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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited)
| Security | Shares | Value |
| Argentina — 5.2% |
| Adecoagro SA | | 174,100 | $ 1,888,985 |
| Arcos Dorados Holdings, Inc., Class A | | 251,400 | 2,710,092 |
| Banco BBVA Argentina SA ADR(1) | | 142,300 | 1,360,388 |
| Banco Macro SA ADR(1) | | 118,700 | 6,428,792 |
| Bioceres Crop Solutions Corp.(1) | | 50,100 | 591,180 |
| Central Puerto SA ADR | | 234,400 | 2,416,664 |
| Corp. America Airports SA(1) | | 70,100 | 1,187,494 |
| Cresud SACIF y A ADR | | 74,250 | 708,345 |
| Despegar.com Corp.(1) | | 117,600 | 1,433,544 |
| Empresa Distribuidora Y Comercializadora Norte ADR(1) | | 44,000 | 750,200 |
| Grupo Financiero Galicia SA ADR(1) | | 232,000 | 7,523,760 |
| Grupo Supervielle SA ADR(1) | | 122,600 | 776,058 |
| IRSA Inversiones y Representaciones SA ADR(1) | | 63,212 | 600,514 |
| Loma Negra Cia Industrial Argentina SA ADR | | 107,300 | 766,122 |
| Pampa Energia SA ADR(1) | | 77,200 | 3,425,364 |
| Telecom Argentina SA ADR(1) | | 174,700 | 1,353,925 |
| Transportadora de Gas del Sur SA, Class B ADR(1) | | 143,500 | 2,522,730 |
| YPF SA ADR(1) | | 333,100 | 7,314,876 |
| | | | $ 43,759,033 |
| Bulgaria — 0.1% |
| Eurohold Bulgaria AD(1) | | 944,905 | $ 676,619 |
| | | | $ 676,619 |
| China — 0.0%(2) |
| Ganfeng Lithium Group Co. Ltd., Class H(3) | | 2,800 | $ 8,211 |
| | | | $ 8,211 |
| Cyprus — 1.7% |
| Bank of Cyprus Holdings PLC(4) | | 45,800 | $ 177,874 |
| Bank of Cyprus Holdings PLC(4) | | 3,619,793 | 14,453,725 |
| | | | $ 14,631,599 |
| Egypt — 0.5% |
| Abou Kir Fertilizers & Chemical Industries | | 200,100 | $ 260,090 |
| Commercial International Bank - Egypt (CIB) | | 2,473,361 | 3,716,952 |
| Misr Fertilizers Production Co. SAE | | 335,100 | 293,835 |
| | | | $ 4,270,877 |
| Georgia — 5.4% |
| Bank of Georgia Group PLC | | 206,566 | $ 13,831,462 |
| Security | Shares | Value |
| Georgia (continued) |
| Georgia Capital PLC(1) | | 1,014,117 | $ 17,230,009 |
| TBC Bank Group PLC | | 333,622 | 14,393,813 |
| | | | $ 45,455,284 |
| Greece — 20.5% |
| Aegean Airlines SA(1) | | 118,953 | $ 1,595,957 |
| Alpha Services and Holdings SA(1) | | 7,675,878 | 12,961,622 |
| Athens International Airport SA(1) | | 94,031 | 833,908 |
| Athens Water Supply & Sewage Co. SA | | 106,068 | 646,809 |
| Autohellas Tourist & Trading SA | | 49,238 | 672,749 |
| Avax SA | | 281,000 | 442,885 |
| Cenergy Holdings SA | | 408,618 | 3,449,525 |
| Ellaktor SA(1) | | 333,572 | 931,504 |
| Eurobank Ergasias Services and Holdings SA, Class A(1) | | 9,059,798 | 19,381,138 |
| GEK TERNA SA | | 275,481 | 4,908,387 |
| Hellenic Exchanges - Athens Stock Exchange SA | | 87,000 | 477,011 |
| Hellenic Telecommunications Organization SA | | 681,277 | 10,349,721 |
| Helleniq Energy Holdings SA | | 766,405 | 6,870,492 |
| Holding Co. ADMIE IPTO SA | | 348,857 | 827,982 |
| Ideal Holdings SA | | 85,500 | 569,546 |
| JUMBO SA | | 418,095 | 13,012,204 |
| LAMDA Development SA(1) | | 253,589 | 1,861,016 |
| Motor Oil (Hellas) Corinth Refineries SA | | 241,214 | 6,998,585 |
| Mytilineos SA | | 364,037 | 14,769,023 |
| National Bank of Greece SA(1) | | 2,733,221 | 21,996,197 |
| OPAP SA | | 447,300 | 7,441,548 |
| Optima bank SA(1) | | 403,252 | 4,575,406 |
| Piraeus Financial Holdings SA(1) | | 4,466,539 | 17,892,740 |
| Public Power Corp. SA(1) | | 774,536 | 9,245,200 |
| Sarantis SA | | 94,905 | 1,198,754 |
| Terna Energy SA | | 191,539 | 3,723,590 |
| Titan Cement International SA | | 142,647 | 4,515,249 |
| Trade Estates Real Estate Investment SA(1) | | 456,600 | 837,323 |
| | | | $172,986,071 |
| India — 9.7% |
| Adani Energy Solutions Ltd.(1) | | 44,159 | $ 564,027 |
| Adani Green Energy Ltd.(1) | | 14,178 | 304,556 |
| Affle India Ltd.(1) | | 117,452 | 1,573,488 |
| Apollo Hospitals Enterprise Ltd. | | 6,219 | 443,115 |
| Asian Paints Ltd. | | 17,811 | 612,470 |
| Avenue Supermarts Ltd.(1)(3) | | 10,455 | 577,057 |
| Axis Bank Ltd. | | 89,132 | 1,240,431 |
| Bajaj Finance Ltd. | | 11,500 | 951,125 |
| Bharti Airtel Ltd. | | 171,957 | 2,726,380 |
| Brightcom Group Ltd.(1) | | 2,938,392 | 490,588 |
14
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| India (continued) |
| Cipla Ltd. | | 24,973 | $ 418,219 |
| Divi's Laboratories Ltd. | | 6,252 | 299,255 |
| Dr. Reddy's Laboratories Ltd. | | 2,326 | 172,497 |
| Easy Trip Planners Ltd. | | 1,018,984 | 565,824 |
| Eicher Motors Ltd. | | 1,090 | 60,245 |
| FSN E-Commerce Ventures Ltd.(1) | | 1,462,357 | 3,087,202 |
| GAIL (India) Ltd. | | 88,026 | 219,899 |
| Grasim Industries Ltd. | | 13,486 | 388,578 |
| Grasim Industries Ltd. (partly-paid shares)(1) | | 537 | 7,466 |
| Happiest Minds Technologies Ltd. | | 162,472 | 1,582,352 |
| Havells India Ltd. | | 9,907 | 197,429 |
| HCL Technologies Ltd. | | 14,542 | 237,400 |
| HDFC Bank Ltd. | | 110,900 | 2,007,848 |
| Hindalco Industries Ltd. | | 80,564 | 619,215 |
| Hindustan Unilever Ltd. | | 12,230 | 327,119 |
| ICICI Bank Ltd. | | 200,982 | 2,768,959 |
| IndiaMart InterMesh Ltd.(3) | | 65,121 | 2,065,755 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 386,186 | 4,802,545 |
| Info Edge India Ltd. | | 67,933 | 4,906,066 |
| Infosys Ltd. | | 169,415 | 2,862,907 |
| Intellect Design Arena Ltd. | | 174,959 | 2,254,081 |
| ITC Ltd. | | 43,445 | 226,377 |
| Jindal Steel & Power Ltd. | | 13,591 | 150,837 |
| Jio Financial Services Ltd.(1) | | 73,861 | 331,504 |
| JSW Steel Ltd. | | 36,383 | 384,068 |
| Jubilant Foodworks Ltd. | | 433,143 | 2,397,057 |
| Kotak Mahindra Bank Ltd. | | 42,229 | 820,586 |
| Larsen & Toubro Ltd. | | 42,276 | 1,816,084 |
| LTIMindtree Ltd.(3) | | 3,328 | 186,904 |
| Mahindra & Mahindra Ltd. | | 66,683 | 1,722,845 |
| Maruti Suzuki India Ltd. | | 7,283 | 1,115,826 |
| Mphasis Ltd. | | 3,178 | 88,044 |
| Nazara Technologies Ltd.(1) | | 82,001 | 626,493 |
| Nestle India Ltd. | | 5,403 | 162,353 |
| NTPC Ltd. | | 66,589 | 289,232 |
| Petronet LNG Ltd. | | 28,740 | 106,557 |
| PI Industries Ltd. | | 2,863 | 124,645 |
| Power Grid Corp. of India Ltd. | | 81,117 | 292,571 |
| Reliance Industries Ltd. | | 323,311 | 11,341,858 |
| Route Mobile Ltd. | | 62,087 | 1,130,843 |
| SRF Ltd. | | 5,781 | 181,355 |
| State Bank of India | | 21,636 | 212,362 |
| Sun Pharmaceutical Industries Ltd. | | 15,899 | 284,963 |
| Tanla Platforms Ltd. | | 160,048 | 1,753,538 |
| Tata Consultancy Services Ltd. | | 5,859 | 267,636 |
| Tata Consumer Products Ltd. | | 128,575 | 1,701,394 |
| Security | Shares | Value |
| India (continued) |
| Tata Elxsi Ltd. | | 1,296 | $ 109,384 |
| Tata Motors Ltd. | | 63,438 | 765,078 |
| Tata Steel Ltd. | | 424,533 | 835,564 |
| Tech Mahindra Ltd. | | 14,567 | 219,259 |
| Titan Co. Ltd. | | 21,289 | 914,917 |
| Trent Ltd. | | 6,864 | 363,720 |
| Tube Investments of India Ltd. | | 4,113 | 184,868 |
| UltraTech Cement Ltd. | | 6,678 | 796,379 |
| UPL Ltd. | | 18,027 | 109,244 |
| Varun Beverages Ltd. | | 24,259 | 429,586 |
| Wipro Ltd. | | 48,521 | 267,211 |
| Zomato Ltd.(1) | | 4,204,319 | 9,723,355 |
| | | | $ 81,768,595 |
| Pakistan — 0.3% |
| Bank Al Habib Ltd. | | 138,826 | $ 48,158 |
| Bank Alfalah Ltd. | | 189,000 | 39,936 |
| Engro Corp. Ltd. | | 143,780 | 190,843 |
| Engro Fertilizers Ltd. | | 202,914 | 116,325 |
| Fauji Fertilizer Co. Ltd. | | 255,510 | 133,718 |
| Habib Bank Ltd. | | 410,555 | 172,061 |
| Hub Power Co. Ltd. | | 1,036,225 | 495,007 |
| Interloop Ltd. | | 473,300 | 121,129 |
| Lucky Cement Ltd. | | 43,500 | 130,376 |
| Mari Petroleum Co. Ltd. | | 6,653 | 65,223 |
| MCB Bank Ltd. | | 172,005 | 129,370 |
| Millat Tractors Ltd. | | 15,165 | 32,613 |
| Oil & Gas Development Co. Ltd. | | 543,075 | 260,594 |
| Pakistan Oilfields Ltd. | | 30,300 | 48,720 |
| Pakistan Petroleum Ltd. | | 530,215 | 219,902 |
| Pakistan State Oil Co. Ltd. | | 90,870 | 58,238 |
| SUI Northern Gas Pipeline | | 152,745 | 36,940 |
| Systems Ltd. | | 93,965 | 130,701 |
| TRG Pakistan(1) | | 381,600 | 87,496 |
| United Bank Ltd. | | 338,040 | 235,914 |
| | | | $ 2,753,264 |
| Philippines — 1.3% |
| Aboitiz Equity Ventures, Inc. | | 438,600 | $ 319,452 |
| Ayala Corp. | | 74,220 | 788,931 |
| Ayala Land, Inc. | | 1,725,400 | 855,316 |
| Bank of the Philippine Islands | | 326,800 | 721,187 |
| BDO Unibank, Inc. | | 665,190 | 1,704,899 |
| International Container Terminal Services, Inc. | | 259,200 | 1,482,470 |
| JG Summit Holdings, Inc. | | 808,300 | 471,944 |
| Jollibee Foods Corp. | | 135,720 | 551,846 |
15
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| Philippines (continued) |
| Manila Electric Co. | | 72,820 | $ 465,173 |
| Metropolitan Bank & Trust Co. | | 462,470 | 559,587 |
| PLDT, Inc. | | 22,680 | 528,179 |
| SM Investments Corp. | | 63,900 | 1,049,145 |
| SM Prime Holdings, Inc. | | 2,947,500 | 1,424,248 |
| Universal Robina Corp. | | 257,510 | 459,785 |
| | | | $ 11,382,162 |
| Poland — 10.4% |
| Alior Bank SA(1) | | 84,349 | $ 2,148,814 |
| Allegro.eu SA(1)(3) | | 604,288 | 5,037,409 |
| AmRest Holdings SE(1) | | 95,608 | 619,499 |
| Asseco Poland SA | | 72,938 | 1,433,450 |
| Bank Millennium SA(1) | | 601,255 | 1,368,988 |
| Bank Polska Kasa Opieki SA | | 230,217 | 9,531,051 |
| Budimex SA | | 16,661 | 2,818,426 |
| CCC SA(1) | | 47,994 | 1,112,496 |
| CD Projekt SA | | 83,230 | 2,421,355 |
| Cyfrowy Polsat SA(1) | | 304,841 | 751,258 |
| Dino Polska SA(1)(3) | | 44,741 | 4,286,300 |
| Enea SA(1) | | 311,811 | 650,505 |
| Eurocash SA | | 107,405 | 361,088 |
| Grupa Azoty SA(1) | | 70,443 | 380,483 |
| Grupa Kety SA | | 13,067 | 2,707,673 |
| Jastrzebska Spolka Weglowa SA(1) | | 65,755 | 495,030 |
| KGHM Polska Miedz SA | | 179,150 | 6,159,112 |
| KRUK SA | | 16,844 | 1,914,671 |
| LPP SA | | 1,470 | 5,664,191 |
| mBank SA(1) | | 14,771 | 2,480,622 |
| Orange Polska SA | | 861,921 | 1,666,129 |
| ORLEN SA | | 598,482 | 9,757,880 |
| Pepco Group NV(1)(5) | | 212,744 | 1,003,037 |
| PGE Polska Grupa Energetyczna SA(1) | | 1,081,331 | 1,611,718 |
| Powszechna Kasa Oszczednosci Bank Polski SA | | 547,641 | 8,130,894 |
| Powszechny Zaklad Ubezpieczen SA | | 756,368 | 9,519,562 |
| Santander Bank Polska SA | | 8,288 | 1,135,729 |
| Tauron Polska Energia SA(1) | | 1,276,987 | 916,516 |
| Text SA | | 22,315 | 494,109 |
| Warsaw Stock Exchange | | 29,402 | 325,631 |
| XTB SA(3) | | 44,157 | 690,086 |
| | | | $ 87,593,712 |
| Saudi Arabia — 5.2% |
| Advanced Petrochemical Co. | | 48,600 | $ 554,095 |
| Al Hammadi Holding | | 35,300 | 522,008 |
| Al Rajhi Bank | | 39,800 | 846,516 |
| Security | Shares | Value |
| Saudi Arabia (continued) |
| Alamar Foods | | 28,300 | $ 707,634 |
| Al-Dawaa Medical Services Co. | | 26,200 | 667,312 |
| Alinma Bank | | 24,500 | 217,328 |
| Almarai Co. JSC | | 17,800 | 269,276 |
| Arabian Contracting Services Co. | | 57,281 | 3,336,451 |
| Arabian Internet & Communications Services Co. | | 7,100 | 656,601 |
| Ataa Educational Co. | | 29,094 | 549,824 |
| Bank AlBilad | | 12,250 | 116,441 |
| Banque Saudi Fransi | | 11,800 | 115,143 |
| Catrion Catering Holding Co. | | 30,900 | 1,039,731 |
| Cenomi Centers | | 174,800 | 1,165,943 |
| City Cement Co. | | 194,300 | 1,074,344 |
| Dallah Healthcare Co. | | 11,603 | 506,459 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 6,900 | 570,545 |
| Etihad Etisalat Co. | | 149,200 | 2,065,249 |
| Jarir Marketing Co. | | 121,000 | 436,149 |
| Leejam Sports Co. JSC | | 23,388 | 1,305,529 |
| Lumi Rental Co.(1) | | 36,800 | 863,912 |
| Najran Cement Co.(1) | | 326,900 | 866,479 |
| National Agriculture Development Co.(1) | | 150,219 | 1,401,318 |
| National Co. for Learning & Education | | 17,800 | 715,155 |
| National Medical Care Co. | | 24,400 | 1,195,555 |
| Riyad Bank | | 28,500 | 210,143 |
| SABIC Agri-Nutrients Co. | | 15,900 | 489,965 |
| Sahara International Petrochemical Co. | | 144,300 | 1,318,869 |
| Saudi Arabian Mining Co.(1) | | 57,900 | 780,508 |
| Saudi Arabian Oil Co.(3) | | 170,110 | 1,363,042 |
| Saudi Awwal Bank | | 20,600 | 223,549 |
| Saudi Basic Industries Corp. | | 58,600 | 1,320,276 |
| Saudi Electricity Co. | | 49,600 | 245,736 |
| Saudi Industrial Investment Group | | 93,300 | 576,005 |
| Saudi National Bank | | 59,100 | 591,618 |
| Saudi Telecom Co. | | 198,200 | 1,988,794 |
| Saudia Dairy & Foodstuff Co. | | 21,461 | 2,090,744 |
| Savola Group | | 95,300 | 1,280,607 |
| Theeb Rent A Car Co. | | 155,307 | 2,828,005 |
| United Electronics Co. | | 135,831 | 3,584,355 |
| United International Transportation Co. | | 139,643 | 3,107,856 |
| | | | $ 43,765,069 |
| Slovenia — 1.7% |
| Nova Ljubljanska Banka DD(3) | | 72,121 | $ 7,971,505 |
| Nova Ljubljanska Banka DD GDR(5) | | 277,752 | 5,969,075 |
| | | | $ 13,940,580 |
16
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| South Korea — 8.2% |
| Celltrion, Inc. | | 12,921 | $ 1,754,470 |
| CosmoAM&T Co. Ltd.(1) | | 2,880 | 311,035 |
| DB Insurance Co. Ltd. | | 9,279 | 650,874 |
| Doosan Enerbility Co. Ltd.(1) | | 24,045 | 290,328 |
| Ecopro BM Co. Ltd.(1) | | 3,137 | 533,242 |
| Ecopro Co. Ltd.(1) | | 9,745 | 736,618 |
| Hana Financial Group, Inc. | | 40,498 | 1,708,076 |
| Hanwha Aerospace Co. Ltd. | | 1,870 | 284,046 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | | 7,801 | 736,543 |
| HLB, Inc.(1) | | 12,548 | 1,002,586 |
| HMM Co. Ltd. | | 47,574 | 543,158 |
| Hyundai Mobis Co. Ltd. | | 7,046 | 1,152,721 |
| Hyundai Motor Co. | | 13,753 | 2,473,833 |
| Kakao Corp. | | 31,433 | 1,091,633 |
| KB Financial Group, Inc. | | 49,614 | 2,690,909 |
| Kia Corp. | | 29,488 | 2,498,299 |
| Korea Electric Power Corp. | | 14,700 | 224,414 |
| Korea Zinc Co. Ltd. | | 330 | 109,928 |
| Korean Air Lines Co. Ltd. | | 34,730 | 523,734 |
| Krafton, Inc.(1) | | 1,570 | 270,207 |
| KT&G Corp. | | 5,015 | 323,145 |
| L&F Co. Ltd.(1) | | 5,618 | 657,193 |
| LG Chem Ltd. | | 4,916 | 1,412,604 |
| LG Corp. | | 4,970 | 283,578 |
| LG Electronics, Inc. | | 5,190 | 345,665 |
| Meritz Financial Group, Inc. | | 5,200 | 297,323 |
| NAVER Corp. | | 13,801 | 1,820,344 |
| POSCO Future M Co. Ltd. | | 1,589 | 319,671 |
| POSCO Holdings, Inc. | | 7,008 | 2,023,075 |
| Samsung Biologics Co. Ltd.(1)(3) | | 1,263 | 709,878 |
| Samsung C&T Corp. | | 8,399 | 905,692 |
| Samsung E&A Co. Ltd.(1) | | 33,691 | 638,758 |
| Samsung Electro-Mechanics Co. Ltd. | | 2,829 | 315,556 |
| Samsung Electronics Co. Ltd. | | 488,175 | 27,136,007 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 1,523 | 340,886 |
| Samsung Heavy Industries Co. Ltd.(1) | | 37,555 | 254,452 |
| Samsung Life Insurance Co. Ltd. | | 4,244 | 267,427 |
| Samsung SDS Co. Ltd. | | 2,175 | 249,863 |
| Shinhan Financial Group Co. Ltd. | | 52,694 | 1,770,375 |
| SK Hynix, Inc. | | 67,180 | 8,290,388 |
| SK Innovation Co. Ltd.(1) | | 3,233 | 256,478 |
| SK Square Co. Ltd.(1) | | 5,126 | 281,635 |
| SK, Inc. | | 2,018 | 240,470 |
| Woori Financial Group, Inc. | | 31,211 | 319,842 |
| Yuhan Corp. | | 10,319 | 536,768 |
| | | | $ 69,583,727 |
| Security | Shares | Value |
| Taiwan — 5.7% |
| Accton Technology Corp. | | 14,000 | $ 196,132 |
| Alchip Technologies Ltd. | | 2,000 | 188,630 |
| ASE Technology Holding Co. Ltd. | | 96,000 | 431,865 |
| Asustek Computer, Inc. | | 21,000 | 275,368 |
| Cathay Financial Holding Co. Ltd. | | 297,000 | 459,267 |
| Chailease Holding Co. Ltd. | | 45,000 | 237,342 |
| China Steel Corp. | | 353,000 | 268,923 |
| Chunghwa Telecom Co. Ltd. | | 121,000 | 459,901 |
| CTBC Financial Holding Co. Ltd. | | 567,000 | 591,788 |
| Delta Electronics, Inc. | | 63,000 | 616,977 |
| E.Sun Financial Holding Co. Ltd. | | 430,000 | 361,330 |
| First Financial Holding Co. Ltd. | | 318,000 | 266,587 |
| Formosa Chemicals & Fibre Corp. | | 95,000 | 161,466 |
| Formosa Plastics Corp. | | 113,000 | 237,406 |
| Fubon Financial Holding Co. Ltd. | | 249,000 | 526,764 |
| Hon Hai Precision Industry Co. Ltd. | | 433,000 | 2,061,230 |
| Largan Precision Co. Ltd. | | 3,000 | 199,974 |
| Lite-On Technology Corp. | | 56,000 | 169,500 |
| MediaTek, Inc. | | 53,000 | 1,598,012 |
| Mega Financial Holding Co. Ltd. | | 365,000 | 447,275 |
| Nan Ya Plastics Corp. | | 142,000 | 246,569 |
| Novatek Microelectronics Corp. | | 17,000 | 321,219 |
| Quanta Computer, Inc. | | 88,000 | 690,645 |
| Realtek Semiconductor Corp. | | 14,000 | 220,852 |
| Taiwan Cement Corp. | | 188,000 | 184,794 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 299,000 | 240,285 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 1,460,000 | 34,957,881 |
| Unimicron Technology Corp. | | 39,000 | 215,671 |
| Uni-President Enterprises Corp. | | 147,000 | 344,804 |
| United Microelectronics Corp. | | 363,000 | 557,721 |
| Wistron Corp. | | 73,000 | 249,956 |
| Yuanta Financial Holding Co. Ltd. | | 290,000 | 272,030 |
| | | | $ 48,258,164 |
| Turkey — 5.0% |
| Akbank TAS | | 2,334,409 | $ 4,296,694 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | | 1,541,302 | 2,891,408 |
| BIM Birlesik Magazalar AS | | 343,652 | 4,105,592 |
| Eregli Demir ve Celik Fabrikalari TAS | | 1,084,078 | 1,438,723 |
| Ford Otomotiv Sanayi AS | | 53,111 | 1,829,360 |
| Haci Omer Sabanci Holding AS(1) | | 784,230 | 2,238,686 |
| Hektas Ticaret TAS(1) | | 769,632 | 360,765 |
| KOC Holding AS | | 589,372 | 4,113,284 |
| Koza Altin Isletmeleri AS | | 642,699 | 461,652 |
| Pegasus Hava Tasimaciligi AS(1) | | 35,398 | 1,126,932 |
| Sasa Polyester Sanayi AS(1) | | 989,838 | 1,260,225 |
17
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| Turkey (continued) |
| Tofas Turk Otomobil Fabrikasi AS | | 118,495 | $ 1,007,118 |
| Turk Hava Yollari AO(1) | | 426,599 | 4,290,873 |
| Turkcell Iletisim Hizmetleri AS | | 924,063 | 2,300,500 |
| Turkiye Is Bankasi AS, Class C | | 6,725,719 | 2,845,658 |
| Turkiye Petrol Rafinerileri AS | | 724,138 | 4,371,711 |
| Turkiye Sise ve Cam Fabrikalari AS | | 439,174 | 682,152 |
| Yapi ve Kredi Bankasi AS | | 2,568,907 | 2,572,437 |
| | | | $ 42,193,770 |
| United Arab Emirates — 7.1% |
| Abu Dhabi Commercial Bank PJSC | | 1,522,550 | $ 3,457,230 |
| Abu Dhabi Islamic Bank PJSC | | 683,259 | 2,077,300 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 1,279,514 | 1,214,682 |
| Agthia Group PJSC | | 2,115,079 | 3,288,448 |
| Air Arabia PJSC | | 4,202,594 | 3,059,932 |
| Al Ansari Financial Services PJSC | | 1,805,311 | 519,547 |
| Al Waha Capital PJSC | | 6,168,401 | 2,513,594 |
| Aldar Properties PJSC | | 3,502,652 | 5,205,348 |
| Amanat Holdings PJSC(1) | | 10,123,250 | 2,867,617 |
| Americana Restaurants International PLC(1)(4) | | 684,268 | 619,542 |
| Americana Restaurants International PLC(1)(4) | | 494,400 | 450,363 |
| Deyaar Development PJSC | | 16,085,701 | 3,284,415 |
| Dubai Electricity & Water Authority PJSC | | 1,686,287 | 1,078,273 |
| Dubai Islamic Bank PJSC | | 1,323,277 | 2,003,512 |
| Emaar Properties PJSC(1) | | 3,802,469 | 8,502,684 |
| Emirates NBD Bank PJSC | | 557,760 | 2,582,790 |
| Emirates Telecommunications Group Co. PJSC | | 1,370,667 | 6,357,484 |
| First Abu Dhabi Bank PJSC | | 1,808,399 | 6,148,158 |
| Multiply Group PJSC(1) | | 1,377,700 | 861,927 |
| National Central Cooling Co. PJSC | | 689,840 | 571,017 |
| Q Holding PJSC(1) | | 227,300 | 182,225 |
| Ras Al Khaimah Ceramics | | 3,875,806 | 2,911,198 |
| Taaleem Holdings PJSC | | 29,300 | 29,830 |
| | | | $ 59,787,116 |
| Vietnam — 5.5% |
| Airports Corp. of Vietnam JSC(1) | | 133,300 | $ 438,636 |
| Asia Commercial Bank JSC | | 1,085,000 | 1,228,009 |
| Century Land JSC(1) | | 520,000 | 165,184 |
| Dat Xanh Real Estate Services JSC(1) | | 592,200 | 163,857 |
| Digiworld Corp. | | 1,064,800 | 2,460,292 |
| Dong Hai JSC of Bentre | | 208,600 | 312,602 |
| Duc Giang Chemicals JSC | | 712,600 | 3,325,875 |
| FPT Corp. | | 2,020,570 | 10,504,301 |
| FPT Digital Retail JSC | | 663,860 | 4,204,665 |
| Gemadept Corp. | | 745,200 | 2,466,425 |
| Security | Shares | Value |
| Vietnam (continued) |
| Khang Dien House Trading & Investment JSC(1) | | 138,900 | $ 191,078 |
| Kinh Bac City Development Holding Corp.(1) | | 138,400 | 157,451 |
| Military Commercial Joint Stock Bank | | 1,280,000 | 1,198,072 |
| Mobile World Investment Corp. | | 3,033,000 | 6,542,172 |
| Novaland Investment Group Corp.(1) | | 7,524 | 4,503 |
| PetroVietnam Drilling & Well Services JSC(1) | | 211,700 | 247,341 |
| PetroVietnam Technical Services Corp. | | 156,100 | 244,646 |
| Phat Dat Real Estate Development Corp.(1) | | 3,271 | 3,389 |
| Phu Nhuan Jewelry JSC | | 1,282,566 | 4,944,010 |
| Refrigeration Electrical Engineering Corp. | | 652,803 | 1,695,048 |
| Saigon Thuong Tin Commercial JSB(1) | | 932,100 | 1,033,612 |
| Sao Ta Foods JSC | | 402,800 | 769,706 |
| Vietnam Dairy Products JSC | | 128,800 | 329,869 |
| Vietnam Engine & Agricultural Machinery Corp. | | 241,100 | 338,653 |
| Vietnam Joint Stock Commercial Bank for Industry & Trade(1) | | 881,700 | 1,137,195 |
| Vietnam Technological & Commercial Joint Stock Bank(1) | | 807,400 | 1,524,833 |
| Viettel Construction Joint Stock Corp. | | 96,000 | 468,036 |
| VNDirect Securities Corp.(1) | | 792,700 | 641,563 |
| | | | $ 46,741,023 |
Total Common Stocks
(identified cost $663,322,536) | | | $789,554,876 |
| Loan Participation Notes — 1.3% |
| Security | Principal
Amount
(000's omitted) | Value |
| Uzbekistan — 1.3% |
| Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/25(5)(6)(7) | UZS | 48,512,190 | $ 4,132,768 |
| Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), 18.70%, 7/21/26(5)(6)(7) | UZS | 81,043,560 | 6,649,833 |
Total Loan Participation Notes
(identified cost $10,873,070) | | | $ 10,782,601 |
| Security | Shares | Value |
| South Korea — 0.7% |
| Hyundai Motor Co. | | 9,472 | $ 1,082,344 |
18
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value |
| South Korea (continued) |
| LG Chem Ltd. | | 3,399 | $ 652,341 |
| Samsung Electronics Co. Ltd. | | 89,398 | 4,174,091 |
Total Preferred Stocks
(identified cost $5,630,460) | | | $ 5,908,776 |
| Sovereign Government Bonds — 0.0%(2) |
| Security | Principal
Amount
(000's omitted) | Value |
| Greece — 0.0%(2) |
| Hellenic Republic Government Bonds, 0.00%, GDP-Linked, 10/15/42 | EUR | 149,000 | $ 445,235 |
Total Sovereign Government Bonds
(identified cost $536,975) | | | $ 445,235 |
| Short-Term Investments — 3.8% |
| Security | Shares | Value |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(8) | | 30,630,473 | $ 30,630,473 |
Total Affiliated Fund
(identified cost $30,630,473) | | | $ 30,630,473 |
| U.S. Treasury Obligations — 0.2% |
| Security | Principal
Amount
(000's omitted) | Value |
| U.S. Treasury Bills: | | | |
| 0.00%, 5/9/24 | $ | 506 | $ 505,407 |
| 0.00%, 6/13/24 | | 500 | 496,859 |
| 0.00%, 6/20/24 | | 500 | 496,340 |
Total U.S. Treasury Obligations
(identified cost $1,498,665) | | | $ 1,498,606 |
Total Short-Term Investments
(identified cost $32,129,138) | | | $ 32,129,079 |
| | | Value |
Total Purchased Options — 0.1%
(identified cost $385,560) | | | $ 375,713 |
Total Investments — 99.4%
(identified cost $712,877,739) | | | $839,196,280 |
| Other Assets, Less Liabilities — 0.6% | | | $ 5,197,517 |
| Net Assets — 100.0% | | | $844,393,797 |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| (1) | Non-income producing security. |
| (2) | Amount is less than 0.05%. |
| (3) | 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, 2024, the aggregate value of these securities is $22,896,147 or 2.7% of the Portfolio's net assets. |
| (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, 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, 2024, the aggregate value of these securities is $17,754,713 or 2.1% of the Portfolio's net assets. |
| (6) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). |
| (7) | Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower. |
| (8) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2024. |
19
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited) — continued
| Sector Classification of Portfolio |
| Sector | Percentage
of Net Assets | Value |
| Financials | 33.9% | $286,422,347 |
| Information Technology | 13.1 | 110,637,132 |
| Consumer Discretionary | 11.4 | 95,973,931 |
| Industrials | 10.0 | 84,646,324 |
| Energy | 6.2 | 52,048,873 |
| Communication Services | 5.6 | 47,084,145 |
| Materials | 4.8 | 40,395,557 |
| Utilities | 3.4 | 29,001,393 |
| Consumer Staples | 3.2 | 27,197,964 |
| Real Estate | 2.9 | 24,422,269 |
| Health Care | 1.0 | 8,416,318 |
| Government | 0.0 (1) | 445,235 |
| Short-Term Investments | 3.8 | 32,129,079 |
| Total | 99.3% | $838,820,567 |
| (1) | Amount is less than 0.05%. |
| Purchased Currency Options (OTC) — 0.1% |
| Description | Counterparty | Notional Amount | Exercise
Price | Expiration
Date | Value |
| Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 22,600,000 | INR | 85.50 | 1/25/29 | $183,308 |
| Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 12,100,000 | INR | 85.50 | 1/25/29 | 98,143 |
| Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 11,600,000 | INR | 85.50 | 1/30/29 | 94,262 |
| Total | | | | | | | $375,713 |
| Forward Foreign Currency Exchange Contracts (Centrally Cleared) |
| Currency Purchased | Currency Sold | Settlement
Date | Value/Unrealized
Appreciation
(Depreciation) |
| EUR | 1,296,988 | USD | 1,417,525 | 6/20/24 | $ (30,623) |
| EUR | 19,062,883 | USD | 20,834,504 | 6/20/24 | (450,084) |
| INR | 1,951,000,000 | USD | 23,478,515 | 6/20/24 | (149,240) |
| KRW | 33,500,000,000 | USD | 25,657,718 | 6/20/24 | (1,430,494) |
| USD | 102,399,162 | EUR | 93,691,851 | 6/20/24 | 2,212,109 |
| USD | 52,741,595 | EUR | 48,600,000 | 6/20/24 | 772,392 |
| USD | 24,620,468 | EUR | 22,687,117 | 6/20/24 | 360,563 |
| USD | 20,687,384 | EUR | 19,062,883 | 6/20/24 | 302,964 |
| USD | 4,533,587 | EUR | 4,148,082 | 6/20/24 | 97,938 |
| USD | 3,911,564 | EUR | 3,578,952 | 6/20/24 | 84,501 |
| USD | 2,310,181 | EUR | 2,113,739 | 6/20/24 | 49,906 |
| USD | 2,306,489 | EUR | 2,110,361 | 6/20/24 | 49,827 |
20
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Portfolio of Investments (Unaudited) — continued
| Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued) |
| Currency Purchased | Currency Sold | Settlement
Date | Value/Unrealized
Appreciation
(Depreciation) |
| USD | 1,694,050 | EUR | 1,550,000 | 6/20/24 | $ 36,596 |
| | | | | | $ 1,906,355 |
| Total Return Swaps (OTC) |
| Counterparty | Notional Amount
(000's omitted) | Portfolio Receives | Portfolio Pays | Termination
Date | Value/Unrealized
Appreciation
(Depreciation) |
| Citibank, N.A. | KRW | 157,500 | Positive Return on KOSPI 200 Index Futures 6/2024 (pays upon termination) | Negative Return on KOSPI 200 Index Futures 6/2024 (pays upon termination) | 6/13/24 | $ 767,022 |
| | | | | | | $767,022 |
| Abbreviations: |
| ADR | – American Depositary Receipt |
| GDP | – Gross Domestic Product |
| GDR | – Global Depositary Receipt |
| OTC | – Over-the-counter |
| Currency Abbreviations: |
| EUR | – Euro |
| INR | – Indian Rupee |
| KRW | – South Korean Won |
| USD | – United States Dollar |
| UZS | – Uzbekistani Som |
21
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Statement of Assets and Liabilities (Unaudited)
| | April 30, 2024 |
| Assets | |
| Unaffiliated investments, at value (identified cost $682,247,266) | $ 808,565,807 |
| Affiliated investments, at value (identified cost $30,630,473) | 30,630,473 |
| Cash | 194,390 |
| Deposits for derivatives collateral: | |
| Centrally cleared derivatives | 12,585,778 |
| OTC derivatives | 2,634,453 |
| Foreign currency, at value (identified cost $7,054,841) | 7,036,349 |
| Interest and dividends receivable | 3,272,014 |
| Dividends receivable from affiliated investments | 99,489 |
| Receivable for investments sold | 12,066,493 |
| Receivable for variation margin on open centrally cleared derivatives | 715,317 |
| Receivable for open swap contracts | 767,022 |
| Tax reclaims receivable | 244,496 |
| Trustees' deferred compensation plan | 14,573 |
| Total assets | $878,826,654 |
| Liabilities | |
| Cash collateral due to brokers | $ 390,000 |
| Payable for investments purchased | 31,613,488 |
| Payable to affiliates: | |
| Investment adviser fee | 636,814 |
| Trustees' fees | 2,962 |
| Trustees' deferred compensation plan | 14,573 |
| Accrued foreign capital gains taxes | 1,282,888 |
| Accrued expenses | 492,132 |
| Total liabilities | $ 34,432,857 |
| Net Assets applicable to investors' interest in Portfolio | $844,393,797 |
22
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Statement of Operations (Unaudited)
| | Six Months Ended |
| | April 30, 2024 |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $840,822) | $ 8,160,865 |
| Dividend income from affiliated investments | 610,111 |
| Interest income (net of foreign taxes withheld of $17) | 1,243,833 |
| Total investment income | $ 10,014,809 |
| Expenses | |
| Investment adviser fee | $ 3,031,455 |
| Trustees’ fees and expenses | 18,987 |
| Custodian fee | 315,698 |
| Legal and accounting services | 63,358 |
| Miscellaneous | 8,730 |
| Total expenses | $ 3,438,228 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 17,573 |
| Total expense reductions | $ 17,573 |
| Net expenses | $ 3,420,655 |
| Net investment income | $ 6,594,154 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions (net of foreign capital gains taxes of $66,597) | $ (3,721,586) |
| Written options | (2,267,365) |
| Futures contracts | (565,961) |
| Swap contracts | 2,846,927 |
| Foreign currency transactions | 46,618 |
| Forward foreign currency exchange contracts | 1,172,724 |
| Net realized loss | $ (2,488,643) |
| Change in unrealized appreciation (depreciation): | |
| Investments (including net increase in accrued foreign capital gains taxes of $1,231,990) | $ 96,446,122 |
| Futures contracts | 729,771 |
| Swap contracts | 2,994,357 |
| Foreign currency | (16,794) |
| Forward foreign currency exchange contracts | 673,366 |
| Net change in unrealized appreciation (depreciation) | $100,826,822 |
| Net realized and unrealized gain | $ 98,338,179 |
| Net increase in net assets from operations | $104,932,333 |
23
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Statements of Changes in Net Assets
| | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 6,594,154 | $ 5,896,052 |
| Net realized loss | (2,488,643) | (7,880,442) |
| Net change in unrealized appreciation (depreciation) | 100,826,822 | 22,518,767 |
| Net increase in net assets from operations | $104,932,333 | $ 20,534,377 |
| Capital transactions: | | |
| Contributions | $ 382,896,588 | $ 190,449,338 |
| Withdrawals | (19,845,182) | (18,206,673) |
| Net increase in net assets from capital transactions | $363,051,406 | $172,242,665 |
| Net increase in net assets | $467,983,739 | $192,777,042 |
| Net Assets | | |
| At beginning of period | $ 376,410,058 | $ 183,633,016 |
| At end of period | $844,393,797 | $376,410,058 |
24
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
| | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended October 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Ratios/Supplemental Data | | | | | | |
| Ratios (as a percentage of average daily net assets): | | | | | | |
| Expenses | 1.11% (1)(2) | 1.15% (2)(3) | 1.26% (2) | 1.24% | 1.28% | 1.29% (4) |
| Net investment income | 2.14% (1) | 2.30% | 2.17% | 1.04% | 0.84% | 1.29% |
| Portfolio Turnover | 18% (5) | 69% | 67% | 70% | 44% | 43% |
| Total Return | 21.73% (5) | 16.11% (3) | (16.87)% | 35.70% | (2.84)% | 7.44% |
| Net assets, end of period (000’s omitted) | $844,394 | $376,410 | $183,633 | $190,503 | $145,694 | $179,334 |
| (1) | Annualized. |
| (2) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended April 30, 2024 and less than 0.005% of average daily net assets for the years ended October 31, 2023 and 2022). |
| (3) | The investment adviser reimbursed certain operating expenses (equal to 0.05% of average daily net assets for the year ended October 31, 2023). Absent this reimbursement, total return would be lower. |
| (4) | Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019. |
| (5) | Not annualized. |
25
See Notes to Financial Statements.
Global Macro Capital Opportunities Portfolio
April 30, 2024
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 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, 2024, Eaton Vance Emerging and Frontier Countries Equity Fund held an interest of approximately 100% 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 or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
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. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. 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 and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Foreign ownership of shares of certain Indian companies may be subject to limitations. When foreign ownership of such an Indian company’s shares approaches the limitation, foreign investors may be willing to pay a premium to the local share price to acquire shares from other foreign investors. Such shares are valued at the closing price for foreign investors as provided by the exchange on which they trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
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. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
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. Since at least 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 India. 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, the holding period of such securities, the related tax rates, and the availability of any realized losses in excess of gains that may be carried forward to offset future gains. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on certain Indian securities sold at a gain are included in net realized gain (loss) on investments.
As of April 30, 2024, 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.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
J Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.
K Written Options—Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio’s policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. The Portfolio, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
L 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.
M Interim Financial Statements—The interim financial statements relating to April 30, 2024 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, 2024, the Portfolio’s investment adviser fee amounted to $3,031,455 or 0.98% (annualized) of the Portfolio’s average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.
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, 2024, the investment adviser fee paid was reduced by $17,573 relating to the Portfolio’s investment in the Liquidity Fund.
Trustees and officers of the Portfolio who are members of BMR’s organization 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. Certain officers and Trustees of the Portfolio are officers of the above organization.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $488,250,611 and $103,291,982, respectively, for the six months ended April 30, 2024.
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, 2024, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ 719,671,364 |
| Gross unrealized appreciation | $ 136,788,942 |
| Gross unrealized depreciation | (14,590,649) |
| Net unrealized appreciation | $ 122,198,293 |
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 written options, 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, 2024 is included in the Portfolio of Investments. At April 30, 2024, 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, 2024, the Portfolio entered into equity index futures contracts, equity index options 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 and currency options 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, 2024, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.
The OTC derivatives in which the Portfolio invests (except for written options as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio 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
Global Macro Capital Opportunities Portfolio
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
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, 2024 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, 2024.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2024 was as follows:
| | Fair Value |
| Statement of Assets and Liabilities Caption | Equity
Price | Foreign
Exchange | Total |
| Unaffiliated investments, at value | $ — | $ 375,713 | $ 375,713 |
| Not applicable | — | 3,966,796* | 3,966,796 |
| Receivable for open swap contracts | 767,022 | — | 767,022 |
| Total Asset Derivatives | $767,022 | $ 4,342,509 | $ 5,109,531 |
| Derivatives not subject to master netting or similar agreements | $ — | $ 3,966,796 | $ 3,966,796 |
| Total Asset Derivatives subject to master netting or similar agreements | $767,022 | $ 375,713 | $ 1,142,735 |
| Not applicable | — | (2,060,441)* | (2,060,441) |
| Derivatives not subject to master netting or similar agreements | $ — | $(2,060,441) | $(2,060,441) |
| Total Liability Derivatives subject to master netting or similar agreements | $ — | $ — | $ — |
| * | Only the current day’s variation margin on open centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open 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 table presents the Portfolio’s derivative assets 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 as of April 30, 2024.
| 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 |
| Citibank, N.A. | $ 767,022 | $ — | $ — | $ — | $ 767,022 | $ — |
| JPMorgan Chase Bank, N.A. | 375,713 | — | — | (375,713) | — | 390,000 |
| | $1,142,735 | $ — | $ — | $(375,713) | $767,022 | $390,000 |
| (a) | In some instances, the total collateral received 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. |
Global Macro Capital Opportunities Portfolio
April 30, 2024
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, 2024 was as follows:
| Statement of Operations Caption | Equity
Price | Foreign
Exchange | Total |
| Net realized gain (loss): | | | |
| Investment transactions | $ 3,159,415(1) | $ — | $ 3,159,415 |
| Written options | (2,267,365) | — | (2,267,365) |
| Futures contracts | (565,961) | — | (565,961) |
| Swap contracts | 2,846,927 | — | 2,846,927 |
| Forward foreign currency exchange contracts | — | 1,172,724 | 1,172,724 |
| Total | $ 3,173,016 | $1,172,724 | $ 4,345,740 |
| Change in unrealized appreciation (depreciation): | | | |
| Investments | $ — | $ (9,847)(1) | $ (9,847) |
| Futures contracts | 729,771 | — | 729,771 |
| Swap contracts | 2,994,357 | — | 2,994,357 |
| Forward foreign currency exchange contracts | — | 673,366 | 673,366 |
| Total | $ 3,724,128 | $ 663,519 | $ 4,387,647 |
| (1) | Relates to purchased options. |
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2024, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts — Long | Forward
Foreign Currency
Exchange Contracts* | Swap
Contracts |
| $34,554,000 | $237,842,000 | $38,802,000 |
| * | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
The average number of purchased and written equity index options contracts outstanding during the six months ended April 30, 2024, which is indicative of the volume of this derivative type, was 709 and 709 contracts, respectively. The average principal amount of purchased currency options contracts outstanding during the six months ended April 30, 2024, which is indicative of the volume of this derivative type, was approximately $26,457,000.
6 Line of Credit
The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 22, 2024. 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 2023, an arrangement fee of $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, 2024.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
7 Affiliated Investments
At April 30, 2024, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $30,630,473, which represents 3.6% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the six months ended April 30, 2024 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 | Shares,
end of period |
| Short-Term Investments |
| Liquidity Fund | $28,891,215 | $359,452,993 | $(357,713,735) | $ — | $ — | $30,630,473 | $610,111 | 30,630,473 |
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, 2024, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | | | | |
| Asia/Pacific | $ 1,147,243 | $ 259,347,903 | $ — | $ 260,495,146 |
| Emerging Europe | 833,908 | 376,643,727 | — | 377,477,635 |
| Latin America | 43,759,033 | — | — | 43,759,033 |
| Middle East/Africa | — | 107,823,062 | — | 107,823,062 |
| Total Common Stocks | $ 45,740,184 | $ 743,814,692* | $ — | $ 789,554,876 |
| Loan Participation Notes | $ — | $ — | $ 10,782,601 | $ 10,782,601 |
| Preferred Stocks | — | 5,908,776 | — | 5,908,776 |
| Sovereign Government Bonds | — | 445,235 | — | 445,235 |
| Short-Term Investments: | | | | |
| Affiliated Fund | 30,630,473 | — | — | 30,630,473 |
| U.S. Treasury Obligations | — | 1,498,606 | — | 1,498,606 |
| Purchased Currency Options | — | 375,713 | — | 375,713 |
| Total Investments | $ 76,370,657 | $ 752,043,022 | $ 10,782,601 | $ 839,196,280 |
| Forward Foreign Currency Exchange Contracts | $ — | $ 3,966,796 | $ — | $ 3,966,796 |
| Swap Contracts | — | 767,022 | — | 767,022 |
| Total | $ 76,370,657 | $ 756,776,840 | $ 10,782,601 | $ 843,930,098 |
Global Macro Capital Opportunities Portfolio
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
| Liability Description | Level 1 | Level 2 | Level 3 | Total |
| Forward Foreign Currency Exchange Contracts | $ — | $ (2,060,441) | $ — | $ (2,060,441) |
| Total | $ — | $ (2,060,441) | $ — | $ (2,060,441) |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
| | Loan
Participation
Notes |
| Balance as of October 31, 2023 | $10,052,327 |
| Realized gains (losses) | — |
| Change in net unrealized appreciation (depreciation) | 637,264 |
| Cost of purchases | — |
| Proceeds from sales, including return of capital | — |
| Accrued discount (premium) | 93,010 |
| Transfers to Level 3 | — |
| Transfers from Level 3 | — |
| Balance as of April 30, 2024 | $10,782,601 |
| Change in net unrealized appreciation (depreciation) on investments still held as of April 30, 2024 | $ 637,264 |
The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of April 30, 2024:
| Type of Investment | Fair Value as of
April 30, 2024 | Valuation Technique | Unobservable Input | Range of Unobservable Input | Impact to
Valuation from an
Increase to Input* |
| Loan Participation Notes | $10,782,601 | Matrix Pricing | Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | 4.38% - 6.67%** | Decrease |
| * | Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. |
| ** | The weighted average of the unobservable input is 5.81% based on relative principal amounts. |
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.
Global Macro Capital Opportunities Portfolio
April 30, 2024
Notes to Financial Statements (Unaudited) — continued
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.
Eaton Vance
Emerging and Frontier Countries Equity Fund
April 30, 2024
| Officers of Eaton Vance Emerging and Frontier Countries Equity Fund and Global Macro Capital Opportunities Portfolio |
Kenneth A. Topping
President | Nicholas S. Di Lorenzo
Secretary |
Deidre E. Walsh
Vice President and Chief Legal Officer | Laura T. Donovan
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 | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| Anchal Pachnanda* | |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser | |
| U.S. Customer Privacy Notice | March 2024 |
| 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 information 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
| For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| 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 |
| U.S. Customer Privacy Notice — continued | March 2024 |
| Who we are |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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.) |
What happens when I limit
sharing for an account I hold
jointly with someone else? | Your choices will apply to everyone on your account. |
| Definitions |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| 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 does not jointly market. |
| U.S. Customer Privacy Notice — continued | March 2024 |
| Other important information |
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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.
Tailored Shareholder Reports. Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Eaton Vance Funds.
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Investment Adviser of Global Macro Capital Opportunities Portfolio
Boston Management and Research
One Post Office Square
Boston, MA 02109
Investment Adviser and Administrator of Eaton Vance
Emerging and Frontier Countries Equity Fund
Eaton Vance Management
One Post Office Square
Boston, MA 02109
Investment Sub-Adviser
Eaton Vance Advisers International Ltd.
125 Old Broad Street
London, EC2N 1AR
United Kingdom
Principal Underwriter*
Eaton Vance Distributors, Inc.
One Post Office Square
Boston, MA 02109
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Fund Offices
One Post Office Square
Boston, MA 02109
* 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
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). |
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/ Kenneth A. Topping |
| | Kenneth A. Topping |
| | Principal Executive Officer |
| |
| Date: | | June 25, 2024 |
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/ Kenneth A. Topping |
| | Kenneth A. Topping |
| | Principal Executive Officer |
| |
| Date: | | June 25, 2024 |
| |
| By: | | /s/ James F. Kirchner |
| | James F. Kirchner |
| | Principal Financial Officer |
| |
| Date: | | June 25, 2024 |
