Global Opportunities Portfolio N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-22350

Global Opportunities Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments

Collateralized Mortgage Obligations — 26.2%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
Series 2182, Class ZC, 7.50%, 9/15/29	$	125,370	$	143,366
Series 4273, Class SP, 6.583%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43(1)		516,145		764,718
Series 4407, Class LN, 4.587%, (9.32% - 1 mo. USD LIBOR x 2.33), 12/15/43(1)		160,780		165,227
Series 4637, Class CU, 3.00%, 8/15/44		11,794,860		12,135,676
Series 4677, Class SB, 7.874%, (16.00% - 1 mo. USD LIBOR x 4.00), 4/15/47(1)		2,485,427		2,760,477
Series 4774, Class QD, 4.50%, 1/15/43		14,211,093		14,860,805
Series 4914, Class DZ, 4.00%, 9/25/49		7,890,632		7,904,610
Interest Only:(2)
Series 267, Class S5, 4.079%, (6.00% - 1 mo. USD LIBOR), 8/15/42(1)		11,839,219		1,921,641
Series 2631, Class DS, 5.179%, (7.10% - 1 mo. USD LIBOR), 6/15/33(1)		2,155,238		329,442
Series 2953, Class LS, 4.779%, (6.70% - 1 mo. USD LIBOR), 12/15/34(1)		1,425,647		96,117
Series 2956, Class SL, 5.079%, (7.00% - 1 mo. USD LIBOR), 6/15/32(1)		1,119,393		224,383
Series 3114, Class TS, 4.729%, (6.65% - 1 mo. USD LIBOR), 9/15/30(1)		3,679,121		504,530
Series 3153, Class JI, 4.593%, (6.62% - 1 mo. USD LIBOR), 5/15/36(1)		2,655,588		527,674
Series 3745, Class SA, 4.829%, (6.75% - 1 mo. USD LIBOR), 3/15/25(1)		667,302		18,283
Series 3969, Class SB, 4.729%, (6.65% - 1 mo. USD LIBOR), 2/15/30(1)		383,990		5,179
Series 3973, Class SG, 4.729%, (6.65% - 1 mo. USD LIBOR), 4/15/30(1)		1,404,323		62,306
Series 4007, Class JI, 4.00%, 2/15/42		2,462,482		382,788
Series 4050, Class IB, 3.50%, 5/15/41		11,419,691		1,007,889
Series 4067, Class JI, 3.50%, 6/15/27		7,897,038		692,635
Series 4070, Class S, 4.179%, (6.10% - 1 mo. USD LIBOR), 6/15/32(1)		14,771,423		2,468,252
Series 4095, Class HS, 4.179%, (6.10% - 1 mo. USD LIBOR), 7/15/32(1)		4,195,550		555,199
Series 4109, Class ES, 4.229%, (6.15% - 1 mo. USD LIBOR), 12/15/41(1)		89,369		19,332
Series 4109, Class KS, 4.179%, (6.10% - 1 mo. USD LIBOR), 5/15/32(1)		417,116		4,989
Series 4109, Class SA, 4.279%, (6.20% - 1 mo. USD LIBOR), 9/15/32(1)		5,733,686		1,012,871
Series 4149, Class S, 4.329%, (6.25% - 1 mo. USD LIBOR), 1/15/33(1)		4,197,012		703,776
Series 4163, Class GS, 4.279%, (6.20% - 1 mo. USD LIBOR), 11/15/32(1)		3,285,376		635,086
Series 4169, Class AS, 4.329%, (6.25% - 1 mo. USD LIBOR), 2/15/33(1)		4,927,026		846,965

Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.: (continued)
Interest Only:(2) (continued)
Series 4180, Class GI, 3.50%, 8/15/26	$	3,208,559	$	185,764
Series 4188, Class AI, 3.50%, 4/15/28		6,323,135		483,629
Series 4189, Class SQ, 4.229%, (6.15% - 1 mo. USD LIBOR), 12/15/42(1)		5,837,867		670,755
Series 4203, Class QS, 4.329%, (6.25% - 1 mo. USD LIBOR), 5/15/43(1)		3,878,103		554,854
Series 4212, Class SA, 4.279%, (6.20% - 1 mo. USD LIBOR), 7/15/38(1)		6,277,468		192,293
Series 4323, Class CI, 4.00%, 3/15/40		5,731,066		255,325
Series 4332, Class IK, 4.00%, 4/15/44		2,589,254		427,464
Series 4332, Class KI, 4.00%, 9/15/43		2,340,298		235,575
Series 4343, Class PI, 4.00%, 5/15/44		5,296,383		862,872
Series 4370, Class IO, 3.50%, 9/15/41		3,511,812		331,575
Series 4381, Class SK, 4.229%, (6.15% - 1 mo. USD LIBOR), 6/15/44(1)		5,790,822		1,029,426
Series 4388, Class MS, 4.179%, (6.10% - 1 mo. USD LIBOR), 9/15/44(1)		6,651,693		1,342,161
Series 4408, Class IP, 3.50%, 4/15/44		8,231,050		1,028,084
Series 4452, Class SP, 4.279%, (6.20% - 1 mo. USD LIBOR), 10/15/43(1)		11,087,480		1,187,696
Series 4497, Class CS, 4.279%, (6.20% - 1 mo. USD LIBOR), 9/15/44(1)		18,053,488		3,246,775
Series 4507, Class MI, 3.50%, 8/15/44		9,666,275		966,618
Series 4507, Class SJ, 4.259%, (6.18% - 1 mo. USD LIBOR), 9/15/45(1)		10,198,320		2,010,331
Series 4520, Class PI, 4.00%, 8/15/45		33,185,340		3,225,094
Series 4526, Class PI, 3.50%, 1/15/42		6,264,441		486,940
Series 4528, Class BS, 4.229%, (6.15% - 1 mo. USD LIBOR), 7/15/45(1)		9,935,179		1,980,929
Series 4629, Class QI, 3.50%, 11/15/46		10,575,662		1,499,339
Series 4637, Class IP, 3.50%, 4/15/44		4,814,437		459,304
Series 4644, Class TI, 3.50%, 1/15/45		9,493,628		1,036,812
Series 4653, Class PI, 3.50%, 7/15/44		4,847,357		311,370
Series 4667, Class PI, 3.50%, 5/15/42		20,689,615		1,581,738
Series 4672, Class LI, 3.50%, 1/15/43		10,025,270		735,172
Series 4744, Class IO, 4.00%, 11/15/47		8,330,859		1,252,934
Series 4749, Class IL, 4.00%, 12/15/47		6,665,099		1,000,928
Series 4767, Class IM, 4.00%, 5/15/45		12,578,534		967,537
Series 4768, Class IO, 4.00%, 3/15/48		8,407,036		1,282,711
Principal Only:(3)
Series 4417, Class KO, 0.00%, 12/15/43		1,576,273		1,235,650
Series 4478, Class PO, 0.00%, 5/15/45		3,025,063		2,699,369
			$	85,521,240
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:					��
Series 2017-DNA3, Class M3, 4.323%, (1 mo. USD LIBOR + 2.50%), 3/25/30(4)	$	15,000,000	$	15,313,002

1 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes: (continued)
Series 2018-DNA1, Class M2, 3.623%, (1 mo. USD LIBOR + 1.80%), 7/25/30(4)	$	7,694,168	$	7,703,769
Series 2018-DNA2, Class M2, 3.973%, (1 mo. USD LIBOR + 2.15%), 12/25/30(4)(5)		12,000,000		12,096,340
Series 2018-DNA3, Class M2, 3.923%, (1 mo. USD LIBOR + 2.10%), 9/25/48(4)(5)		5,000,000		5,028,773
			$	40,141,884
Federal National Mortgage Association:
SeriesG94-7, Class PJ, 7.50%, 5/17/24	$	206,944	$	223,899
Series1994-42, Class K, 6.50%, 4/25/24		130,940		140,175
Series2009-62, Class WA, 5.571%, 8/25/39(6)		1,675,231		1,806,792
Series2013-6, Class TA, 1.50%, 1/25/43		2,083,147		2,029,615
Series2017-66, Class ZJ, 3.00%, 9/25/57		4,050,453		4,016,570
Series2017-76, Class Z, 3.00%, 10/25/57		4,911,835		4,859,401
Series2019-50, Class NZ, 3.50%, 9/25/49		4,460,868		4,479,234
Series2019-52, Class KZ, 3.50%, 9/25/49		7,065,693		7,068,575
Series2019-54, Class Z, 3.50%, 9/25/49		7,369,778		7,369,797
Series2019-64, Class ZN, 3.50%, 11/25/49		7,691,567		7,716,695
Series2019-72, Class AZ, 3.50%, 10/1/49		2,795,000		2,794,419
Interest Only:(2)
Series2004-46, Class SI, 4.177%, (6.00% - 1 mo. USD LIBOR), 5/25/34(1)		3,230,402		475,632
Series2005-17, Class SA, 4.877%, (6.70% - 1 mo. USD LIBOR), 3/25/35(1)		2,119,783		470,681
Series2005-71, Class SA, 4.927%, (6.75% - 1 mo. USD LIBOR), 8/25/25(1)		1,390,485		108,316
Series2005-105, Class S, 4.877%, (6.70% - 1 mo. USD LIBOR), 12/25/35(1)		1,820,660		379,028
Series2006-44, Class IS, 4.777%, (6.60% - 1 mo. USD LIBOR), 6/25/36(1)		1,558,915		322,521
Series2006-65, Class PS, 5.397%, (7.22% - 1 mo. USD LIBOR), 7/25/36(1)		1,566,654		358,037
Series2006-96, Class SN, 5.377%, (7.20% - 1 mo. USD LIBOR), 10/25/36(1)		1,997,451		374,797
Series2006-104, Class SD, 4.817%, (6.64% - 1 mo. USD LIBOR), 11/25/36(1)		1,546,216		299,664
Series2006-104, Class SE, 4.807%, (6.63% - 1 mo. USD LIBOR), 11/25/36(1)		1,030,810		207,235
Series2007-50, Class LS, 4.627%, (6.45% - 1 mo. USD LIBOR), 6/25/37(1)		2,332,334		439,593
Series2008-26, Class SA, 4.377%, (6.20% - 1 mo. USD LIBOR), 4/25/38(1)		2,915,848		562,038
Series2008-61, Class S, 4.277%, (6.10% - 1 mo. USD LIBOR), 7/25/38(1)		4,983,564		916,905
Series2010-99, Class NS, 4.777%, (6.60% - 1 mo. USD LIBOR), 3/25/39(1)		570,314		6,555
Series2010-124, Class SJ, 4.227%, (6.05% - 1 mo. USD LIBOR), 11/25/38(1)		1,545,348		67,796

Security	Principal Amount		Value
Federal National Mortgage Association: (continued)
Interest Only:(2) (continued)
Series2010-135, Class SD, 4.177%, (6.00% - 1 mo. USD LIBOR), 6/25/39(1)	$	3,763,366	$	180,488
Series2011-101, Class IC, 3.50%, 10/25/26		3,771,293		277,049
Series2011-101, Class IE, 3.50%, 10/25/26		2,818,651		208,199
Series2011-104, Class IM, 3.50%, 10/25/26		4,821,724		360,628
Series2012-24, Class S, 3.677%, (5.50% - 1 mo. USD LIBOR), 5/25/30(1)		1,834,917		83,524
Series2012-30, Class SK, 4.727%, (6.55% - 1 mo. USD LIBOR), 12/25/40(1)		6,147,345		604,675
Series2012-52, Class DI, 3.50%, 5/25/27		7,524,315		655,305
Series2012-56, Class SU, 4.927%, (6.75% - 1 mo. USD LIBOR), 8/25/26(1)		561,798		16,574
Series2012-63, Class EI, 3.50%, 8/25/40		8,785,450		457,255
Series2012-73, Class MS, 4.227%, (6.05% - 1 mo. USD LIBOR), 5/25/39(1)		5,559,417		222,093
Series2012-76, Class GS, 4.227%, (6.05% - 1 mo. USD LIBOR), 9/25/39(1)		3,969,482		200,129
Series2012-86, Class CS, 4.277%, (6.10% - 1 mo. USD LIBOR), 4/25/39(1)		2,457,366		106,540
Series2012-94, Class KS, 4.827%, (6.65% - 1 mo. USD LIBOR), 5/25/38(1)		11,624,103		1,122,500
Series2012-94, Class SL, 4.877%, (6.70% - 1 mo. USD LIBOR), 5/25/38(1)		8,718,077		850,157
Series2012-97, Class PS, 4.327%, (6.15% - 1 mo. USD LIBOR), 3/25/41(1)		10,075,834		1,266,394
Series2012-103, Class GS, 4.277%, (6.10% - 1 mo. USD LIBOR), 2/25/40(1)		6,250,640		280,017
Series2012-112, Class SB, 4.327%, (6.15% - 1 mo. USD LIBOR), 9/25/40(1)		7,864,599		891,509
Series2012-124, Class IO, 1.663%, 11/25/42(6)		7,849,243		389,016
Series2012-139, Class LS, 4.327%, (6.15% - 1 mo. USD LIBOR), 12/25/42(1)		6,940,071		1,439,297
Series2012-147, Class SA, 4.277%, (6.10% - 1 mo. USD LIBOR), 1/25/43(1)		9,289,959		1,829,596
Series2012-150, Class PS, 4.327%, (6.15% - 1 mo. USD LIBOR), 1/25/43(1)		7,757,802		1,210,224
Series2012-150, Class SK, 4.327%, (6.15% - 1 mo. USD LIBOR), 1/25/43(1)		11,948,179		1,817,570
Series2013-11, Class IO, 4.00%, 1/25/43		20,487,214		3,236,738
Series2013-12, Class SP, 3.827%, (5.65% - 1 mo. USD LIBOR), 11/25/41(1)		3,658,771		333,389
Series2013-15, Class DS, 4.377%, (6.20% - 1 mo. USD LIBOR), 3/25/33(1)		8,587,383		1,474,953
Series2013-23, Class CS, 4.427%, (6.25% - 1 mo. USD LIBOR), 3/25/33(1)		4,656,453		804,912
Series2013-54, Class HS, 4.477%, (6.30% - 1 mo. USD LIBOR), 10/25/41(1)		5,988,133		414,651
Series2013-64, Class PS, 4.427%, (6.25% - 1 mo. USD LIBOR), 4/25/43(1)		5,375,491		712,189

2 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
Federal National Mortgage Association: (continued)
Interest Only:(2) (continued)
Series2013-66, Class JI, 3.00%, 7/25/43	$	9,295,122	$	1,331,260
Series2013-75, Class SC, 4.427%, (6.25% - 1 mo. USD LIBOR), 7/25/42(1)		12,388,247		1,100,806
Series2014-29, Class IG, 3.50%, 6/25/43		3,146,834		251,584
Series2014-32, Class EI, 4.00%, 6/25/44		3,008,834		495,114
Series2014-41, Class SA, 4.227%, (6.05% - 1 mo. USD LIBOR), 7/25/44(1)		6,440,453		1,668,709
Series2014-43, Class PS, 4.277%, (6.10% - 1 mo. USD LIBOR), 3/25/42(1)		6,426,812		1,174,826
Series2014-55, Class IN, 3.50%, 7/25/44		8,490,698		1,118,741
Series2014-64, Class BI, 3.50%, 3/25/44		3,302,949		314,640
Series2014-67, Class IH, 4.00%, 10/25/44		6,026,778		909,762
Series2014-80, Class CI, 3.50%, 12/25/44		5,088,253		671,794
Series2014-89, Class IO, 3.50%, 1/25/45		8,496,995		1,148,517
Series2015-6, Class IM, 1.00%, (5.33% - 1 mo. USD LIBOR x 1.33, Cap 1.00%), 6/25/43(1)		23,129,905		1,398,145
Series2015-14, Class KI, 3.00%, 3/25/45		10,845,473		1,341,872
Series2015-17, Class SA, 4.377%, (6.20% - 1 mo. USD LIBOR), 11/25/43(1)		9,498,048		1,165,978
Series2015-22, Class GI, 3.50%, 4/25/45		5,201,483		686,554
Series2015-31, Class SG, 4.277%, (6.10% - 1 mo. USD LIBOR), 5/25/45(1)		13,095,692		2,689,162
Series2015-36, Class IL, 3.00%, 6/25/45		6,271,932		818,041
Series2015-47, Class SG, 4.327%, (6.15% - 1 mo. USD LIBOR), 7/25/45(1)		6,496,548		1,103,955
Series2015-52, Class MI, 3.50%, 7/25/45		13,790,251		1,896,263
Series2015-93, Class BS, 4.327%, (6.15% - 1 mo. USD LIBOR), 8/25/45(1)		9,788,075		1,785,415
Series2015-95, Class SB, 4.177%, (6.00% - 1 mo. USD LIBOR), 1/25/46(1)		13,412,481		2,354,171
Series2016-1, Class SJ, 4.327%, (6.15% - 1 mo. USD LIBOR), 2/25/46(1)		18,647,018		3,381,344
Series2017-46, Class NI, 3.00%, 8/25/42		11,747,407		1,085,375
Series2018-21, Class IO, 3.00%, 4/25/48		22,079,825		2,907,081
			$	101,738,650
Federal National Mortgage Association Connecticut Avenue Securities:
Series2017-C06, Class 1M2, 4.473%, (1 mo. USD LIBOR + 2.65%), 2/25/30(4)	$	212,953	$	217,700
Series2017-C07, Class 1M2, 4.223%, (1 mo. USD LIBOR + 2.40%), 5/28/30(4)		4,178,340		4,236,141
Series2017-C07, Class 1M2C, 4.223%, (1 mo. USD LIBOR + 2.40%), 5/28/30(4)		6,355,664		6,383,945
Series2018-C01, Class 1M2, 4.073%, (1 mo. USD LIBOR + 2.25%), 7/25/30(4)		13,000,000		13,129,011
Series2018-C03, Class 1M2, 3.973%, (1 mo. USD LIBOR + 2.15%), 10/25/30(4)		5,500,000		5,529,873
			$	29,496,670

Security	Principal Amount		Value
Government National Mortgage Association:
Series2017-101, Class NS, 5.00%, (20.00% - 1 mo. USD LIBOR x 5.00, Cap 5.00%), 7/20/47(1)	$	1,267,669	$	1,277,817
Series2017-115, Class ZA, 3.00%, 7/20/47		1,959,712		1,944,773
Series2019-110, Class ZD, 3.50%, 9/20/49		44,958,239		45,061,902
Series2019-117, Class Z, 3.50%, 9/20/49		6,412,385		6,437,329
Series2019-123, Class Z, 5.00%, 10/20/49		40,000,000		40,225,000
Interest Only:(2)
Series2011-48, Class SD, 4.824%, (6.67% - 1 mo. USD LIBOR), 10/20/36(1)		1,146,708		16,006
Series2014-68, Class KI, 1.364%, 10/20/42(6)		8,863,042		345,523
Series2015-116, Class AS, 3.854%, (5.70% - 1 mo. USD LIBOR), 8/20/45(1)		7,094,041		1,042,225
Series2017-104, Class SD, 4.354%, (6.20% - 1 mo. USD LIBOR), 7/20/47(1)		14,140,761		2,622,869
Series2017-121, Class DS, 2.654%, (4.50% - 1 mo. USD LIBOR), 8/20/47(1)		11,799,370		1,090,887
Series2017-137, Class AS, 2.654%, (4.50% - 1 mo. USD LIBOR), 9/20/47(1)		17,542,404		1,679,568
			$	101,743,899
Total Collateralized Mortgage Obligations (identified cost $415,502,255)			$	358,642,343
Mortgage Pass-Throughs — 0.4%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
2.875%, (COF + 1.25%), with maturity at 2035(7)	$	419,792	$	424,228
4.446%, (COF + 1.25%), with maturity at 2030(7)		139,447		145,534
7.00%, with various maturities to 2036		1,479,469		1,664,515
8.00%, with maturity at 2026		105,671		112,378
			$	2,346,655
Federal National Mortgage Association:
3.518%, (COF + 1.25%), with maturity at 2035(7)	$	276,865	$	281,760
4.089%, (COF + 1.78%), with maturity at 2035(7)		943,213		972,717
6.00%, with maturity at 2032		342,408		386,651
6.50%, with maturity at 2036		771,324		866,269
7.00%, with various maturities to 2037		657,408		738,220
8.50%, with maturity at 2032		197,962		230,518
9.50%, with maturity at 2028		136,051		149,848
			$	3,625,983
Total Mortgage Pass-Throughs (identified cost $5,773,939)			$	5,972,638

3 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Commercial Mortgage-Backed Securities — 1.6%
Security	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust
Series2014-C22, Class D, 4.557%, 9/15/47(5)(6)	$	3,430,000	$	3,187,018
Series2014-C25, Class D, 3.955%, 11/15/47(5)(6)		8,045,000		7,243,360
Morgan Stanley Bank of America Merrill Lynch Trust
Series2013-C11, Class D, 4.354%, 8/15/46(5)(6)		5,000,000		2,942,956
Series2016-C32, Class D, 3.396%, 12/15/49(5)(6)		1,699,000		1,426,104
WF-RBS Commercial Mortgage Trust
Series2014-C24, Class D, 3.692%, 11/15/47(5)		8,000,000		6,657,544
Total Commercial Mortgage-Backed Securities (identified cost $24,182,238)			$	21,456,982
Asset-Backed Securities— 13.7%
Security	Principal Amount		Value
Alinea CLO, Ltd.
Series2018-1A, Class E, 7.966%, (3 mo. USD LIBOR + 6.00%), 7/20/31(4)(5)	$	2,000,000	$	1,797,072
AMMC CLO 15, Ltd.
Series2014-15A, Class ERR, 8.911%, (3 mo. USD LIBOR + 6.91%), 1/15/32(4)(5)		3,000,000		2,767,709
AMMC CLO XII, Ltd.
Series2013-12A, Class ER, 8.361%, (3 mo. USD LIBOR + 6.18%), 11/10/30(4)(5)		2,000,000		1,664,845
Ares XL CLO, Ltd.
Series2016-40A, Class DR, 8.351%, (3 mo. USD LIBOR + 6.35%), 1/15/29(4)(5)		1,000,000		945,836
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class D, 8.008%, (3 mo. USD LIBOR + 5.85%), 5/15/30(4)(5)		4,000,000		3,628,612
Ares XXXIV CLO, Ltd.
Series2015-2A, Class F, 8.428%, (3 mo. USD LIBOR + 6.50%), 7/29/26(4)(5)		2,000,000		1,851,452
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 7.701%, (3 mo. USD LIBOR + 5.70%), 7/15/30(4)(5)		3,000,000		2,722,060
Babson CLO, Ltd.
Series2016-1A, Class ER, 7.934%, (3 mo. USD LIBOR + 6.00%), 7/23/30(4)(5)		2,000,000		1,645,102
Series2018-1A, Class D, 7.501%, (3 mo. USD LIBOR + 5.50%), 4/15/31(4)(5)		5,000,000		4,389,587
Bain Capital Credit CLO, Ltd.
Series2017-2A, Class E, 8.29%, (3 mo. USD LIBOR + 6.35%), 7/25/30(4)(5)		2,250,000		2,112,896
Series2018-1A, Class E, 7.284%, (3 mo. USD LIBOR + 5.35%), 4/23/31(4)(5)		3,500,000		3,137,002

Security	Principal Amount		Value
Barings CLO, Ltd.
Series2017-1A, Class E, 8.003%, (3 mo. USD LIBOR + 6.00%), 7/18/29(4)(5)	$	2,900,000	$	2,749,025
Benefit Street Partners CLOV-B, Ltd.
Series2018-5BA, Class D, 7.916%, (3 mo. USD LIBOR + 5.95%), 4/20/31(4)(5)		3,000,000		2,589,753
Benefit Street Partners CLO VIII, Ltd.
Series2015-8A, Class DR, 7.566%, (3 mo. USD LIBOR + 5.60%), 1/20/31(4)(5)		5,000,000		4,193,439
Benefit Street Partners CLO XIV, Ltd.
Series2018-14A, Class E, 7.316%, (3 mo. USD LIBOR + 5.35%), 4/20/31(4)(5)		3,000,000		2,685,563
Benefit Street Partners CLO XVI, Ltd.
Series2018-16A, Class E, 8.702%, (3 mo. USD LIBOR + 6.70%), 1/17/32(4)(5)		2,000,000		1,944,032
Betony CLO 2, Ltd.
Series2018-1A, Class D, 7.586%, (3 mo. USD LIBOR + 5.65%), 4/30/31(4)(5)		3,000,000		2,683,177
BlueMountain CLO, Ltd.
Series2015-3A, Class DR, 7.366%, (3 mo. USD LIBOR + 5.40%), 4/20/31(4)(5)		2,000,000		1,725,306
Series2016-3A, Class ER, 8.108%, (3 mo. USD LIBOR + 5.95%), 11/15/30(4)(5)		1,000,000		888,319
Series2018-1A, Class E, 7.886%, (3 mo. USD LIBOR + 5.95%), 7/30/30(4)(5)		750,000		666,080
Canyon Capital CLO, Ltd.
Series2016-1A, Class ER, 7.751%, (3 mo. USD LIBOR + 5.75%), 7/15/31(4)(5)		4,000,000		3,464,140
Series2016-2A, Class ER, 7.986%, (3 mo. USD LIBOR + 6.00%), 10/15/31(4)(5)		1,000,000		857,652
Series2017-1A, Class E, 8.251%, (3 mo. USD LIBOR + 6.25%), 7/15/30(4)(5)		1,000,000		893,483
Series2018-1A, Class E, 7.751%, (3 mo. USD LIBOR + 5.75%), 7/15/31(4)(5)		2,000,000		1,747,035
Carlyle Global Market Strategies CLO, Ltd.
Series2012-3A, Class DR2, 8.486%, (3 mo. USD LIBOR + 6.50%), 1/14/32(4)(5)		1,000,000		890,139
Series2014-3RA, Class D, 7.336%, (3 mo. USD LIBOR + 5.40%), 7/27/31(4)(5)		2,000,000		1,628,122
Series2014-4RA, Class D, 7.651%, (3 mo. USD LIBOR + 5.65%), 7/15/30(4)(5)		3,000,000		2,452,024
Series2015-5A, Class DR, 8.666%, (3 mo. USD LIBOR + 6.70%), 1/20/32(4)(5)		3,500,000		3,189,763
Series C17A, Class DR, 8.266%, (3 mo. USD LIBOR + 6.00%), 4/30/31(4)(5)		3,000,000		2,685,436
Cole Park CLO, Ltd.
Series2015-1A, Class ER, 8.566%, (3 mo. USD LIBOR + 6.60%), 10/20/28(4)(5)		2,000,000		1,878,465
Dryden Senior Loan Fund
Series2015-40A, Class ER, 7.908%, (3 mo. USD LIBOR + 5.75%), 8/15/31(4)(5)		2,000,000		1,810,596

4 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
Dryden Senior Loan Fund (continued)
Series2016-42A, Class ER, 7.551%, (3 mo. USD LIBOR + 5.55%), 7/15/30(4)(5)	$	2,000,000	$	1,755,216
Series2018-55A, Class E, 7.401%, (3 mo. USD LIBOR + 5.40%), 4/15/31(4)(5)		1,000,000		870,189
Galaxy XXI CLO, Ltd.
Series2015-21A, Class DR, 4.616%, (3 mo. USD LIBOR + 2.65%), 4/20/31(4)(5)		5,000,000		4,567,285
Series2015-21A, Class ER, 7.216%, (3 mo. USD LIBOR + 5.25%), 4/20/31(4)(5)		4,000,000		3,439,719
Galaxy XXV CLO, Ltd.
Series2018-25A, Class E, 7.89%, (3 mo. USD LIBOR + 5.95%), 10/25/31(4)(5)		2,000,000		1,773,884
Golub Capital Partners CLO, Ltd.
Series2015-22A, Class ER, 7.966%, (3 mo. USD LIBOR + 6.00%), 1/20/31(4)(5)		3,000,000		2,565,430
Series2018-37A, Class E, 7.716%, (3 mo. USD LIBOR + 5.75%), 7/20/30(4)(5)		3,000,000		2,719,778
Highbridge Loan Management, Ltd.
Series3A-2014, Class DR, 8.503%, (3 mo. USD LIBOR + 6.50%), 7/18/29(4)(5)		2,900,000		2,650,452
ICG US CLO, Ltd.
Series2018-2A, Class E, 7.703%, (3 mo. USD LIBOR + 5.75%), 7/22/31(4)(5)		1,000,000		866,783
Invitation Homes Trust
Series 2017-SFR2, Class E, 4.139%, (1 mo. USD LIBOR + 2.25%), 12/17/36(4)(5)		1,545,150		1,548,013
Series 2018-SFR1, Class E, 3.889%, (1 mo. USD LIBOR + 2.00%), 3/17/37(4)(5)		4,692,359		4,699,712
Series 2018-SFR2, Class E, 3.914%, (1 mo. USD LIBOR + 2.00%), 6/17/37(4)(5)		15,061,248		15,086,250
Series 2018-SFR3, Class E, 3.889%, (1 mo. USD LIBOR + 2.00%), 7/17/37(4)(5)		13,000,000		13,028,733
Madison Park Funding XVII, Ltd.
Series2015-17A, Class DR, 5.566%, (3 mo. USD LIBOR + 3.60%), 7/21/30(4)(5)		3,500,000		3,443,665
Series2015-17A, Class ER, 8.466%, (3 mo. USD LIBOR + 6.50%), 7/21/30(4)(5)		5,000,000		4,665,530
Neuberger Berman CLO XIV, Ltd.
Series2013-14A, Class ER, 8.386%, (3 mo. USD LIBOR + 6.45%), 1/28/30(4)(5)		1,750,000		1,561,538
Neuberger Berman CLO XXII, Ltd.
Series2016-22A, Class ER, 8.062%, (3 mo. USD LIBOR + 6.06%), 10/17/30(4)(5)		2,000,000		1,769,791
Neuberger Berman Loan Advisers CLO 30, Ltd.
Series2018-30A, Class E, 8.716%, (3 mo. USD LIBOR + 6.75%), 1/20/31(4)(5)		2,000,000		1,904,966
Palmer Square CLO, Ltd.
Series2013-2A, Class DRR, 8.153%, (3 mo. USD LIBOR + 5.85%), 10/17/31(4)(5)		1,500,000		1,394,054

Security	Principal Amount		Value
Palmer Square CLO, Ltd. (continued)
Series2015-1A, Class DR2, 8.402%, (3 mo. USD LIBOR + 6.25%), 5/21/29(4)(5)	$	2,000,000	$	1,909,301
Series2015-2A, Class CR, 5.666%, (3 mo. USD LIBOR + 3.70%), 7/20/30(4)(5)		5,000,000		4,907,229
Series2018-1A, Class D, 7.45%, (3 mo. USD LIBOR + 5.15%), 4/18/31(4)(5)		4,000,000		3,704,713
Series2018-2A, Class D, 7.601%, (3 mo. USD LIBOR + 5.60%), 7/16/31(4)(5)		2,500,000		2,306,051
Pnmac Gmsr Issuer Trust
Series2018-GT1, Class A, 4.673%, (1 mo. USD LIBOR + 2.85%), 2/25/23(4)(5)		5,000,000		5,035,765
Series2018-GT2, Class A, 4.473%, (1 mo. USD LIBOR + 2.65%), 8/25/25(4)(5)		4,272,000		4,291,415
Recette CLO, LLC.
Series2015-1A, Class F, 9.416%, (3 mo. USD LIBOR + 7.45%), 10/20/27(4)(5)		2,000,000		1,797,039
Regatta IX Funding, Ltd.
Series2017-1A, Class E, 8.002%, (3 mo. USD LIBOR + 6.00%), 4/17/30(4)(5)		3,000,000		2,815,684
Regatta XIII Funding, Ltd.
Series2018-2A, Class D, 7.951%, (3 mo. USD LIBOR + 5.95%), 7/15/31(4)(5)		3,000,000		2,653,250
Regatta XIV Funding, Ltd.
Series2018-3A, Class E, 7.89%, (3 mo. USD LIBOR + 5.95%), 10/25/31(4)(5)		2,000,000		1,801,960
Regatta XV Funding, Ltd.
Series2018-4A, Class D, 8.44%, (3 mo. USD LIBOR + 6.50%), 10/25/31(4)(5)		2,000,000		1,804,412
Upland CLO, Ltd.
Series2016-1A, Class DR, 7.866%, (3 mo. USD LIBOR + 5.90%), 4/20/31(4)(5)		2,000,000		1,781,171
Vibrant CLO 1X, Ltd.
Series2018-9A, Class D, 8.216%, (3 mo. USD LIBOR + 6.25%), 7/20/31(4)(5)		2,000,000		1,670,360
Voya CLO, Ltd.
Series2013-1A, Class DR, 8.481%, (3 mo. USD LIBOR + 6.48%), 10/15/30(4)(5)		5,000,000		4,409,697
Series2014-1A, Class DR2, 8.003%, (3 mo. USD LIBOR + 6.00%), 4/18/31(4)(5)		2,000,000		1,744,272
Series2015-3A, Class DR, 8.166%, (3 mo. USD LIBOR + 6.20%), 10/20/31(4)(5)		2,000,000		1,748,524
Series2018-2A, Class E, 7.251%, (3 mo. USD LIBOR + 5.25%), 7/15/31(4)(5)		1,000,000		883,547
Wind River CLO, Ltd.
Series2013-1A, Class DR, 8.266%, (3 mo. USD LIBOR + 6.30%), 7/20/30(4)(5)		2,000,000		1,572,732
Series2017-1A, Class E, 8.423%, (3 mo. USD LIBOR + 6.42%), 4/18/29(4)(5)		2,000,000		1,858,549
Total Asset-Backed Securities (identified cost $201,871,362)			$	187,290,381

5 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

U.S. Government Guaranteed Small Business Administration Loans(8)(9) — 4.5%
Security	Principal Amount		Value
0.66%, 3/15/30	$	2,838,021	$	61,699
0.73%, 7/15/31		3,256,960		78,294
0.93%, 5/15/42		1,661,832		57,910
0.98%, 4/15/32		1,588,670		52,234
1.31%, 4/15/42 to 7/15/42		8,584,095		449,376
1.34%, 9/15/41		1,944,346		97,541
1.38%, 6/15/41		3,190,566		159,089
1.48%, 4/15/34		1,198,267		71,274
1.49%, 7/15/36		1,168,563		60,679
1.56%, 7/15/42		2,528,166		155,394
1.59%, 10/21/36		1,347,276		75,428
1.61%, 12/15/41 to 7/15/42		9,986,512		624,035
1.63%, 9/15/41		2,015,381		129,196
1.68%, 4/15/41 to 7/15/41		3,735,123		240,627
1.73%, 10/15/33 to 11/21/41		3,093,612		205,108
1.74%, 5/15/36		3,700,907		223,003
1.81%, 12/21/41 to 11/15/42		8,013,226		567,790
1.84%, 11/9/36 to 2/15/40		3,083,521		197,045
1.86%, 12/28/41 to 6/15/42		18,854,967		1,326,801
1.88%, 11/19/36 to 12/15/36		4,933,672		327,179
1.91%, 2/15/42 to 7/15/42		10,465,121		818,930
1.93%, 7/15/42		1,778,256		137,909
1.96%, 11/29/30 to 8/15/42		5,236,367		379,389
1.98%, 10/15/37		1,084,248		69,906
2.03%, 2/15/42 to 5/15/42		4,752,331		407,279
2.06%, 5/15/42 to 7/15/42		5,191,632		417,185
2.11%, 4/15/33 to 7/15/42		7,307,469		574,756
2.16%, 5/15/42 to 6/15/42		6,413,979		535,160
2.21%, 8/15/42		3,323,035		284,373
2.23%, 1/15/41 to 1/15/42		4,784,339		407,277
2.28%, 11/1/29		1,431,658		101,147
2.31%, 4/15/42 to 7/15/42		5,282,746		502,802
2.36%, 1/16/42 to 6/15/42		20,536,394		1,875,402
2.38%, 6/15/42		1,717,107		156,407
2.39%, 7/15/40		1,438,370		113,700
2.41%, 1/15/38 to 7/15/42		21,567,363		2,080,621
2.43%, 3/15/41 to 6/15/42		4,924,938		435,061
2.46%, 12/15/26 to 8/15/42		13,627,435		1,247,607
2.48%, 2/23/41		1,126,646		104,555
2.53%, 11/15/42		1,674,525		162,303
2.56%, 1/15/41 to 7/15/42		3,323,056		347,440
2.59%, 4/15/36		1,433,507		129,116
2.61%, 6/15/33 to 7/15/42		9,001,936		912,914
2.63%, 4/15/41		1,267,286		124,247
2.64%, 5/15/41		1,438,565		133,328
2.66%, 6/15/36 to 6/15/42		5,507,613		587,367

Security	Principal Amount		Value
2.68%, 2/15/41 to 4/15/42	$	5,098,849	$	531,132
2.71%, 5/15/27 to 9/15/42		25,750,903		2,680,849
2.73%, 8/15/42		1,248,175		137,560
2.86%, 5/15/32 to 7/15/42		21,585,141		2,465,014
2.89%, 8/15/40		1,054,023		102,542
2.91%, 12/15/41 to 7/15/42		13,292,061		1,606,138
2.93%, 4/15/41 to 7/15/42		4,274,654		462,627
2.94%, 7/15/42		3,617,832		424,877
2.95%, 1/15/42 to 3/15/43(10)		43,197,699		5,220,652
2.95%, 8/15/42		1,850,353		221,268
2.96%, 2/15/27 to 1/15/43		14,652,194		1,542,646
2.97%, 10/25/41 to 1/7/43(10)		21,395,091		2,627,849
2.98%, 2/15/41 to 7/15/42		11,816,798		1,518,496
3.03%, 7/15/41 to 6/15/42		2,525,258		300,155
3.11%, 12/15/41 to 8/15/42		10,807,669		1,299,740
3.13%, 6/15/32		652,451		70,491
3.16%, 5/15/42 to 1/15/43		17,234,514		2,256,384
3.19%, 8/15/39		1,572,257		169,408
3.21%, 12/15/26 to 10/15/42		18,458,237		2,265,231
3.23%, 2/15/41 to 4/15/42		4,507,633		495,477
3.24%, 7/15/28 to 4/15/42		2,858,642		287,884
3.28%, 6/21/26 to 7/15/42		6,832,498		741,514
3.36%, 3/15/42 to 7/15/42		5,512,712		720,630
3.41%, 4/15/42 to 12/15/42		5,897,992		831,744
3.43%, 11/7/39 to 2/15/42		3,576,712		483,944
3.46%, 2/15/27 to 8/15/42		17,448,576		2,016,211
3.48%, 5/15/36 to 7/15/42		5,820,954		790,462
3.53%, 6/15/26 to 8/15/42		3,312,958		350,291
3.61%, 5/15/32 to 6/15/42		13,866,997		2,005,828
3.64%, 8/15/41 to 12/15/41		3,772,325		560,609
3.66%, 5/15/42 to 7/15/42		12,677,013		1,976,758
3.68%, 11/15/31 to 5/15/42		6,780,344		927,902
3.71%, 1/15/24 to 8/15/42		35,140,965		4,156,143
3.73%, 12/15/36 to 2/15/41		4,958,089		639,392
3.78%, 11/15/26 to 6/15/42		9,912,393		1,134,252
Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $61,758,663)			$	62,227,983

6 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Senior Floating-Rate Loans — 0.1%(11)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Financial Services — 0.1%
Yapi ve Kredi Bankasi AS, Term Loan, 2.15%, (3 mo. EURIBOR + 2.15%), Maturing November 1, 2019(4)(12)	EUR		1,400	$	1,561,925
Total Senior Floating-Rate Loans (identified cost $1,586,049)				$	1,561,925
Sovereign Loans — 0.1%
Borrower		Principal Amount (000’s omitted)		Value
Nigeria — 0.1%
Bank of Industry Limited Term Loan, 7.98%, (3 mo. USD LIBOR + 6.00%), Maturing May 21, 2021(4)(13)		$	1,358	$	1,350,727
Total Sovereign Loans (identified cost $1,353,930)				$	1,350,727
Foreign Government Bonds — 26.2%
Security		Principal Amount (000’s omitted)		Value
Egypt — 0.4%
Egypt Government Bond, 14.40%, 9/10/29	EGP		7,815	$	493,952
Egypt Government Bond, 15.60%, 8/6/26	EGP		50,746		3,354,252
Egypt Government Bond, 16.10%, 5/7/29	EGP		17,550		1,211,914
Total Egypt				$	5,060,118
Iceland — 2.7%
Republic of Iceland, 5.00%, 11/15/28	ISK		1,137,440	$	10,329,093
Republic of Iceland, 6.50%, 1/24/31	ISK		1,253,382		13,039,403
Republic of Iceland, 8.00%, 6/12/25	ISK		1,331,322		13,340,098
Total Iceland				$	36,708,594
Indonesia — 2.5%
Indonesia Government Bond, 7.50%, 8/15/32	IDR		21,846,000	$	1,578,884
Indonesia Government Bond, 7.50%, 5/15/38	IDR		75,000,000		5,345,028
Indonesia Government Bond, 8.25%, 5/15/29	IDR		98,250,000		7,627,621
Indonesia Government Bond, 8.25%, 5/15/36	IDR		255,291,000		19,338,374
Total Indonesia				$	33,889,907

Security		Principal Amount (000’s omitted)		Value
Japan — 6.5%
Japan Government CPI Linked Bond, 0.10%, 3/10/27(14)	JPY		6,619,535	$	63,410,205
Japan Government CPI Linked Bond, 0.10%, 3/10/28(14)	JPY		2,624,154		25,210,779
Total Japan				$	88,620,984
New Zealand — 6.2%
New Zealand Government Bond, 2.00%, 9/20/25(14)(15)	NZD		43,566	$	31,275,017
New Zealand Government Bond, 2.50%, 9/20/35(14)(15)	NZD		610		517,539
New Zealand Government Bond, 3.00%, 9/20/30(14)(15)	NZD		63,038		52,648,302
Total New Zealand				$	84,440,858
Serbia — 1.5%
Serbia Treasury Bond, 5.75%, 7/21/23	RSD		1,877,300	$	20,033,007
Serbia Treasury Bond, 5.875%, 2/8/28	RSD		97,420		1,091,345
Total Serbia				$	21,124,352
Sri Lanka — 0.6%
Sri Lanka Government Bond, 10.25%, 3/15/25	LKR		40,000	$	221,447
Sri Lanka Government Bond, 11.00%, 8/1/21	LKR		29,000		165,702
Sri Lanka Government Bond, 11.00%, 8/1/24	LKR		351,000		2,000,642
Sri Lanka Government Bond, 11.00%, 8/1/25	LKR		119,000		678,460
Sri Lanka Government Bond, 11.00%, 6/1/26	LKR		388,000		2,212,964
Sri Lanka Government Bond, 11.40%, 1/1/24	LKR		77,000		442,939
Sri Lanka Government Bond, 11.50%, 5/15/23	LKR		11,000		64,070
Sri Lanka Government Bond, 11.50%, 8/1/26	LKR		453,000		2,654,937
Total Sri Lanka				$	8,441,161
Thailand — 2.3%
Thailand Government Bond, 1.25%, 3/12/28(14)(15)	THB		994,306	$	32,111,668
Total Thailand				$	32,111,668
Ukraine — 3.5%
Ukraine Government Bond, 14.30%, 7/8/20	UAH		172,382	$	6,903,622
Ukraine Government Bond, 16.00%, 8/11/21	UAH		213,050		8,741,212
Ukraine Government Bond, 16.06%, 8/3/22	UAH		25,000		1,050,400
Ukraine Government International Bond,0.00%, GDP-Linked, 5/31/40(5)(15)(16)	USD		9,975		9,400,440
Ukraine Government International Bond, 15.84%, 2/26/25	UAH		255,480		11,150,385

7 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Ukraine (continued)
Ukraine Government International Bond, 17.00%, 5/11/22	UAH		238,050	$	10,005,014
Total Ukraine				$	47,251,073
Total Foreign Government Bonds (identified cost $341,874,644)				$	357,648,715
Foreign Corporate Bonds — 3.9%
Security		Principal Amount (000’s omitted)		Value
Argentina — 0.3%
Generacion Mediterranea SA/Central Termica Roca SA, 15.00%, 5/5/23(5)	USD		1,250	$	1,156,250
Pampa Energia SA, 7.50%, 1/24/27(15)	USD		2,000		1,612,020
Telecom Argentina SA, 8.00%, 7/18/26(15)	USD		1,900		1,714,750
YPF SA, 63.354%, (BADLAR + 4.00%), 7/7/20(4)(15)	USD		1,250		274,125
Total Argentina				$	4,757,145
Belarus — 0.1%
Eurotorg, LLC Via Bonitron DAC, 8.75%, 10/30/22(15)	USD		1,900	$	2,050,100
Total Belarus				$	2,050,100
Brazil — 0.2%
Odebrecht Offshore Drilling Finance, Ltd., 6.72%, 12/1/22(15)	USD		1,420	$	1,398,475
Oi SA, 10.00%, (10.00% cash or 12.00% (8.00% cash and 4.00% PIK)), 7/27/25(17)	USD		760		690,650
Total Brazil				$	2,089,125
Bulgaria — 0.1%
Eurohold Bulgaria AD, 6.50%, 12/7/22(15)	EUR		1,200	$	1,334,545
Total Bulgaria				$	1,334,545
Canada — 0.1%
First Quantum Minerals, Ltd., 6.875%, 3/1/26(15)	USD		1,170	$	1,150,987
Total Canada				$	1,150,987
China — 0.2%
CAR, Inc., 6.125%, 2/4/20(15)	USD		1,000	$	990,100
CIFI Holdings Group Co., Ltd., 5.50%, 1/23/22(15)	USD		500		502,747
KWG Group Holdings, Ltd., 6.00%, 9/15/22(15)	USD		550		547,508

Security		Principal Amount (000’s omitted)		Value
China (continued)
Logan Property Holdings Co., Ltd., 6.875%, 4/24/21(15)	USD		500	$	514,375
Times China Holdings, Ltd., 6.25%, 1/17/21(15)	USD		500		505,750
Total China				$	3,060,480
Colombia — 0.2%
Frontera Energy Corp., 9.70%, 6/25/23(15)	USD		2,000	$	2,137,500
Total Colombia				$	2,137,500
El Salvador — 0.1%
AES El Salvador Trust II, 6.75%, 3/28/23(15)	USD		2,000	$	2,004,800
Total El Salvador				$	2,004,800
Georgia — 0.3%
JSC Georgia Capital, 6.125%, 3/9/24(15)	USD		1,650	$	1,567,500
Silknet JSC, 11.00%, 4/2/24(15)	USD		1,930		2,123,984
TBC Bank JSC, 5.75%, 6/19/24(15)	USD		362		369,693
Total Georgia				$	4,061,177
Iceland — 0.7%
Arion Banki HF, 6.00%, 4/12/24(15)	ISK		540,000	$	4,753,291
Islandsbanki HF, 6.40%, 10/26/23	ISK		240,000		2,120,084
Landsbankinn HF, 5.00%, 11/23/23(15)	ISK		360,000		3,028,006
WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), 9/24/24(4)(18)	EUR		900		100,387
WOW Air HF, 0.00%(18)(19)	EUR		20		2,208
Total Iceland				$	10,003,976
Indonesia — 0.1%
Pertamina Persero PT, 5.25%, 5/23/21(15)	USD		1,000	$	1,043,265
Total Indonesia				$	1,043,265
Ireland — 0.2%
Aragvi Finance International DAC, 12.00%, 4/9/24(15)	USD		2,000	$	2,080,000
Total Ireland				$	2,080,000
Lebanon — 0.1%
BLOM Bank SAL, 7.50%, 5/4/23(15)	USD		800	$	819,000
Total Lebanon				$	819,000

8 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Mexico — 0.2%
Banco Mercantil del Norte SA/Grand Cayman, 7.50% to 6/27/29(15)(19)(20)	USD		850	$	887,400
Grupo Kaltex SA de CV, 8.875%, 4/11/22(15)	USD		2,937		2,511,164
Total Mexico				$	3,398,564
Netherlands — 0.2%
Braskem Netherlands Finance BV, 5.875%, 1/31/50(15)	USD		810	$	807,100
Metinvest BV, 7.75%, 4/23/23(15)	USD		461		483,155
MV24 Capital BV, 6.748%, 6/1/34(15)	USD		1,600		1,676,800
Total Netherlands				$	2,967,055
Nigeria — 0.2%
SEPLAT Petroleum Development Co. PLC, 9.25%, 4/1/23(15)	USD		2,000	$	2,117,500
Total Nigeria				$	2,117,500
Panama — 0.1%
Promerica Financial Corp., 9.70%, 5/14/24(15)	USD		1,300	$	1,353,638
Total Panama				$	1,353,638
Russia — 0.1%
Sberbank of Russia Via SB Capital SA, 5.125%, 10/29/22(15)	USD		1,250	$	1,318,721
Total Russia				$	1,318,721
Saint Lucia — 0.1%
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd., 8.75%, 5/25/24(15)	USD		1,364	$	1,299,210
Total Saint Lucia				$	1,299,210
Saudi Arabia — 0.1%
DarAl-Arkan Sukuk Co., Ltd., 6.75%, 2/15/25(15)	USD		550	$	538,208
DarAl-Arkan Sukuk Co., Ltd., 6.875%, 4/10/22(15)	USD		1,500		1,513,116
Total Saudi Arabia				$	2,051,324
Spain — 0.1%
Atento Luxco 1 SA, 6.125%, 8/10/22(15)	USD		1,067	$	1,091,008
Total Spain				$	1,091,008

Security		Principal Amount (000’s omitted)		Value
Ukraine — 0.1%
Kernel Holding SA, 8.75%, 1/31/22(15)	USD		1,500	$	1,591,620
Total Ukraine				$	1,591,620
Total Foreign Corporate Bonds (identified cost $54,704,824)				$	53,780,740
Corporate Bonds — 0.2%
Security		Principal Amount (000’s omitted)		Valued
Oil & Gas — 0.2%
HKN Energy, Ltd., 11.00%, 3/6/24		$	1,000	$	1,036,250
Reliance Holding USA, Inc., 5.40%, 2/14/22(15)			1,750		1,862,175
Total Corporate Bonds (identified cost $2,859,718)				$	2,898,425
Common Stocks — 0.3%
Security		Shares		Value
Iceland — 0.3%
Arion Banki HF(5)			2,497,017	$	1,556,863
Eik Fasteignafelag HF			3,180,300		201,120
Eimskipafelag Islands HF			326,400		449,413
Hagar HF			1,349,100		453,685
Reginn HF(21)			1,843,700		295,571
Reitir Fasteignafelag HF			875,500		526,888
Siminn HF			13,623,900		522,672
Sjova-Almennar Tryggingar HF			502,044		64,962
Total Iceland				$	4,071,174
Total Common Stocks (identified cost $5,993,242)				$	4,071,174
Closed-End Funds — 2.5%
Security		Shares		Value
BlackRock Corporate High Yield Fund, Inc.			1,000,336	$	10,933,673
BlackRock Multi-Sector Income Trust			278,029		4,768,197
Nuveen Global High Income Fund			456,000		7,159,200
PGIM Global High Yield Fund, Inc.			293,307		4,223,621
Western Asset High Income Opportunity Fund, Inc.			1,288,797		6,469,761
TotalClosed-End Funds (identified cost $34,860,007)				$	33,554,452

9 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Other — 3.0%
Security		Principal Amount/ Shares		Value
Altair V Reinsurance(12)(21)(22)(23)			1,932	$	19,318
Altair VI Reinsurance(12)(21)(22)(23)			1,000		674,500
Blue Lotus Re, Ltd.(12)(21)(22)(23)			6,000		6,472,800
Eden Re II, Ltd., Series 2018A, 0.00%, 3/22/22(5)(12)(22)		$	65,236		282,498
Eden Re II, Ltd., Series 2018B, 0.00%, 3/22/22(5)(12)(22)		$	132,324		705,021
Eden Re II, Ltd., Series 2019A, 0.00%, 3/22/23(5)(12)(22)		$	500,000		566,200
Eden Re II, Ltd., Series 2019B, 0.00%, 3/22/23(5)(12)(22)		$	9,500,000		10,752,100
Mt. Logan Re, Ltd., Series 13 Preference Shares(12)(21)(22)(23)			2,000		1,365,882
Mt. Logan Re, Ltd., Special Investment Series 13(12)(21)(22)(23)			10,000		8,970,997
Sussex Capital, Ltd., Designated Investment Series 5(12)(21)(22)(23)			249		250,246
Sussex Capital, Ltd., Series 5 Preference Shares(12)(21)(22)(23)			6,000		6,135,186
Versutus Re, Ltd.(12)(21)(22)(23)			4,000		4,242,800
Total Other (identified cost $40,799,738)				$	40,437,548
U.S. Treasury Obligations — 2.9%
Security		Principal Amount		Value
U.S. Treasury Inflation-Protected Note, 0.50%, 4/15/24(24)		$	38,858,950	$	39,356,157
Total U.S. Treasury Obligations (identified cost $39,327,339)				$	39,356,157
Short-Term Investments — 13.8%
Foreign Government Securities — 3.5%
Security		Principal Amount (000’s omitted)		Value
Egypt — 2.0%
Egypt Treasury Bill, 0.00%, 11/19/19	EGP		39,150	$	2,413,782
Egypt Treasury Bill, 0.00%, 3/3/20	EGP		198,625		11,727,556
Egypt Treasury Bill, 0.00%, 8/4/20	EGP		230,475		12,734,386
Total Egypt				$	26,875,724

Security		Principal Amount (000’s omitted)		Value
Pakistan — 1.5%
Pakistan Treasury Bill, 0.00%, 12/5/19	PKR		1,294,100	$	8,215,933
Pakistan Treasury Bill, 0.00%, 12/19/19	PKR		1,274,800		8,052,096
Pakistan Treasury Bill, 0.00%, 1/16/20	PKR		619,500		3,875,111
Total Pakistan				$	20,143,140
Total Foreign Government Securities (identified cost $46,199,544)				$	47,018,864
U.S. Treasury Obligations — 0.6%
Security		Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 12/5/19(25)		$	1,500	$	1,497,733
U.S. Treasury Bill, 0.00%, 12/12/19(25)			7,000		6,988,002
Total U.S. Treasury Obligations (identified cost $8,485,735)				$	8,485,735
Other — 9.7%
Description		Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.97%(26)			132,568,586	$	132,568,586
Total Other (identified cost $132,558,281)				$	132,568,586
Total Short-Term Investments (identified cost $187,243,560)				$	188,073,185
Total Purchased Options and Swaptions — 1.1% (identified cost $15,890,359)				$	15,682,505
Total Investments — 100.5% (identified cost $1,435,581,867)				$	1,374,005,880
Total Written Options — (0.0)%(27) (premiums received $158,824)				$	(17,500	)
Other Assets, Less Liabilities — (0.5)%				$	(6,916,680	)
Net Assets — 100.0%				$	1,367,071,700

The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets.

⁽¹⁾  Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at October 31, 2019.

10 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

⁽²⁾  Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽³⁾  Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁴⁾  Variable rate security. The stated interest rate represents the rate in effect at October 31, 2019.

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2019, the aggregate value of these securities is $250,291,848 or 18.3% of the Portfolio’s net assets.

⁽⁶⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2019.

⁽⁷⁾  Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at October 31, 2019.

⁽⁸⁾  Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽⁹⁾  Securities comprise a trust that is wholly-owned by the Portfolio and may only be sold on a pro rata basis with all securities in the trust.

⁽¹⁰⁾  The stated interest rate represents the weighted average fixed interest rate at October 31, 2019 of all interest only securities comprising the certificate.

⁽¹¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽¹²⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽¹³⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽¹⁴⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽¹⁵⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At October 31, 2019, the aggregate value of these securities is $177,526,302 or 13.0% of the Portfolio’s net assets.

⁽¹⁶⁾  Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

⁽¹⁷⁾  Represents apayment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽¹⁸⁾  Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflectnon-accrual status.

⁽¹⁹⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽²⁰⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽²¹⁾  Non-income producing security.

⁽²²⁾  Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

⁽²³⁾  Restricted security (see Note 5).

⁽²⁴⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal.

⁽²⁵⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽²⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of October 31, 2019.

⁽²⁷⁾  Amount is less than 0.05% or (0.05)%, as applicable.

11 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Purchased Interest Rate Swaptions — 0.9%
Description	Counterparty	Notional Amount		Expiration Date		Value
Option to enter into interest rate swap expiring 2/2/48 to pay3-monthUSD-LIBOR Rate and receive 2.908%	Bank of America, N.A.	$	40,000,000		1/31/28	$	8,634,757
Option to enter into interest rate swap expiring 2/2/48 to receive3-monthUSD-LIBOR Rate and pay 2.908%	Bank of America, N.A.		40,000,000		1/31/28		1,927,050
Option to enter into interest rate swap expiring 12/15/47 to pay3-monthUSD-LIBOR Rate and receive 2.68%	Morgan Stanley & Co. International PLC		10,000,000		12/13/27		1,877,482
Option to enter into interest rate swap expiring 12/15/47 to receive3-monthUSD-LIBOR Rate and pay 2.68%	Morgan Stanley & Co. International PLC		10,000,000		12/13/27		584,684
Total						$	13,023,973

Purchased Call Options — 0.2%

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price/Spread

Expiration Date

Value

2-year 10 Constant Maturity Swap Curve Cap

Morgan Stanley & Co. International PLC

Not Applicable

USD

450,000,000

0.45

%

6/21/21

$

437,882

Euro Stoxx 50 Index

Goldman Sachs International

4,258

EUR

15,347,578

EUR

3,100

5/3/22

2,203,150

Total

$

2,641,032

Purchased Put Options — 0.0%(27)
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
IMM Euro Futures 3/2020		2,800	USD	688,730,000	USD	97.25		3/16/20	$	17,500
Total									$	17,500

Written Put Options — (0.0)%(27)
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
IMM Euro Futures 3/2020		2,800	USD	688,730,000	USD	96.88		3/16/20	$	(17,500	)
Total									$	(17,500	)

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
EUR	32,069,930	USD	35,584,474		11/1/19	$	183,109
EUR	23,551,117	USD	26,132,084		11/1/19		134,469
EUR	32,069,930	USD	35,671,383		11/1/19		96,200

12 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
EUR	23,551,117	USD	26,195,907		11/1/19	$	70,646
EUR	917,458	USD	1,011,433		11/1/19		11,807
EUR	962,853	USD	1,068,285		11/1/19		5,584
EUR	962,853	USD	1,070,981		11/1/19		2,888
EUR	917,458	USD	1,020,489		11/1/19		2,752
KRW	754,834,312	USD	646,622		11/1/19		2,167
USD	1,020,489	EUR	917,458		11/1/19		(2,752	)
USD	1,070,981	EUR	962,853		11/1/19		(2,888	)
USD	1,017,920	EUR	917,458		11/1/19		(5,321	)
USD	1,061,478	EUR	962,853		11/1/19		(12,392	)
USD	26,195,907	EUR	23,551,117		11/1/19		(70,646	)
USD	35,671,383	EUR	32,069,930		11/1/19		(96,199	)
USD	25,963,458	EUR	23,551,117		11/1/19		(303,095	)
USD	35,354,853	EUR	32,069,930		11/1/19		(412,730	)
USD	646,041	KRW	754,834,312		11/1/19		(2,749	)
BRL	69,000,000	USD	16,566,826		11/4/19		638,012
BRL	98,579,000	USD	24,619,515		11/4/19		(39,288	)
NZD	23,950,000	USD	15,215,435		11/4/19		140,112
NZD	20,986,000	USD	13,332,406		11/4/19		122,772
NZD	6,569,000	USD	4,213,028		11/4/19		(1,313	)
NZD	6,570,000	USD	4,213,670		11/4/19		(1,313	)
NZD	7,497,000	USD	4,808,201		11/4/19		(1,498	)
NZD	7,498,000	USD	4,808,842		11/4/19		(1,498	)
NZD	7,847,000	USD	5,032,673		11/4/19		(1,568	)
NZD	8,955,000	USD	5,743,289		11/4/19		(1,790	)
USD	17,232,337	BRL	69,000,000		11/4/19		27,499
USD	24,494,720	BRL	98,579,000		11/4/19		(85,507	)
USD	15,360,333	NZD	23,950,000		11/4/19		4,786
USD	13,459,371	NZD	20,986,000		11/4/19		4,194
USD	4,152,864	NZD	6,570,000		11/4/19		(59,492	)
USD	4,151,575	NZD	6,569,000		11/4/19		(60,140	)
USD	4,738,816	NZD	7,497,000		11/4/19		(67,887	)
USD	4,738,699	NZD	7,498,000		11/4/19		(68,645	)
USD	4,956,887	NZD	7,847,000		11/4/19		(74,218	)
USD	5,656,802	NZD	8,955,000		11/4/19		(84,698	)
AUD	11,069,000	USD	7,503,122		11/12/19		129,064
AUD	4,805,000	USD	3,266,367		11/12/19		46,728
JPY	1,531,066,000	USD	14,614,800		11/12/19		(431,210	)
JPY	1,531,067,000	USD	14,625,201		11/12/19		(441,603	)
USD	208,087	IDR	2,917,378,931		11/12/19		612
USD	3,559,329	KRW	4,309,280,000		11/12/19		(139,329	)
USD	209,572	KRW	253,572,061		11/12/19		(8,069	)
USD	2,252,000	KRW	2,728,073,000		11/12/19		(89,507	)
USD	3,551,849	KRW	4,309,281,000		11/12/19		(146,810	)
USD	1,523,732	NZD	2,387,000		11/12/19		(6,861	)

13 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	1,522,605	NZD	2,387,000		11/12/19	$	(7,987	)
USD	4,112,863	NZD	6,443,000		11/12/19		(18,518	)
USD	4,109,822	NZD	6,443,000		11/12/19		(21,559	)
USD	11,767,522	SEK	113,333,000		11/13/19		24,474
USD	21,986,575	AUD	32,500,000		11/15/19		(424,315	)
AUD	5,654,000	USD	3,840,706		11/18/19		58,416
AUD	5,654,000	USD	3,844,126		11/18/19		54,995
PEN	36,689,105	USD	10,961,788		11/18/19		3,112
USD	2,614,968	NZD	4,040,000		11/18/19		24,119
USD	2,612,609	NZD	4,040,000		11/18/19		21,760
USD	10,863,121	PEN	36,689,105		11/18/19		(101,779	)
NZD	248,974	USD	156,091		11/25/19		3,598
USD	3,829,880	NZD	5,957,000		11/25/19		9,111
USD	3,379,193	NZD	5,256,000		11/25/19		8,039
USD	2,642,140	NZD	4,113,427		11/25/19		3,823
USD	2,331,234	NZD	3,629,392		11/25/19		3,373
USD	3,688,459	NZD	5,883,291		11/25/19		(85,034	)
JPY	3,170,974,613	USD	29,689,106		11/27/19		(288,525	)
USD	90,405,346	JPY	9,655,833,384		11/27/19		878,577
USD	15,174,017	JPY	1,620,676,052		11/27/19		147,464
USD	11,359,343	ZAR	166,804,000		11/29/19		357,380
BRL	98,579,000	USD	24,447,035		12/3/19		88,005
AUD	6,908,000	USD	4,675,265		12/6/19		90,940
AUD	4,682,024	USD	3,145,253		12/6/19		85,131
NZD	706,000	USD	442,937		12/6/19		9,985
PHP	220,931,000	USD	4,213,667		12/6/19		132,552
USD	10,494,353	NZD	16,727,000		12/6/19		(236,563	)
PHP	147,800,000	USD	2,823,197		12/10/19		83,928
PHP	62,901,000	USD	1,203,916		12/10/19		33,304
USD	312,852	KRW	371,746,000		12/11/19		(5,031	)
USD	511,850	KRW	608,359,000		12/11/19		(8,362	)
USD	511,024	KRW	608,359,000		12/11/19		(9,188	)
USD	510,904	KRW	608,359,000		12/11/19		(9,308	)
EUR	20,440,000	USD	22,600,406		12/13/19		256,828
EUR	917,458	USD	1,020,700		12/13/19		5,257
EUR	48,352	USD	54,680		12/13/19		(610	)
USD	1,071,203	EUR	962,853		12/13/19		(5,517	)
AUD	23,324,272	USD	15,843,865		12/16/19		252,847
AUD	19,138,000	USD	13,194,474		12/16/19		13,179
JPY	3,157,340,581	USD	29,214,618		12/16/19		100,211
USD	4,318,936	NZD	6,837,000		12/16/19		(67,989	)
NOK	154,000,000	USD	16,890,734		12/20/19		(139,051	)
NOK	154,333,840	USD	17,142,966		12/20/19		(354,969	)
USD	56,297	IDR	810,509,813		1/6/20		(870	)
EUR	40,535	USD	45,136		1/7/20		282

14 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	995,909	EUR	900,000		1/7/20	$	(12,513	)
USD	5,635,819	EUR	5,093,075		1/7/20		(70,814	)
USD	15,517,361	EUR	14,023,000		1/7/20		(194,974	)
KRW	438,360,000	USD	367,277		1/8/20		7,791
USD	26,275,039	EUR	23,551,117		1/8/20		(114,884	)
USD	35,779,138	EUR	32,069,930		1/8/20		(156,439	)
USD	19,325,659	KRW	23,199,487,341		1/8/20		(524,193	)
AUD	38,141,000	USD	26,095,119		1/9/20		242,554
USD	2,101,230	NZD	3,321,000		1/9/20		(30,564	)
USD	2,420,066	NZD	3,819,000		1/9/20		(31,401	)
USD	5,063,840	NZD	8,000,000		1/9/20		(71,466	)
USD	5,673,511	NZD	8,967,000		1/9/20		(82,526	)
USD	6,532,721	NZD	10,309,000		1/9/20		(84,763	)
USD	4,510,050	NZD	7,171,000		1/21/20		(94,059	)
INR	263,940,000	USD	3,660,749		1/22/20		18,734
USD	16,241,197	EUR	14,257,607		1/22/20		251,180
USD	7,282,712	EUR	6,508,000		1/22/20		(16,060	)
USD	900,186	NZD	1,403,967		1/23/20		(1,256	)
USD	16,598,687	NZD	25,888,000		1/23/20		(23,163	)
USD	6,411,911	NZD	9,986,000		1/28/20		(328	)
USD	8,481,065	NZD	13,208,530		1/28/20		(434	)
USD	20,374,765	KRW	23,867,000,000		1/29/20		(61,162	)
USD	648,177	KRW	754,834,312		1/29/20		1,856
USD	13,162,283	KRW	15,416,982,034		1/29/20		(38,384	)
USD	13,355,490	NZD	20,986,000		2/3/20		(121,491	)
USD	15,241,780	NZD	23,950,000		2/3/20		(138,650	)
						$	(1,479,509	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
KRW	754,834,312	USD	646,041	Australia and New Zealand Banking Group Limited		11/1/19	$	2,749	$	—
USD	630,760	KRW	754,834,312	Australia and New Zealand Banking Group Limited		11/1/19		—		(18,031	)
BRL	29,579,000	USD	7,182,627	Standard Chartered Bank		11/4/19		192,762		—
USD	7,387,178	BRL	29,579,000	Standard Chartered Bank		11/4/19		11,788		—
NZD	7,800,000	USD	5,002,231	UBS AG		11/5/19		—		(1,260	)
IDR	93,360,328,800	USD	6,584,970	Australia and New Zealand Banking Group Limited		11/12/19		54,512		—
KRW	2,501,210,000	USD	2,108,613	Australia and New Zealand Banking Group Limited		11/12/19		38,178		—
TRY	10,965,000	USD	1,845,003	Standard Chartered Bank		11/12/19		67,380		—

15 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	682,157	IDR	9,701,632,750	Standard Chartered Bank		11/12/19	$	—	$	(7,792	)
USD	6,942,263	IDR	98,712,821,000	Standard Chartered Bank		11/12/19		—		(77,872	)
USD	1,892,475	TRY	10,965,000	Goldman Sachs International		11/12/19		—		(19,908	)
USD	2,087,629	TRY	12,090,000	Goldman Sachs International		11/12/19		—		(20,963	)
NOK	229,300,000	EUR	22,780,899	Standard Chartered Bank		11/15/19		—		(489,430	)
INR	1,296,260,000	USD	18,088,013	Standard Chartered Bank		11/22/19		126,994		—
RSD	113,704,811	EUR	965,195	JPMorgan Chase Bank, N.A.		11/22/19		2,043		—
USD	11,572,603	INR	821,200,000	Australia and New Zealand Banking Group Limited		11/22/19		33,125		—
USD	4,628,047	INR	329,000,000	Australia and New Zealand Banking Group Limited		11/22/19		4,949		—
USD	5,231,463	ZAR	75,388,000	Standard Chartered Bank		11/29/19		259,065		—
USD	2,533,330	ZAR	37,173,000	Standard Chartered Bank		12/3/19		82,810		—
EUR	1,490,149	USD	1,662,661	Bank of America, N.A.		12/6/19		2,786		—
USD	1,351,569	EUR	1,209,781	Citibank, N.A.		12/6/19		—		(527	)
USD	1,561,345	EUR	1,397,550	Citibank, N.A.		12/6/19		—		(609	)
USD	1,665,932	EUR	1,491,165	Citibank, N.A.		12/6/19		—		(650	)
USD	11,372,186	EUR	10,179,171	Citibank, N.A.		12/6/19		—		(4,436	)
USD	2,477,100	THB	75,920,000	Standard Chartered Bank		12/6/19		—		(37,922	)
USD	2,641,333	THB	80,939,000	Standard Chartered Bank		12/6/19		—		(39,955	)
PHP	149,210,000	USD	2,855,967	UBS AG		12/10/19		78,891		—
KRW	187,100,000	USD	159,877	Australia and New Zealand Banking Group Limited		12/11/19		113		—
KRW	125,000,000	USD	106,804	Australia and New Zealand Banking Group Limited		12/11/19		84		—
KRW	1,551,190,000	USD	1,332,182	Australia and New Zealand Banking Group Limited		12/11/19		—		(5,749	)
USD	1,808,807	THB	55,392,000	Standard Chartered Bank		12/16/19		—		(26,445	)
USD	3,206,808	THB	98,170,000	Standard Chartered Bank		12/16/19		—		(45,769	)
USD	4,108,675	THB	125,822,000	Standard Chartered Bank		12/16/19		—		(60,070	)
USD	7,284,160	THB	222,990,000	Standard Chartered Bank		12/16/19		—		(103,962	)
SEK	324,025,000	EUR	30,174,066	State Street Bank and Trust Company		12/23/19		—		(113,594	)
USD	675,193	KRW	785,940,000	Australia and New Zealand Banking Group Limited		12/26/19		2,926		—
INR	233,200,000	USD	3,266,564	Australia and New Zealand Banking Group Limited		12/30/19		—		(6,622	)
INR	821,200,000	USD	11,514,641	Australia and New Zealand Banking Group Limited		1/6/20		—		(44,166	)
USD	2,492,156	IDR	35,602,224,306	Australia and New Zealand Banking Group Limited		1/8/20		—		(18,332	)
USD	20,704,922	IDR	295,784,606,494	Australia and New Zealand Banking Group Limited		1/8/20		—		(152,302	)
USD	53,333	KRW	62,050,000	Australia and New Zealand Banking Group Limited		1/8/20		242		—
USD	71,066	KRW	83,100,000	Australia and New Zealand Banking Group Limited		1/8/20		—		(36	)
USD	2,112,090	KRW	2,501,210,000	Australia and New Zealand Banking Group Limited		1/8/20		—		(27,985	)

16 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	71,110	KRW	82,730,000	Australia and New Zealand Banking Group Limited		1/9/20	$	323	$	—
USD	17,788	KRW	20,800,000	Australia and New Zealand Banking Group Limited		1/9/20		—		(9	)
THB	163,241,000	USD	5,338,686	Standard Chartered Bank		1/10/20		71,754		—
THB	140,486,515	USD	4,596,094	Standard Chartered Bank		1/10/20		60,174		—
USD	3,961,812	IDR	56,613,169,200	Australia and New Zealand Banking Group Limited		1/10/20		—		(29,290	)
USD	8,042,895	THB	245,843,152	Standard Chartered Bank		1/10/20		—		(105,301	)
USD	9,342,414	THB	285,663,000	Standard Chartered Bank		1/10/20		—		(125,566	)
USD	6,526,999	IDR	93,360,328,800	Australia and New Zealand Banking Group Limited		1/17/20		—		(49,101	)
INR	95,800,000	USD	1,338,170	Australia and New Zealand Banking Group Limited		1/22/20		—		(2,660	)
USD	71,098	KRW	83,100,000	Australia and New Zealand Banking Group Limited		1/22/20		—		(39	)
USD	106,936	KRW	125,000,000	Australia and New Zealand Banking Group Limited		1/22/20		—		(68	)
USD	2,592,266	THB	78,429,000	Standard Chartered Bank		1/24/20		—		(7,633	)
USD	533,632	KRW	620,480,000	Australia and New Zealand Banking Group Limited		1/29/20		2,350		—
USD	23,557,985	OMR	9,293,625	BNP Paribas		8/27/20		—		(446,471	)
USD	11,881,604	OMR	4,666,500	BNP Paribas		4/8/21		—		(89,352	)
USD	11,896,188	OMR	4,664,971	Standard Chartered Bank		4/26/21		—		(64,188	)
USD	8,234,546	OMR	3,237,000	BNP Paribas		7/6/21		—		(46,527	)
USD	5,188,295	OMR	2,039,000	BNP Paribas		7/12/21		—		(27,023	)
USD	961,832	OMR	378,000	BNP Paribas		7/19/21		—		(4,801	)
							$	1,095,998	$	(2,322,416	)

Forward Volatility Agreements
Reference Entity	Counterparty		Settlement Date(1)	Notional Amount (000’s omitted)		Value/Unrealized Appreciation (Depreciation)
Straddle swaption on floating rate(3-monthUSD-LIBOR) versus fixed rate interest rate swap, maturing June 11, 2055,5-year term		Bank of America, N.A.	6/10/20	$	35,000	$	87,117
						$	87,117

⁽¹⁾   At the settlement date, the Portfolio will purchase from the counterparty a straddle swaption (i.e. a receiver swaption and a payer swaption) with a determined premium amount of $7,787,500 and an interest rate component to be determined at a future date.

17 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Commodity Futures
Gold		244		Long		12/27/19	$	36,961,120		$	707,800
Interest Rate Futures
Japan10-Year Bond		68		Short		12/13/19		(96,940,458	)		513,196
U.S.5-Year Treasury Note		52		Long		12/31/19		6,198,563			(39,813	)
										$	1,181,183

Centrally Cleared Inflation Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
EUR	5,111	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.57% (pays upon termination)	8/15/32	$	(408,839	)
EUR	5,125	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.59% (pays upon termination)	8/15/32		(426,844	)
EUR	5,003	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.60% (pays upon termination)	8/15/32		(433,213	)
EUR	19,000	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.69% (pays upon termination)	11/15/32		(1,947,989	)
EUR	5,111	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.77% (pays upon termination)	8/15/42		846,935
EUR	5,125	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.78% (pays upon termination)	8/15/42		855,373
EUR	5,003	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.79% (pays upon termination)	8/15/42		869,935
EUR	19,000	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.89% (pays upon termination)	11/15/42		4,034,542
USD	36,500	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	1.89% (pays upon termination)	7/16/24		(562,547	)
USD	58,000	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	1.58% (pays upon termination)	9/6/24		64,100
USD	25,300	Pays	Return onCPI-U (NSA) (pays upon termination)	Receives	2.22% (pays upon termination)	11/14/32		1,510,627

18 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
USD	25,300	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	2.20% (pays upon termination)	11/14/42	$	(2,588,929	)
USD	2,309	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	2.13% (pays upon termination)	8/22/47		(224,828	)
USD	2,295	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)	8/25/47		(234,434	)
USD	8,800	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	2.42% (pays upon termination)	6/8/48		(1,841,684	)
USD	13,200	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	2.09% (pays upon termination)	1/9/49		(1,206,099	)
							$	(1,693,894	)

CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted
HICP	–	Harmonised Indices of Consumer Prices

Inflation Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date		Value/Unrealized Appreciation (Depreciation)
Bank of America, N.A.	USD	19,500	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.09% (pays upon termination)		4/2/29	$	(627,589	)
BNP Paribas	USD	10,000	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	1.75% (pays upon termination)		6/22/26		74,031	��
Goldman Sachs International	USD	5,000	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	1.91% (pays upon termination)		3/23/26		(59,520	)
Goldman Sachs International	USD	29,000	Receives	Return onCPI-U (NSA) (pays upon termination)	Pays	1.91% (pays upon termination)		4/1/26		(325,901	)
									$	(938,979	)

CPI-U (NSA) – Consumer Price Index All UrbanNon-Seasonally Adjusted

19 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
BRL	33,068	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	5.93% (pays upon termination)		1/2/23	$	150,311		$	—	$	150,311
CLP	7,992,000	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.15% (pays semi-annually)		10/22/24		26,346			—		26,346
CNY	50,800	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)		4/30/24		25,529			—		25,529
CNY	152,400	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)		4/30/24		76,586			—		76,586
CNY	50,800	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)		4/30/24		26,287			—		26,287
CNY	81,300	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)		4/30/24		43,282			—		43,282
CNY	276,500	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.02% (pays quarterly)		5/15/24		(101,969	)		—		(101,969	)
CNY	21,530	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		(26,095	)		—		(26,095	)
CNY	16,148	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		(19,267	)		—		(19,267	)
CNY	16,147	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		(19,062	)		—		(19,062	)
CNY	32,296	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		(38,126	)		—		(38,126	)
CNY	8,074	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		(9,404	)		—		(9,404	)
CNY	24,760	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		(28,840	)		—		(28,840	)
CNY	10,765	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.87% (pays quarterly)		6/10/24		(14,920	)		—		(14,920	)
CNY	199,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)		6/12/24		(190,235	)		—		(190,235	)
CNY	155,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)		6/12/24		(146,512	)		—		(146,512	)
CNY	126,300	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.95% (pays quarterly)		6/12/24		(115,405	)		—		(115,405	)
CNY	66,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.96% (pays quarterly)		6/12/24		(56,148	)		—		(56,148	)
CNY	21,040	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.22% (pays quarterly)		6/19/24		16,209			—		16,209
COP	49,133,000	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.70% (pays quarterly)		10/21/24		36,464			—		36,464
CZK	251,830	Receives	6-month CZK PRIBOR (pays semi-annually)	1.82% (pays annually)		10/18/24		(48,899	)		—		(48,899	)
HUF	1,495,700	Receives	6-month HUF BUBOR (pays semi-annually)	1.94% (pays annually)		8/1/26		(364,866	)		—		(364,866	)
HUF	1,450,029	Receives	6-month HUF BUBOR (pays semi-annually)	1.89% (pays annually)		9/21/26		(327,202	)		—		(327,202	)

20 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
HUF	587,850	Receives	6-month HUF BUBOR (pays semi-annually)	1.93% (pays annually)		9/21/26	$	(138,360	)	$	—	$	(138,360	)
HUF	573,154	Receives	6-month HUF BUBOR (pays semi-annually)	1.94% (pays annually)		9/21/26		(135,564	)		—		(135,564	)
HUF	583,931	Receives	6-month HUF BUBOR (pays semi-annually)	2.14% (pays annually)		10/13/26		(164,110	)		—		(164,110	)
HUF	1,485,300	Receives	6-month HUF BUBOR (pays semi-annually)	2.09% (pays annually)		10/19/26		(398,947	)		—		(398,947	)
HUF	707,985	Receives	6-month HUF BUBOR (pays semi-annually)	2.06% (pays annually)		10/28/26		(184,616	)		—		(184,616	)
HUF	285,989	Receives	6-month HUF BUBOR (pays semi-annually)	2.08% (pays annually)		10/28/26		(75,563	)		—		(75,563	)
HUF	428,517	Receives	6-month HUF BUBOR (pays semi-annually)	2.09% (pays annually)		11/2/26		(143,000	)		—		(143,000	)
HUF	286,920	Receives	6-month HUF BUBOR (pays semi-annually)	2.18% (pays annually)		11/3/26		(103,390	)		—		(103,390	)
HUF	281,331	Receives	6-month HUF BUBOR (pays semi-annually)	2.15% (pays annually)		11/7/26		(98,633	)		—		(98,633	)
HUF	279,468	Receives	6-month HUF BUBOR (pays semi-annually)	2.12% (pays annually)		11/8/26		(95,703	)		—		(95,703	)
HUF	769,469	Receives	6-month HUF BUBOR (pays semi-annually)	2.14% (pays annually)		11/10/26		(267,987	)		—		(267,987	)
JPY	875,012	Receives	6-monthJPY-LIBOR (pays semi-annually)	0.85% (pays semi-annually)		6/19/47		(1,335,582	)		—		(1,335,582	)
MXN	1,081,600	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.54% (pays monthly)		12/15/23		4,634,965			—		4,634,965
NZD	65,710	Receives	3-month NZD Bank Bill (pays quarterly)	3.32% (pays semi-annually)		2/19/28		(6,973,514	)		—		(6,973,514	)
NZD	5,220	Receives	3-month NZD Bank Bill (pays quarterly)	2.49% (pays semi-annually)		2/22/29		(347,330	)		—		(347,330	)
NZD	6,500	Receives	3-month NZD Bank Bill (pays quarterly)	2.50% (pays semi-annually)		2/22/29		(435,310	)		—		(435,310	)
PLN	21,649	Pays	6-month PLN WIBOR (pays semi-annually)	2.22% (pays annually)		8/1/26		169,250			—		169,250
PLN	7,837	Pays	6-month PLN WIBOR (pays semi-annually)	2.28% (pays annually)		9/21/26		69,059			—		69,059
PLN	28,997	Pays	6-month PLN WIBOR (pays semi-annually)	2.30% (pays annually)		9/21/26		265,448			—		265,448
PLN	8,288	Pays	6-month PLN WIBOR (pays semi-annually)	2.49% (pays annually)		10/13/26		102,608			—		102,608
PLN	12,637	Pays	6-month PLN WIBOR (pays semi-annually)	2.46% (pays annually)		10/19/26		149,954			—		149,954
PLN	8,425	Pays	6-month PLN WIBOR (pays semi-annually)	2.47% (pays annually)		10/19/26		101,415			—		101,415
PLN	10,411	Pays	6-month PLN WIBOR (pays semi-annually)	2.46% (pays annually)		10/28/26		123,380			—		123,380
PLN	4,164	Pays	6-month PLN WIBOR (pays semi-annually)	2.47% (pays annually)		10/28/26		50,059			—		50,059

21 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
PLN	6,247	Pays	6-month PLN WIBOR (pays semi-annually)	2.50% (pays annually)		10/31/26	$	78,448		$	—	$	78,448
PLN	4,164	Pays	6-month PLN WIBOR (pays semi-annually)	2.56% (pays annually)		11/2/26		75,267			—		75,267
PLN	4,164	Pays	6-month PLN WIBOR (pays semi-annually)	2.54% (pays annually)		11/7/26		73,624			—		73,624
PLN	4,165	Pays	6-month PLN WIBOR (pays semi-annually)	2.50% (pays annually)		11/8/26		70,342			—		70,342
PLN	11,509	Pays	6-month PLN WIBOR (pays semi-annually)	2.52% (pays annually)		11/10/26		197,840			—		197,840
SGD	18,500	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.42% (pays semi-annually)		10/19/23		495,118			—		495,118
SGD	9,630	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		263,323			—		263,323
SGD	10,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		273,441			—		273,441
SGD	15,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		410,161			—		410,161
SGD	25,150	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.08% (pays semi-annually)		12/13/23		453,691			—		453,691
SGD	26,350	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.09% (pays semi-annually)		12/13/23		466,084			—		466,084
SGD	3,317	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)		8/14/24		4,218			—		4,218
SGD	2,885	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)		8/14/24		3,924			—		3,924
SGD	3,245	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.56% (pays semi-annually)		8/14/24		6,139			—		6,139
SGD	3,245	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.57% (pays semi-annually)		8/14/24		6,426			—		6,426
SGD	4,688	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.57% (pays semi-annually)		8/14/24		9,284			—		9,284
USD	342,000	Pays	3-monthUSD-LIBOR (pays quarterly)	2.57% (pays semi-annually)		3/14/21		4,365,862			—		4,365,862
USD	185,000	Pays	3-monthUSD-LIBOR (pays quarterly)	1.51% (pays semi-annually)		10/25/23		414,317			—		414,317
USD	132,000	Pays	3-monthUSD-LIBOR (pays quarterly)	2.51% (pays semi-annually)		3/12/24		5,747,556			—		5,747,556
USD	68,000	Pays	3-monthUSD-LIBOR (pays quarterly)	2.42% (pays semi-annually)		4/24/24		2,752,656			—		2,752,656
USD	80,000	Pays	3-monthUSD-LIBOR (pays quarterly)	1.70% (pays semi-annually)		6/27/24		1,078,274			—		1,078,274
USD	40,459	Pays	3-monthUSD-LIBOR (pays quarterly)	1.86% (pays semi-annually)		7/16/24		864,305			—		864,305
USD	64,000	Pays	3-monthUSD-LIBOR (pays quarterly)	1.26% (pays semi-annually)		9/6/24		(746,683	)		—		(746,683	)
USD	53,000	Pays	3-monthUSD-LIBOR (pays quarterly)	2.34% (pays semi-annually)		5/17/29		3,852,343			—		3,852,343

22 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
USD	40,000		Receives	3-monthUSD-LIBOR (pays quarterly)	1.78% (pays semi-annually)		10/27/31	$	(379,979	)	$	—		$	(379,979	)
USD	11,693		Receives	3-monthUSD-LIBOR (pays quarterly)	2.50% (pays semi-annually)		9/20/47		(1,830,188	)		(104,581	)		(1,934,769	)
USD	15,500		Pays	3-monthUSD-LIBOR (pays quarterly)	2.01% (pays semi-annually)		12/15/47		199,000			—			199,000
USD	1,000		Pays	3-monthUSD-LIBOR (pays quarterly)	2.50% (pays semi-annually)		3/21/48		158,482			118,116			276,598
USD	3,250		Receives	3-monthUSD-LIBOR (pays quarterly)	2.92% (pays semi-annually)		12/21/48		(861,672	)		—			(861,672	)
USD	4,570		Receives	3-monthUSD-LIBOR (pays quarterly)	2.60% (pays semi-annually)		3/27/49		(848,838	)		35,754			(813,084	)
USD	4,500		Receives	3-monthUSD-LIBOR (pays quarterly)	2.67% (pays semi-annually)		4/8/49		(905,492	)		—			(905,492	)
USD	21,875		Receives	3-monthUSD-LIBOR (pays quarterly)	2.54% (pays semi-annually)		5/17/49		(3,930,906	)		—			(3,930,906	)
USD	7,500		Receives	3-monthUSD-LIBOR (pays quarterly)	2.34% (pays semi-annually)		6/4/49		(987,330	)		—			(987,330	)
USD	6,400		Receives	3-monthUSD-LIBOR (pays quarterly)	2.03% (pays semi-annually)		8/6/49		(355,032	)		—			(355,032	)
USD	7,500		Receives	3-monthUSD-LIBOR (pays quarterly)	1.65% (pays semi-annually)		8/16/49		260,234			—			260,234
USD	4,500		Pays	3-monthUSD-LIBOR (pays quarterly)	1.96% (pays semi-annually)		10/30/49		178,042			—			178,042
USD	3,500		Receives	3-month USD-LIBOR (pays quarterly)	2.55% (pays semi-annually)		6/11/55		(503,361	)		—			(503,361	)
USD	3,500		Receives	3-monthUSD-LIBOR (pays quarterly)	2.75% (pays semi-annually)		7/27/55		(649,822	)		—			(649,822	)
Total								$	4,421,691		$	49,289		$	4,470,980

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value/Unrealized Appreciation (Depreciation)
BNP Paribas	MYR	89,300	Pays	3-month MYR KLIBOR (pays quarterly)	3.13% (pays quarterly)		10/4/24	$	(163,400	)
Citibank, N.A.	MYR	56,300	Pays	3-month MYR KLIBOR (pays quarterly)	3.13% (pays quarterly)		10/4/24		(103,017	)
Goldman Sachs International	RUB	757,000	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.07% (pays annually)		10/7/24		155,925
JPMorgan Chase Bank, N.A.	MYR	106,700	Pays	3-month MYR KLIBOR (pays quarterly)	3.13% (pays quarterly)		10/4/24		(195,238	)
Standard Chartered Bank	MYR	72,700	Pays	3-month MYR KLIBOR (pays quarterly)	3.12% (pays quarterly)		10/4/24		(139,215	)
Total								$	(444,945	)

23 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Centrally Cleared Credit Default Swaps — Buy Protection
Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate*		Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Lebanon	$	500		1.00% (pays quarterly)(1)		12/20/20	$	174,431		$	(175,000	)	$	(569	)
Malaysia		107,070		1.00% (pays quarterly)(1)		12/20/24		(3,080,801	)		2,699,030			(381,771	)
							$	(2,906,370	)	$	2,524,030		$	(382,340	)

* The contract annual fixed rate represents the fixed rate of interest paid by the Portfolio (as a buyer of protection) on the notional amount of the credit default swap contract.

⁽¹⁾ Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Total Return Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Receives	Portfolio Pays	Termination Date	Value/Unrealized Appreciation (Depreciation)
Barclays Bank PLC	$	11,700	Return on iBoxx USD Liquid High Yield Index (pays upon termination)	3-month USD-LIBOR (pays quarterly)	12/20/19	$(54,526)
Barclays Bank PLC		3,500	Return on iBoxx USD Liquid High Yield Index (pays upon termination)	3-monthUSD-LIBOR (pays quarterly)	12/20/19	105,449
Goldman Sachs International		55,600	Return on iBoxx USD Liquid High Yield Index (pays upon termination)	3-monthUSD-LIBOR (pays quarterly)	12/20/19	(361,562)
						$(310,639)

Cross-Currency Swaps
Counterparty	Portfolio Receives*	Portfolio Pays*	Termination Date	Value/Unrealized Appreciation (Depreciation)
Goldman Sachs International	11.57% on TRY 12,090,000 (pays annually) plus USD 2,095,321	3-month USD-LIBOR on USD 2,095,321 (pays quarterly) plus TRY 12,090,000	10/30/24	$	49,950
				$	49,950

* The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.

24 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Portfolio of Investments — continued

Abbreviations:

BADLAR	–	Buenos Aires Deposits of Large Amount Rate
COF	–	Cost of Funds 11th District
EURIBOR	–	Euro Interbank Offered Rate
GDP	–	Gross Domestic Product
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CLP	–	Chilean Peso
CNY	–	Yuan Renminbi
COP	–	Colombian Peso
CZK	–	Czech Koruna
EGP	–	Egyptian Pound
EUR	–	Euro
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
ISK	–	Icelandic Krona
JPY	–	Japanese Yen
KRW	–	South Korean Won
LKR	–	Sri Lankan Rupee
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit

NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
OMR	–	Omani Rial
PEN	–	Peruvian Sol
PHP	–	Philippine Peso
PKR	–	Pakistani Rupee
PLN	–	Polish Zloty
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TRY	–	New Turkish Lira
UAH	–	Ukrainian Hryvnia
USD	–	United States Dollar
ZAR	–	South African Rand

25 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Statement of Assets and Liabilities

Assets	October 31, 2019
Unaffiliated investments, at value (identified cost, $1,303,023,586)	$	1,241,437,294
Affiliated investment, at value (identified cost, $132,558,281)		132,568,586
Cash		558,962
Deposits for derivatives collateral —
Futures contracts		864,120
Centrally cleared derivatives		32,742,913
OTC derivatives		2,249,340
Foreign currency, at value (identified cost, $3,072,541)		2,509,222
Interest and dividends receivable		12,768,108
Dividends receivable from affiliated investment		176,827
Receivable for investments sold		9,098,490
Receivable for variation margin on open futures contracts		328,949
Receivable for variation margin on open centrally cleared derivatives		1,032,024
Receivable for open forward foreign currency exchange contracts		1,095,998
Receivable for open forward volatility agreements		87,117
Receivable for open swap contracts		385,355
Prepaid expenses		1,008
Total assets	$	1,437,904,313
Liabilities
Cash collateral due to brokers	$	2,249,340
Written options outstanding, at value (premiums received, $158,824)		17,500
Payable for investments purchased		62,450,762
Payable for open forward foreign currency exchange contracts		2,322,416
Payable for open swap contracts		2,029,968
Payable for closed swap contracts		174,431
Payable to affiliates:
Investment adviser fee		695,985
Trustees’ fees		5,909
Accrued foreign capital gains taxes		293,698
Accrued expenses		592,604
Total liabilities	$	70,832,613
Net Assets applicable to investors’ interest in Portfolio	$	1,367,071,700

26 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Statement of Operations

Investment Income	Year Ended October 31, 2019
Interest (net of foreign taxes, $1,564,340)	$	68,012,879
Dividends (net of foreign taxes, $31,238)		4,523,491
Dividends from affiliated investment		1,496,182
Total investment income	$	74,032,552
Expenses
Investment adviser fee	$	8,329,721
Trustees’ fees and expenses		75,229
Custodian fee		794,282
Legal and accounting services		240,528
Miscellaneous		210,912
Total expenses	$	9,650,672
Net investment income	$	64,381,880
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $176,907)	$	4,767,609
Investment transactions — affiliated investment		(3,315	)
Written options		389,497
Futures contracts		(24,172,718	)
Swap contracts		415,106
Foreign currency transactions		2,770,929
Forward foreign currency exchange contracts		589,667
Capital gains distributions received		113,857
Net realized loss	$	(15,129,368	)
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $293,698)	$	15,526,379
Investments — affiliated investment		12,722
Written options		232,934
Futures contracts		(5,806,907	)
Swap contracts		(4,345,523	)
Forward volatility agreements		995,123
Foreign currency		(121,132	)
Forward foreign currency exchange contracts		(9,605,477	)
Net change in unrealized appreciation (depreciation)	$	(3,111,881	)
Net realized and unrealized loss	$	(18,241,249	)
Net increase in net assets from operations	$	46,140,631

27 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	64,381,880		$	71,171,008
Net realized gain (loss)		(15,129,368	)		19,816,899
Net change in unrealized appreciation (depreciation)		(3,111,881	)		(54,200,253	)
Net increase in net assets from operations	$	46,140,631		$	36,787,654
Capital transactions —
Contributions	$	176,442,491		$	192,566,243
Withdrawals		(345,993,255	)		(372,199,188	)
Net decrease in net assets from capital transactions	$	(169,550,764	)	$	(179,632,945	)
Net decrease in net assets	$	(123,410,133	)	$	(142,845,291	)
Net Assets
At beginning of year	$	1,490,481,833		$	1,633,327,124
At end of year	$	1,367,071,700		$	1,490,481,833

28 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Consolidated Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.69	%		0.69	%		0.68	%		0.66	%		0.66	%
Net investment income		4.61	%		4.47	%		3.84	%		3.75	%		3.63	%
Portfolio Turnover		39	%		57	%		44	%		30	%		32	%
Total Return		3.21	%		2.74	%		6.70	%		0.04	%		(0.41	)%
Net assets, end of year (000’s omitted)	$	1,367,072		$	1,490,482		$	1,633,327		$	1,479,688		$	1,859,065

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

29 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements

1  Significant Accounting Policies

Global Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anon-diversified,open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2019, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 93.1% and 6.9%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GOP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The net assets of the Subsidiary at October 31, 2019 were $3,256,663 or 0.2% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

Equity Securities.Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options andover-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Forward volatility agreements are valued by a third party pricing service using techniques that consider factors including the volatility of the underlying instrument and the period of time until expiration. Swaps and options on interest rate swaps (“swaptions”) are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.

Foreign Securities and Currencies.Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund.The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit

30

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation.Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions— Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income— Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on theex-dividend date for dividends received in cash and/or securities. However, if theex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of theex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. If one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of October 31, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the accompanying Consolidated Portfolio of Investments.

G  Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

31

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index, commodity or currency, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

K  Written Options — Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as a liability. The amount of the liability is subsequentlymarked-to-market to reflect the current market value of the option written, in accordance with the Portfolio’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

L  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequentlymarked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options tradedover-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

M  Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event ofnon-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

32

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

N  Inflation Swaps — Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

O  Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement tore-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

P  Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts fornon-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 10. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer,marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Q  Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

R  Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequentlymarked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequentlymarked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions tradedover-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

S  Forward Volatility Agreements — Forward volatility agreements are transactions in which two parties agree to the purchase or sale of a swaption straddle (i.e., a receiver swaption and a payer swaption with the same expiration date) on an underlying floating-rate versus a fixed rate reference entity.

33

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

The fixed rate shall equal the prevailingat-the-money forward rate of the benchmark swap at determination date. Changes in the value of the agreement are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying reference entity.

T  Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 0.615% of its respective average daily net assets up to $500 million, 0.595% from $500 million but less than $1 billion, 0.575% from $1 billion but less than $1.5 billion, 0.555% from $1.5 billion but less than $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2019, the Portfolio’s investment adviser fee amounted to $8,329,721 or 0.597% of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, for the year ended October 31, 2019 were as follows:

	Purchases		Sales
Investments(non-U.S. Government)	$	302,466,685	$	306,235,706
U.S. Government and Agency Securities		188,906,304		353,039,007
	$	491,372,989	$	659,274,713

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts and the Portfolio’s investment in the Subsidiary, at October 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,465,089,114
Gross unrealized appreciation	$	40,346,811
Gross unrealized depreciation		(128,278,912	)
Net unrealized depreciation	$	(87,932,101	)

34

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

5  Restricted Securities

At October 31, 2019, the Portfolio owned the following securities (representing 2.1% of net assets) which were restricted as to resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description	Date of Acquisition		Shares		Cost		Value
Other
Altair V Reinsurance		12/22/16		1,932	$	1,931,845	$	19,318
Altair VI Reinsurance		12/29/17		1,000		2,670,333		674,500
Blue Lotus Re, Ltd.		12/20/17		6,000		6,000,000		6,472,800
Mt. Logan Re, Ltd., Series 13 Preference Shares		1/22/19		2,000		1,811,255		1,365,882
Mt. Logan Re, Ltd., Special Investment Series 13		1/2/18		10,000		8,188,745		8,970,997
Sussex Capital, Ltd., Designated Investment Series 5		5/31/19		249		—		250,246
Sussex Capital, Ltd., Series 5 Preference Shares		12/17/18		6,000		6,000,000		6,135,186
Versutus Re, Ltd.		12/17/18		4,000		4,000,000		4,242,800
Total Restricted Securities					$	30,602,178	$	28,131,729

6  Financial Instruments

The Portfolio may trade in financial instruments withoff-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, swaptions, forward foreign currency exchange contracts, futures contracts, forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2019 is included in the Consolidated Portfolio of Investments. At October 31, 2019, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:

Commodity Risk: The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

Credit Risk: The Portfolio enters into credit default swaps to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Equity Price Risk: The Portfolio enters into equity index options and futures contracts to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, currency options and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps and swaptions, inflation swaps, cross-currency swaps, total return swaps, options contracts and forward volatility agreements to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

The Portfolio enters intoover-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $4,352,384. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $3,235,445 at October 31, 2019.

The OTC derivatives in which the Portfolio invests (except for written options as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically

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Global Opportunities Portfolio

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Notes to Consolidated Financial Statements — continued

contains, among other things,set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold,re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2019. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2019 was as follows:

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity			Credit			Equity Price		Foreign Exchange			Interest Rate			Total
Unaffiliated investments, at value	$	—		$	—		$	2,203,150	$	17,500		$	13,461,855		$	15,682,505
Not applicable		707,800	*		174,431	*		—		4,896,206	*		37,520,261	*		43,298,698
Receivable for open forward foreign currency exchange contracts		—			—			—		1,095,998			—			1,095,998
Receivable for open swap contracts		—			—			—		—			385,355			385,355
Receivable for open forward volatility agreements		—			—			—		—			87,117			87,117
Total Asset Derivatives	$	707,800		$	174,431		$	2,203,150	$	6,009,704		$	51,454,588		$	60,549,673
Derivatives not subject to master netting or similar agreements	$	707,800		$	174,431		$	—	$	4,913,706		$	37,520,261		$	43,316,198
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	—		$	2,203,150	$	1,095,998		$	13,934,327		$	17,233,475
Written options outstanding, at value	$	—		$	—		$	—	$	(17,500	)	$	—		$	(17,500	)
Not applicable		—			(3,080,801	)*		—		(6,375,715	)*		(34,319,081	)*		(43,775,597	)
Payable for open forward foreign currency exchange contracts		—			—			—		(2,322,416	)		—			(2,322,416	)
Payable for open swap contracts		—			—			—		—			(2,029,968	)		(2,029,968	)
Total Liability Derivatives	$	—		$	(3,080,801	)	$	—	$	(8,715,631	)	$	(36,349,049	)	$	(48,145,481	)
Derivatives not subject to master netting or similar agreements	$	—		$	(3,080,801	)	$	—	$	(6,393,215	)	$	(34,319,081	)	$	(43,793,097	)
Total Liability Derivatives subject to master netting or similar agreements	$	—		$	—		$	—	$	(2,322,416	)	$	(2,029,968	)	$	(4,352,384	)

* Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

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Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of October 31, 2019.

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
Australia and New Zealand Banking Group Limited	$	139,551		$	(139,551	)	$	—		$	—		$	—		$	—
Bank of America, N.A.		10,651,710			(627,589	)		—			—			10,024,121			—
Barclays Bank PLC		105,449			(54,526	)		—			—			50,923			—
BNP Paribas		74,031			(74,031	)		—			—			—			—
Goldman Sachs International		2,409,025			(787,854	)		(634,525	)		(986,646	)		—			1,770,000
JPMorgan Chase Bank, N.A.		2,043			(2,043	)		—			—			—			—
Morgan Stanley & Co. International PLC		2,900,048			—			—			(479,340	)		2,420,708			479,340
Standard Chartered Bank		872,727			(872,727	)		—			—			—			—
UBS AG		78,891			(1,260	)		(41,904	)		—			35,727			—
	$	17,233,475		$	(2,559,581	)	$	(676,429	)	$	(1,465,986	)	$	12,531,479		$	2,249,340
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
Australia and New Zealand Banking Group Limited	$	(354,390	)	$	139,551		$	214,839		$	—		$	—		$	—
Bank of America, N.A.		(627,589	)		627,589			—			—			—			—
Barclays Bank PLC		(54,526	)		54,526			—			—			—			—
BNP Paribas		(777,574	)		74,031			564,032			—			(139,511	)		—
Citibank, N.A.		(109,239	)		—			—			—			(109,239	)		—
Goldman Sachs International		(787,854	)		787,854			—			—			—			—
JPMorgan Chase Bank, N.A.		(195,238	)		2,043			150,741			—			(42,454	)		—
Standard Chartered Bank		(1,331,120	)		872,727			458,393			—			—			—
State Street Bank and Trust Company		(113,594	)		—			—			—			(113,594	)		—
UBS AG		(1,260	)		1,260			—			—			—			—
	$	(4,352,384	)	$	2,559,581		$	1,388,005		$	—		$	(404,798	)	$	—
Total — Deposits for derivatives collateral — OTC derivatives																$	2,249,340

^(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.

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Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the year ended October 31, 2019 was as follows:

Consolidated Statement of Operations Caption	Commodity		Credit			Equity Price			Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Investment transactions	$	—	$	—		$	(389,503	)	$	(1,711,416	)	$	544,500		$	(1,556,419	)
Written options		—		—			389,497			—			—			389,497
Futures contracts		—		—			(310,540	)		—			(23,862,178	)		(24,172,718	)
Swap contracts		—		(6,057,602	)		—			—			6,472,708			415,106
Forward foreign currency exchange contracts		—		—			—			589,667			—			589,667
Total	$	—	$	(6,057,602	)	$	(310,546	)	$	(1,121,749	)	$	(16,844,970	)	$	(24,334,867	)
Change in unrealized appreciation (depreciation) —
Investments	$	—	$	—		$	957,220		$	(2,484,855	)	$	331,909		$	(1,195,726	)
Written options		—		—			(59,447	)		292,381			—			232,934
Futures contracts		707,800		—			893,418			—			(7,408,125	)		(5,806,907	)
Swap contracts		—		(438,894	)		—			—			(3,906,629	)		(4,345,523	)
Forward volatility agreements		—		—			—			—			995,123			995,123
Forward foreign currency exchange contracts		—		—			—			(9,605,477	)		—			(9,605,477	)
Total	$	707,800	$	(438,894	)	$	1,791,191		$	(11,797,951	)	$	(9,987,722	)	$	(19,725,576	)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2019, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Forward Volatility Agreements
	$436,845,000	$	1,427,648,000	$	1,493,743,000	$	35,000,000

Purchased Swaptions		Purchased Call Options		Swap Contracts
	$143,077,000	$	450,000,000	$	2,354,224,000

* 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.

The average principal amount of purchased currency options contracts and written currency options contracts and average number of purchased options contracts and written options contracts outstanding during the year ended October 31, 2019, which are indicative of the volume of these derivative types, were approximately $87,777,000, $6,782,000, 6,260 contracts and 2,002 contracts, respectively.

7  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by

38

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2019.

8  Risks Associated with Foreign Investments

Investing in securities issued by entities whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign issuers, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

9  Investments in Affiliated Funds

At October 31, 2019, the value of the Portfolio’s investment in affiliated funds was $132,568,586, which represents 9.7% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2019 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC, 1.97%	$	32,594,331	$	979,386,934	$	(879,422,086	)	$	(3,315	)	$	12,722	$	132,568,586	$	1,496,182		132,568,586

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• 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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

At October 31, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Collateralized Mortgage Obligations	$	—		$	358,642,343		$	—	$	358,642,343
Mortgage Pass-Throughs		—			5,972,638			—		5,972,638
Commercial Mortgage-Backed Securities		—			21,456,982			—		21,456,982
Asset-Backed Securities		—			187,290,381			—		187,290,381
U.S. Government Guaranteed Small Business Administration Loans		—			62,227,983			—		62,227,983
Senior Floating-Rate Loans		—			—			1,561,925		1,561,925
Sovereign Loans		—			1,350,727			—		1,350,727
Foreign Government Bonds		—			357,648,715			—		357,648,715
Foreign Corporate Bonds		—			53,780,740			—		53,780,740
Corporate Bonds		—			2,898,425			—		2,898,425
Common Stocks		—			4,071,174	*		—		4,071,174
Closed-End Funds		33,554,452			—			—		33,554,452
Other		—			—			40,437,548		40,437,548
U.S. Treasury Obligations		—			39,356,157			—		39,356,157
Short-Term Investments —
Foreign Government Securities		—			47,018,864			—		47,018,864
U.S. Treasury Obligations		—			8,485,735			—		8,485,735
Other		—			132,568,586			—		132,568,586
Purchased Interest Rate Swaptions		—			13,023,973			—		13,023,973
Purchased Call Options		—			2,641,032			—		2,641,032
Purchased Put Options		17,500			—			—		17,500
Total Investments	$	33,571,952		$	1,298,434,455		$	41,999,473	$	1,374,005,880
Forward Foreign Currency Exchange Contracts	$	—		$	5,992,204		$	—	$	5,992,204
Forward Volatility Agreements		—			87,117			—		87,117
Futures Contracts		1,220,996			—			—		1,220,996
Swap Contracts		—			37,566,851			—		37,566,851
Total	$	34,792,948		$	1,342,080,627		$	41,999,473	$	1,418,873,048
Liability Description
Written Put Options	$	(17,500	)	$	—		$	—	$	(17,500	)
Forward Foreign Currency Exchange Contracts		—			(8,698,131	)		—		(8,698,131	)
Futures Contracts		(39,813	)		—			—		(39,813	)
Swap Contracts		—			(39,390,037	)		—		(39,390,037	)
Total	$	(57,313	)	$	(48,088,168	)	$	—	$	(48,145,481	)

* 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.

40

Global Opportunities Portfolio

October 31, 2019

Notes to Consolidated Financial Statements — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in Senior Floating-Rate Loans			Investments in Other			Total
Balance as of October 31, 2018	$	—		$	34,487,429		$	34,487,429
Realized gains (losses)		(27,675	)		(574,114	)		(601,789	)
Change in net unrealized appreciation (depreciation)		(201,125	)		554,664			353,539
Cost of purchases		1,087,465			20,000,000			21,087,465
Proceeds from sales, including return of capital		(1,097,400	)		(14,030,431	)		(15,127,831	)
Accrued discount (premium)		307,659			—			307,659
Transfers to Level 3(1)		1,493,001			—			1,493,001
Transfers from Level 3(1)		—			—			—
Balance as of October 31, 2019	$	1,561,925		$	40,437,548		$	41,999,473
Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2019	$	(201,125	)	$	(265,239	)	$	(466,364	)

⁽¹⁾ An investment was transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

The Portfolio’s investments in Level 3 securities were primarily valued on the basis of broker quotations.

41

Global Opportunities Portfolio

October 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Global Opportunities Portfolio and subsidiary (the “Portfolio”), including the consolidated portfolio of investments, as of October 31, 2019, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2019, by correspondence with the custodian, brokers, and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 20, 2019

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Global Opportunities Portfolio

October 31, 2019

Management and Organization

Fund Management.  The Trustees of Global Opportunities Portfolio (the Portfolio) are responsible for the overall management and supervision of the Portfolio’s affairs. The Trustees and officers of the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serve until his or her successor is elected.

Name and Year of Birth	Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Portfolio. Other Directorships in the Last Five Years.Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years.Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

43

Global Opportunities Portfolio

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years.None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Portfolio Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM since 2016.

44

Global Opportunities Portfolio

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Portfolio Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for Eaton Vance Short Duration Strategic Income Fund (which invests in the Portfolio) includes additional information about the Trustees and officers of the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

45

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Fiscal Years Ended	10/31/18		10/31/19
Audit Fees	$	95,247	$	114,796
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	33,654	$	43,426
All Other Fees(3)	$	0	$	0
Total	$	128,901	$	158,222

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other tax related compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to thepre-approval of services provided by the registrant’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.

ThePre-Approval Policies and the types of audit andnon-audit servicespre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01 (c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

(g) The following table presents (i) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019; and (ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	10/31/18		10/31/19
Registrant	$	33,654	$	43,426
Eaton Vance(1)	$	126,485	$	59,903

⁽¹⁾  Certain subsidiaries of Eaton Vance Corp. provide ongoing services to the registrant.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this FormN-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 forClosed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Global Opportunities Portfolio

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	December 23, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	December 23, 2019

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	December 23, 2019