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: 811-08340
Greater India 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
(Registrants Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2022
Date of Reporting Period
Item 1. | Reports to Stockholders |
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 June 30, 2022, the aggregate value of these securities is $15,053,241 or 7.7% of the Portfolio's net assets. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2022. |
Futures Contracts | |||||
Description | Number
of Contracts |
Position | Expiration
Date |
Notional
Amount |
Value/Unrealized
Appreciation (Depreciation) |
Equity Futures | |||||
SGX CNX Nifty Index | 82 | Long | 7/28/22 | $2,588,347 | $ (4,832) |
$(4,832) |
June 30, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $157,786,087) | $ 200,113,876 |
Affiliated investment, at value (identified cost $1,634,332) | 1,634,332 |
Deposits for derivatives collateral — futures contracts | 144,320 |
Foreign currency, at value (identified cost $785,388) | 785,383 |
Dividends receivable | 41,799 |
Dividends receivable from affiliated investment | 4,274 |
Receivable for investments sold | 641,193 |
Receivable for variation margin on open futures contracts | 2,722 |
Receivable for foreign taxes | 43,182 |
Receivable from affiliate | 140,537 |
Total assets | $203,551,618 |
Liabilities | |
Payable for investments purchased | $ 375,562 |
Payable to affiliates: | |
Investment adviser fee | 141,169 |
Trustees' fees | 3,860 |
Accrued foreign capital gains taxes | 6,370,355 |
Accrued expenses | 160,260 |
Total liabilities | $ 7,051,206 |
Net Assets applicable to investors' interest in Portfolio | $196,500,412 |
Six Months Ended | |
June 30, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $187,529) | $ 696,788 |
Dividend income from affiliated investment | 5,005 |
Total investment income | $ 701,793 |
Expenses | |
Investment adviser fee | $ 1,025,104 |
Trustees’ fees and expenses | 8,124 |
Custodian fee | 70,725 |
Legal and accounting services | 26,703 |
Miscellaneous | 8,134 |
Total expenses | $ 1,138,790 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 722 |
Total expense reductions | $ 722 |
Net expenses | $ 1,138,068 |
Net investment loss | $ (436,275) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $1,554,847) | $ 10,641,124 |
Futures contracts | (739,036) |
Foreign currency transactions | 3,268 |
Net realized gain | $ 9,905,356 |
Change in unrealized appreciation (depreciation): | |
Investments (including net decrease in accrued foreign capital gains taxes of $8,174,808) | $ (65,171,537) |
Futures contracts | (18,472) |
Foreign currency | 2,883 |
Net change in unrealized appreciation (depreciation) | $(65,187,126) |
Net realized and unrealized loss | $(55,281,770) |
Net decrease in net assets from operations | $(55,718,045) |
Six
Months Ended June 30, 2022 (Unaudited) |
Year
Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment loss | $ (436,275) | $ (1,063,318) |
Net realized gain | 9,905,356 | 40,770,718 |
Net change in unrealized appreciation (depreciation) | (65,187,126) | 20,399,100 |
Net increase (decrease) in net assets from operations | $ (55,718,045) | $ 60,106,500 |
Capital transactions: | ||
Contributions | $ 15,590,038 | $ 31,649,737 |
Withdrawals | (47,524,670) | (36,627,830) |
Net decrease in net assets from capital transactions | $ (31,934,632) | $ (4,978,093) |
Net increase (decrease) in net assets | $ (87,652,677) | $ 55,128,407 |
Net Assets | ||
At beginning of period | $ 284,153,089 | $ 229,024,682 |
At end of period | $196,500,412 | $284,153,089 |
Six
Months Ended June 30, 2022 (Unaudited) |
Year Ended December 31, | |||||
Ratios/Supplemental Data | 2021 | 2020
(as restated) |
2019 | 2018 | 2017 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.95% (1)(2) | 0.95% | 0.93% | 0.98% | 0.98% | 0.98% |
Net investment income (loss) | (0.36)% (1) | (0.39)% | (0.12)% | 0.07% | 0.19% | 0.76% |
Portfolio Turnover | 6% (3) | 33% | 26% | 21% | 29% | 25% |
Total Return | (20.74)% (3) | 24.76% | 14.14% | 11.17% | (11.57)% | 45.78% |
Net assets, end of period (000’s omitted) | $196,500 | $284,153 | $229,025 | $216,812 | $213,186 | $273,437 |
(1) | Annualized. |
(2) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022). |
(3) | Not annualized. |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.850% |
$500 million but less than $1 billion | 0.800% |
$1 billion but less than $2.5 billion | 0.775% |
$2.5 billion but less than $5 billion | 0.750% |
$5 billion and over | 0.730% |
Aggregate cost | $ 161,074,854 |
Gross unrealized appreciation | $ 52,825,971 |
Gross unrealized depreciation | (12,157,449) |
Net unrealized appreciation | $ 40,668,522 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Futures contracts | $ — | $(4,832) |
(1) | Only the current day's variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Derivative | Realized
Gain (Loss) on Derivatives Recognized in Income(1) |
Change
in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Futures contracts | $(739,036) | $(18,472) |
(1) | Statement of Operations location: Net realized gain (loss): Futures contracts. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
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 | $ — | $15,770,786 | $(14,136,454) | $ — | $ — | $1,634,332 | $5,005 | 1,634,332 |
• | 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: | ||||
Communication Services | $ — | $ 3,152,836 | $ — | $ 3,152,836 |
Consumer Discretionary | — | 25,991,827 | — | 25,991,827 |
Consumer Staples | — | 18,100,505 | — | 18,100,505 |
Energy | — | 16,333,172 | — | 16,333,172 |
Financials | — | 62,697,114 | — | 62,697,114 |
Health Care | — | 12,821,652 | — | 12,821,652 |
Industrials | 526,917 | 4,961,463 | — | 5,488,380 |
Information Technology | — | 38,114,414 | — | 38,114,414 |
Materials | — | 10,027,887 | — | 10,027,887 |
Real Estate | — | 3,754,054 | — | 3,754,054 |
Utilities | — | 3,632,035 | — | 3,632,035 |
Total Common Stocks | $ 526,917 | $ 199,586,959* | $ — | $ 200,113,876 |
Short-Term Investments | $ 1,634,332 | $ — | $ — | $ 1,634,332 |
Total Investments | $2,161,249 | $ 199,586,959 | $ — | $ 201,748,208 |
Liability Description | ||||
Futures Contracts | $ — | $ (4,832) | $ — | $ (4,832) |
Total | $ — | $ (4,832) | $ — | $ (4,832) |
* | 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. |
Financial Highlights | As
Previously Reported |
As Restated |
Total Return | 18.38% | 14.14% |
Net assets, end of year (000's omitted) | $237,417 | $229,025 |
Officers of Eaton Vance Greater India Fund | |
Eric
A. Stein President |
Jill R.
Damon Secretary |
Deidre
E. Walsh Vice President and Chief Legal Officer |
Richard F.
Froio Chief Compliance Officer |
James
F. Kirchner Treasurer |
|
Officers of Greater India Portfolio | |
Edward
J. Perkin President |
Jill R.
Damon Secretary |
Deidre
E. Walsh Vice President and Chief Legal Officer |
Richard F.
Froio Chief Compliance Officer |
James
F. Kirchner Treasurer |
Trustees of Eaton Vance Greater India Fund and Greater India Portfolio |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
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. |
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 registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants 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) | Registrants Code of Ethics Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurers Section 302 certification. | |
(a)(2)(ii) | Presidents Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Greater India Portfolio
By: |
/s/ Edward J. Perkin | |
Edward J. Perkin | ||
President |
Date: August 22, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: August 22, 2022
By: |
/s/ Edward J. Perkin | |
Edward J. Perkin | ||
President |
Date: August 22, 2022
Greater India Portfolio
FORM N-CSR
Exhibit 13(a)(2)(i)
CERTIFICATION
I, James F. Kirchner, certify that:
1. I have reviewed this report on Form N-CSR of Greater India Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: August 22, 2022 | /s/ James F. Kirchner | |||||
James F. Kirchner | ||||||
Treasurer |
Greater India Portfolio
FORM N-CSR
Exhibit 13(a)(2)(ii)
CERTIFICATION
I, Edward J. Perkin, certify that:
1. I have reviewed this report on Form N-CSR of Greater India Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: August 22, 2022 | /s/ Edward J. Perkin | |||||
Edward J. Perkin | ||||||
President |
Form N-CSR Item 13(b) Exhibit
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Greater India Portfolio (the Portfolio), that:
(a) | The Semiannual Report of the Portfolio on Form N-CSR for the period ended June 30, 2022 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(b) | The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Portfolio for such period. |
A signed original of this written statement required by section 906 has been provided to the Portfolio and will be retained by the Portfolio and furnished to the Securities and Exchange Commission or its staff upon request.
Greater India Portfolio
Date: August 22, 2022
/s/ James F. Kirchner |
James F. Kirchner |
Treasurer |
Date: August 22, 2022
/s/ Edward J. Perkin |
Edward J. Perkin |
President |