Global Macro Capital Opportunites Portfolio
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22896
Global Macro Capital Opportunities Portfolio
(Exact Name of Registrant as Specified in Charter)
Two
International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two
International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of
Fiscal Year End
October 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Global Macro
Capital Opportunities Portfolio
October 31, 2022
| Security
|
Shares
|
Value
|
| Brazil
— 10.1% |
| AMBEV
S.A. |
|
238,842
|
$
739,807 |
| B3
S.A. - Brasil Bolsa Balcao |
|
335,425
|
976,632
|
| Banco
Bradesco S.A. |
|
95,480
|
307,577
|
| Banco
Bradesco S.A., PFC Shares |
|
284,006
|
1,091,929
|
| Banco
BTG Pactual S.A. |
|
67,300
|
377,052
|
| Banco
do Brasil S.A. |
|
49,200
|
352,606
|
| BB
Seguridade Participacoes S.A. |
|
43,679
|
251,056
|
| Centrais
Eletricas Brasilier |
|
54,415
|
524,819
|
| Cia
Energetica de Minas Gerais, PFC Shares |
|
96,795
|
213,060
|
| Cosan
S.A. |
|
69,843
|
227,965
|
| Equatorial
Energia S.A. |
|
59,500
|
345,907
|
| Gerdau
S.A., PFC Shares |
|
66,452
|
331,263
|
| Hapvida
Participacoes e Investimentos S.A.(1) |
|
506,334
|
764,574
|
| Itau
Unibanco Holding S.A., PFC Shares |
|
257,375
|
1,514,703
|
| Itausa
S.A., PFC Shares |
|
247,640
|
514,888
|
| JBS
S.A. |
|
49,280
|
238,124
|
| Klabin
S.A. |
|
47,400
|
198,391
|
| Localiza
Rent a Car S.A. |
|
38,651
|
527,818
|
| Localiza
Rent a Car S.A.(2) |
|
118
|
1,611
|
| Lojas
Renner S.A. |
|
60,200
|
360,116
|
| Magazine
Luiza S.A.(2) |
|
121,800
|
105,400
|
| Natura
& Co. Holding S.A. |
|
56,300
|
162,944
|
| Petro
Rio S.A.(2) |
|
47,211
|
323,453
|
| Petroleo
Brasileiro S.A. |
|
201,527
|
1,297,607
|
| Petroleo
Brasileiro S.A., PFC Shares |
|
256,759
|
1,481,751
|
| Raia
Drogasil S.A. |
|
65,200
|
332,090
|
| Rede
D'Or Sao Luiz S.A.(1) |
|
25,300
|
157,565
|
| Rumo
S.A. |
|
80,500
|
345,033
|
| Suzano
S.A. |
|
41,597
|
428,412
|
| Telefonica
Brasil S.A. |
|
29,800
|
238,319
|
| TOTVS
S.A. |
|
35,029
|
224,869
|
| Vale
S.A. |
|
209,039
|
2,716,637
|
| Vibra
Energia S.A. |
|
68,000
|
240,248
|
| Weg
S.A. |
|
84,700
|
660,481
|
| |
|
|
$ 18,574,707
|
| Bulgaria
— 0.9% |
| Eurohold
Bulgaria AD(2) |
|
1,613,493
|
$
1,573,987 |
| |
|
|
$ 1,573,987
|
| China
— 7.2% |
| Agricultural
Bank of China, Ltd., Class H |
|
359,000
|
$
102,471 |
| Alibaba
Group Holding, Ltd.(2) |
|
142,000
|
1,104,037
|
| Alibaba
Health Information Technology, Ltd.(2) |
|
72,000
|
30,471 |
| Security
|
Shares
|
Value
|
| China
(continued) |
| Aluminum
Corp. of China, Ltd., Class H |
|
72,000
|
$ 20,526
|
| Anhui
Conch Cement Co., Ltd., Class H |
|
27,500
|
70,783
|
| ANTA
Sports Products, Ltd. |
|
13,800
|
121,324
|
| Bank
of China, Ltd., Class H |
|
821,000
|
264,425
|
| Bank
of Communications, Ltd., Class H |
|
188,000
|
91,729
|
| BYD
Co., Ltd., Class A |
|
2,900
|
98,192
|
| BYD
Co., Ltd., Class H |
|
8,500
|
190,427
|
| China
CITIC Bank Corp., Ltd., Class H |
|
227,000
|
85,569
|
| China
Conch Venture Holdings, Ltd. |
|
40,500
|
59,733
|
| China
Construction Bank Corp., Class H |
|
940,000
|
498,847
|
| China
Gas Holdings, Ltd. |
|
76,400
|
67,803
|
| China
Hongqiao Group, Ltd. |
|
37,000
|
26,187
|
| China
International Capital Corp., Ltd., Class H(1) |
|
22,400
|
31,130
|
| China
Life Insurance Co., Ltd., Class H |
|
88,000
|
95,960
|
| China
Longyuan Power Group Corp., Ltd., Class H |
|
72,000
|
82,272
|
| China
Mengniu Dairy Co., Ltd.(2) |
|
36,000
|
115,241
|
| China
Merchants Bank Co., Ltd., Class A |
|
26,900
|
99,246
|
| China
Merchants Bank Co., Ltd., Class H |
|
42,500
|
139,141
|
| China
Merchants Port Holdings Co., Ltd. |
|
50,000
|
58,620
|
| China
National Building Material Co., Ltd., Class H |
|
102,000
|
59,228
|
| China
Overseas Land & Investment, Ltd. |
|
49,000
|
93,635
|
| China
Pacific Insurance (Group) Co., Ltd., Class H |
|
64,200
|
103,490
|
| China
Petroleum & Chemical Corp., Class H |
|
298,000
|
118,105
|
| China
Power International Development, Ltd. |
|
91,000
|
26,298
|
| China
Resources Beer Holdings Co., Ltd. |
|
18,000
|
84,934
|
| China
Resources Gas Group, Ltd. |
|
26,000
|
66,590
|
| China
Resources Land, Ltd. |
|
38,000
|
118,894
|
| China
Resources Mixc Lifestyle Services, Ltd.(1) |
|
17,800
|
52,125
|
| China
Resources Power Holdings Co., Ltd. |
|
54,000
|
78,466
|
| China
Shenhua Energy Co., Ltd., Class H |
|
42,000
|
110,328
|
| China
State Construction International Holdings, Ltd. |
|
36,000
|
32,385
|
| China
Tourism Group Duty Free Corp., Ltd., Class A |
|
3,400
|
74,709
|
| China
Tower Corp., Ltd., Class H(1) |
|
1,082,000
|
97,894
|
| China
Vanke Co., Ltd., Class H |
|
46,600
|
59,803
|
| China
Yangtze Power Co., Ltd., Class A |
|
35,900
|
99,907
|
| CITIC
Securities Co., Ltd., Class H |
|
61,000
|
91,143
|
| CITIC,
Ltd. |
|
132,000
|
118,119
|
| Contemporary
Amperex Technology Co., Ltd., Class A |
|
1,700
|
87,244
|
| COSCO
SHIPPING Holdings Co., Ltd., Class H |
|
75,000
|
80,825
|
| Country
Garden Holdings Co., Ltd. |
|
197,000
|
25,392
|
| Country
Garden Services Holdings Co., Ltd. |
|
41,000
|
35,835
|
| CSPC
Pharmaceutical Group, Ltd. |
|
110,000
|
112,988
|
| East
Money Information Co., Ltd., Class A |
|
26,200
|
56,165
|
| ENN
Energy Holdings, Ltd. |
|
9,300
|
92,461
|
| Foshan
Haitian Flavouring & Food Co., Ltd., Class A |
|
3,850
|
31,554
|
| Fosun
International, Ltd. |
|
43,500
|
26,583 |
19
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| China
(continued) |
| Ganfeng
Lithium Co., Ltd., Class H(1) |
|
9,800
|
$ 66,283
|
| Geely
Automobile Holdings, Ltd. |
|
70,000
|
75,333
|
| Genscript
Biotech Corp.(2) |
|
16,000
|
40,453
|
| Great
Wall Motor Co., Ltd., Class H |
|
79,500
|
86,846
|
| Guangdong
Investment, Ltd. |
|
84,000
|
52,960
|
| Guangzhou
Automobile Group Co., Ltd., Class H |
|
102,000
|
62,159
|
| Haier
Smart Home Co., Ltd., Class H |
|
51,400
|
128,653
|
| Hengan
International Group Co., Ltd. |
|
18,500
|
71,729
|
| Industrial
& Commercial Bank of China, Ltd., Class A |
|
66,000
|
37,569
|
| Industrial
& Commercial Bank of China, Ltd., Class H |
|
582,000
|
252,684
|
| Industrial
Bank Co., Ltd., Class A |
|
36,400
|
75,085
|
| Innovent
Biologics, Inc.(1)(2) |
|
34,000
|
120,382
|
| JD.com,
Inc., Class A |
|
19,750
|
359,658
|
| Kingboard
Holdings, Ltd.(2) |
|
10,500
|
25,921
|
| Kingdee
International Software Group Co., Ltd.(2) |
|
64,000
|
104,871
|
| Kingsoft
Corp., Ltd. |
|
27,200
|
82,365
|
| Kuaishou
Technology(1)(2) |
|
11,800
|
48,732
|
| Kunlun
Energy Co., Ltd. |
|
106,000
|
63,353
|
| Kweichow
Moutai Co., Ltd., Class A |
|
800
|
148,283
|
| Lenovo
Group, Ltd. |
|
158,000
|
126,275
|
| Li
Ning Co., Ltd. |
|
25,000
|
129,323
|
| Longfor
Group Holdings, Ltd.(1) |
|
35,500
|
45,234
|
| LONGi
Green Energy Technology Co., Ltd., Class A |
|
13,160
|
86,911
|
| Luzhou
Laojiao Co., Ltd., Class A |
|
2,900
|
62,207
|
| Meituan,
Class B(1)(2) |
|
36,100
|
577,980
|
| Muyuan
Foods Co., Ltd., Class A |
|
5,400
|
34,788
|
| NetEase,
Inc. |
|
21,200
|
235,219
|
| New
China Life Insurance Co., Ltd., Class H |
|
16,200
|
25,727
|
| Nongfu
Spring Co., Ltd., Class H(1) |
|
21,400
|
107,490
|
| People's
Insurance Co. Group of China, Ltd., Class H |
|
147,000
|
40,625
|
| PetroChina
Co., Ltd., Class H |
|
396,000
|
151,481
|
| PICC
Property & Casualty Co., Ltd., Class H |
|
144,000
|
132,813
|
| Ping
An Bank Co., Ltd., Class A |
|
20,100
|
28,533
|
| Ping
An Insurance Group Co. of China, Ltd., Class A |
|
16,200
|
80,434
|
| Ping
An Insurance Group Co. of China, Ltd., Class H |
|
64,000
|
256,217
|
| Postal
Savings Bank of China Co., Ltd., Class H(1) |
|
191,000
|
88,578
|
| Shandong
Weigao Group Medical Polymer Co., Ltd., Class H |
|
40,800
|
56,214
|
| Shanxi
Xinghuacun Fen Wine Factory Co., Ltd., Class A |
|
2,300
|
73,364
|
| Shenzhen
Mindray Bio-Medical Electronics Co., Ltd., Class A |
|
2,000
|
89,405
|
| Shenzhou
International Group Holdings, Ltd. |
|
16,000
|
111,088
|
| Silergy
Corp. |
|
8,000
|
92,253
|
| Sino
Biopharmaceutical, Ltd. |
|
232,000
|
112,575
|
| Sinopharm
Group Co., Ltd., Class H |
|
44,400
|
84,232
|
| Smoore
International Holdings, Ltd.(1) |
|
46,000
|
48,967
|
| Sunny
Optical Technology Group Co., Ltd. |
|
8,600
|
74,528 |
| Security
|
Shares
|
Value
|
| China
(continued) |
| Tencent
Holdings, Ltd. |
|
59,800
|
$
1,571,351 |
| Tingyi
(Cayman Islands) Holding Corp. |
|
54,000
|
84,407
|
| Tsingtao
Brewery Co., Ltd., Class H |
|
14,000
|
98,015
|
| Want
Want China Holdings, Ltd. |
|
132,000
|
86,709
|
| Weichai
Power Co., Ltd., Class H |
|
31,000
|
29,693
|
| Wharf
Holdings, Ltd. |
|
34,000
|
97,359
|
| Wuliangye
Yibin Co., Ltd., Class A |
|
5,200
|
95,309
|
| WuXi
AppTec Co., Ltd., Class A |
|
2,800
|
29,343
|
| WuXi
AppTec Co., Ltd., Class H(1) |
|
9,800
|
78,657
|
| WuXi
Biologics Cayman, Inc.(1)(2) |
|
36,500
|
164,237
|
| Xiaomi
Corp., Class B(1)(2) |
|
156,800
|
176,098
|
| Xinyi
Solar Holdings, Ltd. |
|
104,000
|
103,251
|
| Yankuang
Energy Group Co., Ltd., Class H |
|
40,000
|
112,461
|
| Zhongsheng
Group Holdings, Ltd. |
|
16,500
|
62,623
|
| Zijin
Mining Group Co., Ltd., Class H |
|
122,000
|
116,368
|
| |
|
|
$ 13,250,895
|
| Cyprus
— 3.9% |
| Bank
of Cyprus Holdings PLC(2)(3) |
|
45,800
|
$
64,602 |
| Bank
of Cyprus Holdings PLC(2)(3) |
|
4,912,529
|
7,047,341
|
| Galaxy
Cosmos Mezz PLC(2) |
|
87,536
|
14,135
|
| Sunrisemezz
PLC(2) |
|
104,410
|
8,451
|
| |
|
|
$ 7,134,529
|
| Egypt
— 0.1% |
| Taaleem
Management Services Co. SAE(2) |
|
1,147,699
|
$
170,740 |
| |
|
|
$ 170,740
|
| Georgia
— 6.4% |
| Bank
of Georgia Group PLC |
|
87,990
|
$
2,146,924 |
| Georgia
Capital PLC(2) |
|
638,176
|
4,570,963
|
| TBC
Bank Group PLC |
|
230,522
|
4,977,527
|
| |
|
|
$ 11,695,414
|
| Greece
— 12.8% |
| Alpha
Services and Holdings S.A.(2) |
|
2,363,462
|
$
2,188,790 |
| Athens
Water Supply & Sewage Co. S.A. |
|
45,738
|
325,674
|
| Eurobank
Ergasias Services and Holdings S.A.(2) |
|
2,708,650
|
2,673,985
|
| GEK
Terna Holding Real Estate Construction S.A.(2) |
|
60,645
|
577,312
|
| Hellenic
Energy Holdings S.A. |
|
64,933
|
443,912
|
| Hellenic
Telecommunications Organization S.A. |
|
211,741
|
3,325,296
|
| Holding
Co. ADMIE IPTO S.A. |
|
127,120
|
210,540
|
| JUMBO
S.A. |
|
120,639
|
1,713,505
|
| LAMDA
Development S.A.(2) |
|
75,271
|
456,047
|
| Motor
Oil (Hellas) Corinth Refineries S.A. |
|
64,576
|
1,109,869
|
| Mytilineos
S.A. |
|
104,888
|
1,758,784 |
20
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| Greece
(continued) |
| National
Bank of Greece S.A.(2) |
|
575,615
|
$
2,085,611 |
| OPAP
S.A. |
|
205,387
|
2,516,637
|
| Piraeus
Financial Holdings S.A.(2) |
|
730,870
|
901,017
|
| Public
Power Corp. S.A.(2) |
|
220,255
|
1,390,287
|
| Sarantis
S.A. |
|
37,617
|
235,805
|
| Terna
Energy S.A. |
|
60,392
|
1,122,337
|
| Titan
Cement International S.A. |
|
45,809
|
511,929
|
| |
|
|
$ 23,547,337
|
| India
— 2.4% |
| Adani
Enterprises, Ltd. |
|
1,866
|
$
75,581 |
| Adani
Green Energy, Ltd.(2) |
|
2,292
|
58,389
|
| Adani
Ports and Special Economic Zone, Ltd. |
|
4,514
|
45,048
|
| Adani
Total Gas, Ltd. |
|
1,817
|
79,961
|
| Adani
Transmission , Ltd.(2) |
|
1,842
|
74,665
|
| Apollo
Hospitals Enterprise, Ltd. |
|
848
|
46,227
|
| Asian
Paints, Ltd. |
|
2,393
|
90,175
|
| Avenue
Supermarts, Ltd.(1)(2) |
|
1,162
|
60,733
|
| Axis
Bank, Ltd. |
|
12,918
|
141,665
|
| Bajaj
Finance, Ltd. |
|
1,547
|
133,758
|
| Bajaj
Finserv, Ltd. |
|
2,803
|
57,198
|
| Bharti
Airtel, Ltd. |
|
12,736
|
128,083
|
| Cipla,
Ltd. |
|
3,753
|
52,978
|
| Divi's
Laboratories, Ltd. |
|
1,088
|
47,436
|
| Dr.
Reddy's Laboratories, Ltd. |
|
932
|
50,096
|
| Eicher
Motors, Ltd. |
|
1,100
|
51,313
|
| Grasim
Industries, Ltd. |
|
2,220
|
46,364
|
| HCL
Technologies, Ltd. |
|
6,829
|
85,761
|
| HDFC
Life Insurance Co., Ltd.(1) |
|
7,502
|
49,031
|
| Hindalco
Industries, Ltd. |
|
10,552
|
51,676
|
| Hindustan
Unilever, Ltd.(2) |
|
4,450
|
137,702
|
| Housing
Development Finance Corp., Ltd. |
|
9,221
|
275,719
|
| ICICI
Bank, Ltd. |
|
27,268
|
299,838
|
| Infosys,
Ltd. |
|
17,637
|
329,062
|
| ITC,
Ltd. |
|
19,003
|
80,180
|
| JSW
Steel, Ltd. |
|
6,057
|
49,383
|
| Kotak
Mahindra Bank, Ltd. |
|
3,514
|
80,893
|
| Larsen
& Toubro, Ltd. |
|
4,245
|
104,360
|
| Mahindra
& Mahindra, Ltd. |
|
5,522
|
90,212
|
| Maruti
Suzuki India, Ltd. |
|
770
|
88,843
|
| Nestle
India, Ltd. |
|
247
|
60,757
|
| NTPC,
Ltd. |
|
28,513
|
59,808
|
| Power
Grid Corp. of India, Ltd.(2) |
|
22,616
|
62,235
|
| Reliance
Industries, Ltd. |
|
15,515
|
478,029
|
| SBI
Life Insurance Co., Ltd.(1) |
|
3,441
|
52,731
|
| State
Bank of India |
|
11,604
|
80,542 |
| Security
|
Shares
|
Value
|
| India
(continued) |
| Sun
Pharmaceutical Industries, Ltd. |
|
6,306
|
$
77,537 |
| Tata
Consultancy Services, Ltd. |
|
4,989
|
191,758
|
| Tata
Consumer Products, Ltd. |
|
4,771
|
44,440
|
| Tata
Motors, Ltd.(2) |
|
12,047
|
60,230
|
| Tata
Steel, Ltd. |
|
51,573
|
62,975
|
| Tech
Mahindra, Ltd.(2) |
|
4,348
|
55,922
|
| Titan
Co., Ltd. |
|
2,324
|
77,646
|
| UltraTech
Cement, Ltd. |
|
740
|
60,063
|
| Wipro,
Ltd. |
|
10,744
|
50,263
|
| |
|
|
$ 4,437,266
|
| Indonesia
— 8.3% |
| Adaro
Energy Indonesia Tbk PT |
|
2,190,000
|
$
558,710 |
| Astra
International Tbk PT |
|
2,663,400
|
1,138,152
|
| Bank
Central Asia Tbk PT |
|
6,818,000
|
3,854,061
|
| Bank
Jago Tbk PT(2) |
|
626,600
|
205,148
|
| Bank
Mandiri Persero Tbk PT |
|
2,376,000
|
1,605,114
|
| Bank
Negara Indonesia Persero Tbk PT |
|
1,073,000
|
646,947
|
| Bank
Rakyat Indonesia Persero Tbk PT |
|
8,524,484
|
2,543,136
|
| Barito
Pacific Tbk PT |
|
4,792,700
|
253,565
|
| Charoen
Pokphand Indonesia Tbk PT |
|
1,122,700
|
401,090
|
| Kalbe
Farma Tbk PT |
|
3,455,800
|
454,459
|
| Merdeka
Copper Gold Tbk PT(2) |
|
1,889,000
|
457,396
|
| Sumber
Alfaria Trijaya Tbk PT |
|
2,806,800
|
507,190
|
| Telkom
Indonesia Persero Tbk PT |
|
6,229,100
|
1,749,448
|
| Unilever
Indonesia Tbk PT |
|
1,221,400
|
363,372
|
| United
Tractors Tbk PT |
|
245,500
|
507,826
|
| |
|
|
$ 15,245,614
|
| Kazakhstan
— 1.9% |
| Halyk
Savings Bank of Kazakhstan JSC GDR(2)(4) |
|
52,200
|
$
527,220 |
| Kaspi.kz
JSC GDR(4) |
|
30,100
|
1,971,550
|
| NAC
Kazatomprom JSC GDR(2)(4) |
|
40,600
|
1,071,840
|
| |
|
|
$ 3,570,610
|
| Lithuania
— 1.2% |
| AB
Ignitis Grupe GDR(4) |
|
49,010
|
$
872,445 |
| Siauliu
Bankas AB |
|
2,442,564
|
1,381,186
|
| |
|
|
$ 2,253,631
|
| Serbia
— 0.5% |
| Metalac
AD(2) |
|
67,357
|
$
897,144 |
| |
|
|
$ 897,144
|
| Slovenia
— 2.3% |
| Nova
Ljubljanska Banka dd(1) |
|
61,521
|
$
3,281,466 |
21
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| Slovenia
(continued) |
| Nova
Ljubljanska Banka dd GDR(4) |
|
60,052
|
$
610,562 |
| Petrol
|
|
930
|
395,590
|
| |
|
|
$ 4,287,618
|
| South
Korea — 9.6% |
| AMOREPACIFIC
Corp. |
|
1,140
|
$
74,016 |
| Celltrion
Healthcare Co., Ltd. |
|
2,946
|
143,333
|
| Celltrion,
Inc. |
|
2,896
|
389,277
|
| CJ
CheilJedang Corp. |
|
339
|
98,426
|
| Coway
Co., Ltd. |
|
2,186
|
84,764
|
| Doosan
Enerbility Co., Ltd.(2) |
|
13,566
|
125,871
|
| Ecopro
BM Co., Ltd. |
|
1,708
|
137,569
|
| Hana
Financial Group, Inc. |
|
9,769
|
282,435
|
| Hanwha
Solutions Corp.(2) |
|
4,550
|
150,371
|
| HLB,
Inc.(2) |
|
3,700
|
104,897
|
| HMM
Co., Ltd. |
|
9,451
|
126,425
|
| HYBE
Co., Ltd.(2) |
|
432
|
36,568
|
| Hyundai
Engineering & Construction Co., Ltd. |
|
3,379
|
82,608
|
| Hyundai
Glovis Co., Ltd. |
|
762
|
92,878
|
| Hyundai
Mobis Co., Ltd. |
|
1,909
|
292,801
|
| Hyundai
Motor Co. |
|
4,067
|
468,675
|
| Hyundai
Steel Co. |
|
2,500
|
49,195
|
| Kakao
Corp. |
|
9,381
|
332,789
|
| KakaoBank
Corp.(2) |
|
2,472
|
29,591
|
| KB
Financial Group, Inc. |
|
12,130
|
408,163
|
| Kia
Corp. |
|
7,832
|
363,959
|
| Korea
Aerospace Industries, Ltd. |
|
2,870
|
95,314
|
| Korea
Electric Power Corp.(2) |
|
9,138
|
107,157
|
| Korea
Investment Holdings Co., Ltd. |
|
1,239
|
43,010
|
| Korea
Shipbuilding & Offshore Engineering Co., Ltd.(2) |
|
1,746
|
88,944
|
| Korea
Zinc Co., Ltd. |
|
330
|
147,989
|
| Korean
Air Lines Co., Ltd.(2) |
|
6,673
|
108,063
|
| Krafton,
Inc.(2) |
|
869
|
107,943
|
| KT&G
Corp. |
|
3,555
|
238,759
|
| L&F
Co., Ltd.(2) |
|
839
|
132,217
|
| LG
Chem, Ltd. |
|
1,442
|
632,805
|
| LG
Corp. |
|
3,183
|
176,698
|
| LG
Display Co., Ltd. |
|
9,346
|
83,407
|
| LG
Electronics, Inc. |
|
3,428
|
195,808
|
| LG
Energy Solution, Ltd.(2) |
|
683
|
252,723
|
| LG
H&H Co., Ltd. |
|
316
|
112,901
|
| LG
Innotek Co., Ltd. |
|
522
|
108,296
|
| Lotte
Chemical Corp. |
|
493
|
51,084
|
| Naver
Corp. |
|
3,924
|
465,458
|
| NCSoft
Corp. |
|
575
|
157,078
|
| Pearl
Abyss Corp.(2) |
|
890
|
25,913 |
| Security
|
Shares
|
Value
|
| South
Korea (continued) |
| POSCO
Chemical Co., Ltd. |
|
1,169
|
$
163,226 |
| POSCO
Holdings, Inc. |
|
2,360
|
411,326
|
| Samsung
Biologics Co., Ltd.(1)(2) |
|
533
|
327,548
|
| Samsung
C&T Corp. |
|
2,715
|
225,376
|
| Samsung
Electro-Mechanics Co., Ltd. |
|
1,863
|
157,780
|
| Samsung
Electronics Co., Ltd. |
|
134,116
|
5,581,884
|
| Samsung
Engineering Co., Ltd.(2) |
|
6,765
|
113,011
|
| Samsung
Fire & Marine Insurance Co., Ltd. |
|
1,075
|
150,768
|
| Samsung
Heavy Industries Co., Ltd.(2) |
|
25,662
|
92,643
|
| Samsung
Life Insurance Co., Ltd. |
|
3,000
|
141,773
|
| Samsung
SDI Co., Ltd. |
|
1,581
|
815,662
|
| Samsung
SDS Co., Ltd. |
|
1,303
|
114,155
|
| Shinhan
Financial Group Co., Ltd. |
|
14,332
|
364,270
|
| SK
Bioscience Co., Ltd.(2) |
|
942
|
49,829
|
| SK
Hynix, Inc. |
|
15,615
|
903,976
|
| SK
Innovation Co., Ltd.(2) |
|
1,789
|
216,627
|
| SK
Square Co., Ltd.(2) |
|
3,831
|
99,054
|
| SK,
Inc. |
|
1,234
|
184,913
|
| S-Oil
Corp. |
|
1,757
|
106,535
|
| Woori
Financial Group, Inc. |
|
18,413
|
151,944
|
| Yuhan
Corp. |
|
2,351
|
98,575
|
| |
|
|
$ 17,677,053
|
| Taiwan
— 5.8% |
| ASE
Technology Holding Co., Ltd. |
|
73,358
|
$
181,132 |
| Asustek
Computer, Inc. |
|
17,000
|
124,291
|
| AUO
Corp.(2) |
|
183,200
|
95,609
|
| Cathay
Financial Holding Co., Ltd. |
|
161,087
|
188,521
|
| Chailease
Holding Co., Ltd. |
|
33,348
|
153,824
|
| China
Steel Corp. |
|
248,000
|
206,440
|
| Chunghwa
Telecom Co., Ltd. |
|
79,000
|
272,385
|
| CTBC
Financial Holding Co., Ltd. |
|
256,000
|
161,725
|
| Delta
Electronics, Inc. |
|
38,680
|
307,769
|
| E.Sun
Financial Holding Co., Ltd. |
|
189,462
|
136,160
|
| First
Financial Holding Co., Ltd. |
|
164,408
|
126,118
|
| Formosa
Chemicals & Fibre Corp. |
|
83,000
|
178,904
|
| Formosa
Plastics Corp. |
|
82,000
|
211,266
|
| Fubon
Financial Holding Co., Ltd. |
|
157,046
|
248,059
|
| Globalwafers
Co., Ltd. |
|
6,000
|
66,504
|
| Hon
Hai Precision Industry Co., Ltd. |
|
218,508
|
693,998
|
| Hotai
Motor Co., Ltd. |
|
8,000
|
144,739
|
| Hua
Nan Financial Holdings Co., Ltd. |
|
151,525
|
98,850
|
| Largan
Precision Co., Ltd. |
|
2,000
|
114,424
|
| MediaTek,
Inc. |
|
26,000
|
473,933
|
| Mega
Financial Holding Co., Ltd. |
|
158,875
|
147,189
|
| Nan
Ya Plastics Corp. |
|
108,000
|
228,835 |
22
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| Taiwan
(continued) |
| Novatek
Microelectronics Corp. |
|
13,000
|
$
96,860 |
| Quanta
Computer, Inc. |
|
67,000
|
141,913
|
| Realtek
Semiconductor Corp. |
|
11,000
|
86,716
|
| Shin
Kong Financial Holding Co., Ltd. |
|
8,514
|
2,111
|
| Taishin
Financial Holding Co., Ltd. |
|
186,173
|
76,404
|
| Taiwan
Cement Corp. |
|
142,343
|
133,473
|
| Taiwan
Cooperative Financial Holding Co., Ltd. |
|
155,604
|
120,564
|
| Taiwan
Semiconductor Manufacturing Co., Ltd. |
|
392,000
|
4,712,704
|
| Uni-President
Enterprises Corp. |
|
108,960
|
221,272
|
| United
Microelectronics Corp. |
|
221,000
|
265,744
|
| Yuanta
Financial Holding Co., Ltd. |
|
249,694
|
152,465
|
| |
|
|
$ 10,570,901
|
| United
Arab Emirates — 11.7% |
| Abu
Dhabi Commercial Bank PJSC |
|
661,924
|
$
1,703,902 |
| Abu
Dhabi Islamic Bank PJSC |
|
321,170
|
830,996
|
| Abu
Dhabi National Oil Co. for Distribution PJSC |
|
647,100
|
795,272
|
| Al
Yah Satellite Communications Co. PJSC (Yahsat) |
|
4,224,438
|
3,150,241
|
| Aldar
Properties PJSC |
|
1,008,500
|
1,186,269
|
| Aramex
PJSC |
|
852,000
|
842,590
|
| Dubai
Electricity & Water Authority PJSC |
|
3,264,287
|
2,169,156
|
| Dubai
Islamic Bank PJSC |
|
423,067
|
670,255
|
| Emaar
Properties PJSC |
|
1,012,900
|
1,672,049
|
| Emirates
Telecommunications Group Co. PJSC |
|
440,000
|
3,092,345
|
| First
Abu Dhabi Bank PJSC |
|
652,654
|
3,182,835
|
| National
Central Cooling Co. PJSC |
|
1,342,340
|
1,163,284
|
| Ras
Al Khaimah Ceramics |
|
1,240,700
|
972,664
|
| |
|
|
$ 21,431,858
|
| Uruguay
— 0.1% |
| dLocal,
Ltd.(2) |
|
10,000
|
$
223,000 |
| |
|
|
$ 223,000
|
| Vietnam
— 9.2% |
| Bao
Viet Holdings |
|
177,200
|
$
374,255 |
| FPT
Corp. |
|
1,251,279
|
4,073,177
|
| Gelex
Group JSC |
|
528,300
|
285,599
|
| Hoa
Sen Group(2) |
|
684,800
|
313,993
|
| Hoang
Huy Investment Financial Services JSC |
|
845,200
|
271,580
|
| Masan
Group Corp. |
|
99,900
|
343,442
|
| Mobile
World Investment Corp. |
|
1,041,098
|
2,313,123
|
| Nam
Kim Steel JSC |
|
534,800
|
291,427
|
| No
Va Land Investment Group Corp.(2) |
|
7,524
|
21,191
|
| Phat
Dat Real Estate Development Corp.(2) |
|
3,271
|
5,747
|
| Phu
Nhuan Jewelry JSC |
|
568,400
|
2,433,690
|
| Refrigeration
Electrical Engineering Corp. |
|
547,655
|
1,862,909 |
| Security
|
Shares
|
Value
|
| Vietnam
(continued) |
| Vietnam
Construction and Import-Export JSC |
|
485,300
|
$
311,294 |
| Vietnam
National Petroleum Group(2) |
|
269,100
|
308,270
|
| Vietnam
Prosperity JSC Bank(2) |
|
2,687,038
|
1,891,686
|
| Vietnam
Rubber Group, Ltd. |
|
486,700
|
282,245
|
| Vietnam
Technological & Commercial Joint Stock Bank(2) |
|
1,388,000
|
1,470,219
|
| |
|
|
$ 16,853,847
|
Total
Common Stocks
(identified cost $171,580,178) |
|
|
$173,396,151
|
| Security
|
Shares
|
Value
|
| South
Korea — 0.6% |
| Hyundai
Motor Co., Ltd. |
|
1,499
|
$
83,861 |
| Samsung
Electronics Co., Ltd. |
|
23,936
|
894,534
|
| |
|
|
$ 978,395
|
| Taiwan
— 0.0%(5) |
| Fubon
Financial Holding Co., Ltd. |
|
2,110
|
$
3,556 |
| |
|
|
$ 3,556
|
Total
Preferred Stocks
(identified cost $984,484) |
|
|
$ 981,951
|
| Security
|
Shares
|
Value
|
| South
Korea — 0.0%(5) |
| HLB,
Inc. |
|
331
|
$
2,277 |
Total
Rights
(identified cost $0) |
|
|
$ 2,277
|
| Short-Term
Investments — 2.0% |
| Security
|
Shares
|
Value
|
| Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%(6) |
|
2,240,401
|
$
2,240,401 |
Total
Affiliated Fund
(identified cost $2,240,401) |
|
|
$ 2,240,401
|
23
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Portfolio of
Investments — continued
| U.S.
Treasury Obligations — 0.8% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| U.S.
Treasury Bill, 0.00%, 11/8/22 |
$
|
1,500
|
$
1,499,223 |
Total
U.S. Treasury Obligations
(identified cost $1,499,221) |
|
|
$ 1,499,223
|
Total
Short-Term Investments
(identified cost $3,739,622) |
|
|
$ 3,739,624
|
| |
|
|
Total
Investments — 97.0%
(identified cost $176,304,284) |
|
|
$178,120,003
|
| Other
Assets, Less Liabilities — 3.0% |
|
|
$ 5,513,013
|
| Net
Assets — 100.0% |
|
|
$183,633,016
|
| The
percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
|
(1) |
Security
exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31,
2022, the aggregate value of these securities is $6,397,435 or 3.5% of the Portfolio's net assets. |
|
(2) |
Non-income
producing security. |
|
(3) |
Securities
are traded on separate exchanges for the same entity. |
|
(4) |
Security
exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2022, the aggregate value of these securities is $5,053,617 or 2.8% of the Portfolio's net assets.
|
|
(5) |
Amount is
less than 0.05%. |
|
(6) |
May
be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2022. |
| Sector
Classification of Portfolio |
| Sector
|
Percentage
of Net Assets |
Value
|
| Financials
|
36.7%
|
$67,426,770
|
| Information
Technology |
12.1
|
22,276,482
|
| Consumer
Discretionary |
10.0
|
18,295,291
|
| Communication
Services |
8.2
|
15,117,427
|
| Industrials
|
6.0
|
11,038,902
|
| Utilities
|
5.1
|
9,409,834
|
| Materials
|
5.0
|
9,070,183
|
| Energy
|
4.7
|
8,624,769
|
| Consumer
Staples |
3.1
|
5,596,047
|
| Real
Estate |
2.1
|
3,869,580
|
| Health
Care |
2.0
|
3,655,094
|
| Short-Term
Investments |
2.0
|
3,739,624
|
| Total
Investments |
97.0%
|
$178,120,003
|
| Forward
Foreign Currency Exchange Contracts (Centrally Cleared) |
| Currency
Purchased |
Currency
Sold |
Settlement
Date |
Value/Unrealized
Appreciation
(Depreciation) |
| EUR
|
1,296,988
|
USD
|
1,305,054
|
12/21/22
|
$
(18,067) |
| EUR
|
19,000,000
|
USD
|
19,118,166
|
12/21/22
|
(264,673)
|
| USD
|
5,004,407
|
EUR
|
4,973,476
|
12/21/22
|
69,281
|
| USD
|
4,173,880
|
EUR
|
4,148,082
|
12/21/22
|
57,783
|
| USD
|
3,561,469
|
EUR
|
3,539,456
|
12/21/22
|
49,305
|
| USD
|
2,393,115
|
EUR
|
2,378,324
|
12/21/22
|
33,130
|
| USD
|
2,126,885
|
EUR
|
2,113,739
|
12/21/22
|
29,445
|
| USD
|
1,559,640
|
EUR
|
1,550,000
|
12/21/22
|
21,592
|
| USD
|
1,857,350
|
EUR
|
1,868,375
|
12/21/22
|
3,382
|
24
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Portfolio of
Investments — continued
| Forward
Foreign Currency Exchange Contracts (Centrally Cleared) (continued) |
| Currency
Purchased |
Currency
Sold |
Settlement
Date |
Value/Unrealized
Appreciation
(Depreciation) |
| USD
|
34,344
|
EUR
|
34,548
|
12/21/22
|
$ 63
|
| |
|
|
|
|
$
(18,759) |
| Forward
Foreign Currency Exchange Contracts (OTC) |
| Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
| USD
|
2,171
|
EUR
|
2,217
|
Bank
of America, N.A. |
11/4/22
|
$
— |
$
(21) |
| USD
|
2,718
|
EUR
|
2,731
|
HSBC
Bank USA, N.A. |
11/4/22
|
19
|
—
|
| CNH
|
88,600,000
|
USD
|
13,136,630
|
Bank
of America, N.A. |
11/25/22
|
—
|
(1,043,927)
|
| CNH
|
47,500,000
|
USD
|
7,042,337
|
BNP
Paribas |
11/25/22
|
—
|
(559,229)
|
| USD
|
13,072,785
|
CNH
|
88,600,000
|
Bank
of America, N.A. |
11/25/22
|
980,082
|
—
|
| USD
|
7,069,241
|
CNH
|
47,500,000
|
BNP
Paribas |
11/25/22
|
586,133
|
—
|
| CNH
|
52,600,000
|
USD
|
7,799,410
|
BNP
Paribas |
12/22/22
|
—
|
(608,520)
|
| CNH
|
9,300,000
|
USD
|
1,379,167
|
JPMorgan
Chase Bank, N.A. |
12/22/22
|
—
|
(107,774)
|
| CNH
|
20,863,000
|
USD
|
3,092,968
|
Standard
Chartered Bank |
12/22/22
|
—
|
(240,811)
|
| USD
|
6,080,680
|
CNH
|
40,700,000
|
BNP
Paribas |
12/22/22
|
516,628
|
—
|
| USD
|
1,778,593
|
CNH
|
11,900,000
|
BNP
Paribas |
12/22/22
|
151,758
|
—
|
| USD
|
1,389,471
|
CNH
|
9,300,000
|
JPMorgan
Chase Bank, N.A. |
12/22/22
|
118,078
|
—
|
| USD
|
1,658,189
|
CNH
|
11,100,000
|
Standard
Chartered Bank |
12/22/22
|
140,720
|
—
|
| USD
|
1,459,030
|
CNH
|
9,763,000
|
Standard
Chartered Bank |
12/22/22
|
124,341
|
—
|
| USD
|
4,456,726
|
AED
|
16,370,000
|
Standard
Chartered Bank |
4/19/23
|
459
|
—
|
| USD
|
1,657,609
|
AED
|
6,100,000
|
Standard
Chartered Bank |
5/30/23
|
—
|
(2,930)
|
| USD
|
36,233,394
|
CNH
|
243,500,000
|
BNP
Paribas |
6/16/23
|
2,540,471
|
—
|
| |
|
|
|
|
|
$5,158,689
|
$(2,563,212)
|
| Futures
Contracts |
| Description
|
Number
of
Contracts |
Position
|
Expiration
Date |
Notional
Amount |
Value/Unrealized
Appreciation
(Depreciation) |
| Equity
Futures |
|
|
|
|
|
| MSCI
Emerging Markets Index |
45
|
Long
|
12/16/22
|
$1,920,600
|
$
(1,323) |
| |
|
|
|
|
$(1,323)
|
| Abbreviations:
|
| GDR
|
– Global
Depositary Receipt |
| OTC
|
– Over-the-counter
|
| PFC
Shares |
– Preference
Shares |
| Currency
Abbreviations: |
| AED
|
– United
Arab Emirates Dirham |
| CNH
|
– Yuan
Renminbi Offshore |
| EUR
|
– Euro
|
| USD
|
– United
States Dollar |
25
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Statement of
Assets and Liabilities
| |
October
31, 2022 |
| Assets
|
|
| Unaffiliated
investments, at value (identified cost $174,063,883) |
$
175,879,602 |
| Affiliated
investment, at value (identified cost $2,240,401) |
2,240,401
|
| Cash
|
959,538
|
| Deposits
for derivatives collateral: |
|
| Futures
contracts |
96,830
|
| Centrally
cleared derivatives |
18,053
|
| OTC
derivatives - forward foreign currency exchange contracts |
980,000
|
| Foreign
currency, at value (identified cost $645,834) |
636,413
|
| Dividends receivable
|
148,576
|
| Dividends
receivable from affiliated investment |
11,113
|
| Receivable
for investments sold |
1,759,612
|
| Receivable for variation margin on open centrally cleared derivatives
|
2,494
|
| Receivable
for open forward foreign currency exchange contracts |
5,158,689
|
| Tax
reclaims receivable |
12,209
|
| Other
assets |
6,678
|
| Total
assets |
$187,910,208
|
| Liabilities
|
|
| Cash
collateral due to broker |
$
980,000 |
| Payable
for investments purchased |
224,358
|
| Payable
for variation margin on open futures contracts |
98,032
|
| Payable
for open forward foreign currency exchange contracts |
2,563,212
|
| Payable
to affiliates: |
|
| Investment
adviser fee |
151,353
|
| Trustees'
fees |
1,129
|
| Accrued
foreign capital gains taxes |
10,898
|
| Accrued
expenses |
248,210
|
| Total
liabilities |
$
4,277,192 |
| Net
Assets applicable to investors' interest in Portfolio |
$183,633,016
|
26
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
| |
Year
Ended |
| |
October
31, 2022 |
| Investment
Income |
|
| Dividend
income (net of foreign taxes withheld of $560,529) |
$
6,316,667 |
| Dividend
income from affiliated investments |
60,411
|
| Interest
income |
17,351
|
| Total
investment income |
$
6,394,429 |
| Expenses
|
|
| Investment
adviser fee |
$
1,865,169 |
| Trustees’
fees and expenses |
12,031
|
| Custodian
fee |
330,031
|
| Legal
and accounting services |
85,100
|
| Miscellaneous
|
54,130
|
| Total
expenses |
$
2,346,461 |
| Deduct:
|
|
| Waiver
and/or reimbursement of expenses by affiliate |
$
5,958 |
| Total
expense reductions |
$
5,958 |
| Net
expenses |
$
2,340,503 |
| Net
investment income |
$
4,053,926 |
| Realized
and Unrealized Gain (Loss) |
|
| Net
realized gain (loss): |
|
| Investment
transactions (net of foreign capital gains taxes of $82) |
$
(217,559) |
| Investment
transactions - affiliated investment |
(1,976)
|
| Futures
contracts |
(3,342,039)
|
| Swap
contracts |
246,144
|
| Foreign
currency transactions |
(988,026)
|
| Forward
foreign currency exchange contracts |
2,759,260
|
| Net
realized loss |
$
(1,544,196) |
| Change
in unrealized appreciation (depreciation): |
|
| Investments
(including net increase in accrued foreign capital gains taxes of $10,898) |
$
(38,842,784) |
| Futures
contracts |
133,371
|
| Swap
contracts |
(80,033)
|
| Foreign
currency |
10,530
|
| Forward
foreign currency exchange contracts |
2,196,581
|
| Net
change in unrealized appreciation (depreciation) |
$(36,582,335)
|
| Net
realized and unrealized loss |
$(38,126,531)
|
| Net
decrease in net assets from operations |
$(34,072,605)
|
27
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Statements of
Changes in Net Assets
| |
Year
Ended October 31, |
| |
2022
|
2021
|
| Increase
(Decrease) in Net Assets |
|
|
| From
operations: |
|
|
| Net
investment income |
$
4,053,926 |
$
1,848,852 |
| Net
realized gain (loss) |
(1,544,196)
|
24,455,725
|
| Net
change in unrealized appreciation (depreciation) |
(36,582,335)
|
24,471,674
|
| Net
increase (decrease) in net assets from operations |
$
(34,072,605) |
$
50,776,251 |
| Capital
transactions: |
|
|
| Contributions
|
$
40,153,386 |
$
13,948,565 |
| Withdrawals
|
(12,951,136)
|
(19,915,526)
|
| Net
increase (decrease) in net assets from capital transactions |
$
27,202,250 |
$
(5,966,961) |
| Net
increase (decrease) in net assets |
$
(6,870,355) |
$
44,809,290 |
| Net
Assets |
|
|
| At
beginning of year |
$
190,503,371 |
$
145,694,081 |
| At
end of year |
$183,633,016
|
$190,503,371
|
28
See Notes to Financial Statements.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
| |
Year
Ended October 31, |
| Ratios/Supplemental
Data |
2022
|
2021
|
2020
|
2019
|
2018
|
| Ratios
(as a percentage of average daily net assets): |
|
|
|
|
|
| Expenses
|
1.26%
(1) |
1.24%
|
1.28%
|
1.29%
(2) |
1.25%
|
| Net
investment income |
2.17%
|
1.04%
|
0.84%
|
1.29%
|
0.97%
|
| Portfolio
Turnover |
67%
|
70%
|
44%
|
43%
|
39%
|
| Total
Return |
(16.87)%
|
35.70%
|
(2.84)%
|
7.44%
|
(11.06)%
|
| Net
assets, end of year (000’s omitted) |
$183,633
|
$190,503
|
$145,694
|
$179,334
|
$162,169
|
|
(1) |
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 0.005% of average daily net assets for the year ended October 31, 2022). |
|
(2) |
Includes
interest expense of 0.01% of average daily net assets for the year ended October 31, 2019. |
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements
1 Significant Accounting Policies
Global Macro Capital Opportunities Portfolio (the Portfolio) is
a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration
of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2022, Eaton Vance Emerging and Frontier Countries Equity Fund held a 99.9% interest in the Portfolio.
The following is a summary of significant accounting policies
of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask
prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or
closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Debt Obligations. Debt
obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and
ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The
pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or
less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. Futures contracts
are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign futures contracts as described below. Forward foreign currency exchange
contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific
settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.
Foreign Securities, Futures Contracts and Currencies. Foreign securities, futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model
to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign futures contracts generally is determined as of
the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign
futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign futures contracts that meet certain criteria, the Portfolio’s
Trustees have approved the use of a fair value service that values such securities and foreign futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments
that have a strong correlation to the fair-valued securities and foreign futures contracts.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection
with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, 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.
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 Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the
applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements — continued
D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by
the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. 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 October 31, 2022, the Portfolio had no uncertain tax
positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for
a period of three years from the date of filing.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized
gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of
Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
G Indemnifications—Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against
certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations
of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with
service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet
occurred.
H Futures Contracts—Upon entering into a futures contract, the Portfolio is required to deposit with the broker, either in
cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the
value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the
Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the
counterparty, guaranteeing counterparty performance.
I Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the
contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or
received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared
contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded
as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value
of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.
J Total Return
Swaps—In a total return swap, the buyer receives a periodic return equal to the total return of a
specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread.
During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to
credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements — continued
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 year ended October 31, 2022,
the investment adviser fee amounted to $1,865,169 or 1.00% of the Portfolio’s average daily net assets. Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional
Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid
by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2022, the investment adviser fee paid was
reduced by $5,958 relating to the Portfolio's investment in the Liquidity Fund. Prior to April 26, 2022, the Portfolio may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed
by Eaton Vance Management (EVM), an affiliate of BMR. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.
Trustees and officers of the Portfolio who are members of
EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of
the above organizations.
3 Purchases and
Sales of Investments
Purchases and sales of investments,
other than short-term obligations, aggregated $166,669,660 and $115,066,690, respectively, for the year ended October 31, 2022.
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts, of the Portfolio at October 31, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate
cost |
$
179,577,064 |
| Gross
unrealized appreciation |
$
17,093,974 |
| Gross
unrealized depreciation |
(18,553,505)
|
| Net
unrealized depreciation |
$
(1,459,531) |
5 Financial Instruments
The Portfolio may trade in financial instruments with
off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk
in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent
the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at
October 31, 2022 is included in the Portfolio of Investments. At October 31, 2022, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.
In the normal course of pursuing its investment objective, the
Portfolio is subject to the following risks:
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements — continued
Equity
Price Risk: During the year ended October 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.
The Portfolio enters into forward foreign currency exchange
contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which
would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2022, the fair value of derivatives with credit-related contingent features in a net liability position was $2,563,212. At October 31, 2022 there
were no assets pledged by the Portfolio for such liability.
The over-the-counter (OTC) derivatives in which the Portfolio
invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master
Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC
derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain
circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically
permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of
offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the
Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.
The collateral requirements for derivatives traded under an
ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an
ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty.
Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral
representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities
pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to broker at October 31, 2022 approximated its fair value. If measured at fair
value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2022.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements — continued
The
fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2022 was as follows:
| |
Fair
Value |
| Statement
of Assets and Liabilities Caption |
Equity
Price |
Foreign
Exchange |
Total
|
| Not
applicable |
$
—* |
$
263,981* |
$
263,981 |
| Receivable
for open forward foreign currency exchange contracts |
—
|
5,158,689
|
5,158,689
|
| Total
Asset Derivatives |
$
— |
$
5,422,670 |
$
5,422,670 |
| Derivatives
not subject to master netting or similar agreements |
$
— |
$
263,981 |
$
263,981 |
| Total
Asset Derivatives subject to master netting or similar agreements |
$
— |
$
5,158,689 |
$
5,158,689 |
| Not
applicable |
$
(1,323)* |
$
(282,740)* |
$
(284,063) |
| Payable
for open forward foreign currency exchange contracts |
—
|
(2,563,212)
|
(2,563,212)
|
| Total
Liability Derivatives |
$(1,323)
|
$(2,845,952)
|
$(2,847,275)
|
| Derivatives
not subject to master netting or similar agreements |
$(1,323)
|
$
(282,740) |
$
(284,063) |
| Total
Liability Derivatives subject to master netting or similar agreements |
$
— |
$(2,563,212)
|
$(2,563,212)
|
| *
|
Only
the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally
cleared derivatives, as applicable. |
The Portfolio’s derivative assets and liabilities at fair
value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for
offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2022.
| Counterparty
|
Derivative
Assets Subject to
Master Netting
Agreement |
Derivatives
Available
for Offset |
Non-cash
Collateral
Received(a) |
Cash
Collateral
Received(a) |
Net
Amount
of Derivative
Assets(b) |
| Bank
of America, N.A. |
$
980,082 |
$
(980,082) |
$
— |
$
— |
$
— |
| BNP
Paribas |
3,794,990
|
(1,167,749)
|
(1,375,124)
|
(950,000)
|
302,117
|
| HSBC
Bank USA, N.A. |
19
|
—
|
—
|
—
|
19
|
| JPMorgan
Chase Bank, N.A. |
118,078
|
(107,774)
|
—
|
—
|
10,304
|
| Standard
Chartered Bank |
265,520
|
(243,741)
|
—
|
(21,779)
|
—
|
| |
$5,158,689
|
$(2,499,346)
|
$(1,375,124)
|
$(971,779)
|
$312,440
|
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements — continued
| Counterparty
|
Derivative
Liabilities Subject to
Master Netting
Agreement |
Derivatives
Available
for Offset |
Non-cash
Collateral
Pledged(a) |
Cash
Collateral
Pledged(a) |
Net
Amount
of Derivative
Liabilities(c) |
| Bank
of America, N.A. |
$
(1,043,948) |
$
980,082 |
$
— |
$
— |
$
(63,866) |
| BNP
Paribas |
(1,167,749)
|
1,167,749
|
—
|
—
|
—
|
| JPMorgan
Chase Bank, N.A. |
(107,774)
|
107,774
|
—
|
—
|
—
|
| Standard
Chartered Bank |
(243,741)
|
243,741
|
—
|
—
|
—
|
| |
$(2,563,212)
|
$2,499,346
|
$ —
|
$ —
|
$(63,866)
|
|
(a) |
In some
instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
|
(b) |
Net
amount represents the net amount due from the counterparty in the event of default. |
|
(c) |
Net
amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2022 was as follows:
| Statement
of Operations Caption |
Equity
Price |
Foreign
Exchange |
Total
|
| Net
realized gain (loss): |
|
|
| Futures
contracts |
$(3,342,039)
|
$
— |
$(3,342,039)
|
| Swap
contracts |
246,144
|
—
|
246,144
|
| Forward
foreign currency exchange contracts |
—
|
2,759,260
|
2,759,260
|
| Total
|
$(3,095,895)
|
$2,759,260
|
$
(336,635) |
| Change
in unrealized appreciation (depreciation): |
|
|
| Futures
contracts |
$133,371
|
$
— |
$
133,371 |
| Swap
contracts |
(80,033)
|
—
|
(80,033)
|
| Forward
foreign currency exchange contracts |
—
|
2,196,581
|
2,196,581
|
| Total
|
$53,338
|
$2,196,581
|
$
2,249,919 |
The average notional cost of futures contracts and average
notional amounts of other derivative contracts outstanding during the year ended October 31, 2022, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts — Long |
Futures
Contracts — Short |
Forward
Foreign Currency
Exchange Contracts* |
Swap
Contracts |
| $12,094,000
|
$6,470,000
|
$110,849,000
|
$385,000
|
| *
|
The
average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements — continued
6 Line of Credit
The Portfolio participates with other portfolios and funds
managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was
decreased from $800 million. 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. Also in connection with the renewal of the agreement, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio,
it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2022.
7 Investments in Affiliated Funds
At October 31, 2022, the value of the Portfolio's investment in
funds that may be deemed to be affiliated was $2,240,401, which represents 1.2% of the Portfolio's net assets. Transactions in affiliated funds by the Portfolio for the year ended October 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/Shares,
end of period |
| Short-Term
Investments |
| Cash
Reserves Fund |
$20,820,477
|
$95,455,792
|
$(116,274,293)
|
$
(1,976) |
$
— |
$
— |
$
4,129 |
—
|
| Liquidity
Fund |
—
|
80,250,352
|
(78,009,951)
|
—
|
—
|
2,240,401
|
56,282
|
2,240,401
|
| Total
|
|
|
|
$(1,976)
|
$ —
|
$2,240,401
|
$60,411
|
|
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 October 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
|
$
3,570,610 |
$
78,035,576 |
$
— |
$
81,606,186 |
| Emerging
Europe |
22,586
|
51,367,074
|
—
|
51,389,660
|
| Latin
America |
18,797,707
|
—
|
—
|
18,797,707
|
| Middle
East/Africa |
—
|
21,602,598
|
—
|
21,602,598
|
| Total
Common Stocks |
$
22,390,903 |
$
151,005,248* |
$ —
|
$
173,396,151 |
| Preferred
Stocks |
$
— |
$
981,951 |
$
— |
$
981,951 |
| Rights
|
—
|
2,277
|
— |
2,277
|
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Notes to
Financial Statements — continued
| Asset
Description (continued) |
Level
1 |
Level
2 |
Level
3 |
Total
|
| Short-Term
Investments: |
|
|
|
|
| Affiliated
Fund |
$
2,240,401 |
$
— |
$
— |
$
2,240,401 |
| U.S.
Treasury Obligations |
—
|
1,499,223
|
—
|
1,499,223
|
| Total
Investments |
$
24,631,304 |
$
153,488,699 |
$ —
|
$
178,120,003 |
| Forward
Foreign Currency Exchange Contracts |
$
— |
$
5,422,670 |
$
— |
$
5,422,670 |
| Total
|
$
24,631,304 |
$
158,911,369 |
$ —
|
$
183,542,673 |
| Liability
Description |
|
|
|
|
| Forward
Foreign Currency Exchange Contracts |
$
— |
$
(2,845,952) |
$
— |
$
(2,845,952) |
| Futures
Contracts |
(1,323)
|
—
|
—
|
(1,323)
|
| Total
|
$
(1,323) |
$
(2,845,952) |
$ —
|
$
(2,847,275) |
| *
|
Includes
foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to
reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets
typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S.
dollar may be adversely affected by fluctuations in currency exchange rates.
Emerging market securities often involve greater risks than
developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic
sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market
countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize
ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which
contributes to their volatility.
Frontier markets are
among the smallest and least mature investment markets. Frontier market countries may have greater political or economic instability and may also be subject to trade barriers, adjustments in currency values and developing or changing securities laws
and other regulations. Investments in frontier market countries generally are less liquid and subject to greater price volatility than investments in developed markets or emerging markets.
Pandemic Risk
An outbreak of respiratory disease caused by a novel
coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines,
cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and
economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market
in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Portfolio's performance, or the performance of the securities in which the Portfolio
invests.
Global Macro
Capital Opportunities Portfolio
October 31, 2022
Report of
Independent Registered Public Accounting Firm
To the
Trustees and Investors of Global Macro Capital Opportunities Portfolio:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying statement of
assets and liabilities of Global Macro Capital Opportunities Portfolio (the “Portfolio"), including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in
all material respects, the financial position of the Portfolio as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to
error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial
reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 20, 2022
We have served as the auditor of one
or more Eaton Vance investment companies since 1959.
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is
a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information
specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent
such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information
applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying
portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices,
over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment
strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with
respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio
turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the
financial results and condition of the adviser and sub-adviser to each fund;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,
references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section,
further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Board of
Trustees’ Contract Approval — continued
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other mutual funds and investment accounts, as applicable;
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique
environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the
adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance
Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance on March 1, 2021;
• Information concerning the
nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment
advisory agreement and sub-advisory agreement.
During the
various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the
funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques
employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and
received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the
Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the
contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material
factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory
agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with
respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the
Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Emerging and Frontier Countries Equity Fund
(the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Global Macro Capital Opportunities Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and
Boston Management and Research (“BMR”) (EVM, with respect to the
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Board of
Trustees’ Contract Approval — continued
Fund, and BMR, with
respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the
recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund and the investment advisory agreement for the Portfolio
(together, the “investment advisory agreements”).
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.
The Board considered each Adviser’s management
capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management,
investment research, and similar services to the Fund and the Portfolio, including recent changes to such personnel. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in investing in
equity securities traded in developed, emerging, frontier, and off-index markets. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors,
including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds,
including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the
provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.
The Board noted that, under the terms of the investment
advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the
Portfolio.
The Board considered the compliance programs
of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading,
portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and
Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or
overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and
investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to
that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and
five-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of
the Fund was higher than its primary, secondary and custom benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund
and by the Portfolio for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period
ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries
from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of
the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by each
Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to
marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Board of
Trustees’ Contract Approval — continued
The
Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be
available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio
increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases
and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been
affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure
of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Liquidity Risk
Management Program
The
Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines
“liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has
designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer
the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the
administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the
liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number
of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on
June 7, 2022, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment
minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity
risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its
objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Management and
Organization
Fund
Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Macro Capital Opportunities Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s
and the Portfolio’s affairs. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board
members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's and the Portfolio's
current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which
he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund and the Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and
resignation will not become effective until such time as action has been taken for the Fund and the Portfolio to be in compliance therewith. The “Noninterested Trustees” consist of those Trustees who are not “interested
persons” of the Trust/Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston
Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee
of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her
position with EVM listed below. Each Trustee oversees 135 funds (with the exception of Mr. Bowser who oversees 110 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
| Name
and Year of Birth |
Trust/Portfolio
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustee
|
Thomas
E. Faust Jr.
1958 |
Trustee
|
Since
2007 |
Chairman
of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC
and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust and the Portfolio.
Other Directorships. Formerly,
Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees
|
Alan
C. Bowser(1)
1962 |
Trustee
|
Since
2022 |
Chief
Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of
Bridgewater Associates, an asset management firm (2011- present).
Other Directorships. None. |
Mark
R. Fetting
1954 |
Trustee
|
Since
2016 |
Private investor.
Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President
(2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia
E. Frost
1961 |
Trustee
|
Since
2014 |
Private investor.
Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates
(investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other
Directorships. None. |
George
J. Gorman
1952 |
Chairperson
of the Board
and Trustee |
Since
2021
(Chairperson) and
2014 (Trustee) |
Principal
at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Management and
Organization — continued
| Name
and Year of Birth |
Trust/Portfolio
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees
(continued) |
Valerie
A. Mosley
1960 |
Trustee
|
Since
2014 |
Chairwoman
and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at
Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and
financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith
Quinton
1958 |
Trustee
|
Since
2018 |
Private investor,
researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)
(2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus
L. Smith
1966 |
Trustee
|
Since
2018 |
Private investor
and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management
(investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support
tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan
J. Sutherland
1957 |
Trustee
|
Since
2015 |
Private investor.
Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015).
Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition
company) (since 2021). |
Scott
E. Wennerholm
1959 |
Trustee
|
Since
2016 |
Private investor.
Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset
Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments
Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy
A. Wiser(1)
1967 |
Trustee
|
Since
2022 |
Formerly,
Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name
and Year of Birth |
Trust/Portfolio
Position(s) |
Length
of Service |
Principal
Occupation(s)
During Past Five Years |
| Principal
Officers who are not Trustees |
Eric
A. Stein
1980 |
President
|
Since
2020 |
Vice
President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
|
Edward
J. Perkin
1972 |
Vice
President and
Chief Legal Officer |
Since
2009 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
James
F. Kirchner
1967 |
Treasurer
|
Since
2007 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
Emerging and Frontier Countries Equity Fund
October 31, 2022
Management and
Organization — continued
| Name
and Year of Birth |
Trust/Portfolio
Position(s) |
Length
of Service |
Principal
Occupation(s)
During Past Five Years |
| Principal
Officers who are not Trustees (continued) |
Nicholas
Di Lorenzo
1987 |
Secretary
|
Since
2022 |
Formerly,
associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard
F. Froio
1968 |
Chief
Compliance
Officer |
Since
2017 |
Vice
President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).
|
(1) Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.
The SAI for the Fund includes additional information about
the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
| Privacy
Notice |
April 2021
|
| FACTS
|
WHAT
DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
| Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
| |
|
| What?
|
The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■ investment
experience and risk tolerance
■ checking account number and wire transfer instructions |
| |
|
| How?
|
All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
Reasons
we can share your
personal information |
Does
Eaton Vance
share? |
Can
you limit
this sharing? |
| For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes
|
No
|
| For
our marketing purposes — to offer our products and services to you |
Yes
|
No
|
| For
joint marketing with other financial companies |
No
|
We
don’t share |
| For
our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness |
Yes
|
Yes
|
| For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No
|
| For
our affiliates’ everyday business purposes — information about your creditworthiness |
No
|
We
don’t share |
| For
our investment management affiliates to market to you |
Yes
|
Yes
|
| For
our affiliates to market to you |
No
|
We
don’t share |
| For
nonaffiliates to market to you |
No
|
We
don’t share |
To
limit our
sharing |
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer,
we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact
us at any time to limit our sharing. |
| Questions?
|
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| Privacy
Notice — continued |
April 2021
|
| Who
we are |
| Who
is providing this notice? |
Eaton
Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate
Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
|
| What
we do |
How
does Eaton Vance
protect my personal
information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance
collect my personal
information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information
to market to you
■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
|
| Definitions
|
Investment
Management
Affiliates |
Eaton
Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth
Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates
|
Companies
related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates
|
Companies
not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
| Joint
marketing |
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market.
|
| Other
important information |
| Vermont:
Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply
to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
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Investment Adviser of Global Macro Capital Opportunities Portfolio
Boston Management and Research
Two International Place
Boston, MA 02110
Investment Adviser and Administrator of Eaton Vance
Emerging and Frontier Countries Equity Fund
Eaton Vance
Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
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investors at www.FINRA.org.
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial
Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not
granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The
registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the
Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience
serving as an independent trustee and audit committee financial expert of other
mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish
Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment
management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant
Fees and Services
(a)-(d)
The following table
presents the aggregate fees billed to the registrant for the registrant’s fiscal years October 31, 2021 and October 31, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for
professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
|
|
|
|
|
|
|
|
|
| Fiscal Years Ended |
|
10/31/21 |
|
|
10/31/22 |
|
| Audit Fees |
|
$ |
45,800 |
|
|
$ |
52,600 |
|
| Audit-Related Fees(1) |
|
$ |
0 |
|
|
$ |
0 |
|
| Tax Fees(2) |
|
$ |
24,453 |
|
|
$ |
3,000 |
|
| All Other Fees(3) |
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
70,253 |
|
|
$ |
55,600 |
|
|
|
|
|
|
|
|
|
|
| (1) |
Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably
related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
| (2) |
Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant
relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other tax related compliance/planning matters. |
| (3) |
All other fees consist of the aggregate fees billed for products and services provided by the principal
accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and
procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and
(ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees.
Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit
committee.
The Pre-Approval Policies and the types of audit and non-audit
services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment,
compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were
approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other
services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2021 and October 31, 2022; and (ii) the aggregate non-audit fees (i.e., fees for
audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
|
|
|
|
|
|
|
|
|
| Fiscal Years Ended |
|
10/31/21 |
|
|
10/31/22 |
|
| Registrant |
|
$ |
24,453 |
|
|
$ |
3,000 |
|
| Eaton Vance(1) |
|
$ |
51,800 |
|
|
$ |
52,836 |
|
| (1) |
Certain subsidiaries of Morgan Stanley. provide ongoing services to the registrant. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of
non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not
pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s
independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form
N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities
by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s
current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has
been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the
registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There
have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Global Macro Capital Opportunities Portfolio
|
|
|
| By: |
|
/s/ Eric A. Stein |
|
|
Eric A. Stein |
|
|
President |
Date: December 28, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| By: |
|
/s/ James F. Kirchner |
|
|
James F. Kirchner |
|
|
Treasurer |
|
| Date: December 28, 2022 |
|
|
| By: |
|
/s/ Eric A. Stein |
|
|
Eric A. Stein |
|
|
President |
Date: December 28, 2022