Global Macro Capital Opportunities Portfolio N-CSRS Certified semi-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

April 30, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited)

Common Stocks — 93.8%
Security	Shares		Value
Argentina — 5.2%
Adecoagro SA(1)		21,700	$	231,322
Banco Macro SA, Class B ADR		16,050		1,005,211
BBVA Banco Frances SA ADR		21,071		444,598
Cresud SA ADR(1)		18,248		191,422
Empresa Distribuidora Y Comercializadora Norte SA ADR(1)		13,234		208,568
Grupo Financiero Galicia SA, Class B ADR		37,202		1,059,141
IRSA Inversiones y Representaciones SA ADR(1)		14,076		208,747
Pampa Energia SA ADR(1)		20,330		415,952
Petrobras Argentina SA ADR		39,326		253,259
Telecom Argentina SA ADR		38,614		722,854
Transportadora de Gas del Sur SA ADR		39,857		248,708
YPF SA ADR		39,900		803,985
			$	5,793,767
Botswana — 1.1%
Barclays Bank of Botswana, Ltd.		343,800	$	149,040
Botswana Insurance Holdings, Ltd.		259,400		392,417
Engen Botswana, Ltd.		177,211		134,407
First National Bank of Botswana, Ltd.		710,000		238,290
Letshego Holdings, Ltd.		1,188,500		297,631
			$	1,211,785
China — 15.6%
58.com, Inc. ADR(1)		1,316	$	71,919
AAC Technologies Holdings, Inc.		17,500		121,129
Agricultural Bank of China, Ltd., Class H		512,000		184,787
Alibaba Group Holding, Ltd. ADR(1)		17,654		1,358,299
Anhui Conch Cement Co., Ltd., Class H		24,000		63,242
ANTA Sports Products, Ltd.		17,000		43,303
Baidu, Inc. ADR(1)		4,880		948,184
Bank of China, Ltd., Class H		1,633,000		661,192
Bank of Communications, Ltd., Class H		209,000		131,726
Beijing Enterprises Holdings, Ltd.		11,500		60,198
Beijing Enterprises Water Group, Ltd.		98,000		58,451
Belle International Holdings, Ltd.		85,000		51,838
Brilliance China Automotive Holdings, Ltd.		56,000		55,307
BYD Co., Ltd., Class H(1)		14,500		84,797
CGN Power Co., Ltd., Class H(2)		155,000		49,659
China Cinda Asset Management Co., Ltd., Class H		147,000		48,137
China CITIC Bank Corp., Ltd., Class H(1)		204,000		128,201
China Communications Construction Co., Ltd., Class H		119,000		142,840
China Conch Venture Holdings, Ltd.		23,500		47,669
China Construction Bank Corp., Class H		1,686,000		1,070,824

Security	Shares		Value
China (continued)
China Everbright, Ltd.		24,000	$	47,254
China Galaxy Securities Co., Ltd., Class H		59,500		52,187
China Gas Holdings, Ltd.		42,000		60,745
China Huishan Dairy Holdings Co., Ltd.		111,000		41,295
China Life Insurance Co., Ltd., Class H		153,000		352,444
China Mengniu Dairy Co., Ltd.		69,000		116,687
China Merchants Bank Co., Ltd., Class H		102,500		224,802
China Merchants Holdings (International) Co., Ltd.		22,000		65,398
China Minsheng Banking Corp., Ltd., Class H		144,500		135,542
China Mobile, Ltd.		124,000		1,423,615
China Overseas Land & Investment, Ltd.		88,000		279,335
China Pacific Insurance (Group) Co., Ltd., Class H		59,400		208,283
China Petroleum & Chemical Corp., Class H		566,000		399,573
China Pharmaceutical Group, Ltd.		84,000		74,333
China Railway Construction Corp., Ltd., Class H		46,500		59,175
China Railway Group, Ltd., Class H		86,000		68,071
China Resources Gas Group, Ltd.		20,000		56,597
China Resources Land, Ltd.		65,777		161,425
China Resources Power Holdings Co., Ltd.		34,000		57,352
China Shenhua Energy Co., Ltd., Class H		88,500		149,247
China State Construction International Holdings, Ltd.		42,000		65,316
China Taiping Insurance Holdings Co., Ltd.(1)		42,800		87,106
China Telecom Corp., Ltd., Class H		322,000		159,824
China Unicom (Hong Kong), Ltd.		138,000		161,500
China Vanke Co., Ltd., Class H		26,700		66,849
CITIC Securities Co., Ltd., Class H		39,500		86,812
CITIC, Ltd.		101,000		147,288
CNOOC, Ltd.		398,000		491,657
CRRC Corp., Ltd., Class H		79,750		77,603
Ctrip.com International, Ltd. ADR(1)		5,100		222,411
Dalian Wanda Commercial Properties Co., Ltd., Class H(2)		10,400		68,152
Dongfeng Motor Group Co., Ltd., Class H		54,000		59,011
Evergrande Real Estate Group, Ltd.		76,000		56,354
Geely Automobile Holdings, Ltd.		115,000		57,166
GF Securities Co., Ltd., Class H(1)		24,600		56,147
Great Wall Motor Co., Ltd., Class H		53,500		40,247
Guangdong Investment, Ltd.		48,000		67,779
Haier Electronics Group Co., Ltd.		17,000		28,552
Haitong Securities Co., Ltd., Class H		60,000		99,157
Hanergy Thin Film Power Group, Ltd.(1)(3)		302,000		0
Hengan International Group Co., Ltd.		17,000		152,317
Huaneng Power International, Inc., Class H		68,000		48,589
Industrial & Commercial Bank of China, Ltd., Class H		1,486,000		795,606
JD.com, Inc. ADR(1)		6,024		153,973
Kunlun Energy Co., Ltd.		66,000		57,294
Lenovo Group, Ltd.		160,000		125,959

13 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
NetEase, Inc. ADR		1,381	$	194,307
New China Life Insurance Co., Ltd., Class H		16,000		52,261
New Oriental Education & Technology Group, Inc. ADR		2,374		92,966
People’s Insurance Co. Group of China, Ltd. (The), Class H		129,000		51,714
PetroChina Co., Ltd., Class H		478,000		349,719
PICC Property & Casualty Co., Ltd., Class H		92,000		166,884
Ping An Insurance (Group) Co. of China, Ltd., Class H		109,000		511,546
Qihoo 360 Technology Co., Ltd. ADR(1)		1,692		128,490
Qunar Cayman Islands, Ltd. ADR(1)		977		39,871
Semiconductor Manufacturing International Corp.(1)		478,000		38,681
Shanghai Electric Group Co., Ltd., Class H		14,000		5,852
Shenzhou International Group Holdings, Ltd.		12,000		61,957
Shimao Property Holdings, Ltd.		30,500		42,095
Sino Biopharmaceutical, Ltd.		90,000		63,774
Sinopharm Group Co., Ltd., Class H		22,400		95,743
SouFun Holdings, Ltd. ADR(1)		5,969		33,964
TAL Education Group ADR(1)		758		43,858
Tencent Holdings, Ltd.		105,200		2,140,642
Tingyi (Cayman Islands) Holding Corp.		34,000		39,782
Vipshop Holdings, Ltd. ADR(1)		6,998		95,453
Want Want China Holdings, Ltd.		103,000		78,869
YY, Inc. ADR(1)		536		33,672
Zhuzhou CRRC Times Electric Co., Ltd.		11,000		62,587
			$	17,272,418
Georgia — 2.1%
BGEO Group PLC		46,500	$	1,558,178
TBC Bank JSC GDR(4)		72,600		762,200
			$	2,320,378
Hong Kong — 0.1%
Alibaba Pictures Group, Ltd.(1)		230,000	$	53,732
ENN Energy Holdings, Ltd.		14,000		68,287
			$	122,019
Iceland — 3.9%
Eimskipafelag Islands HF		290,000	$	563,510
Hagar HF		1,432,000		562,373
HB Grandi HF		1,649,000		480,298
Icelandair Group HF		2,673,000		787,302
Marel HF		397,000		831,516
Reginn HF(1)		1,637,000		298,001
Reitir Fasteignafelag HF(1)		800,000		566,169
Siminn HF(1)		9,776,000		231,952
			$	4,321,121

Security	Shares		Value
India — 10.1%
Adani Ports and Special Economic Zone, Ltd.		32,802	$	117,301
Adani Power, Ltd.(1)		9,483		4,551
Ambuja Cements, Ltd.		34,300		113,974
Apollo Hospitals Enterprise, Ltd.		4,100		80,811
Asian Paints, Ltd.		13,100		171,222
Aurobindo Pharma, Ltd.		12,500		142,449
Bajaj Auto, Ltd.		3,900		145,960
Bharat Petroleum Corp., Ltd.		8,500		125,244
Bharti Airtel, Ltd.		49,100		268,967
Bharti Infratel, Ltd.		22,400		126,106
Bosch, Ltd.		300		88,466
Cipla, Ltd.		15,800		127,797
Coal India, Ltd.		32,900		143,181
Dabur India, Ltd.		26,600		110,080
Dr. Reddy’s Laboratories, Ltd.		5,200		239,879
Eicher Motors, Ltd.		600		180,249
GAIL (India), Ltd.		20,200		108,983
Glenmark Pharmaceuticals, Ltd.		7,500		93,445
Godrej Consumer Products, Ltd.		5,900		117,035
HCL Technologies, Ltd.		23,400		264,152
Hero MotoCorp, Ltd.		2,600		113,502
Hindustan Unilever, Ltd.		30,700		401,979
Housing Development Finance Corp., Ltd.		59,700		979,709
ICICI Bank, Ltd.		50,100		177,623
Idea Cellular, Ltd.		39,000		69,691
Indiabulls Housing Finance, Ltd.		13,600		142,734
Infosys, Ltd.		71,200		1,293,219
ITC, Ltd.		91,200		447,380
Larsen & Toubro, Ltd.		13,900		261,735
LIC Housing Finance, Ltd.		14,300		99,564
Lupin, Ltd.		9,500		229,258
Mahindra & Mahindra, Ltd.		16,300		326,550
Marico, Ltd.		24,300		95,141
Maruti Suzuki India, Ltd.		4,600		262,585
Nestle India, Ltd.		1,200		103,277
Oil & Natural Gas Corp., Ltd.		41,500		135,832
Reliance Industries, Ltd.		51,800		764,381
Shriram Transport Finance Co., Ltd.		7,800		112,149
State Bank of India		69,500		197,342
Sun Pharmaceutical Industries, Ltd.		39,420		482,110
Tata Consultancy Services, Ltd.		19,000		726,800
Tata Motors, Ltd.(1)		36,400		222,719
Tata Motors, Ltd., Class A(1)		21,400		95,882
Tech Mahindra, Ltd.		12,100		88,220
United Spirits, Ltd.(1)		2,300		82,129
UPL, Ltd.		15,400		125,068

14 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
Wipro, Ltd.		26,300	$	218,756
Zee Entertainment Enterprises, Ltd.		26,600		166,203
			$	11,191,390
Indonesia — 3.4%
Astra International Tbk PT		818,200	$	415,199
Bank Central Asia Tbk PT		480,600		474,304
Bank Mandiri Tbk PT		392,400		285,245
Bank Negara Indonesia Persero Tbk PT		332,500		115,122
Bank Rakyat Indonesia Tbk PT		460,200		359,640
Charoen Pokphand Indonesia Tbk PT		323,900		90,875
Gudang Garam Tbk PT		21,100		110,574
Hanjaya Mandala Sampoerna Tbk PT		15,900		120,260
Indocement Tunggal Prakarsa Tbk PT		65,300		97,275
Indofood CBP Sukses Makmur Tbk PT		58,700		67,859
Indofood Sukses Makmur Tbk PT		197,300		106,048
Kalbe Farma Tbk PT		938,300		97,563
Lippo Karawaci Tbk PT		921,000		70,764
Matahari Department Store Tbk PT		106,100		152,133
Perusahaan Gas Negara Persero Tbk		486,700		96,176
Semen Indonesia Persero Tbk PT		129,600		96,874
Summarecon Agung Tbk PT		529,600		62,483
Surya Citra Media Tbk PT		305,200		73,737
Telekomunikasi Indonesia Tbk PT		2,006,900		538,437
Unilever Indonesia Tbk PT		62,200		200,332
United Tractors Tbk PT		76,200		86,260
			$	3,717,160
Kazakhstan — 2.7%
Central Asia Metals PLC		157,000	$	410,696
Halyk Savings Bank of Kazakhstan JSC GDR(4)		191,650		689,805
KAZ Minerals PLC(1)		225,225		564,653
KazMunaiGas Exploration Production GDR(4)		159,909		1,074,966
Kcell JSC GDR(4)		91,042		264,019
			$	3,004,139
Kenya — 2.3%
ARM Cement, Ltd.		96,800	$	35,405
British-American Investments Co. Kenya, Ltd.		254,700		33,504
Centum Investment Co., Ltd.(1)		153,200		68,363
Co-operative Bank of Kenya, Ltd. (The)		672,533		129,316
East African Breweries, Ltd.		180,104		534,128
Equity Group Holdings, Ltd.		929,100		369,894
KCB Group, Ltd.		1,034,200		419,145

Security	Shares		Value
Kenya (continued)
Kenya Airways, Ltd.(1)		383,378	$	16,398
Kenya Electricity Generating Co., Ltd.		637,525		53,750
Kenya Power & Lighting, Ltd.		313,400		35,730
NIC Bank, Ltd.		209,800		77,817
Safaricom, Ltd.		4,553,317		765,799
			$	2,539,249
Latvia — 0.1%
Grindeks(1)		7,746	$	42,188
SAF Tehnika		28,900		111,117
			$	153,305
Mauritius — 2.2%
Alteo, Ltd.		52,987	$	41,557
CIEL, Ltd.		430,500		76,627
CIM Financial Services, Ltd.		238,300		49,755
ENL Land, Ltd.(1)		72,211		90,888
Gamma Civic, Ltd.		81,886		54,720
Harel Mallac & Co., Ltd.		31,500		75,449
Ireland Blyth, Ltd.		7,800		26,384
LUX Island Resorts, Ltd.		62,400		105,938
MCB Group, Ltd.		138,908		835,969
New Mauritius Hotels, Ltd.		305,790		188,701
New Mauritius Hotels, Ltd., PFC Shares		101,930		33,849
Omnicane, Ltd.		15,009		28,648
Phoenix Beverages, Ltd.		10,200		104,017
Rogers & Co., Ltd.		187,150		146,023
SBM Holdings, Ltd.		19,639,106		357,849
Sun, Ltd., Class A(1)		65,600		64,146
Terra Mauricia, Ltd.		90,156		78,683
Vivo Energy Mauritius, Ltd.		23,359		61,200
			$	2,420,403
Mexico — 4.9%
Alfa SAB de CV, Series A		113,000	$	212,540
America Movil SAB de CV, Series L ADR		56,400		798,624
Cemex SAB de CV ADR(1)		54,912		409,094
Coca-Cola Femsa SAB de CV ADR		1,600		139,664
Fibra Uno Administracion SA de CV		92,700		220,211
Fomento Economico Mexicano SAB de CV ADR		6,200		577,902
Grupo Aeroportuario del Pacifico SAB de CV, Class B ADR		1,100		103,862
Grupo Aeroportuario del Sureste SAB de CV, Class B ADR		900		138,456
Grupo Bimbo SAB de CV, Series A		61,000		185,752
Grupo Carso SAB de CV, Series A1		20,500		98,743

15 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Mexico (continued)
Grupo Financiero Banorte SAB de CV, Class O		94,200	$	535,590
Grupo Financiero Inbursa SAB de CV, Class O		95,900		187,958
Grupo Financiero Santander Mexico SAB de CV ADR		15,600		142,584
Grupo Mexico SAB de CV, Series B		141,200		359,142
Grupo Televisa SAB ADR		16,200		473,526
Industrias Penoles SAB de CV		5,800		90,614
Kimberly-Clark de Mexico SAB de CV, Class A		50,800		120,765
Mexichem SAB de CV		38,100		96,243
Promotora y Operadora de Infraestructura SAB de CV		8,500		107,758
Wal-Mart de Mexico SAB de CV, Series V		165,700		409,515
			$	5,408,543
Norway — 0.2%
Telenor ASA		9,700	$	166,900
			$	166,900
Pakistan — 4.6%
Abbott Laboratories Pakistan, Ltd.		14,900	$	95,243
Askari Bank, Ltd.		333,400		58,731
Bank AL Habib, Ltd.		435,300		173,047
Bank Alfalah, Ltd.		374,800		90,219
Dawood Hercules Corp., Ltd.		76,500		88,737
Engro Corp., Ltd.		125,700		374,019
Fatima Fertilizer Co., Ltd.		232,000		67,824
Fauji Cement Co., Ltd.		332,500		136,412
Fauji Fertilizer Bin Qasim, Ltd.		148,300		76,410
Fauji Fertilizer Co., Ltd.		307,400		313,749
Ferozsons Laboratories, Ltd.		11,500		88,502
Habib Bank, Ltd.		301,700		543,013
Habib Metropolitan Bank, Ltd.		269,300		76,044
Hub Power Co., Ltd.		228,100		235,279
IGI Insurance, Ltd.		36,000		76,951
Indus Motor Co., Ltd.		9,200		83,310
K-Electric, Ltd.(1)		1,167,800		79,675
Kohat Cement Co., Ltd.		36,300		90,107
Kot Addu Power Co., Ltd.		138,400		99,819
Lucky Cement, Ltd.		85,100		448,038
Maple Leaf Cement Factory, Ltd.		135,500		123,077
MCB Bank, Ltd.		283,400		572,615
Millat Tractors, Ltd.		13,100		65,142
National Bank of Pakistan		284,700		150,968
Nishat Mills, Ltd.		79,900		81,388
Packages, Ltd.		16,600		99,208
Pak Elektron, Ltd.		139,300		82,930
Pak Suzuki Motor Co., Ltd.		18,600		67,565

Security	Shares		Value
Pakistan (continued)
Pakistan Telecommunication Co., Ltd.		448,400	$	61,097
Searle Co., Ltd. (The)		33,000		138,772
SUI Southern Gas Co., Ltd.(1)		209,600		56,946
United Bank, Ltd.		198,400		310,541
			$	5,105,378
Peru — 0.9%
Cia de Minas Buenaventura SA ADR(1)		29,856	$	303,038
Southern Copper Corp.		24,638		731,010
			$	1,034,048
Philippines — 1.7%
Aboitiz Equity Ventures, Inc.		72,000	$	101,785
Aboitiz Power Corp.		39,500		37,788
Alliance Global Group, Inc.		85,700		26,460
Ayala Corp.		8,570		140,752
Ayala Land, Inc.		291,600		215,149
Bank of the Philippine Islands		21,799		42,056
BDO Unibank, Inc.		63,210		134,659
DMCI Holdings, Inc.		110,400		29,315
Energy Development Corp.		250,600		31,477
Globe Telecom, Inc.		1,375		64,237
GT Capital Holdings, Inc.		3,100		90,239
International Container Terminal Services, Inc.		13,610		18,843
JG Summit Holding, Inc.		101,690		176,401
Jollibee Foods Corp.		11,680		57,139
Megaworld Corp.		307,500		24,665
Metro Pacific Investments Corp.		549,800		68,019
Metropolitan Bank & Trust Co.		13,903		24,075
Philippine Long Distance Telephone Co.		3,815		139,468
Robinsons Land Corp.		76,300		44,037
SM Investments Corp.		4,320		86,788
SM Prime Holdings, Inc.		324,100		156,287
Universal Robina Corp.		34,300		152,313
			$	1,861,952
Qatar — 0.2%
Ooredoo QSC		9,600	$	241,530
			$	241,530
Romania — 2.4%
Banca Transilvania SA(1)		1,302,384	$	894,701
BRD-Groupe Societe Generale SA		107,617		254,140
Bursa de Valori Bucuresti SA		265		1,734

16 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Romania (continued)
Electrica SA		94,200	$	293,872
New Europe Property Investments PLC		32,790		413,259
OMV Petrom SA		2,775,100		163,238
Societatea Nationala de Gaze Naturale ROMGAZ SA		47,400		284,867
Societatea Nationala Nuclearelectrica SA		63,658		82,885
Transelectrica SA		15,400		116,128
Transgaz SA Medias		3,060		208,060
			$	2,712,884
Serbia — 2.4%
Aerodrom Nikola Tesla AD Beograd		43,200	$	364,136
Energoprojekt Holding AD Beograd		62,500		622,392
Gosa AD Montaza Velika Plana		1,378		19,078
Komercijalna Banka AD Beograd(1)		25,650		343,408
Metalac AD(1)		4,700		115,508
NIS AD Novi Sad		216,465		1,227,725
			$	2,692,247
Singapore — 1.5%
Yoma Strategic Holdings, Ltd.(1)		4,295,333	$	1,717,399
			$	1,717,399
South Korea — 8.3%
AMOREPACIFIC Corp.		590	$	210,417
AMOREPACIFIC Group		650		95,416
BNK Financial Group, Inc.		5,972		48,571
Celltrion, Inc.(1)		1,339		117,809
CJ CheilJedang Corp.		220		73,078
CJ Corp.		300		56,147
Coway Co., Ltd.		1,200		103,893
Dongbu Insurance Co., Ltd.		1,100		67,425
E-MART, Inc.		420		67,462
GS Holdings Corp.		1,100		53,105
Hana Financial Group, Inc.		6,400		143,517
Hankook Tire Co., Ltd.		1,500		69,770
Hanmi Pharmaceutical Co., Ltd.		112		58,367
Hanwha Chemical Corp.		2,200		48,176
Hotel Shilla Co., Ltd.		930		59,615
Hyosung Corp.		500		53,495
Hyundai Development Co.- Engineering & Construction		1,700		74,890
Hyundai Engineering & Construction Co., Ltd.		1,750		61,305
Hyundai Glovis Co., Ltd.		370		61,500
Hyundai Heavy Industries Co., Ltd.(1)		850		85,995
Hyundai Marine & Fire Insurance Co., Ltd.		1,400		38,969

Security	Shares		Value
South Korea (continued)
Hyundai Mobis Co., Ltd.		1,200	$	273,482
Hyundai Motor Co.		2,600		326,226
Hyundai Motor Co., PFC Shares		550		46,964
Hyundai Motor Co., Second PFC Shares		760		66,481
Hyundai Steel Co.		1,600		87,762
Industrial Bank of Korea		5,900		62,714
Kakao Corp.		600		52,781
Kangwon Land, Inc.		2,800		104,669
KB Financial Group, Inc.		6,750		206,530
KCC Corp.		120		44,620
Kia Motors Corp.		4,600		192,932
Korea Aerospace Industries, Ltd.		900		53,310
Korea Electric Power Corp.		4,500		244,434
Korea Zinc Co., Ltd.		199		86,292
KT&G Corp.		1,930		207,929
LG Chem, Ltd.		800		207,515
LG Corp.		2,000		119,199
LG Display Co., Ltd.		4,300		89,507
LG Electronics, Inc.		2,000		101,770
LG Household & Health Care, Ltd.		170		149,680
LG Uplus Corp.		5,400		52,973
Lotte Chemical Corp.		340		86,724
Lotte Shopping Co., Ltd.		270		64,283
Naver Corp.		490		290,397
NCsoft Corp.		330		66,128
ORION Corp.		70		56,951
POSCO		1,220		255,608
S-Oil Corp.		900		68,403
Samsung C&T Corp.		1,350		154,710
Samsung Electro-Mechanics Co., Ltd.		1,100		50,073
Samsung Electronics Co., Ltd.		1,830		1,994,390
Samsung Electronics Co., Ltd., PFC Shares		340		310,518
Samsung Fire & Marine Insurance Co., Ltd.		600		154,670
Samsung Life Insurance Co., Ltd.		1,450		139,102
Samsung SDI Co., Ltd.		1,100		109,548
Samsung SDS Co., Ltd.		550		82,008
Samsung Securities Co., Ltd.		1,400		48,082
Shinhan Financial Group Co., Ltd.		7,350		269,495
SK Holdings Co., Ltd.		632		123,865
SK Hynix, Inc.		10,000		245,278
SK Innovation Co., Ltd.		1,300		175,575
Woori Bank		7,000		64,316
			$	9,236,816

17 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan — 6.0%
Advanced Semiconductor Engineering, Inc.		119,000	$	114,506
Advantech Co., Ltd.		7,000		49,334
Asia Cement Corp.		52,000		46,263
Asustek Computer, Inc.		12,000		105,196
AU Optronics Corp.		156,000		44,640
Catcher Technology Co., Ltd.		12,000		83,986
Cathay Financial Holding Co., Ltd.		134,000		150,052
Chailease Holding Co., Ltd.		11,440		19,145
Chang Hwa Commercial Bank, Ltd.		108,850		56,746
Cheng Shin Rubber Industry Co., Ltd.		28,000		58,099
China Development Financial Holding Corp.		248,000		63,086
China Life Insurance Co., Ltd.		38,500		28,935
China Steel Corp.		210,000		147,225
Chunghwa Telecom Co., Ltd.		64,000		216,079
Compal Electronics, Inc.		95,000		55,764
CTBC Financial Holding Co., Ltd.		255,259		129,359
Delta Electronics, Inc.		33,680		156,010
E.Sun Financial Holding Co., Ltd.		125,824		69,643
Eclat Textile Co., Ltd.		3,068		34,920
Far Eastern New Century Corp.		59,700		44,583
Far EasTone Telecommunications Co., Ltd.		32,000		72,157
Feng TAY Enterprise Co., Ltd.		6,000		25,781
First Financial Holding Co., Ltd.		165,870		81,119
Formosa Chemicals & Fibre Corp.		59,000		150,343
Formosa Petrochemical Corp.		22,000		62,400
Formosa Plastics Corp.		70,000		173,846
Foxconn Technology Co., Ltd.		18,110		37,255
Fubon Financial Holding Co., Ltd.		112,000		135,668
Giant Manufacturing Co., Ltd.		6,000		35,976
Hermes Microvision, Inc.		1,000		30,622
Hon Hai Precision Industry Co., Ltd.		227,850		542,753
Hotai Motor Co., Ltd.		5,000		49,236
Hua Nan Financial Holdings Co., Ltd.		124,154		60,152
Innolux Corp.		180,000		55,550
Largan Precision Co., Ltd.		2,000		139,608
Lite-On Technology Corp.		25,125		30,517
MediaTek, Inc.		24,000		170,208
Mega Financial Holding Co., Ltd.		179,476		127,193
Nan Ya Plastics Corp.		85,000		166,121
Novatek Microelectronics Corp., Ltd.		6,000		20,907
Pegatron Corp.		30,000		63,200
Pou Chen Corp.		42,000		52,797
President Chain Store Corp.		10,000		70,704
Quanta Computer, Inc.		51,000		81,976
Shin Kong Financial Holding Co., Ltd.		177,960		35,917
Shuang Bang Industrial Corp.		14,662		9,351

Security	Shares		Value
Taiwan (continued)
Siliconware Precision Industries Co., Ltd.		17,914	$	26,524
SinoPac Financial Holdings Co., Ltd.		171,182		50,581
Synnex Technology International Corp.		31,000		30,703
Taishin Financial Holding Co., Ltd.		149,000		56,210
Taiwan Cement Corp.		67,000		68,152
Taiwan Cooperative Financial Holding Co., Ltd.		136,700		60,283
Taiwan Mobile Co., Ltd.		31,000		102,187
Taiwan Semiconductor Manufacturing Co., Ltd.		397,000		1,823,964
Teco Electric & Machinery Co., Ltd.		24,000		18,922
Uni-President Enterprises Corp.		82,960		149,344
United Microelectronics Corp.		220,000		81,612
Yuanta Financial Holding Co., Ltd.		158,675		52,225
			$	6,675,635
Thailand — 0.4%
PTT Exploration & Production PCL(5)		53,050	$	113,969
TTCL PCL(5)		767,100		343,800
			$	457,769
Vietnam — 11.5%
An Phu Irradiation JSC		75,510	$	57,549
Bank for Foreign Trade of Vietnam JSC		410,815		846,942
Bao Viet Holdings		111,500		304,079
Century Synthetic Fiber Corp.		136,620		164,317
Danang Rubber JSC		51,920		108,128
Dien Quang JSC		61,000		184,435
FPT Corp.		80,427		175,178
Gemadept Corp.		40,700		75,501
HA TIEN 1 Cement JSC(1)		192,400		237,125
Ho Chi Minh City Infrastructure Investment JSC		262,900		292,192
Hoa Phat Group JSC		155,605		233,635
Hoa Sen Group		55,172		116,331
Hung Vuong Corp.(1)		233,760		113,216
Imexpharm Pharmaceutical JSC		22,770		48,101
KIDO Group Corp.		243,900		287,596
Kinh Bac City Development Share Holding Corp.(1)		268,100		165,813
Masan Group Corp.(1)		604,200		1,894,761
Nam Long Investment Corp.		110,000		115,492
PetroVietnam Drilling & Well Services JSC		199,286		217,635
PetroVietnam Fertilizer & Chemical JSC		205,250		271,348
PetroVietnam Gas JSC		83,000		189,810
PetroVietnam Technical Services Corp.		294,900		227,211
Pha Lai Thermal Power JSC		186,000		149,204
Refrigeration Electrical Engineering Corp.		100,000		105,819
Saigon - Hanoi Commercial Joint Stock Bank(1)		573,413		167,034

18 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Vietnam (continued)
Saigon Securities, Inc.(1)		400,730	$	384,377
Saigon Thuong Tin Commercial JSB(1)		977,216		450,830
Son Ha International Corp.		483,900		236,358
Tan Tao Investment & Industry JSC(1)		675,400		139,212
TNG Investment & Trading JSC(1)		204,660		171,372
Traphaco JSC		18,690		95,538
Truong Thanh Furniture Corp.(1)		341,800		459,821
Vietnam Construction and Import-Export JSC		251,400		117,182
Vietnam Dairy Products JSC		182,200		1,134,423
Vietnam Joint Stock Commercial Bank for Industry and Trade		149,900		111,450
Vingroup JSC(1)		1,071,631		2,522,749
Vinh Hoan Corp.		98,180		127,113
Vinh Son - Song Hinh Hydropower JSC		101,700		67,073
			$	12,765,950
Total Common Stocks (identified cost $112,568,098)			$	104,144,185
Investment Funds — 1.4%
Security	Shares		Value
Romania — 1.4%
Fondul Proprietatea SA		8,062,549	$	1,541,481
Total Investment Funds (identified cost $1,747,639)			$	1,541,481
Short-Term Investments — 4.4%
U.S. Treasury Obligations — 0.9%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 6/16/16(6)	$	1,000	$	999,826
Total U.S. Treasury Obligations (identified cost $999,588)			$	999,826

Other — 3.5%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.53%(7)	$	3,921	$	3,921,356
Total Other (identified cost $3,921,356)			$	3,921,356
Total Short-Term Investments (identified cost $4,920,944)			$	4,921,182
Total Investments — 99.6% (identified cost $119,236,681)			$	110,606,848
Other Assets, Less Liabilities — 0.4%			$	415,650
Net Assets — 100.0%			$	111,022,498

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2016, the aggregate value of these securities is $117,811 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 April 30, 2016, the aggregate value of these securities is $2,790,990 or 2.5% 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⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽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 April 30, 2016.

19 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		31.1	%	$	34,479,179
Information Technology		13.6			15,108,151
Consumer Staples		9.7			10,750,503
Industrials		7.7			8,573,463
Energy		7.2			7,994,841	��
Materials		7.1			7,930,443
Consumer Discretionary		6.4			7,143,700
Telecommunication Services		6.0			6,648,016
Utilities		2.8			3,104,207
Health Care		2.2			2,411,682
Investment Funds		1.4			1,541,481
Short-Term Investments		4.4			4,921,182
Total Investments		99.6	%	$	110,606,848

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	973,957	THB	35,004,000	Standard Chartered Bank		5/9/16	$	—	$	(28,070	)
EUR	1,108,126	USD	1,251,130	BNP Paribas		5/17/16		18,241		—
EUR	757,048	USD	863,428	BNP Paribas		5/17/16		3,778		—
EUR	68,000	USD	76,286	JPMorgan Chase Bank, N.A.		5/17/16		1,609		—
EUR	349,798	USD	390,636	Standard Chartered Bank		5/17/16		10,062		—
EUR	783,990	USD	870,789	Standard Chartered Bank		5/17/16		27,280		—
EUR	24,235	USD	26,646	Standard Chartered Bank		5/17/16		1,115		—
EUR	1,099,874	USD	1,247,076	Standard Chartered Bank		5/17/16		12,841		—
EUR	1,524,001	USD	1,742,549	Standard Chartered Bank		5/17/16		3,211		—
USD	554,129	EUR	507,802	BNP Paribas		5/17/16		—		(27,564	)
USD	549,525	EUR	504,588	BNP Paribas		5/17/16		—		(28,486	)
USD	2,964,389	EUR	2,644,617	JPMorgan Chase Bank, N.A.		5/17/16		—		(65,048	)
USD	249,650	EUR	222,720	JPMorgan Chase Bank, N.A.		5/17/16		—		(5,478	)
USD	2,660,120	EUR	2,373,170	JPMorgan Chase Bank, N.A.		5/17/16		—		(58,371	)
USD	10,907,222	EUR	9,730,647	JPMorgan Chase Bank, N.A.		5/17/16		—		(239,338	)
USD	2,965,940	EUR	2,646,000	JPMorgan Chase Bank, N.A.		5/17/16		—		(65,082	)
USD	3,941,203	KRW	4,805,115,000	BNP Paribas		5/18/16		—		(262,640	)
USD	203,821	NOK	1,747,958	Standard Chartered Bank		6/13/16		—		(13,227	)
USD	305,946	SGD	415,000	BNP Paribas		6/14/16		—		(2,333	)
USD	1,301,278	SGD	1,802,400	Standard Chartered Bank		6/14/16		—		(37,621	)
USD	5,247,016	CNH	36,270,000	Bank of America, N.A.		1/11/17		—		(264,015	)
USD	951,933	CNH	6,275,000	Citibank, N.A.		1/11/17		—		(1,520	)
USD	5,217,204	CNH	36,270,000	Standard Chartered Bank		1/11/17		—		(293,828	)
USD	5,240,751	CNH	36,266,000	Standard Chartered Bank		1/11/17		—		(269,673	)
USD	3,095,653	TWD	104,048,000	Standard Chartered Bank		2/2/17		—		(123,675	)
							$	78,137	$	(1,785,969	)

20 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Appreciation
E-mini MSCI Emerging Markets Index		218	Long	Jun-16	$	8,611,000		$	9,138,560		$	527,560
SET50 Index		95	Short	Jun-16		(486,041	)		(482,572	)		3,469
											$	531,029

SET:  Stock Exchange of Thailand.

Abbreviations:

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

Currency Abbreviations:

CNH	–	Yuan Renminbi Offshore
EUR	–	Euro
KRW	–	South Korean Won
NOK	–	Norwegian Krone
SGD	–	Singapore Dollar
THB	–	Thai Baht
TWD	–	New Taiwan Dollar
USD	–	United States Dollar

21 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2016
Unaffiliated investments, at value (identified cost, $115,315,325)	$	106,685,492
Affiliated investment, at value (identified cost, $3,921,356)		3,921,356
Cash		961,285
Restricted cash*		930,615
Foreign currency, at value (identified cost, $277,479)		277,776
Dividends receivable		152,219
Interest receivable from affiliated investment		1,410
Receivable for investments sold		14,578
Receivable for open forward foreign currency exchange contracts		78,137
Other assets		25,591
Total assets	$	113,048,459
Liabilities
Payable for variation margin on open financial futures contracts	$	33,565
Payable for open forward foreign currency exchange contracts		1,785,969
Payable to affiliates:
Investment adviser fee		91,001
Trustees’ fees		493
Accrued expenses		114,933
Total liabilities	$	2,025,961
Net Assets applicable to investors’ interest in Portfolio	$	111,022,498
Sources of Net Assets
Investors’ capital	$	120,823,289
Net unrealized depreciation		(9,800,791	)
Total	$	111,022,498

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

22 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2016
Dividends (net of foreign taxes, $86,487)	$	754,836
Interest (net of foreign taxes, $19)		958
Interest allocated from affiliated investment		11,591
Expenses allocated from affiliated investment		(527	)
Total investment income	$	766,858
Expenses
Investment adviser fee	$	526,955
Trustees’ fees and expenses		2,855
Custodian fee		110,050
Legal and accounting services		29,295
Miscellaneous		7,792
Total expenses	$	676,947
Net investment income	$	89,911
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(8,481,447	)
Investment transactions allocated from affiliated investment		21
Financial futures contracts		(826,221	)
Foreign currency and forward foreign currency exchange contract transactions		(31,493	)
Net realized loss	$	(9,339,140	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $7,158)	$	5,949,877
Financial futures contracts		174,370
Foreign currency and forward foreign currency exchange contracts		(1,498,946	)
Net change in unrealized appreciation (depreciation)	$	4,625,301
Net realized and unrealized loss	$	(4,713,839	)
Net decrease in net assets from operations	$	(4,623,928	)

23 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
From operations —
Net investment income	$	89,911		$	1,701,985
Net realized loss from investment transactions, financial futures contracts, swap contracts, and foreign currency and forward foreign currency exchange contract transactions		(9,339,140	)		(3,230,971	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, swap contracts, foreign currency and forward foreign currency exchange contracts		4,625,301			(14,200,847	)
Net decrease in net assets from operations	$	(4,623,928	)	$	(15,729,833	)
Capital transactions —
Contributions	$	13,724,898		$	133,663,505
Withdrawals		(11,860,444	)		(54,711,266	)
Net increase in net assets from capital transactions	$	1,864,454		$	78,952,239
Net increase (decrease) in net assets	$	(2,759,474	)	$	63,222,406
Net Assets
At beginning of period	$	113,781,972		$	50,559,566
At end of period	$	111,022,498		$	113,781,972

24 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Supplementary Data

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2015			2014 (1)
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.29	%(3)		1.32	%		1.63	%
Net investment income (loss)		0.17	%(3)		1.61	%		(0.19	)%
Portfolio Turnover		30	%(4)		27	%		112	%
Total Return		(4.61	)%(4)		(14.05	)%		1.10	%
Net assets, end of period (000’s omitted)	$	111,022		$	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%.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

25 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited)

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 April 30, 2016, 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.

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

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.

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 in the same manner as debt obligations described above.

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.

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Global Macro Capital Opportunities Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

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.

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 April 30, 2016, 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 that may be 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. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

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 security or 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.

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Global Macro Capital Opportunities Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

K  Interim Financial Statements — The interim financial statements relating to April 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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 six months ended April 30, 2016, the Portfolio’s investment adviser fee amounted to $526,955 or 1.00% (annualized) 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 six months ended April 30, 2016, 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 $30,948,217 and $29,774,735, respectively, for the six months ended April 30, 2016.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	119,443,878
Gross unrealized appreciation	$	6,911,625
Gross unrealized depreciation		(15,748,655	)
Net unrealized depreciation	$	(8,837,030	)

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 and financial futures 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 April 30, 2016 is included in the Portfolio of Investments. At April 30, 2016, 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.

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 April 30, 2016, the fair value of derivatives with credit-related contingent features in a net liability position was $1,785,969. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $1,389,826 at April 30, 2016.

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Global Macro Capital Opportunities Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — 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 April 30, 2016 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Financial futures contracts	$	531,029	(1)	$	—
Foreign Exchange	Forward foreign currency exchange contracts		78,137	(2)		(1,785,969	)(3)
Total		$	609,166		$	(1,785,969	)
Derivatives not subject to master netting or similar agreements		$	531,029		$	—
Total Derivatives subject to master netting or similar agreements		$	78,137		$	(1,785,969	)

⁽¹⁾  Amount represents cumulative unrealized appreciation on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Payable 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 such assets and pledged by the Portfolio for such liabilities as of April 30, 2016.

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)
BNP Paribas	$	22,019	$	(22,019	)	$	—	$	—	$	—
JPMorgan Chase Bank, N.A.		1,609		(1,609	)		—		—		—
Standard Chartered Bank		54,509		(54,509	)		—		—		—
		$78,137	$	(78,137	)	$	—	$	—	$	—

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Global Macro Capital Opportunities Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — 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)
Bank of America, N.A.	$	(264,015	)	$	—	$	264,015	$	—	$	—
BNP Paribas		(321,023	)		22,019		—		280,000		(19,004	)
Citibank, N.A.		(1,520	)		—		—		—		(1,520	)
JPMorgan Chase Bank, N.A.		(433,317	)		1,609		19,997		30,000		(381,711	)
Standard Chartered Bank		(766,094	)		54,509		709,876		1,709		—
		$(1,785,969)		$	78,137	$	993,888	$	311,709	$	(402,235	)

^(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 six months ended April 30, 2016 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	$	(826,221	)	$	174,370
Foreign Exchange	Forward foreign currency exchange contracts		(39,389	)		(1,567,815	)
Total		$	(865,610	)	$	(1,393,445	)

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

The average notional amounts of derivative contracts outstanding during the six months ended April 30, 2016, which are indicative of the volume of these derivative types, were as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts
	$10,128,000	$	653,000	$	46,425,000

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 six months ended April 30, 2016.

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

30

Global Macro Capital Opportunities Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — 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 April 30, 2016, 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	$	3,417,367	$	69,710,658		$	0	$	73,128,025
Developed Europe		—		166,900			—		166,900
Emerging Europe		4,321,121		7,878,814			—		12,199,935
Latin America		12,236,358		—			—		12,236,358
Middle East/Africa		75,449		6,337,518			—		6,412,967
Total Common Stocks	$	20,050,295	$	84,093,890	**	$	0	$	104,144,185
Investment Funds	$	—	$	1,541,481		$	—	$	1,541,481
Short-Term Investments —
U.S. Treasury Obligations		—		999,826			—		999,826
Other		—		3,921,356			—		3,921,356
Total Investments	$	20,050,295	$	90,556,553		$	0	$	110,606,848
Forward Foreign Currency Exchange Contracts	$	—	$	78,137		$	—	$	78,137
Futures Contracts		527,560		3,469			—		531,029
Total	$	20,577,855	$	90,638,159		$	0	$	111,216,014
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(1,785,969	)	$	—	$	(1,785,969	)
Total	$	—	$	(1,785,969	)	$	—	$	(1,785,969	)

* 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.

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Global Macro Capital Opportunities Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — 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 six months ended April 30, 2016 is not presented. At April 30, 2016, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

32

Eaton Vance

Global Macro Capital Opportunities Fund

April 30, 2016

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices and customized groups of peer funds identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

33

Eaton Vance

Global Macro Capital Opportunities Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Global Macro Capital Opportunities Fund (the “Fund”) with Eaton Vance Management (“EVM”), as well as the investment advisory agreement of Global Macro Capital Opportunities Portfolio (the “Portfolio”), the portfolio in which the Fund invests, with Boston Management and Research (“BMR”), an affiliate of EVM (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund and the investment advisory agreement for the Portfolio (together, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements of the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

The Board considered each Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund and the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. In particular, the Board considered the abilities and experience of such investment professionals in investing in equity and equity-related securities traded in developed, emerging, frontier, and off-index markets. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of each Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services.

34

Eaton Vance

Global Macro Capital Opportunities Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-year period ended September 30, 2015 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund and by the Portfolio for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for a one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund and the Portfolio, the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

35

Eaton Vance

Global Macro Capital Opportunities Fund

April 30, 2016

Officers and Trustees

Officers of Eaton Vance Global Macro Capital Opportunities Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Officers of Global Macro Capital Opportunities Portfolio

Eric A. Stein

President

Payson F. Swaffield

Vice President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Global Macro Capital Opportunities Fund and Global Macro Capital Opportunities Portfolio

Ralph F. Verni

Chairperson

William H. Park

Vice-Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

36

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 (International) Limited, 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.

37

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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

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.

18473    4.30.16

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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:	June 13, 2016

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.

Global Macro Capital Opportunities Portfolio

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	June 13, 2016
By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 13, 2016