Global Income Builder Portfolio N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-23145

Global Income Builder Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited)

Common Stocks — 58.9%
Security	Shares		Value
Aerospace & Defense — 0.5%
CAE, Inc.		88,324	$	1,669,554
			$	1,669,554
Auto Components — 0.4%
Continental AG		5,306	$	1,413,172
			$	1,413,172
Automobiles — 0.3%
Bayerische Motoren Werke AG		8,274	$	919,919
			$	919,919
Banks — 6.8%
BNP Paribas SA		28,090	$	2,168,527
Canadian Imperial Bank of Commerce		22,591		1,967,640
Credit Agricole SA		104,002		1,712,637
DNB ASA		82,271		1,538,578
ING Groep NV		100,465		1,692,887
Intesa Sanpaolo SpA		577,155		2,195,472
JPMorgan Chase & Co.		16,284		1,771,374
KeyCorp		100,657		2,005,087
Nordea Bank AB		178,085		1,811,240
Societe Generale SA		27,752		1,518,832
Sumitomo Mitsui Financial Group, Inc.		33,043		1,377,174
UniCredit SpA		73,592		1,595,468
Wells Fargo & Co.		55,452		2,881,286
			$	24,236,202
Beverages — 1.3%
Anheuser-Busch InBev SA/NV		18,232	$	1,811,049
Constellation Brands, Inc., Class A		4,553		1,061,441
Diageo PLC		52,443		1,870,885
			$	4,743,375
Biotechnology — 0.6%
Celgene Corp.(1)		16,951	$	1,476,432
Shire PLC		14,704		782,986
			$	2,259,418
Building Products — 0.6%
Assa Abloy AB, Class B		102,351	$	2,144,961
			$	2,144,961

Security	Shares		Value
Capital Markets — 0.9%
Natixis SA		371,582	$	3,051,781
			$	3,051,781
Chemicals — 1.5%
Arkema SA		10,909	$	1,429,020
BASF SE		8,529		887,386
Ecolab, Inc.		14,694		2,127,250
Novozymes A/S, Class B		17,275		812,148
			$	5,255,804
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		21,844	$	1,412,870
SECOM Co., Ltd.		18,170		1,363,182
			$	2,776,052
Communications Equipment — 0.3%
Nokia Oyj		183,986	$	1,103,955
			$	1,103,955
Construction & Engineering — 0.4%
Bouygues SA		17,243	$	879,481
Skanska AB, Class B		21,111		411,149
			$	1,290,630
Consumer Finance — 1.2%
Discover Financial Services		16,756	$	1,193,865
Navient Corp.		137,295		1,820,531
OneMain Holdings, Inc.(1)		35,048		1,081,231
			$	4,095,627
Containers & Packaging — 0.5%
Sealed Air Corp.		37,961	$	1,664,590
			$	1,664,590
Diversified Financial Services — 1.0%
ORIX Corp.		202,868	$	3,558,071
			$	3,558,071
Diversified Telecommunication Services — 0.8%
Deutsche Telekom AG		67,759	$	1,186,027
Telefonica Deutschland Holding AG		368,350		1,757,958
			$	2,943,985

17 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Electric Utilities — 1.4%
Iberdrola SA		241,146	$	1,863,079
NextEra Energy, Inc.		18,549		3,040,367
			$	4,903,446
Electrical Equipment — 2.1%
Acuity Brands, Inc.		9,286	$	1,112,184
Legrand SA		20,209		1,572,521
Melrose Industries PLC		1,335,710		4,188,316
Philips Lighting NV(2)		14,044		427,104
			$	7,300,125
Electronic Equipment, Instruments & Components — 1.4%
CDW Corp.		43,187	$	3,078,801
Keyence Corp.		3,389		2,066,542
			$	5,145,343
Energy Equipment & Services — 0.3%
Halliburton Co.		22,119	$	1,172,086
			$	1,172,086
Equity Real Estate Investment Trusts (REITs) — 1.8%
American Tower Corp.		20,882	$	2,847,469
Equity Residential		42,515		2,623,601
Simon Property Group, Inc.		6,735		1,052,950
			$	6,524,020
Food Products — 0.4%
Nestle SA		5,748	$	445,298
Pinnacle Foods, Inc.		19,069		1,151,768
			$	1,597,066
Health Care Equipment & Supplies — 1.3%
Baxter International, Inc.		10,731	$	745,805
Boston Scientific Corp.(1)		83,096		2,386,517
Danaher Corp.		15,444		1,549,342
			$	4,681,664
Health Care Providers & Services — 0.7%
Anthem, Inc.		5,975	$	1,410,040
UnitedHealth Group, Inc.		3,901		922,197
			$	2,332,237

Security	Shares		Value
Hotels, Restaurants & Leisure — 0.2%
Carnival Corp.		13,373	$	843,301
			$	843,301
Household Products — 0.4%
Reckitt Benckiser Group PLC		19,520	$	1,531,305
			$	1,531,305
Insurance — 4.1%
AIA Group, Ltd.		199,664	$	1,784,437
Allianz SE		2,401		567,894
Aviva PLC		269,106		1,955,235
AXA SA		60,229		1,722,467
Chubb, Ltd.		5,888		798,825
Muenchener Rueckversicherungs-Gesellschaft AG		7,225		1,653,529
Prudential PLC		92,545		2,379,704
Sampo Oyj, Class A		10,319		558,068
SCOR SE		39,514		1,602,414
Swiss Re AG		17,152		1,634,058
			$	14,656,631
Internet & Direct Marketing Retail — 1.2%
Amazon.com, Inc.(1)(3)		2,699	$	4,226,985
			$	4,226,985
Internet Software & Services — 2.1%
Alphabet, Inc., Class C(1)(3)		5,593	$	5,689,927
Facebook, Inc., Class A(1)		10,550		1,814,600
			$	7,504,527
IT Services — 0.5%
Visa, Inc., Class A		12,785	$	1,622,161
			$	1,622,161
Life Sciences Tools & Services — 0.4%
Lonza Group AG		5,426	$	1,325,744
			$	1,325,744
Machinery — 3.2%
Atlas Copco AB, Class A		45,027	$	1,760,840
Fortive Corp.		18,218		1,280,907
ITT, Inc.		24,210		1,183,627
Komatsu, Ltd.		45,540		1,552,400
MISUMI Group, Inc.		67,140		1,852,822

18 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Machinery (continued)
Parker-Hannifin Corp.		10,469	$	1,723,407
Xylem, Inc.		26,470		1,929,663
			$	11,283,666
Media — 0.5%
Interpublic Group of Cos., Inc. (The)		35,972	$	848,580
ProSiebenSat.1 Media SE		25,871		938,549
			$	1,787,129
Metals & Mining — 0.6%
Rio Tinto, Ltd.		34,017	$	2,024,493
			$	2,024,493
Multi-Utilities — 2.2%
A2A SpA		274,915	$	552,784
CMS Energy Corp.		51,929		2,450,529
RWE AG		59,721		1,427,435
Suez		163,119		2,352,435
Veolia Environnement SA		36,376		860,606
			$	7,643,789
Oil, Gas & Consumable Fuels — 2.8%
BP PLC		344,303	$	2,557,468
ConocoPhillips		27,032		1,770,596
Exxon Mobil Corp.		37,247		2,895,954
Phillips 66		14,746		1,641,377
Seven Generations Energy, Ltd., Class A(1)		68,460		976,820
			$	9,842,215
Personal Products — 1.2%
Estee Lauder Cos., Inc. (The), Class A		6,433	$	952,663
Unilever PLC		57,141		3,205,154
			$	4,157,817
Pharmaceuticals — 3.1%
Bayer AG		16,389	$	1,958,806
Eli Lilly & Co.		25,973		2,105,631
Johnson & Johnson		23,285		2,945,320
Novo Nordisk A/S, Class B		36,793		1,730,298
Sanofi		6,810		538,414
Zoetis, Inc.		19,203		1,603,066
			$	10,881,535

Security	Shares		Value
Professional Services — 0.5%
Verisk Analytics, Inc.(1)		17,982	$	1,914,184
			$	1,914,184
Road & Rail — 1.0%
CSX Corp.		58,273	$	3,460,833
			$	3,460,833
Semiconductors & Semiconductor Equipment — 1.6%
ASML Holding NV		16,406	$	3,123,435
Sumco Corp.		33,234		811,725
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		44,748		1,720,561
			$	5,655,721
Software — 0.5%
Activision Blizzard, Inc.		29,417	$	1,951,818
			$	1,951,818
Specialty Retail — 1.9%
Home Depot, Inc. (The)		10,035	$	1,854,468
Industria de Diseno Textil SA		68,919		2,136,363
TJX Cos., Inc. (The)		19,793		1,679,436
Ulta Beauty, Inc.(1)		4,173		1,047,048
			$	6,717,315
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.		10,908	$	1,802,656
HP, Inc.		109,506		2,353,284
			$	4,155,940
Textiles, Apparel & Luxury Goods — 0.9%
adidas AG		4,832	$	1,187,558
LVMH Moet Hennessy Louis Vuitton SE		5,967		2,076,586
			$	3,264,144
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.(1)		89,090	$	892,682
			$	892,682
Tobacco — 0.6%
British American Tobacco PLC		36,990	$	2,028,808
			$	2,028,808

19 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Wireless Telecommunication Services — 0.7%
Tele2 AB, Class B		104,697	$	1,357,074
Vodafone Group PLC		368,418		1,075,121
			$	2,432,195
Total Common Stocks (identified cost $195,843,733)			$	208,588,021
Preferred Stocks — 2.2%
Security	Shares		Value
Banks — 0.8%
AgriBank FCB, 6.875% to 1/1/24(4)		9,798	$	1,058,796
CoBank ACB, Series F, 6.25% to 10/1/22(4)		8,600		911,600
Farm Credit Bank of Texas, 6.75% to 9/15/23(2)(4)		1,115		120,199
Farm Credit Bank of Texas, Series 1, 10.00%		230		271,400
First Republic Bank, Series G, 5.50%		2,950		74,370
IBERIABANK Corp., Series C, 6.60% to 5/1/26(4)		14,030		375,724
Wells Fargo & Co., Series Y, 5.625%		4,650		115,041
			$	2,927,130
Capital Markets — 0.1%
KKR & Co., L.P., Series A, 6.75%		7,197	$	186,762
			$	186,762
Electric Utilities — 0.3%
NextEra Energy Capital Holdings, Inc., Series I, 5.125%		9,163	$	225,960
SCE Trust VI, 5.00%		15,350		345,989
Southern Co. (The), 6.25%		22,549		584,019
			$	1,155,968
Equity Real Estate Investment Trusts (REITs) — 0.4%
CBL & Associates Properties, Inc., Series D, 7.375%		18,075	$	319,927
DDR Corp., Series A, 6.375%		10,450		240,663
DDR Corp., Series K, 6.25%		1,950		42,413
Spirit Realty Capital, Inc., Series A, 6.00%		9,250		192,863
Summit Hotel Properties, Inc., Series E, 6.25%		8,975		211,092
Vornado Realty Trust, Series K, 5.70%		21,500		513,850
			$	1,520,808
Food Products — 0.2%
Dairy Farmers of America, Inc., 7.875%(2)		4,700	$	476,448
Ocean Spray Cranberries, Inc., 6.25%(2)		540		49,140
			$	525,588

Security	Shares		Value
Insurance — 0.1%
Arch Capital Group, Ltd., Series E, 5.25%		7,950	$	188,971
PartnerRe, Ltd., Series I, 5.875%		5,061		128,347
			$	317,318
Machinery — 0.1%
Stanley Black & Decker, Inc., 5.75%		17,150	$	431,837
			$	431,837
Multi-Utilities — 0.1%
DTE Energy Co., Series C, 5.25%		9,407	$	229,813
			$	229,813
Oil, Gas & Consumable Fuels — 0.1%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(4)		23,750	$	503,975
			$	503,975
Total Preferred Stocks (identified cost $7,977,202)			$	7,799,199
Corporate Bonds & Notes — 35.1%
Security	Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.2%
BBA US Holdings, Inc., 5.375%, 5/1/26(2)		105	$	105,848
TransDigm, Inc., 6.00%, 7/15/22		500		508,125
TransDigm, Inc., 6.50%, 5/15/25		30		30,600
			$	644,573
Auto Components — 0.1%
Deck Chassis Acquisition, Inc., 10.00%, 6/15/23(2)		205	$	217,300
Wabash National Corp., 5.50%, 10/1/25(2)		145		141,738
			$	359,038
Automobiles — 0.1%
General Motors Financial Co., Inc., Series A, 5.75% to 9/30/27(4)(5)		320	$	315,800
			$	315,800
Banks — 2.1%
Australia and New Zealand Banking Group, Ltd., 6.75% to 6/15/26(2)(4)(5)		200	$	213,750
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27(4)(5)		400		387,620

20 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Banks (continued)
Banco do Brasil SA, 6.25% to 4/15/24(2)(4)(5)			859	$	765,326
Bank of America Corp., Series AA, 6.10% to 3/17/25(4)(5)			818		848,675
Bank of America Corp., Series FF, 5.875% to 3/15/28(4)(5)			220		220,000
CIT Group, Inc., 4.125%, 3/9/21			125		125,444
CIT Group, Inc., 5.375%, 5/15/20			33		34,155
CIT Group, Inc., 6.125%, 3/9/28			105		108,806
Citigroup, Inc., Series M, 6.30% to 5/15/24(4)(5)			195		199,583
Citigroup, Inc., Series T, 6.25% to 8/15/26(4)(5)			355		369,200
Credit Agricole SA, 7.875% to 1/23/24(2)(4)(5)			327		355,612
Fifth Third Bancorp, Series H, 5.10% to 6/30/23(4)(5)			460		453,675
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24(4)(5)			215		233,813
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(4)(5)			353		366,237
JPMorgan Chase & Co., Series Z, 5.30% to 5/1/20(4)(5)			768		792,960
M&T Bank Corp., Series F, 5.125% to 11/1/26(4)(5)			280		279,118
PNC Financial Services Group, Inc. (The), Series S, 5.00% to 11/1/26(4)(5)			170		168,300
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25(4)(5)			389		426,441
Societe Generale SA, 6.75% to 4/6/28(2)(4)(5)			535		531,656
UniCredit SpA, 8.00% to 6/3/24(4)(5)(6)			610		637,942
Zions Bancorporation, Series I, 5.80% to 6/15/23(4)(5)			88		90,860
				$	7,609,173
Biotechnology — 0.4%
Grifols S.A., 3.20%, 5/1/25(6)	EUR		1,075	$	1,311,651
				$	1,311,651
Building Products — 0.7%
Builders FirstSource, Inc., 5.625%, 9/1/24(2)			210	$	208,688
Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23(2)			1,000		1,042,500
Standard Industries, Inc., 5.50%, 2/15/23(2)			85		87,948
Standard Industries, Inc., 6.00%, 10/15/25(2)			525		547,312
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24			600		611,250
				$	2,497,698
Capital Markets — 0.8%
Banco BTG Pactual SA/Cayman Islands, 5.75%, 9/28/22(2)			400	$	394,248
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27(4)(5)			450		438,750
UBS Group AG, 6.875% to 8/7/25(4)(5)(6)			833		878,299
Vantiv, LLC/Vanity Issuer Corp., 3.875%, 11/15/25(6)	GBP		950		1,291,516
				$	3,002,813

Security		Principal Amount* (000’s omitted)		Value
Casino & Gaming — 0.2%
Cinemark USA, Inc., 4.875%, 6/1/23			430	$	427,313
GLP Capital, L.P./GLP Financing II, Inc., 4.375%, 4/15/21			30		30,300
GLP Capital, L.P./GLP Financing II, Inc., 5.375%, 4/15/26			110		111,100
				$	568,713
Chemicals — 1.0%
Chemours Co. (The), 7.00%, 5/15/25			145	$	156,781
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(2)			215		214,731
OCI N.V., 5.00%, 4/15/23(6)	EUR		785		967,197
Platform Specialty Products Corp., 6.50%, 2/1/22(2)			735		755,212
SPCM S.A., 4.875%, 9/15/25(2)			65		63,112
Tronox Finance PLC, 5.75%, 10/1/25(2)			220		214,500
Tronox, Inc., 6.50%, 4/15/26(2)			235		234,413
Valvoline, Inc., 5.50%, 7/15/24			45		46,238
Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25(2)			115		115,000
W.R. Grace & Co., 5.125%, 10/1/21(2)			750		772,342
				$	3,539,526
Commercial Services & Supplies — 2.6%
Advanced Disposal Services, Inc., 5.625%, 11/15/24(2)			170	$	171,700
Algeco Global Finance PLC, 6.50%, 2/15/23(6)	EUR		1,425		1,771,646
Clean Harbors, Inc., 5.125%, 6/1/21			400		403,500
Covanta Holding Corp., 5.875%, 3/1/24			500		493,750
Covanta Holding Corp., 5.875%, 7/1/25			95		92,625
Covanta Holding Corp., 6.375%, 10/1/22			35		35,831
Flexi-Van Leasing, Inc., 10.00%, 2/15/23(2)			315		314,212
GFL Environmental, Inc., 5.375%, 3/1/23(2)			270		267,975
GFL Environmental, Inc., 9.875%, 2/1/21(2)			450		474,750
H&E Equipment Services, Inc., 5.625%, 9/1/25			55		55,413
Hertz Corp. (The), 5.50%, 10/15/24(2)			75		63,187
Inter Media and Communication SpA, 4.875%, 12/31/22(6)	EUR		890		1,084,652
IPD 3 B.V., 4.50%, 7/15/22(6)	EUR		950		1,171,713
KAR Auction Services, Inc., 5.125%, 6/1/25(2)			260		252,850
Prime Security Services Borrower, LLC/Prime Finance, Inc., 9.25%, 5/15/23(2)			572		615,615
ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		590,562
Team Health Holdings, Inc., 6.375%, 2/1/25(2)			240		210,000
Tervita Escrow Corp., 7.625%, 12/1/21(2)			195		199,875
TMS International Corp., 7.25%, 8/15/25(2)			210		217,875
United Rentals North America, Inc., 5.50%, 5/15/27			35		35,000
Waste Pro USA, Inc., 5.50%, 2/15/26(2)			105		104,181
Wrangler Buyer Corp., 6.00%, 10/1/25(2)			510		504,900
				$	9,131,812

21 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Communications Equipment — 0.3%
CommScope Technologies, LLC, 6.00%, 6/15/25(2)			85	$	87,975
Riverbed Technology, Inc., 8.875%, 3/1/23(2)			630		585,113
Sprint Communications, Inc., 6.00%, 11/15/22			75		76,781
Western Digital Corp., 4.75%, 2/15/26			520		513,500
				$	1,263,369
Construction & Engineering — 0.5%
ABG Orphan Holdco S.a.r.l., 14.00%, (5.00% Cash, 9.00% PIK), 2/28/21(2)(7)			334	$	360,219
Novafives SAS, 4.50%, (3 mo. EURIBOR + 4.50%), 6/15/25(6)(8)	EUR		890		1,085,409
Pisces Midco, Inc., 8.00%, 4/15/26(2)			285		286,510
				$	1,732,138
Consumer Finance — 0.4%
Ally Financial, Inc., 8.00%, 12/31/18			160	$	165,200
CPUK Finance, Ltd., 4.875%, 2/28/47(6)	GBP		895		1,242,954
				$	1,408,154
Containers & Packaging — 0.5%
ARD Securities Finance S.a.r.l., 8.75%, 1/31/23(2)(7)			650	$	687,375
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 2/15/25(2)			200		202,750
BWAY Holding Co., 5.50%, 4/15/24(2)			155		156,426
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23(2)			120		120,676
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.75%, 10/15/20			485		488,648
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 7.00%, 7/15/24(2)			140		146,037
				$	1,801,912
Diversified Consumer Services — 0.1%
Laureate Education, Inc., 8.25%, 5/1/25(2)			335	$	361,800
				$	361,800
Diversified Financial Services — 1.2%
Cadence Financial Corp., 4.875%, 6/28/19(2)			508	$	510,994
DAE Funding, LLC, 4.50%, 8/1/22(2)			155		149,575
DAE Funding, LLC, 5.00%, 8/1/24(2)			255		246,406
Exela Intermediate, LLC/Exela Finance, Inc., 10.00%, 7/15/23(2)			180		181,125
FBM Finance, Inc., 8.25%, 8/15/21(2)			165		174,487

Security		Principal Amount* (000’s omitted)		Value
Diversified Financial Services (continued)
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22			115	$	117,588
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		120,750
Mercury BondCo PLC, 8.25%, (8.25% cash or 9.00% PIK), 5/30/21(6)(7)	EUR		530		669,260
Park Aerospace Holdings, Ltd., 5.25%, 8/15/22(2)			340		339,150
Park Aerospace Holdings, Ltd., 5.50%, 2/15/24(2)			150		146,062
SASU Newco SAB 20 SAS, 4.25%, 9/30/24(6)	EUR		1,015		1,200,452
Unifin Financiera SAB de CV, 8.875% to 1/29/25(2)(4)(5)			210		202,650
West Corp., 8.50%, 10/15/25(2)			240		232,800
				$	4,291,299
Diversified Telecommunication Services — 0.2%
CenturyLink, Inc., 5.80%, 3/15/22			500	$	500,000
CenturyLink, Inc., 7.50%, 4/1/24			55		56,238
Frontier Communications Corp., 10.50%, 9/15/22			20		17,681
Level 3 Financing, Inc., 5.25%, 3/15/26			90		87,273
Level 3 Parent, LLC, 5.75%, 12/1/22			50		50,500
				$	711,692
Electric Utilities — 1.1%
AES Corp. (The), 5.125%, 9/1/27			25	$	25,438
AES Corp. (The), 5.50%, 4/15/25			14		14,385
AES Corp. (The), 6.00%, 5/15/26			45		47,250
Electricite de France S.A., 6.00% to 1/29/26(4)(5)(6)	GBP		800		1,156,585
Melton Renewable Energy UK PLC, 6.75%, 2/1/20(6)	GBP		168		234,466
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24(2)			95		91,913
NRG Yield Operating, LLC, 5.375%, 8/15/24			385		387,406
Pattern Energy Group, Inc., 5.875%, 2/1/24(2)			60		61,500
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(4)			580		599,538
TerraForm Power Operating, LLC, 4.25%, 1/31/23(2)			95		90,963
TerraForm Power Operating, LLC, 5.00%, 1/31/28(2)			145		136,300
TerraForm Power Operating, LLC, 6.625%, 6/15/25(2)			90		96,412
Vistra Energy Corp., 7.375%, 11/1/22			450		475,312
Vistra Energy Corp., 7.625%, 11/1/24			45		48,600
Vistra Energy Corp., 8.00%, 1/15/25(2)			115		125,206
Vistra Energy Corp., 8.125%, 1/30/26(2)			190		209,237
				$	3,800,511
Energy Equipment & Services — 0.1%
Abengoa Finance S.A.U., 7.75%, 3/31/27(2)(9)			467	$	7,005
Oceaneering International, Inc., 6.00%, 2/1/28			230		229,268
				$	236,273

22 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Equity Real Estate Investment Trusts (REITs) — 0.6%
Equinix, Inc., 2.875%, 2/1/26	EUR		705	$	823,863
Equinix, Inc., 5.375%, 5/15/27			115		117,300
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26			100		94,911
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24			200		205,004
SBA Communications Corp., 4.00%, 10/1/22(2)			150		143,625
SBA Communications Corp., 4.875%, 9/1/24			55		53,006
VICI Properties 1, LLC/VICI FC, Inc., 8.00%, 10/15/23			780		871,930
				$	2,309,639
Food Products — 0.8%
Dean Foods Co., 6.50%, 3/15/23(2)			320	$	307,600
Dole Food Co., Inc., 7.25%, 6/15/25(2)			225		227,812
Land O’ Lakes, Inc., 8.00%(2)(5)			875		984,375
Pilgrim’s Pride Corp., 5.75%, 3/15/25(2)			190		186,200
Pilgrim’s Pride Corp., 5.875%, 9/30/27(2)			95		90,963
Post Holdings, Inc., 5.00%, 8/15/26(2)			85		79,900
Post Holdings, Inc., 5.50%, 3/1/25(2)			190		187,150
Post Holdings, Inc., 5.625%, 1/15/28(2)			245		234,894
US Foods, Inc., 5.875%, 6/15/24(2)			395		403,887
				$	2,702,781
Health Care Equipment & Supplies — 1.5%
Centene Corp., 4.75%, 1/15/25			300	$	292,407
Centene Corp., 5.625%, 2/15/21			90		92,877
Centene Corp., 6.125%, 2/15/24			340		357,068
Envision Healthcare Corp., 5.625%, 7/15/22			620		624,650
Envision Healthcare Corp., 6.25%, 12/1/24(2)			775		809,875
Hologic, Inc., 4.375%, 10/15/25(2)			70		67,550
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23(2)			590		598,850
Kinetic Concepts, Inc./KCI USA, Inc., 7.875%, 2/15/21(2)			320		332,048
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/1/21(2)			390		438,750
MPH Acquisition Holdings, LLC, 7.125%, 6/1/24(2)			1,230		1,255,104
Polaris Intermediate Corp., 8.50%, (8.50% Cash or 9.25% PIK), 12/1/22(2)(7)			440		447,700
				$	5,316,879
Health Care Providers & Services — 0.9%
CHS/Community Health Systems, Inc., 6.25%, 3/31/23			325	$	297,172
Constantin Investissement 3 SASU, 5.375%, 4/15/25(6)	EUR		980		1,159,478
Eagle Holding Co. II, LLC, 7.625%, (7.625% Cash or 8.375% PIK), 5/15/22(2)(7)			150		152,250
HCA, Inc., 5.875%, 2/15/26			750		761,250

Security	Principal Amount* (000’s omitted)		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp., 6.75%, 6/15/23		260	$	256,587
Tenet Healthcare Corp., 7.50%, 1/1/22(2)		85		89,888
WellCare Health Plans, Inc., 5.25%, 4/1/25		375		377,850
			$	3,094,475
Hotels, Restaurants & Leisure — 1.5%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24(2)		325	$	309,969
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25(2)		519		501,972
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(2)		454		434,705
Eldorado Resorts, Inc., 6.00%, 4/1/25		220		219,175
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(2)		490		521,237
Golden Nugget, Inc., 6.75%, 10/15/24(2)		545		554,537
Golden Nugget, Inc., 8.75%, 10/1/25(2)		295		309,013
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(2)		555		574,425
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp., 10.25%, 11/15/22(2)		585		642,037
MGM Resorts International, 6.00%, 3/15/23		200		209,500
NCL Corp., Ltd., 4.75%, 12/15/21(2)		121		123,118
Scientific Games International, Inc., 10.00%, 12/1/22		420		454,129
Viking Cruises, Ltd., 5.875%, 9/15/27(2)		580		561,150
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(2)		55		53,298
			$	5,468,265
Household Products — 0.1%
Central Garden & Pet Co., 6.125%, 11/15/23		235	$	246,162
Spectrum Brands, Inc., 5.75%, 7/15/25		35		35,142
			$	281,304
Independent Power and Renewable Electricity Producers — 0.3%
Calpine Corp., 5.25%, 6/1/26(2)		150	$	144,094
Calpine Corp., 5.50%, 2/1/24		45		41,456
Calpine Corp., 5.75%, 1/15/25		355		325,712
NRG Energy, Inc., 5.75%, 1/15/28(2)		210		208,425
NRG Energy, Inc., 7.25%, 5/15/26		350		375,375
			$	1,095,062
Insurance — 0.8%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 8.25%, 8/1/23(2)		560	$	582,053
Hub International, Ltd., 7.00%, 5/1/26(2)		395		396,975

23 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Insurance (continued)
Hub International, Ltd., 7.875%, 10/1/21(2)			500	$	521,250
KIRS Midco 3 PLC, 8.375%, 7/15/23(6)	GBP		910		1,313,482
				$	2,813,760
Internet Software & Services — 0.4%
EIG Investors Corp., 10.875%, 2/1/24			480	$	523,200
Netflix, Inc., 5.875%, 11/15/28(2)			300		300,750
Zayo Group, LLC/Zayo Capital, Inc., 5.75%, 1/15/27(2)			105		104,475
Zayo Group, LLC/Zayo Capital, Inc., 6.375%, 5/15/25			465		483,112
				$	1,411,537
IT Services — 0.2%
Booz Allen Hamilton, Inc., 5.125%, 5/1/25(2)			40	$	39,600
Gartner, Inc., 5.125%, 4/1/25(2)			55		55,258
La Financiere Atalian SAS, 5.125%, 5/15/25(6)(10)	EUR		685		827,206
				$	922,064
Machinery — 0.5%
BlueLine Rental Finance Corp./BlueLine Rental, LLC, 9.25%, 3/15/24(2)			115	$	122,584
Cleaver-Brooks, Inc., 7.875%, 3/1/23(2)			95		98,325
Cloud Crane, LLC, 10.125%, 8/1/24(2)			190		207,575
Navistar International Corp., 6.625%, 11/1/25(2)			445		463,913
Titan Acquisition, Ltd./Titan Co-Borrower, LLC, 7.75%, 4/15/26(2)			560		559,300
Welbilt, Inc., 9.50%, 2/15/24			295		328,925
				$	1,780,622
Media — 2.5%
Altice France S.A., 6.00%, 5/15/22(2)			475	$	470,226
Altice France S.A., 7.375%, 5/1/26(2)			455		443,056
Altice Luxembourg S.A., 7.25%, 5/15/22(6)	EUR		546		655,087
Altice Luxembourg S.A., 7.75%, 5/15/22(2)			315		302,006
Altice US Finance I Corp., 5.50%, 5/15/26(2)			200		194,375
AMC Entertainment Holdings, Inc., 6.375%, 11/15/24	GBP		345		484,639
Cablevision Systems Corp., 5.875%, 9/15/22			50		49,375
Cablevision Systems Corp., 8.00%, 4/15/20			70		74,375
CBS Radio, Inc., 7.25%, 11/1/24(2)			180		183,600
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 4/1/24(2)			1,130		1,149,786
Cequel Communications Holdings I, LLC/Cequel Capital Corp., 5.125%, 12/15/21(2)			10		9,936
CSC Holdings, LLC, 6.75%, 11/15/21			500		527,500
CSC Holdings, LLC, 10.875%, 10/15/25(2)			422		495,850

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
DISH DBS Corp., 7.75%, 7/1/26			95	$	86,509
McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance, 7.875%, 5/15/24(2)			140		130,725
MDC Partners, Inc., 6.50%, 5/1/24(2)			200		197,750
Meredith Corp., 6.875%, 2/1/26(2)			35		35,525
MHGE Parent, LLC/MHGE Parent Finance, Inc., 8.50%, (8.50% Cash or 9.25% PIK), 8/1/19(2)(7)			16		16,080
Salem Media Group, Inc., 6.75%, 6/1/24(2)			295		280,988
Sirius XM Radio, Inc., 5.00%, 8/1/27(2)			185		177,253
Sirius XM Radio, Inc., 6.00%, 7/15/24(2)			500		514,944
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.00%, 1/15/25(6)	EUR		850		1,090,459
UPC Holding B.V., 3.875%, 6/15/29(6)	EUR		965		1,109,800
UPC Holding B.V., 5.50%, 1/15/28(2)			260		243,100
Ziggo Secured Finance B.V., 5.50%, 1/15/27(2)			150		141,750
				$	9,064,694
Metals & Mining — 2.0%
Alcoa Nederland Holding B.V., 7.00%, 9/30/26(2)			770	$	843,150
Allegheny Ludlum, LLC, 6.95%, 12/15/25			450		468,000
Allegheny Technologies, Inc., 5.95%, 1/15/21			50		51,000
Allegheny Technologies, Inc., 7.875%, 8/15/23			205		222,896
BHP Billiton Finance USA, Ltd., 6.75% to 10/19/25, 10/19/75(2)(4)			270		301,725
Big River Steel, LLC/BRS Finance Corp., 7.25%, 9/1/25(2)			55		57,475
Bombardier, Inc., 6.00%, 10/15/22(2)			560		560,000
Bombardier, Inc., 6.125%, 1/15/23(2)			20		20,225
Bombardier, Inc., 7.50%, 12/1/24(2)			170		179,350
Bombardier, Inc., 7.50%, 3/15/25(2)			55		57,475
Centennial Resource Production, LLC, 5.375%, 1/15/26(2)			320		318,400
Constellium N.V., 4.25%, 2/15/26(6)	EUR		940		1,152,080
Eldorado Gold Corp., 6.125%, 12/15/20(2)			45		41,738
Ensco PLC, 7.75%, 2/1/26			80		75,500
First Quantum Minerals, Ltd., 6.875%, 3/1/26(2)			280		266,700
First Quantum Minerals, Ltd., 7.00%, 2/15/21(2)			75		75,563
First Quantum Minerals, Ltd., 7.25%, 4/1/23(2)			415		414,917
First Quantum Minerals, Ltd., 7.50%, 4/1/25(2)			445		441,685
Freeport-McMoRan, Inc., 3.10%, 3/15/20			40		39,650
Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		72,750
Hudbay Minerals, Inc., 7.25%, 1/15/23(2)			115		120,463
Hudbay Minerals, Inc., 7.625%, 1/15/25(2)			200		212,812
New Gold, Inc., 6.25%, 11/15/22(2)			155		158,487
New Gold, Inc., 6.375%, 5/15/25(2)			85		86,806
Novelis Corp., 5.875%, 9/30/26(2)			180		179,100
Novelis Corp., 6.25%, 8/15/24(2)			125		127,656

24 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Metals & Mining (continued)
SunCoke Energy Partners, L.P./SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25(2)			185	$	191,012
Teck Resources, Ltd., 5.20%, 3/1/42			40		37,700
Teck Resources, Ltd., 5.40%, 2/1/43			85		81,813
Teck Resources, Ltd., 6.00%, 8/15/40			45		47,138
Teck Resources, Ltd., 8.50%, 6/1/24(2)			130		145,437
				$	7,048,703
Multi-Utilities — 0.4%
Dominion Resources, Inc., 5.75% to 10/1/24, 10/1/54(4)			114	$	120,752
Thames Water Kemble Finance PLC, 5.875%, 7/15/22(6)	GBP		900		1,347,241
				$	1,467,993
Multiline Retail — 0.1%
Dollar Tree, Inc., 5.75%, 3/1/23			330	$	344,339
				$	344,339
Oil, Gas & Consumable Fuels — 3.8%
Aker BP ASA, 5.875%, 3/31/25(2)			1,150	$	1,196,000
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.50%, 5/20/25			120		118,500
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24			30		30,000
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.75%, 5/20/27			30		29,025
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.875%, 8/20/26			55		54,863
Antero Resources Corp., 5.375%, 11/1/21			1,000		1,015,300
Berry Petroleum Co., LLC, 7.00%, 2/15/26(2)			220		226,050
Canbriam Energy, Inc., 9.75%, 11/15/19(2)			305		311,100
Cheniere Energy Partners, L.P., 5.25%, 10/1/25(2)			235		230,300
Chesapeake Energy Corp., 8.00%, 12/15/22(2)			31		32,976
Crown Americas, LLC/Crown Americas Capital Corp., VI, 4.75%, 2/1/26(2)			165		159,637
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25(2)			720		712,800
CVR Refining, LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22			200		205,000
Denbury Resources, Inc., 9.00%, 5/15/21(2)			95		99,750
Diamondback Energy, Inc., 4.75%, 11/1/24			60		59,907
Diamondback Energy, Inc., 5.375%, 5/31/25			140		142,275
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26(2)			155		156,162
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28(2)			205		206,794

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(4)(5)		392	$	368,796
EP Energy, LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/24(2)		110		114,400
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(2)		385		373,931
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(2)		195		204,750
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(2)		360		374,400
Gulfport Energy Corp., 6.00%, 10/15/24		49		46,795
Gulfport Energy Corp., 6.625%, 5/1/23		350		353,500
Jagged Peak Energy, LLC, 5.875%, 5/1/26(2)(10)		47		47,264
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(2)		275		277,406
Murphy Oil USA, Inc., 5.625%, 5/1/27		65		64,919
Murphy Oil USA, Inc., 6.00%, 8/15/23		500		518,125
Nabors Industries, Inc., 4.625%, 9/15/21		40		39,300
Nabors Industries, Inc., 5.75%, 2/1/25(2)		310		294,112
Newfield Exploration Co., 5.625%, 7/1/24		65		69,225
Oasis Petroleum, Inc., 6.50%, 11/1/21		50		51,375
Oasis Petroleum, Inc., 6.875%, 3/15/22		45		46,463
Oasis Petroleum, Inc., 6.875%, 1/15/23		235		242,050
Odebrecht Oil & Gas Finance, Ltd., 0.00%(2)(5)		862		20,555
Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25(2)		75		75,188
Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25(2)		140		141,050
Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27(2)		185		187,775
Parsley Energy, LLC/Parsley Finance Corp., 6.25%, 6/1/24(2)		150		157,125
PBF Holding Co., LLC/PBF Finance Corp., 7.00%, 11/15/23		100		103,750
PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		130		135,200
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(4)(5)		710		691,362
Precision Drilling Corp., 6.50%, 12/15/21		17		17,425
Precision Drilling Corp., 7.125%, 1/15/26(2)		75		75,938
Precision Drilling Corp., 7.75%, 12/15/23		10		10,463
QEP Resources, Inc., 5.625%, 3/1/26		85		81,706
Resolute Energy Corp., 8.50%, 5/1/20		65		65,163
SESI, LLC, 7.75%, 9/15/24(2)		35		36,313
Seven Generations Energy, Ltd., 5.375%, 9/30/25(2)		255		248,625
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25(2)		270		275,062
SM Energy Co., 5.625%, 6/1/25		85		82,875
SM Energy Co., 6.125%, 11/15/22		435		441,525
SM Energy Co., 6.75%, 9/15/26		147		150,307
Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23(2)		145		143,111

25 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Sunoco, L.P./Sunoco Finance Corp., 5.50%, 2/15/26(2)		80	$	77,400
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26(2)		155		154,419
Teleflex, Inc., 4.625%, 11/15/27		160		154,142
Transocean, Inc., 7.50%, 1/15/26(2)		105		106,312
Trinidad Drilling, Ltd., 6.625%, 2/15/25(2)		205		197,569
Weatherford International, Ltd., 8.25%, 6/15/23		40		37,700
Weatherford International, Ltd., 9.875%, 2/15/24		95		92,388
Whiting Petroleum Corp., 5.75%, 3/15/21		25		25,656
Whiting Petroleum Corp., 6.625%, 1/15/26(2)		315		323,269
WildHorse Resource Development Corp., 6.875%, 2/1/25(2)		165		168,300
WildHorse Resource Development Corp., 6.875%, 2/1/25		380		387,600
			$	13,338,523
Paper & Forest Products — 0.0%(11)
Mercer International, Inc., 5.50%, 1/15/26(2)		70	$	68,950
			$	68,950
Pharmaceuticals — 0.7%
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26(2)		340	$	331,925
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/1/24(2)		198		211,365
Teva Pharmaceutical Finance Netherlands III B.V., 6.00%, 4/15/24(2)		455		441,882
Valeant Pharmaceuticals International, Inc., 5.50%, 11/1/25(2)		95		94,881
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23(2)		110		100,994
Valeant Pharmaceuticals International, Inc., 6.50%, 3/15/22(2)		155		161,394
Valeant Pharmaceuticals International, Inc., 7.00%, 3/15/24(2)		315		333,411
Valeant Pharmaceuticals International, Inc., 7.25%, 7/15/22(2)		40		40,496
Valeant Pharmaceuticals International, Inc., 7.50%, 7/15/21(2)		245		249,900
Valeant Pharmaceuticals International, Inc., 9.00%, 12/15/25(2)		245		248,981
Vizient, Inc., 10.375%, 3/1/24(2)		125		139,063
			$	2,354,292
Pipelines — 1.1%
Andeavor Logistics, L.P./Tesoro Logistics Finance Corp., 6.375%, 5/1/24		105	$	112,087
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.375%, 9/15/24		70		70,000

Security		Principal Amount* (000’s omitted)		Value
Pipelines (continued)
Cheniere Corpus Christi Holdings, LLC, 5.875%, 3/31/25			230	$	237,983
Cheniere Corpus Christi Holdings, LLC, 7.00%, 6/30/24			170		186,362
Enbridge Energy Partners, L.P., 6.106%, (3 mo. USD LIBOR + 3.798%), 10/1/77(8)			432		429,840
Energy Transfer Equity, L.P., 5.875%, 1/15/24			15		15,356
Energy Transfer Partners, L.P., Series A, 6.25% to 2/15/23(4)(5)			650		620,539
Enterprise Products Operating, LLC, 5.375% to 2/15/28, 2/15/78(4)			455		430,652
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(2)			580		595,950
Holly Energy Partners, L.P./Holly Energy Finance Corp., 6.00%, 8/1/24(2)			60		60,450
NGPL PipeCo, LLC, 4.375%, 8/15/22(2)			50		49,938
Tallgrass Energy Partners, L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28(2)			565		565,000
Williams Cos., Inc. (The), 3.70%, 1/15/23			230		223,606
Williams Cos., Inc. (The), 4.55%, 6/24/24			125		125,156
Williams Cos., Inc. (The), 5.75%, 6/24/44			85		89,038
				$	3,811,957
Real Estate Investment Trusts (REITs) — 1.1%
ADLER Real Estate AG, 1.875%, 4/27/23(6)	EUR		1,200	$	1,429,898
ESH Hospitality, Inc., 5.25%, 5/1/25(2)			160		156,800
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25(2)			465		461,513
IRB Holding Corp., 6.75%, 2/15/26(2)			160		154,800
Kennedy Wilson Europe Real Estate PLC, 3.25%, 11/12/25(6)	EUR		1,100		1,363,601
Mattamy Group Corp., 6.50%, 10/1/25(2)			180		180,450
Mattamy Group Corp., 6.875%, 12/15/23(2)			250		258,125
				$	4,005,187
Real Estate Management & Development — 0.3%
AT Securities B.V., 5.25% to 7/21/23(4)(5)(6)			1,250	$	1,216,875
				$	1,216,875
Semiconductors & Semiconductor Equipment — 0.3%
Microsemi Corp., 9.125%, 4/15/23(2)			575	$	635,375
NXP B.V./NXP Funding, LLC, 4.125%, 6/1/21(2)			200		201,000
Versum Materials, Inc., 5.50%, 9/30/24(2)			145		148,582
				$	984,957
Software — 0.4%
j2 Cloud Services, LLC/j2 Global Co-Obligor, Inc., 6.00%, 7/15/25(2)			255	$	264,244
Solera, LLC/Solera Finance, Inc., 10.50%, 3/1/24(2)			545		609,038

26 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Software (continued)
Symantec Corp., 5.00%, 4/15/25(2)			115	$	115,755
Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 2/1/23(2)			200		193,500
Veritas US, Inc./Veritas Bermuda, Ltd., 10.50%, 2/1/24(2)			260		226,200
				$	1,408,737
Specialty Retail — 0.1%
Beacon Escrow Corp., 4.875%, 11/1/25(2)			190	$	180,500
Entegris, Inc., 4.625%, 2/10/26(2)			200		194,000
Hot Topic, Inc., 9.25%, 6/15/21(2)			80		79,000
				$	453,500
Technology Hardware, Storage & Peripherals — 0.3%
Dell International, LLC/EMC Corp., 5.45%, 6/15/23(2)			135	$	142,105
Dell International, LLC/EMC Corp., 5.875%, 6/15/21(2)			205		211,395
Dell International, LLC/EMC Corp., 6.02%, 6/15/26(2)			315		334,127
Dell International, LLC/EMC Corp., 7.125%, 6/15/24(2)			210		223,849
Seagate HDD Cayman, 4.75%, 1/1/25			105		101,938
				$	1,013,414
Telecommunications — 1.0%
Hughes Satellite Systems Corp., 5.25%, 8/1/26			145	$	142,281
Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		94,525
Intelsat Jackson Holdings S.A., 5.50%, 8/1/23			45		37,856
Intelsat Jackson Holdings S.A., 8.00%, 2/15/24(2)			200		211,500
Qualitytech, L.P./QTS Finance Corp., 4.75%, 11/15/25(2)			120		113,700
Sprint Capital Corp., 6.875%, 11/15/28			655		669,738
Sprint Corp., 7.875%, 9/15/23			1,800		1,935,000
T-Mobile USA, Inc., 4.50%, 2/1/26			155		149,381
T-Mobile USA, Inc., 4.75%, 2/1/28			170		163,804
				$	3,517,785
Textiles, Apparel & Luxury Goods — 0.2%
CBR Fashion Finance B.V., 5.125%, 10/1/22(6)	EUR		815	$	865,934
				$	865,934
Thrifts & Mortgage Finance — 0.1%
Flagstar Bancorp, Inc., 6.125%, 7/15/21			235	$	248,402
				$	248,402
Toys, Games & Hobbies — 0.1%
Mattel, Inc., 6.75%, 12/31/25(2)			190	$	185,459
				$	185,459

Security		Principal Amount* (000’s omitted)		Value
Transportation — 0.3%
CEVA Group PLC, 7.00%, 3/1/21(2)			75	$	75,750
CMA CGM S.A., 5.25%, 1/15/25(6)	EUR		127		140,709
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23(2)			260		268,450
XPO Logistics, Inc., 6.125%, 9/1/23(2)			80		83,100
XPO Logistics, Inc., 6.50%, 6/15/22(2)			500		518,125
				$	1,086,134
Wireless Telecommunication Services — 0.1%
Sprint Corp., 7.625%, 3/1/26			215	$	226,825
				$	226,825
Total Corporate Bonds & Notes (identified cost $123,253,516)				$	124,496,993
Senior Floating-Rate Loans — 2.2%(12)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Building and Development — 0.1%
Pisces Midco, Inc., Term Loan, Maturing 4/12/25(13)		$	200	$	202,040
				$	202,040
Business Equipment and Services — 0.3%
EIG Investors Corp., Term Loan, 5.96%, (3 mo. USD LIBOR + 4.00%), Maturing 2/9/23		$	466	$	469,913
Solera, LLC, Term Loan, 4.65%, (1 mo. USD LIBOR + 2.75%), Maturing 3/3/23			681		684,458
				$	1,154,371
Containers and Glass Products — 0.3%
BWAY Holding Company, Term Loan, 5.59%, (USD LIBOR + 3.25%), Maturing 4/3/24(14)		$	993	$	999,737
				$	999,737
Electronics / Electrical — 0.4%
Applied Systems, Inc., Term Loan, 5.55%, (3 mo. USD LIBOR + 3.25%), Maturing 9/19/24		$	179	$	180,879
Cortes NP Acquisition Corporation, Term Loan, 5.89%, (1 mo. USD LIBOR + 4.00%), Maturing 11/30/23			494		494,869
Riverbed Technology, Inc., Term Loan, 5.16%, (1 mo. USD LIBOR + 3.25%), Maturing 4/24/22			496		494,726

27 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Electronics / Electrical (continued)
SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 4.40%, (1 mo. USD LIBOR + 2.50%), Maturing 4/16/25	$	65	$	65,506
SS&C Technologies, Inc., Term Loan, 4.40%, (1 mo. USD LIBOR + 2.50%), Maturing 4/16/25		174		174,900
			$	1,410,880
Financial Intermediaries — 0.1%
Navistar International Corporation, Term Loan, 5.40%, (1 mo. USD LIBOR + 3.50%), Maturing 11/6/24	$	394	$	397,214
			$	397,214
Health Care — 0.2%
MPH Acquisition Holdings, LLC, Term Loan, 5.05%, (3 mo. USD LIBOR + 2.75%), Maturing 6/7/23	$	388	$	390,542
Press Ganey Holdings, Inc., Term Loan, 4.65%, (1 mo. USD LIBOR + 2.75%), Maturing 10/21/23		52		51,924
Press Ganey Holdings, Inc., Term Loan - Second Lien, 8.40%, (1 mo. USD LIBOR + 6.50%), Maturing 10/21/24		285		290,032
			$	732,498
Industrial Equipment — 0.1%
Titan Acquisition Limited, Term Loan, 5.06%, (2 mo. USD LIBOR + 3.00%), Maturing 3/28/25	$	385	$	385,993
			$	385,993
Insurance — 0.2%
Asurion, LLC, Term Loan - Second Lien, 7.90%, (1 mo. USD LIBOR + 6.00%), Maturing 8/4/25	$	525	$	540,750
			$	540,750
Oil and Gas — 0.1%
Chesapeake Energy Corporation, Term Loan, 9.44%, (3 mo. USD LIBOR + 7.50%), Maturing 8/23/21	$	365	$	387,128
Drillship Hydra Owners, Inc., Term Loan, 8.00%, Maturing 9/20/24(15)		47		49,058
			$	436,186
Publishing — 0.2%
McGraw-Hill Global Education Holdings, LLC, Term Loan, 5.90%, (1 mo. USD LIBOR + 4.00%), Maturing 5/4/22	$	515	$	505,366
Meredith Corporation, Term Loan, 4.90%, (1 mo. USD LIBOR + 3.00%), Maturing 1/31/25		180		181,363
			$	686,729

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Steel — 0.2%
Big River Steel, LLC, Term Loan, 7.30%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	174	$	178,260
GrafTech Finance, Inc., Term Loan, 5.40%, (1 mo. USD LIBOR + 3.50%), Maturing 2/12/25		500		501,563
			$	679,823
Surface Transport — 0.0%(11)
Direct ChassisLink, Inc., Term Loan - Second Lien, 7.90%, (1 mo. USD LIBOR + 6.00%), Maturing 6/15/23	$	145	$	147,900
			$	147,900
Telecommunications — 0.0%(11)
Intelsat Jackson Holdings S.A., Term Loan, 6.63%, Maturing 1/2/24(15)	$	110	$	112,447
			$	112,447
Utilities — 0.0%(11)
TerraForm Power Operating, LLC, Term Loan, 4.65%, (1 mo. USD LIBOR + 2.75%), Maturing 11/8/22	$	100	$	100,498
			$	100,498
Total Senior Floating-Rate Loans (identified cost $7,917,386)			$	7,987,066
Convertible Bonds — 0.1%
Security	Principal Amount (000’s omitted)		Value
Utilities — 0.1%
NRG Yield, Inc., 3.25%, 6/1/20(2)	$	300	$	298,286
Total Convertible Bonds (identified cost $287,405)			$	298,286
Miscellaneous — 0.0%
Security	Principal Amount		Value
Telecommunications — 0.0%
Avaya, Inc., Escrow Certificates(1)(16)	$	200,000	$	0
Total Miscellaneous (identified cost $0)			$	0

28 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 1.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.95%(17)	$	3,422,513	$	3,422,170
Total Short-Term Investments (identified cost $3,422,133)			$	3,422,170
Total Investments — 99.5% (identified cost $338,701,375)			$	352,591,735
Other Assets, Less Liabilities — 0.5%			$	1,670,095
Net Assets — 100.0%			$	354,261,830

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Non-income producing security.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2018, the aggregate value of these securities is $60,488,649 or 17.1% of the Portfolio’s net assets.

⁽³⁾  Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽⁴⁾  Security converts to floating rate after the indicated fixed-rate coupon period.

⁽⁵⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁶⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2018, the aggregate value of these securities is $28,375,592 or 8.0% of the Portfolio’s net assets.

⁽⁷⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁸⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2018.

⁽⁹⁾  Issuer is in default with respect to interest and/or principal payments.

⁽¹⁰⁾  When-issued security.

⁽¹¹⁾  Amount is less than 0.05%.

⁽¹²⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽¹³⁾  This Senior Loan will settle after April 30, 2018, at which time the interest rate will be determined.

⁽¹⁴⁾  The stated interest rate represents the weighted average interest rate at April 30, 2018 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹⁵⁾  Fixed-rate loan.

⁽¹⁶⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽¹⁷⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2018.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		55.2	%	$	194,697,863
United Kingdom		8.7			30,592,070
France		8.2			28,919,222
Germany		4.9			17,284,524
Japan		3.6			12,581,916
Canada		3.5			12,175,705
Netherlands		3.2			11,446,941
Sweden		2.1			7,485,264
Italy		1.9			6,735,578
Spain		1.7			6,065,937
Switzerland		1.3			4,411,746
Norway		0.8			2,734,578
Denmark		0.7			2,542,446
Luxembourg		0.6			2,071,777
Belgium		0.5			1,811,049
Hong Kong		0.5			1,784,437
Taiwan		0.5			1,720,561
Finland		0.5			1,662,023
Zambia		0.3			1,198,865
Brazil		0.3			1,180,129
New Zealand		0.2			755,361
Australia		0.2			730,206
Ireland		0.2			687,962
Israel		0.1			441,882
United Arab Emirates		0.1			395,981
Cayman Islands		0.1			275,062
Mexico		0.1			202,650
Total Investments		100.0	%	$	352,591,735

29 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Month/Year		Notional Amount			Value/Net Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		144		Long		Jun-18	$	19,058,400		$	(892,088	)
Nikkei 225 Index		10		Long		Jun-18		2,051,303			91,003
STOXX Europe 600 Banks Index		342		Short		Jun-18		(3,615,758	)		22,644
STOXX Europe 600 Index		639		Short		Jun-18		(14,657,995	)		(489,904	)
STOXX Europe 600 Insurance Index		148		Short		Jun-18		(2,597,461	)		(13,386	)
										$	(1,281,731	)

Nikkei 225 Index:  Price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.

STOXX Europe 600 Banks Index:  Index composed of companies from the European banks sector.

STOXX Europe 600 Index:  Represents large, mid and small capitalization companies across 17 countries of the European region.

STOXX Europe 600 Insurance Index:  Index composed of companies from the European insurance sector.

Abbreviations:

ADR	–	American Depositary Receipt
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

30 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2018
Unaffiliated investments, at value (identified cost, $335,279,242)	$	349,169,565
Affiliated investment, at value (identified cost, $3,422,133)		3,422,170
Cash		27,615
Interest and dividends receivable		2,817,665
Dividends receivable from affiliated investment		5,368
Receivable for investments sold		2,301,170
Tax reclaims receivable		1,106,839
Total assets	$	358,850,392
Liabilities
Payable for investments purchased	$	662,187
Payable for when-issued securities		876,820
Payable for variation margin on open financial futures contracts		161,003
Due to custodian — foreign currency, at value (identified cost, $2,584,698)		2,576,399
Payable to affiliates:
Investment adviser fee		191,025
Trustees’ fees		1,325
Accrued expenses		119,803
Total liabilities	$	4,588,562
Net Assets applicable to investors’ interest in Portfolio	$	354,261,830
Sources of Net Assets
Investors’ capital	$	341,645,933
Net unrealized appreciation		12,615,897
Total	$	354,261,830

31 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2018
Dividends (net of foreign taxes, $961,266)	$	4,341,729
Dividends from affiliated investment		27,621
Interest (net of foreign taxes, $13,218)		3,980,872
Total investment income	$	8,350,222
Expenses
Investment adviser fee	$	1,175,257
Trustees’ fees and expenses		7,514
Custodian fee		87,696
Legal and accounting services		31,050
Miscellaneous		40,044
Total expenses	$	1,341,561
Net investment income	$	7,008,661
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	10,535,889	(1)
Investment transactions — affiliated investment		722
Financial futures contracts		169,583
Foreign currency transactions		(48,916	)
Net realized gain	$	10,657,278
Change in unrealized appreciation (depreciation) —
Investments	$	(10,001,013	)
Investments — affiliated investment		37
Financial futures contracts		(1,281,731	)
Foreign currency		13,008
Net change in unrealized appreciation (depreciation)	$	(11,269,699	)
Net realized and unrealized loss	$	(612,421	)
Net increase in net assets from operations	$	6,396,240

⁽¹⁾  Includes $447,006 of net realized gains from redemptions in-kind.

32 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
From operations —
Net investment income	$	7,008,661		$	17,195,805
Net realized gain		10,657,278	(1)		21,057,640	(2)
Net change in unrealized appreciation (depreciation)		(11,269,699	)		17,720,315
Net increase in net assets from operations	$	6,396,240		$	55,973,760
Capital transactions —
Contributions	$	7,198,218		$	16,973,536
Withdrawals		(23,897,675	)		(85,428,038	)
Portfolio transaction fee		88,831			258,836
Net decrease in net assets from capital transactions	$	(16,610,626	)	$	(68,195,666	)
Net decrease in net assets	$	(10,214,386	)	$	(12,221,906	)
Net Assets
At beginning of period	$	364,476,216		$	376,698,122
At end of period	$	354,261,830		$	364,476,216

⁽¹⁾  Includes $447,006 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $2,455,461 of net realized gains from redemptions in-kind.

33 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Financial Highlights

Ratios/Supplemental Data	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Period Ended October 31,  2016(1)
Ratios (as a percentage of average daily net assets):
Expenses		0.74	%(2)		0.75	%		0.80	%(2)
Net investment income		3.88	%(2)		4.56	%		3.75	%(2)
Portfolio Turnover		68	%(3)		143	%		66	%(3)
Total Return		1.72	%(3)		15.99	%		3.65	%(3)
Net assets, end of Period (000’s omitted)	$	354,262		$	364,476		$	376,698

⁽¹⁾  For the period from the start of business, March 28, 2016, to October 31, 2016.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

34 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2018

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio commenced operations on March 28, 2016. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2018, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 98.2% and 1.8%, respectively, 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 asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked 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 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.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

35

Global Income Builder Portfolio

April 30, 2018

Notes to Financial Statements (Unaudited) — continued

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal 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.

As of April 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H  Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

J  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the

36

Global Income Builder Portfolio

April 30, 2018

Notes to Financial Statements (Unaudited) — continued

security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

L  Interim Financial Statements — The interim financial statements relating to April 30, 2018 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.65% of the Portfolio’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2018, the Portfolio’s investment adviser fee amounted to $1,175,257 or 0.65% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of EVC, a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

During the six months ended April 30, 2018, BMR reimbursed the Portfolio $183,877 for a net realized loss due to a trading error. The amount of the reimbursement had an impact on total return of approximately 0.05%.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2018, 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 and in-kind transactions, and including maturities and principal repayments on Senior Loans, aggregated $241,030,776 and $245,177,251, respectively, for the six months ended April 30, 2018. In-kind contributions and withdrawals for the six months ended April 30, 2018 aggregated $2,656,459 and $2,650,645, respectively.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2018, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	339,315,767
Gross unrealized appreciation	$	21,930,634
Gross unrealized depreciation		(9,936,397	)
Net unrealized appreciation	$	11,994,237

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 financial futures contracts and forward foreign currency exchange 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

37

Global Income Builder Portfolio

April 30, 2018

Notes to Financial Statements (Unaudited) — continued

in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2018 is included in the Portfolio of Investments. At April 30, 2018, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. The Portfolio enters into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at April 30, 2018 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(1)
Financial futures contracts	$	113,647	$	(1,395,378	)

⁽¹⁾  Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended April 30, 2018 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Financial futures contracts	$	169,583	$	(1,281,731	)

⁽¹⁾  Statement of Operations location:  Net realized gain (loss) – Financial futures contracts.

⁽²⁾  Statement of Operations location:  Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the six months ended April 30, 2018, which is indicative of the volume of this derivative type, was approximately as follows:

Futures Contracts — Long		Futures Contracts — Short
	$16,199,000	$	16,899,000

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 30, 2018. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2018.

7  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign

38

Global Income Builder Portfolio

April 30, 2018

Notes to Financial Statements (Unaudited) — continued

securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At April 30, 2018, 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
Consumer Discretionary	$	10,499,818	$	8,672,147		$	—	$	19,171,965
Consumer Staples		3,165,872		10,892,499			—		14,058,371
Energy		8,456,833		2,557,468			—		11,014,301
Financials		14,412,521		36,078,473			—		50,490,994
Health Care		15,144,350		6,336,248			—		21,480,598
Industrials		15,687,229		16,152,776			—		31,840,005
Information Technology		20,033,808		7,105,657			—		27,139,465
Materials		3,791,840		5,153,047			—		8,944,887
Real Estate		6,524,020		—			—		6,524,020
Telecommunication Services		—		5,376,180			—		5,376,180
Utilities		5,490,896		7,056,339			—		12,547,235
Total Common Stocks	$	103,207,187	$	105,380,834	**	$	—	$	208,588,021
Preferred Stocks
Consumer Staples	$	—	$	525,588		$	—	$	525,588
Energy		503,975		—			—		503,975
Financials		1,069,215		2,361,995			—		3,431,210
Industrials		431,837		—			—		431,837
Real Estate		1,520,808		—			—		1,520,808
Utilities		1,385,781		—			—		1,385,781
Total Preferred Stocks	$	4,911,616	$	2,887,583		$	—	$	7,799,199
Corporate Bonds & Notes	$	—	$	124,496,993		$	—	$	124,496,993
Senior Floating-Rate Loans		—		7,987,066			—		7,987,066
Convertible Bonds		—		298,286			—		298,286
Miscellaneous		—		—			0		0
Short-Term Investments		—		3,422,170			—		3,422,170
Total Investments	$	108,118,803	$	244,472,932		$	0	$	352,591,735

39

Global Income Builder Portfolio

April 30, 2018

Notes to Financial Statements (Unaudited) — continued

Asset Description	Level 1			Level 2			Level 3*		Total
Futures Contracts	$	—		$	113,647		$	—	$	113,647
Total	$	108,118,803		$	244,586,579		$	—	$	352,705,382
Liability Description
Futures Contracts	$	(892,088	)	$	(503,290	)	$	—	$	(1,395,378	)
Total	$	(892,088	)	$	(503,290	)	$	—	$	(1,395,378	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2018 is not presented. At April 30, 2018, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

40

Eaton Vance

Global Income Builder Fund

April 30, 2018

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 each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of 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 of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 24, 2018, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2018. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), 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 the advisory and related fees paid by each fund with 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 comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the fund’s investment strategies and policies;

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

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

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Eaton Vance

Global Income Builder Fund

April 30, 2018

Board of Trustees’ Contract Approval — continued

Other Relevant Information

• 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 management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2018, with respect to one or more funds, the Board met seven times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and nine times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also 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 and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory 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 and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Global Income Builder Fund (the “Fund”), as well as the investment advisory agreement of Global Income Builder Portfolio (the “Portfolio”), the portfolio in which the Fund invests, with Boston Management and Research (the “Adviser”) and the sub-advisory agreement of the Fund, as well as the sub-advisory agreement of the Portfolio, with Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of Eaton Vance Management, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements and the sub-advisory agreements for the Fund and the Portfolio (collectively, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements of the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Fund and the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. With respect to the Adviser, the Board considered the Adviser’s responsibilities overseeing the Sub-adviser and coordinating activities in implementing the investment strategy of the Fund and the Portfolio. The Board considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. The Board also considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in dividend-paying common and preferred stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the

42

Eaton Vance

Global Income Builder Fund

April 30, 2018

Board of Trustees’ Contract Approval — continued

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 the 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, the Adviser 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 the Adviser receives an advisory fee from the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective 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 the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management 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 the Adviser and the Sub-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 and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2017 for the Fund. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and higher than the median performance of the Fund’s custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary benchmark and blended 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 Portfolio and by the Fund 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 September 30, 2017, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, 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 the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the 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

43

Eaton Vance

Global Income Builder Fund

April 30, 2018

Board of Trustees’ Contract Approval — continued

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 the 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 any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund and the Portfolio, 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.

44

Eaton Vance

Global Income Builder Fund

April 30, 2018

Officers and Trustees

Officers of Eaton Vance Global Income Builder Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Global Income Builder Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Global Income Builder Fund and Global Income Builder Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm

* Interested Trustee

45

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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.

46

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Global Income Builder Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7747    4.30.18

Item 2. Code of Ethics

Not required in this filing.    

Item 3. Audit Committee Financial Expert

Not required in this filing.    

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

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

Signatures

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

Global Income Builder Portfolio

By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	June 21, 2018

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.

Global Income Builder Portfolio

By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	June 21, 2018

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 21, 2018