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
April 30, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 90.0% |
Security | Shares | Value | |
Bulgaria — 0.3% | |||
Eurohold Bulgaria AD(1) | 998,722 | $ 747,039 | |
$ 747,039 | |||
China — 3.3% | |||
Alibaba Group Holding, Ltd.(1) | 65,100 | $ 688,343 | |
Alibaba Health Information Technology, Ltd.(1) | 38,000 | 27,391 | |
Anhui Conch Cement Co., Ltd., Class H | 9,500 | 29,996 | |
ANTA Sports Products, Ltd. | 6,400 | 79,528 | |
Baidu, Inc., Class A(1) | 10,450 | 157,292 | |
BeiGene, Ltd.(1) | 3,500 | 68,684 | |
Bilibili, Inc., Class Z(1) | 1,420 | 28,887 | |
BYD Co., Ltd., Class A | 900 | 33,350 | |
BYD Co., Ltd., Class H | 4,000 | 121,305 | |
China Conch Venture Holdings, Ltd. | 14,500 | 23,135 | |
China Gas Holdings, Ltd. | 23,000 | 29,589 | |
China International Capital Corp., Ltd., Class H(2) | 13,600 | 28,577 | |
China Life Insurance Co., Ltd., Class H | 41,000 | 78,767 | |
China Longyuan Power Group Corp., Ltd., Class H | 26,000 | 27,286 | |
China Mengniu Dairy Co., Ltd.(1) | 17,000 | 68,622 | |
China National Building Material Co., Ltd., Class H | 34,000 | 25,511 | |
China Overseas Land & Investment, Ltd. | 22,000 | 55,795 | |
China Pacific Insurance (Group) Co., Ltd., Class H | 17,200 | 51,377 | |
China Petroleum & Chemical Corp., Class H | 140,000 | 91,758 | |
China Resources Beer Holdings Co., Ltd. | 10,000 | 77,248 | |
China Resources Gas Group, Ltd. | 7,800 | 24,619 | |
China Resources Land, Ltd. | 18,000 | 83,822 | |
China Resources Mixc Lifestyle Services, Ltd.(2) | 5,800 | 30,749 | |
China Resources Power Holdings Co., Ltd. | 16,000 | 34,836 | |
China Shenhua Energy Co., Ltd., Class H | 19,500 | 64,770 | |
China Tourism Group Duty Free Corp., Ltd., Class A | 1,000 | 23,331 | |
China Tower Corp., Ltd., Class H(2) | 328,000 | 41,860 | |
China Vanke Co., Ltd., Class H | 15,200 | 23,762 | |
China Yangtze Power Co., Ltd., Class A | 11,000 | 34,777 | |
CITIC Securities Co., Ltd., Class H | 16,000 | 33,690 | |
CITIC, Ltd. | 39,000 | 48,956 | |
Contemporary Amperex Technology Co., Ltd., Class A | 1,620 | 54,209 | |
COSCO SHIPPING Holdings Co., Ltd., Class H | 29,500 | 34,265 | |
Country Garden Holdings Co., Ltd. | 96,000 | 24,730 | |
Country Garden Services Holdings Co., Ltd. | 15,000 | 23,573 | |
CSPC Pharmaceutical Group, Ltd. | 52,000 | 52,951 | |
East Buy Holding, Ltd.(1)(2) | 3,500 | 12,134 | |
ENN Energy Holdings, Ltd. | 4,400 | 60,331 | |
Foshan Haitian Flavouring & Food Co., Ltd., Class A(1) | 2,300 | 23,491 | |
Fuyao Glass Industry Group Co., Ltd., Class H(2) | 6,000 | 24,410 |
Security | Shares | Value | |
China (continued) | |||
Ganfeng Lithium Group Co., Ltd., Class H(2) | 6,000 | $ 39,587 | |
GCL Technology Holdings, Ltd.(1) | 145,000 | 36,408 | |
Geely Automobile Holdings, Ltd. | 36,000 | 44,692 | |
Genscript Biotech Corp.(1) | 10,000 | 26,434 | |
Great Wall Motor Co., Ltd., Class H | 24,000 | 29,126 | |
Guangdong Investment, Ltd. | 28,000 | 26,767 | |
H World Group, Ltd. ADR(1) | 1,200 | 56,280 | |
Haidilao International Holding, Ltd.(1)(2) | 11,000 | 26,894 | |
Haier Smart Home Co., Ltd., Class H | 14,200 | 46,286 | |
Hengan International Group Co., Ltd. | 6,000 | 26,799 | |
Hygeia Healthcare Holdings Co., Ltd.(1)(2) | 3,400 | 25,055 | |
Innovent Biologics, Inc.(1)(2) | 7,000 | 33,656 | |
iQIYI, Inc. ADR(1) | 4,200 | 25,620 | |
JD Health International, Inc.(1)(2) | 6,700 | 48,348 | |
JD.com, Inc., Class A | 9,850 | 175,801 | |
Kanzhun, Ltd. ADR(1) | 1,400 | 25,886 | |
KE Holdings, Inc. ADR(1) | 3,700 | 58,053 | |
Kingdee International Software Group Co., Ltd.(1) | 18,000 | 27,678 | |
Kingsoft Corp., Ltd. | 8,400 | 36,924 | |
Kuaishou Technology Co., Ltd.(1)(2) | 9,400 | 62,229 | |
Kunlun Energy Co., Ltd. | 36,000 | 33,372 | |
Kweichow Moutai Co., Ltd., Class A | 400 | 101,825 | |
Lenovo Group, Ltd. | 52,000 | 53,200 | |
Li Auto, Inc., Class A(1) | 6,200 | 73,432 | |
Li Ning Co., Ltd. | 12,000 | 85,819 | |
Longfor Group Holdings, Ltd.(2) | 13,000 | 35,574 | |
LONGi Green Energy Technology Co., Ltd., Class A | 4,200 | 21,216 | |
Luzhou Laojiao Co., Ltd., Class A | 800 | 26,141 | |
Meituan, Class B(1)(2) | 19,700 | 336,682 | |
NetEase, Inc. | 9,400 | 167,343 | |
New Oriental Education & Technology Group, Inc.(1) | 10,400 | 47,232 | |
NIO, Inc. ADR(1) | 7,200 | 56,664 | |
Nongfu Spring Co., Ltd., Class H(2) | 10,400 | 56,428 | |
PDD Holdings, Inc. ADR(1) | 2,300 | 156,745 | |
People's Insurance Co. Group of China, Ltd., Class H | 82,000 | 32,251 | |
PetroChina Co., Ltd., Class H | 120,000 | 83,356 | |
PICC Property & Casualty Co., Ltd., Class H | 46,000 | 55,635 | |
Ping An Insurance Group Co. of China, Ltd., Class A | 4,900 | 36,741 | |
Ping An Insurance Group Co. of China, Ltd., Class H | 29,500 | 215,218 | |
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 20,000 | 34,128 | |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 700 | 25,150 | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 600 | 27,063 | |
Shenzhou International Group Holdings, Ltd. | 4,800 | 46,105 | |
Silergy Corp. | 2,000 | 31,569 | |
Sino Biopharmaceutical, Ltd. | 71,000 | 39,412 |
Security | Shares | Value | |
China (continued) | |||
Sinopharm Group Co., Ltd., Class H | 12,000 | $ 42,507 | |
Smoore International Holdings, Ltd.(2) | 18,000 | 21,042 | |
Sunny Optical Technology Group Co., Ltd. | 4,200 | 44,383 | |
TAL Education Group ADR(1) | 4,100 | 24,026 | |
Tencent Holdings, Ltd. | 27,300 | 1,212,560 | |
Tencent Music Entertainment Group ADR(1) | 5,000 | 37,050 | |
Tingyi (Cayman Islands) Holding Corp. | 18,000 | 31,456 | |
Tongcheng Travel Holdings, Ltd.(1) | 12,000 | 25,526 | |
Trip.com Group, Ltd. ADR(1) | 2,800 | 99,428 | |
Tsingtao Brewery Co., Ltd., Class H | 4,000 | 42,822 | |
Vipshop Holdings, Ltd. ADR(1) | 2,900 | 45,530 | |
Wanhua Chemical Group Co., Ltd.(1) | 1,900 | 25,330 | |
Want Want China Holdings, Ltd. | 44,000 | 28,061 | |
Weichai Power Co., Ltd., Class H | 19,000 | 28,085 | |
Wuliangye Yibin Co., Ltd., Class A | 1,500 | 36,648 | |
WuXi AppTec Co., Ltd., Class H(2) | 2,700 | 23,746 | |
WuXi Biologics Cayman, Inc.(1)(2) | 17,500 | 104,350 | |
Xinyi Solar Holdings, Ltd. | 34,000 | 36,553 | |
Xpeng, Inc., Class A(1) | 6,800 | 32,470 | |
Yadea Group Holdings, Ltd.(2) | 12,000 | 28,056 | |
Yankuang Energy Group Co., Ltd., Class H | 12,000 | 41,167 | |
Yum China Holdings, Inc. | 2,100 | 128,478 | |
Zai Lab, Ltd. ADR(1) | 800 | 27,984 | |
Zhongsheng Group Holdings, Ltd. | 5,500 | 23,493 | |
Zhuzhou CRRC Times Electric Co., Ltd., Class H | 5,200 | 20,987 | |
Zijin Mining Group Co., Ltd., Class H | 34,000 | 57,564 | |
ZTO Express Cayman, Inc. ADR | 2,400 | 66,432 | |
$ 7,640,265 | |||
Cyprus — 4.7% | |||
Bank of Cyprus Holdings PLC(1)(3) | 45,800 | $ 124,554 | |
Bank of Cyprus Holdings PLC(1)(3) | 3,947,608 | 10,957,297 | |
$ 11,081,851 | |||
Georgia — 9.0% | |||
Bank of Georgia Group PLC | 200,390 | $ 7,454,566 | |
Georgia Capital PLC(1) | 707,280 | 7,157,535 | |
TBC Bank Group PLC | 219,522 | 6,494,016 | |
$ 21,106,117 | |||
Greece — 16.1% | |||
Alpha Services and Holdings S.A.(1) | 2,988,462 | $ 3,746,439 | |
Athens Water Supply & Sewage Co. S.A. | 51,438 | 357,506 | |
Eurobank Ergasias Services and Holdings S.A.(1) | 3,411,650 | 4,823,831 | |
GEK Terna Holding Real Estate Construction S.A.(1) | 66,445 | 908,981 | |
Hellenic Telecommunications Organization S.A. | 231,741 | 3,386,127 |
Security | Shares | Value | |
Greece (continued) | |||
Helleniq Energy Holdings S.A. | 64,933 | $ 515,587 | |
Holding Co. ADMIE IPTO S.A. | 146,320 | 284,248 | |
JUMBO S.A. | 135,139 | 3,113,533 | |
LAMDA Development S.A.(1) | 81,571 | 503,893 | |
Motor Oil (Hellas) Corinth Refineries S.A. | 71,176 | 1,696,378 | |
Mytilineos S.A. | 115,688 | 3,356,431 | |
National Bank of Greece S.A.(1) | 359,515 | 1,881,398 | |
OPAP S.A. | 226,496 | 3,862,369 | |
Piraeus Financial Holdings S.A.(1) | 1,813,970 | 4,291,189 | |
Public Power Corp. S.A.(1) | 243,955 | 2,105,231 | |
Sarantis S.A. | 45,317 | 358,412 | |
Terna Energy S.A. | 67,592 | 1,498,381 | |
Titan Cement International S.A.(1) | 53,409 | 882,153 | |
$ 37,572,087 | |||
Hong Kong — 0.0%(4) | |||
Chow Tai Fook Jewellery Group, Ltd. | 16,000 | $ 32,131 | |
$ 32,131 | |||
India — 6.2% | |||
Adani Green Energy, Ltd.(1) | 14,178 | $ 165,685 | |
Adani Transmission, Ltd.(1) | 12,259 | 154,916 | |
Apollo Hospitals Enterprise, Ltd. | 4,774 | 264,634 | |
Asian Paints, Ltd. | 1,872 | 66,430 | |
Avenue Supermarts, Ltd.(1)(2) | 7,154 | 308,304 | |
Bajaj Finance, Ltd. | 11,417 | 878,239 | |
Bajaj Finserv, Ltd. | 16,719 | 278,008 | |
Bharti Airtel, Ltd. | 95,293 | 932,389 | |
Cholamandalam Investment & Finance Co., Ltd. | 14,109 | 151,301 | |
Cipla, Ltd. | 3,388 | 37,731 | |
Divi's Laboratories, Ltd. | 6,252 | 250,232 | |
Dr. Reddy's Laboratories, Ltd. | 739 | 44,384 | |
Eicher Motors, Ltd. | 1,090 | 44,097 | |
GAIL (India), Ltd. | 88,026 | 115,651 | |
Grasim Industries, Ltd. | 11,746 | 247,226 | |
Havells India, Ltd. | 9,907 | 149,223 | |
HCL Technologies, Ltd. | 4,848 | 63,317 | |
HDFC Life Insurance Co., Ltd.(2) | 6,699 | 43,548 | |
Hindalco Industries, Ltd. | 57,847 | 309,948 | |
Hindustan Unilever, Ltd. | 3,395 | 102,218 | |
Housing Development Finance Corp., Ltd. | 6,510 | 221,360 | |
Indian Railway Catering & Tourism Corp., Ltd. | 9,683 | 73,427 | |
Info Edge India, Ltd. | 2,581 | 119,515 | |
Infosys, Ltd. | 11,970 | 184,717 | |
ITC, Ltd. | 14,140 | 73,849 | |
Jindal Steel & Power, Ltd. | 13,591 | 97,107 |
Security | Shares | Value | |
India (continued) | |||
JSW Steel, Ltd. | 31,961 | $ 284,883 | |
Jubilant FoodWorks, Ltd. | 15,996 | 87,766 | |
Larsen & Toubro, Ltd. | 28,499 | 824,719 | |
LTIMindtree, Ltd.(2) | 3,328 | 180,545 | |
Mahindra & Mahindra, Ltd. | 36,818 | 553,138 | |
Maruti Suzuki India, Ltd. | 596 | 62,892 | |
Mphasis, Ltd. | 3,178 | 71,076 | |
Nestle India, Ltd. | 193 | 51,388 | |
NTPC, Ltd. | 22,489 | 47,433 | |
Petronet LNG, Ltd. | 28,740 | 83,421 | |
PI Industries, Ltd. | 2,863 | 118,478 | |
Power Grid Corp. of India, Ltd. | 17,659 | 51,154 | |
Reliance Industries, Ltd. | 123,358 | 3,662,472 | |
SBI Cards & Payment Services, Ltd. | 9,055 | 85,559 | |
SBI Life Insurance Co., Ltd.(2) | 2,822 | 39,424 | |
SRF, Ltd. | 5,781 | 179,749 | |
Sun Pharmaceutical Industries, Ltd. | 5,217 | 63,029 | |
Tata Consultancy Services, Ltd. | 3,464 | 136,774 | |
Tata Consumer Products, Ltd. | 26,081 | 243,395 | |
Tata Elxsi, Ltd. | 1,296 | 105,522 | |
Tata Motors, Ltd.(1) | 11,778 | 70,200 | |
Tata Steel, Ltd. | 327,127 | 433,896 | |
Tech Mahindra, Ltd. | 3,441 | 43,235 | |
Titan Co., Ltd. | 15,533 | 502,334 | |
Trent, Ltd. | 6,864 | 114,829 | |
Tube Investments of India, Ltd. | 4,113 | 130,280 | |
UltraTech Cement, Ltd. | 4,517 | 417,261 | |
UPL, Ltd. | 18,027 | 163,365 | |
Varun Beverages, Ltd. | 8,510 | 150,495 | |
Wipro, Ltd. | 8,368 | 39,593 | |
$ 14,375,761 | |||
Indonesia — 6.8% | |||
Adaro Energy Indonesia Tbk PT | 2,449,800 | $ 524,414 | |
Astra International Tbk PT | 3,027,700 | 1,396,584 | |
Bank Central Asia Tbk PT | 5,995,400 | 3,710,259 | |
Bank Jago Tbk PT(1) | 626,600 | 88,916 | |
Bank Mandiri Persero Tbk PT | 4,386,800 | 1,550,733 | |
Bank Negara Indonesia Persero Tbk PT | 1,209,700 | 779,589 | |
Bank Rakyat Indonesia Persero Tbk PT | 7,475,184 | 2,604,946 | |
Barito Pacific Tbk PT | 4,808,843 | 274,224 | |
Charoen Pokphand Indonesia Tbk PT | 1,315,900 | 411,976 | |
Kalbe Farma Tbk PT | 3,818,800 | 552,900 | |
Merdeka Copper Gold Tbk PT(1) | 2,079,800 | 561,044 | |
Sumber Alfaria Trijaya Tbk PT | 2,968,200 | 586,908 | |
Telkom Indonesia Persero Tbk PT | 6,925,700 | 2,006,020 |
Security | Shares | Value | |
Indonesia (continued) | |||
Unilever Indonesia Tbk PT | 1,221,400 | $ 366,858 | |
United Tractors Tbk PT | 284,400 | 561,427 | |
$ 15,976,798 | |||
Kazakhstan — 3.4% | |||
Halyk Savings Bank of Kazakhstan JSC GDR(5) | 96,220 | $ 1,289,348 | |
Kaspi.kz JSC GDR(5) | 54,990 | 4,536,675 | |
NAC Kazatomprom JSC GDR(5) | 74,240 | 2,108,416 | |
$ 7,934,439 | |||
Malaysia — 6.8% | |||
AMMB Holdings Bhd | 364,600 | $ 295,683 | |
Axiata Group Bhd | 540,500 | 363,167 | |
CELCOMDIGI Bhd | 580,700 | 573,513 | |
CIMB Group Holdings Bhd | 1,212,600 | 1,377,661 | |
Dialog Group Bhd | 701,100 | 360,951 | |
Genting Bhd | 398,900 | 421,328 | |
Genting Malaysia Bhd | 567,100 | 345,394 | |
Hong Leong Bank Bhd | 119,800 | 541,415 | |
IHH Healthcare Bhd | 332,700 | 428,140 | |
Inari Amertron Bhd | 542,000 | 281,379 | |
IOI Corp. Bhd | 473,300 | 406,540 | |
Kuala Lumpur Kepong Bhd | 81,800 | 395,099 | |
Malayan Banking Bhd | 840,800 | 1,633,910 | |
Maxis Bhd | 449,600 | 444,144 | |
MISC Bhd | 255,700 | 419,037 | |
Nestle Malaysia Bhd | 13,700 | 416,332 | |
Petronas Chemicals Group Bhd | 424,200 | 675,050 | |
Petronas Dagangan Bhd | 59,700 | 303,373 | |
Petronas Gas Bhd | 145,700 | 552,250 | |
PPB Group Bhd | 120,300 | 438,601 | |
Press Metal Aluminium Holdings Bhd | 660,800 | 765,721 | |
Public Bank Bhd | 2,524,300 | 2,204,342 | |
QL Resources Bhd | 221,000 | 280,032 | |
RHB Bank Bhd | 286,600 | 352,537 | |
Sime Darby Bhd | 542,000 | 264,096 | |
Sime Darby Plantation Bhd | 394,600 | 379,796 | |
Tenaga Nasional Bhd | 467,600 | 933,954 | |
$ 15,853,445 | |||
Romania — 4.3% | |||
Banca Transilvania S.A. | 765,000 | $ 3,277,511 | |
BRD-Groupe Societe Generale S.A. | 333,000 | 923,755 | |
MED Life S.A.(1) | 153,000 | 632,644 | |
OMV Petrom S.A. | 13,700,000 | 1,486,947 | |
Societatea Energetica Electrica S.A. | 298,000 | 588,338 |
Security | Shares | Value | |
Romania (continued) | |||
Societatea Nationala de Gaze Naturale ROMGAZ S.A. | 182,000 | $ 1,579,900 | |
Teraplast S.A. | 3,005,000 | 387,798 | |
Transelectrica S.A.(1) | 76,000 | 421,627 | |
Transgaz S.A. Medias | 10,100 | 759,258 | |
$ 10,057,778 | |||
Saudi Arabia — 5.6% | |||
Advanced Petrochemical Co. | 48,600 | $ 620,630 | |
Al Rajhi Bank | 109,100 | 2,251,818 | |
Alinma Bank | 121,300 | 1,032,659 | |
Almarai Co. JSC | 17,800 | 280,801 | |
Banque Saudi Fransi | 29,700 | 308,172 | |
Dr Sulaiman Al Habib Medical Services Group Co. | 5,100 | 391,761 | |
Etihad Etisalat Co. | 65,000 | 801,675 | |
Riyad Bank | 63,800 | 514,573 | |
SABIC Agri-Nutrients Co. | 11,200 | 402,697 | |
Saudi Arabian Mining Co.(1) | 38,600 | 722,082 | |
Saudi Arabian Oil Co.(2) | 106,100 | 1,022,704 | |
Saudi Basic Industries Corp. | 40,600 | 1,004,552 | |
Saudi Electricity Co. | 49,600 | 321,550 | |
Saudi Industrial Investment Group | 93,300 | 636,269 | |
Saudi National Bank (The) | 90,100 | 1,182,532 | |
Saudi Telecom Co. | 68,400 | 823,260 | |
Savola Group (The) | 80,200 | 683,142 | |
$ 13,000,877 | |||
Serbia — 0.5% | |||
Metalac AD(1) | 67,357 | $ 1,079,830 | |
$ 1,079,830 | |||
Slovenia — 3.0% | |||
Nova Ljubljanska Banka dd(2) | 72,121 | $ 5,697,330 | |
Nova Ljubljanska Banka dd GDR(5) | 60,052 | 910,251 | |
Petrol | 18,600 | 482,102 | |
$ 7,089,683 | |||
South Korea — 8.9% | |||
AMOREPACIFIC Corp. | 1,140 | $ 105,475 | |
Celltrion Healthcare Co., Ltd. | 3,063 | 159,662 | |
Celltrion, Inc. | 3,011 | 362,794 | |
CJ CheilJedang Corp. | 339 | 78,502 | |
Coway Co., Ltd. | 2,186 | 80,262 | |
Doosan Enerbility Co., Ltd.(1) | 13,566 | 169,982 | |
Ecopro BM Co., Ltd. | 1,708 | 342,983 | |
Hanwha Galleria Co., Ltd.(1) | 4,611 | 5,939 | |
Hanwha Solutions Corp.(1) | 4,088 | 147,098 |
Security | Shares | Value | |
South Korea (continued) | |||
HD Korea Shipbuilding & Offshore Engineering Co., Ltd.(1) | 1,746 | $ 111,053 | |
HLB, Inc.(1) | 4,241 | 112,710 | |
HMM Co., Ltd. | 9,451 | 144,764 | |
HYBE Co., Ltd.(1) | 432 | 87,358 | |
Hyundai Engineering & Construction Co., Ltd. | 3,379 | 103,964 | |
Hyundai Glovis Co., Ltd. | 762 | 93,475 | |
Hyundai Mobis Co., Ltd. | 1,909 | 310,900 | |
Hyundai Motor Co. | 5,167 | 765,384 | |
Hyundai Steel Co. | 2,500 | 68,357 | |
Kakao Corp. | 9,381 | 410,790 | |
Kia Corp. | 7,832 | 496,026 | |
Korea Aerospace Industries, Ltd. | 2,870 | 117,888 | |
Korea Electric Power Corp.(1) | 9,138 | 127,579 | |
Korea Investment Holdings Co., Ltd. | 1,239 | 51,206 | |
Korea Zinc Co., Ltd. | 330 | 126,838 | |
Korean Air Lines Co., Ltd. | 6,673 | 114,466 | |
Krafton, Inc.(1) | 869 | 125,532 | |
KT&G Corp. | 3,555 | 227,809 | |
L&F Co., Ltd. | 839 | 167,475 | |
LG Chem, Ltd. | 1,724 | 957,653 | |
LG Corp. | 3,183 | 208,332 | |
LG Display Co., Ltd.(1) | 9,346 | 104,187 | |
LG Electronics, Inc. | 3,428 | 281,500 | |
LG Energy Solution, Ltd.(1) | 683 | 297,676 | |
LG H&H Co., Ltd. | 316 | 147,555 | |
LG Innotek Co., Ltd. | 522 | 103,894 | |
Lotte Chemical Corp. | 607 | 76,504 | |
Naver Corp. | 4,805 | 696,126 | |
NCSoft Corp. | 575 | 162,709 | |
Pearl Abyss Corp.(1) | 890 | 28,823 | |
POSCO Chemical Co., Ltd. | 1,169 | 294,258 | |
POSCO Holdings, Inc. | 2,943 | 832,883 | |
Samsung Biologics Co., Ltd.(1)(2) | 533 | 311,729 | |
Samsung C&T Corp. | 2,715 | 222,967 | |
Samsung Electro-Mechanics Co., Ltd. | 1,863 | 201,474 | |
Samsung Electronics Co., Ltd. | 143,275 | 7,049,715 | |
Samsung Engineering Co., Ltd.(1) | 6,765 | 147,660 | |
Samsung Fire & Marine Insurance Co., Ltd. | 1,075 | 180,843 | |
Samsung Heavy Industries Co., Ltd.(1) | 25,662 | 109,315 | |
Samsung Life Insurance Co., Ltd. | 3,000 | 148,728 | |
Samsung SDI Co., Ltd. | 1,843 | 956,465 | |
Samsung SDS Co., Ltd. | 1,303 | 114,571 | |
SK Bioscience Co., Ltd.(1) | 942 | 49,782 | |
SK Hynix, Inc. | 17,686 | 1,189,976 | |
SK Innovation Co., Ltd.(1) | 1,849 | 240,645 | |
SK Square Co., Ltd.(1) | 3,831 | 122,091 |
Security | Shares | Value | |
South Korea (continued) | |||
SK, Inc. | 1,234 | $ 150,486 | |
S-Oil Corp. | 1,757 | 98,406 | |
Yuhan Corp. | 2,468 | 106,419 | |
$ 20,809,643 | |||
Taiwan — 1.0% | |||
ASE Technology Holding Co., Ltd. | 12,358 | $ 40,628 | |
Asustek Computer, Inc. | 4,000 | 36,868 | |
Cathay Financial Holding Co., Ltd. | 30,234 | 41,886 | |
Chailease Holding Co., Ltd. | 5,348 | 38,950 | |
China Steel Corp. | 41,000 | 38,886 | |
Chunghwa Telecom Co., Ltd. | 17,000 | 70,343 | |
Delta Electronics, Inc. | 6,680 | 65,437 | |
Formosa Chemicals & Fibre Corp. | 14,000 | 31,419 | |
Formosa Plastics Corp. | 11,000 | 33,650 | |
Fubon Financial Holding Co., Ltd. | 33,046 | 63,643 | |
Hon Hai Precision Industry Co., Ltd. | 37,508 | 127,810 | |
Hotai Motor Co., Ltd. | 2,000 | 43,111 | |
Largan Precision Co., Ltd. | 1,000 | 65,662 | |
MediaTek, Inc. | 4,000 | 86,975 | |
Nan Ya Plastics Corp. | 17,000 | 43,207 | |
Novatek Microelectronics Corp. | 3,000 | 41,013 | |
Quanta Computer, Inc. | 12,000 | 33,601 | |
Realtek Semiconductor Corp. | 2,000 | 23,454 | |
Taiwan Cement Corp. | 26,343 | 33,232 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 70,000 | 1,146,292 | |
Uni-President Enterprises Corp. | 18,960 | 45,454 | |
United Microelectronics Corp.(1) | 38,000 | 61,117 | |
Yuanta Financial Holding Co., Ltd. | 41,694 | 30,691 | |
$ 2,243,329 | |||
United Arab Emirates — 5.7% | |||
Abu Dhabi Commercial Bank PJSC | 358,690 | $ 861,806 | |
Abu Dhabi Islamic Bank PJSC | 168,170 | 521,003 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 470,000 | 562,236 | |
Al Ansari Financial Services PJSC(1) | 1,805,311 | 585,007 | |
Al Yah Satellite Communications Co. PJSC (Yahsat) | 2,178,438 | 1,525,738 | |
Aldar Properties PJSC | 522,500 | 770,680 | |
Aramex PJSC | 442,000 | 393,571 | |
Dubai Electricity & Water Authority PJSC(1) | 410,287 | 277,307 | |
Dubai Electricity & Water Authority PJSC | 1,276,000 | 862,430 | |
Dubai Islamic Bank PJSC | 285,567 | 433,238 | |
Emaar Properties PJSC | 675,300 | 1,094,837 | |
Emirates Telecommunications Group Co. PJSC | 353,100 | 2,311,377 | |
First Abu Dhabi Bank PJSC | 448,554 | 1,734,472 | |
Multiply Group PJSC(1) | 345,100 | 316,616 |
Security | Shares | Value | |
United Arab Emirates (continued) | |||
National Central Cooling Co. PJSC | 689,840 | $ 550,836 | |
Q Holding PJSC(1) | 227,300 | 158,184 | |
Ras Al Khaimah Ceramics | 650,700 | 464,192 | |
$ 13,423,530 | |||
United Kingdom — 0.0%(4) | |||
Airtel Africa PLC(2) | 40,000 | $ 60,381 | |
$ 60,381 | |||
Vietnam — 4.4% | |||
FPT Corp. | 1,251,279 | $ 4,422,757 | |
Mobile World Investment Corp. | 1,041,098 | 1,791,713 | |
No Va Land Investment Group Corp.(1) | 7,524 | 4,598 | |
Phat Dat Real Estate Development Corp.(1) | 3,271 | 1,976 | |
Phu Nhuan Jewelry JSC | 757,866 | 2,495,716 | |
Refrigeration Electrical Engineering Corp. | 547,655 | 1,660,986 | |
$ 10,377,746 | |||
Total Common Stocks (identified cost $174,737,413) | $210,462,730 |
Preferred Stocks — 0.5% |
Security | Shares | Value | |
South Korea — 0.5% | |||
Hanwha Galleria Co., Ltd. | 45 | $ 393 | |
Hanwha Solutions Corp. | 40 | 1,086 | |
Hyundai Motor Co., Ltd. | 1,499 | 124,345 | |
Samsung Electronics Co., Ltd. | 27,339 | 1,142,903 | |
Total Preferred Stocks (identified cost $1,127,507) | $ 1,268,727 |
Short-Term Investments — 4.6% |
Affiliated Fund — 4.0% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.78%(6) | 9,272,473 | $ 9,272,473 | |
Total Affiliated Fund (identified cost $9,272,473) | $ 9,272,473 |
U.S. Treasury Obligations — 0.6% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bill, 0.00%, 5/16/23(7) | $ | 1,500 | $ 1,497,367 |
Total U.S. Treasury Obligations (identified cost $1,497,191) | $ 1,497,367 | ||
Total Short-Term Investments (identified cost $10,769,664) | $ 10,769,840 |
Total Purchased Options — 0.1% (identified cost $227,077) | $ 203,899 | ||
Total Investments — 95.2% (identified cost $186,861,661) | $222,705,196 | ||
Total Written Options — (0.0)%(4) (premiums received $81,857) | $ (54,056) | ||
Other Assets, Less Liabilities — 4.8% | $ 11,223,921 | ||
Net Assets — 100.0% | $233,875,061 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | 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, 2023, the aggregate value of these securities is $8,643,342 or 3.7% of the Portfolio's net assets. |
(3) | Securities are traded on separate exchanges for the same entity. |
(4) | Amount is less than 0.05% or (0.05)%, as applicable. |
(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, 2023, the aggregate value of these securities is $8,844,690 or 3.8% of the Portfolio's net assets. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2023. |
(7) | 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 | 39.3% | $91,940,954 |
Consumer Discretionary | 9.3 | 21,827,498 |
Information Technology | 8.0 | 18,661,530 |
Communication Services | 7.1 | 16,724,638 |
Energy | 6.5 | 15,285,350 |
Materials | 5.2 | 12,113,622 |
Industrials | 5.0 | 11,600,543 |
Utilities | 4.0 | 9,410,346 |
Consumer Staples | 3.1 | 7,180,413 |
Health Care | 1.8 | 4,274,521 |
Real Estate | 1.2 | 2,712,042 |
Short-Term Investments | 4.6 | 10,769,840 |
Total Investments | 95.1% | $222,501,297 |
Purchased Currency Options (OTC) — 0.1% | |||||||
Description | Counterparty | Notional Amount | Exercise Price | Expiration Date | Value | ||
Call USD vs. Put CNH | Barclays Bank PLC | USD | 7,800,000 | CNH | 7.00 | 1/18/24 | $ 74,318 |
Call USD vs. Put CNH | Goldman Sachs International | USD | 13,600,000 | CNH | 7.00 | 1/18/24 | 129,581 |
Total | $203,899 |
Written Currency Options (OTC) — (0.0)%(1) | |||||||
Description | Counterparty | Notional Amount | Exercise Price | Expiration Date | Value | ||
Call USD vs. Put CNH | Barclays Bank PLC | USD | 7,800,000 | CNH | 7.50 | 1/18/24 | $(19,703) |
Call USD vs. Put CNH | Goldman Sachs International | USD | 13,600,000 | CNH | 7.50 | 1/18/24 | (34,353) |
Total | $(54,056) |
(1) | Amount is less than (0.05)%. |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
EUR | 19,062,883 | USD | 20,500,052 | 6/21/23 | $ 564,108 |
EUR | 1,296,988 | USD | 1,394,769 | 6/21/23 | 38,381 |
EUR | 54,704 | USD | 58,828 | 6/21/23 | 1,619 |
EUR | 97,670 | USD | 107,163 | 6/21/23 | 760 |
KRW | 2,478,000,000 | USD | 1,922,480 | 6/21/23 | (64,980) |
KRW | 3,448,000,000 | USD | 2,654,779 | 6/21/23 | (70,171) |
KRW | 3,445,000,000 | USD | 2,654,083 | 6/21/23 | (71,724) |
KRW | 3,829,000,000 | USD | 2,963,072 | 6/21/23 | (92,868) |
USD | 1,666,856 | EUR | 1,550,000 | 6/21/23 | (45,867) |
USD | 2,273,096 | EUR | 2,113,739 | 6/21/23 | (62,550) |
USD | 2,557,628 | EUR | 2,378,324 | 6/21/23 | (70,379) |
USD | 3,848,773 | EUR | 3,578,952 | 6/21/23 | (105,908) |
USD | 4,460,810 | EUR | 4,148,082 | 6/21/23 | (122,750) |
USD | 7,357,664 | EUR | 6,841,851 | 6/21/23 | (202,464) |
$ (304,793) |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
EUR | 78,845 | USD | 86,721 | UBS AG | 5/5/23 | $ 169 | $ — |
AED | 6,100,000 | USD | 1,660,768 | Standard Chartered Bank | 5/30/23 | 93 | — |
USD | 1,657,609 | AED | 6,100,000 | Standard Chartered Bank | 5/30/23 | — | (3,252) |
CNH | 43,814,225 | USD | 6,125,311 | BNP Paribas | 6/16/23 | 220,852 | — |
CNH | 68,300,000 | USD | 9,800,517 | BNP Paribas | 6/16/23 | 92,227 | — |
CNH | 43,785,775 | USD | 6,174,130 | HSBC Bank USA, N.A. | 6/16/23 | 167,912 | — |
CNH | 87,600,000 | USD | 12,382,885 | Standard Chartered Bank | 6/16/23 | 305,319 | — |
USD | 36,233,393 | CNH | 243,500,000 | BNP Paribas | 6/16/23 | 964,240 | — |
$1,750,812 | $(3,252) |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
Hang Seng China Enterprises Index | 199 | Long | 5/30/23 | $8,563,110 | $ 157,823 |
Hang Seng Index | 77 | Long | 5/30/23 | 9,748,392 | (62,434) |
MSCI Emerging Markets Index | 190 | Long | 6/16/23 | 9,349,900 | 86,144 |
$181,533 |
Total Return Swaps (OTC) | ||||||
Counterparty | Notional Amount (000's omitted) | Portfolio Receives | Portfolio Pays | Termination Date | Value/Unrealized Appreciation (Depreciation) | |
Citibank, N.A. | KRW | 13,452 | Positive Return on KOSPI 200 Index Futures 6/2023 (pays upon termination) | Negative Return on KOSPI 200 Index Futures 6/2023 (pays upon termination) | 6/8/23 | $ 130,896 |
$130,896 |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
OTC | – Over-the-counter |
Currency Abbreviations: | |
AED | – United Arab Emirates Dirham |
CNH | – Yuan Renminbi Offshore |
EUR | – Euro |
KRW | – South Korean Won |
USD | – United States Dollar |
April 30, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $177,589,188) | $ 213,432,723 |
Affiliated investment, at value (identified cost $9,272,473) | 9,272,473 |
Cash | 92,644 |
Deposits for derivatives collateral: | |
Futures contracts | 2,276,390 |
Centrally cleared derivatives | 877,359 |
OTC derivatives | 1,704,000 |
Foreign currency, at value (identified cost $5,105,655) | 5,189,043 |
Dividends receivable | 451,092 |
Dividends receivable from affiliated investment | 51,210 |
Receivable for investments sold | 669,307 |
Receivable for variation margin on open futures contracts | 206,686 |
Receivable for variation margin on open centrally cleared derivatives | 8,918 |
Receivable for open forward foreign currency exchange contracts | 1,750,812 |
Receivable for open swap contracts | 130,896 |
Tax reclaims receivable | 13,033 |
Receivable from affiliate | 10,000 |
Other assets | 312,959 |
Total assets | $236,449,545 |
Liabilities | |
Cash collateral due to brokers | $ 1,704,000 |
Written options outstanding, at value (premiums received $81,857) | 54,056 |
Payable for investments purchased | 319,676 |
Payable for open forward foreign currency exchange contracts | 3,252 |
Payable to affiliates: | |
Investment adviser fee | 185,560 |
Trustees' fees | 1,083 |
Accrued foreign capital gains taxes | 33,664 |
Accrued expenses | 273,193 |
Total liabilities | $ 2,574,484 |
Net Assets applicable to investors' interest in Portfolio | $233,875,061 |
Six Months Ended | |
April 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $273,851) | $ 2,373,438 |
Dividend income from affiliated investment | 149,418 |
Interest income (net of foreign taxes withheld of $11) | 89,122 |
Total investment income | $ 2,611,978 |
Expenses | |
Investment adviser fee | $ 1,023,752 |
Trustees’ fees and expenses | 6,322 |
Custodian fee | 118,287 |
Legal and accounting services | 38,357 |
Miscellaneous | 11,462 |
Total expenses | $ 1,198,180 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 15,387 |
Total expense reductions | $ 15,387 |
Net expenses | $ 1,182,793 |
Net investment income | $ 1,429,185 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $346,976) | $ (6,831,414) |
Futures contracts | 435,827 |
Swap contracts | (51,917) |
Foreign currency transactions | 214,713 |
Forward foreign currency exchange contracts | 197,478 |
Net realized loss | $ (6,035,313) |
Change in unrealized appreciation (depreciation): | |
Investments (including net increase in accrued foreign capital gains taxes of $22,766) | $ 34,005,050 |
Written options | 27,801 |
Futures contracts | 182,856 |
Swap contracts | 130,896 |
Foreign currency | 123,561 |
Forward foreign currency exchange contracts | (1,133,951) |
Net change in unrealized appreciation (depreciation) | $33,336,213 |
Net realized and unrealized gain | $27,300,900 |
Net increase in net assets from operations | $28,730,085 |
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,429,185 | $ 4,053,926 |
Net realized loss | (6,035,313) | (1,544,196) |
Net change in unrealized appreciation (depreciation) | 33,336,213 | (36,582,335) |
Net increase (decrease) in net assets from operations | $ 28,730,085 | $ (34,072,605) |
Capital transactions: | ||
Contributions | $ 37,004,744 | $ 40,153,386 |
Withdrawals | (15,492,784) | (12,951,136) |
Net increase in net assets from capital transactions | $ 21,511,960 | $ 27,202,250 |
Net increase (decrease) in net assets | $ 50,242,045 | $ (6,870,355) |
Net Assets | ||
At beginning of period | $ 183,633,016 | $ 190,503,371 |
At end of period | $233,875,061 | $183,633,016 |
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Ratios/Supplemental Data | ||||||
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.15% (1)(2)(3) | 1.26% (2) | 1.24% | 1.28% | 1.29% (4) | 1.25% |
Net investment income | 1.39% (1) | 2.17% | 1.04% | 0.84% | 1.29% | 0.97% |
Portfolio Turnover | 47% (5) | 67% | 70% | 44% | 43% | 39% |
Total Return | 15.47% | (16.87)% | 35.70% | (2.84)% | 7.44% | (11.06)% |
Net assets, end of period (000’s omitted) | $233,875 | $183,633 | $190,503 | $145,694 | $179,334 | $162,169 |
(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% and less than 0.005% of average daily net assets for the six months ended April 30, 2023 and the year ended October 31, 2022, respectively). |
(3) | The investment adviser reimbursed certain operating expenses (equal to 0.02% of average daily net assets for the six months ended April 30, 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 | $192,434,477 |
Gross unrealized appreciation | $ 39,053,807 |
Gross unrealized depreciation | (7,081,948) |
Net unrealized appreciation | $ 31,971,859 |
Fair Value | |||
Statement of Assets and Liabilities Caption | Equity Price | Foreign Exchange | Total |
Unaffiliated investments, at value | $ — | $ 203,899 | $ 203,899 |
Not applicable | 243,967* | 604,868* | 848,835 |
Receivable for open forward foreign currency exchange contracts | — | 1,750,812 | 1,750,812 |
Receivable for open swap contracts | 130,896 | — | 130,896 |
Total Asset Derivatives | $374,863 | $2,559,579 | $ 2,934,442 |
Derivatives not subject to master netting or similar agreements | $243,967 | $ 604,868 | $ 848,835 |
Total Asset Derivatives subject to master netting or similar agreements | $130,896 | $1,954,711 | $ 2,085,607 |
Written options outstanding, at value | $ — | $ (54,056) | $ (54,056) |
Not applicable | (62,434)* | (909,661)* | (972,095) |
Payable for open forward foreign currency exchange contracts | — | (3,252) | (3,252) |
Total Liability Derivatives | $ (62,434) | $ (966,969) | $(1,029,403) |
Derivatives not subject to master netting or similar agreements | $ (62,434) | $ (909,661) | $ (972,095) |
Total Liability Derivatives subject to master netting or similar agreements | $ — | $ (57,308) | $ (57,308) |
* | 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 |
Barclays Bank PLC | $ 74,318 | $ (19,703) | $ — | $ — | $ 54,615 | $ — |
BNP Paribas | 1,277,319 | — | — | (1,277,319) | — | 1,294,000 |
Citibank, N.A. | 130,896 | — | — | — | 130,896 | — |
Goldman Sachs International | 129,581 | (34,353) | — | — | 95,228 | — |
HSBC Bank USA, N.A. | 167,912 | — | (159,587) | — | 8,325 | — |
Standard Chartered Bank | 305,412 | (3,252) | — | (302,160) | — | 410,000 |
UBS AG | 169 | — | — | — | 169 | — |
$2,085,607 | $(57,308) | $(159,587) | $(1,579,479) | $289,233 | $1,704,000 |
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 |
Barclays Bank PLC | $ (19,703) | $ 19,703 | $ — | $ — | $ — | $ — |
Goldman Sachs International | (34,353) | 34,353 | — | — | — | — |
Standard Chartered Bank | (3,252) | 3,252 | — | — | — | — |
$(57,308) | $57,308 | $ — | $ — | $ — | $ — |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
Statement of Operations Caption | Equity Price | Foreign Exchange | Total |
Net realized gain (loss): | |||
Futures contracts | $435,827 | $ — | $ 435,827 |
Swap contracts | (51,917) | — | (51,917) |
Forward foreign currency exchange contracts | — | 197,478 | 197,478 |
Total | $383,910 | $ 197,478 | $ 581,388 |
Change in unrealized appreciation (depreciation): | |||
Investments | $ — | $ (23,178)(1) | $ (23,178) |
Written options | — | 27,801 | 27,801 |
Futures contracts | 182,856 | — | 182,856 |
Swap contracts | 130,896 | — | 130,896 |
Forward foreign currency exchange contracts | — | (1,133,951) | (1,133,951) |
Total | $313,752 | $(1,129,328) | $ (815,576) |
(1) | Relates to purchased options. |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* | Swap Contracts |
$20,655,000 | $143,415,000 | $8,803,000 |
* | 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 | $74,095,764 | $(67,063,692) | $ — | $ — | $9,272,473 | $149,418 | 9,272,473 |
• | 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 | $ 8,748,554 | $ 86,495,003 | $ — | $ 95,243,557 |
Developed Europe | — | 60,381 | — | 60,381 |
Emerging Europe | — | 88,734,385 | — | 88,734,385 |
Middle East/Africa | 585,007 | 25,839,400 | — | 26,424,407 |
Total Common Stocks | $ 9,333,561 | $ 201,129,169* | $ — | $ 210,462,730 |
Preferred Stocks | $ 393 | $ 1,268,334 | $ — | $ 1,268,727 |
Short-Term Investments: | ||||
Affiliated Fund | 9,272,473 | — | — | 9,272,473 |
U.S. Treasury Obligations | — | 1,497,367 | — | 1,497,367 |
Purchased Currency Options | — | 203,899 | — | 203,899 |
Total Investments | $ 18,606,427 | $ 204,098,769 | $ — | $ 222,705,196 |
Forward Foreign Currency Exchange Contracts | $ — | $ 2,355,680 | $ — | $ 2,355,680 |
Futures Contracts | 86,144 | 157,823 | — | 243,967 |
Swap Contracts | — | 130,896 | — | 130,896 |
Total | $ 18,692,571 | $ 206,743,168 | $ — | $ 225,435,739 |
Liability Description | ||||
Written Currency Options | $ — | $ (54,056) | $ — | $ (54,056) |
Liability Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Forward Foreign Currency Exchange Contracts | $ — | $ (912,913) | $ — | $ (912,913) |
Futures Contracts | — | (62,434) | — | (62,434) |
Total | $ — | $ (1,029,403) | $ — | $ (1,029,403) |
* | 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. |
Officers of Eaton Vance Emerging and Frontier Countries Equity Fund and Global Macro Capital Opportunities Portfolio | |
Eric A. Stein President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio 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 | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Anchal Pachnanda*(1) | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Emerging and Frontier Countries Equity Fund
Two International Place
Boston, MA 02110
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
Boston, MA 02110
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/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | June 23, 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/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | June 23, 2023 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | June 23, 2023 |