Global Macro Capital Opportunities Portfolio NPORT-P Global Macro Capital Opportunities Portfolio (Jan 2022 report)

Global Macro Capital Opportunities Portfolio

January 31, 2022

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks ^{— 91.9%}

Security	Shares		Value
Brazil — 4.8%
AMBEV S.A.		142,000	$	400,320
B3 S.A. - Brasil Bolsa Balcao		184,300		507,423
Banco Bradesco S.A.		54,600		193,307
Banco Bradesco S.A., PFC Shares		141,600		607,989
Banco BTG Pactual S.A.		42,700		194,358
Banco do Brasil S.A.		31,900		196,202
Cosan S.A.		39,200		175,474
Equatorial Energia S.A.		35,300		152,631
Gerdau S.A., PFC Shares		39,600		207,616
Itau Unibanco Holding S.A., PFC Shares		140,000		667,822
Itausa S.A., PFC Shares		151,200		290,150
JBS S.A.		30,100		198,906
Klabin S.A.		28,900		135,408
Localiza Rent a Car S.A.		20,700		228,436
Lojas Renner S.A.		36,700		194,347
Magazine Luiza S.A.		121,800		160,562
Natura & Co. Holding S.A.(1)		33,800		144,491
Notre Dame Intermedica Participacoes S.A.		17,900		240,011
Petroleo Brasileiro S.A.		107,000		710,700
Petroleo Brasileiro S.A., PFC Shares		135,200		823,661
Raia Drogasil S.A.		39,100		170,535
Rumo S.A.(1)		48,600		142,960
Suzano S.A.		24,100		268,680
Telefonica Brasil S.A.		18,500		173,082
Vale S.A.		111,600		1,699,609
Vibra Energia S.A.		42,900		185,008
Weg S.A.		51,900		314,326
			$	9,384,014
Bulgaria — 1.4%
Eurohold Bulgaria AD(1)		1,778,661	$	2,377,772
Sopharma AD(1)		160,000		415,374
			$	2,793,146
China — 0.1%
Silergy Corp.		2,000	$	270,329
			$	270,329
Cyprus — 2.1%
Bank of Cyprus Holdings PLC(1)(2)		3,295,531	$	3,968,577
Bank of Cyprus Holdings PLC(1)(2)		45,800		56,574
			$	4,025,151
Egypt — 10.4%
Abou Kir Fertilizers & Chemical Industries		2,000,000	$	2,697,846
Cleopatra Hospital(1)		1,813,223		562,912

1

Security	Shares		Value
Commercial International Bank Egypt SAE(1)		2,137,455	$	7,006,051
Credit Agricole Egypt SAE(1)		6,375,025		3,266,685
Eastern Co. SAE		1,553,603		1,029,858
Egyptian Financial Group-Hermes Holding Co.(1)		1,166,169		1,094,337
ElSewedy Electric Co.		1,260,937		743,535
Taaleem Management Services Co. SAE(1)		6,843,500		2,027,480
Talaat Moustafa Group		1,786,231		1,059,877
Telecom Egypt Co.		628,386		678,372
			$	20,166,953
Georgia — 6.9%
Bank of Georgia Group PLC		261,220	$	5,169,558
Georgia Capital PLC(1)		382,077		3,318,886
TBC Bank Group PLC		252,322		4,804,942
			$	13,293,386
Greece — 7.6%
Alpha Services and Holdings S.A.(1)		841,800	$	1,273,938
Athens Water Supply & Sewage Co. S.A.		27,260		236,564
Eurobank Ergasias Services and Holdings S.A.(1)		1,298,434		1,468,532
GEK Terna Holding Real Estate Construction S.A.(1)		32,780		340,386
Hellenic Petroleum Holdings S.A.		39,014		289,925
Hellenic Telecommunications Organization S.A.		141,851		2,757,205
Holding Co. ADMIE IPTO S.A.		74,659		210,928
JUMBO S.A.		68,000		1,011,450
LAMDA Development S.A.(1)		44,767		353,590
Motor Oil (Hellas) Corinth Refineries S.A.		38,200		611,749
Mytilineos S.A.		62,365		1,066,852
National Bank of Greece S.A.(1)		245,417		965,923
OPAP S.A.		121,690		1,807,457
Public Power Corp. S.A.(1)		130,891		1,274,120
Sarantis S.A.		22,445		222,667
Terna Energy S.A.		29,221		426,191
Titan Cement International S.A.		24,177		378,260
			$	14,695,737
Indonesia — 6.2%
Astra International Tbk PT		2,614,000	$	1,000,448
Bank Central Asia Tbk PT		6,218,100		3,307,389
Bank Rakyat Indonesia Persero Tbk PT		7,879,584		2,242,809
Barito Pacific Tbk PT		5,873,100		364,914
Charoen Pokphand Indonesia Tbk PT		1,298,100		570,389
Indofood Sukses Makmur Tbk PT		929,600		409,952
Kalbe Farma Tbk PT		4,133,600		472,225
Merdeka Copper Gold Tbk PT(1)		2,002,600		511,950
Sarana Menara Nusantara Tbk PT		4,997,600		357,193
Telkom Indonesia Persero Tbk PT		5,998,300		1,756,755
Unilever Indonesia Tbk PT		1,434,000		403,314
United Tractors Tbk PT		312,600		505,424
			$	11,902,762

2

Security	Shares		Value
Kenya — 1.4%
Safaricom PLC		8,666,500	$	2,793,859
			$	2,793,859
Lithuania — 2.9%
AB Ignitis Grupe		52,000	$	1,205,583
AB Ignitis Grupe GDR(3)		49,010		1,118,620
Siauliu Bankas AB		2,442,564		2,087,409
Telia Lietuva AB		513,944		1,172,951
			$	5,584,563
Romania — 7.1%
Banca Transilvania S.A.		10,532,467	$	6,294,681
BRD-Groupe Societe Generale S.A.		465,630		2,097,952
OMV Petrom S.A.		25,509,220		2,740,839
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		258,320		2,223,690
Transgaz S.A. Medias		5,789		293,363
			$	13,650,525
Serbia — 0.6%
Metalac AD(1)		67,357	$	1,153,029
			$	1,153,029
Slovenia — 6.2%
Krka dd Novo mesto		43,959	$	5,666,140
Nova Ljubljanska Banka dd(4)		54,521		4,793,772
Nova Ljubljanska Banka dd GDR(3)		60,052		998,662
Petrol		930		563,930
			$	12,022,504
South Korea — 8.3%
AMOREPACIFIC Corp.(1)		1,086	$	141,638
Celltrion Healthcare Co., Ltd.		2,716		143,498
Celltrion, Inc.		2,297		291,935
Doosan Heavy Industries & Construction Co., Ltd.(1)		9,909		149,012
Ecopro BM Co., Ltd.		373		105,981
HMM Co., Ltd.(1)		8,014		149,205
HYBE Co., Ltd.(1)		560		113,375
Hyundai Mobis Co., Ltd.		1,594		312,906
Hyundai Motor Co.		3,043		490,467
Kakao Corp.		6,645		479,980
Kia Corp.		6,002		418,494
Korea Electric Power Corp.		8,821		151,670
Korean Air Lines Co., Ltd.(1)		6,170		148,990
Krafton, Inc.(1)		553		128,129
KT&G Corp.		3,197		206,513
LG Chem, Ltd.		1,005		538,741
LG Corp.		2,672		165,240
LG Display Co., Ltd.		8,073		135,768
LG Electronics, Inc.		2,668		289,858
LG Household & Health Care, Ltd.		253		205,802
LG Innotek Co., Ltd.		519		156,037
Naver Corp.		2,561		676,464

3

Security	Shares		Value
NCSoft Corp.		439	$	197,798
POSCO		1,705		381,397
Samsung Biologics Co., Ltd.(1)(4)		407		251,965
Samsung C&T Corp.		2,319		209,794
Samsung Electro-Mechanics Co., Ltd.		1,528		232,467
Samsung Electronics Co., Ltd.		91,769		5,707,947
Samsung Electronics Co., Ltd., PFC Shares		16,798		944,842
Samsung Fire & Marine Insurance Co., Ltd.		975		162,973
Samsung SDI Co., Ltd.		1,177		584,126
Samsung SDS Co., Ltd.		1,182		140,309
SK Bioscience Co., Ltd.(1)		776		108,389
SK Hynix, Inc.		11,030		1,141,691
SK Innovation Co., Ltd.(1)		1,360		249,598
SK, Inc.		1,125		208,259
			$	16,121,258
Taiwan — 9.3%
ASE Technology Holding Co., Ltd.		73,358	$	267,177
Asustek Computer, Inc.		17,000		222,249
AU Optronics Corp.		229,000		170,245
Cathay Financial Holding Co., Ltd.		161,087		373,649
Chailease Holding Co., Ltd.		31,760		291,313
China Steel Corp.		248,000		303,504
Chunghwa Telecom Co., Ltd.		79,000		335,752
CTBC Financial Holding Co., Ltd.		256,000		257,359
Delta Electronics, Inc.		38,680		381,595
E.Sun Financial Holding Co., Ltd.		177,500		186,657
First Financial Holding Co., Ltd.		161,185		146,778
Formosa Chemicals & Fibre Corp.		83,000		237,925
Formosa Plastics Corp.		82,000		314,427
Fubon Financial Holding Co., Ltd.		149,568		412,735
Globalwafers Co., Ltd.		6,000		171,234
Hon Hai Precision Industry Co., Ltd.		218,508		816,985
Hotai Motor Co., Ltd.		8,000		175,200
Hua Nan Financial Holdings Co., Ltd.		146,543		116,114
Largan Precision Co., Ltd.		2,000		148,209
MediaTek, Inc.		26,000		1,032,699
Mega Financial Holding Co., Ltd.		155,000		207,449
Nan Ya Plastics Corp.		108,000		341,036
Novatek Microelectronics Corp.		13,000		228,621
Quanta Computer, Inc.		67,000		226,774
Realtek Semiconductor Corp.		11,000		213,402
Shin Kong Financial Holding Co., Ltd.		8,514		3,432
Taishin Financial Holding Co., Ltd.		177,393		126,860
Taiwan Cement Corp.		129,412		220,094
Taiwan Cooperative Financial Holding Co., Ltd.		151,072		144,948
Taiwan Semiconductor Manufacturing Co., Ltd.		392,000		9,063,819
Uni-President Enterprises Corp.		108,960		267,058
United Microelectronics Corp.		221,000		461,735
Yuanta Financial Holding Co., Ltd.		242,422		222,890
			$	18,089,924

4

Security	Shares		Value
United Arab Emirates — 10.1%
Abu Dhabi Commercial Bank PJSC		661,924	$	1,605,149
Abu Dhabi Islamic Bank PJSC		321,170		609,648
Abu Dhabi National Oil Co. for Distribution PJSC		647,100		728,724
Al Yah Satellite Communications Co-Pjsc-Yah Sat(1)		4,224,438		3,101,008
Aldar Properties PJSC		1,008,500		1,138,174
Aramex PJSC		852,000		951,762
Dubai Islamic Bank PJSC		423,067		636,470
Emaar Properties PJSC		1,012,900		1,349,668
Emirates Telecommunications Group Co. PJSC		440,000		3,962,325
First Abu Dhabi Bank PJSC		645,115		3,519,772
National Central Cooling Co. PJSC		1,309,600		899,471
Ras Al Khaimah Ceramics		1,240,700		1,013,520
			$	19,515,691
Vietnam — 6.5%
FPT Corp.		1,042,733	$	4,408,712
Mobile World Investment Corp.		487,249		3,049,878
No Va Land Investment Group Corp.(1)		7,524		26,675
Phat Dat Real Estate Development Corp.(1)		2,400		9,640
Refrigeration Electrical Engineering Corp.(1)		143,700		468,405
Vietnam Prosperity JSC Bank(1)		1,468,759		2,398,889
Vietnam Technological & Commercial Joint Stock Bank(1)		964,400		2,273,159
			$	12,635,358
Total Common Stocks (identified cost $142,483,536)			$	178,098,189
Exchange-Traded Funds — 3.4%
Security	Shares		Value
United States — 3.4%
VanEck Russia ETF		276,150	$	6,619,315
Total Exchange-Traded Funds (identified cost $6,189,151)			$	6,619,315
Preferred Stocks — 0.0%(5)
Security	Shares		Value
Taiwan — 0.0%(5)
Fubon Financial Holding Co., Ltd.(1)		2,110	$	4,567
Total Preferred Stocks (identified cost $4,520)			$	4,567

5

Rights — 0.0%(5)
Security	Shares		Value
South Korea — 0.0%(5)
Doosan Heavy Industries & Construction Co., Ltd., Exp. 2/11/22(1)		1,258	$	3,397
Total Rights (identified cost $0)			$	3,397
Short-Term Investments — 0.8%
Affiliated Fund — 0.0%(5)
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(6)		9,111	$	9,111
Total Affiliated Fund (identified cost $9,111)			$	9,111
U.S. Treasury Obligations — 0.8%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 2/10/22(7)	$	1,500	$	1,499,989
Total U.S. Treasury Obligations (identified cost $1,499,984)			$	1,499,989
Total Short-Term Investments (identified cost $1,509,095)			$	1,509,100
Total Investments — 96.1% (identified cost $150,186,302)			$	186,234,568
Other Assets, Less Liabilities — 3.9%			$	7,465,645
Net Assets — 100.0%			$	193,700,213

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

(1) Non-income producing security.

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

(3) 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 January 31, 2022, the aggregate value of these securities is $2,117,282 or 1.1% of the Portfolio’s net assets.

(4) 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 January 31, 2022, the aggregate value of these securities is $5,045,737 or 2.6% of the Portfolio’s net assets.

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(5) Amount is less than 0.05%.

(6) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2022.

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

Sector Classification of Portfolio

Sector	Percentage of Net Assets			Value
Financials		37.7	%	$	72,952,511
Information Technology		14.0			27,126,972
Communication Services		9.6			18,684,248
Consumer Discretionary		7.0			13,569,238
Energy		4.4			8,624,423
Materials		4.4			8,601,407
Health Care		4.2			8,152,449
Industrials		3.8			7,309,531
Exchange-Traded Funds		3.4			6,619,315
Utilities		2.5			4,776,307
Consumer Staples		2.3			4,371,443
Real Estate		2.0			3,937,624
Short-Term Investments		0.8			1,509,100
Total Investments		96.1	%	$	186,234,568

Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date		Value/ Unrealized Appreciation (Depreciation)
EUR	195,269	USD	220,845		3/16/22	$	(1,266	)
EUR	552,308	USD	624,648		3/16/22		(3,582	)
EUR	565,000	USD	639,002		3/16/22		(3,664	)
EUR	2,207,158	USD	2,496,245		3/16/22		(14,315	)
EUR	6,242,230	USD	7,059,817		3/16/22		(40,484	)
EUR	10,411,092	USD	11,774,704		3/16/22		(67,521	)
USD	11,774,704	EUR	10,411,092		3/16/22		67,521
USD	7,059,818	EUR	6,242,230		3/16/22		40,484
USD	6,562,963	EUR	5,802,916		3/16/22		37,635
USD	3,344,273	EUR	2,956,977		3/16/22		19,177
USD	2,945,749	EUR	2,604,606		3/16/22		16,892
USD	2,604,061	EUR	2,302,488		3/16/22		14,933
USD	2,366,974	EUR	2,092,858		3/16/22		13,573
USD	1,753,014	EUR	1,550,000		3/16/22		10,053
USD	220,845	EUR	195,269		3/16/22		1,266
						$	90,702

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Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	759,922	USD	857,501	Standard Chartered Bank		2/4/22	$	—	$	(3,733	)
USD	1,071,716	EUR	948,626	Deutsche Bank AG		2/4/22		5,940		—
USD	132,875	EUR	117,614	Deutsche Bank AG		2/4/22		736		—
USD	129,131	EUR	114,300	Deutsche Bank AG		2/4/22		716		—
USD	85,862	EUR	76,000	Deutsche Bank AG		2/4/22		476		—
USD	10,501,419	CNH	66,600,000	UBS AG		2/28/22		64,226		—
USD	1,893,379	AED	6,964,414	Standard Chartered Bank		5/31/22		—		(2,681	)
USD	1,579,913	AED	5,817,160	Standard Chartered Bank		7/7/22		—		(3,808	)
USD	2,855,790	AED	10,547,575	Standard Chartered Bank		7/7/22		—		(15,786	)
USD	4,456,726	AED	16,370,000	Standard Chartered Bank		4/19/23		2,495		—
USD	1,657,609	AED	6,100,000	Standard Chartered Bank		5/30/23		—		(1,951	)
							$	74,589	$	(27,959	)

Futures Contracts

Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/ Unrealized Appreciation (Depreciation)
Equity Futures
Hang Seng China Enterprises Index		111			Long		2/25/22	$	6,119,591		$	61,481
MSCI Emerging Markets Index		231			Long		3/18/22		14,146,440			143,765
SGX CNX Nifty Index		(360	)		Short		2/24/22		(12,582,231	)		(139,249	)
											$	65,997

Abbreviations:

GDR	-	Global Depositary Receipt
PFC Shares	-	Preference Shares

Currency Abbreviations:

AED	-	United Arab Emirates Dirham
CNH	-	Yuan Renminbi Offshore
EUR	-	Euro
USD	-	United States Dollar

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

Equity Price Risk: During the fiscal year to date ended January 31, 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.

At January 31, 2022, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.

At January 31, 2022, the value of the Portfolio’s investment in affiliated funds was $9,111, which represents less than 0.05% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended January 31, 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, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	20,820,477	$	44,913,000	$	(65,722,453	)	$	(1,913	)	$	—	$	9,111	$	2,365		9,111

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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 January 31, 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	$	—	$	59,019,631		$	—	$	59,019,631
Emerging Europe		—		67,218,041			—		67,218,041
Latin America		8,531,184		852,830			—		9,384,014
Middle East/Africa		—		42,476,503			—		42,476,503
Total Common Stocks	$	8,531,184	$	169,567,005	*	$	—	$	178,098,189
Exchange-Traded Funds	$	6,619,315	$	—		$	—	$	6,619,315
Preferred Stocks		4,567		—			—		4,567
Rights		—		3,397			—		3,397
Short-Term Investments -
Affiliated Fund		—		9,111			—		9,111
U.S. Treasury Obligations		—		1,499,989			—		1,499,989
Total Investments	$	15,155,066	$	171,079,502		$	—	$	186,234,568
Forward Foreign Currency Exchange Contracts	$	—	$	296,123		$	—	$	296,123
Futures Contracts		143,765		61,481			—		205,246
Total	$	15,298,831	$	171,437,106		$	—	$	186,735,937
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(158,791	)	$	—	$	(158,791	)
Futures Contracts		—		(139,249	)		—		(139,249	)
Total	$	—	$	(298,040	)	$	—	$	(298,040	)

* 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.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

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