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

FormN-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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited)

Common Stocks — 91.7%
Security	Shares		Value
Argentina — 7.8%
Adecoagro SA(1)		90,700	$	616,760
Arcos Dorados Holdings, Inc., Class A		97,100		677,758
Banco Macro SA, Class B ADR		32,461		1,317,267
BBVA Banco Frances SA ADR		59,745		479,155
Central Puerto SA ADR		57,155		461,812
Empresa Distribuidora Y Comercializadora Norte SA ADR(1)		17,175		292,834
Globant SA(1)		24,436		2,052,380
Grupo Financiero Galicia SA, Class B ADR		70,176		1,528,433
Grupo Financiero Valores SA		5,589,500		709,643
Grupo Supervielle SA ADR		56,000		284,480
Loma Negra Cia Industrial Argentina SA ADR(1)		45,027		450,270
Pampa Energia SA ADR(1)		49,869		1,044,756
Telecom Argentina SA ADR		92,288		1,213,587
Transportadora de Gas del Sur SA ADR		62,039		630,316
YPF SA ADR		134,109		1,814,495
			$	13,573,946
Brazil — 5.7%
AMBEV SA		146,000	$	687,720
B3 SA - Brasil Bolsa Balcao		64,900		570,198
Banco Bradesco SA		39,600		313,075
Banco Bradesco SA, PFC Shares		122,160		1,108,478
Banco do Brasil SA		27,700		350,957
Banco Santander Brasil SA		14,600		167,592
BB Seguridade Participacoes SA		24,800		178,738
BRF SA(1)		21,000		166,293
CCR SA		45,600		135,948
Cia Brasileira de Distribuicao, PFC Shares		6,100		150,124
Cia de Saneamento Basico do Estado de Sao Paulo		13,300		159,420
Cia Energetica de Minas Gerais SA, PFC Shares		34,500		129,691
Cielo SA		47,700		93,427
Embraer SA		25,200		126,222
Equatorial Energia SA		6,500		136,097
Gerdau SA, PFC Shares		23,900		86,247
Hypera SA		8,600		61,587
Itau Unibanco Holding SA, PFC Shares		145,800		1,257,916
Itausa-Investimentos Itau SA, PFC Shares		139,400		423,415
Klabin SA		27,700		117,268
Kroton Educacional SA		54,100		134,522
Localiza Rent a Car SA		18,700		172,640
Lojas Americanas SA, PFC Shares		27,700		111,051
Lojas Renner SA		24,100		288,135
Magazine Luiza SA		2,900		141,454
Petroleo Brasileiro SA		91,800		701,417

Security	Shares		Value
Brazil (continued)
Petroleo Brasileiro SA, PFC Shares		120,100	$	830,357
Raia Drogasil SA		8,900		156,932
Rumo SA(1)		39,100		180,488
Suzano SA		21,791		226,352
Telefonica Brasil SA, PFC Shares		15,700		186,465
Ultrapar Participacoes SA		25,800		138,175
Weg SA		31,200		147,840
			$	9,836,241
Canada — 0.2%
Turquoise Hill Resources, Ltd.(1)		260,700	$	391,050
			$	391,050
China — 11.9%
58.com, Inc. ADR(1)		1,300	$	93,327
AAC Technologies Holdings, Inc.		12,500		81,202
Alibaba Group Holding, Ltd. ADR(1)		16,154		2,997,698
Anhui Conch Cement Co., Ltd., Class H		24,000		146,492
ANTA Sports Products, Ltd.		17,000		119,563
Baidu, Inc. ADR(1)		3,980		661,595
Beijing Enterprises Water Group, Ltd.		98,000		60,808
Brilliance China Automotive Holdings, Ltd.		56,000		61,687
BYD Co., Ltd., Class H		14,500		98,943
CGN Power Co., Ltd., Class H(2)		155,000		40,894
China Cinda Asset Management Co., Ltd., Class H		147,000		39,203
China Communications Construction Co., Ltd., Class H		78,000		75,128
China Construction Bank Corp., Class H		1,202,000		1,059,641
China Everbright International, Ltd.		82,222		80,622
China Evergrande Group		59,000		189,211
China Galaxy Securities Co., Ltd., Class H		59,500		38,987
China Gas Holdings, Ltd.		23,600		76,127
China Life Insurance Co., Ltd., Class H		109,001		309,740
China Mengniu Dairy Co., Ltd.		47,000		173,637
China Merchants Port Holdings Co., Ltd.		24,160		48,867
China Mobile, Ltd.		90,000		858,726
China Overseas Land & Investment, Ltd.		60,000		224,799
China Pacific Insurance (Group) Co., Ltd., Class H		42,200		173,184
China Petroleum & Chemical Corp., Class H		382,000		293,647
China Railway Construction Corp., Ltd., Class H		46,500		54,945
China Railway Group, Ltd., Class H		86,000		67,835
China Resources Beer Holdings Co., Ltd.		38,000		173,867
China Resources Gas Group, Ltd.		20,000		92,834
China Resources Land, Ltd.		47,777		208,076
China Resources Power Holdings Co., Ltd.		34,000		47,577
China Shenhua Energy Co., Ltd., Class H		56,000		123,954

13 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
China State Construction International Holdings, Ltd.		42,000	$	43,590
China Taiping Insurance Holdings Co., Ltd.		31,400		95,491
China Telecom Corp., Ltd., Class H		234,000		121,278
China Unicom (Hong Kong), Ltd.		98,000		116,363
China Vanke Co., Ltd., Class H		26,700		103,308
CITIC Securities Co., Ltd., Class H		39,500		85,617
CITIC, Ltd.		75,000		109,219
CNOOC, Ltd.		261,000		474,063
Country Garden Holdings Co., Ltd.		129,000		207,878
Country Garden Services Holdings Co., Ltd.(1)		14,827		27,386
CRRC Corp., Ltd., Class H		79,750		69,667
CSPC Pharmaceutical Group, Ltd.		84,000		162,139
Ctrip.com International, Ltd. ADR(1)		5,900		259,895
Dongfeng Motor Group Co., Ltd., Class H		54,000		52,462
ENN Energy Holdings, Ltd.		14,000		132,314
Fullshare Holdings, Ltd.		160,000		17,951
Geely Automobile Holdings, Ltd.		80,000		161,151
GF Securities Co., Ltd., Class H		24,600		33,303
Great Wall Motor Co., Ltd., Class H		53,500		43,565
Guangdong Investment, Ltd.		48,000		89,792
Guangzhou Automobile Group Co., Ltd., Class H		74,400		80,131
Haitong Securities Co., Ltd., Class H		60,000		77,382
Hanergy Thin Film Power Group, Ltd.(1)(3)		302,000		0
Hengan International Group Co., Ltd.		12,500		109,900
Huaneng Power International, Inc., Class H		96,000		61,455
Huatai Securities Co., Ltd., Class H(2)		34,000		64,077
Industrial & Commercial Bank of China, Ltd., Class H		1,061,000		798,041
JD.com, Inc. ADR(1)		10,624		321,588
Lenovo Group, Ltd.		160,000		148,267
NetEase, Inc. ADR		1,181		336,030
New China Life Insurance Co., Ltd., Class H		16,000		88,736
New Oriental Education & Technology Group, Inc. ADR(1)		2,374		226,622
People’s Insurance Co. Group of China, Ltd. (The), Class H		129,000		52,824
PetroChina Co., Ltd., Class H		320,000		202,846
PICC Property & Casualty Co., Ltd., Class H		114,000		128,082
Ping An Insurance (Group) Co. of China, Ltd., Class H		77,000		932,059
Semiconductor Manufacturing International Corp.(1)		7,300		7,816
Shenzhou International Group Holdings, Ltd.		12,000		161,290
SINA Corp.(1)		1,200		75,528
Sino Biopharmaceutical, Ltd.		135,000		129,976
Sinopharm Group Co., Ltd., Class H		22,400		88,039
Sunac China Holdings, Ltd.		32,000		164,915
Sunny Optical Technology Group Co., Ltd.		17,000		207,963
TAL Education Group ADR(1)		4,548		174,962
Tencent Holdings, Ltd.		81,800		4,031,729
Tencent Music Entertainment Group ADR(1)		13,500		232,200

Security	Shares		Value
China (continued)
Vipshop Holdings, Ltd. ADR(1)		6,998	$	60,253
Want Want China Holdings, Ltd.		103,000		81,775
Weibo Corp. ADR(1)		120		8,220
Yum China Holdings, Inc.		7,500		356,550
YY, Inc. ADR(1)		600		50,766
Zhuzhou CRRC Times Electric Co., Ltd., Class H		11,000		55,882
			$	20,695,152
Croatia — 1.9%
Adris Grupa DD, PFC Shares		9,000	$	617,373
Atlantic Grupa DD		1,600		278,381
Ericsson Nikola Tesla DD		930		154,199
Hrvatski Telekom DD		52,252		1,284,813
Koncar-Elektroindustrija DD		2,280		230,046
Podravka Prehrambena Industrija DD		4,900		288,733
Valamar Riviera DD		48,200		274,797
Zagrebacka Banka DD		14,600		124,026
			$	3,252,368
Cyprus — 1.4%
Bank of Cyprus Holdings PLC(1)		1,534,390	$	2,416,072
			$	2,416,072
Egypt — 4.4%
Alexandria Mineral Oils Co.		626,534	$	202,262
Cairo Investment & Real Estate Development Co. SAE(1)		144,374		97,471
Commercial International Bank Egypt SAE		240,375		1,075,015
Credit Agricole Egypt SAE		315,572		775,453
Eastern Co. SAE		754,775		797,705
Edita Food Industries SAE		35,000		40,742
Egypt Kuwait Holding Co. SAE		425,243		618,928
Egyptian Financial Group-Hermes Holding Co.(1)		443,127		410,114
ElSewedy Electric Co.		625,070		567,436
Ezz Steel Co SAE(1)		192,902		176,543
Ghabbour Auto(1)		704,821		189,629
Heliopolis Housing		125,471		188,729
Ibnsina Pharma SAE(1)		210,000		150,778
Juhayna Food Industries		424,045		296,747
Medinet Nasr Housing(1)		718,604		264,569
Oriental Weavers		271,415		147,877
Palm Hills Developments SAE(1)		1,389,969		195,824
Qalaa Holdings SAE(1)		1,277,278		266,363
Sidi Kerir Petrochemicals Co.		98,964		100,862
Six of October Development & Investment Co.(1)		255,050		255,026
Talaat Moustafa Group		889,609		593,759

14 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Egypt (continued)
Telecom Egypt		319,599	$	262,391
			$	7,674,223
Georgia — 3.2%
Bank of Georgia Group PLC		92,860	$	2,084,153
Georgia Capital PLC(1)		48,700		642,569
TBC Bank Group PLC		132,586		2,814,935
			$	5,541,657
Iceland — 0.2%
Siminn HF		5,081,700	$	168,348
Sjova-Almennar Tryggingar HF		957,020		139,580
Tryggingamidstodin HF		336,200		91,576
			$	399,504
India — 5.9%
Adani Ports and Special Economic Zone, Ltd.		22,802	$	128,445
Adani Power, Ltd.(1)		9,483		6,077
Ambuja Cements, Ltd.		21,000		66,509
Asian Paints, Ltd.		8,100		170,494
Aurobindo Pharma, Ltd.		7,300		85,743
Bajaj Auto, Ltd.		2,400		103,145
Bajaj Finance, Ltd.		4,600		205,079
Bajaj Finserv, Ltd.		1,200		129,713
Bharat Petroleum Corp., Ltd.		22,800		124,945
Bharti Airtel, Ltd.		34,700		159,525
Bharti Infratel, Ltd.		15,719		59,351
Cipla, Ltd.		9,500		76,894
Coal India, Ltd.		19,072		69,243
Dabur India, Ltd.		18,500		105,781
Dr. Reddy’s Laboratories, Ltd.		3,000		126,273
Eicher Motors, Ltd.		400		116,969
GAIL (India), Ltd.		22,754		116,204
Godrej Consumer Products, Ltd.		10,800		101,316
Grasim Industries, Ltd.		10,000		129,517
HCL Technologies, Ltd.		16,228		275,412
Hero MotoCorp, Ltd.		1,300		46,835
Hindalco Industries, Ltd.		30,900		91,401
Hindustan Petroleum Corp., Ltd.		19,000		79,964
Hindustan Unilever, Ltd.		17,900		450,930
Housing Development Finance Corp., Ltd.		22,890		656,853
Indiabulls Housing Finance, Ltd.		8,300		82,507
Indian Oil Corp., Ltd.		28,139		64,251
Infosys, Ltd.		88,314		948,062
ITC, Ltd.		93,750		406,548

Security	Shares		Value
India (continued)
JSW Steel, Ltd.		25,000	$	111,437
Larsen & Toubro, Ltd.		14,250		276,156
LIC Housing Finance, Ltd.		12,100		86,380
Lupin, Ltd.		5,700		71,402
Mahindra & Mahindra, Ltd.		21,600		200,679
Maruti Suzuki India, Ltd.		2,900		276,717
Motherson Sumi Systems, Ltd.		40,725		85,879
Nestle India, Ltd.		700		109,393
Oil & Natural Gas Corp., Ltd.		34,800		84,726
Piramal Enterprises, Ltd.		2,702		91,362
Reliance Industries, Ltd.		68,600		1,373,951
Shree Cement, Ltd.		360		102,369
Shriram Transport Finance Co., Ltd.		6,100		97,354
Tata Consultancy Services, Ltd.		24,556		796,732
Tata Motors, Ltd.(1)		45,100		139,243
Tata Steel, Ltd.(4)		11,747		94,521
Tata Steel, Ltd.(4)		792		925
Tech Mahindra, Ltd.		15,208		182,880
Titan Co., Ltd.		10,400		173,654
UltraTech Cement, Ltd.		2,700		179,258
UPL, Ltd.		10,100		140,691
Vedanta, Ltd.		43,100		103,786
Wipro, Ltd.		33,961		145,943
Zee Entertainment Enterprises, Ltd.		16,300		101,883
			$	10,211,307
Indonesia — 3.2%
Astra International Tbk PT		1,228,500	$	657,639
Bank Central Asia Tbk PT		511,400		1,033,066
Bank Mandiri Persero Tbk PT		796,000		433,664
Bank Rakyat Indonesia Persero Tbk PT		2,311,500		710,682
Charoen Pokphand Indonesia Tbk PT		504,500		186,743
Gudang Garam Tbk PT		35,100		208,276
Hanjaya Mandala Sampoerna Tbk PT		693,700		170,552
Indah Kiat Pulp & Paper Corp. Tbk PT		213,300		110,884
Indocement Tunggal Prakarsa Tbk PT		140,400		217,109
Indofood Sukses Makmur Tbk PT		336,500		164,301
Kalbe Farma Tbk PT		1,603,900		174,014
Semen Indonesia Persero Tbk PT		225,200		213,780
Telekomunikasi Indonesia Persero Tbk PT		3,032,900		807,623
Unilever Indonesia Tbk PT		100,000		319,376
United Tractors Tbk PT		118,400		226,100
			$	5,633,809

15 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Kazakhstan — 1.8%
Halyk Savings Bank of Kazakhstan JSC GDR(4)(5)		104,200	$	1,219,140
Halyk Savings Bank of Kazakhstan JSC GDR(4)(5)		167,650		1,965,063
			$	3,184,203
Kuwait — 7.3%
Agility Public Warehousing Co. KSC		415,109	$	996,747
Alimtiaz Investment Group KSC		331,476		142,473
Boubyan Bank KSCP		524,375		936,651
Burgan Bank SAK		265,895		286,309
Gulf Bank KSCP		446,399		445,604
Humansoft Holding Co. KSC		39,605		433,040
Kuwait Finance House KSCP		1,171,641		2,560,235
Kuwait Projects Co. Holdings KSC		206,679		144,664
Mabanee Co. SAKC		225,529		463,495
Mezzan Holding Co. KSCC		56,832		95,193
Mobile Telecommunications Co.		924,183		1,402,940
National Bank of Kuwait SAK		1,359,260		4,151,112
National Industries Group Holding SAK		438,000		314,908
Warba Bank KSCP(1)		430,151		338,950
			$	12,712,321
Mauritius — 1.5%
Alteo, Ltd.		13,177	$	6,898
Lux Island Resorts, Ltd.		66,516		118,047
MCB Group, Ltd.		303,608		2,365,949
Sun, Ltd., Class A		150,505		182,892
The Lux Collective, Ltd.(1)		66,516		4,704
			$	2,678,490
Mongolia — 0.1%
Mongolian Mining Corp.(1)		5,057,500	$	94,944
			$	94,944
Peru — 3.6%
Alicorp SAA		174,200	$	563,720
Cementos Pacasmayo SAA		126,238		244,344
Cia de Minas Buenaventura SA ADR		51,880		840,975
Credicorp, Ltd.		2,666		631,575
Engie Energia Peru SA		79,000		154,225
Ferreycorp SAA		1,036,400		767,936
Grana y Montero SAA ADR(1)		119,700		430,920
InRetail Peru Corp.(2)		22,000		858,000
Southern Copper Corp.		26,202		1,006,681

Security	Shares		Value
Peru (continued)
Union Andina de Cementos SAA		406,700	$	307,500
Volcan Cia Minera SAA, Class B		2,145,300		356,847
			$	6,162,723
Serbia — 4.3%
Energoprojekt Holding AD Beograd(1)		74,772	$	511,436
Komercijalna Banka AD Beograd(1)		130,558		3,412,100
Metalac AD(1)		53,233		1,026,426
NIS AD Novi Sad		371,854		2,579,660
			$	7,529,622
Singapore — 1.1%
Yoma Strategic Holdings, Ltd.		8,240,033	$	1,970,029
			$	1,970,029
South Korea — 9.1%
AMOREPACIFIC Corp.		1,031	$	183,593
Celltrion Healthcare Co., Ltd.(1)		1,924		124,845
Celltrion, Inc.(1)		2,192		398,679
CJ CheilJedang Corp.		360		97,120
Daelim Industrial Co., Ltd.		1,176		97,578
DB Insurance Co., Ltd.		2,130		124,786
E-MART, Inc.		775		114,299
GS Engineering & Construction Corp.		2,540		88,375
GS Holdings Corp.		2,070		92,249
Hankook Tire Co., Ltd.		3,265		111,095
Hanmi Pharm Co., Ltd.		265		98,750
Helixmith Co., Ltd.(1)		570		127,138
Hyundai Engineering & Construction Co., Ltd.		2,997		134,845
Hyundai Glovis Co., Ltd.		828		113,270
Hyundai Heavy Industries Co., Ltd.(1)		1,443		154,083
Hyundai Heavy Industries Holdings Co., Ltd.		439		128,591
Hyundai Mobis Co., Ltd.		1,783		355,664
Hyundai Motor Co.		3,561		422,692
Hyundai Motor Co., Second PFC Shares		1,675		125,623
Hyundai Steel Co.		3,421		135,858
Kakao Corp.		1,706		175,655
Kangwon Land, Inc.		4,359		126,981
Kia Motors Corp.		7,527		291,776
Korea Aerospace Industries, Ltd.		3,184		95,382
Korea Electric Power Corp.(1)		7,423		179,700
Korea Investment Holdings Co., Ltd.		1,826		107,196
Korea Zinc Co., Ltd.		367		142,349
KT&G Corp.		3,190		279,036
LG Chem, Ltd.		1,184		367,281

16 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
LG Corp.		3,208	$	200,606
LG Display Co., Ltd.(1)		8,699		147,924
LG Electronics, Inc.		3,573		232,145
LG Household & Health Care, Ltd.		256		311,943
Lotte Chemical Corp.		611		140,780
Medy-Tox, Inc.		5		2,398
Mirae Asset Daewoo Co., Ltd.		16,931		113,309
Mirae Asset Daewoo Co., Ltd., Second PFC Shares		2,304		7,836
Naver Corp.		3,579		366,534
NCsoft Corp.		516		232,374
Netmarble Corp.(1)(2)		1,128		123,273
POSCO		1,975		432,295
S-Oil Corp.		1,759		138,695
Samsung Biologics Co., Ltd.(1)(2)		540		157,385
Samsung C&T Corp.		2,448		215,172
Samsung Electro-Mechanics Co., Ltd.		1,889		176,070
Samsung Electronics Co., Ltd.		109,329		4,298,512
Samsung Electronics Co., Ltd., PFC Shares		20,813		663,960
Samsung Engineering Co., Ltd.(1)		7,135		104,230
Samsung Fire & Marine Insurance Co., Ltd.		892		232,215
Samsung Heavy Industries Co., Ltd.(1)		15,800		111,439
Samsung Life Insurance Co., Ltd.		2,384		173,408
Samsung SDI Co., Ltd.		1,487		301,929
Samsung SDS Co., Ltd.		1,162		216,078
SillaJen, Inc.(1)		2,033		114,218
SK Holdings Co., Ltd.		933		205,177
SK Hynix, Inc.		13,837		936,360
SK Innovation Co., Ltd.		1,765		275,973
SK Telecom Co., Ltd.		674		142,959
Woongjin Coway Co., Ltd.		1,881		141,348
			$	15,911,034
Sri Lanka — 1.2%
Access Engineering PLC		1,668,000	$	122,055
Ceylon Cold Stores PLC		16,000		54,261
Dialog Axiata PLC		1,485,330		73,351
Hayleys PLC		40,000		35,665
Hemas Holdings PLC		218,206		89,088
John Keells Holdings PLC		1,204,200		1,022,552
Lion Brewery Ceylon PLC		20,200		63,916
Melstacorp PLC(1)		200,000		42,065
Royal Ceramics Lanka PLC		80,669		26,308
Softlogic Life Insurance PLC		2,500,000		479,930
Tokyo Cement Co Lanka PLC(1)		1,143,000		140,112
			$	2,149,303

Security	Shares		Value
Taiwan — 4.5%
Advantech Co., Ltd.		7,699	$	62,380
ASE Technology Holding Co., Ltd.		61,358		142,530
Asia Cement Corp.		52,000		70,383
Asustek Computer, Inc.		12,000		91,742
AU Optronics Corp.		156,000		55,792
Catcher Technology Co., Ltd.		12,000		95,140
Cathay Financial Holding Co., Ltd.		134,000		194,041
Cheng Shin Rubber Industry Co., Ltd.		28,000		37,407
China Steel Corp.		210,000		169,681
Chunghwa Telecom Co., Ltd.		64,000		230,542
Compal Electronics, Inc.		95,000		61,409
Delta Electronics, Inc.		33,680		177,766
Far Eastern New Century Corp.		59,700		65,192
Far EasTone Telecommunications Co., Ltd.		32,000		78,526
Formosa Chemicals & Fibre Corp.		59,000		212,302
Formosa Petrochemical Corp.		22,000		81,643
Formosa Plastics Corp.		70,000		254,038
Foxconn Technology Co., Ltd.		18,291		41,036
Fubon Financial Holding Co., Ltd.		112,000		165,512
Hon Hai Precision Industry Co., Ltd.		200,508		564,496
Hotai Motor Co., Ltd.		5,000		75,670
Innolux Corp.		180,000		57,759
Largan Precision Co., Ltd.		2,000		300,245
Nan Ya Plastics Corp.		85,000		215,041
Pegatron Corp.		30,000		56,714
Pou Chen Corp.		42,000		51,095
President Chain Store Corp.		10,000		93,302
Quanta Computer, Inc.		51,000		97,801
Shin Kong Financial Holding Co., Ltd.		180,522		51,148
Taiwan Cement Corp.		73,700		100,243
Taiwan Mobile Co., Ltd.		31,000		113,350
Taiwan Semiconductor Manufacturing Co., Ltd.		397,000		3,333,224
Uni-President Enterprises Corp.		82,960		197,169
United Microelectronics Corp.		220,000		95,930
Yuanta Financial Holding Co., Ltd.		158,675		92,033
			$	7,782,282
Thailand — 0.3%
Mega Lifesciences PCL		436,400	$	492,578
			$	492,578
Ukraine — 1.5%
Ferrexpo PLC		274,400	$	743,338
Kernel Holding SA		66,400		922,287
MHP SE GDR		81,422		911,926
			$	2,577,551

17 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Vietnam — 9.6%
Bao Viet Holdings		43,700	$	167,126
Binh Minh Plastics JSC		62,900		128,780
Coteccons Construction JSC		24,000		124,768
Domesco Medical Import Export JSC		59,000		179,489
FPT Corp.		122,318		278,481
Gemadept Corp.		61,050		68,231
HA TIEN 1 Cement JSC		87,880		60,725
Ho Chi Minh City Infrastructure Investment JSC(1)		262,900		260,044
Ho Chi Minh City Securities Corp.		64,000		70,223
Hoa Binh Construction Group JSC		77,600		58,642
Hoa Phat Group JSC(1)		795,140		1,153,565
Hoa Sen Group		173,059		59,577
Hoang Anh Gia Lai International Agriculture JSC(1)		204,900		138,276
Hoang Huy Investment Financial Services JSC		167,400		154,291
Imexpharm Pharmaceutical JSC(1)		37,445		83,782
KIDO Group Corp.		106,100		93,336
Kinh Bac City Development Share Holding Corp.(1)		202,100		126,272
Masan Group Corp.(1)		548,450		2,048,860
Mobile World Investment Corp.		53,333		194,973
Nam Long Investment Corp.		161,476		205,763
No Va Land Investment Group Corp.(1)		248,890		632,069
Pan Group JSC (The)(1)		70,937		106,910
PetroVietnam Ca Mau Fertilizer JSC		121,700		45,835
PetroVietnam Drilling & Well Services JSC(1)		160,214		131,497
PetroVietnam Fertilizer & Chemical JSC		149,250		115,504
PetroVietnam Gas JSC		45,000		219,648
PetroVietnam Nhon Trach 2 Power JSC		90,300		105,464
PetroVietnam Technical Services Corp.		315,543		316,978
Pha Lai Thermal Power JSC		82,000		99,659
Phat Dat Real Estate Development Corp.(1)		102,213		103,316
Refrigeration Electrical Engineering Corp.		143,700		209,964
Saigon - Hanoi Commercial Joint Stock Bank(1)		23,340		7,550
Saigon Beer Alcohol Beverage Corp.		49,600		509,406
SSI Securities Corp.		262,330		292,276
Thanh Thanh Cong - Bien Hoa JSC		128,048		100,203
Tien Phong Plastic JSC		22,600		35,831
TNG Investment & Trading JSC(1)		12		11
Van Phu - Invest Investment JSC(1)		51,300		92,642
Vicostone JSC		28,400		78,212
Viet Capital Securities JSC		282,825		431,838
Vietnam Dairy Products JSC		335,908		1,872,520
Vietnam Electrical Equipment JSC		131,600		126,578
Vietnam National Petroleum Group		56,100		150,479
Vietnam Prosperity JSC Bank(1)		1,755,487		1,443,779
Vietnam Technological & Commercial Joint Stock Bank(1)		1,608,600		1,677,933

Security	Shares		Value
Vietnam (continued)
Vingroup JSC(1)		399,041	$	1,954,551
Vinh Hoan Corp.		37,100		150,537
			$	16,666,394
Total Common Stocks (identified cost $145,272,594)			$	159,536,803
Rights — 0.0%(6)
Security	Shares		Value
Hong Kong — 0.0%
Haitong Securities Co., Ltd., Exp. 6/30/19(1)		2,142	$	0
			$	0
India — 0.0%(6)
Bharti Airtel, Ltd., Exp. 5/17/19(1)		9,840	$	14,112
			$	14,112
Vietnam — 0.0%(6)
Ho Chi Minh City Securities Corp., Exp. 4/19/19(1)		38,400	$	12,587
			$	12,587
Total Rights (identified cost $25,801)			$	26,699
Short-Term Investments — 4.9%
U.S. Treasury Obligations — 0.9%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 5/16/19(7)	$	1,500	$	1,498,549
Total U.S. Treasury Obligations (identified cost $1,498,549)			$	1,498,549

18 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Other — 4.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.54%(8)		7,044,169	$	7,044,169
Total Other (identified cost $7,044,189)			$	7,044,169
Total Short-Term Investments (identified cost $8,542,738)			$	8,542,718
Total Investments — 96.6% (identified cost $153,841,133)			$	168,106,220
Other Assets, Less Liabilities — 3.4%			$	5,973,690
Net Assets — 100.0%			$	174,079,910

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, 2019, the aggregate value of these securities is $1,243,629 or 0.7% of the Portfolio’s net assets.

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

⁽⁴⁾  Securities are traded on separate exchanges for the same entity.

⁽⁵⁾  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, 2019, the aggregate value of these securities is $3,184,203 or 1.8% of the Portfolio’s net assets.

⁽⁶⁾  Amount is less than 0.05%.

⁽⁷⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽⁸⁾  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, 2019.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		29.5	%	$	51,385,419
Information Technology		10.0			17,347,561
Consumer Staples		9.2			16,057,308
Communication Services		7.9			13,783,364
Consumer Discretionary		7.5			12,971,403
Materials		6.8			11,737,365
Energy		6.3			10,999,624
Industrials		6.0			10,432,370
Real Estate		4.7			8,144,231
Utilities		2.1			3,707,388
Health Care		1.7			2,997,469
Short-Term Investments		4.9			8,542,718
Total Investments		96.6	%	$	168,106,220

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased	Currency Sold	Settlement Date		Value/ Unrealized Appreciation (Depreciation)
USD  4,014,830	KRW  4,575,300,000		7/12/19	$76,223
				$76,223

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	74,181	USD	84,178	Citibank, N.A.		5/17/19	$	—	$	(875	)
USD	5,679,393	EUR	5,004,894	Citibank, N.A.		5/17/19		59,066		—
USD	2,756,243	EUR	2,428,905	Citibank, N.A.		5/17/19		28,665		—
USD	2,503,110	EUR	2,205,834	Citibank, N.A.		5/17/19		26,033		—

19 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	1,981,475	EUR	1,746,150	Citibank, N.A.		5/17/19	$	20,607	$	—
USD	30,025	EUR	26,459	Citibank, N.A.		5/17/19		312		—
USD	287,595	EUR	257,579	Standard Chartered Bank		5/17/19		—		(1,657	)
CNH	154,260,000	USD	22,314,480	BNP Paribas		6/28/19		585,247		—
CNH	11,900,000	USD	1,715,686	BNP Paribas		6/28/19		50,856		—
CNH	4,540,000	USD	659,405	BNP Paribas		6/28/19		14,553		—
CNH	10,300,000	USD	1,479,609	Citibank, N.A.		6/28/19		49,415		—
USD	27,101,854	CNH	181,000,000	BNP Paribas		6/28/19		232,604		—
USD	4,162,343	KRW	4,740,700,000	Bank of America, N.A.		7/12/19		81,353		—
USD	2,461,623	CNH	16,540,000	Citibank, N.A.		7/22/19		6,431		—
USD	2,724,057	CNH	18,480,000	Citibank, N.A.		7/22/19		—		(19,108	)
USD	3,498,698	CNH	23,517,550	UBS AG		7/22/19		7,762		—
USD	2,711,934	CNH	18,420,000	UBS AG		7/22/19		—		(22,324	)
							$	1,162,904	$	(43,964	)

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
Hang Seng Index		20		Long		5/30/19	$	3,763,113	$	(11,069	)
MSCI Emerging Markets Index		198		Long		6/21/19		10,693,980		278,190
									$	267,121

Total Return Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Receives	Portfolio Pays	Termination Date	Value/ Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	CNY	23,521	Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)	3-month USD-LIBOR minus 1.00% on USD 3,500,006 (pays quarterly)	3/20/20	$	32,922
UBS AG	CNY	18,510	Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)	3-month USD-LIBOR minus 9.00% on USD 2,733,824 (pays quarterly)	7/18/19		(189,161	)
UBS AG	CNY	18,498	Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)	3-month USD-LIBOR minus 7.00% on USD 2,730,547 (pays quarterly)	8/12/19		558,467
						$	402,228

20 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Abbreviations:

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

Currency Abbreviations:

CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
EUR	–	Euro
KRW	–	South Korean Won
USD	–	United States Dollar

21 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2019
Unaffiliated investments, at value (identified cost, $146,796,944)	$	161,062,051
Affiliated investment, at value (identified cost, $7,044,189)		7,044,169
Cash		1,981,694
Deposits for derivatives collateral —
Financial futures contracts		566,280
Centrally cleared derivatives		237,450
OTC derivatives		1,150,000
Foreign currency, at value (identified cost, $1,397,276)		1,610,719
Dividends receivable		661,738
Dividends receivable from affiliated investment		11,589
Receivable for investments sold		99,943
Receivable for variation margin on open centrally cleared derivatives		17,606
Receivable for open forward foreign currency exchange contracts		1,162,904
Receivable for open swap contracts		591,389
Other assets		25,591
Total assets	$	176,223,123
Liabilities
Cash collateral due to brokers	$	1,150,000
Payable for investments purchased		208,883
Payable for variation margin on open financial futures contracts		35,037
Payable for open forward foreign currency exchange contracts		43,964
Payable for open swap contracts		189,161
Payable to affiliates:
Investment adviser fee		144,894
Trustees’ fees		796
Accrued foreign capital gains taxes		179,507
Accrued expenses		190,971
Total liabilities	$	2,143,213
Net Assets applicable to investors’ interest in Portfolio	$	174,079,910

22 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2019
Dividends (net of foreign taxes, $127,052)	$	1,866,675
Dividends from affiliated investment		99,999
Interest (net of foreign taxes, $10)		20,444
Total investment income	$	1,987,118
Expenses
Investment adviser fee	$	841,219
Trustees’ fees and expenses		4,849
Custodian fee		225,757
Legal and accounting services		34,600
Interest expense and fees		11,315
Miscellaneous		10,432
Total expenses	$	1,128,172
Net investment income	$	858,946
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,290,836
Investment transactions — affiliated investment		(1,263	)
Financial futures contracts		138,681
Swap contracts		982,532
Foreign currency transactions		(392,031	)
Forward foreign currency exchange contracts		670,287
Net realized gain	$	2,689,042
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $149,704)	$	7,900,306
Investments — affiliated investment		1,472
Financial futures contracts		1,256,356
Swap contracts		402,228
Foreign currency		250,299
Forward foreign currency exchange contracts		(575,413	)
Net change in unrealized appreciation (depreciation)	$	9,235,248
Net realized and unrealized gain	$	11,924,290
Net increase in net assets from operations	$	12,783,236

23 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
From operations —
Net investment income	$	858,946		$	1,663,381
Net realized gain		2,689,042			3,557,229
Net change in unrealized appreciation (depreciation)		9,235,248			(24,773,422	)
Net increase (decrease) in net assets from operations	$	12,783,236		$	(19,552,812	)
Capital transactions —
Contributions	$	9,766,461		$	27,925,363
Withdrawals		(10,638,296	)		(10,506,948	)
Net increase (decrease) in net assets from capital transactions	$	(871,835	)	$	17,418,415
Net increase (decrease) in net assets	$	11,911,401		$	(2,134,397	)
Net Assets
At beginning of period	$	162,168,509		$	164,302,906
At end of period	$	174,079,910		$	162,168,509

24 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

Financial Highlights

	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2018			2017			2016			2015			2014(1)
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.34	%(3)(4)		1.25	%		1.29	%		1.30	%		1.32	%		1.63	%
Net investment income (loss)		1.02	%(3)		0.97	%		1.10	%		0.92	%		1.61	%		(0.19	)%
Portfolio Turnover		13	%(5)		39	%		32	%		40	%		27	%		112	%
Total Return		7.75	%(5)		(11.06	)%		24.59	%		5.75	%		(14.05	)%		1.10	%
Net assets, end of period (000’s omitted)	$	174,080		$	162,169		$	164,303		$	124,168		$	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%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽³⁾  Annualized.

⁽⁴⁾  Includes interest expense of 0.01% of average daily net assets for the six months ended April 30, 2019.

⁽⁵⁾  Not annualized.

25 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2019

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, 2019, Eaton Vance Emerging and Frontier Countries Equity 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 ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

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

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 ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Total return swaps are valued using valuations provided by a third party pricing service based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.

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

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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

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

C  Income — 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,

26

Global Macro Capital Opportunities Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

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.

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

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

F  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.

G  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.

H  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.

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

27

Global Macro Capital Opportunities Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

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

K  Interim Financial Statements — The interim financial statements relating to April 30, 2019 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, 2019, the Portfolio’s investment adviser fee amounted to $841,219 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.

During the six months ended April 30, 2019, BMR reimbursed the Portfolio $6,580 for a net realized loss due to a trading error. The amount of the reimbursement had an impact on total return of less than 0.01%.

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, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $29,440,718 and $20,810,654, respectively, for the six months ended April 30, 2019.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	154,431,383
Gross unrealized appreciation	$	31,655,967
Gross unrealized depreciation		(16,116,618	)
Net unrealized appreciation	$	15,539,349

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, financial futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2019 is included in the Portfolio of Investments. At April 30, 2019, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

28

Global Macro Capital Opportunities Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

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 over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $233,125. At April 30, 2019, there were no assets pledged by the Portfolio for such liability.

The 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 deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2019.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2019 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Equity Price			Foreign Exchange			Total
Not applicable	$	278,190	*	$	76,223	*	$	354,413
Receivable for open forward foreign currency exchange contracts		—			1,162,904			1,162,904
Receivable for open swap contracts		591,389			—			591,389
Total Asset Derivatives	$	869,579		$	1,239,127		$	2,108,706
Derivatives not subject to master netting or similar agreements	$	278,190		$	76,223		$	354,413
Total Asset Derivatives subject to master netting or similar agreements	$	591,389		$	1,162,904		$	1,754,293

29

Global Macro Capital Opportunities Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

	Fair Value
Statement of Assets and Liabilities Caption	Equity Price			Foreign Exchange			Total
Not applicable	$	(11,069	)*	$	—		$	(11,069	)
Payable for open forward foreign currency exchange contracts		—			(43,964	)		(43,964	)
Payable for open swap contracts		(189,161	)		—			(189,161	)
Total Liability Derivatives	$	(200,230	)	$	(43,964	)	$	(244,194	)
Derivatives not subject to master netting or similar agreements	$	(11,069	)	$	—		$	(11,069	)
Total Liability Derivatives subject to master netting or similar agreements	$	(189,161	)	$	(43,964	)	$	(233,125	)

* For futures contracts and centrally cleared derivatives, amount represents value as shown in the Portfolio of Investments. Only the current day’s variation margin on open futures contracts and centrally cleared derivatives are reported within the Statement of Assets and Liabilities as Receivable for variation margin on open financial futures contracts and centrally cleared derivatives.

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, 2019.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)			Net Amount of Derivative Assets(b)			Total Cash Collateral Received
Bank of America, N.A.	$	81,353		$	—		$	—		$	—		$	81,353		$	—
BNP Paribas		883,260			—			—			(840,000	)		43,260			840,000
Citibank, N.A.		190,529			(19,983	)		—			(170,000	)		546			170,000
JPMorgan Chase Bank, N.A.		32,922			—			—			(32,922	)		—			140,000
UBS AG		566,229			(211,485	)		(354,744	)		—			—			—
	$	1,754,293		$	(231,468	)	$	(354,744	)	$	(1,042,922	)	$	125,159		$	1,150,000
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)			Cash Collateral Pledged(a)			Net Amount of Derivative Liabilities(c)			Total Cash Collateral Pledged
Citibank, N.A.	$	(19,983	)	$	19,983		$	—		$	—		$	—		$	—
Standard Chartered Bank		(1,657	)		—			—			—			(1,657	)		—
UBS AG		(211,485	)		211,485			—			—			—			—
	$	(233,125	)	$	231,468		$	—		$	—		$	(1,657	)	$	—
Total — Deposits for derivatives collateral — OTC derivatives																$	1,150,000

^(a)   In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

30

Global Macro Capital Opportunities Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

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, 2019 was as follows:

Statement of Operations Caption	Equity Price		Foreign Exchange
Net realized gain (loss) —
Financial futures contracts	$	138,681	$	—
Swap contracts		982,532		—
Forward foreign currency exchange contracts		—		670,287
Total	$	1,121,213	$	670,287
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	1,256,356	$	—
Swap contracts		402,228		—
Forward foreign currency exchange contracts		—		(575,413	)
Total	$	1,658,584	$	(575,413	)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2019, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Forward Foreign Currency Exchange Contracts*		Swap Contracts
	$12,613,000	$	80,237,000	$	3,732,000

* The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

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 October 29, 2019. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2019.

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 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.

31

Global Macro Capital Opportunities Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

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

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	7,075,299	$	77,715,736		$	0	$	84,791,035
Emerging Europe		911,926		20,804,848			—		21,716,774
Latin America		29,572,910		—			—		29,572,910
Middle East/Africa		—		23,065,034			—		23,065,034
North America		391,050		—			—		391,050
Total Common Stocks	$	37,951,185	$	121,585,618	**	$	0	$	159,536,803
Rights	$	—	$	26,699		$	—	$	26,699
Short-Term Investments —
U.S. Treasury Obligations		—		1,498,549			—		1,498,549
Other		—		7,044,169			—		7,044,169
Total Investments	$	37,951,185	$	130,155,035		$	0	$	168,106,220
Forward Foreign Currency Exchange Contracts	$	—	$	1,239,127		$	—	$	1,239,127
Futures Contracts		278,190		—			—		278,190
Swap Contracts		—		591,389			—		591,389
Total	$	38,229,375	$	131,985,551		$	—	$	170,214,926
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(43,964	)	$	—	$	(43,964	)
Futures Contracts		—		(11,069	)		—		(11,069	)
Swap Contracts		—		(189,161	)		—		(189,161	)
Total	$	—	$	(244,194	)	$	—	$	(244,194	)

* 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.

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, 2019 is not presented.

32

Emerging and Frontier Countries Equity Fund

April 30, 2019

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 the investment advisory agreement between a fund and its investment adviser will continue in effect fromyear-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including 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 held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, 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 advisory and related fees paid by each fund to such 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 those of 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 relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund 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(s), if any;

• Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund 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 the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

• Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, 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 the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;

33

Emerging and Frontier Countries Equity Fund

April 30, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and othernon-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 the adviser or administrator to each of the funds; and

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees 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, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory andsub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory andsub-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 andsub-advisory agreement. In evaluating each investment advisory andsub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds.

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 between Eaton Vance Emerging and Frontier Countries Equity Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Global Macro Capital Opportunities Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, 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 for 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 processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of 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 each Adviser’s investment professionals in investing in equity securities traded in developed, emerging, frontier, andoff-index markets. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including 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. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

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.

34

Emerging and Frontier Countries Equity Fund

April 30, 2019

Board of Trustees’ Contract Approval — continued

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, 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 noted that, effective May 2, 2017, the Fund changed its name and investment strategies to allow the Fund, under normal market conditions, to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity investments in emerging and frontier market countries. Although the Board considered information comparing the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, the Board determined, in light of the recent changes to the Fund, to continue to monitor and evaluate the effectiveness of such changes over time.

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 theone-year period ended September 30, 2018, 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 certain Fund specific factors that had an impact on the Fund’s total expense ratio relative to comparable funds, 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 advisoryand related services are reasonable.

Profitability and“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 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.

The Board also considered direct or indirectfall-out benefits received by each Adviser and its affiliates in connection with their respective 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.

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 the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that 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

Emerging and Frontier Countries Equity Fund

April 30, 2019

Officers and Trustees

Officers of Eaton Vance Emerging and Frontier Countries Equity Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Global Macro Capital Opportunities Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Emerging and Frontier Countries Equity Fund and Global Macro Capital Opportunities Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

⁽¹⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

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 Advisers International Ltd., 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 typically 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) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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 Emerging and Frontier Countries Equity 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    4.30.19

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 FormN-CSR.

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

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

Signatures

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

Global Macro Capital Opportunities Portfolio

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2019

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

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2019
By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 24, 2019