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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22350

Global Opportunities Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments

Asset-Backed Securities — 10.2%
Security	Principal Amount		Value
Alinea CLO, Ltd., Series 2018-1A, Class E, 6.132%, (3 mo. USD LIBOR + 6.00%), 7/20/31(1)(2)	$	2,000,000	$	1,971,962
Allegany Park CLO, Ltd., Series 2019-1A, Class D, 3.832%, (3 mo. USD LIBOR + 3.70%), 1/20/33(1)(2)		1,700,000		1,704,621
AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 7.034%, (3 mo. USD LIBOR + 6.91%), 1/15/32(1)(2)		3,000,000		2,951,928
AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 6.308%, (3 mo. USD LIBOR + 6.18%), 11/10/30(1)(2)		2,000,000		1,881,532
Arch Street CLO, Ltd., Series 2016-2A, Class AR2, 1.132%, (3 mo. USD LIBOR + 1.00%), 10/20/28(1)(2)		5,927,030		5,927,024
Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class D, 5.975%, (3 mo. USD LIBOR + 5.85%), 5/15/30(1)(2)		4,000,000		3,933,956
Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 5.824%, (3 mo. USD LIBOR + 5.70%), 7/15/30(1)(2)		3,000,000		2,936,652
Bain Capital Credit CLO, Ltd., Series 2018-1A, Class E, 5.474%, (3 mo. USD LIBOR + 5.35%), 4/23/31(1)(2)		3,500,000		3,276,630
Barings CLO, Ltd., Series 2018-1A, Class D, 5.624%, (3 mo. USD LIBOR + 5.50%), 4/15/31(1)(2)		5,000,000		4,806,320
Battalion CLO XXII, Ltd., Series 2021-22A, Class D, 3.469%, (3 mo. USD LIBOR + 3.35%), 1/20/35(1)(2)		2,000,000		2,001,298
Benefit Street Partners CLO V-B, Ltd., Series 2018-5BA, Class D, 6.082%, (3 mo. USD LIBOR + 5.95%), 4/20/31(1)(2)		3,000,000		2,817,009
Benefit Street Partners CLO VIII, Ltd., Series 2015-8A, Class DR, 5.732%, (3 mo. USD LIBOR + 5.60%), 1/20/31(1)(2)		5,000,000		4,619,790
Benefit Street Partners CLO XIV, Ltd., Series 2018-14A, Class E, 5.482%, (3 mo. USD LIBOR + 5.35%), 4/20/31(1)(2)		3,000,000		2,832,678
Benefit Street Partners CLO XVI, Ltd.:
Series 2018-16A, Class DR, 3.122%, (3 mo. USD LIBOR + 3.00%), 1/17/32(1)(2)		2,000,000		2,002,276
Series 2018-16A, Class E, 6.822%, (3 mo. USD LIBOR + 6.70%), 1/17/32(1)(2)		2,000,000		1,994,140
Benefit Street Partners CLO XVII, Ltd.:
Series 2019-17A, Class DR, 3.474%, (3 mo. USD LIBOR + 3.35%), 7/15/32(1)(2)		1,500,000		1,498,531
Series 2019-17A, Class ER, 6.474%, (3 mo. USD LIBOR + 6.35%), 7/15/32(1)(2)		750,000		750,843
Betony CLO 2, Ltd., Series 2018-1A, Class D, 5.779%, (3 mo. USD LIBOR + 5.65%), 4/30/31(1)(2)		3,000,000		2,843,316

Security	Principal Amount		Value
BlueMountain CLO, Ltd.:
Series 2015-3A, Class DR, 5.532%, (3 mo. USD LIBOR + 5.40%), 4/20/31(1)(2)	$	2,000,000	$	1,876,262
Series 2016-3A, Class ER, 6.075%, (3 mo. USD LIBOR + 5.95%), 11/15/30(1)(2)		1,000,000		937,429
BlueMountain CLO XXII, Ltd., Series 2018-1A, Class E, 6.079%, (3 mo. USD LIBOR + 5.95%), 7/30/30(1)(2)		750,000		718,118
BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class D1R, 3.632%, (3 mo. USD LIBOR + 3.50%), 10/20/34(1)(2)		3,500,000		3,500,000
Canyon Capital CLO, Ltd.:
Series 2016-1A, Class ER, 5.874%, (3 mo. USD LIBOR + 5.75%), 7/15/31(1)(2)		4,000,000		3,835,764
Series 2016-2A, Class ER, 6.124%, (3 mo. USD LIBOR + 6.00%), 10/15/31(1)(2)		1,000,000		948,804
Series 2017-1A, Class E, 6.374%, (3 mo. USD LIBOR + 6.25%), 7/15/30(1)(2)		1,000,000		978,878
Series 2018-1A, Class E, 5.874%, (3 mo. USD LIBOR + 5.75%), 7/15/31(1)(2)		2,000,000		1,922,488
Carlyle Global Market Strategies CLO, Ltd.:
Series 2012-3A, Class DR2, 6.627%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2)		1,000,000		922,384
Series 2014-3RA, Class D, 5.535%, (3 mo. USD LIBOR + 5.40%), 7/27/31(1)(2)		2,000,000		1,853,274
Series 2014-4RA, Class D, 5.774%, (3 mo. USD LIBOR + 5.65%), 7/15/30(1)(2)		3,000,000		2,712,585
Series 2015-5A, Class DR, 6.832%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(2)		3,500,000		3,353,294
Series C17A, Class DR, 6.129%, (3 mo. USD LIBOR + 6.00%), 4/30/31(1)(2)		3,000,000		2,858,232
CarVal CLO IV, Ltd., Series 2021-1A, Class E, 6.738%, (3 mo. USD LIBOR + 6.60%), 7/20/34(1)(2)		1,000,000		992,010
CIFC Funding 2017-III, Ltd., Series 2017-3A, Class A1, 1.352%, (3 mo. USD LIBOR + 1.22%), 7/20/30(1)(2)		1,125,000		1,126,072
Crown City CLO III, Series 2021-1A, Class C, 3.424%, (3 mo. USD LIBOR + 3.30%), 7/20/34(1)(2)		1,000,000		997,024
Dryden CLO, Ltd., Series 2018-55A, Class E, 5.524%, (3 mo. USD LIBOR + 5.40%), 4/15/31(1)(2)		1,000,000		976,324
Dryden Senior Loan Fund, Series 2016-42A, Class ER, 5.674%, (3 mo. USD LIBOR + 5.55%), 7/15/30(1)(2)		2,000,000		1,942,126
Galaxy XXI CLO, Ltd.:
Series 2015-21A, Class DR, 2.782%, (3 mo. USD LIBOR + 2.65%), 4/20/31(1)(2)		5,000,000		4,926,225
Series 2015-21A, Class ER, 5.382%, (3 mo. USD LIBOR + 5.25%), 4/20/31(1)(2)		4,000,000		3,856,212

1 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
Galaxy XXV CLO, Ltd., Series 2018-25A, Class E, 6.074%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2)	$	2,000,000	$	1,957,626
Golub Capital Partners CLO 22B, Ltd., Series 2015-22A, Class ER, 6.132%, (3 mo. USD LIBOR + 6.00%), 1/20/31(1)(2)		3,000,000		2,838,072
Golub Capital Partners CLO 37B, Ltd., Series 2018-37A, Class E, 5.882%, (3 mo. USD LIBOR + 5.75%), 7/20/30(1)(2)		3,000,000		2,736,447
Golub Capital Partners CLO 53B, Ltd.:
Series 2021-53A, Class D, 3.18%, (3 mo. USD LIBOR + 3.05%), 7/20/34(1)(2)		2,000,000		1,999,830
Series 2021-53A, Class E, 6.83%, (3 mo. USD LIBOR + 6.70%), 7/20/34(1)(2)		1,000,000		997,344
Golub Capital Partners CLO, Ltd., Series 2020-48A, Class D, 3.922%, (3 mo. USD LIBOR + 3.80%), 4/17/33(1)(2)		3,000,000		3,002,310
Harriman Park CLO, Ltd., Series 2020-1A, Class ER, 6.532%, (3 mo. USD LIBOR + 6.40%), 4/20/34(1)(2)		1,000,000		1,001,957
Highbridge Loan Management, Ltd., Series 3A-2014, Class DR, 6.622%, (3 mo. USD LIBOR + 6.50%), 7/18/29(1)(2)		2,750,000		2,699,018
ICG US CLO, Ltd., Series 2018-2A, Class E, 5.878%, (3 mo. USD LIBOR + 5.75%), 7/22/31(1)(2)		1,000,000		942,131
LCM XXV, Ltd., Series 25A, Class A, 1.342%, (3 mo. USD LIBOR + 1.21%), 7/20/30(1)(2)		3,828,000		3,828,900
Madison Park Funding XVII, Ltd.:
Series 2015-17A, Class DR, 3.73%, (3 mo. USD LIBOR + 3.60%), 7/21/30(1)(2)		3,500,000		3,505,390
Series 2015-17A, Class ER, 6.63%, (3 mo. USD LIBOR + 6.50%), 7/21/30(1)(2)		2,500,000		2,497,075
Mountain View CLO, LLC, Series 2017-2A, Class AR, 1.162%, (3 mo. USD LIBOR + 1.04%), 1/16/31(1)(2)		7,000,000		7,004,186
Neuberger Berman CLO XXII, Ltd., Series 2016-22A, Class ER, 6.182%, (3 mo. USD LIBOR + 6.06%), 10/17/30(1)(2)		2,000,000		1,990,514
Neuberger Berman Loan Advisers CLO 30, Ltd., Series 2018-30A, Class ER, 6.332%, (3 mo. USD LIBOR + 6.20%), 1/20/31(1)(2)		2,000,000		1,999,938
NewRez Warehouse Securitization Trust, Series 2021-1, Class E, 3.339%, (1 mo. USD LIBOR + 3.25%), 5/25/55(1)(2)		3,300,000		3,324,745
NRZ Excess Spread-Collateralized Notes, Series 2021-FNT1, Class A, 2.981%, 3/25/26(1)		1,276,712		1,273,944
Palmer Square CLO, Ltd.:
Series 2013-2A, Class DRR, 5.972%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2)		1,500,000		1,479,777
Series 2015-1A, Class DR4, 6.631%, (3 mo. USD LIBOR + 6.50%), 5/21/34(1)(2)		2,000,000		2,001,188

Security	Principal Amount		Value
Palmer Square CLO, Ltd.: (continued)
Series 2018-1A, Class D, 5.272%, (3 mo. USD LIBOR + 5.15%), 4/18/31(1)(2)	$	4,000,000	$	3,891,560
Series 2018-2A, Class D, 5.722%, (3 mo. USD LIBOR + 5.60%), 7/16/31(1)(2)		2,500,000		2,464,097
Series 2021-2A, Class E, 6.474%, (3 mo. USD LIBOR + 6.35%), 7/15/34(1)(2)		1,000,000		999,956
Pnmac Gmsr Issuer Trust:
Series 2018-GT1, Class A, 2.939%, (1 mo. USD LIBOR + 2.85%), 2/25/23(1)(2)		5,000,000		5,015,660
Series 2018-GT2, Class A, 2.739%, (1 mo. USD LIBOR + 2.65%), 8/25/25(1)(2)		4,272,000		4,275,391
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class F, 4.589%, (1 mo. USD LIBOR + 4.50%), 2/25/55(1)(2)		2,500,000		2,488,213
Regatta IX Funding, Ltd., Series 2017-1A, Class E, 6.122%, (3 mo. USD LIBOR + 6.00%), 4/17/30(1)(2)		3,000,000		2,975,733
Regatta XIII Funding, Ltd., Series 2018-2A, Class D, 6.074%, (3 mo. USD LIBOR + 5.95%), 7/15/31(1)(2)		3,000,000		2,869,446
Sandstone Peak, Ltd., Series 2021-1A, Class D, (3 mo. USD LIBOR + 3.55%), 10/15/34(1)(3)		4,000,000		4,002,000
Upland CLO, Ltd., Series 2016-1A, Class DR, 6.032%, (3 mo. USD LIBOR + 5.90%), 4/20/31(1)(2)		2,000,000		1,919,930
Vibrant CLO IX, Ltd., Series 2018-9A, Class D, 6.382%, (3 mo. USD LIBOR + 6.25%), 7/20/31(1)(2)		2,000,000		1,863,816
Voya CLO, Ltd.:
Series 2013-1A, Class DR, 6.604%, (3 mo. USD LIBOR + 6.48%), 10/15/30(1)(2)		5,000,000		4,661,380
Series 2014-1A, Class DR2, 6.122%, (3 mo. USD LIBOR + 6.00%), 4/18/31(1)(2)		2,000,000		1,859,094
Series 2015-3A, Class DR, 6.332%, (3 mo. USD LIBOR + 6.20%), 10/20/31(1)(2)		2,000,000		1,887,554
Series 2017-4A, Class A1, 1.254%, (3 mo. USD LIBOR + 1.13%), 10/15/30(1)(2)		5,087,000		5,089,472
Series 2018-2A, Class E, 5.374%, (3 mo. USD LIBOR + 5.25%), 7/15/31(1)(2)		1,000,000		933,250
Wellfleet CLO, Ltd.:
Series 2016-2A, Class A1R, 1.272%, (3 mo. USD LIBOR + 1.14%), 10/20/28(1)(2)		4,160,714		4,166,252
Series 2021-2A, Class E, 7.084%, (3 mo. USD LIBOR + 6.96%), 7/15/34(1)(2)		1,000,000		984,843
Total Asset-Backed Securities (identified cost $195,642,905)			$	191,412,050
Closed-End Funds — 0.5%
Security	Shares		Value
Nuveen Global High Income Fund		83,400	$	1,330,230
PGIM Global High Yield Fund, Inc.		430,326		6,747,512

2 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security	Shares		Value
Western Asset High Income Opportunity Fund, Inc.		383,997	$	2,004,464
Total Closed-End Funds (identified cost $8,409,895)			$	10,082,206
Collateralized Mortgage Obligations — 19.1%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
Series 2182, Class ZC, 7.50%, 9/15/29	$	70,114	$	77,592
Series 4273, Class SP, 11.78%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43(4)		516,145		718,500
Series 4637, Class CU, 3.00%, 8/15/44		565,488		566,214
Series 5071, Class SP, 3.25%, (3.30% - 30-day average SOFR), 2/25/51(4)		4,398,907		4,389,254
Series 5083, Class SK, 3.80%, (3.867% - 30-day average SOFR x 1.33), 3/25/51(4)		4,409,658		4,333,308
Series 5139, Class DZ, 2.50%, 9/25/51		2,910,937		2,890,688
Series 5144, Class Z, 2.50%, 9/25/51		9,729,838		9,759,539
Series 5150, Class QZ, 2.50%, 10/25/51		4,431,082		4,406,840
Series 5150, Class ZJ, 2.50%, 10/25/51		4,993,361		4,931,680
Series 5152, Class ZP, 3.00%, 7/25/50		54,316,379		54,456,273
Series 5159, Class ZP, 3.00%, 11/25/51		2,600,000		2,571,119
Series 5159, Class ZT, 3.00%, 11/25/51		2,000,000		1,957,515
Series 5160, Class ZG, 3.00%, 9/25/50		15,000,000		15,056,158
Series 5160, Class ZY, 3.00%, 10/25/50		20,000,000		20,040,426
Series 5163, Class Z, 3.00%, 11/25/51		5,400,000		5,416,174
Series 5166, Class ZN, 3.00%, 9/25/50		7,400,000		7,418,398
Series 5168, Class MZ, 3.00%, 10/25/51		4,000,000		3,945,026
Interest Only:(5)
Series 2631, Class DS, 7.009%, (7.10% - 1 mo. USD LIBOR), 6/15/33(4)		1,053,347		126,572
Series 2953, Class LS, 6.609%, (6.70% - 1 mo. USD LIBOR), 12/15/34(4)		386,248		10,610
Series 2956, Class SL, 6.909%, (7.00% - 1 mo. USD LIBOR), 6/15/32(4)		719,286		147,378
Series 3114, Class TS, 6.559%, (6.65% - 1 mo. USD LIBOR), 9/15/30(4)		2,136,040		275,786
Series 3153, Class JI, 6.536%, (6.62% - 1 mo. USD LIBOR), 5/15/36(4)		1,754,922		326,253
Series 4007, Class JI, 4.00%, 2/15/42		816,972		96,585
Series 4050, Class IB, 3.50%, 5/15/41		1,054,841		5,678
Series 4067, Class JI, 3.50%, 6/15/27		3,453,840		246,173
Series 4070, Class S, 6.009%, (6.10% - 1 mo. USD LIBOR), 6/15/32(4)		7,000,375		1,084,266
Series 4095, Class HS, 6.009%, (6.10% - 1 mo. USD LIBOR), 7/15/32(4)		1,685,678		233,496
Series 4109, Class ES, 6.059%, (6.15% - 1 mo. USD LIBOR), 12/15/41(4)		82,753		18,922

Security	Principal Amount		Value
Interest Only:(5) (continued)
Series 4109, Class SA, 6.109%, (6.20% - 1 mo. USD LIBOR), 9/15/32(4)	$	3,067,322	$	602,907
Series 4149, Class S, 6.159%, (6.25% - 1 mo. USD LIBOR), 1/15/33(4)		2,281,175		441,471
Series 4163, Class GS, 6.109%, (6.20% - 1 mo. USD LIBOR), 11/15/32(4)		1,930,521		389,275
Series 4169, Class AS, 6.159%, (6.25% - 1 mo. USD LIBOR), 2/15/33(4)		3,059,270		490,629
Series 4180, Class GI, 3.50%, 8/15/26		1,045,140		27,301
Series 4188, Class AI, 3.50%, 4/15/28		2,918,506		183,862
Series 4189, Class SQ, 6.059%, (6.15% - 1 mo. USD LIBOR), 12/15/42(4)		624,058		102,675
Series 4203, Class QS, 6.159%, (6.25% - 1 mo. USD LIBOR), 5/15/43(4)		1,887,119		278,407
Series 4323, Class CI, 4.00%, 3/15/40		123,911		167
Series 4332, Class IK, 4.00%, 4/15/44		752,707		100,171
Series 4332, Class KI, 4.00%, 9/15/43		256,138		2,544
Series 4343, Class PI, 4.00%, 5/15/44		2,005,137		251,685
Series 4370, Class IO, 3.50%, 9/15/41		686,812		14,025
Series 4381, Class SK, 6.059%, (6.15% - 1 mo. USD LIBOR), 6/15/44(4)		1,994,440		279,040
Series 4388, Class MS, 6.009%, (6.10% - 1 mo. USD LIBOR), 9/15/44(4)		2,063,632		347,810
Series 4408, Class IP, 3.50%, 4/15/44		2,865,767		212,397
Series 4452, Class SP, 6.11%, (6.20% - 1 mo. USD LIBOR), 10/15/43(4)		147,091		1,575
Series 4497, Class CS, 6.11%, (6.20% - 1 mo. USD LIBOR), 9/15/44(4)		2,915,892		98,408
Series 4507, Class MI, 3.50%, 8/15/44		2,045,391		57,396
Series 4507, Class SJ, 6.089%, (6.18% - 1 mo. USD LIBOR), 9/15/45(4)		5,294,042		1,044,884
Series 4520, Class PI, 4.00%, 8/15/45		14,143,159		1,284,824
Series 4526, Class PI, 3.50%, 1/15/42		590,030		3,651
Series 4528, Class BS, 6.059%, (6.15% - 1 mo. USD LIBOR), 7/15/45(4)		2,842,524		349,368
Series 4629, Class QI, 3.50%, 11/15/46		3,301,891		369,631
Series 4637, Class IP, 3.50%, 4/15/44		815,617		16,810
Series 4644, Class TI, 3.50%, 1/15/45		2,914,939		233,843
Series 4653, Class PI, 3.50%, 7/15/44		207,362		727
Series 4667, Class PI, 3.50%, 5/15/42		3,323,175		43,119
Series 4672, Class LI, 3.50%, 1/15/43		1,558,142		19,420
Series 4744, Class IO, 4.00%, 11/15/47		2,641,673		357,464
Series 4749, Class IL, 4.00%, 12/15/47		2,071,287		280,578
Series 4767, Class IM, 4.00%, 5/15/45		1,318,284		11,340
Series 4768, Class IO, 4.00%, 3/15/48		2,540,849		348,648
Series 5051, Class S, 3.551%, (3.60% - 30-day average SOFR), 12/25/50(4)		21,275,943		2,385,874
Series 5070, Class CI, 2.00%, 2/25/51		46,109,859		4,825,895

3 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
Principal Only:(6)
Series 4417, Class KO, 0.00%, 12/15/43	$	692,446	$	585,185
Series 4478, Class PO, 0.00%, 5/15/45		1,358,727		1,226,016
			$	162,775,445
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2020-DNA4, Class M2, 3.839%, (1 mo. USD LIBOR + 3.75%), 8/25/50(1)(2)	$	2,605,383	$	2,631,505
Series 2020-HQA4, Class M2, 3.239%, (1 mo. USD LIBOR + 3.15%), 9/25/50(1)(2)		5,105,834		5,146,118
			$	7,777,623
Federal National Mortgage Association:
Series G94-7, Class PJ, 7.50%, 5/17/24	$	67,675	$	70,554
Series 1994-42, Class K, 6.50%, 4/25/24		50,596		53,400
Series 2009-62, Class WA, 5.577%, 8/25/39(7)		1,022,387		1,112,527
Series 2013-6, Class TA, 1.50%, 1/25/43		889,261		890,922
Series 2021-56, Class LZ, 2.50%, 9/25/51		6,673,841		6,619,243
Series 2021-61, Class LZ, 2.50%, 9/25/51		4,672,428		4,672,708
Series 2021-61, Class Z, 2.50%, 9/25/51		9,736,314		9,787,663
Series 2021-77, Class WZ, 3.00%, 8/25/50		3,300,000		3,307,813
Series 2021-77, Class Z, 3.00%, 5/25/51		25,000,000		25,087,272
Series 2021-79, Class Z, 3.00%, 11/25/51		15,000,000		14,901,759
Interest Only:(5)
Series 2004-46, Class SI, 5.911%, (6.00% - 1 mo. USD LIBOR), 5/25/34(4)		1,855,236		261,680
Series 2005-17, Class SA, 6.611%, (6.70% - 1 mo. USD LIBOR), 3/25/35(4)		1,452,789		299,830
Series 2005-71, Class SA, 6.661%, (6.75% - 1 mo. USD LIBOR), 8/25/25(4)		410,334		22,457
Series 2005-105, Class S, 6.611%, (6.70% - 1 mo. USD LIBOR), 12/25/35(4)		1,172,033		247,190
Series 2006-44, Class IS, 6.511%, (6.60% - 1 mo. USD LIBOR), 6/25/36(4)		1,011,649		211,483
Series 2006-65, Class PS, 7.131%, (7.22% - 1 mo. USD LIBOR), 7/25/36(4)		1,007,012		233,956
Series 2006-96, Class SN, 7.114%, (7.20% - 1 mo. USD LIBOR), 10/25/36(4)		1,225,016		233,363
Series 2006-104, Class SD, 6.551%, (6.64% - 1 mo. USD LIBOR), 11/25/36(4)		1,043,840		200,229
Series 2006-104, Class SE, 6.541%, (6.63% - 1 mo. USD LIBOR), 11/25/36(4)		695,893		133,247
Series 2007-50, Class LS, 6.361%, (6.45% - 1 mo. USD LIBOR), 6/25/37(4)		1,476,003		269,467
Series 2008-26, Class SA, 6.111%, (6.20% - 1 mo. USD LIBOR), 4/25/38(4)		1,831,155		372,725
Series 2008-61, Class S, 6.011%, (6.10% - 1 mo. USD LIBOR), 7/25/38(4)		3,207,819		527,119
Series 2010-135, Class SD, 5.911%, (6.00% - 1 mo. USD LIBOR), 6/25/39(4)		267,382		2,823

Security	Principal Amount		Value
Interest Only:(5) (continued)
Series 2011-101, Class IC, 3.50%, 10/25/26	$	1,645,495	$	90,171
Series 2011-101, Class IE, 3.50%, 10/25/26		1,228,261		64,554
Series 2011-104, Class IM, 3.50%, 10/25/26		2,225,857		132,341
Series 2012-52, Class DI, 3.50%, 5/25/27		3,950,395		298,868
Series 2012-94, Class KS, 6.561%, (6.65% - 1 mo. USD LIBOR), 5/25/38(4)		1,855,174		38,580
Series 2012-94, Class SL, 6.611%, (6.70% - 1 mo. USD LIBOR), 5/25/38(4)		1,391,381		29,147
Series 2012-97, Class PS, 6.061%, (6.15% - 1 mo. USD LIBOR), 3/25/41(4)		427,410		3,586
Series 2012-112, Class SB, 6.061%, (6.15% - 1 mo. USD LIBOR), 9/25/40(4)		300,967		2,088
Series 2012-124, Class IO, 1.402%, 11/25/42(7)		4,638,156		250,727
Series 2012-139, Class LS, 6.068%, (6.15% - 1 mo. USD LIBOR), 12/25/42(4)		3,601,068		751,123
Series 2012-147, Class SA, 6.011%, (6.10% - 1 mo. USD LIBOR), 1/25/43(4)		4,317,628		960,360
Series 2012-150, Class PS, 6.061%, (6.15% - 1 mo. USD LIBOR), 1/25/43(4)		4,529,931		789,197
Series 2012-150, Class SK, 6.061%, (6.15% - 1 mo. USD LIBOR), 1/25/43(4)		6,699,773		1,247,866
Series 2013-11, Class IO, 4.00%, 1/25/43		13,669,911		1,896,065
Series 2013-12, Class SP, 5.561%, (5.65% - 1 mo. USD LIBOR), 11/25/41(4)		912,755		68,389
Series 2013-15, Class DS, 6.111%, (6.20% - 1 mo. USD LIBOR), 3/25/33(4)		5,367,514		857,435
Series 2013-23, Class CS, 6.161%, (6.25% - 1 mo. USD LIBOR), 3/25/33(4)		2,842,202		458,637
Series 2013-54, Class HS, 6.211%, (6.30% - 1 mo. USD LIBOR), 10/25/41(4)		1,613,124		62,833
Series 2013-64, Class PS, 6.161%, (6.25% - 1 mo. USD LIBOR), 4/25/43(4)		2,780,278		396,179
Series 2013-66, Class JI, 3.00%, 7/25/43		4,575,227		830,805
Series 2013-75, Class SC, 6.161%, (6.25% - 1 mo. USD LIBOR), 7/25/42(4)		4,839,991		396,062
Series 2014-29, Class IG, 3.50%, 6/25/43		143,520		559
Series 2014-32, Class EI, 4.00%, 6/25/44		1,132,532		140,416
Series 2014-41, Class SA, 5.961%, (6.05% - 1 mo. USD LIBOR), 7/25/44(4)		1,853,011		328,916
Series 2014-43, Class PS, 6.011%, (6.10% - 1 mo. USD LIBOR), 3/25/42(4)		1,972,270		215,834
Series 2014-55, Class IN, 3.50%, 7/25/44		2,980,836		563,719
Series 2014-64, Class BI, 3.50%, 3/25/44		550,563		17,108
Series 2014-67, Class IH, 4.00%, 10/25/44		1,982,024		311,694
Series 2014-80, Class CI, 3.50%, 12/25/44		1,961,284		294,920
Series 2014-89, Class IO, 3.50%, 1/25/45		2,771,530		414,553
Series 2015-6, Class IM, 1.00%, (5.33% - 1 mo. USD LIBOR x 1.33, Cap 1.00%), 6/25/43(4)		2,858,605		30,752

4 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
Interest Only:(5) (continued)
Series 2015-14, Class KI, 3.00%, 3/25/45	$	3,707,230	$	542,875
Series 2015-17, Class SA, 6.111%, (6.20% - 1 mo. USD LIBOR), 11/25/43(4)		440,761		3,782
Series 2015-22, Class GI, 3.50%, 4/25/45		1,153,422		157,514
Series 2015-31, Class SG, 6.011%, (6.10% - 1 mo. USD LIBOR), 5/25/45(4)		3,435,221		835,347
Series 2015-36, Class IL, 3.00%, 6/25/45		2,125,934		273,437
Series 2015-52, Class MI, 3.50%, 7/25/45		5,137,197		887,565
Series 2015-93, Class BS, 6.061%, (6.15% - 1 mo. USD LIBOR), 8/25/45(4)		2,218,732		187,602
Series 2017-46, Class NI, 3.00%, 8/25/42		681,845		2,142
Series 2018-21, Class IO, 3.00%, 4/25/48		6,036,712		679,302
			$	85,032,480
Government National Mortgage Association:
Series 2021-136, Class Z, 2.50%, 8/20/51	$	11,450,038	$	11,413,343
Series 2021-139, Class ZJ, 2.50%, 8/20/51		3,801,278		3,810,131
Series 2021-154, Class ZC, 2.50%, 9/20/51		2,001,319		1,967,859
Series 2021-154, Class ZL, 3.00%, 9/20/51		21,760,568		21,780,402
Series 2021-165, Class MZ, 2.50%, 9/20/51		15,951,331		15,664,963
Series 2021-177, Class DZ, 3.00%, 10/20/51		4,000,000		4,011,445
Series 2021-182, Class UZ, 3.00%, 10/20/51		10,000,000		10,025,281
Interest Only:(5)
Series 2014-68, Class KI, 1.508%, 10/20/42(7)		3,782,696		133,193
Series 2017-104, Class SD, 6.114%, (6.20% - 1 mo. USD LIBOR), 7/20/47(4)		6,650,742		1,002,523
Series 2017-121, Class DS, 4.414%, (4.50% - 1 mo. USD LIBOR), 8/20/47(4)		4,806,149		521,621
Series 2017-137, Class AS, 4.414%, (4.50% - 1 mo. USD LIBOR), 9/20/47(4)		6,834,404		727,892
Series 2020-146, Class IQ, 2.00%, 10/20/50		22,441,436		2,203,193
Series 2020-146, Class QI, 2.00%, 10/20/50		11,651,110		1,146,137
Series 2020-151, Class HI, 2.50%, 10/20/50		1,744,122		124,764
Series 2020-154, Class PI, 2.50%, 10/20/50		17,245,170		1,275,313
Series 2020-167, Class KI, 2.00%, 11/20/50		36,672,672		3,417,453
Series 2020-176, Class HI, 2.50%, 11/20/50		42,584,923		3,409,779
Series 2020-191, Class AI, 2.00%, 12/20/50		34,141,073		3,192,392
Series 2021-46, Class IM, 2.50%, 3/20/51		3,753,334		315,786
Series 2021-56, Class SE, 2.25%, (2.30% - 30-day average SOFR), 10/20/50(4)		7,932,895		333,421
Series 2021-67, Class SA, 2.25%, (2.30% - 30-day average SOFR), 10/20/50(4)		52,847,372		2,467,787
Series 2021-77, Class SB, 3.664%, (3.75% - 1 mo. USD LIBOR), 5/20/51(4)		14,606,717		1,771,554
Series 2021-97, Class IG, 2.50%, 8/20/49		48,827,016		4,564,428
Series 2021-125, Class SA, 3.664%, (3.75% - 1 mo. USD LIBOR), 7/20/51(4)		19,753,406		1,754,019
Series 2021-160, Class IT, 2.50%, 9/20/51		20,229,667		2,027,701

Security	Principal Amount		Value
Interest Only:(5) (continued)
Series 2021-175, Class SA, 1.716%, (1.80% - 1 mo. USD LIBOR), 10/20/51(4)	$	75,000,000	$	2,246,595
Series 2021-187, Class SB, 1.713%, (1.80% - 1 mo. USD LIBOR), 10/20/51(4)		30,000,000		874,395
Series 2021-193, Class ES, (1.70% - 30-day average SOFR), 8/1/51(3)(4)		30,000,000		1,573,506
			$	103,756,876
Total Collateralized Mortgage Obligations (identified cost $437,631,802)			$	359,342,424
Commercial Mortgage-Backed Securities — 1.4%
Security	Principal Amount		Value
FRESB Mortgage Trust, Series 2021-SB91, Class X1, 0.678%, 8/25/41(7)	$	25,000,000	$	1,228,730
Government National Mortgage Association:
Series 2021-101, Class IO, 0.698%, 4/16/63(7)		29,477,119		2,145,818
Series 2021-132, Class IO, 0.713%, 4/16/63(7)		74,279,337		5,524,292
Series 2021-144, Class IO, 0.797%, 4/16/63(7)		29,856,718		2,335,993
Series 2021-186, Class IO, 0.77%, 5/16/63(7)		50,000,000		3,798,350
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class D, 4.553%, 9/15/47(1)(7)		3,430,000		2,681,515
Series 2014-C25, Class D, 3.941%, 11/15/47(1)(7)		8,045,000		6,485,340
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class D, 4.351%, 8/15/46(1)(7)(8)		5,000,000		367,500
WF-RBS Commercial Mortgage Trust, Series 2014-C24, Class D, 3.692%, 11/15/47(1)		4,000,000		2,187,945
Total Commercial Mortgage-Backed Securities (identified cost $34,733,142)			$	26,755,483
U.S. Government Agency Mortgage-Backed Securities — 26.3%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
2.779%, (COF + 1.25%), with maturity at 2035(9)	$	213,997	$	219,983
4.382%, (COF + 1.25%), with maturity at 2030(9)		83,217		88,816
7.00%, with various maturities to 2036		851,775		964,546
8.00%, with maturity at 2026		19,091		20,657
			$	1,294,002

5 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
Federal National Mortgage Association:
2.00%, 30-Year, TBA(10)	$	67,000,000	$	66,870,171
2.50%, 30-Year, TBA(10)		160,000,000		163,974,952
3.344%, (COF + 1.25%), with maturity at 2035(9)		124,700		128,652
3.971%, (COF + 1.78%), with maturity at 2035(9)		544,908		580,763
6.00%, with maturity at 2032		197,688		225,549
6.50%, with maturity at 2036		430,814		490,245
7.00%, with maturity at 2037		358,750		408,650
8.50%, with maturity at 2032		123,246		143,807
9.50%, with maturity at 2028		45,329		50,222
			$	232,873,011
Government National Mortgage Association:
2.50%, with maturity at 2051	$	117,211,599	$	120,666,212
3.00%, 30-Year, TBA(10)		20,000,000		20,744,929
3.00%, with various maturities to 2051		113,284,538		118,033,387
			$	259,444,528
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $496,029,917)			$	493,611,541
Common Stocks — 0.5%
Security	Shares		Value
Bulgaria — 0.3%
Eurohold Bulgaria AD(11)		5,140,100	$	6,501,296
Total Bulgaria			$	6,501,296
Iceland — 0.2%
Arion Banki HF(1)		1,126,817	$	1,706,037
Eik Fasteignafelag HF(11)		1,980,300		190,758
Eimskipafelag Islands HF		125,154		429,358
Hagar HF		530,600		261,388
Reginn HF(11)		808,000		194,179
Reitir Fasteignafelag HF		544,900		346,603
Siminn HF		5,098,858		483,368
Total Iceland			$	3,611,691
Total Common Stocks (identified cost $7,348,699)			$	10,112,987

Convertible Bonds — 0.3%
Security		Principal Amount (000’s omitted)		Value
Bermuda — 0.2%
Liberty Latin America, Ltd., 2.00%, 7/15/24	USD		4,184	$	4,202,305
Total Bermuda				$	4,202,305
India — 0.1%
Indiabulls Housing Finance, Ltd., 4.50%, 9/28/26(12)	USD		1,325	$	1,262,526
Total India				$	1,262,526
Total Convertible Bonds (identified cost $5,105,969)				$	5,464,831
Foreign Corporate Bonds — 6.3%
Security		Principal Amount (000’s omitted)		Value
Argentina — 0.6%
Generacion Mediterranea S.A./Central Termica Roca S.A., 15.00%, 5/5/23(1)(13)	USD		1,050	$	1,034,540
IRSA Propiedades Comerciales S.A., 8.75%, 3/23/23(12)	USD		493		471,597
Telecom Argentina S.A., 8.00%, 7/18/26(12)	USD		2,730		2,543,527
Transportadora de Gas del Sur S.A., 6.75%, 5/2/25(12)	USD		1,740		1,625,473
YPF S.A.:
4.00% to 1/1/23, 2/12/26(1)(14)	USD		1,918		1,653,992
4.00% to 1/1/23, 2/12/26(12)(14)	USD		3,105		2,677,594
6.95%, 7/21/27(12)	USD		894		650,005
8.50%, 7/28/25(12)	USD		1,207		978,587
Total Argentina				$	11,635,315
Armenia — 0.2%
Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25(12)	USD		3,400	$	3,387,060
Total Armenia				$	3,387,060
Belarus — 0.1%
Eurotorg, LLC Via Bonitron DAC, 9.00%, 10/22/25(12)	USD		1,829	$	1,912,219
Total Belarus				$	1,912,219

6 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Brazil — 0.9%
Amaggi Luxembourg International S.a.r.l., 5.25%, 1/28/28(12)	USD		750	$	753,994
Braskem America Finance Co., 7.125%, 7/22/41(12)	USD		1,072		1,301,156
Braskem Netherlands Finance BV, 5.875%, 1/31/50(12)	USD		2,814		2,998,809
Guara Norte S.a.r.l., 5.198%, 6/15/34(12)	USD		945		927,472
MC Brazil Downstream Trading S.a.r.l., 7.25%, 6/30/31(1)	USD		1,965		1,915,875
MV24 Capital BV, 6.748%, 6/1/34(12)	USD		630		651,384
Odebrecht Offshore Drilling Finance, Ltd.:
6.72%, 12/1/22(1)	USD		170		168,903
6.72%, 12/1/22(12)	USD		1,444		1,436,632
Oi Movel S.A., 8.75%, 7/30/26(12)	USD		3,758		3,910,199
Petrobras Global Finance BV, 6.90%, 3/19/49	USD		1,392		1,465,080
Vale S.A., 2.762% (15)(16)	BRL		14,736		1,388,511
Total Brazil				$	16,918,015
Bulgaria — 0.1%
Eurohold Bulgaria AD, 6.50%, 12/7/22(12)	EUR		2,000	$	2,258,204
Total Bulgaria				$	2,258,204
China — 0.2%
CIFI Holdings Group Co., Ltd., 5.50%, 1/23/22(12)	USD		1,300	$	1,287,127
Kaisa Group Holdings, Ltd., 9.375%, 6/30/24(12)	USD		850		243,951
Shimao Group Holdings, Ltd., 5.60%, 7/15/26(12)	USD		1,650		1,561,185
Times China Holdings, Ltd., 5.55%, 6/4/24(12)	USD		2,115		1,726,723
Total China				$	4,818,986
Colombia — 0.1%
Gran Tierra Energy International Holdings, Ltd.:
6.25%, 2/15/25(1)	USD		278	$	257,659
6.25%, 2/15/25(12)	USD		738		684,000
Total Colombia				$	941,659
El Salvador — 0.1%
AES El Salvador Trust II, 6.75%, 3/28/23(12)	USD		1,409	$	1,308,552
Total El Salvador				$	1,308,552
Georgia — 0.2%
Georgia Capital JSC, 6.125%, 3/9/24(12)	USD		1,850	$	1,908,275
Silknet JSC, 11.00%, 4/2/24(12)	USD		558		600,732
TBC Bank JSC, 8.894% to 11/6/26(3)(12)(15)(17)	USD		816		816,000
Total Georgia				$	3,325,007

Security		Principal Amount (000’s omitted)		Value
Honduras — 0.1%
Inversiones Atlantida S.A., 7.50%, 5/19/26(12)	USD		1,735	$	1,799,912
Total Honduras				$	1,799,912
Iceland — 0.3%
Arion Banki HF, 6.00%, 4/12/24(12)	ISK		440,000	$	3,577,003
Islandsbanki HF, 6.40%, 10/26/23	ISK		120,000		976,332
Landsbankinn HF, 5.00%, 11/23/23(12)	ISK		120,000		954,784
WOW Air HF:
0.00%(13)(15)(18)	EUR		20		0
0.00%, (3 mo. EURIBOR + 9.00%), 9/24/24(13)(18)	EUR		900		0
Total Iceland				$	5,508,119
India — 0.1%
JSW Steel, Ltd., 5.05%, 4/5/32(12)	USD		982	$	999,261
Network i2i, Ltd., 3.975% to 3/3/26(12)(15)(17)	USD		1,010		1,020,186
Total India				$	2,019,447
Indonesia — 0.1%
Alam Sutera Realty Tbk PT:
6.00%, (6.00% cash or 6.25% PIK), 5/2/24(19)	USD		881	$	754,594
6.25%, (6.25% cash or 6.50% PIK), 11/2/25(12)(19)	USD		2,500		1,978,025
Total Indonesia				$	2,732,619
Mexico — 0.6%
Alpha Capital DIP, 1.00%, 2/5/22	USD		68	$	68,000
Alpha Holding S.A. de CV:
9.00%, 2/10/25(12)(18)	USD		2,815		400,068
10.00%, 12/19/22(12)(18)	USD		1,529		217,301
Braskem Idesa SAPI:
6.99%, 2/20/32(12)	USD		970		994,250
7.45%, 11/15/29(12)	USD		3,559		3,781,438
Grupo Kaltex S.A. de CV, 8.875%, 4/11/22(12)	USD		2,637		2,476,459
Petroleos Mexicanos:
5.95%, 1/28/31	USD		1,500		1,478,738
6.75%, 9/21/47	USD		1,930		1,711,061
Total Mexico				$	11,127,315
Moldova — 0.1%
Aragvi Finance International DAC, 8.45%, 4/29/26(12)	USD		2,360	$	2,440,516
Total Moldova				$	2,440,516

7 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Nigeria — 0.1%
SEPLAT Petroleum Development Co. PLC, 7.75%, 4/1/26(12)	USD		1,277	$	1,317,225
Total Nigeria				$	1,317,225
Paraguay — 0.2%
Banco Continental SAE, 2.75%, 12/10/25(12)	USD		515	$	511,073
Frigorifico Concepcion S.A., 7.70%, 7/21/28(1)	USD		3,145		3,210,275
Total Paraguay				$	3,721,348
Peru — 0.3%
Auna SAA, 6.50%, 11/20/25(12)	USD		2,300	$	2,394,898
PetroTal Corp., 12.00%, 2/16/24(1)(12)	USD		1,540		1,632,400
Telefonica del Peru SAA, 7.375%, 4/10/27(12)	PEN		4,500		1,043,129
Total Peru				$	5,070,427
Russia — 0.2%
Gazprom PJSC Via Gaz Finance PLC, 4.599% to 10/26/25(12)(15)(17)	USD		1,115	$	1,159,600
Hacienda Investments, Ltd. Via DME Airport DAC, 5.35%, 2/8/28(12)	USD		900		943,476
Tinkoff Bank JSC Via TCS Finance, Ltd., 6.00% to 12/20/26(12)(15)(17)	USD		2,446		2,439,151
Total Russia				$	4,542,227
Saint Lucia — 0.1%
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd., 8.75%, 5/25/24(12)	USD		2,453	$	2,548,054
Total Saint Lucia				$	2,548,054
Saudi Arabia — 0.1%
Dar Al-Arkan Sukuk Co., Ltd., 6.875%, 4/10/22(12)	USD		1,640	$	1,671,980
Total Saudi Arabia				$	1,671,980
Singapore — 0.2%
Puma International Financing S.A., 5.00%, 1/24/26(12)	USD		1,782	$	1,791,587
TBLA International Pte Ltd., 7.00%, 1/24/23(12)	USD		2,502		2,436,473
Total Singapore				$	4,228,060
South Africa — 0.3%
HTA Group, Ltd., 7.00%, 12/18/25(12)	USD		930	$	975,775
Petra Diamonds US Treasury PLC, 10.50% PIK, 3/8/26(12)(19)	USD		4,596		4,751,253
Total South Africa				$	5,727,028

Security		Principal Amount (000’s omitted)		Value
Turkey — 0.4%
Akbank T.A.S., 7.20% to 3/16/22, 3/16/27(12)(17)	USD		1,050	$	1,057,532
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, 9.50%, 7/10/36(12)	USD		2,305		2,309,456
QNB Finansbank AS, 6.875%, 9/7/24(12)	USD		1,505		1,615,712
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(12)	USD		2,022		2,127,093
Total Turkey				$	7,109,793
Ukraine — 0.3%
Kernel Holding S.A.:
6.75%, 10/27/27(12)	USD		800	$	851,285
8.75%, 1/31/22(12)	USD		1,850		1,877,669
Metinvest BV:
5.625%, 6/17/25(12)	EUR		1,340		1,644,141
7.75%, 10/17/29(12)	USD		350		382,060
8.50%, 4/23/26(12)	USD		706		796,555
Total Ukraine				$	5,551,710
United Arab Emirates — 0.2%
NBK Tier 1 Financing, Ltd., 3.625% to 8/24/26(12)(15)(17)	USD		1,490	$	1,484,256
Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24(12)	USD		1,610		1,668,789
Total United Arab Emirates				$	3,153,045
Uzbekistan — 0.1%
Ipoteka-Bank ATIB, 16.00%, 4/16/24(12)	UZS		7,100,000	$	668,341
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22(12)	UZS		3,000,000		281,090
Total Uzbekistan				$	949,431
Total Foreign Corporate Bonds (identified cost $118,657,099)				$	117,723,273
Loan Participation Notes — 0.0%(20)
Security		Principal Amount (000’s omitted)		Value
Uzbekistan — 0.0%(20)
Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/23(12)(13)(21)	UZS		2,619,000	$	247,899

8 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Uzbekistan (continued)
Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), 18.70%, 7/26/23(12)(13)(21)	UZS		2,952,000	$	278,399
Total Loan Participation Notes (identified cost $555,773)				$	526,298
Reinsurance Side Cars — 2.1%
Security		Principal Amount/ Shares		Value
Eden Re II, Ltd., Series 2018A, 0.00%, 3/22/22(1)(13)(22)		$	7,471	$	37,168
Eden Re II, Ltd., Series 2018B, 0.00%, 3/22/22(1)(13)(22)		$	8,667		117,944
Eden Re II, Ltd., Series 2019A, 0.00%, 3/22/23(1)(13)(22)		$	1,440		17,905
Eden Re II, Ltd., Series 2019B, 0.00%, 3/22/23(1)(13)(22)		$	11,140		347,992
Eden Re II, Ltd., Series 2020A, 0.00%, 3/22/24(1)(13)(22)		$	990,000		913,572
Eden Re II, Ltd., Series 2021A, 0.00%, 3/21/25(1)(13)(22)		$	900,000		908,820
Eden Re II, Ltd., Series 2021B, 0.00%, 3/21/25(1)(13)(22)		$	8,900,000		8,972,980
Mt. Logan Re, Ltd., Series 13, Preference Shares(11)(13)(22)(23)			10,000		10,461,915
Mt. Logan Re, Ltd., Series 17, Preference Shares(11)(13)(22)(23)			860		869,861
Mt. Logan Re, Ltd., Special Investment Series 13, 12/18(11)(13)(22)(23)			2,000		427,488
Mt. Logan Re, Ltd., Special Investment Series 13, 12/19(11)(13)(22)(23)			1,829		639,669
Sussex Capital, Ltd., Designated Investment Series 5, 5/19(11)(13)(22)(23)			249		39,368
Sussex Capital, Ltd., Designated Investment Series 5, 12/19(11)(13)(22)(23)			791		20,182
Sussex Capital, Ltd., Designated Investment Series 5, 6/20(11)(13)(22)(23)			434		105,618
Sussex Capital, Ltd., Designated Investment Series 5, 12/20(11)(13)(22)(23)			292		78,783
Sussex Capital, Ltd., Designated Investment Series 5, 4/21(11)(13)(22)(23)			247		193,498
Sussex Capital, Ltd., Series 5, Preference Shares(11)(13)(22)(23)			6,000		6,130,752
Sussex Capital, Ltd., Series 15, Preference Shares(11)(13)(22)(23)			5,000		4,751,824
Sussex Re, Ltd., Series 2020A(11)(13)(22)(23)			4,081,939		233,895
Sussex Re, Ltd., Series 2021A(11)(13)(22)(23)			4,154,232		4,042,068
Versutus Re, Ltd., Series 2019(11)(13)(22)(23)			220,133		41,143
Total Reinsurance Side Cars (identified cost $35,493,664)				$	39,352,445

Sovereign Government Bonds — 22.1%
Security		Principal Amount (000’s omitted)		Value
China — 1.5%
China Development Bank, 3.70%, 10/20/30	CNY		170,000	$	27,246,509
Total China				$	27,246,509
Egypt — 2.0%
Egypt Government Bond:
14.483%, 4/6/26	EGP		560,377	$	36,061,448
14.563%, 7/6/26	EGP		27,330		1,746,535
Total Egypt				$	37,807,983
Iceland — 1.1%
Republic of Iceland:
5.00%, 11/15/28	ISK		852,032	$	6,992,143
6.50%, 1/24/31	ISK		1,234,839		11,289,181
8.00%, 6/12/25	ISK		194,682		1,726,941
Total Iceland				$	20,008,265
Indonesia — 5.7%
Indonesia Government Bond, 6.50%, 2/15/31	IDR		1,488,701,000	$	107,705,560
Total Indonesia				$	107,705,560
New Zealand — 1.7%
New Zealand Government Bond:
2.75%, 5/15/51	NZD		19,000	$	12,952,134
3.00%, 9/20/30(12)(24)	NZD		21,187		18,614,747
Total New Zealand				$	31,566,881
Serbia — 1.9%
Serbia Treasury Bond:
4.50%, 8/20/32	RSD		3,419,480	$	34,973,565
5.875%, 2/8/28	RSD		3,280		36,577
Total Serbia				$	35,010,142
South Africa — 4.9%
Republic of South Africa, 10.50%, 12/21/26	ZAR		1,289,363	$	92,555,555
Total South Africa				$	92,555,555
Suriname — 0.4%
Republic of Suriname, 9.25%, 10/26/26(12)(18)	USD		11,370	$	8,243,250
Total Suriname				$	8,243,250

9 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Thailand — 1.7%
Thailand Government Bond, 1.25%, 3/12/28(12)(24)	THB		1,073,944	$	31,973,484
Total Thailand				$	31,973,484
Ukraine — 1.2%
Ukraine Government Bond, 16.06%, 8/3/22	UAH		25,000	$	981,866
Ukraine Government International Bond:
1.258%, GDP-Linked, 5/31/40(12)(25)	USD		4,433		4,682,489
11.67%, 11/22/23	UAH		25,000		938,811
15.84%, 2/26/25	UAH		394,170		16,250,643
Total Ukraine				$	22,853,809
Total Sovereign Government Bonds (identified cost $419,677,024)				$	414,971,438
Sovereign Loans — 0.1%
Borrower		Principal Amount (000’s omitted)		Value
Nigeria — 0.1%
Bank of Industry Limited, Term Loan, 6.116%, (3 mo. USD LIBOR + 6.00%), 12/14/23(2)(26)		$	2,050	$	2,044,045
Total Sovereign Loans (identified cost $2,055,986)				$	2,044,045
U.S. Government Guaranteed Small Business Administration Loans(27)(28) — 1.9%
Security		Principal Amount		Value
0.66%, 3/15/30		$	2,695,021	$	43,203
0.73%, 7/15/31			2,899,972		74,645
0.93%, 5/15/42			1,591,596		50,153
0.98%, 4/15/32			1,336,968		48,688
1.31%, 4/15/42 to 7/15/42			5,780,529		273,660
1.34%, 9/15/41			1,854,634		88,259
1.38%, 6/15/41			3,111,968		144,075
1.56%, 7/15/42			1,129,203		60,999
1.59%, 10/21/36			1,220,922		58,982
1.61%, 12/15/41 to 7/15/42			5,296,621		305,511
1.63%, 9/15/41			1,929,869		113,888
1.68%, 7/15/41			1,935,606		122,967
1.73%, 10/15/33 to 11/21/41			2,746,174		161,897
1.81%, 12/21/41 to 11/15/42			7,726,475		492,013

Security	Principal Amount		Value
1.86%, 12/28/41 to 6/15/42	$	16,424,643	$	1,050,170
1.91%, 2/15/42 to 7/15/42		6,734,971		476,870
1.93%, 7/15/42		1,726,731		118,986
1.96%, 11/29/30 to 8/15/42		4,891,692		316,497
2.06%, 5/15/42 to 7/15/42		5,067,014		364,573
2.11%, 4/15/33 to 7/15/42		4,653,473		325,520
2.16%, 5/15/42 to 6/15/42		3,849,464		276,432
2.21%, 8/15/42		3,215,432		243,771
2.23%, 1/15/41 to 7/15/41		2,703,100		217,092
2.28%, 11/1/29		1,216,859		64,035
2.31%, 4/15/42 to 7/15/42		5,098,647		434,670
2.36%, 1/16/42 to 6/15/42		16,408,999		1,360,576
2.38%, 6/15/42		1,543,971		127,838
2.39%, 7/15/40		1,364,846		103,395
2.41%, 1/15/38 to 7/15/42		13,781,129		1,156,225
2.43%, 3/15/41 to 1/5/42		3,026,314		250,268
2.46%, 12/15/26 to 8/15/42		9,185,216		680,848
2.48%, 2/23/41		1,110,779		96,962
2.56%, 1/15/41 to 7/15/42		3,169,017		299,866
2.59%, 4/15/36		1,381,869		113,495
2.61%, 6/15/33 to 7/15/42		4,701,442		420,366
2.66%, 3/15/42 to 6/15/42		4,522,096		432,049
2.68%, 4/15/41 to 4/15/42		3,359,627		329,151
2.71%, 7/15/31 to 8/15/42		17,320,734		1,666,062
2.78%, 1/15/42 to 3/15/43(29)		13,965,393		1,439,806
2.86%, 5/15/32 to 7/15/42		14,749,222		1,505,551
2.89%, 8/15/40		1,001,332		92,851
2.91%, 12/15/41 to 7/15/42		12,102,717		1,301,535
2.92%, 10/25/41 to 1/7/43(29)		26,568,249		2,800,022
2.93%, 4/15/41 to 7/15/42		4,117,598		411,284
2.96%, 2/15/27 to 1/15/43		11,474,118		1,101,478
2.98%, 2/15/41 to 7/15/42		8,540,389		991,915
3.03%, 7/15/41 to 6/15/42		2,419,257		263,970
3.11%, 12/15/41 to 6/15/42		5,493,219		589,025
3.13%, 6/15/32		584,608		57,036
3.16%, 5/15/42 to 1/15/43		15,490,965		1,818,146
3.19%, 8/15/39		1,482,273		156,125
3.21%, 12/15/26 to 7/15/42		11,590,624		1,194,652
3.24%, 7/15/28 to 4/15/42		2,577,857		220,025
3.28%, 6/21/26 to 7/15/42		5,404,745		555,902
3.36%, 3/15/42 to 5/15/42		2,999,285		358,319
3.41%, 4/15/42 to 12/15/42		5,568,120		699,891
3.43%, 9/15/41		904,247		102,536
3.46%, 2/15/27 to 8/15/42		10,794,663		1,037,592
3.48%, 5/15/36 to 7/15/42		3,347,782		402,554
3.53%, 6/15/26 to 8/15/42		1,782,875		133,676
3.61%, 6/15/32 to 6/15/42		7,135,053		979,579

10 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Security	Principal Amount		Value
3.64%, 8/15/41 to 12/15/41	$	3,610,491	$	510,210
3.66%, 5/15/42 to 7/15/42		6,353,208		867,213
3.68%, 11/15/31 to 5/15/42		3,859,569		506,668
3.71%, 1/15/24 to 7/15/42		20,901,567		1,964,541
3.73%, 1/15/37		1,754,889		189,208
3.78%, 2/15/27 to 6/15/42		5,396,070		680,042
Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $43,776,874)			$	35,896,009
Senior Floating-Rate Loans — 0.1%(30)
Borrower/Description	Principal Amount (000’s omitted)		Value
Dominican Republic — 0.1%
Ingenieria Estrella, S.A., and Dominicana Cooperatief U.A., Term Loan, 5.17%, (6 mo. USD LIBOR + 5.00%), 11/29/24	$	1,808	$	1,763,997
Total Senior Floating-Rate Loans (identified cost $1,744,267)			$	1,763,997
Short-Term Investments — 21.2%
Affiliated Fund — 17.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.09%(31)		320,744,078	$	320,744,078
Total Affiliated Fund (identified cost $320,744,078)			$	320,744,078
Repurchase Agreements — 2.4%
Description	Principal Amount (000’s omitted)		Value
Barclays Bank PLC:
Dated 10/27/21 with an interest rate of 0.50% payable by the Portfolio, collateralized by $7,715,000 Peruvian Government International Bond, 3.55%, due 3/10/51 and a market value, including accrued interest, of $7,843,063(32)	$	8,025	$	8,024,794
Dated 10/28/21 with an interest rate of 0.20% payable by the Portfolio, collateralized by $8,000,000 Corp. Nacional del Cobre de Chile, 4.375%, due 2/5/49 and a market value, including accrued interest, of $9,120,580(32)		9,121		9,121,414

Description		Principal Amount (000’s omitted)		Value
Barclays Bank PLC: (continued)
Dated 10/28/21 with an interest rate of 0.25% payable by the Portfolio, collateralized by $5,785,000 Peruvian Government International Bond, 5.625%, due 11/18/50 and a market value, including accrued interest, of $8,047,680(32)		$	8,185	$	8,185,312
Dated 10/28/21 with an interest rate of 0.20% payable by the Portfolio, collateralized by $8,500,000 Chile Government International Bond, 3.50%, due 1/25/50 and a market value, including accrued interest, of $8,747,293(32)			8,807		8,807,459
JPMorgan Chase Bank, N.A.:
Dated 10/25/21 with a maturity date of 11/1/21, an interest rate of 0.30% payable by the Portfolio and repurchase proceeds of $10,808,422, collateralized by GBP 3,555,244 United Kingdom Gilt Bond, 0.25%, due 3/22/52 and a market value, including accrued interest, of $10,551,788			10,809		10,808,962
Total Repurchase Agreements (identified cost $44,947,941)				$	44,947,941
Sovereign Government Securities — 1.4%
Security		Principal Amount (000’s omitted)		Value
Egypt — 1.4%
Egypt Treasury Bill:
0.00%, 11/2/21	EGP		309,150	$	19,699,002
0.00%, 11/30/21	EGP		16,400		1,037,856
0.00%, 12/28/21	EGP		55,425		3,476,805
0.00%, 1/25/22	EGP		38,025		2,353,257
Total Egypt				$	26,566,920
Total Sovereign Government Securities (identified cost $26,575,438)				$	26,566,920

11 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

U.S. Treasury Obligations — 0.4%
Security		Principal Amount (000’s omitted)			Value
U.S. Treasury Bill:
0.00%, 11/4/21(33)		$	3,675		$	3,674,991
0.00%, 12/9/21(33)			3,325			3,324,786
Total U.S. Treasury Obligations (identified cost $6,999,859)					$	6,999,777
Total Short-Term Investments (identified cost $399,267,316)					$	399,258,716
Total Purchased Swaptions – 0.0%(20) (identified cost $1,143,186)					$	10,696
Total Investments – 112.1% (identified cost $2,207,273,518)					$	2,108,328,439
Securities Sold Short — (2.4)%
Foreign Corporate Bonds — (0.5)%
Security		Principal Amount (000’s omitted)			Value
Chile — (0.5)%
Corp. Nacional del Cobre de Chile, 4.375%, 2/5/49(12)		$	(8,000	)	$	(9,036,969	)
Total Chile					$	(9,036,969	)
Total Foreign Corporate Bonds (proceeds $8,917,323)					$	(9,036,969	)
Sovereign Government Bonds — (1.9)%
Security		Principal Amount (000’s omitted)			Value
Chile — (0.5)%
Chile Government International Bond, 3.50%, 1/25/50	USD		(8,500	)	$	(8,667,960	)
Total Chile					$	(8,667,960	)
Peru — (0.8)%
Peruvian Government International Bond:
3.55%, 3/10/51	USD		(7,715	)	$	(7,804,263	)
5.625%, 11/18/50	USD		(5,785	)		(7,900,343	)
Total Peru					$	(15,704,606	)

Security		Principal Amount (000’s omitted)			Value
United Kingdom — (0.6)%
United Kingdom Gilt Bond, 0.25%, 3/22/52(12)(24)	GBP		(3,555	)	$	(10,550,470	)
Total United Kingdom					$	(10,550,470	)
Total Sovereign Government Bonds (proceeds $33,757,567)					$	(34,923,036	)
Total Securities Sold Short (proceeds $42,674,890)					$	(43,960,005	)
TBA Sale Commitments — (3.6)%
U.S. Government Agency Mortgage-Backed Securities — (3.6)%
Security		Principal Amount (000’s omitted)			Value
Government National Mortgage Association, 2.00%, 30-Year, TBA(10)		$	(67,000	)	$	(67,707,496	)
Total U.S. Government Agency Mortgage-Backed Securities (proceeds $67,984,062)					$	(67,707,496	)
Total TBA Sale Commitments (proceeds $67,984,062)					$	(67,707,496	)
Other Assets, Less Liabilities — (6.1)%					$	(115,599,903	)
Net Assets — 100.0%					$	1,881,061,035

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

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2021, the aggregate value of these securities is $233,808,035 or 12.4% of the Portfolio’s net assets.

⁽²⁾  Variable rate security. The stated interest rate represents the rate in effect at October 31, 2021.

⁽³⁾  When-issued security. For a variable rate security, interest rate will be determined after October 31, 2021.

⁽⁴⁾  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, 2021.

⁽⁵⁾  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.

⁽⁶⁾  Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁷⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2021.

⁽⁸⁾  Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021 (see Note 8).

12 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

⁽⁹⁾  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, 2021.

⁽¹⁰⁾  TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement.

⁽¹¹⁾  Non-income producing security.

⁽¹²⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2021, the aggregate value of these securities is $147,355,068 or 7.8% of the Portfolio’s net assets.

⁽¹³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽¹⁴⁾  Step coupon security. Interest rate represents the rate in effect at October 31, 2021.

⁽¹⁵⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹⁶⁾  Variable rate security whose coupon rate is linked to the issuer’s mining activities revenue. The coupon rate shown represents the rate in effect at October 31, 2021.

⁽¹⁷⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽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 reflect non-accrual status.

⁽¹⁹⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽²⁰⁾  Amount is less than 0.05%.

⁽²¹⁾  Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

⁽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 a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽²⁵⁾  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.

⁽²⁶⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽²⁷⁾  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.

⁽²⁸⁾  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.

⁽²⁹⁾  The stated interest rate represents the weighted average fixed interest rate at October 31, 2021 of all interest only securities comprising the certificate.

⁽³⁰⁾  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. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽³¹⁾  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 annualized seven-day yield as of October 31, 2021.

⁽³²⁾  Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

⁽³³⁾  Security (or portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

Purchased Interest Rate Swaptions — 0.0%(20)
Description	Counterparty	Notional Amount		Expiration Date	Value
Option to enter into interest rate swap expiring 12/15/26 to pay 3-month ZAR-JIBAR and receive 5.73%	JPMorgan Chase Bank, N.A.	ZAR	91,740,000	12/15/21	$	39
Option to enter into interest rate swap expiring 1/7/27 to pay 3-month ZAR-JIBAR and receive 5.70%	Bank of America, N.A.	ZAR	112,630,000	1/7/22		245
Option to enter into interest rate swap expiring 1/10/27 to pay 3-month ZAR-JIBAR and receive 5.70%	Bank of America, N.A.	ZAR	56,320,000	1/10/22		144
Option to enter into interest rate swap expiring 1/12/27 to pay 3-month ZAR-JIBAR and receive 5.70%	JPMorgan Chase Bank, N.A.	ZAR	221,740,000	1/12/22		632
Option to enter into interest rate swap expiring 1/17/27 to pay 3-month ZAR-JIBAR and receive 5.73%	JPMorgan Chase Bank, N.A.	ZAR	61,919,000	1/17/22		262
Option to enter into interest rate swap expiring 1/27/27 to pay 3-month ZAR-JIBAR and receive 5.74%	Bank of America, N.A.	ZAR	99,991,000	1/27/22		655

13 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Purchased Interest Rate Swaptions — (continued)
Description	Counterparty	Notional Amount		Expiration Date	Value
Option to enter into interest rate swap expiring 2/10/27 to pay 3-month ZAR-JIBAR and receive 5.88%	Goldman Sachs International	ZAR	55,230,000	2/10/22	$	932
Option to enter into interest rate swap expiring 2/16/27 to pay 3-month ZAR-JIBAR and receive 6.18%	Bank of America, N.A.	ZAR	14,620,000	2/16/22		855
Option to enter into interest rate swap expiring 2/21/27 to pay 3-month ZAR-JIBAR and receive 6.47%	Bank of America, N.A.	ZAR	14,620,000	2/21/22		2,306
Option to enter into interest rate swap expiring 2/23/27 to pay 3-month ZAR-JIBAR and receive 6.47%	Goldman Sachs International	ZAR	11,210,000	2/23/22		1,773
Option to enter into interest rate swap expiring 2/23/27 to pay 3-month ZAR-JIBAR and receive 6.54%	Bank of America, N.A.	ZAR	14,620,000	2/23/22		2,853
Total					$	10,696

Forward Commodity Contracts(1)
Settlement Date	Deliver	In Exchange For	Counterparty	Value/Unrealized Appreciation (Depreciation)
9/1/22	USD 8,366,876	Gold 4,300 Troy Ounces	Citibank, N.A.	$	(680,755	)
Total				$	(680,755	)

⁽¹⁾  Non-deliverable contracts that are settled with the counterparty in cash.

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
IDR	793,572,645,131	USD	55,944,494		11/2/21	$	69,104
IDR	793,572,645,131	USD	55,999,763		11/2/21		13,834
USD	55,999,763	IDR	793,572,645,131		11/2/21		(13,834	)
USD	55,489,934	IDR	793,572,645,131		11/2/21		(523,664	)
NZD	40,460,027	USD	28,121,580		11/4/21		871,375
USD	13,271,513	NZD	19,094,439		11/4/21		(411,231	)
USD	22,241,472	NZD	32,000,000		11/4/21		(689,174	)
KRW	2,370,000,000	USD	2,014,826		11/8/21		3,969
USD	2,071,841	KRW	2,370,000,000		11/8/21		53,045
AUD	42,245,000	USD	30,867,577		11/12/21		912,635
CLP	877,000,000	USD	1,100,376		11/12/21		(23,414	)
USD	1,087,817	CLP	877,000,000		11/12/21		10,854
IDR	220,397,299,990	USD	15,166,343		11/15/21		308,113
USD	15,138,217	IDR	220,397,299,990		11/15/21		(336,239	)
USD	37,998,173	ZAR	556,635,241		11/16/21		1,616,854
NZD	11,450,474	USD	8,094,912		11/22/21		108,313
USD	21,976,745	NZD	31,086,703		11/22/21		(294,056	)
USD	36,103,234	NZD	51,069,006		11/22/21		(483,074	)
GBP	6,720,544	USD	9,246,493		11/23/21		(48,956	)
USD	1,397,677	ZAR	21,467,627		11/26/21		(3,670	)

14 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	18,163,109	ZAR	278,976,268		11/26/21	$	(47,690	)
SEK	126,796,211	USD	14,517,958		11/29/21		249,484
SEK	60,300,000	USD	6,904,251		11/29/21		118,646
USD	3,076,137	MXN	62,462,496		11/29/21		54,478
USD	3,427,387	ZAR	53,102,216		11/29/21		(37,673	)
BRL	7,660,000	USD	1,354,565		12/2/21		(5,172	)
USD	1,912,940	ZAR	27,719,462		12/8/21		106,269
USD	1,879,159	ZAR	27,234,461		12/8/21		104,099
USD	974,076	ZAR	14,121,573		12/8/21		53,675
PEN	1,917,268	USD	467,341		12/9/21		12,481
USD	1,117,751	PEN	4,596,080		12/9/21		(32,481	)
PEN	1,782,732	USD	433,860		12/10/21		12,274
PHP	153,800,000	USD	3,061,976		12/13/21		(23,864	)
USD	2,974,567	PHP	153,800,000		12/13/21		(63,545	)
EUR	245,209	USD	290,262		12/15/21		(6,507	)
EUR	5,071,192	USD	6,002,947		12/15/21		(134,574	)
USD	36,975,177	EUR	31,236,027		12/15/21		828,909
USD	26,954,692	EUR	22,770,885		12/15/21		604,270
USD	7,335,711	EUR	6,197,089		12/15/21		164,452
USD	5,738,411	EUR	4,847,716		12/15/21		128,644
USD	2,987,139	EUR	2,523,486		12/15/21		66,966
USD	1,065,361	EUR	900,000		12/15/21		23,883
USD	2,094,237	ZAR	30,131,883		12/15/21		132,124
USD	2,047,954	ZAR	31,251,159		12/22/21		14,812
USD	8,727,791	ZAR	130,883,702		12/23/21		213,854
USD	5,547,263	ZAR	84,963,546		1/3/22		28,323
COP	8,662,000,000	USD	2,244,845		1/4/22		45,765
USD	2,652,533	ZAR	40,370,220		1/6/22		31,283
IDR	80,900,000,000	USD	5,636,452		1/7/22		11,254
USD	5,690,991	IDR	80,900,000,000		1/7/22		43,285
RUB	202,100,000	USD	2,761,684		1/11/22		46,531
USD	2,788,160	RUB	202,100,000		1/11/22		(20,054	)
USD	55,541,199	IDR	793,572,645,131		1/18/22		209,122
USD	25,281,872	IDR	361,300,710,000		1/18/22		90,078
USD	7,515,000	IDR	107,216,508,000		1/18/22		39,299
USD	20,213,538	IDR	286,830,105,500		1/21/22		220,919
USD	4,144,265	INR	314,500,000		1/21/22		(10,181	)
IDR	64,700,000,000	USD	4,541,945		1/25/22		(34,239	)
USD	4,531,130	IDR	64,700,000,000		1/25/22		23,424
CLP	1,439,000,000	USD	1,754,964		1/27/22		(3,940	)
NZD	8,194,246	USD	5,849,626		1/27/22		13,439
USD	5,387,563	NZD	7,546,981		1/27/22		(12,377	)
USD	8,361,734	NZD	11,713,245		1/27/22		(19,210	)
KRW	3,086,000,000	USD	2,629,012		1/28/22		(6,505	)
USD	2,640,993	KRW	3,086,000,000		1/28/22		18,485
						$	4,393,299

15 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	3,039,673	UAH	81,676,000	Goldman Sachs International		11/1/21	$	—	$	(66,523	)
THB	99,000,000	USD	3,005,464	Standard Chartered Bank		11/2/21		—		(21,964	)
USD	2,949,062	THB	99,000,000	Standard Chartered Bank		11/2/21		—		(34,439	)
MXN	28,600,000	USD	1,419,776	JPMorgan Chase Bank, N.A.		11/4/21		—		(30,828	)
USD	1,424,501	MXN	28,600,000	Bank of America, N.A.		11/4/21		35,553		—
EUR	653,767	USD	754,290	Standard Chartered Bank		11/5/21		1,509		—
EGP	23,300,000	USD	1,421,599	Goldman Sachs International		11/8/21		59,278		—
USD	37,453,905	CNH	243,703,533	Bank of America, N.A.		11/10/21		—		(557,967	)
EUR	2,826,317	CZK	72,000,000	JPMorgan Chase Bank, N.A.		11/11/21		26,211		—
USD	819,477	EUR	708,000	State Street Bank and Trust Company		11/12/21		871		—
USD	299,437	UAH	7,977,000	BNP Paribas		11/12/21		—		(2,868	)
USD	432,250	UAH	11,500,000	Citibank, N.A.		11/12/21		—		(3,567	)
USD	980,524	ZAR	14,579,433	Bank of America, N.A.		11/16/21		27,622		—
USD	588,256	ZAR	8,747,659	Bank of America, N.A.		11/16/21		16,515		—
USD	639,481	ZAR	9,534,825	Bank of America, N.A.		11/16/21		16,291		—
USD	32,399,814	THB	1,074,872,439	Standard Chartered Bank		11/18/21		11,940		—
EUR	1,871,492	HUF	665,000,000	Bank of America, N.A.		11/19/21		29,286		—
HUF	665,000,000	EUR	1,886,439	Standard Chartered Bank		11/19/21		—		(46,571	)
USD	758,363	UAH	20,108,000	Citibank, N.A.		11/19/21		—		(1,472	)
MXN	24,962,496	USD	1,229,674	Citibank, N.A.		11/22/21		—		(20,767	)
MXN	38,567,943	USD	1,899,889	Citibank, N.A.		11/22/21		—		(32,086	)
USD	2,354,115	ILS	7,600,000	HSBC Bank USA, N.A.		11/22/21		—		(47,827	)
USD	321,585	UAH	8,522,000	BNP Paribas		11/22/21		—		(44	)
USD	13,995,069	ZAR	211,412,808	Standard Chartered Bank		11/23/21		189,421		—
USD	4,197,091	ZAR	63,423,842	Standard Chartered Bank		11/23/21		55,396		—
USD	1,076,941	ZAR	16,268,521	Standard Chartered Bank		11/23/21		14,576		—
USD	322,972	ZAR	4,880,556	Standard Chartered Bank		11/23/21		4,263		—
USD	1,493,406	UAH	40,994,000	BNP Paribas		11/30/21		—		(48,668	)
USD	1,617,541	MYR	6,750,000	Goldman Sachs International		12/7/21		—		(7,741	)
THB	63,000,000	USD	1,926,462	Standard Chartered Bank		12/13/21		—		(28,448	)
USD	3,533,365	EUR	2,984,929	BNP Paribas		12/15/21		79,211		—
USD	1,328,958	EUR	1,122,682	BNP Paribas		12/15/21		29,793		—
USD	5,036,941	SGD	6,810,000	UBS AG		12/24/21		—		(11,942	)
EUR	3,085,540	PLN	14,250,000	UBS AG		12/28/21		4,874		—
PLN	14,250,000	EUR	3,113,762	HSBC Bank USA, N.A.		12/28/21		—		(37,546	)
USD	21,496,385	CNH	140,000,000	HSBC Bank USA, N.A.		12/28/21		—		(256,298	)
USD	21,496,722	CNH	140,000,000	UBS AG		12/28/21		—		(255,961	)
USD	1,208,455	ZAR	18,000,000	UBS AG		12/28/21		38,324		—
ZAR	18,000,000	USD	1,211,630	HSBC Bank USA, N.A.		12/28/21		—		(41,498	)
TRY	15,400,000	USD	1,552,438	Standard Chartered Bank		1/6/22		—		(447	)
USD	1,658,173	TRY	15,400,000	Standard Chartered Bank		1/6/22		106,182		—
HUF	4,700,000,000	EUR	13,001,743	Citibank, N.A.		1/10/22		1,113		—
PLN	67,027,608	EUR	14,561,071	Citibank, N.A.		1/10/22		—		(89,676	)
CNH	74,903,533	USD	11,545,468	Citibank, N.A.		1/20/22		70,396		—
MXN	11,500,000	USD	561,051	Citibank, N.A.		1/21/22		—		(9,386	)

16 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
MXN	17,700,000	USD	863,531	Citibank, N.A.		1/21/22	$	—	$	(14,446	)
USD	1,964,482	MXN	40,300,000	JPMorgan Chase Bank, N.A.		1/27/22		33,161		—
EGP	23,320,000	USD	1,449,708	Goldman Sachs International		1/31/22		—		(1,285	)
USD	4,209,726	BHD	1,605,000	Bank of America, N.A.		3/14/22		—		(40,619	)
USD	8,407,724	SAR	32,004,000	Standard Chartered Bank		3/14/22		—		(118,800	)
USD	20,243,572	SAR	77,035,000	Standard Chartered Bank		3/14/22		—		(280,136	)
USD	4,215,852	BHD	1,625,000	Standard Chartered Bank		3/16/22		—		(87,325	)
USD	4,112,475	BHD	1,585,976	Standard Chartered Bank		3/16/22		—		(87,361	)
USD	8,429,122	BHD	3,217,000	Standard Chartered Bank		3/16/22		—		(89,843	)
USD	8,651,101	SAR	32,792,000	BNP Paribas		3/24/22		—		(84,917	)
USD	12,976,517	SAR	49,181,000	HSBC Bank USA, N.A.		3/24/22		—		(125,646	)
USD	15,526,212	SAR	58,790,000	Standard Chartered Bank		3/28/22		—		(135,537	)
USD	23,292,293	OMR	9,293,625	BNP Paribas		8/29/22		—		(768,161	)
USD	5,030,996	BHD	1,911,024	Standard Chartered Bank		3/13/23		—		(3,272	)
USD	4,226,390	SAR	15,887,000	Standard Chartered Bank		3/13/23		2,451		—
USD	6,711,224	BHD	2,554,000	Standard Chartered Bank		3/15/23		—		(16,686	)
USD	11,776,656	OMR	4,666,500	BNP Paribas		4/8/24		—		(51,406	)
USD	11,825,022	OMR	4,664,971	Standard Chartered Bank		4/22/24		835		—
USD	8,189,339	OMR	3,237,000	BNP Paribas		7/8/24		—		(15,405	)
USD	5,155,499	OMR	2,039,000	Standard Chartered Bank		7/15/24		—		(12,703	)
USD	954,425	OMR	378,000	BNP Paribas		7/29/24		—		(3,682	)
							$	855,072	$	(3,591,764	)

Non-deliverable Bond Forward Contracts*
Settlement Date	Notional Amount (000’s omitted)		Reference Entity	Counterparty	Aggregate Cost		Unrealized Appreciation (Depreciation)
11/23/21	COP	27,410,880	Republic of Colombia, 5.75%, 11/3/27	Bank of America, N.A.	$	7,279,025	$	(154,970	)
11/24/21	COP	25,232,830	Republic of Colombia, 6.00%, 4/28/28	Bank of America, N.A.		6,700,639		(146,496	)
11/25/21	COP	8,038,070	Republic of Colombia, 6.00%, 4/28/28	Goldman Sachs International		2,134,529		(14,175	)
11/26/21	COP	8,255,529	Republic of Colombia, 5.75%, 11/3/27	Bank of America, N.A.		2,192,276		(29,615	)
12/2/21	COP	27,410,880	Republic of Colombia, 5.75%, 11/3/27	Bank of America, N.A.		7,279,025		—
							$	(345,256	)

* Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.

17 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Futures Contracts
Description	Number of Contracts			Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
CME 90-Day Eurodollar		2,927		Long	12/19/22	$	725,383,775		$	(2,561,183	)
U.S. 2-Year Treasury Note		18		Long	12/31/21		3,946,500			(16,791	)
U.S. 5-Year Treasury Note		5		Long	12/31/21		608,750			(2,704	)
U.S. 10-Year Treasury Note		74		Long	12/21/21		9,672,031			(188,881	)
U.S. Ultra-Long Treasury Bond		176		Long	12/21/21		34,567,500			888,910
Euro-Bobl		(4	)	Short	12/8/21		(618,506	)		9,520
Euro-Buxl		(14	)	Short	12/8/21		(3,382,132	)		14,230
U.S. 10-Year Treasury Note		(1,752	)	Short	12/21/21		(228,991,875	)		4,531,895
U.S. Long Treasury Bond		(2	)	Short	12/21/21		(321,687	)		4,887
									$	2,679,883

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	5,003	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.60% (pays upon termination)		8/15/32	$	226,211
EUR	19,000	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.69% (pays upon termination)		11/15/32		592,572
EUR	5,000	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	2.20% (pays upon termination)		10/15/36		(161,593	)
EUR	5,000	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	2.20% (pays upon termination)		10/15/36		(154,243	)
EUR	5,000	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	2.20% (pays upon termination)		10/15/36		(154,243	)
EUR	5,003	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.79% (pays upon termination)		8/15/42		(429,516	)
EUR	19,000	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.89% (pays upon termination)		11/15/42		(921,019	)
EUR	5,000	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	2.29% (pays upon termination)		10/15/46		313,574
EUR	5,000	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	2.29% (pays upon termination)		10/15/46		317,115

18 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

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)
EUR	5,000	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	2.29% (pays upon termination)		10/15/46	$	317,115
USD	8,770	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.29% (pays upon termination)		1/26/26		(611,292	)
USD	8,770	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.29% (pays upon termination)		1/26/26		(611,292	)
USD	8,770	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.26% (pays upon termination)		1/27/26		(626,474	)
USD	8,780	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.26% (pays upon termination)		1/27/26		(626,035	)
USD	4,910	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.28% (pays upon termination)		1/28/26		(346,850	)
USD	5,000	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	1.28% (pays upon termination)		4/20/30		896,423
USD	8,770	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.33% (pays upon termination)		1/26/31		689,396
USD	8,770	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.33% (pays upon termination)		1/26/31		688,200
USD	8,780	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.31% (pays upon termination)		1/27/31		709,193
USD	8,770	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.31% (pays upon termination)		1/27/31		708,147
USD	4,910	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.32% (pays upon termination)		1/28/31		394,509
USD	19,500	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.30% (pays upon termination)		2/25/31		1,576,124
USD	25,300	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.22% (pays upon termination)		11/14/32		(2,250,075	)
USD	8,100	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.75% (pays upon termination)		10/29/36		208,770
USD	8,000	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.75% (pays upon termination)		10/29/36		206,193

19 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

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	8,100		Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.75% (pays upon termination)		10/29/36	$	208,770
USD	25,300		Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.20% (pays upon termination)		11/14/42		2,701,912
USD	8,100		Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.62% (pays upon termination)		10/29/46		(413,162	)
USD	8,000		Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.62% (pays upon termination)		10/29/46		(413,181	)
USD	8,100		Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.62% (pays upon termination)		10/29/46		(413,162	)
USD	2,309		Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.13% (pays upon termination)		8/22/47		329,672
USD	2,295		Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)		8/25/47		316,345
USD	4,400		Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.42% (pays upon termination)		6/8/48		115,946
									$	3,384,050

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	$	1,880,761
									$	1,880,761

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

20 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

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	413,556	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.08% (pays upon termination)		1/3/22	$	(765,934	)	$	—		$	(765,934	)
BRL	417,031	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.40% (pays upon termination)		1/3/22		643,052			—			643,052
BRL	34,700	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	8.59% (pays upon termination)		1/4/27		927,599			—			927,599
CNY	892,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.31% (pays quarterly)		7/28/22		(57,596	)		—			(57,596	)
COP	51,043,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.38% (pays quarterly)		3/30/26		852,939			—			852,939
COP	25,273,200	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.38% (pays quarterly)		3/30/26		421,777			—			421,777
COP	14,519,700	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.48% (pays quarterly)		3/31/26		226,426			—			226,426
COP	15,543,300	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.56% (pays quarterly)		4/6/26		231,252			—			231,252
COP	42,270,000	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	5.14% (pays quarterly)		8/12/26		429,661			—			429,661
COP	4,505,500	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.82% (pays quarterly)		3/26/28		91,608			—			91,608
COP	5,037,000	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.82% (pays quarterly)		3/26/28		102,046			—			102,046
COP	3,218,200	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.83% (pays quarterly)		3/26/28		64,963			—			64,963
CZK	447,000	Receives	6-month CZK PRIBOR (pays semi-annually)	2.26% (pays annually)		9/9/26		703,626			—			703,626
EUR	750	Receives	6-month EURIBOR (pays semi-annually)	(0.30)% (pays annually)		6/16/25		7,642			(1	)		7,641
HUF	3,901,950	Receives	6-month HUF BUBOR (pays semi-annually)	2.90% (pays annually)		9/20/26		381,335			—			381,335
HUF	3,898,050	Receives	6-month HUF BUBOR (pays semi-annually)	2.95% (pays annually)		9/20/26		352,817			—			352,817
MXN	1,081,600	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.54% (pays monthly)		12/15/23		1,373,242			—			1,373,242
MXN	298,383	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.76% (pays monthly)		3/7/24		174,665			—			174,665

21 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

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)
MXN	82,926	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.79% (pays monthly)		3/7/24	$	45,844		$	—		$	45,844
MXN	393,100	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.63% (pays monthly)		1/9/25		(1,562,959	)		—			(1,562,959	)
MXN	393,300	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.61% (pays monthly)		1/10/25		(1,571,214	)		—			(1,571,214	)
MXN	350,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.29% (pays monthly)		5/2/25		(1,162,623	)		—			(1,162,623	)
MXN	254,500	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.40% (pays monthly)		8/18/26		(572,741	)		—			(572,741	)
MXN	430,100	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.72% (pays monthly)		9/14/26		701,140			—			701,140
PLN	78,000	Receives	6-month PLN WIBOR (pays semi-annually)	1.69% (pays annually)		9/20/26		804,216			—			804,216
THB	421,800	Receives	6-month THB Fixing Rate (pays semi-annually)	0.97% (pays semi-annually)		9/21/26		222,377			—			222,377
THB	557,200	Receives	6-month THB Fixing Rate (pays semi-annually)	1.01% (pays semi-annually)		9/21/26		259,434			—			259,434
THB	384,716	Receives	6-month THB Fixing Rate (pays semi-annually)	1.19% (pays semi-annually)		2/23/28		214,148			—			214,148
THB	384,716	Receives	6-month THB Fixing Rate (pays semi-annually)	1.19% (pays semi-annually)		2/23/28		214,148			—			214,148
THB	217,211	Receives	6-month THB Fixing Rate (pays semi-annually)	1.32% (pays semi-annually)		2/25/28		70,817			—			70,817
THB	192,358	Receives	6-month THB Fixing Rate (pays semi-annually)	1.34% (pays semi-annually)		2/25/28		55,455			—			55,455
USD	1,010	Receives	3-month USD-LIBOR (pays quarterly)	0.32% (pays semi-annually)		6/11/23		2,585			—			2,585
USD	332	Receives	3-month USD-LIBOR (pays quarterly)	0.44% (pays semi-annually)		6/12/25		6,999			—			6,999
USD	1,010	Receives	3-month USD-LIBOR (pays quarterly)	0.36% (pays semi-annually)		6/15/25		24,498			—			24,498
USD	1,316	Receives	3-month USD-LIBOR (pays quarterly)	0.37% (pays semi-annually)		6/23/25		32,147			—			32,147
USD	1,180	Receives	3-month USD-LIBOR (pays quarterly)	0.32% (pays semi-annually)		7/14/25		31,910			—			31,910
USD	1,000	Receives	3-month USD-LIBOR (pays quarterly)	0.50% (pays semi-annually)		6/4/27		41,347			—			41,347
USD	17,000	Receives	3-month USD-LIBOR (pays quarterly)	0.94% (pays semi-annually)		1/7/31		830,708			—			830,708
USD	11,693	Receives	3-month USD-LIBOR (pays quarterly)	2.50% (pays semi-annually)		9/20/47		(1,957,855	)		(97,075	)		(2,054,930	)
USD	2,450	Pays	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)		3/11/50		(655,202	)		—			(655,202	)
USD	2,450	Pays	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)		3/11/50		(630,832	)		—			(630,832	)

22 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

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	3,670		Pays	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)		3/20/50	$	(650,389	)	$	—		$	(650,389	)
USD	700		Receives	3-month USD-LIBOR (pays quarterly)	0.94% (pays semi-annually)		5/21/50		125,820			—			125,820
USD	5,000		Receives	3-month USD-LIBOR (pays quarterly)	1.18% (pays semi-annually)		6/10/50		621,180			—			621,180
USD	12,450		Pays	3-month USD-LIBOR (pays quarterly)	1.27% (pays semi-annually)		11/4/50		(1,273,144	)		—			(1,273,144	)
USD	3,750		Receives	3-month USD-LIBOR (pays quarterly)	1.76% (pays semi-annually)		2/12/51		(41,715	)		—			(41,715	)
USD	3,000		Receives	3-month USD-LIBOR (pays quarterly)	1.24% (pays semi-annually)		3/5/51		341,985			—			341,985
USD	3,000		Pays	3-month USD-LIBOR (pays quarterly)	1.26% (pays semi-annually)		3/5/51		(329,356	)		—			(329,356	)
USD	12,500		Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)		3/5/51		46,509			(331,299	)		(284,790	)
ZAR	308,900		Receives	3-month ZAR JIBAR (pays quarterly)	6.38% (pays quarterly)		12/15/26		519,858			—			519,858
Total								$	966,215		$	(428,375	)	$	537,840

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)
Bank of America, N.A.	MYR	61,400	Pays	3-month MYR KLIBOR (pays quarterly)	2.50% (pays quarterly)		7/19/26	$	(355,214	)
BNP Paribas	MYR	55,800	Pays	3-month MYR KLIBOR (pays quarterly)	2.52% (pays quarterly)		7/16/26		(314,705	)
BNP Paribas	MYR	55,800	Pays	3-month MYR KLIBOR (pays quarterly)	2.52% (pays quarterly)		7/16/26		(314,705	)
Citibank, N.A.	MYR	121,100	Receives	3-month MYR KLIBOR (pays quarterly)	2.93% (pays quarterly)		10/12/26		171,360
Goldman Sachs International	MYR	44,300	Pays	3-month MYR KLIBOR (pays quarterly)	2.52% (pays quarterly)		7/16/26		(247,430	)
Goldman Sachs International	MYR	13,500	Pays	3-month MYR KLIBOR (pays quarterly)	2.50% (pays quarterly)		7/19/26		(79,428	)
JPMorgan Chase Bank, N.A.	RUB	966,700	Receives	3-month Moscow Prime Offered Rate (pays quarterly)	8.73% (pays annually)		12/15/26		98,258
Standard Chartered Bank	MYR	99,300	Pays	3-month MYR KLIBOR (pays quarterly)	2.53% (pays quarterly)		7/16/26		(543,788	)
Standard Chartered Bank	MYR	43,900	Pays	3-month MYR KLIBOR (pays quarterly)	2.49% (pays quarterly)		7/19/26		(260,681	)
								$	(1,846,333	)

23 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

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)
Brazil	$6,700		1.00% (pays quarterly)(1)		12/20/26	$	458,945		$	(311,603	)	$	147,342
Malaysia	23,900		1.00% (pays quarterly)(1)		12/20/26		(573,013	)		665,278			92,265
Markit CDX Investment Grade Index (CDX.NA.IG.37.V1)	460,000		1.00% (pays quarterly)(1)		12/20/26		(11,439,136	)		10,705,017			(734,119	)
						$	(11,553,204	)	$	11,058,692		$	(494,512	)

* 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.

Cross-Currency Swaps
Counterparty	Portfolio Receives	Portfolio Pays	Termination Date	Value/Unrealized Appreciation (Depreciation)
Goldman Sachs International	1-day Indice Camara Promedio Rate on CLP 959,074,478 (pays semi-annually)*	(0.24)% on CLP equivalent of CLF 32,886 (pays semi-annually)*	2/11/31	$	194,297
Goldman Sachs International	1-day Indice Camara Promedio Rate on CLP 959,284,060 (pays semi-annually)*	(0.27)% on CLP equivalent of CLF 32,885 (pays semi-annually)*	2/12/31		197,933
Goldman Sachs International	1-day Indice Camara Promedio Rate on CLP 467,082,022 (pays semi-annually)*	(0.32)% on CLP equivalent of CLF 15,992 (pays semi-annually)*	2/17/31		99,749
Goldman Sachs International	1-day Indice Camara Promedio Rate on CLP 1,831,709,463 (pays semi-annually)*	(0.15)% on CLP equivalent of CLF 62,683 (pays semi-annually)*	2/19/31		357,301
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 558,512,295 (pays semi-annually)*	(0.22)% on CLP equivalent of CLF 19,151 (pays semi-annually)*	2/11/31		111,549
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 1,117,024,590 (pays semi-annually)*	(0.22)% on CLP equivalent of CLF 38,302 (pays semi-annually)*	2/11/31		223,737
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 1,117,024,590 (pays semi-annually)*	(0.23)% on CLP equivalent of CLF 38,302 (pays semi-annually)*	2/11/31		225,017
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 890,207,440 (pays semi-annually)*	(0.30)% on CLP equivalent of CLF 30,517 (pays semi-annually)*	2/12/31		186,738
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 839,036,096 (pays semi-annually)*	(0.31)% on CLP equivalent of CLF 28,727 (pays semi-annually)*	2/16/31		178,254
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 559,347,662 (pays semi-annually)*	(0.34)% on CLP equivalent of CLF 19,151 (pays semi-annually)*	2/16/31		120,754

24 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Portfolio of Investments — continued

Cross-Currency Swaps (continued)
Counterparty	Portfolio Receives	Portfolio Pays	Termination Date	Value/Unrealized Appreciation (Depreciation)
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 564,044,545 (pays semi-annually)*	(0.21)% on CLP equivalent of CLF 19,307 (pays semi-annually)*	2/18/31	$	113,234
The Bank of Nova Scotia	1-day Indice Camara Promedio Rate on CLP 564,185,100 (pays semi-annually)*	(0.16)% on CLP equivalent of CLF 19,307 (pays semi-annually)*	2/19/31		110,213
				$	2,118,776

* At the termination date, the Portfolio will either pay or receive the USD equivalent of the difference between the initial CLP notional amount and the CLP equivalent of the CLF notional amount on such date.

Abbreviations:

CME	–	Chicago Mercantile Exchange
COF	–	Cost of Funds 11th District
EURIBOR	–	Euro Interbank Offered Rate
GDP	–	Gross Domestic Product
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind
SOFR	–	Secured Overnight Financing Rate
TBA	–	To Be Announced

Currency Abbreviations:

AUD	–	Australian Dollar
BHD	–	Bahraini Dinar
BRL	–	Brazilian Real
CLF	–	Chilean Unidad de Fomento
CLP	–	Chilean Peso
CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
COP	–	Colombian Peso
CZK	–	Czech Koruna
EGP	–	Egyptian Pound
EUR	–	Euro
GBP	–	British Pound Sterling
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
ILS	–	Israeli Shekel
INR	–	Indian Rupee
ISK	–	Icelandic Krona
KRW	–	South Korean Won

MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NZD	–	New Zealand Dollar
OMR	–	Omani Rial
PEN	–	Peruvian Sol
PHP	–	Philippine Peso
PLN	–	Polish Zloty
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
SAR	–	Saudi Riyal
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TRY	–	New Turkish Lira
UAH	–	Ukrainian Hryvnia
USD	–	United States Dollar
UZS	–	Uzbekistani Som
ZAR	–	South African Rand

25 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Statement of Assets and Liabilities

Assets	October 31, 2021
Unaffiliated investments, at value (identified cost, $1,881,564,566)	$	1,787,216,861
Affiliated investments, at value (identified cost, $325,708,952)		321,111,578
Cash		3,722,596
Deposits for derivatives collateral —
Financial futures contracts		165,703
Centrally cleared derivatives		38,542,330
OTC derivatives		8,508,626
Deposits for forward commitment securities		784,000
Interest and dividends receivable		15,166,838
Interest and dividends receivable from affiliated investments		143,204
Receivable for investments sold		129,120
Receivable for TBA sale commitments		67,984,062
Receivable for variation margin on open financial futures contracts		68,076
Receivable for variation margin on open centrally cleared derivatives		2,182,685
Receivable for open forward foreign currency exchange contracts		855,072
Receivable for open swap contracts		4,269,155
Prepaid expenses		26
Receivable from broker		10,814,948
Miscellaneous receivable		8,246,943
Total assets	$	2,269,911,823
Liabilities
Cash collateral due to brokers	$	2,540,000
Payable for when-issued/delayed delivery/forward commitment securities		259,068,646
Payable for securities sold short, at value (proceeds, $42,674,890)		43,960,005
TBA sale commitments, at value (proceeds receivable, $67,984,062)		67,707,496
Payable for open forward commodity contracts		680,755
Payable for open forward foreign currency exchange contracts		3,591,764
Payable for open swap contracts		2,115,951
Payable for open non-deliverable bond forward contracts		345,256
Payable for closed non-deliverable bond forward contracts		297,152
Due to custodian - foreign currency, at value ($5,677,521)		5,918,980
Payable to affiliates:
Investment adviser fee		935,859
Trustees’ fees		7,013
Interest payable on securities sold short		421,146
Accrued foreign capital gains taxes		362,630
Accrued expenses		898,135
Total liabilities	$	388,850,788
Net Assets applicable to investors’ interest in Portfolio	$	1,881,061,035

26 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Statement of Operations

Investment Income	Year Ended October 31, 2021
Interest (net of foreign taxes, $2,078,348)	$	77,127,172
Dividends (net of foreign taxes, $6,246)		2,994,390
Interest and dividends from affiliated investments		467,478
Total investment income	$	80,589,040
Expenses
Investment adviser fee	$	9,681,981
Trustees’ fees and expenses		76,214
Custodian fee		851,550
Legal and accounting services		247,762
Interest and dividend expense on securities sold short		462,969
Miscellaneous		100,010
Total expenses	$	11,420,486
Net investment income	$	69,168,554
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $258,004)	$	10,695,754
Investment transactions — affiliated investments		4,390
Written options and swaptions		(673,429	)
Securities sold short		1,149,087
Financial futures contracts		(5,112,251	)
Swap contracts		14,697,562
Forward commodity contracts		(178,623	)
Foreign currency transactions		(1,887,437	)
Forward foreign currency exchange contracts		(6,082,034	)
Non-deliverable bond forward contracts		(4,866,020	)
Net realized gain	$	7,746,999
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $295,923)	$	(24,657,627	)
Investments — affiliated investments		(114,989	)
Written options and swaptions		(51,273	)
Securities sold short		(3,303,411	)
TBA sale commitments		276,566
Financial futures contracts		3,231,974
Swap contracts		(346,521	)
Forward commodity contracts		(307,573	)
Foreign currency		(406,752	)
Forward foreign currency exchange contracts		(2,460,813	)
Non-deliverable bond forward contracts		(345,256	)
Net change in unrealized appreciation (depreciation)	$	(28,485,675	)
Net realized and unrealized loss	$	(20,738,676	)
Net increase in net assets from operations	$	48,429,878

27 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	69,168,554		$	37,658,004
Net realized gain		7,746,999			47,782,897
Net change in unrealized appreciation (depreciation)		(28,485,675	)		(395,106	)
Net increase in net assets from operations	$	48,429,878		$	85,045,795
Capital transactions —
Contributions	$	833,269,734		$	200,389,717
Withdrawals		(359,755,011	)		(293,390,778	)
Net increase (decrease) in net assets from capital transactions	$	473,514,723		$	(93,001,061	)
Net increase (decrease) in net assets	$	521,944,601		$	(7,955,266	)
Net Assets
At beginning of year	$	1,359,116,434		$	1,367,071,700
At end of year	$	1,881,061,035		$	1,359,116,434

28 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

Consolidated Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2021			2020			2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.70	%(1)		0.69	%(1)		0.69	%		0.69	%		0.68	%
Net investment income		4.22	%		2.85	%		4.61	%		4.47	%		3.84	%
Portfolio Turnover		218	%(2)		87	%(2)		39	%		57	%		44	%
Total Return		3.53	%		7.52	%		3.21	%		2.74	%		6.70	%
Net assets, end of year (000’s omitted)	$	1,881,061		$	1,359,116		$	1,367,072		$	1,490,482		$	1,633,327

⁽¹⁾ Includes interest and/or dividend expense on securities sold short of 0.03% and 0.01% of average daily net assets for the years ended October 31, 2021 and 2020, respectively.

⁽²⁾ Includes the effect of To-Be-Announced (TBA) transactions.

29 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2021

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 a non-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, 2021, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 98.6% and 1.4%, 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, 2021 were $1,200,096 or 0.1% 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 National Market System 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. Financial 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 commodity contracts are generally valued at the price provided by the exchange on which they are traded or if unavailable, by a third party pricing service based on an interpolation of the forward rates. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. 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. 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 Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

30

Global Opportunities Portfolio

October 31, 2021

Notes to Consolidated Financial Statements — continued

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. 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 the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-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, 2021, 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 fiscal year-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.

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

31

Global Opportunities Portfolio

October 31, 2021

Notes to Consolidated Financial Statements — continued

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 Futures Contracts — Upon entering into a financial 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 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 futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial 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, Non-Deliverable Bond Forward and Forward Commodity 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. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Unrealized and realized gains and losses on forward commodity contracts, which are entered into for the purchase or sale of a specific commodity at a fixed price on a future date, are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, 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 subsequently marked-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 subsequently marked-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 traded over-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, if any (which are amortized over the life of the swap contract), 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 of non-performance

32

Global Opportunities Portfolio

October 31, 2021

Notes to Consolidated Financial Statements — continued

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.

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 to re-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 for non-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 9. 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 subsequently marked-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 subsequently marked-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 traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

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Notes to Consolidated Financial Statements — continued

S  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

T  Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

U  Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

V  Forward Sale Commitments — The Portfolio may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current market value of the underlying security in accordance with the Portfolio’s policies on investment valuations discussed above. The Portfolio records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Portfolio realizes a gain or loss on investments based on the price established when the Portfolio entered into the commitment. If the Portfolio enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss if the purchase price to settle the commitment is higher than the price at which it was sold.

W  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) as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio and Subsidiary entered into new investment advisory agreements (the “New Agreements”) with BMR, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Portfolio’s and Subsidiary’s investment

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Global Opportunities Portfolio

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Notes to Consolidated Financial Statements — continued

advisory agreements with BMR in effect prior to March 1, 2021), the Portfolio and Subsidiary each pay BMR a fee computed at an annual rate as a percentage of its respective average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.615	%
$500 million but less than $1 billion		0.595	%
$1 billion but less than $1.5 billion		0.575	%
$1.5 billion but less than $2 billion		0.555	%
$2 billion but less than $3 billion		0.520	%
$3 billion and over		0.490	%

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, 2021, the Portfolio’s investment adviser fee amounted to $9,681,981 or 0.59% of the Portfolio’s consolidated average daily net assets. The Portfolio may invest 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, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

During the year ended October 31, 2021, BMR reimbursed the Portfolio $5,091 for a net realized loss due to a trading error. The amount of the reimbursement had an impact on total return of less than 0.01%.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, principal repayments on Senior Loans, TBA transactions and securities sold short for the year ended October 31, 2021 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	755,845,417	$	581,228,756
U.S. Government and Agency Securities		2,461,955,616		1,968,139,160
	$	3,217,801,033	$	2,549,367,916

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, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,129,041,059
Gross unrealized appreciation	$	32,987,921
Gross unrealized depreciation		(161,206,107	)
Net unrealized depreciation	$	(128,218,186	)

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Notes to Consolidated Financial Statements — continued

5  Restricted Securities

At October 31, 2021, the Portfolio owned the following securities (representing 1.5% of net assets) which were restricted as to public 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
Reinsurance Side Cars
Mt. Logan Re, Ltd., Series 13, Preference Shares		1/2/18		10,000	$	6,658,283	$	10,461,915
Mt. Logan Re, Ltd., Series 17, Preference Shares		1/26/21		860		572,931		869,861
Mt. Logan Re, Ltd., Special Investment Series 13, 12/18		1/22/19		2,000		1,446,242		427,488
Mt. Logan Re, Ltd., Special Investment Series 13, 12/19		1/17/20		1,829		1,322,544		639,669
Sussex Capital, Ltd., Designated Investment Series 5, 5/19		5/31/19		249		212,150		39,368
Sussex Capital, Ltd., Designated Investment Series 5, 12/19		1/17/20		791		673,953		20,182
Sussex Capital, Ltd., Designated Investment Series 5, 6/20		6/30/20		434		69,673		105,618
Sussex Capital, Ltd., Designated Investment Series 5, 12/20		1/25/21		292		284,695		78,783
Sussex Capital, Ltd., Designated Investment Series 5, 4/21		4/1/21		247		195,858		193,498
Sussex Capital, Ltd., Series 5, Preference Shares		12/17/18		6,000		4,563,671		6,130,752
Sussex Capital, Ltd., Series 15, Preference Shares		6/1/21		5,000		5,000,000		4,751,824
Sussex Re, Ltd., Series 2020A		1/21/20		4,081,939		199,691		233,895
Sussex Re, Ltd., Series 2021A		1/14/21		4,154,232		3,475,256		4,042,068
Versutus Re, Ltd., Series 2019		1/21/20		220,133		—		41,143
Total Restricted Securities					$	24,674,947	$	28,036,064

6  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, swaptions, forward foreign currency exchange contracts, non-deliverable bond forward contracts, forward commodity contracts, futures contracts 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, 2021 is included in the Consolidated Portfolio of Investments. At October 31, 2021, 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 forward commodity contracts and total return swap contracts based on commodity indices, 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 swap contract 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: During the year ended October 31, 2021 the Portfolio entered into total return swap 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 non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, inflation swaps, cross-currency swaps and options contracts to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

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Global Opportunities Portfolio

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Notes to Consolidated Financial Statements — continued

The Portfolio enters into over-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, 2021, the fair value of derivatives with credit-related contingent features in a net liability position was $6,733,726. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $10,707,533 at October 31, 2021.

The OTC derivatives in which the Portfolio invests (except for written options and swaptions 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 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, 2021 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 9) at October 31, 2021. 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, 2021 was as follows:

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity		Credit			Foreign Exchange			Interest Rate			Total
Unaffiliated investments, at value	$	—	$	—		$	—		$	10,696		$	10,696
Not applicable		—		458,945	*		7,678,623	*		29,163,404	*		37,300,972
Receivable for open forward foreign currency exchange contracts		—		—			855,072			—			855,072
Receivable for open swap contracts		—		—			—			4,269,155			4,269,155
Total Asset Derivatives	$	—	$	458,945		$	8,533,695		$	33,443,255		$	42,435,895
Derivatives not subject to master netting or similar agreements	$	—	$	458,945		$	7,678,623		$	29,163,404		$	37,300,972
Total Asset Derivatives subject to master netting or similar agreements	$	—	$	—		$	855,072		$	4,279,851		$	5,134,923

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Notes to Consolidated Financial Statements — continued

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity			Credit			Foreign Exchange			Interest Rate			Total
Not applicable	$	—		$	(12,012,149	)*	$	(3,285,324	)*	$	(22,133,256	)*	$	(37,430,729	)
Payable for open forward foreign currency exchange contracts		—			—			(3,591,764	)		—			(3,591,764	)
Payable for open swap contracts		—			—			—			(2,115,951	)		(2,115,951	)
Payable for open forward commodity contracts		(680,755	)		—			—			—			(680,755	)
Payable for open non-deliverable bond forward contracts		—			—			—			(345,256	)		(345,256	)
Total Liability Derivatives	$	(680,755	)	$	(12,012,149	)	$	(6,877,088	)	$	(24,594,463	)	$	(44,164,455	)
Derivatives not subject to master netting or similar agreements	$	—		$	(12,012,149	)	$	(3,285,324	)	$	(22,133,256	)	$	(37,430,729	)
Total Liability Derivatives subject to master netting or similar agreements	$	(680,755	)	$	—		$	(3,591,764	)	$	(2,461,207	)	$	(6,733,726	)

* 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 financial futures contracts and centrally cleared derivatives, as applicable.

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, 2021.

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
Bank of America, N.A.	$	2,013,086	$	(1,284,881	)	$	—	$	(490,000	)	$	238,205	$	490,000
BNP Paribas		109,004		(109,004	)		—		—			—		—
Citibank, N.A.		242,869		(171,400	)		—		—			71,469		—
Goldman Sachs International		911,263		(416,582	)		—		(494,681	)		—		760,000
JPMorgan Chase Bank, N.A.		158,563		(30,828	)		—		—			127,735		—
Standard Chartered Bank		386,573		(386,573	)		—		—			—		—
State Street Bank and Trust Company		871		—			—		—			871		—
The Bank of Nova Scotia		1,269,496		—			—		(1,269,496	)		—		1,290,000
UBS AG		43,198		(43,198	)		—		—			—		—
	$	5,134,923	$	(2,442,466	)	$	—	$	(2,254,177	)	$	438,280	$	2,540,000

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Notes to Consolidated Financial Statements — continued

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
Bank of America, N.A.	$	(1,284,881	)	$	1,284,881	$	—	$	—	$	—		$	—
BNP Paribas		(1,604,561	)		109,004		830,998		658,000		(6,559	)		658,000
Citibank, N.A.		(852,155	)		171,400		—		680,755		—			3,500,626
Goldman Sachs International		(416,582	)		416,582		—		—		—			—
HSBC Bank USA, N.A.		(508,815	)		—		141,000		340,000		(27,815	)		340,000
JPMorgan Chase Bank, N.A.		(30,828	)		30,828		—		—		—			—
Standard Chartered Bank		(1,768,001	)		386,573		1,381,428		—		—			1,200,000
UBS AG		(267,903	)		43,198		18,999		205,706		—			270,000
	$	(6,733,726	)	$	2,442,466	$	2,372,425	$	1,884,461	$	(34,374	)	$	5,968,626
Total — Deposits for derivatives collateral — OTC derivatives													$	8,508,626

^(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.

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, 2021 was as follows:

Consolidated Statement of Operations Caption	Commodity			Credit			Equity Price		Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Investment transactions	$	—		$	—		$	—	$	(1,116,798	)	$	3,092,125		$	1,975,327
Written options and swaptions		—			—			—		306,571			(980,000	)		(673,429	)
Financial futures contracts		—			—			—		—			(5,112,251	)		(5,112,251	)
Swap contracts		203,050			(1,317,338	)		179,450		—			15,632,400			14,697,562
Forward commodity contracts		(178,623	)		—			—		—			—			(178,623	)
Forward foreign currency exchange contracts		—			—			—		(6,082,034	)		—			(6,082,034	)
Non-deliverable bond forward contracts		—			—			—		—			(4,866,020	)		(4,866,020	)
Total	$	24,427		$	(1,317,338	)	$	179,450	$	(6,892,261	)	$	7,766,254		$	(239,468	)
Change in unrealized appreciation (depreciation) —
Investments	$	—		$	—		$	—	$	516,722		$	(1,630,068	)	$	(1,113,346	)
Written options and swaptions		—			—			—		(182,587	)		131,314			(51,273	)
Financial futures contracts		—			—			—		—			3,231,974			3,231,974
Swap contracts		(131,040	)		(773,573	)		—		—			558,092			(346,521	)
Forward commodity contracts		(307,573	)		—			—		—			—			(307,573	)
Forward foreign currency exchange contracts		—			—			—		(2,460,813	)		—			(2,460,813	)
Non-deliverable bond forward contracts		—			—			—		—			(345,256	)		(345,256	)
Total	$	(438,613	)	$	(773,573	)	$	—	$	(2,126,678	)	$	1,946,056		$	(1,392,808	)

39

Global Opportunities Portfolio

October 31, 2021

Notes to Consolidated Financial Statements — continued

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2021, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Commodity Contracts		Forward Foreign Currency Exchange Contracts*		Non-deliverable Bond Forward Contracts
	$146,502,000	$	134,896,000	$	9,175,000	$	1,249,730,000	$	28,584,000

Purchased Swaptions		Purchased Call Options		Written Swaptions		Swap Contracts
	$43,747,000	$	375,385,000	$	5,231,000	$	1,379,177,000

* 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 outstanding during the year ended October 31, 2021, which are indicative of the volume of these derivative types, were approximately $56,769,000 and $56,769,000, 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 25, 2022. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. 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, 2021.

8  Investments in Affiliated Issuers and Funds

The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At October 31, 2021, the value of the Portfolio’s investment in affiliated issuers and funds was $321,111,578, which represents 17.1% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the year ended October 31, 2021 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Interest/ Dividend Income		Principal amount/ Units, end of period
Commercial Mortgage-Backed Securities
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class D, 4.351%, 8/15/46(1)	$	—	$	—	$	—		$	—	$	(109,930	)	$	367,500	$	116,903	$	5,000,000
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		282,555,462		2,057,566,413		(2,019,377,128	)		4,390		(5,059	)		320,744,078		350,575		320,744,078
Totals								$	4,390	$	(114,989	)	$	321,111,578	$	467,478

⁽¹⁾  May be deemed to be an affiliated issuer as of March 1, 2021 (see Note 2).

40

Global Opportunities Portfolio

October 31, 2021

Notes to Consolidated Financial Statements — continued

9  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.

At October 31, 2021, 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
Asset-Backed Securities	$	—		$	191,412,050		$	—	$	191,412,050
Closed-End Funds		10,082,206			—			—		10,082,206
Collateralized Mortgage Obligations		—			359,342,424			—		359,342,424
Commercial Mortgage-Backed Securities		—			26,755,483			—		26,755,483
U.S. Government Agency Mortgage-Backed Securities		—			493,611,541			—		493,611,541
Common Stocks		—			10,112,987	*		—		10,112,987
Convertible Bonds		—			5,464,831			—		5,464,831
Foreign Corporate Bonds		—			116,688,733			1,034,540		117,723,273
Loan Participation Notes		—			—			526,298		526,298
Reinsurance Side Cars		—			—			39,352,445		39,352,445
Sovereign Government Bonds		—			414,971,438			—		414,971,438
Sovereign Loans		—			2,044,045			—		2,044,045
U.S. Government Guaranteed Small Business Administration Loans		—			35,896,009			—		35,896,009
Senior Floating-Rate Loans		—			1,763,997			—		1,763,997
Short-Term Investments —
Affiliated Fund		—			320,744,078			—		320,744,078
Repurchase Agreements		—			44,947,941			—		44,947,941
Sovereign Government Securities		—			26,566,920			—		26,566,920
U.S. Treasury Obligations		—			6,999,777			—		6,999,777
Purchased Interest Rate Swaptions		—			10,696			—		10,696
Total Investments	$	10,082,206		$	2,057,332,950		$	40,913,283	$	2,108,328,439
Forward Foreign Currency Exchange Contracts	$	—		$	8,533,695		$	—	$	8,533,695
Futures Contracts		5,449,442			—			—		5,449,442
Swap Contracts		—			28,442,062			—		28,442,062
Total	$	15,531,648		$	2,094,308,707		$	40,913,283	$	2,150,753,638
Liability Description
Securities Sold Short	$	—		$	(43,960,005	)	$	—	$	(43,960,005	)
TBA Sale Commitments		—			(67,707,496	)		—		(67,707,496	)
Forward Commodity Contracts		—			(680,755	)		—		(680,755	)
Forward Foreign Currency Exchange Contracts		—			(6,877,088	)		—		(6,877,088	)
Non-deliverable Bond Forward Contracts		—			(345,256	)		—		(345,256	)
Futures Contracts		(2,769,559	)		—			—		(2,769,559	)
Swap Contracts		—			(33,491,797	)		—		(33,491,797	)
Total	$	(2,769,559	)	$	(153,062,397	)	$	—	$	(155,831,956	)

41

Global Opportunities Portfolio

October 31, 2021

Notes to Consolidated Financial Statements — continued

* 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.

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

	Investments in Foreign Corporate Bonds			Investments in Loan Participation Notes			Investments in Reinsurance Side Cars*			Total
Balance as of October 31, 2020	$	800,582		$	563,847		$	36,084,623		$	37,449,052
Realized gains (losses)		—			—			(2,240,377	)		(2,240,377	)
Change in net unrealized appreciation (depreciation)		433,958			(34,389	)		348,482			748,051
Cost of purchases		—			—			19,328,740			19,328,740
Proceeds from sales, including return of capital		(200,000	)		—			(14,169,023	)		(14,369,023	)
Accrued discount (premium)		—			(3,160	)		—			(3,160	)
Transfers to Level 3		—			—			—			—
Transfers from Level 3		—			—			—			—
Balance as of October 31, 2021	$	1,034,540		$	526,298		$	39,352,445		$	40,913,283
Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2021	$	433,958		$	(34,389	)	$	(211,588	)	$	187,981

* The Portfolio’s investments in Reinsurance Side Cars were primarily valued on the basis of broker quotations.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2021:

Type of Investment	Fair Value as of October 31, 2021		Valuation Technique	Unobservable Input	Input			Impact to Valuation from an Increase to Input*
Foreign Corporate Bonds	$	1,034,540	Matrix Pricing	Credit Spread to U.S. Treasury		21.48	%	Decrease
Loan Participation Notes		526,298	Matrix Pricing	Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate		3.93	%	Decrease

Included in foreign corporate bonds are securities valued at $0 based on their estimated recovery value percentage.

* Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

10 Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller,

less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a

42

Global Opportunities Portfolio

October 31, 2021

Notes to Consolidated Financial Statements — continued

claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

LIBOR Transition Risk

Certain instruments held by the Portfolio may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, is expected to cease publishing certain LIBOR settings on December 31, 2021, and the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

43

Eaton Vance

Global Opportunities Portfolio

October 31, 2021

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, 2021, 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, 2021, and the results of its operations for the year then ended, the changes in its 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, 2021, 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 22, 2021

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

44

Global Opportunities Portfolio

October 31, 2021

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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 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 serves 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 of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 137 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Portfolio, and his former position with EVC, which was an affiliate of the Portfolio prior to March 1, 2021. Other Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
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	Chairperson of the Board and Trustee	2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

45

Global Opportunities Portfolio

October 31, 2021

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	Trustee	2003	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	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships 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
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

46

Global Opportunities Portfolio

October 31, 2021

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)
Kimberly M. Roessiger 1985	Secretary	2021	Vice President of EVM and BMR.
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 calling 1-800-262-1122.

47

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman, William H. Park and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial

expert of other mutual fund complexes. Mr. 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). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2020 and October 31, 2021 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	10/31/20		10/31/21
Audit Fees	$	115,390	$	119,676
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	39,866	$	36,116
All Other Fees(3)	$	0	$	0
Total	$	155,256	$	155,792

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

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

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

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

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

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

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2020 and October 31, 2021; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	10/31/20		10/31/21
Registrant	$	39,866	$	36,116
Eaton Vance(1)	$	51,800	$	51,800

⁽¹⁾ Certain subsidiaries of Morgan Stanley provide ongoing services to the registrant.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	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/ Eric A. Stein
	Eric A. Stein
	President
Date:	December 23, 2021

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, 2021

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	December 23, 2021