |||
India — 7.8% | |||
Adani Energy Solutions, Ltd.(1) | 12,259 | $ 112,995 | |
Adani Green Energy, Ltd.(1) | 14,178 | 154,523 | |
Affle India, Ltd.(1) | 36,000 | 455,429 | |
Angel One, Ltd. | 23,000 | 714,679 | |
Apollo Hospitals Enterprise, Ltd. | 4,774 | 277,697 | |
Asian Paints, Ltd. | 1,872 | 67,506 | |
Avenue Supermarts, Ltd.(1)(3) | 7,154 | 312,277 | |
Bajaj Finance, Ltd. | 24,417 | 2,198,796 | |
Bajaj Finserv, Ltd. | 16,719 | 315,047 | |
Bharti Airtel, Ltd. | 95,293 | 1,046,165 | |
Brightcom Group, Ltd.(1) | 899,000 | 181,823 | |
Cholamandalam Investment & Finance Co., Ltd. | 14,109 | 193,403 | |
Cipla, Ltd. | 3,388 | 48,965 | |
Divi's Laboratories, Ltd. | 6,252 | 254,934 | |
Dr. Reddy's Laboratories, Ltd. | 739 | 47,667 | |
Easy Trip Planners, Ltd.(1) | 321,000 | 152,895 | |
Eicher Motors, Ltd. | 1,090 | 43,146 | |
FSN E-Commerce Ventures, Ltd.(1) | 442,000 | 740,167 | |
GAIL (India), Ltd. | 88,026 | 126,760 | |
Grasim Industries, Ltd. | 11,746 | 266,507 | |
Happiest Minds Technologies, Ltd. | 50,000 | 492,412 | |
Havells India, Ltd. | 9,907 | 148,662 | |
HCL Technologies, Ltd. | 4,848 | 74,332 | |
HDFC Bank, Ltd. | 10,936 | 193,857 | |
HDFC Life Insurance Co., Ltd.(3) | 6,699 | 49,970 | |
Hindalco Industries, Ltd. | 57,847 | 319,683 | |
Hindustan Unilever, Ltd. | 3,395 | 101,318 | |
ICICI Securities, Ltd.(3) | 60,000 | 462,761 | |
IndiaMart InterMesh, Ltd.(3) | 20,000 | 636,728 | |
Indian Energy Exchange, Ltd.(3) | 362,000 | 547,895 | |
Indian Railway Catering & Tourism Corp., Ltd. | 122,683 | 981,190 | |
Info Edge India, Ltd. | 22,581 | 1,112,437 | |
Infosys, Ltd. | 11,970 | 197,122 | |
Intellect Design Arena, Ltd. | 52,000 | 425,968 | |
ITC, Ltd. | 14,140 | 72,795 | |
Jindal Steel & Power, Ltd. | 13,591 | 103,484 | |
Jio Financial Services, Ltd.(1) | 162,358 | 425,401 | |
JSW Steel, Ltd. | 31,961 | 282,505 | |
Jubilant FoodWorks, Ltd. | 142,996 | 857,758 |
Security | Shares | Value | |
India (continued) | |||
Larsen & Toubro, Ltd. | 25,733 | $ 903,697 | |
LTIMindtree, Ltd.(3) | 3,328 | 202,582 | |
Mahindra & Mahindra, Ltd. | 36,818 | 647,634 | |
Maruti Suzuki India, Ltd. | 596 | 74,410 | |
Mphasis, Ltd. | 3,178 | 81,082 | |
Nazara Technologies, Ltd.(1) | 23,000 | 224,086 | |
Nestle India, Ltd. | 193 | 56,241 | |
NTPC, Ltd. | 22,489 | 63,836 | |
One 97 Communications, Ltd.(1) | 79,000 | 870,310 | |
PB Fintech, Ltd.(1) | 91,000 | 764,962 | |
Petronet LNG, Ltd. | 28,740 | 68,682 | |
PI Industries, Ltd. | 2,863 | 116,646 | |
Power Grid Corp. of India, Ltd. | 23,545 | 57,043 | |
Reliance Industries, Ltd. | 163,358 | 4,494,142 | |
Route Mobile, Ltd. | 19,000 | 354,117 | |
SBI Cards & Payment Services, Ltd. | 9,055 | 81,515 | |
SBI Life Insurance Co., Ltd.(3) | 2,822 | 46,420 | |
SRF, Ltd. | 5,781 | 151,931 | |
Sun Pharmaceutical Industries, Ltd. | 5,217 | 67,982 | |
Tanla Platforms, Ltd. | 47,000 | 539,187 | |
Tata Consultancy Services, Ltd. | 3,464 | 140,362 | |
Tata Consumer Products, Ltd. | 26,081 | 282,059 | |
Tata Elxsi, Ltd. | 1,296 | 119,071 | |
Tata Motors, Ltd. | 11,778 | 89,080 | |
Tata Steel, Ltd. | 327,127 | 467,396 | |
Tech Mahindra, Ltd. | 3,441 | 46,888 | |
Titan Co., Ltd. | 15,533 | 596,281 | |
Trent, Ltd. | 6,864 | 178,107 | |
Tube Investments of India, Ltd. | 4,113 | 155,806 | |
UltraTech Cement, Ltd. | 4,517 | 458,102 | |
UPL, Ltd. | 18,027 | 117,070 | |
Varun Beverages, Ltd. | 17,020 | 187,079 | |
Wipro, Ltd. | 7,963 | 36,661 | |
Zomato, Ltd.(1) | 1,246,000 | 1,570,723 | |
$ 29,508,849 | |||
Indonesia — 3.7% | |||
Adaro Energy Indonesia Tbk PT | 2,449,800 | $ 395,273 | |
Astra International Tbk PT | 3,027,700 | 1,101,415 | |
Bank Central Asia Tbk PT | 5,995,400 | 3,302,989 | |
Bank Jago Tbk PT(1) | 626,600 | 62,214 | |
Bank Mandiri Persero Tbk PT | 4,386,800 | 1,567,193 | |
Bank Negara Indonesia Persero Tbk PT | 2,419,400 | 730,142 | |
Bank Rakyat Indonesia Persero Tbk PT | 7,475,184 | 2,337,370 | |
Barito Pacific Tbk PT | 4,808,843 | 340,772 | |
Charoen Pokphand Indonesia Tbk PT(1) | 1,315,900 | 480,552 |
Security | Shares | Value | |
Indonesia (continued) | |||
Kalbe Farma Tbk PT | 3,818,800 | $ 406,147 | |
Merdeka Copper Gold Tbk PT(1) | 2,079,800 | 291,704 | |
Sumber Alfaria Trijaya Tbk PT | 2,968,200 | 540,203 | |
Telkom Indonesia Persero Tbk PT | 6,925,700 | 1,518,222 | |
Unilever Indonesia Tbk PT | 1,221,400 | 278,490 | |
United Tractors Tbk PT | 284,400 | 450,065 | |
$ 13,802,751 | |||
Nigeria — 0.0%(2) | |||
Airtel Africa PLC(3) | 40,000 | $ 55,101 | |
$ 55,101 | |||
Philippines — 2.1% | |||
Aboitiz Equity Ventures, Inc. | 345,400 | $ 278,852 | |
Ayala Corp. | 62,300 | 666,097 | |
Ayala Land, Inc. | 1,379,700 | 678,883 | |
Bank of the Philippine Islands | 416,200 | 737,907 | |
BDO Unibank, Inc. | 477,200 | 1,074,164 | |
International Container Terminal Services, Inc. | 210,600 | 746,161 | |
JG Summit Holdings, Inc. | 542,300 | 351,757 | |
Jollibee Foods Corp. | 92,300 | 333,646 | |
Manila Electric Co. | 58,200 | 364,325 | |
Metropolitan Bank & Trust Co. | 380,300 | 350,674 | |
PLDT, Inc. | 15,700 | 335,478 | |
SM Investments Corp. | 50,100 | 708,078 | |
SM Prime Holdings, Inc. | 2,083,000 | 1,102,073 | |
Universal Robina Corp. | 175,000 | 337,371 | |
$ 8,065,466 | |||
Poland — 6.3% | |||
Alior Bank S.A.(1) | 27,900 | $ 439,223 | |
Allegro.eu S.A.(1)(3) | 78,300 | 561,668 | |
Asseco Poland S.A. | 31,200 | 571,265 | |
Bank Millennium S.A.(1) | 204,300 | 355,477 | |
Bank Polska Kasa Opieki S.A. | 64,200 | 1,950,857 | |
Budimex S.A. | 7,500 | 839,576 | |
CCC S.A.(1) | 24,200 | 229,040 | |
CD Projekt S.A. | 37,000 | 923,768 | |
Cyfrowy Polsat S.A.(1) | 148,600 | 463,327 | |
Dino Polska S.A.(1)(3) | 8,400 | 795,945 | |
Enea S.A.(1) | 150,300 | 260,521 | |
Eurocash S.A. | 48,400 | 161,013 | |
Grupa Azoty S.A.(1) | 28,800 | 150,689 | |
Grupa Kety S.A. | 5,700 | 961,496 | |
Jastrzebska Spolka Weglowa S.A.(1) | 30,500 | 362,326 | |
KGHM Polska Miedz S.A. | 81,700 | 2,180,187 |
Security | Shares | Value | |
Poland (continued) | |||
KRUK S.A. | 5,500 | $ 608,435 | |
LPP S.A. | 700 | 2,255,022 | |
mBank S.A.(1) | 5,000 | 618,116 | |
Orange Polska S.A. | 374,400 | 694,472 | |
ORLEN S.A. | 105,600 | 1,669,949 | |
PGE S.A.(1) | 512,000 | 889,199 | |
Powszechna Kasa Oszczednosci Bank Polski S.A.(1) | 163,200 | 1,690,550 | |
Powszechny Zaklad Ubezpieczen S.A. | 202,500 | 2,291,465 | |
Santander Bank Polska S.A.(1) | 6,500 | 705,945 | |
Tauron Polska Energia S.A.(1) | 616,500 | 542,191 | |
Text S.A. | 10,700 | 288,280 | |
Warsaw Stock Exchange | 8,800 | 81,726 | |
XTB S.A.(3) | 15,200 | 118,173 | |
$ 23,659,901 | |||
Saudi Arabia — 3.2% | |||
Advanced Petrochemical Co. | 48,600 | $ 483,867 | |
Al Hammadi Holding | 35,300 | 508,377 | |
Almarai Co. JSC | 17,800 | 265,228 | |
Arabian Contracting Services Co. | 15,600 | 838,702 | |
Arabian Internet & Communications Services Co. | 7,100 | 592,619 | |
Ataa Educational Co. | 29,094 | 477,606 | |
Dallah Healthcare Co. | 11,603 | 457,775 | |
Dr Sulaiman Al Habib Medical Services Group Co. | 5,100 | 342,559 | |
Etihad Etisalat Co. | 65,000 | 799,009 | |
Jarir Marketing Co. | 121,000 | 467,001 | |
National Co. for Learning & Education | 17,800 | 467,760 | |
SABIC Agri-Nutrients Co. | 11,200 | 399,874 | |
Saudi Arabian Mining Co.(1) | 57,900 | 554,751 | |
Saudi Arabian Oil Co.(3) | 116,710 | 1,036,893 | |
Saudi Basic Industries Corp. | 40,600 | 834,299 | |
Saudi Electricity Co. | 49,600 | 235,488 | |
Saudi Industrial Investment Group | 93,300 | 596,771 | |
Saudi Telecom Co. | 68,400 | 700,697 | |
Savola Group (The) | 80,200 | 778,378 | |
Theeb Rent A Car Co. | 25,800 | 419,947 | |
United International Transportation Co. | 33,200 | 595,562 | |
$ 11,853,163 | |||
Serbia — 0.3% | |||
Metalac AD(1) | 67,357 | $ 940,419 | |
$ 940,419 | |||
Slovenia — 1.9% | |||
Nova Ljubljanska Banka dd(3) | 72,121 | $ 5,711,221 |
Security | Shares | Value | |
Slovenia (continued) | |||
Nova Ljubljanska Banka dd GDR(5) | 60,052 | $ 919,056 | |
Petrol DD Ljubljana | 18,600 | 456,816 | |
$ 7,087,093 | |||
South Korea — 7.4% | |||
AMOREPACIFIC Corp. | 1,140 | $ 107,007 | |
Celltrion Healthcare Co., Ltd. | 4,463 | 220,765 | |
Celltrion, Inc. | 4,945 | 549,159 | |
CJ CheilJedang Corp. | 339 | 71,019 | |
Cosmo AM&T Co., Ltd.(1) | 900 | 93,701 | |
Coway Co., Ltd. | 2,186 | 69,954 | |
DB Insurance Co., Ltd. | 2,673 | 173,902 | |
Doosan Enerbility Co., Ltd.(1) | 21,359 | 212,821 | |
Ecopro BM Co., Ltd. | 2,248 | 328,876 | |
Hana Financial Group, Inc. | 13,526 | 393,292 | |
Hanwha Aerospace Co., Ltd. | 1,500 | 112,772 | |
Hanwha Galleria Corp.(1) | 4,611 | 3,451 | |
Hanwha Solutions Corp.(1) | 4,088 | 87,075 | |
HD Korea Shipbuilding & Offshore Engineering Co., Ltd.(1) | 2,316 | 155,364 | |
HLB, Inc.(1) | 4,453 | 95,944 | |
HMM Co., Ltd. | 9,451 | 102,366 | |
HYBE Co., Ltd.(1) | 432 | 70,357 | |
Hyundai Engineering & Construction Co., Ltd. | 3,379 | 83,802 | |
Hyundai Glovis Co., Ltd. | 762 | 96,706 | |
Hyundai Mobis Co., Ltd. | 2,890 | 447,559 | |
Hyundai Motor Co. | 5,831 | 734,613 | |
Hyundai Steel Co. | 2,500 | 60,796 | |
Kakao Corp. | 13,862 | 390,712 | |
KB Financial Group, Inc. | 16,629 | 633,868 | |
Kia Corp. | 11,114 | 634,959 | |
Korea Aerospace Industries, Ltd. | 2,870 | 94,436 | |
Korea Electric Power Corp.(1) | 9,138 | 114,380 | |
Korea Investment Holdings Co., Ltd. | 1,239 | 46,318 | |
Korea Zinc Co., Ltd. | 330 | 114,681 | |
Korean Air Lines Co., Ltd. | 6,673 | 101,531 | |
Krafton, Inc.(1) | 869 | 105,785 | |
KT&G Corp. | 5,085 | 320,779 | |
L&F Co., Ltd. | 839 | 81,612 | |
LG Chem, Ltd. | 2,023 | 663,022 | |
LG Corp. | 4,829 | 276,407 | |
LG Display Co., Ltd.(1) | 9,346 | 84,569 | |
LG Electronics, Inc. | 5,323 | 394,876 | |
LG Energy Solution, Ltd.(1) | 1,583 | 453,796 | |
LG H&H Co., Ltd. | 316 | 74,084 | |
LG Innotek Co., Ltd. | 522 | 86,638 | |
Lotte Chemical Corp. | 607 | 65,918 |
Security | Shares | Value | |
South Korea (continued) | |||
Meritz Financial Group, Inc. | 5,370 | $ 199,859 | |
Naver Corp. | 6,088 | 851,121 | |
NCSoft Corp. | 575 | 99,341 | |
Pearl Abyss Corp.(1) | 890 | 32,606 | |
POSCO Chemical Co., Ltd. | 1,555 | 274,027 | |
POSCO Holdings, Inc. | 3,243 | 992,764 | |
Posco International Corp. | 2,974 | 110,931 | |
Samsung Biologics Co., Ltd.(1)(3) | 802 | 421,617 | |
Samsung C&T Corp. | 4,209 | 332,787 | |
Samsung Electro-Mechanics Co., Ltd. | 2,692 | 248,905 | |
Samsung Electronics Co., Ltd. | 195,999 | 9,755,826 | |
Samsung Engineering Co., Ltd.(1) | 8,539 | 150,497 | |
Samsung Fire & Marine Insurance Co., Ltd. | 1,547 | 295,821 | |
Samsung Heavy Industries Co., Ltd.(1) | 31,961 | 162,026 | |
Samsung Life Insurance Co., Ltd. | 4,061 | 217,423 | |
Samsung SDI Co., Ltd. | 2,388 | 756,124 | |
Samsung SDS Co., Ltd. | 2,013 | 206,342 | |
Shinhan Financial Group Co., Ltd. | 19,340 | 497,120 | |
SK Bioscience Co., Ltd.(1) | 942 | 42,397 | |
SK Hynix, Inc. | 26,391 | 2,291,850 | |
SK Innovation Co., Ltd.(1) | 2,937 | 267,574 | |
SK Square Co., Ltd.(1) | 3,831 | 121,052 | |
SK, Inc. | 1,234 | 130,102 | |
S-Oil Corp. | 1,757 | 86,712 | |
Woori Financial Group, Inc. | 30,239 | 267,094 | |
Yuhan Corp. | 2,980 | 127,032 | |
$ 27,948,622 | |||
Spain — 0.1% | |||
AmRest Holdings SE(1) | 46,500 | $ 294,937 | |
$ 294,937 | |||
Sri Lanka — 2.3% | |||
Browns Investments PLC(1) | 19,464,638 | $ 303,320 | |
Commercial Bank of Ceylon PLC(1) | 4,535,356 | 1,136,504 | |
Dialog Axiata PLC(1) | 11,855,734 | 340,402 | |
Expolanka Holdings PLC | 2,214,372 | 862,260 | |
Hatton National Bank PLC(1) | 1,859,171 | 928,991 | |
John Keells Holdings PLC | 5,860,590 | 3,440,265 | |
LOLC Holdings PLC(1) | 488,858 | 579,131 | |
Sampath Bank PLC | 6,019,065 | 1,185,117 | |
$ 8,775,990 | |||
Taiwan — 2.3% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 533,000 | $ 8,705,226 | |
$ 8,705,226 |
Security | Shares | Value | |
Turkey — 3.8% | |||
Akbank T.A.S. | 1,139,909 | $ 1,187,504 | |
Aselsan Elektronik Sanayi Ve Ticaret AS | 412,502 | 602,407 | |
BIM Birlesik Magazalar AS | 151,352 | 1,455,592 | |
Eregli Demir ve Celik Fabrikalari TAS(1) | 444,378 | 594,897 | |
Ford Otomotiv Sanayi AS | 23,111 | 642,180 | |
Haci Omer Sabanci Holding AS | 358,830 | 678,629 | |
Hektas Ticaret TAS(1) | 374,632 | 290,687 | |
KOC Holding AS | 256,572 | 1,241,059 | |
Koza Altin Isletmeleri AS | 328,999 | 255,454 | |
Pegasus Hava Tasimaciligi AS(1) | 14,498 | 361,236 | |
Sasa Polyester Sanayi AS(1) | 350,238 | 530,454 | |
Tofas Turk Otomobil Fabrikasi AS | 38,195 | 324,743 | |
Turk Hava Yollari AO(1) | 180,099 | 1,382,781 | |
Turkcell Iletisim Hizmetleri AS(1) | 396,563 | 672,499 | |
Turkiye Is Bankasi AS, Class C | 1,238,331 | 920,469 | |
Turkiye Petrol Rafinerileri AS | 317,638 | 1,593,601 | |
Turkiye Sise ve Cam Fabrikalari AS | 439,174 | 735,825 | |
Yapi ve Kredi Bankasi AS | 1,247,407 | 761,308 | |
$ 14,231,325 | |||
United Arab Emirates — 8.0% | |||
Abu Dhabi Commercial Bank PJSC | 552,750 | $ 1,207,913 | |
Abu Dhabi Islamic Bank PJSC | 329,659 | 923,750 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 470,000 | 429,988 | |
Agthia Group PJSC | 1,296,034 | 1,571,483 | |
Air Arabia PJSC | 2,257,172 | 1,610,863 | |
Al Ansari Financial Services PJSC(1) | 1,805,311 | 564,998 | |
Al Waha Capital PJSC | 4,117,465 | 2,131,484 | |
Al Yah Satellite Communications Co. PJSC (Yahsat) | 2,242,854 | 1,551,145 | |
Aldar Properties PJSC | 1,739,556 | 2,464,176 | |
Amanat Holdings PJSC | 6,091,633 | 1,650,143 | |
Americana Restaurants International PLC | 494,400 | 499,514 | |
Aramex PJSC | 454,227 | 284,828 | |
Deyaar Development PJSC(1) | 9,480,540 | 1,519,723 | |
Dubai Electricity & Water Authority PJSC | 1,686,287 | 1,092,440 | |
Dubai Islamic Bank PJSC | 584,077 | 858,704 | |
Emaar Properties PJSC | 1,589,891 | 2,896,437 | |
Emirates Central Cooling Systems Corp. | 3,502,706 | 1,706,314 | |
Emirates NBD Bank PJSC | 100,660 | 464,674 | |
Emirates Telecommunications Group Co. PJSC | 353,100 | 1,774,668 | |
First Abu Dhabi Bank PJSC | 448,554 | 1,548,699 | |
Multiply Group PJSC(1) | 345,100 | 319,772 | |
National Central Cooling Co. PJSC | 689,840 | 657,451 | |
Q Holding PJSC(1) | 227,300 | 190,672 |
Security | Shares | Value | |
United Arab Emirates (continued) | |||
Ras Al Khaimah Ceramics | 3,202,255 | $ 2,118,691 | |
Taaleem Holdings PJSC(1) | 29,300 | 31,012 | |
$ 30,069,542 | |||
United Kingdom — 0.1% | |||
Pepco Group N.V.(1)(5) | 102,800 | $ 416,660 | |
$ 416,660 | |||
Vietnam — 5.7% | |||
Digiworld Corp. | 1,064,800 | $ 1,828,762 | |
Duc Giang Chemicals JSC | 712,600 | 2,297,874 | |
FPT Corp. | 1,838,970 | 6,430,313 | |
FPT Digital Retail JSC | 663,860 | 2,359,157 | |
Gemadept Corp. | 745,200 | 1,795,166 | |
Mobile World Investment Corp. | 1,041,098 | 1,602,134 | |
Novaland Investment Group Corp.(1) | 7,524 | 3,975 | |
Phat Dat Real Estate Development Corp.(1) | 3,271 | 2,804 | |
Phu Nhuan Jewelry JSC | 1,185,066 | 3,478,690 | |
Refrigeration Electrical Engineering Corp. | 629,803 | 1,442,824 | |
$ 21,241,699 | |||
Total Common Stocks (identified cost $289,792,424) | $319,208,621 |
Loan Participation Notes — 2.7% |
Security | Principal Amount (000's omitted) | Value | |
Uzbekistan — 2.7% | |||
Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/25(5)(6)(7) | UZS | 48,512,190 | $ 3,876,468 |
Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26(5)(6)(7) | UZS | 81,043,560 | 6,175,859 |
Total Loan Participation Notes (identified cost $10,780,060) | $ 10,052,327 |
Preferred Stocks — 0.4% |
Security | Shares | Value | |
South Korea — 0.4% | |||
Hanwha Galleria Co., Ltd.(1) | 45 | $ 95 | |
Hanwha Solutions Corp.(1) | 40 | 581 | |
Hyundai Motor Co., Ltd. | 1,499 | 111,364 |
Security | Shares | Value | |
South Korea (continued) | |||
LG Chem, Ltd. | 400 | $ 83,542 | |
Samsung Electronics Co., Ltd. | 36,110 | 1,441,681 | |
Total Preferred Stocks (identified cost $1,614,418) | $ 1,637,263 |
Rights — 0.0%(2) |
Security | Shares | Value | |
South Korea — 0.0%(2) | |||
Cosmo AM&T Co., Ltd., Exp. 11/7/23(1) | 47 | $ 578 | |
Total Rights (identified cost $0) | $ 578 |
Sovereign Government Bonds — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Greece — 0.1% | |||
Hellenic Republic Government Bond, 0.00%, GDP-Linked, 10/15/42 | EUR | 79,360 | $ 264,073 |
Total Sovereign Government Bonds (identified cost $335,579) | $ 264,073 |
Short-Term Investments — 8.1% |
Affiliated Fund — 7.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.25%(8) | 28,891,215 | $ 28,891,215 | |
Total Affiliated Fund (identified cost $28,891,215) | $ 28,891,215 |
U.S. Treasury Obligations — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bills, 0.00%, 11/30/23(9) | $ | 1,500 | $ 1,493,615 |
Total U.S. Treasury Obligations (identified cost $1,493,566) | $ 1,493,615 | ||
Total Short-Term Investments (identified cost $30,384,781) | $ 30,384,830 |
Value | |||
Total Investments — 96.1% (identified cost $332,907,262) | $361,547,692 | ||
Other Assets, Less Liabilities — 3.9% | $ 14,862,366 | ||
Net Assets — 100.0% | $376,410,058 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | 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, 2023, the aggregate value of these securities is $10,969,308 or 2.9% of the Portfolio's net assets. |
(4) | Securities are traded on separate exchanges for the same entity. |
(5) | 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, 2023, the aggregate value of these securities is $11,388,043 or 3.0% of the Portfolio's net assets. |
(6) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). |
(7) | Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower. |
(8) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2023. |
(9) | Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 34.5% | $129,992,422 |
Industrials | 10.5 | 39,522,327 |
Consumer Discretionary | 9.8 | 37,050,392 |
Information Technology | 9.7 | 36,320,976 |
Communication Services | 5.5 | 20,799,013 |
Materials | 4.5 | 17,026,431 |
Energy | 3.8 | 14,288,593 |
Utilities | 3.6 | 13,364,857 |
Real Estate | 2.6 | 9,595,731 |
Consumer Staples | 2.4 | 9,069,030 |
Health Care | 1.0 | 3,869,017 |
Government | 0.1 | 264,073 |
Short-Term Investments | 8.1 | 30,384,830 |
Total Investments | 96.1% | $361,547,692 |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
EUR | 1,296,988 | USD | 1,388,841 | 12/20/23 | $ (13,438) |
EUR | 19,062,884 | USD | 20,412,917 | 12/20/23 | (197,517) |
INR | 971,000,000 | USD | 11,702,687 | 12/20/23 | (59,255) |
INR | 980,000,000 | USD | 11,810,658 | 12/20/23 | (59,306) |
KRW | 15,124,000,000 | USD | 11,408,657 | 12/20/23 | (200,203) |
KRW | 18,376,000,000 | USD | 13,867,109 | 12/20/23 | (248,586) |
USD | 7,326,391 | EUR | 6,841,851 | 12/20/23 | 70,891 |
USD | 4,441,849 | EUR | 4,148,082 | 12/20/23 | 42,980 |
USD | 3,832,413 | EUR | 3,578,952 | 12/20/23 | 37,083 |
USD | 2,299,163 | EUR | 2,147,105 | 12/20/23 | 22,247 |
USD | 2,263,434 | EUR | 2,113,739 | 12/20/23 | 21,901 |
USD | 1,659,771 | EUR | 1,550,000 | 12/20/23 | 16,060 |
USD | 22,900,292 | EUR | 21,700,000 | 12/20/23 | (111,661) |
$ (678,804) |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 23,639,464 | CNH | 168,000,000 | BNP Paribas | 11/24/23 | $ 720,769 | $ — |
USD | 22,319,552 | CNH | 155,348,700 | HSBC Bank USA, N.A. | 11/24/23 | 1,126,756 | — |
USD | 15,175,804 | EUR | 14,250,000 | HSBC Bank USA, N.A. | 12/20/23 | 64,268 | — |
$1,911,793 | $ — |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 240 | Long | 12/15/23 | $11,030,400 | $ (729,771) |
$(729,771) |
Total Return Swaps (OTC) | ||||||
Counterparty | Notional Amount (000's omitted) | Portfolio Receives | Portfolio Pays | Termination Date | Value/Unrealized Appreciation (Depreciation) | |
Citibank, N.A. | KRW | 103,250 | Positive Return on KOSPI 200 Index Futures 12/2023 (pays upon termination) | Negative Return on KOSPI 200 Index Futures 12/2023 (pays upon termination) | 12/14/23 | $ (2,227,335) |
$(2,227,335) |
Abbreviations: | |
GDP | – Gross Domestic Product |
GDR | – Global Depositary Receipt |
OTC | – Over-the-counter |
Currency Abbreviations: | |
CNH | – Yuan Renminbi Offshore |
EUR | – Euro |
INR | – Indian Rupee |
KRW | – South Korean Won |
USD | – United States Dollar |
UZS | – Uzbekistani Som |
October 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $304,016,047) | $ 332,656,477 |
Affiliated investments, at value (identified cost $28,891,215) | 28,891,215 |
Cash | 94,390 |
Deposits for derivatives collateral: | |
Futures contracts | 319,754 |
Centrally cleared derivatives | 2,962,242 |
OTC derivatives | 2,986,310 |
Foreign currency, at value (identified cost $3,462,469) | 3,454,161 |
Interest and dividends receivable | 749,802 |
Dividends receivable from affiliated investments | 74,038 |
Receivable for investments sold | 5,451,889 |
Receivable for variation margin on open futures contracts | 484,160 |
Receivable for open forward foreign currency exchange contracts | 1,911,793 |
Tax reclaims receivable | 12,723 |
Receivable from affiliates | 106,333 |
Trustees' deferred compensation plan | 10,628 |
Other assets | 307,980 |
Total assets | $380,473,895 |
Liabilities | |
Cash collateral due to brokers | $ 710,000 |
Payable for investments purchased | 435,453 |
Payable for variation margin on open centrally cleared derivatives | 27,970 |
Payable for open swap contracts | 2,227,335 |
Payable to affiliates: | |
Investment adviser fee | 311,855 |
Trustees' fees | 1,462 |
Trustees' deferred compensation plan | 10,628 |
Accrued foreign capital gains taxes | 50,898 |
Accrued expenses | 288,236 |
Total liabilities | $ 4,063,837 |
Net Assets applicable to investors' interest in Portfolio | $376,410,058 |
Year Ended | |
October 31, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $589,830) | $ 7,357,741 |
Dividend income from affiliated investments | 386,696 |
Interest income (net of foreign taxes withheld of $36) | 1,080,994 |
Total investment income | $ 8,825,431 |
Expenses | |
Investment adviser fee | $ 2,549,271 |
Trustees’ fees and expenses | 15,306 |
Custodian fee | 392,142 |
Legal and accounting services | 80,058 |
Miscellaneous | 30,403 |
Total expenses | $ 3,067,180 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 137,801 |
Total expense reductions | $ 137,801 |
Net expenses | $ 2,929,379 |
Net investment income | $ 5,896,052 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $346,976) | $ (6,873,724) |
Written options | (2,041) |
Futures contracts | (3,748,918) |
Swap contracts | 468,682 |
Foreign currency transactions | 388,649 |
Forward foreign currency exchange contracts | 1,886,910 |
Net realized loss | $ (7,880,442) |
Change in unrealized appreciation (depreciation): | |
Investments (including net increase in accrued foreign capital gains taxes of $40,000) | $ 26,784,711 |
Futures contracts | (728,448) |
Swap contracts | (2,227,335) |
Foreign currency | 33,568 |
Forward foreign currency exchange contracts | (1,343,729) |
Net change in unrealized appreciation (depreciation) | $22,518,767 |
Net realized and unrealized gain | $14,638,325 |
Net increase in net assets from operations | $20,534,377 |
Year Ended October 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 5,896,052 | $ 4,053,926 |
Net realized loss | (7,880,442) | (1,544,196) |
Net change in unrealized appreciation (depreciation) | 22,518,767 | (36,582,335) |
Net increase (decrease) in net assets from operations | $ 20,534,377 | $ (34,072,605) |
Capital transactions: | ||
Contributions | $ 190,449,338 | $ 40,153,386 |
Withdrawals | (18,206,673) | (12,951,136) |
Net increase in net assets from capital transactions | $172,242,665 | $ 27,202,250 |
Net increase (decrease) in net assets | $192,777,042 | $ (6,870,355) |
Net Assets | ||
At beginning of year | $ 183,633,016 | $ 190,503,371 |
At end of year | $376,410,058 | $183,633,016 |
Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Ratios/Supplemental Data | |||||
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.15% (1)(2) | 1.26% (1) | 1.24% | 1.28% | 1.29% (3) |
Net investment income | 2.30% | 2.17% | 1.04% | 0.84% | 1.29% |
Portfolio Turnover | 69% | 67% | 70% | 44% | 43% |
Total Return | 16.11% (2) | (16.87)% | 35.70% | (2.84)% | 7.44% |
Net assets, end of year (000’s omitted) | $376,410 | $183,633 | $190,503 | $145,694 | $179,334 |
(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 years ended October 31, 2023 and 2022). |
(2) | The investment adviser reimbursed certain operating expenses (equal to 0.05% of average daily net assets for the year ended October 31, 2023). Absent this reimbursement, total return would be lower. |
(3) | 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 | $ 339,004,767 |
Gross unrealized appreciation | $ 38,593,994 |
Gross unrealized depreciation | (18,278,404) |
Net unrealized appreciation | $ 20,315,590 |
Fair Value | |||
Statement of Assets and Liabilities Caption | Equity Price | Foreign Exchange | Total |
Not applicable | $ — | $ 211,162* | $ 211,162 |
Receivable for open forward foreign currency exchange contracts | — | 1,911,793 | 1,911,793 |
Total Asset Derivatives | $ — | $2,122,955 | $ 2,122,955 |
Derivatives not subject to master netting or similar agreements | $ — | $ 211,162 | $ 211,162 |
Total Asset Derivatives subject to master netting or similar agreements | $ — | $1,911,793 | $ 1,911,793 |
Not applicable | $ (729,771)* | $ (889,966)* | $ (1,619,737) |
Payable for open swap contracts | (2,227,335) | — | (2,227,335) |
Total Liability Derivatives | $(2,957,106) | $ (889,966) | $(3,847,072) |
Derivatives not subject to master netting or similar agreements | $ (729,771) | $ (889,966) | $(1,619,737) |
Total Liability Derivatives subject to master netting or similar agreements | $(2,227,335) | $ — | $(2,227,335) |
* | 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) | Total Cash Collateral Received |
BNP Paribas | $ 720,769 | $ — | $ — | $ (710,000) | $ 10,769 | $ 710,000 |
HSBC Bank USA, N.A. | 1,191,024 | — | (1,051,762) | — | 139,262 | — |
$1,911,793 | $ — | $(1,051,762) | $(710,000) | $150,031 | $710,000 |
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) | Total Cash Collateral Pledged |
Citibank, N.A. | $(2,227,335) | $ — | $1,493,615 | $733,720 | $ — | $2,278,058 |
(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): | |||
Investment transactions | $ — | $ 401,503(1) | $ 401,503 |
Written options | — | (2,041) | (2,041) |
Futures contracts | (3,748,918) | — | (3,748,918) |
Swap contracts | 468,682 | — | 468,682 |
Forward foreign currency exchange contracts | — | 1,886,910 | 1,886,910 |
Total | $(3,280,236) | $ 2,286,372 | $ (993,864) |
Change in unrealized appreciation (depreciation): | |||
Futures contracts | $ (728,448) | $ — | $ (728,448) |
Swap contracts | (2,227,335) | — | (2,227,335) |
Forward foreign currency exchange contracts | — | (1,343,729) | (1,343,729) |
Total | $(2,955,783) | $(1,343,729) | $(4,299,512) |
(1) | Relates to purchased options. |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* | Swap Contracts |
$24,801,000 | $140,989,000 | $13,214,000 |
* | 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 | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $2,240,401 | $238,000,029 | $(211,349,215) | $ — | $ — | $28,891,215 | $386,696 | 28,891,215 |
• | 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 | $ 425,401 | $ 117,633,259 | $ — | $ 118,058,660 |
Developed Europe | — | 1,115,896 | — | 1,115,896 |
Emerging Europe | 2,552,308 | 155,503,951 | — | 158,056,259 |
Middle East/Africa | — | 41,977,806 | — | 41,977,806 |
Total Common Stocks | $ 2,977,709 | $ 316,230,912* | $ — | $ 319,208,621 |
Loan Participation Notes | $ — | $ — | $ 10,052,327 | $ 10,052,327 |
Preferred Stocks | — | 1,637,263 | — | 1,637,263 |
Rights | — | 578 | — | 578 |
Sovereign Government Bonds | — | 264,073 | — | 264,073 |
Short-Term Investments: | ||||
Affiliated Fund | 28,891,215 | — | — | 28,891,215 |
U.S. Treasury Obligations | — | 1,493,615 | — | 1,493,615 |
Total Investments | $ 31,868,924 | $ 319,626,441 | $ 10,052,327 | $ 361,547,692 |
Forward Foreign Currency Exchange Contracts | $ — | $ 2,122,955 | $ — | $ 2,122,955 |
Total | $ 31,868,924 | $ 321,749,396 | $ 10,052,327 | $ 363,670,647 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (889,966) | $ — | $ (889,966) |
Liability Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Futures Contracts | $ (729,771) | $ — | $ — | $ (729,771) |
Swap Contracts | — | (2,227,335) | — | (2,227,335) |
Total | $ (729,771) | $ (3,117,301) | $ — | $ (3,847,072) |
* | 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. |
Loan Participation Notes | |
Balance as of October 31, 2022 | $ — |
Realized gains (losses) | — |
Change in net unrealized appreciation (depreciation) | (727,733) |
Cost of purchases | 10,718,814 |
Proceeds from sales, including return of capital | — |
Accrued discount (premium) | 61,246 |
Transfers to Level 3 | — |
Transfers from Level 3 | — |
Balance as of October 31, 2023 | $10,052,327 |
Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2023 | $ (727,733) |
Type of Investment | Fair Value as of October 31, 2023 | Valuation Technique | Unobservable Input | Range of Unobservable Input | Impact to Valuation from an Increase to Input* |
Loan Participation Notes | $10,052,327 | Matrix Pricing | Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | 5.46% - 9.79%** | Decrease |
* | Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. |
** | The weighted average of the unobservable input is 8.17% based on relative principal amounts. |
Boston, Massachusetts
December 19, 2023
Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2022 through December 31, 2022 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
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 | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, 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- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
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. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
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 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 | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management 'Classic’ (2009-2020). |
Deidre E. Walsh 1971 | 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 S. 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). |
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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
125 Old Broad Street
London, EC2N 1AR
United Kingdom
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(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, 2022 and October 31, 2023 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 | 10/31/22 | 10/31/23 | ||||||
Audit Fees | $ | 52,600 | $ | 50,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 3,000 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 55,600 | $ | 50,600 | ||||
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(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, 2022 and October 31, 2023; 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 | 10/31/22 | 10/31/23 | ||||||
Registrant | $ | 3,000 | $ | 0 | ||||
Eaton Vance(1) | $ | 52,836 | $ | 0 |
(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.
(i) Not applicable.
(j) Not applicable.
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) |
(a)(2)(ii) |
(b) |
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/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President | ||
Date: | December 22, 2023 |
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 22, 2023 |
By: | /s/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President | ||
Date: | December 22, 2023 |