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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 93.5% |
Security | Shares | Value | |
Argentina — 5.2% | |||
Adecoagro SA | 174,100 | $ 1,888,985 | |
Arcos Dorados Holdings, Inc., Class A | 251,400 | 2,710,092 | |
Banco BBVA Argentina SA ADR(1) | 142,300 | 1,360,388 | |
Banco Macro SA ADR(1) | 118,700 | 6,428,792 | |
Bioceres Crop Solutions Corp.(1) | 50,100 | 591,180 | |
Central Puerto SA ADR | 234,400 | 2,416,664 | |
Corp. America Airports SA(1) | 70,100 | 1,187,494 | |
Cresud SACIF y A ADR | 74,250 | 708,345 | |
Despegar.com Corp.(1) | 117,600 | 1,433,544 | |
Empresa Distribuidora Y Comercializadora Norte ADR(1) | 44,000 | 750,200 | |
Grupo Financiero Galicia SA ADR(1) | 232,000 | 7,523,760 | |
Grupo Supervielle SA ADR(1) | 122,600 | 776,058 | |
IRSA Inversiones y Representaciones SA ADR(1) | 63,212 | 600,514 | |
Loma Negra Cia Industrial Argentina SA ADR | 107,300 | 766,122 | |
Pampa Energia SA ADR(1) | 77,200 | 3,425,364 | |
Telecom Argentina SA ADR(1) | 174,700 | 1,353,925 | |
Transportadora de Gas del Sur SA, Class B ADR(1) | 143,500 | 2,522,730 | |
YPF SA ADR(1) | 333,100 | 7,314,876 | |
$ 43,759,033 | |||
Bulgaria — 0.1% | |||
Eurohold Bulgaria AD(1) | 944,905 | $ 676,619 | |
$ 676,619 | |||
China — 0.0%(2) | |||
Ganfeng Lithium Group Co. Ltd., Class H(3) | 2,800 | $ 8,211 | |
$ 8,211 | |||
Cyprus — 1.7% | |||
Bank of Cyprus Holdings PLC(4) | 45,800 | $ 177,874 | |
Bank of Cyprus Holdings PLC(4) | 3,619,793 | 14,453,725 | |
$ 14,631,599 | |||
Egypt — 0.5% | |||
Abou Kir Fertilizers & Chemical Industries | 200,100 | $ 260,090 | |
Commercial International Bank - Egypt (CIB) | 2,473,361 | 3,716,952 | |
Misr Fertilizers Production Co. SAE | 335,100 | 293,835 | |
$ 4,270,877 | |||
Georgia — 5.4% | |||
Bank of Georgia Group PLC | 206,566 | $ 13,831,462 |
Security | Shares | Value | |
Georgia (continued) | |||
Georgia Capital PLC(1) | 1,014,117 | $ 17,230,009 | |
TBC Bank Group PLC | 333,622 | 14,393,813 | |
$ 45,455,284 | |||
Greece — 20.5% | |||
Aegean Airlines SA(1) | 118,953 | $ 1,595,957 | |
Alpha Services and Holdings SA(1) | 7,675,878 | 12,961,622 | |
Athens International Airport SA(1) | 94,031 | 833,908 | |
Athens Water Supply & Sewage Co. SA | 106,068 | 646,809 | |
Autohellas Tourist & Trading SA | 49,238 | 672,749 | |
Avax SA | 281,000 | 442,885 | |
Cenergy Holdings SA | 408,618 | 3,449,525 | |
Ellaktor SA(1) | 333,572 | 931,504 | |
Eurobank Ergasias Services and Holdings SA, Class A(1) | 9,059,798 | 19,381,138 | |
GEK TERNA SA | 275,481 | 4,908,387 | |
Hellenic Exchanges - Athens Stock Exchange SA | 87,000 | 477,011 | |
Hellenic Telecommunications Organization SA | 681,277 | 10,349,721 | |
Helleniq Energy Holdings SA | 766,405 | 6,870,492 | |
Holding Co. ADMIE IPTO SA | 348,857 | 827,982 | |
Ideal Holdings SA | 85,500 | 569,546 | |
JUMBO SA | 418,095 | 13,012,204 | |
LAMDA Development SA(1) | 253,589 | 1,861,016 | |
Motor Oil (Hellas) Corinth Refineries SA | 241,214 | 6,998,585 | |
Mytilineos SA | 364,037 | 14,769,023 | |
National Bank of Greece SA(1) | 2,733,221 | 21,996,197 | |
OPAP SA | 447,300 | 7,441,548 | |
Optima bank SA(1) | 403,252 | 4,575,406 | |
Piraeus Financial Holdings SA(1) | 4,466,539 | 17,892,740 | |
Public Power Corp. SA(1) | 774,536 | 9,245,200 | |
Sarantis SA | 94,905 | 1,198,754 | |
Terna Energy SA | 191,539 | 3,723,590 | |
Titan Cement International SA | 142,647 | 4,515,249 | |
Trade Estates Real Estate Investment SA(1) | 456,600 | 837,323 | |
$172,986,071 | |||
India — 9.7% | |||
Adani Energy Solutions Ltd.(1) | 44,159 | $ 564,027 | |
Adani Green Energy Ltd.(1) | 14,178 | 304,556 | |
Affle India Ltd.(1) | 117,452 | 1,573,488 | |
Apollo Hospitals Enterprise Ltd. | 6,219 | 443,115 | |
Asian Paints Ltd. | 17,811 | 612,470 | |
Avenue Supermarts Ltd.(1)(3) | 10,455 | 577,057 | |
Axis Bank Ltd. | 89,132 | 1,240,431 | |
Bajaj Finance Ltd. | 11,500 | 951,125 | |
Bharti Airtel Ltd. | 171,957 | 2,726,380 | |
Brightcom Group Ltd.(1) | 2,938,392 | 490,588 |
Security | Shares | Value | |
India (continued) | |||
Cipla Ltd. | 24,973 | $ 418,219 | |
Divi's Laboratories Ltd. | 6,252 | 299,255 | |
Dr. Reddy's Laboratories Ltd. | 2,326 | 172,497 | |
Easy Trip Planners Ltd. | 1,018,984 | 565,824 | |
Eicher Motors Ltd. | 1,090 | 60,245 | |
FSN E-Commerce Ventures Ltd.(1) | 1,462,357 | 3,087,202 | |
GAIL (India) Ltd. | 88,026 | 219,899 | |
Grasim Industries Ltd. | 13,486 | 388,578 | |
Grasim Industries Ltd. (partly-paid shares)(1) | 537 | 7,466 | |
Happiest Minds Technologies Ltd. | 162,472 | 1,582,352 | |
Havells India Ltd. | 9,907 | 197,429 | |
HCL Technologies Ltd. | 14,542 | 237,400 | |
HDFC Bank Ltd. | 110,900 | 2,007,848 | |
Hindalco Industries Ltd. | 80,564 | 619,215 | |
Hindustan Unilever Ltd. | 12,230 | 327,119 | |
ICICI Bank Ltd. | 200,982 | 2,768,959 | |
IndiaMart InterMesh Ltd.(3) | 65,121 | 2,065,755 | |
Indian Railway Catering & Tourism Corp. Ltd. | 386,186 | 4,802,545 | |
Info Edge India Ltd. | 67,933 | 4,906,066 | |
Infosys Ltd. | 169,415 | 2,862,907 | |
Intellect Design Arena Ltd. | 174,959 | 2,254,081 | |
ITC Ltd. | 43,445 | 226,377 | |
Jindal Steel & Power Ltd. | 13,591 | 150,837 | |
Jio Financial Services Ltd.(1) | 73,861 | 331,504 | |
JSW Steel Ltd. | 36,383 | 384,068 | |
Jubilant Foodworks Ltd. | 433,143 | 2,397,057 | |
Kotak Mahindra Bank Ltd. | 42,229 | 820,586 | |
Larsen & Toubro Ltd. | 42,276 | 1,816,084 | |
LTIMindtree Ltd.(3) | 3,328 | 186,904 | |
Mahindra & Mahindra Ltd. | 66,683 | 1,722,845 | |
Maruti Suzuki India Ltd. | 7,283 | 1,115,826 | |
Mphasis Ltd. | 3,178 | 88,044 | |
Nazara Technologies Ltd.(1) | 82,001 | 626,493 | |
Nestle India Ltd. | 5,403 | 162,353 | |
NTPC Ltd. | 66,589 | 289,232 | |
Petronet LNG Ltd. | 28,740 | 106,557 | |
PI Industries Ltd. | 2,863 | 124,645 | |
Power Grid Corp. of India Ltd. | 81,117 | 292,571 | |
Reliance Industries Ltd. | 323,311 | 11,341,858 | |
Route Mobile Ltd. | 62,087 | 1,130,843 | |
SRF Ltd. | 5,781 | 181,355 | |
State Bank of India | 21,636 | 212,362 | |
Sun Pharmaceutical Industries Ltd. | 15,899 | 284,963 | |
Tanla Platforms Ltd. | 160,048 | 1,753,538 | |
Tata Consultancy Services Ltd. | 5,859 | 267,636 | |
Tata Consumer Products Ltd. | 128,575 | 1,701,394 |
Security | Shares | Value | |
India (continued) | |||
Tata Elxsi Ltd. | 1,296 | $ 109,384 | |
Tata Motors Ltd. | 63,438 | 765,078 | |
Tata Steel Ltd. | 424,533 | 835,564 | |
Tech Mahindra Ltd. | 14,567 | 219,259 | |
Titan Co. Ltd. | 21,289 | 914,917 | |
Trent Ltd. | 6,864 | 363,720 | |
Tube Investments of India Ltd. | 4,113 | 184,868 | |
UltraTech Cement Ltd. | 6,678 | 796,379 | |
UPL Ltd. | 18,027 | 109,244 | |
Varun Beverages Ltd. | 24,259 | 429,586 | |
Wipro Ltd. | 48,521 | 267,211 | |
Zomato Ltd.(1) | 4,204,319 | 9,723,355 | |
$ 81,768,595 | |||
Pakistan — 0.3% | |||
Bank Al Habib Ltd. | 138,826 | $ 48,158 | |
Bank Alfalah Ltd. | 189,000 | 39,936 | |
Engro Corp. Ltd. | 143,780 | 190,843 | |
Engro Fertilizers Ltd. | 202,914 | 116,325 | |
Fauji Fertilizer Co. Ltd. | 255,510 | 133,718 | |
Habib Bank Ltd. | 410,555 | 172,061 | |
Hub Power Co. Ltd. | 1,036,225 | 495,007 | |
Interloop Ltd. | 473,300 | 121,129 | |
Lucky Cement Ltd. | 43,500 | 130,376 | |
Mari Petroleum Co. Ltd. | 6,653 | 65,223 | |
MCB Bank Ltd. | 172,005 | 129,370 | |
Millat Tractors Ltd. | 15,165 | 32,613 | |
Oil & Gas Development Co. Ltd. | 543,075 | 260,594 | |
Pakistan Oilfields Ltd. | 30,300 | 48,720 | |
Pakistan Petroleum Ltd. | 530,215 | 219,902 | |
Pakistan State Oil Co. Ltd. | 90,870 | 58,238 | |
SUI Northern Gas Pipeline | 152,745 | 36,940 | |
Systems Ltd. | 93,965 | 130,701 | |
TRG Pakistan(1) | 381,600 | 87,496 | |
United Bank Ltd. | 338,040 | 235,914 | |
$ 2,753,264 | |||
Philippines — 1.3% | |||
Aboitiz Equity Ventures, Inc. | 438,600 | $ 319,452 | |
Ayala Corp. | 74,220 | 788,931 | |
Ayala Land, Inc. | 1,725,400 | 855,316 | |
Bank of the Philippine Islands | 326,800 | 721,187 | |
BDO Unibank, Inc. | 665,190 | 1,704,899 | |
International Container Terminal Services, Inc. | 259,200 | 1,482,470 | |
JG Summit Holdings, Inc. | 808,300 | 471,944 | |
Jollibee Foods Corp. | 135,720 | 551,846 |
Security | Shares | Value | |
Philippines (continued) | |||
Manila Electric Co. | 72,820 | $ 465,173 | |
Metropolitan Bank & Trust Co. | 462,470 | 559,587 | |
PLDT, Inc. | 22,680 | 528,179 | |
SM Investments Corp. | 63,900 | 1,049,145 | |
SM Prime Holdings, Inc. | 2,947,500 | 1,424,248 | |
Universal Robina Corp. | 257,510 | 459,785 | |
$ 11,382,162 | |||
Poland — 10.4% | |||
Alior Bank SA(1) | 84,349 | $ 2,148,814 | |
Allegro.eu SA(1)(3) | 604,288 | 5,037,409 | |
AmRest Holdings SE(1) | 95,608 | 619,499 | |
Asseco Poland SA | 72,938 | 1,433,450 | |
Bank Millennium SA(1) | 601,255 | 1,368,988 | |
Bank Polska Kasa Opieki SA | 230,217 | 9,531,051 | |
Budimex SA | 16,661 | 2,818,426 | |
CCC SA(1) | 47,994 | 1,112,496 | |
CD Projekt SA | 83,230 | 2,421,355 | |
Cyfrowy Polsat SA(1) | 304,841 | 751,258 | |
Dino Polska SA(1)(3) | 44,741 | 4,286,300 | |
Enea SA(1) | 311,811 | 650,505 | |
Eurocash SA | 107,405 | 361,088 | |
Grupa Azoty SA(1) | 70,443 | 380,483 | |
Grupa Kety SA | 13,067 | 2,707,673 | |
Jastrzebska Spolka Weglowa SA(1) | 65,755 | 495,030 | |
KGHM Polska Miedz SA | 179,150 | 6,159,112 | |
KRUK SA | 16,844 | 1,914,671 | |
LPP SA | 1,470 | 5,664,191 | |
mBank SA(1) | 14,771 | 2,480,622 | |
Orange Polska SA | 861,921 | 1,666,129 | |
ORLEN SA | 598,482 | 9,757,880 | |
Pepco Group NV(1)(5) | 212,744 | 1,003,037 | |
PGE Polska Grupa Energetyczna SA(1) | 1,081,331 | 1,611,718 | |
Powszechna Kasa Oszczednosci Bank Polski SA | 547,641 | 8,130,894 | |
Powszechny Zaklad Ubezpieczen SA | 756,368 | 9,519,562 | |
Santander Bank Polska SA | 8,288 | 1,135,729 | |
Tauron Polska Energia SA(1) | 1,276,987 | 916,516 | |
Text SA | 22,315 | 494,109 | |
Warsaw Stock Exchange | 29,402 | 325,631 | |
XTB SA(3) | 44,157 | 690,086 | |
$ 87,593,712 | |||
Saudi Arabia — 5.2% | |||
Advanced Petrochemical Co. | 48,600 | $ 554,095 | |
Al Hammadi Holding | 35,300 | 522,008 | |
Al Rajhi Bank | 39,800 | 846,516 |
Security | Shares | Value | |
Saudi Arabia (continued) | |||
Alamar Foods | 28,300 | $ 707,634 | |
Al-Dawaa Medical Services Co. | 26,200 | 667,312 | |
Alinma Bank | 24,500 | 217,328 | |
Almarai Co. JSC | 17,800 | 269,276 | |
Arabian Contracting Services Co. | 57,281 | 3,336,451 | |
Arabian Internet & Communications Services Co. | 7,100 | 656,601 | |
Ataa Educational Co. | 29,094 | 549,824 | |
Bank AlBilad | 12,250 | 116,441 | |
Banque Saudi Fransi | 11,800 | 115,143 | |
Catrion Catering Holding Co. | 30,900 | 1,039,731 | |
Cenomi Centers | 174,800 | 1,165,943 | |
City Cement Co. | 194,300 | 1,074,344 | |
Dallah Healthcare Co. | 11,603 | 506,459 | |
Dr Sulaiman Al Habib Medical Services Group Co. | 6,900 | 570,545 | |
Etihad Etisalat Co. | 149,200 | 2,065,249 | |
Jarir Marketing Co. | 121,000 | 436,149 | |
Leejam Sports Co. JSC | 23,388 | 1,305,529 | |
Lumi Rental Co.(1) | 36,800 | 863,912 | |
Najran Cement Co.(1) | 326,900 | 866,479 | |
National Agriculture Development Co.(1) | 150,219 | 1,401,318 | |
National Co. for Learning & Education | 17,800 | 715,155 | |
National Medical Care Co. | 24,400 | 1,195,555 | |
Riyad Bank | 28,500 | 210,143 | |
SABIC Agri-Nutrients Co. | 15,900 | 489,965 | |
Sahara International Petrochemical Co. | 144,300 | 1,318,869 | |
Saudi Arabian Mining Co.(1) | 57,900 | 780,508 | |
Saudi Arabian Oil Co.(3) | 170,110 | 1,363,042 | |
Saudi Awwal Bank | 20,600 | 223,549 | |
Saudi Basic Industries Corp. | 58,600 | 1,320,276 | |
Saudi Electricity Co. | 49,600 | 245,736 | |
Saudi Industrial Investment Group | 93,300 | 576,005 | |
Saudi National Bank | 59,100 | 591,618 | |
Saudi Telecom Co. | 198,200 | 1,988,794 | |
Saudia Dairy & Foodstuff Co. | 21,461 | 2,090,744 | |
Savola Group | 95,300 | 1,280,607 | |
Theeb Rent A Car Co. | 155,307 | 2,828,005 | |
United Electronics Co. | 135,831 | 3,584,355 | |
United International Transportation Co. | 139,643 | 3,107,856 | |
$ 43,765,069 | |||
Slovenia — 1.7% | |||
Nova Ljubljanska Banka DD(3) | 72,121 | $ 7,971,505 | |
Nova Ljubljanska Banka DD GDR(5) | 277,752 | 5,969,075 | |
$ 13,940,580 |
Security | Shares | Value | |
South Korea — 8.2% | |||
Celltrion, Inc. | 12,921 | $ 1,754,470 | |
CosmoAM&T Co. Ltd.(1) | 2,880 | 311,035 | |
DB Insurance Co. Ltd. | 9,279 | 650,874 | |
Doosan Enerbility Co. Ltd.(1) | 24,045 | 290,328 | |
Ecopro BM Co. Ltd.(1) | 3,137 | 533,242 | |
Ecopro Co. Ltd.(1) | 9,745 | 736,618 | |
Hana Financial Group, Inc. | 40,498 | 1,708,076 | |
Hanwha Aerospace Co. Ltd. | 1,870 | 284,046 | |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | 7,801 | 736,543 | |
HLB, Inc.(1) | 12,548 | 1,002,586 | |
HMM Co. Ltd. | 47,574 | 543,158 | |
Hyundai Mobis Co. Ltd. | 7,046 | 1,152,721 | |
Hyundai Motor Co. | 13,753 | 2,473,833 | |
Kakao Corp. | 31,433 | 1,091,633 | |
KB Financial Group, Inc. | 49,614 | 2,690,909 | |
Kia Corp. | 29,488 | 2,498,299 | |
Korea Electric Power Corp. | 14,700 | 224,414 | |
Korea Zinc Co. Ltd. | 330 | 109,928 | |
Korean Air Lines Co. Ltd. | 34,730 | 523,734 | |
Krafton, Inc.(1) | 1,570 | 270,207 | |
KT&G Corp. | 5,015 | 323,145 | |
L&F Co. Ltd.(1) | 5,618 | 657,193 | |
LG Chem Ltd. | 4,916 | 1,412,604 | |
LG Corp. | 4,970 | 283,578 | |
LG Electronics, Inc. | 5,190 | 345,665 | |
Meritz Financial Group, Inc. | 5,200 | 297,323 | |
NAVER Corp. | 13,801 | 1,820,344 | |
POSCO Future M Co. Ltd. | 1,589 | 319,671 | |
POSCO Holdings, Inc. | 7,008 | 2,023,075 | |
Samsung Biologics Co. Ltd.(1)(3) | 1,263 | 709,878 | |
Samsung C&T Corp. | 8,399 | 905,692 | |
Samsung E&A Co. Ltd.(1) | 33,691 | 638,758 | |
Samsung Electro-Mechanics Co. Ltd. | 2,829 | 315,556 | |
Samsung Electronics Co. Ltd. | 488,175 | 27,136,007 | |
Samsung Fire & Marine Insurance Co. Ltd. | 1,523 | 340,886 | |
Samsung Heavy Industries Co. Ltd.(1) | 37,555 | 254,452 | |
Samsung Life Insurance Co. Ltd. | 4,244 | 267,427 | |
Samsung SDS Co. Ltd. | 2,175 | 249,863 | |
Shinhan Financial Group Co. Ltd. | 52,694 | 1,770,375 | |
SK Hynix, Inc. | 67,180 | 8,290,388 | |
SK Innovation Co. Ltd.(1) | 3,233 | 256,478 | |
SK Square Co. Ltd.(1) | 5,126 | 281,635 | |
SK, Inc. | 2,018 | 240,470 | |
Woori Financial Group, Inc. | 31,211 | 319,842 | |
Yuhan Corp. | 10,319 | 536,768 | |
$ 69,583,727 |
Security | Shares | Value | |
Taiwan — 5.7% | |||
Accton Technology Corp. | 14,000 | $ 196,132 | |
Alchip Technologies Ltd. | 2,000 | 188,630 | |
ASE Technology Holding Co. Ltd. | 96,000 | 431,865 | |
Asustek Computer, Inc. | 21,000 | 275,368 | |
Cathay Financial Holding Co. Ltd. | 297,000 | 459,267 | |
Chailease Holding Co. Ltd. | 45,000 | 237,342 | |
China Steel Corp. | 353,000 | 268,923 | |
Chunghwa Telecom Co. Ltd. | 121,000 | 459,901 | |
CTBC Financial Holding Co. Ltd. | 567,000 | 591,788 | |
Delta Electronics, Inc. | 63,000 | 616,977 | |
E.Sun Financial Holding Co. Ltd. | 430,000 | 361,330 | |
First Financial Holding Co. Ltd. | 318,000 | 266,587 | |
Formosa Chemicals & Fibre Corp. | 95,000 | 161,466 | |
Formosa Plastics Corp. | 113,000 | 237,406 | |
Fubon Financial Holding Co. Ltd. | 249,000 | 526,764 | |
Hon Hai Precision Industry Co. Ltd. | 433,000 | 2,061,230 | |
Largan Precision Co. Ltd. | 3,000 | 199,974 | |
Lite-On Technology Corp. | 56,000 | 169,500 | |
MediaTek, Inc. | 53,000 | 1,598,012 | |
Mega Financial Holding Co. Ltd. | 365,000 | 447,275 | |
Nan Ya Plastics Corp. | 142,000 | 246,569 | |
Novatek Microelectronics Corp. | 17,000 | 321,219 | |
Quanta Computer, Inc. | 88,000 | 690,645 | |
Realtek Semiconductor Corp. | 14,000 | 220,852 | |
Taiwan Cement Corp. | 188,000 | 184,794 | |
Taiwan Cooperative Financial Holding Co. Ltd. | 299,000 | 240,285 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,460,000 | 34,957,881 | |
Unimicron Technology Corp. | 39,000 | 215,671 | |
Uni-President Enterprises Corp. | 147,000 | 344,804 | |
United Microelectronics Corp. | 363,000 | 557,721 | |
Wistron Corp. | 73,000 | 249,956 | |
Yuanta Financial Holding Co. Ltd. | 290,000 | 272,030 | |
$ 48,258,164 | |||
Turkey — 5.0% | |||
Akbank TAS | 2,334,409 | $ 4,296,694 | |
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,541,302 | 2,891,408 | |
BIM Birlesik Magazalar AS | 343,652 | 4,105,592 | |
Eregli Demir ve Celik Fabrikalari TAS | 1,084,078 | 1,438,723 | |
Ford Otomotiv Sanayi AS | 53,111 | 1,829,360 | |
Haci Omer Sabanci Holding AS(1) | 784,230 | 2,238,686 | |
Hektas Ticaret TAS(1) | 769,632 | 360,765 | |
KOC Holding AS | 589,372 | 4,113,284 | |
Koza Altin Isletmeleri AS | 642,699 | 461,652 | |
Pegasus Hava Tasimaciligi AS(1) | 35,398 | 1,126,932 | |
Sasa Polyester Sanayi AS(1) | 989,838 | 1,260,225 |
Security | Shares | Value | |
Turkey (continued) | |||
Tofas Turk Otomobil Fabrikasi AS | 118,495 | $ 1,007,118 | |
Turk Hava Yollari AO(1) | 426,599 | 4,290,873 | |
Turkcell Iletisim Hizmetleri AS | 924,063 | 2,300,500 | |
Turkiye Is Bankasi AS, Class C | 6,725,719 | 2,845,658 | |
Turkiye Petrol Rafinerileri AS | 724,138 | 4,371,711 | |
Turkiye Sise ve Cam Fabrikalari AS | 439,174 | 682,152 | |
Yapi ve Kredi Bankasi AS | 2,568,907 | 2,572,437 | |
$ 42,193,770 | |||
United Arab Emirates — 7.1% | |||
Abu Dhabi Commercial Bank PJSC | 1,522,550 | $ 3,457,230 | |
Abu Dhabi Islamic Bank PJSC | 683,259 | 2,077,300 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 1,279,514 | 1,214,682 | |
Agthia Group PJSC | 2,115,079 | 3,288,448 | |
Air Arabia PJSC | 4,202,594 | 3,059,932 | |
Al Ansari Financial Services PJSC | 1,805,311 | 519,547 | |
Al Waha Capital PJSC | 6,168,401 | 2,513,594 | |
Aldar Properties PJSC | 3,502,652 | 5,205,348 | |
Amanat Holdings PJSC(1) | 10,123,250 | 2,867,617 | |
Americana Restaurants International PLC(1)(4) | 684,268 | 619,542 | |
Americana Restaurants International PLC(1)(4) | 494,400 | 450,363 | |
Deyaar Development PJSC | 16,085,701 | 3,284,415 | |
Dubai Electricity & Water Authority PJSC | 1,686,287 | 1,078,273 | |
Dubai Islamic Bank PJSC | 1,323,277 | 2,003,512 | |
Emaar Properties PJSC(1) | 3,802,469 | 8,502,684 | |
Emirates NBD Bank PJSC | 557,760 | 2,582,790 | |
Emirates Telecommunications Group Co. PJSC | 1,370,667 | 6,357,484 | |
First Abu Dhabi Bank PJSC | 1,808,399 | 6,148,158 | |
Multiply Group PJSC(1) | 1,377,700 | 861,927 | |
National Central Cooling Co. PJSC | 689,840 | 571,017 | |
Q Holding PJSC(1) | 227,300 | 182,225 | |
Ras Al Khaimah Ceramics | 3,875,806 | 2,911,198 | |
Taaleem Holdings PJSC | 29,300 | 29,830 | |
$ 59,787,116 | |||
Vietnam — 5.5% | |||
Airports Corp. of Vietnam JSC(1) | 133,300 | $ 438,636 | |
Asia Commercial Bank JSC | 1,085,000 | 1,228,009 | |
Century Land JSC(1) | 520,000 | 165,184 | |
Dat Xanh Real Estate Services JSC(1) | 592,200 | 163,857 | |
Digiworld Corp. | 1,064,800 | 2,460,292 | |
Dong Hai JSC of Bentre | 208,600 | 312,602 | |
Duc Giang Chemicals JSC | 712,600 | 3,325,875 | |
FPT Corp. | 2,020,570 | 10,504,301 | |
FPT Digital Retail JSC | 663,860 | 4,204,665 | |
Gemadept Corp. | 745,200 | 2,466,425 |
Security | Shares | Value | |
Vietnam (continued) | |||
Khang Dien House Trading & Investment JSC(1) | 138,900 | $ 191,078 | |
Kinh Bac City Development Holding Corp.(1) | 138,400 | 157,451 | |
Military Commercial Joint Stock Bank | 1,280,000 | 1,198,072 | |
Mobile World Investment Corp. | 3,033,000 | 6,542,172 | |
Novaland Investment Group Corp.(1) | 7,524 | 4,503 | |
PetroVietnam Drilling & Well Services JSC(1) | 211,700 | 247,341 | |
PetroVietnam Technical Services Corp. | 156,100 | 244,646 | |
Phat Dat Real Estate Development Corp.(1) | 3,271 | 3,389 | |
Phu Nhuan Jewelry JSC | 1,282,566 | 4,944,010 | |
Refrigeration Electrical Engineering Corp. | 652,803 | 1,695,048 | |
Saigon Thuong Tin Commercial JSB(1) | 932,100 | 1,033,612 | |
Sao Ta Foods JSC | 402,800 | 769,706 | |
Vietnam Dairy Products JSC | 128,800 | 329,869 | |
Vietnam Engine & Agricultural Machinery Corp. | 241,100 | 338,653 | |
Vietnam Joint Stock Commercial Bank for Industry & Trade(1) | 881,700 | 1,137,195 | |
Vietnam Technological & Commercial Joint Stock Bank(1) | 807,400 | 1,524,833 | |
Viettel Construction Joint Stock Corp. | 96,000 | 468,036 | |
VNDirect Securities Corp.(1) | 792,700 | 641,563 | |
$ 46,741,023 | |||
Total Common Stocks (identified cost $663,322,536) | $789,554,876 |
Loan Participation Notes — 1.3% |
Security | Principal Amount (000's omitted) | Value | |
Uzbekistan — 1.3% | |||
Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/25(5)(6)(7) | UZS | 48,512,190 | $ 4,132,768 |
Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), 18.70%, 7/21/26(5)(6)(7) | UZS | 81,043,560 | 6,649,833 |
Total Loan Participation Notes (identified cost $10,873,070) | $ 10,782,601 |
Preferred Stocks — 0.7% |
Security | Shares | Value | |
South Korea — 0.7% | |||
Hyundai Motor Co. | 9,472 | $ 1,082,344 |
Security | Shares | Value | |
South Korea (continued) | |||
LG Chem Ltd. | 3,399 | $ 652,341 | |
Samsung Electronics Co. Ltd. | 89,398 | 4,174,091 | |
Total Preferred Stocks (identified cost $5,630,460) | $ 5,908,776 |
Sovereign Government Bonds — 0.0%(2) |
Security | Principal Amount (000's omitted) | Value | |
Greece — 0.0%(2) | |||
Hellenic Republic Government Bonds, 0.00%, GDP-Linked, 10/15/42 | EUR | 149,000 | $ 445,235 |
Total Sovereign Government Bonds (identified cost $536,975) | $ 445,235 |
Short-Term Investments — 3.8% |
Affiliated Fund — 3.6% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(8) | 30,630,473 | $ 30,630,473 | |
Total Affiliated Fund (identified cost $30,630,473) | $ 30,630,473 |
U.S. Treasury Obligations — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bills: | |||
0.00%, 5/9/24 | $ | 506 | $ 505,407 |
0.00%, 6/13/24 | 500 | 496,859 | |
0.00%, 6/20/24 | 500 | 496,340 | |
Total U.S. Treasury Obligations (identified cost $1,498,665) | $ 1,498,606 | ||
Total Short-Term Investments (identified cost $32,129,138) | $ 32,129,079 |
Value | |||
Total Purchased Options — 0.1% (identified cost $385,560) | $ 375,713 | ||
Total Investments — 99.4% (identified cost $712,877,739) | $839,196,280 | ||
Other Assets, Less Liabilities — 0.6% | $ 5,197,517 | ||
Net Assets — 100.0% | $844,393,797 |
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 April 30, 2024, the aggregate value of these securities is $22,896,147 or 2.7% 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 April 30, 2024, the aggregate value of these securities is $17,754,713 or 2.1% 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 April 30, 2024. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 33.9% | $286,422,347 |
Information Technology | 13.1 | 110,637,132 |
Consumer Discretionary | 11.4 | 95,973,931 |
Industrials | 10.0 | 84,646,324 |
Energy | 6.2 | 52,048,873 |
Communication Services | 5.6 | 47,084,145 |
Materials | 4.8 | 40,395,557 |
Utilities | 3.4 | 29,001,393 |
Consumer Staples | 3.2 | 27,197,964 |
Real Estate | 2.9 | 24,422,269 |
Health Care | 1.0 | 8,416,318 |
Government | 0.0 (1) | 445,235 |
Short-Term Investments | 3.8 | 32,129,079 |
Total | 99.3% | $838,820,567 |
(1) | Amount is less than 0.05%. |
Purchased Currency Options (OTC) — 0.1% | |||||||
Description | Counterparty | Notional Amount | Exercise Price | Expiration Date | Value | ||
Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 22,600,000 | INR | 85.50 | 1/25/29 | $183,308 |
Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 12,100,000 | INR | 85.50 | 1/25/29 | 98,143 |
Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 11,600,000 | INR | 85.50 | 1/30/29 | 94,262 |
Total | $375,713 |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
EUR | 1,296,988 | USD | 1,417,525 | 6/20/24 | $ (30,623) |
EUR | 19,062,883 | USD | 20,834,504 | 6/20/24 | (450,084) |
INR | 1,951,000,000 | USD | 23,478,515 | 6/20/24 | (149,240) |
KRW | 33,500,000,000 | USD | 25,657,718 | 6/20/24 | (1,430,494) |
USD | 102,399,162 | EUR | 93,691,851 | 6/20/24 | 2,212,109 |
USD | 52,741,595 | EUR | 48,600,000 | 6/20/24 | 772,392 |
USD | 24,620,468 | EUR | 22,687,117 | 6/20/24 | 360,563 |
USD | 20,687,384 | EUR | 19,062,883 | 6/20/24 | 302,964 |
USD | 4,533,587 | EUR | 4,148,082 | 6/20/24 | 97,938 |
USD | 3,911,564 | EUR | 3,578,952 | 6/20/24 | 84,501 |
USD | 2,310,181 | EUR | 2,113,739 | 6/20/24 | 49,906 |
USD | 2,306,489 | EUR | 2,110,361 | 6/20/24 | 49,827 |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
USD | 1,694,050 | EUR | 1,550,000 | 6/20/24 | $ 36,596 |
$ 1,906,355 |
Total Return Swaps (OTC) | ||||||
Counterparty | Notional Amount (000's omitted) | Portfolio Receives | Portfolio Pays | Termination Date | Value/Unrealized Appreciation (Depreciation) | |
Citibank, N.A. | KRW | 157,500 | Positive Return on KOSPI 200 Index Futures 6/2024 (pays upon termination) | Negative Return on KOSPI 200 Index Futures 6/2024 (pays upon termination) | 6/13/24 | $ 767,022 |
$767,022 |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDP | – Gross Domestic Product |
GDR | – Global Depositary Receipt |
OTC | – Over-the-counter |
Currency Abbreviations: | |
EUR | – Euro |
INR | – Indian Rupee |
KRW | – South Korean Won |
USD | – United States Dollar |
UZS | – Uzbekistani Som |
April 30, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $682,247,266) | $ 808,565,807 |
Affiliated investments, at value (identified cost $30,630,473) | 30,630,473 |
Cash | 194,390 |
Deposits for derivatives collateral: | |
Centrally cleared derivatives | 12,585,778 |
OTC derivatives | 2,634,453 |
Foreign currency, at value (identified cost $7,054,841) | 7,036,349 |
Interest and dividends receivable | 3,272,014 |
Dividends receivable from affiliated investments | 99,489 |
Receivable for investments sold | 12,066,493 |
Receivable for variation margin on open centrally cleared derivatives | 715,317 |
Receivable for open swap contracts | 767,022 |
Tax reclaims receivable | 244,496 |
Trustees' deferred compensation plan | 14,573 |
Total assets | $878,826,654 |
Liabilities | |
Cash collateral due to brokers | $ 390,000 |
Payable for investments purchased | 31,613,488 |
Payable to affiliates: | |
Investment adviser fee | 636,814 |
Trustees' fees | 2,962 |
Trustees' deferred compensation plan | 14,573 |
Accrued foreign capital gains taxes | 1,282,888 |
Accrued expenses | 492,132 |
Total liabilities | $ 34,432,857 |
Net Assets applicable to investors' interest in Portfolio | $844,393,797 |
Six Months Ended | |
April 30, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $840,822) | $ 8,160,865 |
Dividend income from affiliated investments | 610,111 |
Interest income (net of foreign taxes withheld of $17) | 1,243,833 |
Total investment income | $ 10,014,809 |
Expenses | |
Investment adviser fee | $ 3,031,455 |
Trustees’ fees and expenses | 18,987 |
Custodian fee | 315,698 |
Legal and accounting services | 63,358 |
Miscellaneous | 8,730 |
Total expenses | $ 3,438,228 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 17,573 |
Total expense reductions | $ 17,573 |
Net expenses | $ 3,420,655 |
Net investment income | $ 6,594,154 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $66,597) | $ (3,721,586) |
Written options | (2,267,365) |
Futures contracts | (565,961) |
Swap contracts | 2,846,927 |
Foreign currency transactions | 46,618 |
Forward foreign currency exchange contracts | 1,172,724 |
Net realized loss | $ (2,488,643) |
Change in unrealized appreciation (depreciation): | |
Investments (including net increase in accrued foreign capital gains taxes of $1,231,990) | $ 96,446,122 |
Futures contracts | 729,771 |
Swap contracts | 2,994,357 |
Foreign currency | (16,794) |
Forward foreign currency exchange contracts | 673,366 |
Net change in unrealized appreciation (depreciation) | $100,826,822 |
Net realized and unrealized gain | $ 98,338,179 |
Net increase in net assets from operations | $104,932,333 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 6,594,154 | $ 5,896,052 |
Net realized loss | (2,488,643) | (7,880,442) |
Net change in unrealized appreciation (depreciation) | 100,826,822 | 22,518,767 |
Net increase in net assets from operations | $104,932,333 | $ 20,534,377 |
Capital transactions: | ||
Contributions | $ 382,896,588 | $ 190,449,338 |
Withdrawals | (19,845,182) | (18,206,673) |
Net increase in net assets from capital transactions | $363,051,406 | $172,242,665 |
Net increase in net assets | $467,983,739 | $192,777,042 |
Net Assets | ||
At beginning of period | $ 376,410,058 | $ 183,633,016 |
At end of period | $844,393,797 | $376,410,058 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Ratios/Supplemental Data | ||||||
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.11% (1)(2) | 1.15% (2)(3) | 1.26% (2) | 1.24% | 1.28% | 1.29% (4) |
Net investment income | 2.14% (1) | 2.30% | 2.17% | 1.04% | 0.84% | 1.29% |
Portfolio Turnover | 18% (5) | 69% | 67% | 70% | 44% | 43% |
Total Return | 21.73% (5) | 16.11% (3) | (16.87)% | 35.70% | (2.84)% | 7.44% |
Net assets, end of period (000’s omitted) | $844,394 | $376,410 | $183,633 | $190,503 | $145,694 | $179,334 |
(1) | Annualized. |
(2) | 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 0.01% of average daily net assets for the six months ended April 30, 2024 and less than 0.005% of average daily net assets for the years ended October 31, 2023 and 2022). |
(3) | 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. |
(4) | Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019. |
(5) | Not annualized. |
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 | $ 719,671,364 |
Gross unrealized appreciation | $ 136,788,942 |
Gross unrealized depreciation | (14,590,649) |
Net unrealized appreciation | $ 122,198,293 |
Fair Value | |||
Statement of Assets and Liabilities Caption | Equity Price | Foreign Exchange | Total |
Unaffiliated investments, at value | $ — | $ 375,713 | $ 375,713 |
Not applicable | — | 3,966,796* | 3,966,796 |
Receivable for open swap contracts | 767,022 | — | 767,022 |
Total Asset Derivatives | $767,022 | $ 4,342,509 | $ 5,109,531 |
Derivatives not subject to master netting or similar agreements | $ — | $ 3,966,796 | $ 3,966,796 |
Total Asset Derivatives subject to master netting or similar agreements | $767,022 | $ 375,713 | $ 1,142,735 |
Not applicable | — | (2,060,441)* | (2,060,441) |
Derivatives not subject to master netting or similar agreements | $ — | $(2,060,441) | $(2,060,441) |
Total Liability Derivatives subject to master netting or similar agreements | $ — | $ — | $ — |
* | Only the current day’s variation margin on open centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open centrally cleared derivatives. |
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 |
Citibank, N.A. | $ 767,022 | $ — | $ — | $ — | $ 767,022 | $ — |
JPMorgan Chase Bank, N.A. | 375,713 | — | — | (375,713) | — | 390,000 |
$1,142,735 | $ — | $ — | $(375,713) | $767,022 | $390,000 |
(a) | In some instances, the total collateral received 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. |
Statement of Operations Caption | Equity Price | Foreign Exchange | Total |
Net realized gain (loss): | |||
Investment transactions | $ 3,159,415(1) | $ — | $ 3,159,415 |
Written options | (2,267,365) | — | (2,267,365) |
Futures contracts | (565,961) | — | (565,961) |
Swap contracts | 2,846,927 | — | 2,846,927 |
Forward foreign currency exchange contracts | — | 1,172,724 | 1,172,724 |
Total | $ 3,173,016 | $1,172,724 | $ 4,345,740 |
Change in unrealized appreciation (depreciation): | |||
Investments | $ — | $ (9,847)(1) | $ (9,847) |
Futures contracts | 729,771 | — | 729,771 |
Swap contracts | 2,994,357 | — | 2,994,357 |
Forward foreign currency exchange contracts | — | 673,366 | 673,366 |
Total | $ 3,724,128 | $ 663,519 | $ 4,387,647 |
(1) | Relates to purchased options. |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* | Swap Contracts |
$34,554,000 | $237,842,000 | $38,802,000 |
* | 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 | $28,891,215 | $359,452,993 | $(357,713,735) | $ — | $ — | $30,630,473 | $610,111 | 30,630,473 |
• | 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 | $ 1,147,243 | $ 259,347,903 | $ — | $ 260,495,146 |
Emerging Europe | 833,908 | 376,643,727 | — | 377,477,635 |
Latin America | 43,759,033 | — | — | 43,759,033 |
Middle East/Africa | — | 107,823,062 | — | 107,823,062 |
Total Common Stocks | $ 45,740,184 | $ 743,814,692* | $ — | $ 789,554,876 |
Loan Participation Notes | $ — | $ — | $ 10,782,601 | $ 10,782,601 |
Preferred Stocks | — | 5,908,776 | — | 5,908,776 |
Sovereign Government Bonds | — | 445,235 | — | 445,235 |
Short-Term Investments: | ||||
Affiliated Fund | 30,630,473 | — | — | 30,630,473 |
U.S. Treasury Obligations | — | 1,498,606 | — | 1,498,606 |
Purchased Currency Options | — | 375,713 | — | 375,713 |
Total Investments | $ 76,370,657 | $ 752,043,022 | $ 10,782,601 | $ 839,196,280 |
Forward Foreign Currency Exchange Contracts | $ — | $ 3,966,796 | $ — | $ 3,966,796 |
Swap Contracts | — | 767,022 | — | 767,022 |
Total | $ 76,370,657 | $ 756,776,840 | $ 10,782,601 | $ 843,930,098 |
Liability Description | Level 1 | Level 2 | Level 3 | Total |
Forward Foreign Currency Exchange Contracts | $ — | $ (2,060,441) | $ — | $ (2,060,441) |
Total | $ — | $ (2,060,441) | $ — | $ (2,060,441) |
* | 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, 2023 | $10,052,327 |
Realized gains (losses) | — |
Change in net unrealized appreciation (depreciation) | 637,264 |
Cost of purchases | — |
Proceeds from sales, including return of capital | — |
Accrued discount (premium) | 93,010 |
Transfers to Level 3 | — |
Transfers from Level 3 | — |
Balance as of April 30, 2024 | $10,782,601 |
Change in net unrealized appreciation (depreciation) on investments still held as of April 30, 2024 | $ 637,264 |
Type of Investment | Fair Value as of April 30, 2024 | Valuation Technique | Unobservable Input | Range of Unobservable Input | Impact to Valuation from an Increase to Input* |
Loan Participation Notes | $10,782,601 | Matrix Pricing | Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | 4.38% - 6.67%** | 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 5.81% based on relative principal amounts. |
Officers of Eaton Vance Emerging and Frontier Countries Equity Fund and Global Macro Capital Opportunities Portfolio | |
Kenneth A. Topping President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Laura T. Donovan Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Eaton Vance Emerging and Frontier Countries Equity Fund and Global Macro Capital Opportunities Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Anchal Pachnanda* |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
U.S. Customer Privacy Notice | March 2024 |
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 information 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
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 |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
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 does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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. |
One Post Office Square
Boston, MA 02109
Emerging and Frontier Countries Equity Fund
One Post Office Square
Boston, MA 02109
125 Old Broad Street
London, EC2N 1AR
United Kingdom
One Post Office Square
Boston, MA 02109
(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
Boston, MA 02109
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
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 | ||
Principal Executive Officer | ||
Date: | June 25, 2024 |
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/ Kenneth A. Topping | |
Kenneth A. Topping | ||
Principal Executive Officer | ||
Date: | June 25, 2024 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Principal Financial Officer | ||
Date: | June 25, 2024 |