UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22896
Global Macro Capital Opportunities Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Global Macro Capital Opportunities Portfolio
April 30, 2022
Portfolio of Investments (Unaudited)
| Security | Shares | Value |
| Brazil — 8.3% |
| AMBEV S.A. | | 231,100 | $ 678,723 |
| B3 S.A. - Brasil Bolsa Balcao | | 290,100 | 780,414 |
| Banco Bradesco S.A. | | 95,480 | 287,949 |
| Banco Bradesco S.A., PFC Shares | | 248,380 | 903,301 |
| Banco BTG Pactual S.A. | | 67,300 | 314,315 |
| Banco do Brasil S.A. | | 49,200 | 330,591 |
| Cosan S.A. | | 62,800 | 266,750 |
| Equatorial Energia S.A. | | 59,500 | 308,575 |
| Gerdau S.A., PFC Shares | | 63,600 | 359,812 |
| Hapvida Participacoes e Investimentos S.A.(1) | | 217,661 | 386,106 |
| Itau Unibanco Holding S.A., PFC Shares | | 221,600 | 1,069,912 |
| Itausa S.A., PFC Shares | | 237,900 | 443,180 |
| JBS S.A. | | 42,400 | 324,607 |
| Klabin S.A. | | 47,400 | 198,844 |
| Localiza Rent a Car S.A. | | 33,500 | 358,719 |
| Lojas Renner S.A. | | 60,200 | 289,192 |
| Magazine Luiza S.A. | | 121,800 | 120,225 |
| Natura & Co. Holding S.A. | | 56,300 | 211,697 |
| Petroleo Brasileiro S.A. | | 170,800 | 1,155,261 |
| Petroleo Brasileiro S.A., PFC Shares | | 215,800 | 1,321,701 |
| Raia Drogasil S.A. | | 65,200 | 276,021 |
| Rede D'Or Sao Luiz S.A.(1) | | 25,300 | 187,961 |
| Rumo S.A. | | 80,500 | 266,545 |
| Suzano S.A. | | 39,000 | 391,345 |
| Telefonica Brasil S.A. | | 29,800 | 320,606 |
| Vale S.A. | | 178,500 | 3,007,163 |
| Vibra Energia S.A. | | 68,000 | 290,488 |
| Weg S.A. | | 84,700 | 515,675 |
| | | | $ 15,365,678 |
| Bulgaria — 1.9% |
| Eurohold Bulgaria AD(2) | | 1,671,566 | $ 2,161,663 |
| Sopharma AD(2) | | 560,000 | 1,311,063 |
| | | | $ 3,472,726 |
| China — 6.1% |
| Agricultural Bank of China, Ltd., Class H | | 321,000 | $ 120,395 |
| Alibaba Health Information Technology, Ltd.(2) | | 72,000 | 40,567 |
| Aluminum Corp. of China, Ltd., Class H(2) | | 72,000 | 33,018 |
| Anhui Conch Cement Co., Ltd., Class H | | 17,500 | 95,096 |
| ANTA Sports Products, Ltd. | | 12,000 | 137,910 |
| Autohome, Inc. ADR | | 1,400 | 40,698 |
| Bank of China, Ltd., Class H | | 802,000 | 314,691 |
| Bank of Communications, Ltd., Class H | | 124,000 | 86,290 |
| Security | Shares | Value |
| China (continued) |
| BeiGene, Ltd. ADR(2) | | 600 | $ 96,000 |
| Bilibili, Inc. ADR(2) | | 2,200 | 53,548 |
| BYD Co., Ltd., Class A | | 1,500 | 54,586 |
| BYD Co., Ltd., Class H | | 8,500 | 247,365 |
| China CITIC Bank Corp., Ltd., Class H | | 125,000 | 63,531 |
| China Conch Venture Holdings, Ltd. | | 21,500 | 55,831 |
| China Construction Bank Corp., Class H | | 915,000 | 651,845 |
| China Gas Holdings, Ltd. | | 43,400 | 52,903 |
| China Hongqiao Group, Ltd. | | 37,000 | 46,036 |
| China International Capital Corp., Ltd., Class H(1) | | 22,400 | 44,898 |
| China Life Insurance Co., Ltd., Class H | | 87,000 | 126,426 |
| China Longyuan Power Group Corp., Ltd., Class H | | 45,000 | 86,797 |
| China Mengniu Dairy Co., Ltd.(2) | | 33,000 | 178,102 |
| China Merchants Bank Co., Ltd., Class A | | 15,600 | 94,030 |
| China Merchants Port Holdings Co., Ltd. | | 26,000 | 45,391 |
| China National Building Material Co., Ltd., Class H | | 64,000 | 85,172 |
| China Overseas Land & Investment, Ltd. | | 45,000 | 139,017 |
| China Pacific Insurance (Group) Co., Ltd., Class H | | 36,000 | 79,811 |
| China Petroleum & Chemical Corp., Class H | | 286,000 | 139,989 |
| China Power International Development, Ltd. | | 91,000 | 44,000 |
| China Resources Beer Holdings Co., Ltd. | | 16,000 | 93,981 |
| China Resources Gas Group, Ltd. | | 14,000 | 52,603 |
| China Resources Land, Ltd. | | 36,000 | 160,784 |
| China Resources Mixc Lifestyle Services, Ltd.(1) | | 10,000 | 48,043 |
| China Resources Power Holdings Co., Ltd. | | 28,000 | 52,649 |
| China Shenhua Energy Co., Ltd., Class H | | 41,500 | 132,586 |
| China State Construction International Holdings, Ltd. | | 36,000 | 46,463 |
| China Tourism Group Duty Free Corp., Ltd., Class A | | 1,900 | 51,710 |
| China Tower Corp., Ltd., Class H(1)(2) | | 554,000 | 64,657 |
| China Vanke Co., Ltd., Class H | | 25,100 | 59,186 |
| China Yangtze Power Co., Ltd., Class A | | 18,200 | 62,560 |
| CITIC Securities Co., Ltd., Class H | | 37,000 | 81,294 |
| CITIC, Ltd. | | 80,000 | 82,761 |
| Contemporary Amperex Technology Co., Ltd., Class A | | 1,700 | 103,928 |
| COSCO SHIPPING Holdings Co., Ltd., Class H(2) | | 46,000 | 71,565 |
| Country Garden Holdings Co., Ltd. | | 116,000 | 80,234 |
| Country Garden Services Holdings Co., Ltd. | | 25,000 | 105,370 |
| CSPC Pharmaceutical Group, Ltd. | | 108,000 | 110,413 |
| Daqo New Energy Corp. ADR(2) | | 1,000 | 41,570 |
| East Money Information Co., Ltd., Class A | | 13,800 | 47,056 |
| ENN Energy Holdings, Ltd. | | 9,200 | 123,235 |
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | | 3,850 | 47,347 |
| Fosun International, Ltd. | | 43,500 | 45,844 |
| Ganfeng Lithium Co., Ltd., Class H(1) | | 3,800 | 45,483 |
| GDS Holdings, Ltd. ADR(2) | | 1,400 | 43,988 |
| Geely Automobile Holdings, Ltd. | | 74,000 | 114,418 |
14
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| China (continued) |
| Genscript Biotech Corp.(2) | | 16,000 | $ 45,194 |
| Great Wall Motor Co., Ltd., Class H | | 40,000 | 56,017 |
| Guangdong Investment, Ltd. | | 40,000 | 51,214 |
| Guangzhou Automobile Group Co., Ltd., Class H | | 54,000 | 45,786 |
| Haier Smart Home Co., Ltd., Class H | | 29,800 | 105,277 |
| Hengan International Group Co., Ltd. | | 10,500 | 49,621 |
| Huazhu Group, Ltd. ADR | | 2,600 | 78,624 |
| Industrial & Commercial Bank of China, Ltd., Class A | | 66,000 | 47,754 |
| Industrial & Commercial Bank of China, Ltd., Class H | | 565,000 | 340,586 |
| Industrial Bank Co., Ltd., Class A | | 17,700 | 54,589 |
| Innovent Biologics, Inc.(1)(2) | | 16,500 | 51,174 |
| JOYY, Inc. ADR | | 1,000 | 39,570 |
| KE Holdings, Inc. ADR(2) | | 5,700 | 80,826 |
| Kingboard Holdings, Ltd. | | 10,500 | 47,272 |
| Kingdee International Software Group Co., Ltd.(2) | | 32,000 | 65,299 |
| Kingsoft Corp., Ltd. | | 15,400 | 46,216 |
| Kuaishou Technology(1)(2) | | 6,400 | 52,261 |
| Kunlun Energy Co., Ltd. | | 60,000 | 49,793 |
| Kweichow Moutai Co., Ltd., Class A | | 800 | 221,502 |
| Lenovo Group, Ltd. | | 94,000 | 91,274 |
| Li Auto, Inc. ADR(2) | | 6,100 | 136,823 |
| Li Ning Co., Ltd. | | 25,000 | 194,854 |
| Longfor Group Holdings, Ltd.(1) | | 22,500 | 111,433 |
| LONGi Green Energy Technology Co., Ltd., Class A | | 4,600 | 46,658 |
| Lufax Holding, Ltd. ADR | | 8,700 | 48,285 |
| Luzhou Laojiao Co., Ltd., Class A | | 1,500 | 47,603 |
| Muyuan Foods Co., Ltd., Class A | | 5,400 | 42,375 |
| NetEase, Inc. | | 20,400 | 390,767 |
| New China Life Insurance Co., Ltd., Class H | | 16,200 | 41,046 |
| Nongfu Spring Co., Ltd., Class H(1) | | 22,000 | 116,422 |
| People's Insurance Co. Group of China, Ltd., Class H | | 147,000 | 46,827 |
| PetroChina Co., Ltd., Class H | | 252,000 | 119,623 |
| PICC Property & Casualty Co., Ltd., Class H | | 92,000 | 94,099 |
| Pinduoduo, Inc. ADR(2) | | 4,600 | 198,214 |
| Ping An Bank Co., Ltd., Class A | | 20,100 | 46,465 |
| Ping An Insurance Group Co. of China, Ltd., Class A | | 8,500 | 57,105 |
| Ping An Insurance Group Co. of China, Ltd., Class H | | 61,500 | 388,724 |
| Postal Savings Bank of China Co., Ltd., Class H(1) | | 111,000 | 84,158 |
| Shandong Weigao Group Medical Polymer Co., Ltd., Class H | | 40,800 | 43,466 |
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | | 1,200 | 49,414 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | | 1,100 | 52,010 |
| Shenzhou International Group Holdings, Ltd. | | 9,800 | 132,976 |
| Silergy Corp. | | 2,000 | 178,065 |
| Sino Biopharmaceutical, Ltd. | | 123,000 | 64,517 |
| Sinopharm Group Co., Ltd., Class H | | 21,600 | 49,705 |
| Security | Shares | Value |
| China (continued) |
| Smoore International Holdings, Ltd.(1) | | 23,000 | $ 48,100 |
| Sunny Optical Technology Group Co., Ltd. | | 8,200 | 119,506 |
| Tencent Music Entertainment Group ADR(2) | | 10,400 | 44,200 |
| Tingyi (Cayman Islands) Holding Corp. | | 30,000 | 54,755 |
| Trip.com Group, Ltd. ADR(2) | | 5,900 | 139,535 |
| Tsingtao Brewery Co., Ltd., Class H | | 10,000 | 80,962 |
| Vipshop Holdings, Ltd. ADR(2) | | 6,300 | 48,258 |
| Want Want China Holdings, Ltd. | | 65,000 | 58,673 |
| Weichai Power Co., Ltd., Class H | | 31,000 | 43,304 |
| Wharf Holdings, Ltd. | | 19,000 | 55,668 |
| Wuliangye Yibin Co., Ltd., Class A | | 3,300 | 80,649 |
| WuXi AppTec Co., Ltd., Class A | | 2,800 | 43,525 |
| WuXi AppTec Co., Ltd., Class H(1) | | 5,400 | 73,450 |
| Xinyi Solar Holdings, Ltd. | | 62,000 | 92,158 |
| XPeng, Inc. ADR(2) | | 4,600 | 113,206 |
| Yankuang Energy Group Co., Ltd., Class H | | 20,000 | 56,423 |
| Yum China Holdings, Inc. | | 4,600 | 192,280 |
| Zai Lab, Ltd. ADR(2) | | 1,200 | 47,952 |
| Zhongsheng Group Holdings, Ltd. | | 8,500 | 56,166 |
| Zijin Mining Group Co., Ltd., Class H | | 70,000 | 101,928 |
| ZTO Express Cayman, Inc. ADR | | 5,200 | 143,052 |
| | | | $ 11,318,904 |
| Cyprus — 2.6% |
| Bank of Cyprus Holdings PLC(2)(3) | | 45,800 | $ 50,195 |
| Bank of Cyprus Holdings PLC(2)(3) | | 4,338,312 | 4,814,792 |
| | | | $ 4,864,987 |
| Egypt — 0.5% |
| Taaleem Management Services Co. SAE(2) | | 4,866,116 | $ 976,396 |
| | | | $ 976,396 |
| Georgia — 5.2% |
| Bank of Georgia Group PLC | | 240,982 | $ 3,712,898 |
| Georgia Capital PLC(2) | | 225,359 | 1,708,642 |
| TBC Bank Group PLC | | 262,922 | 4,145,925 |
| | | | $ 9,567,465 |
| Greece — 7.6% |
| Alpha Services and Holdings S.A.(2) | | 841,800 | $ 947,566 |
| Athens Water Supply & Sewage Co. S.A. | | 27,260 | 203,364 |
| Eurobank Ergasias Services and Holdings S.A.(2) | | 1,298,434 | 1,341,989 |
| GEK Terna Holding Real Estate Construction S.A.(2) | | 32,780 | 336,321 |
| Hellenic Petroleum Holdings S.A. | | 39,014 | 294,816 |
| Hellenic Telecommunications Organization S.A. | | 141,851 | 2,728,937 |
| Holding Co. ADMIE IPTO S.A. | | 74,659 | 179,063 |
15
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| Greece (continued) |
| JUMBO S.A. | | 68,000 | $ 1,102,135 |
| LAMDA Development S.A.(2) | | 44,767 | 304,683 |
| Motor Oil (Hellas) Corinth Refineries S.A. | | 38,200 | 604,330 |
| Mytilineos S.A. | | 62,365 | 1,154,866 |
| National Bank of Greece S.A.(2) | | 245,417 | 973,441 |
| OPAP S.A. | | 121,690 | 1,803,735 |
| Public Power Corp. S.A.(2) | | 130,891 | 1,047,954 |
| Sarantis S.A. | | 22,445 | 171,579 |
| Terna Energy S.A. | | 29,221 | 546,136 |
| Titan Cement International S.A. | | 24,177 | 338,729 |
| | | | $ 14,079,644 |
| Indonesia — 7.0% |
| Astra International Tbk PT | | 2,614,000 | $ 1,364,878 |
| Bank Central Asia Tbk PT | | 6,218,100 | 3,487,556 |
| Bank Rakyat Indonesia Persero Tbk PT | | 7,879,584 | 2,625,375 |
| Barito Pacific Tbk PT | | 5,873,100 | 343,176 |
| Charoen Pokphand Indonesia Tbk PT | | 1,298,100 | 460,198 |
| Indofood Sukses Makmur Tbk PT | | 929,600 | 404,515 |
| Kalbe Farma Tbk PT | | 4,133,600 | 467,749 |
| Merdeka Copper Gold Tbk PT(2) | | 2,108,044 | 768,230 |
| Sarana Menara Nusantara Tbk PT | | 4,997,600 | 347,959 |
| Telkom Indonesia Persero Tbk PT | | 5,998,300 | 1,909,622 |
| United Tractors Tbk PT | | 312,600 | 652,302 |
| | | | $ 12,831,560 |
| Kenya — 1.4% |
| Safaricom PLC | | 8,666,500 | $ 2,499,911 |
| | | | $ 2,499,911 |
| Lithuania — 1.4% |
| AB Ignitis Grupe GDR(4) | | 49,010 | $ 947,495 |
| Siauliu Bankas AB | | 2,442,564 | 1,551,074 |
| | | | $ 2,498,569 |
| Serbia — 0.6% |
| Metalac AD(2) | | 67,357 | $ 1,014,476 |
| | | | $ 1,014,476 |
| Slovenia — 3.0% |
| Nova Ljubljanska Banka dd(1) | | 61,521 | $ 4,253,276 |
| Nova Ljubljanska Banka dd GDR(4) | | 60,052 | 835,074 |
| Petrol | | 930 | 527,640 |
| | | | $ 5,615,990 |
| Security | Shares | Value |
| South Korea — 8.3% |
| AMOREPACIFIC Corp. | | 830 | $ 118,114 |
| Celltrion Healthcare Co., Ltd. | | 2,166 | 109,082 |
| Celltrion, Inc. | | 2,056 | 284,499 |
| Coway Co., Ltd. | | 1,556 | 87,152 |
| Doosan Enerbility(2) | | 8,206 | 130,559 |
| Ecopro BM Co., Ltd. | | 303 | 111,941 |
| Hana Financial Group, Inc. | | 6,359 | 236,089 |
| Hanwha Solutions Corp.(2) | | 3,320 | 83,445 |
| HMM Co., Ltd. | | 6,171 | 136,785 |
| HYBE Co., Ltd.(2) | | 432 | 84,839 |
| Hyundai Engineering & Construction Co., Ltd. | | 2,189 | 76,151 |
| Hyundai Glovis Co., Ltd. | | 542 | 88,801 |
| Hyundai Mobis Co., Ltd. | | 1,409 | 229,226 |
| Hyundai Motor Co. | | 2,807 | 407,261 |
| Hyundai Steel Co. | | 2,500 | 84,955 |
| Kakao Corp. | | 6,181 | 431,765 |
| KakaoBank Corp.(2) | | 2,472 | 81,708 |
| KB Financial Group, Inc. | | 8,000 | 372,193 |
| Kia Corp. | | 5,442 | 356,942 |
| Korea Electric Power Corp.(2) | | 6,338 | 115,659 |
| Korea Investment Holdings Co., Ltd. | | 1,239 | 68,691 |
| Korea Shipbuilding & Offshore Engineering Co., Ltd.(2) | | 1,116 | 80,281 |
| Korea Zinc Co., Ltd. | | 220 | 100,438 |
| Korean Air Lines Co., Ltd.(2) | | 4,433 | 104,454 |
| Krafton, Inc.(2) | | 539 | 105,884 |
| KT&G Corp. | | 2,625 | 172,381 |
| L&F Co., Ltd.(2) | | 609 | 103,033 |
| LG Chem, Ltd. | | 932 | 381,715 |
| LG Corp. | | 2,093 | 120,867 |
| LG Display Co., Ltd. | | 6,116 | 79,913 |
| LG Electronics, Inc. | | 2,278 | 206,312 |
| LG Energy Solution(2) | | 483 | 160,359 |
| LG Household & Health Care, Ltd. | | 216 | 154,695 |
| LG Innotek Co., Ltd. | | 352 | 95,511 |
| Lotte Chemical Corp. | | 493 | 76,090 |
| Naver Corp. | | 2,414 | 537,740 |
| NCSoft Corp. | | 385 | 127,499 |
| Pearl Abyss Corp.(2) | | 890 | 47,397 |
| POSCO Chemical Co., Ltd. | | 909 | 96,028 |
| POSCO Holdings, Inc. | | 1,510 | 344,773 |
| Samsung Biologics Co., Ltd.(1)(2) | | 403 | 265,814 |
| Samsung C&T Corp. | | 1,885 | 170,544 |
| Samsung Electro-Mechanics Co., Ltd. | | 1,263 | 163,477 |
| Samsung Electronics Co., Ltd. | | 90,076 | 4,800,469 |
| Samsung Engineering Co., Ltd.(2) | | 4,235 | 86,407 |
| Samsung Fire & Marine Insurance Co., Ltd. | | 755 | 125,147 |
16
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| South Korea (continued) |
| Samsung Heavy Industries Co., Ltd.(2) | | 18,532 | $ 88,459 |
| Samsung Life Insurance Co., Ltd. | | 1,870 | 96,132 |
| Samsung SDI Co., Ltd. | | 1,101 | 524,466 |
| Samsung SDS Co., Ltd. | | 923 | 107,562 |
| Shinhan Financial Group Co., Ltd. | | 9,142 | 303,739 |
| SK Bioscience Co., Ltd.(2) | | 672 | 71,015 |
| SK Hynix, Inc. | | 10,525 | 922,286 |
| SK Innovation Co., Ltd.(2) | | 1,119 | 178,096 |
| SK Square Co., Ltd.(2) | | 2,511 | 103,716 |
| SK, Inc. | | 934 | 196,086 |
| S-Oil Corp. | | 1,237 | 101,209 |
| Woori Financial Group, Inc. | | 11,913 | 138,017 |
| | | | $ 15,233,868 |
| Taiwan — 8.1% |
| ASE Technology Holding Co., Ltd. | | 73,358 | $ 234,039 |
| Asustek Computer, Inc. | | 17,000 | 204,481 |
| AU Optronics Corp. | | 229,000 | 130,802 |
| Cathay Financial Holding Co., Ltd. | | 161,087 | 338,695 |
| Chailease Holding Co., Ltd. | | 31,760 | 252,390 |
| China Steel Corp. | | 248,000 | 300,420 |
| Chunghwa Telecom Co., Ltd. | | 79,000 | 350,204 |
| CTBC Financial Holding Co., Ltd. | | 256,000 | 251,806 |
| Delta Electronics, Inc. | | 38,680 | 322,885 |
| E.Sun Financial Holding Co., Ltd. | | ��� 177,500 | 202,727 |
| First Financial Holding Co., Ltd. | | 161,185 | 151,372 |
| Formosa Chemicals & Fibre Corp. | | 83,000 | 223,532 |
| Formosa Plastics Corp. | | 82,000 | 291,514 |
| Fubon Financial Holding Co., Ltd. | | 149,568 | 375,553 |
| Globalwafers Co., Ltd. | | 6,000 | 104,565 |
| Hon Hai Precision Industry Co., Ltd. | | 218,508 | 748,626 |
| Hotai Motor Co., Ltd. | | 8,000 | 156,008 |
| Hua Nan Financial Holdings Co., Ltd. | | 146,543 | 117,198 |
| Largan Precision Co., Ltd. | | 2,000 | 113,495 |
| MediaTek, Inc. | | 26,000 | 716,767 |
| Mega Financial Holding Co., Ltd. | | 155,000 | 217,900 |
| Nan Ya Plastics Corp. | | 108,000 | 315,531 |
| Novatek Microelectronics Corp. | | 13,000 | 171,971 |
| Quanta Computer, Inc. | | 67,000 | 188,706 |
| Realtek Semiconductor Corp. | | 11,000 | 149,265 |
| Shin Kong Financial Holding Co., Ltd. | | 8,514 | 2,815 |
| Taishin Financial Holding Co., Ltd. | | 177,393 | 116,035 |
| Taiwan Cement Corp. | | 129,412 | 200,896 |
| Taiwan Cooperative Financial Holding Co., Ltd. | | 151,072 | 145,275 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | 392,000 | 7,088,397 |
| Uni-President Enterprises Corp. | | 108,960 | 252,092 |
| Security | Shares | Value |
| Taiwan (continued) |
| United Microelectronics Corp. | | 221,000 | $ 351,078 |
| Yuanta Financial Holding Co., Ltd. | | 242,422 | 213,378 |
| | | | $ 15,000,418 |
| United Arab Emirates — 13.0% |
| Abu Dhabi Commercial Bank PJSC | | 661,924 | $ 1,829,776 |
| Abu Dhabi Islamic Bank PJSC | | 321,170 | 764,966 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 647,100 | 725,917 |
| Al Yah Satellite Communications Co-Pjsc-Yah Sat | | 4,224,438 | 3,052,819 |
| Aldar Properties PJSC | | 1,008,500 | 1,545,222 |
| Aramex PJSC | | 852,000 | 942,838 |
| Dubai Electricity & Water Authority PJSC(2) | | 3,264,287 | 2,515,058 |
| Dubai Islamic Bank PJSC | | 423,067 | 740,014 |
| Emaar Properties PJSC | | 1,012,900 | 1,747,102 |
| Emirates Telecommunications Group Co. PJSC | | 440,000 | 4,208,495 |
| First Abu Dhabi Bank PJSC | | 652,654 | 3,978,744 |
| National Central Cooling Co. PJSC | | 1,342,340 | 900,737 |
| Ras Al Khaimah Ceramics | | 1,240,700 | 938,276 |
| | | | $ 23,889,964 |
| Vietnam — 7.3% |
| FPT Corp. | | 1,042,733 | $ 5,101,620 |
| Mobile World Investment Corp. | | 487,249 | 3,387,392 |
| No Va Land Investment Group Corp.(2) | | 7,524 | 26,816 |
| Phat Dat Real Estate Development Corp.(2) | | 3,271 | 8,836 |
| Refrigeration Electrical Engineering Corp. | | 143,700 | 513,254 |
| Vietnam Prosperity JSC Bank(2) | | 1,468,759 | 2,511,668 |
| Vietnam Technological & Commercial Joint Stock Bank(2) | | 964,400 | 1,977,223 |
| | | | $ 13,526,809 |
Total Common Stocks
(identified cost $129,093,878) | | | $151,757,365 |
| Security | Shares | Value |
| South Korea — 0.4% |
| Samsung Electronics Co., Ltd. | | 15,986 | $ 749,482 |
| | | | $ 749,482 |
17
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| Taiwan — 0.0%(5) |
| Fubon Financial Holding Co., Ltd.(2) | | 2,110 | $ 4,297 |
| | | | $ 4,297 |
Total Preferred Stocks
(identified cost $541,782) | | | $ 753,779 |
| Short-Term Investments — 13.4% |
| Security | Shares | Value |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.30%(6) | | 23,125,304 | $ 23,125,304 |
Total Affiliated Fund
(identified cost $23,125,304) | | | $ 23,125,304 |
| U.S. Treasury Obligations — 0.8% |
| Security | Principal
Amount
(000's omitted) | Value |
| U.S. Treasury Bill, 0.00%, 5/24/22 | $ | 1,500 | $ 1,499,741 |
Total U.S. Treasury Obligations
(identified cost $1,499,673) | | | $ 1,499,741 |
Total Short-Term Investments
(identified cost $24,624,977) | | | $ 24,625,045 |
Total Investments — 96.1%
(identified cost $154,260,637) | | | $177,136,189 |
| Other Assets, Less Liabilities — 3.9% | | | $ 7,228,854 |
| Net Assets — 100.0% | | | $184,365,043 |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2022, the aggregate value of these securities is $5,833,236 or 3.2% of the Portfolio's net assets. |
| (2) | Non-income producing security. |
| (3) | Securities are traded on separate exchanges for the same entity. |
| (4) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At April 30, 2022, the aggregate value of these securities is $1,782,569 or 1.0% of the Portfolio's net assets. |
| (5) | Amount is less than 0.05%. |
| (6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2022. |
| Sector Classification of Portfolio |
| Sector | Percentage
of Net Assets | Value |
| Financials | 30.0% | $55,312,581 |
| Information Technology | 13.0 | 24,002,402 |
| Communication Services | 9.5 | 17,485,594 |
| Consumer Discretionary | 8.2 | 15,189,947 |
| Materials | 4.5 | 8,313,369 |
| Industrials | 4.4 | 8,117,064 |
| Utilities | 3.5 | 6,439,058 |
| Energy | 2.7 | 5,023,086 |
| Real Estate | 2.4 | 4,473,220 |
| Consumer Staples | 2.4 | 4,394,128 |
| Health Care | 2.1 | 3,760,695 |
| Short-Term Investments | 13.4 | 24,625,045 |
| Total Investments | 96.1% | $177,136,189 |
18
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
| Forward Foreign Currency Exchange Contracts (Centrally Cleared) |
| Currency Purchased | Currency Sold | Settlement
Date | Value/Unrealized
Appreciation
(Depreciation) |
| EUR | 529,725 | USD | 579,124 | 6/15/22 | $ (19,191) |
| EUR | 1,654,834 | USD | 1,809,155 | 6/15/22 | (59,951) |
| EUR | 1,296,988 | USD | 1,433,871 | 6/15/22 | (62,919) |
| USD | 6,415,349 | EUR | 5,802,916 | 6/15/22 | 281,510 |
| USD | 3,269,053 | EUR | 2,956,977 | 6/15/22 | 143,449 |
| USD | 2,398,922 | EUR | 2,169,912 | 6/15/22 | 105,266 |
| USD | 2,004,882 | EUR | 1,813,488 | 6/15/22 | 87,976 |
| USD | 1,713,585 | EUR | 1,550,000 | 6/15/22 | 75,193 |
| USD | 1,048,743 | EUR | 948,626 | 6/15/22 | 46,020 |
| USD | 625,963 | EUR | 572,568 | 6/15/22 | 20,743 |
| | | | | | $618,096 |
| Forward Foreign Currency Exchange Contracts (OTC) |
| Currency Purchased | Currency Sold | Counterparty | Settlement
Date | Unrealized
Appreciation | Unrealized
(Depreciation) |
| EUR | 275,085 | USD | 300,512 | JPMorgan Chase Bank, N.A. | 5/6/22 | $ — | $ (10,277) |
| EUR | 38,428 | USD | 41,805 | Standard Chartered Bank | 5/6/22 | — | (1,260) |
| USD | 108,903 | EUR | 102,102 | HSBC Bank USA, N.A. | 5/6/22 | 1,178 | — |
| USD | 85,159 | EUR | 77,953 | JPMorgan Chase Bank, N.A. | 5/6/22 | 2,912 | — |
| USD | 75,934 | EUR | 71,832 | JPMorgan Chase Bank, N.A. | 5/6/22 | 147 | — |
| USD | 202,704 | EUR | 188,629 | UBS AG | 5/6/22 | 3,687 | — |
| USD | 11,163 | EUR | 10,226 | UBS AG | 5/6/22 | 374 | — |
| USD | 7,323,615 | AED | 26,900,000 | Standard Chartered Bank | 5/31/22 | — | (519) |
| USD | 1,893,379 | AED | 6,964,414 | Standard Chartered Bank | 5/31/22 | — | (2,841) |
| USD | 10,475,771 | CNH | 66,600,000 | UBS AG | 5/31/22 | 470,035 | — |
| USD | 9,536,478 | CNH | 61,263,000 | BNP Paribas | 6/23/22 | 344,601 | — |
| USD | 3,360,310 | CNH | 21,500,000 | Standard Chartered Bank | 6/23/22 | 134,458 | — |
| USD | 1,579,913 | AED | 5,817,160 | Standard Chartered Bank | 7/7/22 | — | (4,061) |
| USD | 2,855,790 | AED | 10,547,575 | Standard Chartered Bank | 7/7/22 | — | (16,244) |
| USD | 4,456,726 | AED | 16,370,000 | Standard Chartered Bank | 4/19/23 | — | (1,590) |
| USD | 1,657,609 | AED | 6,100,000 | Standard Chartered Bank | 5/30/23 | — | (3,613) |
| | | | | | | $957,392 | $(40,405) |
19
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Portfolio of Investments (Unaudited) — continued
| Futures Contracts |
| Description | Number of
Contracts | Position | Expiration
Date | Notional
Amount | Value/Unrealized
Appreciation
(Depreciation) |
| Equity Futures | | | | | |
| MSCI Emerging Markets Index | 214 | Long | 6/17/22 | $11,314,180 | $ (687,732) |
| SGX CNX Nifty Index | (268) | Short | 5/26/22 | (9,102,956) | 14,285 |
| | | | | | $ (673,447) |
| Abbreviations: |
| ADR | – American Depositary Receipt |
| GDR | – Global Depositary Receipt |
| OTC | – Over-the-counter |
| PFC Shares | – Preference Shares |
| Currency Abbreviations: |
| AED | – United Arab Emirates Dirham |
| CNH | – Yuan Renminbi Offshore |
| EUR | – Euro |
| USD | – United States Dollar |
20
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Statement of Assets and Liabilities (Unaudited)
| | April 30, 2022 |
| Assets | |
| Unaffiliated investments, at value (identified cost $131,135,333) | $ 154,010,885 |
| Affiliated investment, at value (identified cost $23,125,304) | 23,125,304 |
| Cash | 682,438 |
| Deposits for derivatives collateral: | |
| Futures contracts | 1,146,383 |
| Centrally cleared derivatives | 745,816 |
| OTC derivatives | 290,000 |
| Foreign currency, at value (identified cost $3,429,665) | 3,336,055 |
| Dividends receivable | 630,723 |
| Dividends receivable from affiliated investment | 833 |
| Receivable for variation margin on open futures contracts | 187,566 |
| Receivable for open forward foreign currency exchange contracts | 957,392 |
| Tax reclaims receivable | 13,038 |
| Other assets | 6,678 |
| Total assets | $185,133,111 |
| Liabilities | |
| Cash collateral due to broker | $ 290,000 |
| Payable for variation margin on open centrally cleared derivatives | 84,903 |
| Payable for open forward foreign currency exchange contracts | 40,405 |
| Payable to affiliates: | |
| Investment adviser fee | 154,486 |
| Trustees' fees | 857 |
| Accrued expenses | 197,417 |
| Total liabilities | $ 768,068 |
| Net Assets applicable to investors' interest in Portfolio | $184,365,043 |
21
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Statement of Operations (Unaudited)
| | Six Months Ended |
| | April 30, 2022 |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $228,550) | $ 2,298,720 |
| Dividend income from affiliated investments | 4,962 |
| Interest income | 7,046 |
| Total investment income | $ 2,310,728 |
| Expenses | |
| Investment adviser fee | $ 949,263 |
| Trustees’ fees and expenses | 5,118 |
| Custodian fee | 177,591 |
| Legal and accounting services | 39,739 |
| Miscellaneous | 20,987 |
| Total expenses | $ 1,192,698 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliate | $ 196 |
| Total expense reductions | $ 196 |
| Net expenses | $ 1,192,502 |
| Net investment income | $ 1,118,226 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions (net of foreign capital gains taxes of $82) | $ 1,209,481 |
| Investment transactions - affiliated investment | (1,976) |
| Futures contracts | (608,848) |
| Swap contracts | 223,977 |
| Foreign currency transactions | (552,936) |
| Forward foreign currency exchange contracts | 1,868,161 |
| Net realized gain | $ 2,137,859 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ (17,772,053) |
| Futures contracts | (538,753) |
| Swap contracts | (80,033) |
| Foreign currency | (98,620) |
| Forward foreign currency exchange contracts | 1,154,946 |
| Net change in unrealized appreciation (depreciation) | $(17,334,513) |
| Net realized and unrealized loss | $(15,196,654) |
| Net decrease in net assets from operations | $(14,078,428) |
22
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Statements of Changes in Net Assets
| | Six Months Ended
April 30, 2022
(Unaudited) | Year Ended
October 31, 2021 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 1,118,226 | $ 1,848,852 |
| Net realized gain | 2,137,859 | 24,455,725 |
| Net change in unrealized appreciation (depreciation) | (17,334,513) | 24,471,674 |
| Net increase (decrease) in net assets from operations | $ (14,078,428) | $ 50,776,251 |
| Capital transactions: | | |
| Contributions | $ 17,094,458 | $ 13,948,565 |
| Withdrawals | (9,154,358) | (19,915,526) |
| Net increase (decrease) in net assets from capital transactions | $ 7,940,100 | $ (5,966,961) |
| Net increase (decrease) in net assets | $ (6,138,328) | $ 44,809,290 |
| Net Assets | | |
| At beginning of period | $ 190,503,371 | $ 145,694,081 |
| At end of period | $184,365,043 | $190,503,371 |
23
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2022
| | Six Months Ended
April 30, 2022
(Unaudited) | Year Ended October 31, |
| Ratios/Supplemental Data | | 2021 | 2020 | 2019 | 2018 | 2017 |
| Ratios (as a percentage of average daily net assets): | | | | | | |
| Expenses | 1.26% (1)(2) | 1.24% | 1.28% | 1.29% (3) | 1.25% | 1.29% |
| Net investment income | 1.18% (1) | 1.04% | 0.84% | 1.29% | 0.97% | 1.10% |
| Portfolio Turnover | 55% (4) | 70% | 44% | 43% | 39% | 32% |
| Total Return | (7.18)% (4) | 35.70% | (2.84)% | 7.44% | (11.06)% | 24.59% |
| Net assets, end of period (000’s omitted) | $184,365 | $190,503 | $145,694 | $179,334 | $162,169 | $164,303 |
| (1) | Annualized. |
| (2) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2022). |
| (3) | Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019. |
| (4) | Not annualized. |
Global Macro Capital Opportunities Portfolio
April 30, 2022
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, 2022, 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 National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
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. 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 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.
Foreign Securities, Futures Contracts and Currencies. Foreign securities, 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 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 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 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 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 futures contracts.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
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 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.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. If one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.
In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.
As of April 30, 2022, 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. 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 Futures Contracts—Upon entering into a 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 futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the 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 these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.
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.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
K Interim Financial Statements—The interim financial statements relating to April 30, 2022 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), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 1.000% |
| $500 million but less than $1 billion | 0.950% |
| $1 billion but less than $2.5 billion | 0.925% |
| $2.5 billion but less than $5 billion | 0.900% |
| $5 billion and over | 0.880% |
For the six months ended April 30, 2022, the investment adviser fee amounted to $949,263 or 1.00% (annualized) of the Portfolio’s average daily net assets.
Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended April 30, 2022, the investment adviser fee paid was reduced by $196 relating to the Portfolio's investment in the Liquidity Fund. Prior to April 26, 2022, the Portfolio may have invested its cash in Eaton Vance Cash Reserves Fund (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). EVM did not receive a fee for advisory services provided to Cash Reserves Fund.
Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2022, 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 $103,102,530 and $95,833,723, respectively, for the six months ended April 30, 2022.
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, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $155,375,774 |
| Gross unrealized appreciation | $ 31,506,453 |
| Gross unrealized depreciation | (8,884,402) |
| Net unrealized appreciation | $ 22,622,051 |
Global Macro Capital Opportunities Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
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, 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, 2022 is included in the Portfolio of Investments. At April 30, 2022, 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: During the six months ended April 30, 2022, the Portfolio entered 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 of securities.
Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2022, the fair value of derivatives with credit-related contingent features in a net liability position was $40,405. At April 30, 2022 there were no assets pledged by the Portfolio for such liability.
The over-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as 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 broker at April 30, 2022 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, 2022.
Global Macro Capital Opportunities Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2022 was as follows:
| | Fair Value |
| Statement of Assets and Liabilities Caption | Equity
Price | Foreign
Exchange | Total |
| Not applicable | $ 14,285* | $ 760,157* | $ 774,442 |
| Receivable for open forward foreign currency exchange contracts | — | 957,392 | 957,392 |
| Total Asset Derivatives | $ 14,285 | $1,717,549 | $1,731,834 |
| Derivatives not subject to master netting or similar agreements | $ 14,285 | $ 760,157 | $ 774,442 |
| Total Asset Derivatives subject to master netting or similar agreements | $ — | $ 957,392 | $ 957,392 |
| Not applicable | (687,732)* | (142,061)* | (829,793) |
| Payable for open forward foreign currency exchange contracts | — | (40,405) | (40,405) |
| Total Liability Derivatives | $(687,732) | $ (182,466) | $ (870,198) |
| Derivatives not subject to master netting or similar agreements | $(687,732) | $ (142,061) | $ (829,793) |
| Total Liability Derivatives subject to master netting or similar agreements | $ — | $ (40,405) | $ (40,405) |
| * | Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable. |
The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the 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, 2022.
| Counterparty | Derivative
Assets Subject to
Master Netting
Agreement | Derivatives
Available
for Offset | Non-cash
Collateral
Received(a) | Cash
Collateral
Received(a) | Net Amount
of Derivative
Assets(b) |
| BNP Paribas | $ 344,601 | $ — | $ — | $ (290,000) | $ 54,601 |
| HSBC Bank USA, N.A. | 1,178 | — | — | — | 1,178 |
| JPMorgan Chase Bank, N.A. | 3,059 | (3,059) | — | — | — |
| Standard Chartered Bank | 134,458 | (30,128) | — | — | 104,330 |
| UBS AG | 474,096 | — | (413,575) | — | 60,521 |
| | $957,392 | $(33,187) | $(413,575) | $(290,000) | $220,630 |
Global Macro Capital Opportunities Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
| Counterparty | Derivative
Liabilities Subject to
Master Netting
Agreement | Derivatives
Available
for Offset | Non-cash
Collateral
Pledged(a) | Cash
Collateral
Pledged(a) | Net Amount
of Derivative
Liabilities(c) |
| JPMorgan Chase Bank, N.A. | $ (10,277) | $ 3,059 | $ — | $ — | $ (7,218) |
| Standard Chartered Bank | (30,128) | 30,128 | — | — | — |
| | $(40,405) | $33,187 | $ — | $ — | $(7,218) |
| (a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
| (b) | Net amount represents the net amount due from the counterparty in the event of default. |
| (c) | Net amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2022 was as follows:
| Statement of Operations Caption | Equity
Price | Foreign
Exchange | Total |
| Net realized gain (loss): | | |
| Futures contracts | $(608,848) | $ — | $ (608,848) |
| Swap contracts | 223,977 | — | 223,977 |
| Forward foreign currency exchange contracts | — | 1,868,161 | 1,868,161 |
| Total | $(384,871) | $1,868,161 | $1,483,290 |
| Change in unrealized appreciation (depreciation): | | |
| Futures contracts | $(538,753) | $ — | $ (538,753) |
| Swap contracts | (80,033) | — | (80,033) |
| Forward foreign currency exchange contracts | — | 1,154,946 | 1,154,946 |
| Total | $(618,786) | $1,154,946 | $ 536,160 |
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2022, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts — Long | Futures
Contracts — Short | Forward
Foreign Currency
Exchange Contracts* | Swap
Contracts |
| $15,473,000 | $9,572,000 | $84,568,000 | $714,000 |
| * | 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. |
Global Macro Capital Opportunities Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
6 Line of Credit
The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2022.
7 Investments in Affiliated Funds
At April 30, 2022, the value of the Portfolio's investment in affiliated funds was $23,125,304, which represents 12.6% of the Portfolio's net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2022 were as follows:
| Name | Value,
beginning
of period | Purchases | Sales
proceeds | Net
realized
gain (loss) | Change in
unrealized
appreciation
(depreciation) | Value, end
of period | Dividend
income | Units/Shares,
end of period |
| Short-Term Investments |
| Cash Reserves Fund | $20,820,477 | $95,455,792 | $(116,274,293) | $ (1,976) | $ — | $ — | $ 4,129 | — |
| Liquidity Fund | — | 23,125,304 | — | — | — | 23,125,304 | 833 | 23,125,304 |
| Total | | | | $(1,976) | $ — | $23,125,304 | $4,962 | |
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, 2022, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | | | | |
| Asia/Pacific | $ 1,746,988 | $ 66,164,571 | $ — | $ 67,911,559 |
| Emerging Europe | — | 41,113,857 | — | 41,113,857 |
| Latin America | 15,365,678 | — | — | 15,365,678 |
| Middle East/Africa | 2,515,058 | 24,851,213 | — | 27,366,271 |
| Total Common Stocks | $ 19,627,724 | $ 132,129,641* | $ — | $ 151,757,365 |
| Preferred Stocks | $ — | $ 753,779 | $ — | $ 753,779 |
| Short-Term Investments: | | | | |
| Affiliated Fund | 23,125,304 | — | — | 23,125,304 |
Global Macro Capital Opportunities Portfolio
April 30, 2022
Notes to Financial Statements (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| U.S. Treasury Obligations | $ — | $ 1,499,741 | $ — | $ 1,499,741 |
| Total Investments | $ 42,753,028 | $ 134,383,161 | $ — | $ 177,136,189 |
| Forward Foreign Currency Exchange Contracts | $ — | $ 1,717,549 | $ — | $ 1,717,549 |
| Futures Contracts | — | 14,285 | — | 14,285 |
| Total | $ 42,753,028 | $ 136,114,995 | $ — | $ 178,868,023 |
| Liability Description | | | | |
| Forward Foreign Currency Exchange Contracts | $ — | $ (182,466) | $ — | $ (182,466) |
| Futures Contracts | (687,732) | — | — | (687,732) |
| Total | $ (687,732) | $ (182,466) | $ — | $ (870,198) |
| * | 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. |
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.
Frontier markets are among the smallest and least mature investment markets. Frontier market countries may have greater political or economic instability and may also be subject to trade barriers, adjustments in currency values and developing or changing securities laws and other regulations. Investments in frontier market countries generally are less liquid and subject to greater price volatility than investments in developed markets or emerging markets.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Portfolio's performance, or the performance of the securities in which the Portfolio invests.
Eaton Vance
Emerging and Frontier Countries Equity Fund
April 30, 2022
| Officers of Eaton Vance Emerging and Frontier Countries Equity Fund |
Eric A. Stein
President | Jill R. Damon
Secretary |
Deidre E. Walsh
Vice President and Chief Legal Officer | Richard F. Froio
Chief Compliance Officer |
James F. Kirchner
Treasurer | |
| Officers of Global Macro Capital Opportunities Portfolio |
Eric A. Stein
President | Jill R. Damon
Secretary |
Deidre E. Walsh
Vice President and Chief Legal Officer | Richard F. Froio
Chief Compliance Officer |
James F. Kirchner
Treasurer | |
| Trustees of Eaton Vance Emerging and Frontier Countries Equity Fund and Global Macro Capital Opportunities Portfolio | |
George J. Gorman
Chairperson | |
| Alan C. Bowser** | |
| Thomas E. Faust Jr.* | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| William H. Park | |
| Helen Frame Peters | |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser** | |
| * | Interested Trustee |
| ** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■ investment experience and risk tolerance
■ checking account number and wire transfer instructions |
| |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your
personal information | Does Eaton Vance
share? | Can you limit
this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
To limit our
sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| Privacy Notice — continued | April 2021 |
| Who we are |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do |
How does Eaton Vance
protect my personal
information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance
collect my personal
information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information to market to you
■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions |
Investment Management
Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.
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.
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| Global Macro Capital Opportunities Portfolio |
| |
| By: | | /s/ Eric A. Stein |
| | Eric A. Stein |
| | President |
| |
| Date: | | June 23, 2022 |
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/ Eric A. Stein |
| | Eric A. Stein |
| | President |
| |
| Date: | | June 23, 2022 |
| |
| By: | | /s/ James F. Kirchner |
| | James F. Kirchner |
| | Treasurer |
| |
| Date: | | June 23, 2022 |
