Global Macro Capital 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: 811-22896

Global Macro Capital Opportunities Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2015

Date of Reporting Period

Item 1. Reports to Stockholders

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments

Common Stocks — 91.6%
Security	Shares		Value
Argentina — 5.2%
Banco Macro SA, Class B ADR(1)		17,600	$	1,086,448
BBVA Banco Frances SA ADR(1)		26,200		609,150
Cresud SA ADR(1)		23,100		295,218
Empresa Distribuidora Y Comercializadora Norte SA ADR(1)		18,800		347,048
Grupo Financiero Galicia SA, Class B ADR		41,100		1,099,425
IRSA Inversiones y Representaciones SA ADR(1)		16,700		300,433
Pampa Energia SA ADR(1)		24,700		598,234
Petrobras Argentina SA ADR		45,000		282,600
Telecom Argentina SA ADR		32,800		639,928
Transportadora de Gas del Sur SA ADR		56,500		350,300
YPF SA ADR		12,900		275,544
			$	5,884,328
Botswana — 1.1%
Barclays Bank of Botswana, Ltd.		343,800	$	142,918
Botswana Insurance Holdings, Ltd.		259,400		365,602
Engen Botswana, Ltd.		177,211		142,664
First National Bank of Botswana, Ltd.		710,000		253,869
Letshego Holdings, Ltd.		1,188,500		336,017
			$	1,241,070
Brazil — 6.9%
AMBEV SA		169,200	$	837,543
Banco Bradesco SA		34,300		208,474
Banco Bradesco SA, PFC Shares		92,500		503,689
Banco do Brasil SA		41,200		170,609
Banco Santander Brasil SA		12,700		45,544
BB Seguridade Participacoes SA		31,400		216,577
BM&F Bovespa SA		85,800		253,626
BR Malls Participacoes SA		25,300		73,475
BRF SA		25,725		400,895
CCR SA		47,900		150,536
CETIP SA - Mercados Organizados		12,105		107,034
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		7,500		98,676
Cia de Saneamento Basico do Estado de Sao Paulo		17,200		74,659
Cia Energetica de Minas Gerais SA, PFC Shares		39,700		73,706
Cia Energetica de Sao Paulo, Class B, PFC Shares		11,400		47,887
Cia Paranaense de Energia-Copel, PFC Shares		6,300		53,091
Cia Siderurgica Nacional SA		37,900		42,651
Cielo SA		35,320		335,291
Cosan SA Industria e Comercio		4,000		25,629
CPFL Energia SA		11,739		47,150
Embraer SA		32,100		235,389

Security	Shares		Value
Brazil (continued)
Estacio Participacoes SA		16,900	$	67,748
Fibria Celulose SA		11,400		155,604
Gerdau SA, PFC Shares		41,000		57,728
Hypermarcas SA(1)		19,900		90,301
Itau Unibanco Holding SA, PFC Shares		108,790		746,696
Itausa-Investimentos Itau SA, PFC Shares		143,526		267,956
JBS SA		35,000		129,325
Klabin SA		23,800		135,337
Kroton Educacional SA		57,900		148,032
Localiza Rent a Car SA		8,400		56,631
Lojas Americanas SA, PFC Shares		26,000		112,655
Lojas Renner SA		29,500		141,513
M Dias Branco SA		2,200		39,875
Multiplan Empreendimentos Imobiliarios SA		5,000		54,544
Natura Cosmeticos SA		9,200		54,629
Petroleo Brasileiro SA(1)		20,000		48,645
Petroleo Brasileiro SA, PFC Shares		27,950		55,878
Porto Seguro SA		6,800		57,005
Qualicorp SA		12,500		52,508
Raia Drogasil SA		9,900		102,657
Suzano Papel e Celulose SA, PFC Shares		17,200		73,812
Telefonica Brasil SA, PFC Shares		14,500		150,206
Tim Participacoes SA		39,000		85,452
Totvs SA		6,700		59,364
Tractebel Energia SA		8,000		70,260
Ultrapar Participacoes SA		10,100		175,468
Vale SA		56,625		250,489
Vale SA, PFC Shares		79,250		288,309
Weg SA		28,000		104,549
			$	7,835,307
China — 11.7%
58.com, Inc. ADR(1)		500	$	26,245
AAC Technologies Holdings, Inc.		14,000		88,515
Agricultural Bank of China, Ltd., Class H		383,000		157,105
Air China, Ltd., Class H		56,000		54,012
Anhui Conch Cement Co., Ltd., Class H		24,000		73,231
ANTA Sports Products, Ltd.		26,000		72,731
Autohome, Inc. ADR(1)		700		25,298
Bank of China, Ltd., Class H		1,266,000		596,997
Bank of Communications, Ltd., Class H		150,000		110,447
Beijing Enterprises Holdings, Ltd.		11,500		72,301
Beijing Enterprises Water Group, Ltd.		98,000		77,367
Belle International Holdings, Ltd.		85,000		82,504
Bitauto Holdings, Ltd. ADR(1)		300		9,570
Brilliance China Automotive Holdings, Ltd.		56,000		77,364

17 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
BYD Co., Ltd., Class H(1)		14,500	$	89,970
CGN Power Co., Ltd.(2)		155,000		64,188
China Cinda Asset Management Co., Ltd., Class H		147,000		57,153
China CITIC Bank Corp., Ltd., Class H(1)		146,000		94,602
China Communications Construction Co., Ltd., Class H		80,000		110,415
China Construction Bank Corp., Class H		1,360,000		985,668
China Everbright International, Ltd.		52,000		83,739
China Everbright, Ltd.		24,000		56,485
China Galaxy Securities Co., Ltd., Class H		47,500		41,114
China Gas Holdings, Ltd.		42,000		66,736
China Life Insurance Co., Ltd., Class H		120,000		432,730
China Longyuan Power Group Corp., Ltd., Class H		65,000		59,342
China Mengniu Dairy Co., Ltd.		48,000		92,976
China Merchants Bank Co., Ltd., Class H		76,000		198,430
China Merchants Holdings (International) Co., Ltd.		22,000		72,921
China Minsheng Banking Corp., Ltd., Class H		103,500		104,279
China Mobile, Ltd.		97,500		1,168,384
China National Building Material Co., Ltd., Class H		64,000		39,600
China Oilfield Services, Ltd., Class H		40,000		44,512
China Overseas Land & Investment, Ltd.		64,000		206,711
China Overseas Property Holdings, Ltd.(1)		21,333		3,633
China Pacific Insurance (Group) Co., Ltd., Class H		44,200		176,066
China Petroleum & Chemical Corp., Class H		406,000		292,663
China Pharmaceutical Group, Ltd.		84,000		77,992
China Railway Construction Corp., Ltd., Class H		46,500		69,508
China Railway Group, Ltd., Class H		86,000		81,011
China Resources Beer Holdings Co., Ltd.		24,000		45,254
China Resources Gas Group, Ltd.		20,000		54,861
China Resources Land, Ltd.		47,777		124,153
China Resources Power Holdings Co., Ltd.		36,000		81,438
China Shenhua Energy Co., Ltd., Class H		59,500		100,110
China State Construction International Holdings, Ltd.		42,000		63,731
China Taiping Insurance Holdings Co., Ltd.(1)		29,400		92,307
China Telecom Corp., Ltd., Class H		240,000		124,882
China Unicom (Hong Kong), Ltd.		102,000		124,046
China Vanke Co., Ltd., Class H		26,700		62,445
CITIC Securities Co., Ltd., Class H		28,000		60,407
CITIC, Ltd.		44,000		82,150
CNOOC, Ltd.		291,000		327,931
Cosco Pacific, Ltd.(3)		40,000		41,401
Country Garden Holdings Co., Ltd.		146,000		55,456
CRRC Corp., Ltd., Class H(1)		79,750		101,482
Ctrip.com International, Ltd. ADR(1)		1,800		167,346
Dongfeng Motor Group Co., Ltd., Class H		54,000		77,512
Evergrande Real Estate Group, Ltd.		129,000		97,823
Geely Automobile Holdings, Ltd.		115,000		61,032

Security	Shares		Value
China (continued)
Great Wall Motor Co., Ltd., Class H		57,000	$	69,219
Guangdong Investment, Ltd.		56,000		78,756
Haier Electronics Group Co., Ltd.		29,000		55,972
Haitong Securities Co., Ltd., Class H		36,000		62,636
Hanergy Thin Film Power Group, Ltd.(1)(3)		302,000		0
Hengan International Group Co., Ltd.		3,500		37,659
Huaneng Power International, Inc., Class H		68,000		73,532
Industrial & Commercial Bank of China, Ltd., Class H		1,173,000		744,040
JD.com, Inc. ADR(1)		8,700		240,294
Jumei International Holding, Ltd. ADR(1)		1,600		16,000
Kunlun Energy Co., Ltd.		66,000		53,796
Lenovo Group, Ltd.		114,000		105,336
NetEase, Inc. ADR		700		101,171
New China Life Insurance Co., Ltd., Class H		16,000		70,248
New Oriental Education & Technology Group, Inc. ADR		1,600		44,016
People’s Insurance Co. Group of China, Ltd. (The), Class H		129,000		69,204
PetroChina Co., Ltd., Class H		346,000		270,438
PICC Property & Casualty Co., Ltd., Class H		60,000		136,298
Ping An Insurance (Group) Co. of China, Ltd., Class H		84,000		472,053
Qihoo 360 Technology Co., Ltd. ADR(1)		1,000		57,090
Semiconductor Manufacturing International Corp.(1)		689,000		63,829
Shanghai Electric Group Co., Ltd., Class H(3)		14,000		8,688
Shenzhou International Group Holdings, Ltd.		12,000		59,058
Shimao Property Holdings, Ltd.		30,500		53,182
Sihuan Pharmaceutical Holdings Group, Ltd.(3)		119,000		0
SINA Corp.(1)		800		38,112
Sino Biopharmaceutical, Ltd.		60,000		74,793
Sino-Ocean Land Holdings, Ltd.		76,000		43,880
Sinopharm Group Co., Ltd., Class H		22,400		92,025
SouFun Holdings, Ltd. ADR		2,800		19,796
Tencent Holdings, Ltd.		80,800		1,518,874
Tingyi (Cayman Islands) Holding Corp.		38,000		64,862
Vipshop Holdings, Ltd. ADR(1)		2,800		57,456
Want Want China Holdings, Ltd.		106,000		88,097
Youku Tudou, Inc. ADR(1)		1,600		38,944
YY, Inc. ADR(1)		400		22,776
Zhuzhou CSR Times Electric Co., Ltd., Class H		11,000		71,349
			$	13,313,761
Georgia — 1.6%
Bank of Georgia Holdings PLC		39,800	$	1,225,394
TBC Bank JSC GDR(4)		72,600		600,280
			$	1,825,674

18 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong — 0.2%
Alibaba Pictures Group, Ltd.(1)		230,000	$	61,249
China Power International Development, Ltd.		70,000		43,990
ENN Energy Holdings, Ltd.		14,000		79,662
Fosun International, Ltd.		43,368		78,861
			$	263,762
India — 9.6%
Adani Enterprises, Ltd.		5,100	$	7,159
Adani Ports and Special Economic Zone, Ltd.		32,802		147,827
Adani Power, Ltd.(1)		9,483		4,534
Adani Transmissions, Ltd.(1)		5,100		2,817
Ambuja Cements, Ltd.		36,700		115,899
Apollo Hospitals Enterprise, Ltd.		4,400		88,235
Asian Paints, Ltd.		14,700		186,709
Aurobindo Pharma, Ltd.		13,400		170,525
Bajaj Auto, Ltd.		4,500		175,514
Bharat Heavy Electricals, Ltd.		31,400		94,898
Bharat Petroleum Corp., Ltd.		9,200		122,323
Bosch, Ltd.		400		124,989
Cairn India, Ltd.		25,000		58,461
Cipla, Ltd.		17,400		183,141
Coal India, Ltd.		35,800		174,716
Dabur India, Ltd.		27,700		114,122
Dr. Reddy’s Laboratories, Ltd.		5,700		371,039
GAIL (India), Ltd.		17,600		82,948
Godrej Consumer Products, Ltd.		6,300		121,472
HCL Technologies, Ltd.		24,700		328,490
Hero MotoCorp, Ltd.		2,800		110,602
Hindalco Industries, Ltd.		57,500		72,887
Hindustan Unilever, Ltd.		36,800		451,094
Housing Development Finance Corp., Ltd.		34,400		658,610
ICICI Bank, Ltd.		53,000		223,989
Idea Cellular, Ltd.		56,100		119,939
Infosys, Ltd.		66,800		1,156,037
ITC, Ltd.		81,000		413,565
Kotak Mahindra Bank, Ltd.		16,400		171,917
Larsen & Toubro, Ltd.		15,400		331,232
LIC Housing Finance, Ltd.		14,800		108,066
Mahindra & Mahindra, Ltd.		16,900		304,429
MM Forgings, Ltd.		21,000		169,261
Motherson Sumi Systems, Ltd.		17,250		64,898
Nestle India, Ltd.		1,200		113,550
Oil & Natural Gas Corp., Ltd.		38,000		143,477
Reliance Industries, Ltd.		47,000		679,838
Rural Electrification Corp., Ltd.		16,100		61,549
Shriram Transport Finance Co., Ltd.		7,700		111,245
Siemens, Ltd.		3,900		79,264

Security	Shares		Value
India (continued)
State Bank of India		72,100	$	260,778
Sun Pharmaceutical Industries, Ltd.		39,920		541,829
Tata Consultancy Services, Ltd.		17,500		668,474
Tata Motors, Ltd.(1)		38,900		229,643
Tata Power Co., Ltd.		64,100		67,250
Tata Steel, Ltd.		16,600		62,362
Tech Mahindra, Ltd.		12,200		100,305
UltraTech Cement, Ltd.		2,000		88,921
United Spirits, Ltd.(1)		2,300		110,343
Vedanta, Ltd.		59,200		89,657
Wipro, Ltd.		31,000		269,897
Zee Entertainment Enterprises, Ltd.		27,600		172,055
			$	10,882,781
Jordan — 0.2%
Arab Pesticides & Veterinary Drugs Manufacturing Co.(1)		43,085	$	116,009
United Cable Industries Co.(1)		86,908		55,182
			$	171,191
Kazakhstan — 2.7%
Halyk Savings Bank of Kazakhstan JSC GDR(4)		191,650	$	1,177,852
KAZ Minerals PLC(1)		225,225		402,795
KazMunaiGas Exploration Production GDR(4)		159,909		1,120,075
Kcell JSC GDR(4)		91,042		395,607
			$	3,096,329
Kenya — 1.4%
ARM Cement, Ltd.		96,800	$	34,433
British-American Investments Co. Kenya, Ltd.		254,700		39,899
Centum Investment Co., Ltd.(1)		153,200		63,214
Co-operative Bank of Kenya, Ltd. (The)		672,533		112,001
East African Breweries, Ltd.		141,004		379,470
Equity Group Holdings, Ltd.		728,100		298,918
Kenya Airways, Ltd.(1)		383,378		19,910
Kenya Commercial Bank, Ltd.		788,700		306,521
Kenya Electricity Generating Co., Ltd.		637,525		54,606
Kenya Power & Lighting, Ltd.		313,400		45,295
Safaricom, Ltd.		1,648,917		230,610
			$	1,584,877
Latvia — 0.6%
Grindeks		18,290	$	100,564
Olainfarm JSC(1)		61,700		488,167
SAF Tehnika		28,900		100,310
			$	689,041

19 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

Security	Shares		Value
Mauritius — 2.2%
Alteo, Ltd.		52,987	$	50,899
CIEL, Ltd.		430,500		81,530
CIM Financial Services, Ltd.		238,300		52,107
ENL Land, Ltd.(1)		72,211		95,481
Gamma Civic, Ltd.(1)		81,886		61,514
Harel Mallac & Co., Ltd.		31,500		83,287
Ireland Blyth, Ltd.		7,800		22,978
LUX Island Resorts, Ltd.		62,400		101,565
MCB Group, Ltd.		138,908		816,133
New Mauritius Hotels, Ltd.(1)		305,790		152,717
New Mauritius Hotels, Ltd., PFC Shares		101,930		29,078
Omnicane, Ltd.		15,009		27,961
Phoenix Beverages, Ltd.		10,200		113,649
Rogers & Co., Ltd.		187,150		153,640
SBM Holdings, Ltd.		19,639,106		432,433
Sun, Ltd., Class A(1)		65,600		65,851
Terra Mauricia, Ltd.		90,156		72,804
Vivo Energy Mauritius, Ltd.		23,359		71,597
			$	2,485,224
Mexico — 3.5%
Alfa SAB de CV, Series A		71,400	$	148,006
America Movil SAB de CV ADR, Series L		39,700		707,057
Arca Continental SAB de CV		10,800		68,987
Cemex SAB de CV ADR(1)		30,576		192,934
Coca-Cola Femsa SAB de CV ADR		1,100		84,348
El Puerto de Liverpool SAB de CV		5,200		72,444
Fibra Uno Administracion SA de CV		56,800		124,550
Fomento Economico Mexicano SAB de CV ADR		4,600		455,814
Gentera SAB de CV		29,400		54,002
Grupo Aeroportuario del Pacifico SAB de CV ADR, Class B		900		81,963
Grupo Aeroportuario del Sureste SAB de CV ADR, Class B		600		92,844
Grupo Bimbo SAB de CV, Series A(1)		41,700		117,922
Grupo Carso SAB de CV, Series A1		15,400		68,918
Grupo Financiero Banorte SAB de CV, Class O		59,900		320,682
Grupo Financiero Inbursa SAB de CV, Class O		57,600		115,425
Grupo Financiero Santander Mexico SAB de CV ADR		9,400		86,010
Grupo Mexico SAB de CV, Series B		92,000		224,238
Grupo Televisa SAB ADR		12,300		358,422
Industrias Penoles SAB de CV		3,700		49,014
Kimberly-Clark de Mexico SAB de CV, Class A		39,900		95,488
Mexichem SAB de CV		25,400		66,076
Promotora y Operadora de Infraestructura SAB de CV(1)		6,900		86,750
Wal-Mart de Mexico SAB de CV, Series V		126,800		335,850
			$	4,007,744

Security	Shares		Value
Norway — 0.2%
Telenor ASA		9,700	$	182,730
			$	182,730
Pakistan — 3.7%
Abbott Laboratories Pakistan, Ltd.		6,900	$	45,938
Askari Bank, Ltd.		149,800		31,782
Bank AL Habib, Ltd.		435,300		177,389
Bank Alfalah, Ltd.		374,800		101,964
Dawood Hercules Corp., Ltd.		35,800		43,999
Engro Corp., Ltd.		108,300		312,237
Fatima Fertilizer Co., Ltd.		232,000		102,092
Fauji Cement Co., Ltd.		332,500		113,076
Fauji Fertilizer Bin Qasim, Ltd.		148,300		81,624
Fauji Fertilizer Co., Ltd.		257,300		306,289
Habib Bank, Ltd.		268,000		531,432
Habib Metropolitan Bank, Ltd.		128,500		39,117
Hub Power Co., Ltd.		196,000		193,892
IGI Insurance, Ltd.		17,800		41,031
Indus Motor Co., Ltd.		9,200		103,226
Kohat Cement Co., Ltd.		18,600		38,467
Kot Addu Power Co., Ltd.		138,400		110,962
Lucky Cement, Ltd.		74,600		382,022
Maple Leaf Cement Factory, Ltd.		65,200		43,815
MCB Bank, Ltd.		249,800		580,249
Millat Tractors, Ltd.		13,100		72,264
National Bank of Pakistan		284,700		150,393
Nishat Mills, Ltd.		79,900		77,934
Packages, Ltd.		16,600		85,266
Pak Elektron, Ltd.		51,600		37,650
Pak Suzuki Motor Co., Ltd.		9,000		39,507
Pakistan Telecommunication Co., Ltd.		183,300		30,454
SUI Southern Gas Co., Ltd.(1)		72,300		26,053
United Bank, Ltd.		174,300		271,061
			$	4,171,185
Philippines — 1.2%
Aboitiz Equity Ventures, Inc.		72,000	$	85,941
Aboitiz Power Corp.		39,500		35,416
Alliance Global Group, Inc.		85,700		33,263
Ayala Corp.		5,970		99,324
Ayala Land, Inc.		190,500		145,485
Bank of the Philippine Islands		21,799		39,326
BDO Unibank, Inc.		45,010		97,566
DMCI Holdings, Inc.		110,400		29,253
Energy Development Corp.		250,600		35,413

20 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

Security	Shares		Value
Philippines (continued)
Globe Telecom, Inc.		1,375	$	66,772
International Container Terminal Services, Inc.		13,610		23,971
JG Summit Holding, Inc.		68,590		104,297
Jollibee Foods Corp.		11,680		51,283	��
Megaworld Corp.		307,500		30,743
Metro Pacific Investments Corp.		202,000		22,452
Metropolitan Bank & Trust Co.		13,903		25,219
Philippine Long Distance Telephone Co.		2,515		117,903
SM Investments Corp.		4,320		80,570
SM Prime Holdings, Inc.		225,000		103,497
Universal Robina Corp.		19,000		81,332
			$	1,309,026
Qatar — 0.2%
Ooredoo QSC		9,600	$	205,101
			$	205,101
Romania — 7.4%
Banca Transilvania(1)		4,361,384	$	2,740,677
BRD-Groupe Societe Generale SA(1)		331,000		960,390
Bursa de Valori Bucuresti SA		265		1,997
Electrica SA		340,000		992,012
New Europe Property Investments PLC		65,000		678,185
OMV Petrom SA		9,977,900		803,099
Societatea Nationala de Gaze Naturale ROMGAZ SA		130,800		946,429
Societatea Nationala Nuclearelectrica SA		130,000		222,308
Transelectrica SA		56,500		362,817
Transgaz SA Medias		10,400		683,154
			$	8,391,068
Serbia — 2.3%
Aerodrom Nikola Tesla AD Beograd		43,200	$	471,583
Energoprojekt Holding AD Beograd		62,500		548,816
Gosa AD Montaza Velika Plana		1,378		20,799
Komercijalna Banka AD Beograd(1)		18,100		264,124
Metalac AD(1)		4,700		97,753
NIS AD Novi Sad		216,465		1,254,397
			$	2,657,472
Singapore — 1.3%
Interra Resources, Ltd.(1)		2,713,000	$	209,563
Yoma Strategic Holdings, Ltd.(1)		4,295,333		1,316,115
			$	1,525,678

Security	Shares		Value
South Korea — 8.0%
AMOREPACIFIC Corp.		650	$	214,561
AMOREPACIFIC Group, Inc.		650		91,423
BNK Financial Group, Inc.		4,900		59,995
Celltrion, Inc.(1)		1,680		112,967
CJ CheilJedang Corp.		220		67,376
CJ Corp.		400		83,985
Coway Co., Ltd.		1,200		89,404
DGB Financial Group Co., Ltd.		4,600		42,669
Dongbu Insurance Co., Ltd.		1,100		65,966
E-MART, Inc.		420		78,131
Hana Financial Group, Inc.		6,400		155,641
Hankook Tire Co., Ltd.		1,600		61,166
Hotel Shilla Co., Ltd.		930		89,398	��
Hyundai Development Co.		1,700		68,275
Hyundai Engineering & Construction Co., Ltd.		1,900		57,289
Hyundai Glovis Co., Ltd.		300		51,559
Hyundai Heavy Industries Co., Ltd.(1)		770		63,951
Hyundai Mobis Co., Ltd.		1,200		252,276
Hyundai Motor Co.		2,600		355,146
Hyundai Motor Co., PFC Shares		550		52,967
Hyundai Motor Co., Second PFC Shares		760		75,903
Hyundai Steel Co.		1,600		72,848
Hyundai Wia Corp.		380		44,370
Industrial Bank of Korea		5,900		72,221
Kangwon Land, Inc.		2,800		103,792
KB Financial Group, Inc.		7,900		250,283
KCC Corp.		130		46,381
Kia Motors Corp.		4,600		224,536
Korea Electric Power Corp.		5,000		225,123
Korea Investment Holdings Co., Ltd.		1,000		53,242
Korea Zinc Co., Ltd.		199		82,698
KT&G Corp.		2,400		239,801
LG Chem, Ltd.		900		239,257
LG Corp.		2,000		115,724
LG Display Co., Ltd.		4,300		81,688
LG Electronics, Inc.		2,300		98,744
LG Household & Health Care, Ltd.		200		165,495
LG Uplus Corp.		5,400		51,755
Lotte Chemical Corp.		340		71,383
Lotte Shopping Co., Ltd.		270		54,702
Naver Corp.		500		262,537
NCsoft Corp.		330		54,721
ORION Corp.		70		58,852
POSCO		1,300		209,054
Samsung C&T Corp.(1)		875		118,086
Samsung Electro-Mechanics Co., Ltd.		1,100		62,603

21 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
Samsung Electronics Co., Ltd.		1,700	$	2,039,024
Samsung Electronics Co., Ltd., PFC Shares		340		355,123
Samsung Fire & Marine Insurance Co., Ltd.		600		168,272
Samsung Heavy Industries Co., Ltd.		4,200		48,728
Samsung Life Insurance Co., Ltd.		1,100		105,026
Samsung SDI Co., Ltd.		1,100		102,391
Samsung Securities Co., Ltd.		1,400		58,895
Shinhan Financial Group Co., Ltd.		8,200		312,955
SK Holdings Co., Ltd.		872		203,830
SK Hynix, Inc.		12,400		331,852
SK Innovation Co., Ltd.(1)		1,300		134,795
SK Telecom Co., Ltd.		230		48,705
			$	9,159,540
Sri Lanka — 2.6%
Access Engineering PLC		538,300	$	87,567
Aitken Spence Hotel Holdings PLC, Class H		106,700		51,082
Aitken Spence PLC		159,900		104,750
Chevron Lubricants Lanka PLC		54,700		145,104
Commercial Bank of Ceylon PLC		512,648		566,296
DFCC Bank PLC		34,316		42,983
Dialog Axiata PLC		2,471,500		193,511
Distilleries Co. of Sri Lanka PLC		79,500		154,556
Hatton National Bank PLC		43,300		54,941
Hatton National Bank PLC (Non-Voting)		86,400		133,634
John Keells Holdings PLC		812,000		1,008,310
National Development Bank PLC		100,489		159,085
Sampath Bank PLC		47,103		85,716
Tokyo Cement Co. (Lanka) PLC		528,600		179,324
			$	2,966,859
Taiwan — 6.0%
Advanced Semiconductor Engineering, Inc.		119,000	$	137,380
Advantech Co., Ltd.		7,000		50,132
Asia Cement Corp.		52,000		54,008
Asustek Computer, Inc.		12,000		107,393
AU Optronics Corp.		156,000		45,888
Catcher Technology Co., Ltd.		12,000		117,768
Cathay Financial Holding Co., Ltd.		134,000		190,869
Chailease Holding Co., Ltd.		11,440		21,840
Chang Hwa Commercial Bank, Ltd.		108,850		56,499
Cheng Shin Rubber Industry Co., Ltd.		28,000		50,697
China Development Financial Holding Corp.		248,000		66,634
China Life Insurance Co., Ltd.		38,500		31,767
China Steel Corp.		210,000		126,934

Security	Shares		Value
Taiwan (continued)
Chunghwa Telecom Co., Ltd.		64,000	$	196,087
Compal Electronics, Inc.		95,000		59,083
CTBC Financial Holding Co., Ltd.		255,259		139,845
Delta Electronics, Inc.		32,000		162,707
E.Sun Financial Holding Co., Ltd.		125,824		75,624
Eclat Textile Co., Ltd.		3,000		44,124
Far Eastern New Century Corp.		59,700		54,260
Far EasTone Telecommunications Co., Ltd.		32,000		69,429
Feng TAY Enterprise Co., Ltd.		6,000		34,381
First Financial Holding Co., Ltd.		165,870		80,331
Formosa Chemicals & Fibre Corp.		59,000		134,883
Formosa Petrochemical Corp.		22,000		53,469
Formosa Plastics Corp.		70,000		162,444
Foxconn Technology Co., Ltd.		18,110		47,435
Fubon Financial Holding Co., Ltd.		112,000		181,028
Giant Manufacturing Co., Ltd.		6,000		45,208
Hermes Microvision, Inc.		1,000		38,334
Hon Hai Precision Industry Co., Ltd.		227,850		605,639
Hotai Motor Co., Ltd.		5,000		58,333
Hua Nan Financial Holdings Co., Ltd.		124,154		59,664
Innolux Corp.		180,000		60,386
Largan Precision Co., Ltd.		2,000		155,417
Lite-On Technology Corp.		25,125		26,045
MediaTek, Inc.		24,000		187,160
Mega Financial Holding Co., Ltd.		166,000		120,956
Nan Ya Plastics Corp.		85,000		168,668
Novatek Microelectronics Corp., Ltd.		6,000		20,423
Pegatron Corp.		30,000		73,310
Pou Chen Corp.		42,000		59,238
President Chain Store Corp.		10,000		66,387
Quanta Computer, Inc.		51,000		86,850
Shin Kong Financial Holding Co., Ltd.		177,960		42,583
Shuang Bang Industrial Corp.		14,662		10,679
Siliconware Precision Industries Co., Ltd.		17,914		23,669
SinoPac Financial Holdings Co., Ltd.		171,182		56,496
Synnex Technology International Corp.		31,000		32,671
Taishin Financial Holding Co., Ltd.		149,000		58,351
Taiwan Cement Corp.		67,000		74,511
Taiwan Cooperative Financial Holding Co., Ltd.		136,700		61,156
Taiwan Mobile Co., Ltd.		31,000		97,590
Taiwan Semiconductor Manufacturing Co., Ltd.		397,000		1,672,825
Teco Electric & Machinery Co., Ltd.		24,000		20,918
Uni-President Enterprises Corp.		82,960		140,265
United Microelectronics Corp.		220,000		80,238
Yuanta Financial Holding Co., Ltd.		158,675		62,346
			$	6,819,255

22 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

Security	Shares		Value
Thailand — 0.5%
PTT Exploration & Production PCL(5)		53,050	$	109,121
TTCL PCL(5)		767,100		484,360
			$	593,481
United Kingdom — 0.3%
Central Asia Metals PLC		157,000	$	393,834
			$	393,834
United States — 0.0%(6)
TAL International Group, Inc.		300	$	5,088
			$	5,088
Vietnam — 11.0%
An Phu Irradiation JSC		75,510	$	69,507
Bank for Foreign Trade of Vietnam JSC		410,815		875,488
Bank for Investment and Development of Vietnam JSC		235,326		253,223
Bao Viet Holdings		111,500		303,258
Century Synthetic Fiber Corp.(1)		124,200		201,852
Danang Rubber JSC		51,920		107,462
Dien Quang JSC		61,000		177,389
FPT Corp.		80,427		177,342
Gemadept Corp.		40,700		78,076
HA TIEN 1 Cement JSC(1)		192,400		222,337
HAGL JSC(1)		648,460		408,411
Hoa Phat Group JSC		155,605		219,052
Hoa Sen Group		42,440		88,395
Hung Vuong Corp.		194,800		137,652
Imexpharm Pharmaceutical JSC		22,770		42,582
KIDO Group Corp.		243,900		254,476
Kinh Bac City Development Share Holding Corp.(1)		268,100		172,395
Masan Group Corp.(1)		604,200		2,000,026
Nam Long Investment Corp.		110,000		104,909
PetroVietnam Drilling and Well Services JSC		199,286		327,228
PetroVietnam Fertilizer & Chemical JSC		205,250		304,304
PetroVietnam Gas JSC		83,000		173,596
PetroVietnam Technical Services Corp.		294,900		282,686
Pha Lai Thermal Power JSC		186,000		154,576
Refrigeration Electrical Engineering Corp.		100,000		119,896
Saigon - Hanoi Commercial Joint Stock Bank(1)		573,413		174,271
Saigon Securities, Inc.		400,730		429,443
Saigon Thuong Tin Commercial JSB(1)		977,216		594,335
Son Ha International Corp.		483,900		294,239
Tan Tao Investment & Industry JSC(1)		675,400		196,200
TNG Investment & Trading JSC		151,600		182,187
Traphaco JSC		18,690		69,364

Security	Shares		Value
Vietnam (continued)
Truong Thanh Furniture Corp.(1)		341,800	$	316,624
Vietnam Construction and Import-Export JSC		251,400		128,241
Vietnam Joint Stock Commercial Bank for Industry and Trade		149,900		139,383
Vingroup JSC(1)		1,225,231		2,492,253
Vinh Hoan Corp.		98,180		157,963
Vinh Son - Song Hinh Hydropower JSC		101,700		76,502
			$	12,507,123
Total Common Stocks (identified cost $118,308,924)			$	104,168,529
Investment Funds — 2.5%
Security	Shares		Value
Romania — 2.5%
Fondul Proprietatea SA		14,178,349	$	2,881,720
Total Investment Funds (identified cost $3,314,856)			$	2,881,720
Warrants — 0.0%(6)
Security	Shares		Value
Interra Resources, Ltd., Exp. 12/8/15(1)		249,500	$	979
Total Warrants (identified cost $0)			$	979
Short-Term Investments — 3.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.20%(7)	$	4,194	$	4,194,186
Total Short-Term Investments (identified cost $4,194,186)			$	4,194,186
Total Investments — 97.8% (identified cost $125,817,966)			$	111,245,414
Other Assets, Less Liabilities — 2.2%			$	2,536,558
Net Assets — 100.0%			$	113,781,972

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

23 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

⁽¹⁾  Non-income producing security.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At October 31, 2015, the aggregate value of these securities is $64,188 or 0.1% of the Portfolio’s net assets.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁴⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2015, the aggregate value of these securities is $3,293,814 or 2.9% of the Portfolio’s net assets.

⁽⁵⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁶⁾  Amount is less than 0.05%.

⁽⁷⁾  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, 2015.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		33.6	%	$	38,249,444
Information Technology		10.9			12,391,758
Energy		8.5			9,621,585
Consumer Staples		8.0			9,113,099
Industrials		7.2			8,184,570
Materials		6.6			7,456,560
Consumer Discretionary		5.9			6,748,687
Telecommunication Services		4.4			5,006,148
Utilities		4.3			4,885,988
Health Care		2.2			2,511,669
Investment Funds		2.5			2,881,720
Short-Term Investments		3.7			4,194,186
Total Investments		97.8	%	$	111,245,414

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	2,900,900	EUR	2,646,000	BNP Paribas		11/9/15	$	—	$	(8,979	)
USD	2,601,787	EUR	2,373,170	BNP Paribas		11/9/15		—		(8,053	)
USD	10,859,470	EUR	9,905,257	BNP Paribas		11/9/15		—		(33,613	)
USD	740,025	EUR	675,000	BNP Paribas		11/9/15		—		(2,291	)
USD	678,447	EUR	597,000	Standard Chartered Bank		11/9/15		21,910		—
USD	969,640	THB	35,004,000	Standard Chartered Bank		11/9/15		—		(14,299	)
USD	3,150,487	TWD	104,048,000	Standard Chartered Bank		12/2/15		—		(53,015	)
USD	1,365,974	SGD	1,939,000	Standard Chartered Bank		12/14/15		—		(16,200	)
USD	303,396	SGD	434,403	Standard Chartered Bank		1/6/16		—		(6,018	)
USD	4,369,517	KRW	5,080,000,000	BNP Paribas		1/13/16		—		(70,344	)
USD	208,612	NOK	1,747,958	Standard Chartered Bank		1/28/16		3,151		—
USD	4,724,324	KRW	5,353,604,000	Bank of America, N.A.		1/29/16		47,734		—
							$	72,795	$	(212,812	)

Futures Contracts
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
E-mini MSCI Emerging Markets Index		182	Long	Dec-15	$	7,309,120		$	7,677,670		$	368,550
SET50 Index		191	Short	Dec-15		(947,598	)		(959,489	)		(11,891	)
											$	356,659

SET:  Stock Exchange of Thailand.

24 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Portfolio of Investments — continued

Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PCL	–	Public Company Ltd.
PFC Shares	–	Preference Shares

Currency Abbreviations:
EUR	–	Euro
NOK	–	Norwegian Krone
KRW	–	South Korean Won
SGD	–	Singapore Dollar
THB	–	Thai Baht
TWD	–	New Taiwan Dollar
USD	–	United States Dollar

25 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Statement of Assets and Liabilities

Assets	October 31, 2015
Unaffiliated investments, at value (identified cost, $121,623,780)	$	107,051,228
Affiliated investment, at value (identified cost, $4,194,186)		4,194,186
Cash		1,300,381
Restricted cash*		685,615
Foreign currency, at value (identified cost, $786,953)		775,755
Dividends receivable		91,124
Interest receivable from affiliated investment		461
Receivable for variation margin on open financial futures contracts		17,359
Receivable for open forward foreign currency exchange contracts		72,795
Other assets		25,591
Total assets	$	114,214,495
Liabilities
Payable for open forward foreign currency exchange contracts	$	212,812
Payable to affiliates:
Investment adviser fee		94,600
Trustees’ fees		608
Accrued foreign capital gains taxes		7,158
Accrued expenses		117,345
Total liabilities	$	432,523
Net Assets applicable to investors’ interest in Portfolio	$	113,781,972
Sources of Net Assets
Investors’ capital	$	128,208,064
Net unrealized depreciation		(14,426,092	)
Total	$	113,781,972

* Represents restricted cash on deposit at the custodian and the broker for open derivative contracts.

26 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Statement of Operations

Investment Income	Year Ended October 31, 2015
Dividends (net of foreign taxes, $258,467)	$	3,078,135
Interest (net of foreign taxes, $339)		2,905
Interest allocated from affiliated investment		14,741
Expenses allocated from affiliated investment		(1,478	)
Total investment income	$	3,094,303
Expenses
Investment adviser fee	$	1,051,329
Trustees’ fees and expenses		6,216
Custodian fee		261,407
Legal and accounting services		50,337
Miscellaneous		23,129
Total expenses	$	1,392,418
Deduct —
Reduction of custodian fee	$	100
Total expense reductions	$	100
Net expenses	$	1,392,318
Net investment income	$	1,701,985
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $84,182)	$	(2,446,293	)
Investment transactions allocated from affiliated investment		44
Financial futures contracts		(1,446,152	)
Swap contracts		(135,222	)
Foreign currency and forward foreign currency exchange contract transactions		796,652
Net realized loss	$	(3,230,971	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $14,795)	$	(14,211,540	)
Financial futures contracts		(13,793	)
Swap contracts		176,162
Foreign currency and forward foreign currency exchange contracts		(151,676	)
Net change in unrealized appreciation (depreciation)	$	(14,200,847	)
Net realized and unrealized loss	$	(17,431,818	)
Net decrease in net assets from operations	$	(15,729,833	)

27 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2015			2014(1)
From operations —
Net investment income (loss)	$	1,701,985		$	(98,115	)
Net realized gain (loss) from investment transactions, financial futures contracts, swap contracts, and foreign currency and forward foreign currency exchange contract transactions		(3,230,971	)		881,926
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, swap contracts, foreign currency and forward foreign currency exchange contracts		(14,200,847	)		(225,245	)
Net increase (decrease) in net assets from operations	$	(15,729,833	)	$	558,566
Capital transactions —
Contributions	$	133,663,505		$	50,001,000
Withdrawals		(54,711,266	)		—
Net increase in net assets from capital transactions	$	78,952,239		$	50,001,000
Net increase in net assets	$	63,222,406		$	50,559,566
Net Assets
At beginning of year	$	50,559,566		$	—
At end of year	$	113,781,972		$	50,559,566

⁽¹⁾  The Portfolio commenced operations on November 1, 2013.

28 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Supplementary Data

	Year Ended October 31,
Ratios/Supplemental Data	2015			2014(1)
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.32	%		1.63	%
Net investment income (loss)		1.61	%		(0.19	)%
Portfolio Turnover		27	%		112	%
Total Return		(14.05	)%		1.10	%
Net assets, end of year (000’s omitted)	$	113,782		$	50,560

⁽¹⁾  The Portfolio commenced operations on November 1, 2013.

⁽²⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

29 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2015

Notes to Financial Statements

1  Significant Accounting Policies

Global Macro Capital 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, 2015, Eaton Vance Global Macro Capital Opportunities Fund held a 99.9% interest in the Portfolio.

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.

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 asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked 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, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked 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. Swaps 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. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts 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 and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts 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 and foreign financial futures contracts that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts 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 and foreign financial futures contracts.

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). The value of the Portfolio’s investment in Cash Reserves Fund reflects the Portfolio’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or 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 condition, 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 — 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 dividends, interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

30

Global Macro Capital Opportunities Portfolio

October 31, 2015

Notes to Financial Statements — continued

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.

As of October 31, 2015, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F  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.

G  Use of Estimates — The preparation of the 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 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 and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Financial 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 index, 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 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. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  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.

31

Global Macro Capital Opportunities Portfolio

October 31, 2015

Notes to Financial Statements — continued

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 1.00% of the Portfolio’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2015, the Portfolio’s investment adviser fee amounted to $1,051,329 or 1.00% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $118,867,624 and $23,981,353, respectively, for the year ended October 31, 2015.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2015, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	126,025,163
Gross unrealized appreciation	$	5,904,905
Gross unrealized depreciation		(20,684,654	)
Net unrealized depreciation	$	(14,779,749	)

The net unrealized appreciation (depreciation) on foreign currency transactions and derivative contracts, including foreign capital gains taxes, at October 31, 2015 on a federal income tax basis was $(171,605).

5  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 forward foreign currency exchange contracts, financial 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, 2015 is included in the Portfolio of Investments. At October 31, 2015, 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:

Equity Price Risk:  The Portfolio enters into equity futures contracts to enhance total return, to manage certain investment risks and/or as a substitute for the purchase or sale of securities. During the year ended October 31, 2015, the Portfolio also entered into total return swaps to enhance total return.

Foreign Exchange Risk:  The Portfolio engages in forward foreign currency exchange contracts 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.

The Portfolio enters into forward foreign currency exchange contracts 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, 2015, the fair value of derivatives with credit-related contingent features in a net liability position was $212,812. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $20,000 at October 31, 2015.

32

Global Macro Capital Opportunities Portfolio

October 31, 2015

Notes to Financial Statements — continued

The over-the-counter (OTC) derivatives in which the Portfolio invests 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 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 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/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 restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2015 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Financial futures contracts	$	368,550	(1)	$	(11,891	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		72,795	(2)		(212,812	)(3)
Total		$	441,345		$	(224,703	)
Derivatives not subject to master netting or similar agreements		$	368,550		$	(11,891	)
Total Derivatives subject to master netting or similar agreements		$	72,795		$	(212,812	)

⁽¹⁾  Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable for variation margin.

⁽²⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized depreciation.

⁽³⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized depreciation.

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the 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 for assets and pledged by the Portfolio for liabilities as of October 31, 2015.

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)
Bank of America, N.A.	$	47,734	$	—		$	—	$	—	$	47,734
Standard Chartered Bank		25,061		(25,061	)		—		—		—
	$	72,795	$	(25,061	)	$	—	$	—	$	47,734

33

Global Macro Capital Opportunities Portfolio

October 31, 2015

Notes to 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)
BNP Paribas	$	(123,280	)	$	—	$	—	$	20,000	$	(103,280	)
Standard Chartered Bank		(89,532	)		25,061		—		—		(64,471	)
	$	(212,812	)	$	25,061	$	—	$	20,000	$	(167,751	)

^(a)  In some instances, the actual 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 Statement of Operations by risk exposure for the year ended October 31, 2015 was as follows:

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Equity Price	Financial futures contracts	$	(1,446,152	)	$	(13,793	)
Equity Price	Swap contracts		(135,222	)		176,162
Foreign Exchange	Forward foreign currency exchange contracts		1,026,480			(107,156	)
Total		$	(554,894	)	$	55,213

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Financial futures contracts, Swap contracts and Foreign currency and forward foreign currency exchange contract transactions, respectively.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts, Swap contracts and Foreign currency and forward foreign currency exchange contracts, respectively.

The average notional amounts of derivative contracts outstanding during the year ended October 31, 2015, which are indicative of the volume of these derivative types, were as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts		Swap Contracts
	$14,592,000	$	733,000	$	39,062,000	$	487,000

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2015.

7  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the

34

Global Macro Capital Opportunities Portfolio

October 31, 2015

Notes to Financial Statements — continued

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

8  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, 2015, 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
Common Stocks
Asia/Pacific	$	1,069,599	$	65,489,092		$	50,089	$	66,608,780
Developed Europe		—		576,564			—		576,564
Emerging Europe		—		13,563,255			—		13,563,255
Latin America		17,727,379		—			—		17,727,379
Middle East/Africa		112,365		5,575,098			—		5,687,463
North America		5,088		—			—		5,088
Total Common Stocks	$	18,914,431	$	85,204,009	**	$	50,089	$	104,168,529
Investment Funds	$	—	$	2,881,720		$	—	$	2,881,720
Warrants		979		—			—		979
Short-Term Investments		—		4,194,186			—		4,194,186
Total Investments	$	18,915,410	$	92,279,915		$	50,089	$	111,245,414
Forward Foreign Currency Exchange Contracts	$	—	$	72,795		$	—	$	72,795
Futures Contracts		368,550		—			—		368,550
Total	$	19,283,960	$	92,352,710		$	50,089	$	111,686,759
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(212,812	)	$	—	$	(212,812	)
Futures Contracts		—		(11,891	)		—		(11,891	)
Total	$	—	$	(224,703	)	$	—	$	(224,703	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

** 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.

35

Global Macro Capital Opportunities Portfolio

October 31, 2015

Notes to Financial Statements — continued

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2015 is not presented. At October 31, 2015, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

36

Global Macro Capital Opportunities Portfolio

October 31, 2015

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Macro Capital Opportunities Portfolio:

We have audited the accompanying statement of assets and liabilities of Global Macro Capital Opportunities Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2015, the related statement of operations for the year then ended, and the statements of changes in net assets and the supplementary data for each of the two years in the period then ended. These financial statements and supplementary data are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and supplementary data based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and supplementary data are free of material misstatement. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and supplementary data referred to above present fairly, in all material respects, the financial position of Global Macro Capital Opportunities Portfolio as of October 31, 2015, the results of its operations for the year then ended, and the changes in its net assets and the supplementary data for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 17, 2015

37

Eaton Vance

Global Macro Capital Opportunities Fund

October 31, 2015

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Macro Capital Opportunities Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and 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 Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 174 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	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 174 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc.
Noninterested Trustees
Scott E. Eston 1956	Trustee	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years.(2) None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (1989-1995); Consultant, Bain and Company (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Trustee	2003	Private investor. Formerly, Consultant (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) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.

38

Eaton Vance

Global Macro Capital Opportunities Fund

October 31, 2015

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
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). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland(3) 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Chairman of the Board and Trustee	2007 (Chairman) 2005 (Trustee)	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). Directorships in the Last Five Years.(2) None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President of the Trust and Vice President of the Portfolio	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Eric A. Stein 1980	President of the Portfolio	2012	Vice President of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽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⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Mr. Gorman) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and

39

Eaton Vance

Global Macro Capital Opportunities Fund

October 31, 2015

Management and Organization — continued

terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Ms. Sutherland began serving as a Trustee effective May 1, 2015.

⁽⁴⁾  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 the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

40

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

41

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Investment Adviser of Global Macro Capital Opportunities Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Global Macro Capital Opportunities Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

20357    10.31.15

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. 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) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years October 31, 2014 and October 31, 2015 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 Year Ended*	10/31/14		10/31/15
Audit Fees	$	30,000	$	30,900
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	22,500	$	25,125
All Other Fees(3)	$	0	$	0
Total	$	52,500	$	56,025

* Portfolio commenced operations on November 1, 2013

⁽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, 2014 and October 31, 2015; 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 Year Ended*	10/31/14		10/31/15
Registrant	$	22,500	$	25,125
Eaton Vance(1)	$	99,750	$	46,000

* Portfolio commenced operations on November 1, 2013

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

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant 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 second fiscal quarter of 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. 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 Macro Capital Opportunities Portfolio
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	December 11, 2015

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 11, 2015
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	December 11, 2015