Global Income Builder Portfolio NCSR Certified annual shareholder report (management investment company)

Global Income Builder Portfolio N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-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

October 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments


Common Stocks — 56.3%
Security	Shares		Value

Aerospace & Defense— 1.1%

Airbus SE		14,552	$	2,087,604

CAE, Inc.		51,400		1,289,000

			$	3,376,604

Banks— 4.0%

Banco Santander SA		369,140	$	1,482,207

Bank of America Corp.		37,700		1,178,879

Canadian Imperial Bank of Commerce		20,021		1,707,204

Citigroup, Inc.		31,192		2,241,457

ING Groep NV		95,160		1,077,543

KBC Group NV		14,000		984,400

KeyCorp		84,054		1,510,450

UniCredit SpA		62,042		787,129

Wells Fargo & Co.		19,013		981,641

			$	11,950,910

Beverages— 1.9%

Anheuser-Busch InBev SA/NV		17,261	$	1,393,263

Coca-Cola Co. (The)		46,276		2,518,803

Diageo PLC		41,038		1,679,725

			$	5,591,791

Biotechnology— 0.5%

CSL, Ltd.		7,750	$	1,366,761

			$	1,366,761

Building Products— 0.6%

Assa Abloy AB, Class B		77,427	$	1,838,765

			$	1,838,765

Capital Markets— 0.6%

Morgan Stanley		39,336	$	1,811,423

			$	1,811,423

Chemicals— 1.4%

BASF SE		19,477	$	1,480,626

Chr. Hansen Holding A/S		15,354		1,178,814

Sika AG		9,076		1,560,223

			$	4,219,663

Construction & Engineering— 0.0%⁽¹⁾

Abengoa SA, Class A⁽²⁾		36,194	$	814


Security	Shares		Value

Construction & Engineering(continued)

Abengoa SA, Class B⁽²⁾		374,261	$	4,063

			$	4,877

Consumer Finance— 0.9%

Capital One Financial Corp.		20,102	$	1,874,512

OneMain Holdings, Inc.		21,418		856,720

			$	2,731,232

Diversified Financial Services— 1.6%

Berkshire Hathaway, Inc., Class B⁽²⁾		9,963	$	2,117,934

ORIX Corp.		163,587		2,570,752

			$	4,688,686

Electric Utilities— 1.4%

Iberdrola SA		145,878	$	1,499,479

NextEra Energy, Inc.		12,094		2,882,484

			$	4,381,963

Electrical Equipment— 1.1%

Melrose Industries PLC		1,172,892	$	3,241,506

			$	3,241,506

Electronic Equipment, Instruments & Components— 1.1%

CDW Corp.		8,423	$	1,077,386

Keyence Corp.		3,419		2,161,821

			$	3,239,207

Energy Equipment & Services— 0.3%

Schlumberger, Ltd.		32,153	$	1,051,082

			$	1,051,082

Entertainment— 1.4%

Nintendo Co., Ltd.		2,882	$	1,057,081

Walt Disney Co. (The)		24,723		3,212,012

			$	4,269,093

Equity Real Estate Investment Trusts (REITs)— 1.1%

American Tower Corp.		9,927	$	2,164,880

Equity Residential		13,291		1,178,380

			$	3,343,260


		20		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Food & Staples Retailing— 0.3%

BJ’s Wholesale Club Holdings, Inc.⁽²⁾		33,544	$	895,625

			$	895,625

Food Products— 1.3%

Mondelez International, Inc., Class A		35,099	$	1,840,942

Nestle SA		18,107		1,937,111

			$	3,778,053

Health Care Equipment & Supplies— 2.4%

Baxter International, Inc.		19,392	$	1,487,367

Boston Scientific Corp.⁽²⁾		44,336		1,848,811

Danaher Corp.		10,539		1,452,485

Intuitive Surgical, Inc.⁽²⁾		2,933		1,621,802

Straumann Holding AG		841		751,418

			$	7,161,883

Health Care Providers & Services— 0.5%

Anthem, Inc.		6,028	$	1,622,014

			$	1,622,014

Hotels, Restaurants & Leisure— 0.5%

Compass Group PLC		53,645	$	1,428,249

			$	1,428,249

Household Products— 0.7%

Kimberly-Clark Corp.		7,501	$	996,733

Reckitt Benckiser Group PLC		14,923		1,154,766

			$	2,151,499

Industrial Conglomerates— 0.5%

DCC PLC		15,801	$	1,481,809

			$	1,481,809

Insurance— 2.0%

AIA Group, Ltd.		130,935	$	1,303,879

Aviva PLC		257,540		1,388,152

Chubb, Ltd.		6,561		1,000,028

Progressive Corp. (The)		17,349		1,209,225

Prudential PLC		68,448		1,195,570

			$	6,096,854

Interactive Media & Services— 3.5%

Alphabet, Inc., Class C⁽²⁾		5,641	$	7,108,281


Security	Shares		Value

Interactive Media & Services(continued)

Facebook, Inc., Class A⁽²⁾		14,490	$	2,777,008

Tencent Holdings, Ltd.		20,674		838,598

			$	10,723,887

Internet & Direct Marketing Retail— 1.8%

Amazon.com, Inc.⁽²⁾		3,059	$	5,434,803

			$	5,434,803

IT Services— 1.7%

Amadeus IT Group SA		43,033	$	3,183,506

Visa, Inc., Class A		10,167		1,818,470

			$	5,001,976

Leisure Products— 0.8%

Yamaha Corp.		50,035	$	2,330,093

			$	2,330,093

Life Sciences Tools & Services— 0.5%

Lonza Group AG		4,321	$	1,557,428

			$	1,557,428

Machinery— 3.7%

Gardner Denver Holdings, Inc.⁽²⁾		61,984	$	1,972,951

ITT, Inc.		37,914		2,253,987

Sandvik AB		81,455		1,439,092

SMC Corp.		3,289		1,420,982

Stanley Black & Decker, Inc.		15,727		2,379,967

Xylem, Inc.		23,831		1,827,599

			$	11,294,578

Media— 0.0%⁽¹⁾

Clear Channel Outdoor Holdings, Inc.⁽²⁾		3,400	$	7,922

iHeartMedia, Inc., Class A⁽²⁾		375		5,378

			$	13,300

Metals & Mining— 0.7%

Rio Tinto, Ltd.		31,702	$	1,982,420

			$	1,982,420

Multi-Utilities— 0.5%

CMS Energy Corp.		22,963	$	1,467,795

			$	1,467,795


		21		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Oil, Gas & Consumable Fuels— 2.4%

ConocoPhillips		34,536	$	1,906,387

EOG Resources, Inc.		20,735		1,437,143

Exxon Mobil Corp.		26,385		1,782,835

Phillips 66		19,427		2,269,462

			$	7,395,827

Personal Products— 0.6%

Unilever PLC		29,044	$	1,739,124

			$	1,739,124

Pharmaceuticals— 3.4%

Eli Lilly & Co.		14,727	$	1,678,142

GlaxoSmithKline PLC		84,089		1,926,053

Novo Nordisk A/S, Class B		31,118		1,711,138

Sanofi		27,456		2,531,088

Zoetis, Inc.		18,714		2,393,895

			$	10,240,316

Professional Services— 1.2%

Recruit Holdings Co., Ltd.		71,209	$	2,366,563

Verisk Analytics, Inc.		8,454		1,223,294

			$	3,589,857

Semiconductors & Semiconductor Equipment— 1.8%

ASML Holding NV		9,089	$	2,382,357

Infineon Technologies AG		53,151		1,029,470

Taiwan Semiconductor Manufacturing Co., Ltd. ADR		42,137		2,175,533

			$	5,587,360

Software— 1.9%

Microsoft Corp.		40,728	$	5,839,173

			$	5,839,173

Specialty Retail— 1.7%

Industria de Diseno Textil SA		52,268	$	1,628,713

Lowe’s Cos., Inc.		22,270		2,485,555

TJX Cos., Inc. (The)		19,787		1,140,721

			$	5,254,989

Technology Hardware, Storage & Peripherals— 1.3%

Apple, Inc.		16,393	$	4,077,923

			$	4,077,923


Security	Shares		Value

Textiles, Apparel & Luxury Goods— 1.0%

adidas AG		4,121	$	1,273,911

LVMH Moet Hennessy Louis Vuitton SE		3,937		1,681,318

			$	2,955,229

Wireless Telecommunication Services— 0.6%

Tele2 AB, Class B		134,316	$	1,922,754

			$	1,922,754

Total Common Stocks (identified cost $145,699,284)			$	170,131,641

Preferred Stocks— 0.9%
Security	Shares		Value

Banks— 0.1%

Farm Credit Bank of Texas, 6.75% to 9/15/23⁽³⁾⁽⁴⁾		1,115	$	120,978

IBERIABANK Corp., Series C, 6.60% to 5/1/26⁽⁴⁾		6,206		171,410

Wells Fargo & Co., Series Q, 5.85% to 9/15/23⁽⁴⁾		4,680		126,032

			$	418,420

Equity Real Estate Investment Trusts (REITs)— 0.2%

CBL & Associates Properties, Inc., Series D, 7.375%		19,100	$	174,001

SITE Centers Corp., Series A, 6.375%		10,450		282,150

SITE Centers Corp., Series K, 6.25%		1,950		50,056

			$	506,207

Food Products— 0.2%

Dairy Farmers of America, Inc., 7.875%⁽³⁾		4,700	$	472,350

Ocean Spray Cranberries, Inc., Series A, 6.25%⁽³⁾		540		46,980

			$	519,330

Independent Power and Renewable Electricity Producers— 0.0%⁽¹⁾

Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24⁽⁴⁾		3,175	$	88,114

			$	88,114

Multi-Utilities— 0.1%

DTE Energy Co., Series C, 5.25%		9,407	$	239,314

			$	239,314

Oil, Gas & Consumable Fuels— 0.2%

NuStar Energy, L.P., Series B, 7.625% to 6/15/22⁽⁴⁾		23,750	$	536,987

			$	536,987


		22		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security		Shares		Value

Pipelines— 0.0%⁽¹⁾

Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24⁽⁴⁾			2,970	$	75,082

				$	75,082

Real Estate Management & Development— 0.1%

Brookfield Property Partners, L.P., Series A2, 6.375%			9,125	$	250,299

				$	250,299

Total Preferred Stocks (identified cost $2,876,361)				$	2,633,753

Corporate Bonds & Notes — 38.6%
Security		Principal Amount* (000’s omitted)		Value

Aerospace & Defense — 0.6%

BWX Technologies, Inc., 5.375%, 7/15/26⁽³⁾			215	$	228,771

F-BrasileSpA/F-Brasile US LLC, 7.375%, 8/15/26⁽³⁾			200		210,000

TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		214,000

TransDigm, Inc., 5.50%, 11/15/27⁽³⁾⁽⁵⁾			370		369,700

TransDigm, Inc., 6.25%, 3/15/26⁽³⁾			419		449,901

TransDigm, Inc., 6.50%, 5/15/25			30		31,238

TransDigm, Inc., 7.50%, 3/15/27			327		353,977

				$	1,857,587

Auto Components — 0.7%

Garrett LX I S.a.r.l./Garrett Borrowing, LLC, 5.125%, 10/15/26⁽⁶⁾	EUR		275	$	286,897

Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.375%, 5/15/26⁽⁶⁾	EUR		881		993,928

Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27⁽³⁾			824		830,180

				$	2,111,005

Automobiles — 0.1%

General Motors Co., 5.00%, 4/1/35			45	$	45,961

General Motors Financial Co., Inc., Series A, 5.75% to 9/30/27⁽⁴⁾⁽⁷⁾			317		306,628

				$	352,589

Banks — 2.4%

Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27⁽⁴⁾⁽⁷⁾			400	$	393,860

Bank of America Corp., Series FF, 5.875% to 3/15/28⁽⁴⁾⁽⁷⁾			220		242,077

Barclays PLC, 7.75% to 9/15/23⁽⁴⁾⁽⁷⁾			495		527,529


Security		Principal Amount* (000’s omitted)		Value

Banks (continued)

CIT Group, Inc., 6.125%, 3/9/28			105	$	124,163

Citigroup, Inc., 5.95% to 1/30/23⁽⁴⁾⁽⁷⁾			125		132,411

Citigroup, Inc., Series M, 6.30% to 5/15/24⁽⁴⁾⁽⁷⁾			195		209,862

Citigroup, Inc., Series T, 6.25% to 8/15/26⁽⁴⁾⁽⁷⁾			196		221,158

Credit Suisse Group AG, 7.50% to 7/17/23^(3)(4)(7)			208		224,456

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(3)(4)(7)			220		229,477

Fifth Third Bancorp, Series H, 5.10% to 6/30/23⁽⁴⁾⁽⁷⁾			460		467,309

JPMorgan Chase & Co., Series S, 6.75% to 2/1/24⁽⁴⁾⁽⁷⁾			215		240,969

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽⁴⁾⁽⁷⁾			598		656,924

Lloyds Banking Group PLC, 7.50% to 9/27/25⁽⁴⁾⁽⁷⁾			400		440,418

Royal Bank of Scotland Group PLC, 8.00% to 8/10/25⁽⁴⁾⁽⁷⁾			389		445,891

Societe Generale SA, 6.75% to 4/6/28^(3)(4)(7)			210		221,739

Societe Generale SA, 7.375% to 10/4/23^(3)(4)(7)			200		213,893

Vivion Investments S.a.r.l., 3.00%, 8/8/24⁽⁶⁾	EUR		2,000		2,227,253

Zions Bancorp NA, 5.80% to 6/15/23⁽⁴⁾⁽⁷⁾			88		90,483

				$	7,309,872

Biotechnology — 0.4%

Grifols S.A., 3.20%, 5/1/25⁽⁶⁾	EUR		1,075	$	1,228,459

				$	1,228,459

Building Products — 0.8%

Builders FirstSource, Inc., 5.625%, 9/1/24⁽³⁾			133	$	138,653

Builders FirstSource, Inc., 6.75%, 6/1/27⁽³⁾			76		82,840

Masonite International Corp., 5.375%, 2/1/28⁽³⁾			105		111,431

Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23⁽³⁾			1,000		1,030,000

Standard Industries, Inc., 5.50%, 2/15/23⁽³⁾			111		113,742

Standard Industries, Inc., 6.00%, 10/15/25⁽³⁾			525		553,875

Taylor Morrison Communities, Inc., 5.75%, 1/15/28⁽³⁾			196		217,315

Taylor Morrison Communities, Inc., 5.875%, 6/15/27⁽³⁾			146		163,768

TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24			74		79,920

				$	2,491,544

Capital Markets — 0.2%

AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79⁽⁴⁾			150	$	156,750

Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27⁽⁴⁾⁽⁷⁾			450		461,934

				$	618,684

Casino & Gaming — 0.3%

Cinemark USA, Inc., 4.875%, 6/1/23			430	$	437,525

GLP Capital, L.P./GLP Financing II, Inc., 4.375%, 4/15/21			30		30,682


		23		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Casino & Gaming (continued)

GLP Capital, L.P./GLP Financing II, Inc., 5.375%, 4/15/26			110	$	121,236

Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27⁽³⁾			156		156,047

Stars Group Holdings B.V./Stars Group USCo-Borrower, LLC, 7.00%, 7/15/26⁽³⁾			287		310,319

				$	1,055,809

Chemicals — 0.5%

Hexion, Inc., 7.875%, 7/15/27⁽³⁾			89	$	86,107

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26⁽³⁾			220		222,200

SPCM SA., 4.875%, 9/15/25⁽³⁾			200		207,500

Valvoline, Inc., 5.50%, 7/15/24			45		46,927

Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25⁽³⁾			58		46,426

W.R. Grace & Co., 5.125%, 10/1/21⁽³⁾			750		781,875

				$	1,391,035

Commercial Services & Supplies — 2.0%

Advanced Disposal Services, Inc., 5.625%, 11/15/24⁽³⁾			170	$	177,863

Arena Luxembourg Finance S.a.r.l., 2.75%, (3 mo. EURIBOR + 2.75%), 11/1/23⁽⁶⁾⁽⁸⁾	EUR		400		449,954

Ashtead Capital, Inc., 4.00%, 5/1/28⁽³⁾⁽⁵⁾			200		201,250

Clean Harbors, Inc., 4.875%, 7/15/27⁽³⁾			101		105,539

Clean Harbors, Inc., 5.125%, 7/15/29⁽³⁾			61		65,118

Covanta Holding Corp., 5.875%, 3/1/24			500		515,000

Covanta Holding Corp., 5.875%, 7/1/25			95		98,919

GFL Environmental, Inc., 5.375%, 3/1/23⁽³⁾			270		279,112

GFL Environmental, Inc., 8.50%, 5/1/27⁽³⁾			521		574,402

GWB-CR Security Corp., 9.50%, 11/1/27⁽³⁾			193		198,790

Harsco Corp., 5.75%, 7/31/27⁽³⁾			54		56,229

IPD 3 B.V., 4.50%, 7/15/22⁽⁶⁾	EUR		125		142,710

KAR Auction Services, Inc., 5.125%, 6/1/25⁽³⁾			231		242,261

Loxam SAS, 2.875%, 4/15/26⁽⁶⁾	EUR		475		521,821

Loxam SAS, 5.75%, 7/15/27⁽⁶⁾	EUR		450		486,633

Prime Security Services Borrower, LLC/Prime Finance, Inc., 9.25%, 5/15/23⁽³⁾			158		166,512

ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		619,437

Team Health Holdings, Inc., 6.375%, 2/1/25⁽³⁾			84		54,600

Tervita Escrow Corp., 7.625%, 12/1/21⁽³⁾			326		322,740

TMS International Holding Corp., 7.25%, 8/15/25⁽³⁾			133		110,390

Verisure Holding AB, 3.50%, 5/15/23⁽⁶⁾	EUR		540		622,937

				$	6,012,217


Security		Principal Amount* (000’s omitted)		Value

Communications Equipment — 0.8%

CommScope Technologies, LLC, 5.00%, 3/15/27⁽³⁾			341	$	280,472

CommScope Technologies, LLC, 6.00%, 6/15/25⁽³⁾			124		111,631

Crystal Almond S.a.r.l, 4.25%, 10/15/24⁽⁶⁾	EUR		469		525,691

Matterhorn Telecom SA, 3.125%, 9/15/26⁽⁶⁾	EUR		980		1,099,552

Riverbed Technology, Inc., 8.875%, 3/1/23⁽³⁾			535		248,775

Sprint Communications, Inc., 6.00%, 11/15/22			75		79,500

				$	2,345,621

Consumer Finance — 0.4%

CPUK Finance, Ltd., 4.875%, 2/28/47⁽⁶⁾	GBP		895	$	1,199,924

William Carter Co. (The), 5.625%, 3/15/27⁽³⁾			144		154,080

				$	1,354,004

Containers & Packaging — 0.5%

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23⁽³⁾			120	$	123,414

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 7.00%, 7/15/24⁽³⁾			140		145,162

Trivium Packaging Finance B.V., 3.75%, 8/15/26⁽⁶⁾	EUR		780		906,297

Trivium Packaging Finance B.V., 5.50%, 8/15/26⁽³⁾			200		210,250

				$	1,385,123

Distributors — 0.5%

Core & Main Holdings, L.P., 8.625%, (8.625% Cash or 9.375% PIK), 9/15/24⁽³⁾⁽⁹⁾			214	$	213,732

IAA, Inc., 5.50%, 6/15/27⁽³⁾			97		104,168

Parts Europe SA, 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22⁽⁶⁾⁽⁸⁾	EUR		662		737,363

Parts Europe SA, 5.50%, (3 mo. EURIBOR + 5.50%), 5/1/22⁽⁶⁾⁽⁸⁾	EUR		340		379,202

Performance Food Group, Inc., 5.50%, 10/15/27⁽³⁾			169		179,563

				$	1,614,028

Diversified Consumer Services — 0.7%

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽⁶⁾			1,050	$	1,092,000

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽³⁾			267		277,680

Laureate Education, Inc., 8.25%, 5/1/25⁽³⁾			745		812,050

				$	2,181,730

Diversified Financial Services — 0.9%

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26⁽³⁾			107	$	114,490


		24		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Diversified Financial Services (continued)

Avolon Holdings Funding, Ltd., 5.125%, 10/1/23⁽³⁾			350	$	378,525

Credito Real SAB de CV, 9.50%, 2/7/26⁽³⁾			200		230,500

DAE Funding, LLC, 4.50%, 8/1/22⁽³⁾			155		158,205

DAE Funding, LLC, 5.00%, 8/1/24⁽³⁾			255		266,807

GFL Environmental, Inc., 7.00%, 6/1/26⁽³⁾			245		260,313

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22			115		118,019

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			291		309,187

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		126,300

Louvre Bidco SAS, 4.25%, 9/30/24⁽⁶⁾	EUR		215		245,371

Park Aerospace Holdings, Ltd., 5.25%, 8/15/22⁽³⁾			340		362,933

West Corp., 8.50%, 10/15/25⁽³⁾			186		141,360

				$	2,712,010

Diversified Telecommunication Services — 0.0%⁽¹⁾

CenturyLink, Inc., 7.50%, 4/1/24			6	$	6,825

Level 3 Financing, Inc., 5.25%, 3/15/26			90		94,162

Level 3 Financing, Inc., 5.375%, 1/15/24			35		35,744

				$	136,731

Electric Utilities — 1.0%

AES Corp. (The), 5.50%, 4/15/25			14	$	14,573

AES Corp. (The), 6.00%, 5/15/26			45		48,220

Drax Finco PLC, 6.625%, 11/1/25⁽³⁾			1,000		1,063,750

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79⁽⁴⁾			155		171,045

NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24⁽³⁾			95		99,156

NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27⁽³⁾			150		153,563

NRG Energy, Inc., 5.25%, 6/15/29⁽³⁾			122		131,303

Pattern Energy Group, Inc., 5.875%, 2/1/24⁽³⁾			60		61,800

Southern California Edison Co., Series E, 6.25% to 2/1/22⁽⁴⁾⁽⁷⁾			273		266,965

Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57⁽⁴⁾			192		200,918

TerraForm Power Operating, LLC, 4.25%, 1/31/23⁽³⁾			95		98,325

TerraForm Power Operating, LLC, 5.00%, 1/31/28⁽³⁾			145		153,656

Vistra Energy Corp., 8.125%, 1/30/26⁽³⁾			190		204,250

Vistra Operations Co., LLC, 5.00%, 7/31/27⁽³⁾			406		421,225

				$	3,088,749


Security		Principal Amount* (000’s omitted)		Value

Electrical Equipment — 0.0%⁽¹⁾

Sensata Technologies, Inc., 4.375%, 2/15/30⁽³⁾			112	$	113,050

				$	113,050

Electronic Equipment, Instruments & Components — 0.2%

Energizer Gamma Acquisition B.V., 4.625%, 7/15/26⁽⁶⁾	EUR		630	$	742,939

				$	742,939	��

Entertainment — 1.0%

Cedar Fair, L.P., 5.25%, 7/15/29⁽³⁾			58	$	62,495

EIG Investors Corp., 10.875%, 2/1/24			480		487,200

Entertainment One, Ltd., 4.625%, 7/15/26⁽⁶⁾	GBP		545		767,911

Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27⁽³⁾			226		240,407

Golden Entertainment, Inc., 7.625%, 4/15/26⁽³⁾			100		105,375

Netflix, Inc., 4.875%, 6/15/30⁽³⁾			234		237,159

Netflix, Inc., 5.875%, 11/15/28			300		331,125

Pinewood Finance Co., Ltd., 3.25%, 9/30/25⁽⁶⁾	GBP		300		398,281

Zayo Group, LLC/Zayo Capital, Inc., 6.375%, 5/15/25			369		380,716

				$	3,010,669

Equity Real Estate Investment Trusts (REITs) — 0.3%

Equinix, Inc., 5.375%, 5/15/27			115	$	125,063

MGM Growth Properties Operating Partnership, L.P./MGP FinanceCo-Issuer, Inc., 4.50%, 9/1/26			100		106,750

MGM Growth Properties Operating Partnership, L.P./MGP FinanceCo-Issuer, Inc., 5.625%, 5/1/24			200		221,000

MGM Growth Properties Operating Partnership, L.P./MGP FinanceCo-Issuer, Inc., 5.75%, 2/1/27⁽³⁾			101		114,256

SBA Communications Corp., 4.00%, 10/1/22			150		153,772

SBA Communications Corp., 4.875%, 9/1/24			55		57,338

				$	778,179

Food Products — 0.6%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28⁽³⁾			181	$	194,801

Dole Food Co., Inc., 7.25%, 6/15/25⁽³⁾			107		102,453

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30⁽³⁾			291		314,280

Post Holdings, Inc., 5.00%, 8/15/26⁽³⁾			85		88,727

Post Holdings, Inc., 5.50%, 3/1/25⁽³⁾			190		199,757

Post Holdings, Inc., 5.50%, 12/15/29⁽³⁾			98		103,557

Post Holdings, Inc., 5.625%, 1/15/28⁽³⁾			175		187,906

US Foods, Inc., 5.875%, 6/15/24⁽³⁾			510		527,212

				$	1,718,693


		25		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Gas Utilities — 0.1%

NiSource, Inc., 5.65% to 6/15/23⁽⁴⁾⁽⁷⁾		280	$	284,400

			$	284,400

Health Care Equipment & Supplies — 1.3%

Catalent Pharma Solutions, Inc., 5.00%, 7/15/27⁽³⁾		121	$	126,748

Centene Corp., 4.75%, 1/15/25		300		311,103

Centene Corp., 5.375%, 6/1/26⁽³⁾		445		472,145

Centene Corp., 6.125%, 2/15/24		340		353,920

Hill-Rom Holdings, Inc., 4.375%, 9/15/27⁽³⁾		56		57,820

Hologic, Inc., 4.375%, 10/15/25⁽³⁾		70		72,067

Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23⁽³⁾		437		453,387

Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/1/21⁽³⁾		326		342,691

MPH Acquisition Holdings, LLC, 7.125%, 6/1/24⁽³⁾		1,174		1,100,625

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26⁽³⁾		429		471,900

Select Medical Corp., 6.25%, 8/15/26⁽³⁾		96		102,480

			$	3,864,886

Health Care Providers & Services — 1.4%

Charles River Laboratories International, Inc., 4.25%, 5/1/28⁽³⁾		90	$	91,922

Eagle Holding Co. II, LLC, 7.625%, (7.625% Cash or 8.375% PIK), 5/15/22⁽³⁾⁽⁹⁾		185		187,081

Eagle Holding Co. II, LLC, 7.75%, (7.75% Cash or 8.50% PIK), 5/15/22⁽³⁾⁽⁹⁾		411		418,192

Encompass Health Corp., 4.50%, 2/1/28		90		92,250

Encompass Health Corp., 4.75%, 2/1/30		110		113,713

HCA, Inc., 5.00%, 3/15/24		110		120,111

HCA, Inc., 5.375%, 9/1/26		270		294,975

HCA, Inc., 5.625%, 9/1/28		330		371,662

HCA, Inc., 5.875%, 2/15/26		750		845,625

HCA, Inc., 5.875%, 2/1/29		190		215,650

Tenet Healthcare Corp., 4.625%, 9/1/24⁽³⁾		49		50,316

Tenet Healthcare Corp., 4.875%, 1/1/26⁽³⁾		290		300,331

Tenet Healthcare Corp., 5.125%, 11/1/27⁽³⁾		290		302,682

Tenet Healthcare Corp., 6.75%, 6/15/23		260		276,575

WellCare Health Plans, Inc., 5.25%, 4/1/25		318		333,999

WellCare Health Plans, Inc., 5.375%, 8/15/26⁽³⁾		261		278,291

			$	4,293,375

Hotels, Restaurants & Leisure — 1.8%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 3.875%, 1/15/28⁽³⁾		119	$	119,928


Security		Principal Amount* (000’s omitted)		Value

Hotels, Restaurants & Leisure (continued)

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24⁽³⁾			325	$	334,344

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25⁽³⁾			504		520,380

Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25⁽³⁾			232		238,090

Eldorado Resorts, Inc., 6.00%, 4/1/25			141		148,931

Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24⁽³⁾			490		505,925

Golden Nugget, Inc., 6.75%, 10/15/24⁽³⁾			266		274,672

Golden Nugget, Inc., 8.75%, 10/1/25⁽³⁾			155		163,525

Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp., 10.25%, 11/15/22⁽³⁾			342		363,375

Melco Resorts Finance, Ltd., 5.625%, 7/17/27⁽³⁾			200		209,094

Merlin Entertainments PLC, 5.75%, 6/15/26⁽³⁾			200		213,750

MGM Resorts International, 5.75%, 6/15/25			240		267,600

Motion Bondco DAC, 4.50%, 11/15/27⁽⁵⁾⁽⁶⁾	EUR		210		238,934

NCL Corp., Ltd., 4.75%, 12/15/21⁽³⁾			121		122,966

Scientific Games International, Inc., 10.00%, 12/1/22			229		236,156

Viking Cruises, Ltd., 5.875%, 9/15/27⁽³⁾			730		777,450

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27⁽³⁾			213		222,319

Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp., 5.125%, 10/1/29⁽³⁾			219		229,266

Yum! Brands, Inc., 4.75%, 1/15/30⁽³⁾			138		145,072

				$	5,331,777

Household Products — 0.2%

Central Garden & Pet Co., 5.125%, 2/1/28			50	$	51,615

Central Garden & Pet Co., 6.125%, 11/15/23			235		244,106

Energizer Holdings, Inc., 6.375%, 7/15/26⁽³⁾			64		68,403

Spectrum Brands, Inc., 5.00%, 10/1/29⁽³⁾			73		74,825

Spectrum Brands, Inc., 5.75%, 7/15/25			120		125,700

				$	564,649

Independent Power and Renewable Electricity Producers — 0.4%

Calpine Corp., 5.25%, 6/1/26⁽³⁾			150	$	156,563

Calpine Corp., 5.50%, 2/1/24			45		45,281

Calpine Corp., 5.75%, 1/15/25			295		303,481

NRG Energy, Inc., 5.75%, 1/15/28			210		228,112

NRG Energy, Inc., 7.25%, 5/15/26			350		384,573

				$	1,118,010

Industrial Conglomerates — 0.1%

Advanced Drainage Systems, Inc., 5.00%, 9/30/27⁽³⁾			46	$	47,150


		26		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Industrial Conglomerates (continued)

Hillman Group, Inc. (The), 6.375%, 7/15/22⁽³⁾			139	$	128,575

				$	175,725

Insurance — 0.8%

Alliant Holdings Intermediate, LLC/Alliant HoldingsCo-Issuer, 6.75%, 10/15/27⁽³⁾			401	$	418,087

Ardonagh Midco 3 PLC, 8.375%, 7/15/23⁽⁶⁾	GBP		250		304,263

Galaxy Bidco, Ltd., 6.50%, 7/31/26⁽⁶⁾	GBP		650		856,186

Galaxy Finco, Ltd., 9.25%, 7/31/27⁽⁶⁾	GBP		175		220,452

GTCR AP Finance, Inc., 8.00%, 5/15/27⁽³⁾			100		102,500

Hub International, Ltd., 7.00%, 5/1/26⁽³⁾			415		428,487

USI, Inc., 6.875%, 5/1/25⁽³⁾			169		172,380

				$	2,502,355

Machinery — 0.3%

Cloud Crane, LLC, 10.125%, 8/1/24⁽³⁾			190	$	201,162

Colfax Corp., 6.00%, 2/15/24⁽³⁾			83		88,499

Colfax Corp., 6.375%, 2/15/26⁽³⁾			136		147,560

Granite Holdings US Acquisition Co., 11.00%, 10/1/27⁽³⁾			93		86,723

Navistar International Corp., 6.625%, 11/1/25⁽³⁾			430		440,750

				$	964,694

Media — 4.3%

Altice Finco S.A., 4.75%, 1/15/28⁽⁶⁾	EUR		1,050	$	1,142,301

Altice France S.A., 3.375%, 1/15/28⁽⁶⁾	EUR		439		491,593

Altice France S.A., 5.50%, 1/15/28⁽³⁾			281		286,971

Altice France S.A., 7.375%, 5/1/26⁽³⁾			455		488,372

Altice France S.A., 8.125%, 2/1/27⁽³⁾			750		833,437

Altice Luxembourg SA, 8.00%, 5/15/27⁽⁶⁾	EUR		505		619,234

Altice Luxembourg SA, 10.50%, 5/15/27⁽³⁾			253		286,839

AMC Entertainment Holdings, Inc., 6.375%, 11/15/24	GBP		345		430,281

Cablevision Systems Corp., 5.875%, 9/15/22			50		54,063

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30⁽³⁾			322		328,842

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29⁽³⁾			110		117,700

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 4/1/24⁽³⁾			1,130		1,180,850

Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27⁽³⁾			230		239,989

Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24⁽³⁾			42		46,279

CSC Holdings, LLC, 5.50%, 5/15/26⁽³⁾			200		211,250

CSC Holdings, LLC, 5.75%, 1/15/30⁽³⁾			519		546,896


Security		Principal Amount* (000’s omitted)		Value

Media (continued)

CSC Holdings, LLC, 6.75%, 11/15/21			500	$	540,000

CSC Holdings, LLC, 7.50%, 4/1/28⁽³⁾			200		226,000

CSC Holdings, LLC, 10.875%, 10/15/25⁽³⁾			422		477,001

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26⁽³⁾			369		386,066

Diamond Sports Group, LLC/Diamond Sports Finance Co., 6.625%, 8/15/27⁽³⁾			369		380,992

DISH DBS Corp., 7.75%, 7/1/26			119		120,351

iHeartCommunications, Inc., 6.375%, 5/1/26			8		8,840

iHeartCommunications, Inc., 8.375%, 5/1/27			110		118,330

LCPR Senior Secured Financing DAC, 6.75%, 10/15/27⁽³⁾			200		205,250

Live Nation Entertainment, Inc., 4.75%, 10/15/27⁽³⁾			185		193,344

MDC Partners, Inc., 6.50%, 5/1/24⁽³⁾			139		133,614

Nexstar Escrow, Inc., 5.625%, 7/15/27⁽³⁾			146		154,351

Scripps Escrow, Inc., 5.875%, 7/15/27⁽³⁾			190		195,168

Sirius XM Radio, Inc., 4.625%, 7/15/24⁽³⁾			291		304,822

Sirius XM Radio, Inc., 5.00%, 8/1/27⁽³⁾			218		229,990

Summer BC Holdco B S.a.r.l, 5.75%, 10/31/26⁽⁶⁾	EUR		520		582,131

TEGNA, Inc., 5.00%, 9/15/29⁽³⁾			181		183,715

Ziggo B.V., 4.25%, 1/15/27⁽⁶⁾	EUR		870		1,047,756

Ziggo B.V., 4.875%, 1/15/30⁽³⁾			200		204,314

				$	12,996,932

Metals & Mining — 2.1%

Alcoa Nederland Holding B.V., 6.125%, 5/15/28⁽³⁾			200	$	215,000

Alcoa Nederland Holding B.V., 7.00%, 9/30/26⁽³⁾			770		840,262

Allegheny Ludlum, LLC, 6.95%, 12/15/25			1,050		1,094,625

Allegheny Technologies, Inc., 5.95%, 1/15/21			50		51,750

Allegheny Technologies, Inc., 7.875%, 8/15/23			330		360,624

BHP Billiton Finance USA, Ltd., 6.75% to 10/20/25, 10/19/75⁽³⁾⁽⁴⁾			270		316,972

Bombardier, Inc., 6.00%, 10/15/22⁽³⁾			637		624,260

Bombardier, Inc., 6.125%, 1/15/23⁽³⁾			168		164,640

Bombardier, Inc., 7.875%, 4/15/27⁽³⁾			232		219,820

Centennial Resource Production, LLC, 5.375%, 1/15/26⁽³⁾			320		301,600

Eldorado Gold Corp., 9.50%, 6/1/24⁽³⁾			97		105,245

First Quantum Minerals, Ltd., 6.875%, 3/1/26⁽³⁾			200		196,750

First Quantum Minerals, Ltd., 7.25%, 4/1/23⁽³⁾			365		367,966

Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		78,188

Freeport-McMoRan, Inc., 5.45%, 3/15/43			222		207,570

Hecla Mining Co., 6.875%, 5/1/21			131		129,690

Hudbay Minerals, Inc., 7.25%, 1/15/23⁽³⁾			115		119,301

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽³⁾			179		182,870

Novelis Corp., 5.875%, 9/30/26⁽³⁾			180		189,468


		27		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Metals & Mining (continued)

Novelis Corp., 6.25%, 8/15/24⁽³⁾			625	$	656,250

				$	6,422,851

Multi-Utilities — 0.3%

Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23⁽⁴⁾⁽⁷⁾			425	$	451,866

Thames Water Kemble Finance PLC, 5.875%, 7/15/22⁽⁶⁾	GBP		375		499,728

				$	951,594

Oil, Gas & Consumable Fuels — 4.8%

Aker BP ASA, 4.75%, 6/15/24⁽³⁾			150	$	156,375

AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.50%, 5/20/25			105		113,148

AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24			24		25,980

Antero Resources Corp., 5.375%, 11/1/21			1,000		897,500

Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26⁽³⁾			342		263,340

Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 10.00%, 4/1/22⁽³⁾			505		480,406

Berry Petroleum Co., LLC, 7.00%, 2/15/26⁽³⁾			115		107,525

Brazos Valley Longhorn, LLC/Brazos Valley Longhorn Finance Corp., 6.875%, 2/1/25			145		114,550

Centennial Resource Production, LLC, 6.875%, 4/1/27⁽³⁾			284		279,740

Cheniere Energy Partners, L.P., 5.25%, 10/1/25			235		244,106

Citgo Holding, Inc., 9.25%, 8/1/24⁽³⁾			229		239,591

Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26			110		115,225

Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26			120		126,300

CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25⁽³⁾			635		623,106

CVR Refining, LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22			256		259,200

DCP Midstream, L.P., Series A, 7.375% to 12/15/22⁽⁴⁾⁽⁷⁾			160		154,243

Diamondback Energy, Inc., 4.75%, 11/1/24			60		62,175

Diamondback Energy, Inc., 5.375%, 5/31/25			140		146,650

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26⁽³⁾			155		160,428

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28⁽³⁾			205		216,792

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22⁽⁴⁾⁽⁷⁾			392		271,186

Enterprise Products Operating, LLC, Series E, 5.25% to 8/16/27, 8/16/77⁽⁴⁾			455		468,095

EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26^(3)(10)			80		56,000


Security	Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)

Extraction Oil & Gas, Inc., 5.625%, 2/1/26⁽³⁾		269	$	115,670

Extraction Oil & Gas, Inc., 7.375%, 5/15/24⁽³⁾		195		80,925

Gran Tierra Energy, Inc., 7.75%, 5/23/27⁽³⁾		250		240,000

Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽³⁾		757		618,847

Hilcorp Energy I, L.P./Hilcorp Finance Co., 5.75%, 10/1/25⁽³⁾		3		2,693

Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28⁽³⁾		401		340,850

Jagged Peak Energy, LLC, 5.875%, 5/1/26		86		87,290

Matador Resources Co., 5.875%, 9/15/26		370		357,050

Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26⁽³⁾		275		187,000

Murphy Oil USA, Inc., 4.75%, 9/15/29		131		137,059

Murphy Oil USA, Inc., 5.625%, 5/1/27		65		70,084

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽⁶⁾		1,225		1,225,000

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽³⁾		300		300,000

Newfield Exploration Co., 5.625%, 7/1/24		65		71,315

Nine Energy Service, Inc., 8.75%, 11/1/23⁽³⁾		110		83,600

Odebrecht Oil & Gas Finance, Ltd., 0.0%⁽³⁾⁽⁷⁾		862		9,911

Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25⁽³⁾		75		77,252

Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25⁽³⁾		140		144,827

Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27⁽³⁾		137		142,138

Parsley Energy, LLC/Parsley Finance Corp., 6.25%, 6/1/24⁽³⁾		150		156,563

PBF Holding Co., LLC/PBF Finance Corp., 7.00%, 11/15/23		100		103,500

PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		588		616,665

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽⁴⁾⁽⁷⁾		710		663,154

Precision Drilling Corp., 6.50%, 12/15/21		8		8,007

Precision Drilling Corp., 7.125%, 1/15/26⁽³⁾		75		65,250

Precision Drilling Corp., 7.75%, 12/15/23		10		9,500

Seven Generations Energy, Ltd., 5.375%, 9/30/25⁽³⁾		255		249,581

Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25⁽³⁾		440		371,800

SM Energy Co., 5.625%, 6/1/25		85		72,464

SM Energy Co., 6.125%, 11/15/22		326		312,145

SM Energy Co., 6.625%, 1/15/27		155		130,975

SM Energy Co., 6.75%, 9/15/26		196		169,050

Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23		145		149,169

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		155		162,378

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27⁽³⁾		102		109,397


		28		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.875%, 1/15/29⁽³⁾		203	$	220,001

Teleflex, Inc., 4.625%, 11/15/27		160		168,200

Transocean Guardian, Ltd., 5.875%, 1/15/24⁽³⁾		156		156,529

Transocean Pontus, Ltd., 6.125%, 8/1/25⁽³⁾		107		107,067

Transocean Poseidon, Ltd., 6.875%, 2/1/27⁽³⁾		51		51,677

Transocean, Inc., 7.25%, 11/1/25⁽³⁾		228		202,350

Transocean, Inc., 7.50%, 1/15/26⁽³⁾		84		75,180

Whiting Petroleum Corp., 5.75%, 3/15/21		113		106,785

WPX Energy, Inc., 5.25%, 10/15/27		67		65,325

			$	14,375,884

Pharmaceuticals — 0.8%

Bausch Health Americas, Inc., 8.50%, 1/31/27⁽³⁾		448	$	505,120

Bausch Health Americas, Inc., 9.25%, 4/1/26⁽³⁾		105		119,046

Bausch Health Cos., Inc., 5.50%, 3/1/23⁽³⁾		47		47,588

Bausch Health Cos., Inc., 5.50%, 11/1/25⁽³⁾		129		135,290

Bausch Health Cos., Inc., 5.75%, 8/15/27⁽³⁾		72		78,367

Bausch Health Cos., Inc., 5.875%, 5/15/23⁽³⁾		24		24,438

Bausch Health Cos., Inc., 6.125%, 4/15/25⁽³⁾		60		62,438

Bausch Health Cos., Inc., 6.50%, 3/15/22⁽³⁾		155		159,875

Bausch Health Cos., Inc., 7.00%, 3/15/24⁽³⁾		281		294,678

Bausch Health Cos., Inc., 7.00%, 1/15/28⁽³⁾		94		101,637

Bausch Health Cos., Inc., 7.25%, 5/30/29⁽³⁾		98		108,167

Bausch Health Cos., Inc., 9.00%, 12/15/25⁽³⁾		245		276,801

Catalent Pharma Solutions, Inc., 4.875%, 1/15/26⁽³⁾		270		280,125

Vizient, Inc., 6.25%, 5/15/27⁽³⁾		67		72,422

			$	2,265,992

Pipelines — 0.9%

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.375%, 9/15/24		57	$	46,455

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27⁽³⁾		242		181,500

Cheniere Corpus Christi Holdings, LLC, 5.875%, 3/31/25		193		214,489

Cheniere Corpus Christi Holdings, LLC, 7.00%, 6/30/24		122		140,615

Cheniere Energy Partners, L.P., 4.50%, 10/1/29⁽³⁾		371		379,811

Cheniere Energy Partners, L.P., 5.625%, 10/1/26		215		228,169

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27⁽³⁾		190		191,904

Energy Transfer Operating, L.P., 5.875%, 1/15/24		15		16,668

Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23⁽⁴⁾⁽⁷⁾		504		469,486

EnLink Midstream, LLC, 5.375%, 6/1/29		166		147,740


Security	Principal Amount* (000’s omitted)		Value

Pipelines (continued)

Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25⁽³⁾		123	$	116,563

Holly Energy Partners, L.P./Holly Energy Finance Corp., 6.00%, 8/1/24⁽³⁾		60		62,775

MPLX, L.P., 6.375%, 5/1/24⁽³⁾		105		110,378

NGPL PipeCo, LLC, 4.375%, 8/15/22⁽³⁾		50		51,944

Tallgrass Energy Partners, L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28⁽³⁾		143		134,777

Williams Cos., Inc. (The), 5.75%, 6/24/44		85		98,163

			$	2,591,437

Real Estate Investment Trusts (REITs) — 0.3%

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26⁽³⁾		287	$	300,274

ESH Hospitality, Inc., 4.625%, 10/1/27⁽³⁾		225		226,147

ESH Hospitality, Inc., 5.25%, 5/1/25⁽³⁾		160		165,400

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽³⁾		274		286,330

RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23		67		68,675

			$	1,046,826

Real Estate Management & Development — 0.4%

AT Securities B.V., 5.25% to 7/21/23^(4)(6)(7)		1,250	$	1,268,714

			$	1,268,714

Software — 0.2%

CDK Global, Inc., 5.25%, 5/15/29⁽³⁾		96	$	102,060

j2 Cloud Services, LLC/j2 GlobalCo-Obligor, Inc., 6.00%, 7/15/25⁽³⁾		255		271,894

SS&C Technologies, Inc., 5.50%, 9/30/27⁽³⁾		95		101,531

			$	475,485

Specialty Retail — 0.1%

Entegris, Inc., 4.625%, 2/10/26⁽³⁾		77	$	79,659

Party City Holdings, Inc., 6.125%, 8/15/23⁽³⁾		101		101,757

Party City Holdings, Inc., 6.625%, 8/1/26⁽³⁾		58		56,260

			$	237,676

Technology Hardware, Storage & Peripherals — 0.2%

Dell International, LLC/EMC Corp., 5.45%, 6/15/23⁽³⁾		135	$	146,856

Dell International, LLC/EMC Corp., 5.875%, 6/15/21⁽³⁾		136		138,262

Dell International, LLC/EMC Corp., 6.02%, 6/15/26⁽³⁾		315		359,757

MTS Systems Corp., 5.75%, 8/15/27⁽³⁾		77		80,850

			$	725,725


		29		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Telecommunications — 2.1%

CommScope, Inc., 8.25%, 3/1/27⁽³⁾			354	$	336,647

Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26⁽³⁾			447		463,763

eircom Finance DAC, 3.50%, 5/15/26⁽⁶⁾	EUR		510		597,426

Hughes Satellite Systems Corp., 5.25%, 8/1/26			145		155,875

Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		103,075

Intelsat Jackson Holdings S.A., 5.50%, 8/1/23			30		28,200

Intelsat Jackson Holdings S.A., 8.00%, 2/15/24⁽³⁾			200		206,800

Intelsat Jackson Holdings S.A., 8.50%, 10/15/24⁽³⁾			216		218,093

Sable International Finance, Ltd., 5.75%, 9/7/27⁽³⁾			200		208,750

Sprint Capital Corp., 6.875%, 11/15/28			556		604,650

Sprint Corp., 7.875%, 9/15/23			1,858		2,055,412

T-Mobile USA, Inc., 4.50%, 2/1/26			155		160,425

T-Mobile USA, Inc., 4.75%, 2/1/28			170		179,775

Telecom Italia SpA, 3.00%, 9/30/25⁽⁶⁾	EUR		520		624,427

Telecom Italia SpA, 5.303%, 5/30/24⁽³⁾			337		361,854

ViaSat, Inc., 5.625%, 4/15/27⁽³⁾			143		151,001

				$	6,456,173

Toys, Games & Hobbies — 0.2%

Mattel, Inc., 6.75%, 12/31/25⁽³⁾			478	$	501,302

				$	501,302

Transportation — 0.3%

CMA CGM S.A., 5.25%, 1/15/25⁽⁶⁾	EUR		127	$	96,494

Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23⁽³⁾			260		265,850

XPO Logistics, Inc., 6.125%, 9/1/23⁽³⁾			80		82,600

XPO Logistics, Inc., 6.50%, 6/15/22⁽³⁾			375		382,969

				$	827,913

Water Utilities — 0.2%

Anglian Water Osprey Financing PLC, 4.00%, 3/8/26⁽⁶⁾	GBP		475	$	577,651

				$	577,651

Wireless Telecommunication Services — 0.1%

Sprint Corp., 7.625%, 3/1/26			157	$	174,074

				$	174,074

Total Corporate Bonds & Notes (identified cost $114,919,990)				$	116,606,427


Senior Floating-Rate Loans — 2.0%⁽¹¹⁾
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Aerospace and Defense — 0.0%⁽¹⁾

TransDigm, Inc., Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing 5/30/25	$	131	$	130,390

			$	130,390

Business Equipment and Services — 0.1%

EIG Investors Corp., Term Loan, 5.88%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	421	$	400,207

			$	400,207

Cable and Satellite Television — 0.1%

CSC Holdings, LLC, Term Loan, 4.33%, (3 mo. USD LIBOR + 2.50%), Maturing 4/15/27	$	152	$	151,619

			$	151,619

Electronics/Electrical — 0.3%

Applied Systems, Inc., Term Loan, 5.10%, (3 mo. USD LIBOR + 3.00%), Maturing 9/19/24	$	347	$	345,634

Cortes NP Acquisition Corporation, Term Loan, 5.93%, (3 mo. USD LIBOR + 4.00%), Maturing 11/30/23		314		297,461

SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		52		52,191

SS&C Technologies, Inc., Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		79		78,983

SS&C Technologies, Inc., Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		290		291,466

			$	1,065,735

Financial Intermediaries — 0.1%

Navistar International Corporation, Term Loan, 5.42%, (1 mo. USD LIBOR + 3.50%), Maturing 11/6/24	$	282	$	279,164

			$	279,164

Food Products — 0.1%

HLF Financing S.a.r.l., Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing 8/18/25	$	292	$	293,302

			$	293,302

Health Care — 0.2%

Envision Healthcare Corporation, Term Loan, Maturing 10/10/25⁽¹²⁾	$	189	$	153,368

National Mentor Holdings, Inc., Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26		307		307,579

National Mentor Holdings, Inc., Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26		19		19,038

			$	479,985


		30		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Home Furnishings — 0.0%⁽¹⁾

Hillman Group, Inc. (The), Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing 5/31/25	$	115	$	109,404

			$	109,404

Insurance — 0.4%

Asurion, LLC, Term Loan - Second Lien, 8.29%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	1,221	$	1,229,286

			$	1,229,286

Lodging and Casinos — 0.1%

Stars Group Holdings B.V. (The), Term Loan, 5.60%, (3 mo. USD LIBOR + 3.50%), Maturing 7/10/25	$	183	$	183,867

			$	183,867

Radio and Television — 0.1%

iHeartCommunications, Inc., Term Loan, 6.03%, (1 mo. USD LIBOR + 4.00%), Maturing 5/1/26	$	28	$	28,332

iHeartCommunications, Inc., Term Loan, Maturing 5/1/26⁽¹²⁾		272		179,067

			$	207,399

Steel — 0.3%

Big River Steel, LLC, Term Loan, 7.10%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	172	$	170,911

GrafTech Finance, Inc., Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing 2/12/25		694		667,054

			$	837,965

Telecommunications — 0.1%

CenturyLink, Inc., Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing 1/31/25	$	311	$	308,799

Intelsat Jackson Holdings S.A., Term Loan, 6.63%, Maturing 1/2/24⁽¹³⁾		110		112,860

			$	421,659

Utilities — 0.1%

TEX Operations Co., LLC, Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing 8/4/23	$	335	$	336,748

			$	336,748

Total Senior Floating-Rate Loans (identified cost $6,194,709)			$	6,126,730

Exchange-Traded Funds— 0.5%

Security

Shares

Value

Equity Funds— 0.5%

First Trust Preferred Securities and Income ETF

70,885

1,409,194

Total Exchange-Traded Funds
(identified cost $1,369,444)

1,409,194

Miscellaneous — 0.0%

Security

Principal
Amount

Value

Telecommunications — 0.0%

Avaya, Inc., Escrow Certificates^(2)(14)

200,000

Total Miscellaneous
(identified cost $0)

Warrants— 0.0%⁽¹⁾

Security

Shares

Value

Media— 0.0%⁽¹⁾

iHeartMedia, Inc., Class A, Exp. 5/1/39⁽²⁾

1,071

14,860

Total Warrants
(identified cost $19,546)

14,860

Short-Term Investments— 0.5%

Description

Units

Value

Eaton Vance Cash Reserves Fund, LLC,
1.97%⁽¹⁵⁾

1,345,311

Total Short-Term Investments
(identified cost $1,345,310)

1,345,311

Total Investments — 98.8%
(identified cost $272,424,644)

298,267,916

Other Assets, Less Liabilities — 1.2%

3,751,980

Net Assets — 100.0%

302,019,896

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⁾

Amount is less than 0.05%.

⁽²⁾

Non-income producing security.


		31		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

⁽³⁾

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 October 31, 2019, the aggregate value of these securities is $60,105,577 or 19.9% of the Portfolio’s net assets.

⁽⁴⁾

Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁵⁾

When-issued security.

⁽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 October 31, 2019, the aggregate value of these securities is $25,447,413 or 8.4% of the Portfolio’s net assets.

⁽⁷⁾

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

⁽⁸⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2019.

⁽⁹⁾

Represents apayment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽¹⁰⁾	Issuer is in default with respect to interest and/or principal payments.

⁽¹¹⁾

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.

⁽¹²⁾	This Senior Loan will settle after October 31, 2019, at which time the interest rate will be determined.

⁽¹³⁾	Fixed-rate loan.

⁽¹⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽¹⁵⁾	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 annualizedseven-day yield as of October 31, 2019.


Country Concentration of Portfolio
Country	Percentage of Total Investments			Value

United States		59.4	%	$	177,312,683

United Kingdom		8.8			26,155,210

Japan		4.0			11,907,292

France		3.9			11,510,399

Canada		3.6			10,684,780

Spain		3.1			9,421,101

Luxembourg		2.5			7,498,908

Switzerland		2.1			6,317,533

Netherlands		2.0			5,971,227

Sweden		1.9			5,823,548

Germany		1.7			5,052,721

Denmark		1.0			2,889,952

Belgium		0.8			2,377,663

Taiwan		0.7			2,175,533

United Arab Emirates		0.7			2,166,492

Australia		0.7			2,088,803

Italy		0.7			1,983,410

Ireland		0.6			1,939,818

Hong Kong		0.5			1,512,973

China		0.3			838,598

Zambia		0.2			564,716

New Zealand		0.1			268,576

Mexico		0.1			230,500

Norway		0.1			156,375

Brazil		0.0	⁽¹⁾		9,911

Exchange-Traded Funds		0.5			1,409,194

Total Investments		100.0	%	$	298,267,916

⁽¹⁾	Amount is less than 0.05%.

Abbreviations:



ADR	–	American Depositary Receipt

EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PIK	–	Payment In Kind

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


		32		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Statement of Assets and Liabilities


Assets	October 31, 2019

Unaffiliated investments, at value (identified cost, $271,079,334)	$	296,922,605

Affiliated investment, at value (identified cost, $1,345,310)		1,345,311

Cash		24,025

Foreign currency, at value (identified cost, $748,292)		750,312

Interest and dividends receivable		2,079,849

Dividends receivable from affiliated investment		687

Receivable for investments sold		1,053,872

Tax reclaims receivable		2,143,622

Total assets	$	304,320,283

Liabilities

Payable for investments purchased	$	1,215,519

Payable for when-issued securities		802,585

Payable to affiliates:

Investment adviser fee		139,659

Trustees’ fees		1,426

Accrued expenses		141,198

Total liabilities	$	2,300,387

Net Assets applicable to investors’ interest in Portfolio	$	302,019,896


		33		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Statement of Operations


Investment Income	Year Ended October 31, 2019

Dividends (net of foreign taxes, $1,007,901)	$	9,027,735

Interest (net of foreign taxes, $23,922)		7,467,706

Dividends from affiliated investment		87,117

Total investment income	$	16,582,558

Expenses

Investment adviser fee	$	1,839,059

Trustees’ fees and expenses		16,565

Custodian fee		172,568

Legal and accounting services		59,201

Miscellaneous		44,971

Total expenses	$	2,132,364

Net investment income	$	14,450,194

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(6,492,579	)

Investment transactions — affiliated investment		82

Financial futures contracts		(390,797	)

Foreign currency transactions		(87,387	)

Net realized loss	$	(6,970,681	)

Change in unrealized appreciation (depreciation) —

Investments	$	25,223,820

Investments — affiliated investment		219

Foreign currency		27,678

Net change in unrealized appreciation (depreciation)	$	25,251,717

Net realized and unrealized gain	$	18,281,036

Net increase in net assets from operations	$	32,731,230


		34		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2019			2018

From operations —

Net investment income	$	14,450,194		$	12,297,508

Net realized gain (loss)		(6,970,681	)		9,137,041	⁽¹⁾

Net change in unrealized appreciation (depreciation)		25,251,717			(23,312,588	)

Net increase (decrease) in net assets from operations	$	32,731,230		$	(1,878,039	)

Capital transactions —

Contributions	$	4,524,358		$	11,555,928

Withdrawals		(58,888,266	)		(50,914,402	)

Portfolio transaction fee		215,407			197,464

Net decrease in net assets from capital transactions	$	(54,148,501	)	$	(39,161,010	)

Net decrease in net assets	$	(21,417,271	)	$	(41,039,049	)

Net Assets

At beginning of year	$	323,437,167		$	364,476,216

At end of year	$	302,019,896		$	323,437,167

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


		35		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Financial Highlights


	Year Ended October 31,									Period Ended October 31, 2016⁽¹⁾
Ratios/Supplemental Data	2019			2018			2017			Period Ended October 31, 2016⁽¹⁾

Ratios (as a percentage of average daily net assets):

Expenses		0.70	%		0.75	%		0.75	%		0.80	%⁽²⁾

Net investment income		4.72	%		3.47	%		4.56	%		3.75	%⁽²⁾

Portfolio Turnover		86	%		102	%		143	%		66	%⁽³⁾

Total Return		11.57	%		(1.00	)%		15.99	%		3.65	%⁽³⁾

Net assets, end of period (000’s omitted)	$	302,020		$	323,437		$	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.


		36		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements

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’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2019, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 97.9% and 2.1%, 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 ask prices 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 ask prices or, in the case of preferred equity securities that are not listed or traded in theover-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

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.

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 Rule2a-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 most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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


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Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

C Income — Dividend income is recorded on theex-dividend date for dividends received in cash and/or securities. However, if theex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of theex-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 October 31, 2019, 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 fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

G Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H 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 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 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 aremarked-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.

J 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


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Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

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.

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. Prior to May 1, 2019, the fee was computed at an annual rate of 0.65% of the Portfolio’s average daily net assets up to $500 million, and was payable monthly. On net assets of $500 million and over, the annual fee was reduced. Effective May 1, 2019, pursuant to a fee reduction agreement between the Portfolio and BMR, the annual investment adviser fee rate on average daily net assets up to $500 million was reduced to 0.55%. The annual fee rate was also reduced on average daily net assets of $500 million and over. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2019, the Portfolio’s investment adviser fee amounted to $1,839,059 or 0.60% of the Portfolio’s average daily net assets. Pursuant to asub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp. (EVC), a portion of its investment adviser fee forsub-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.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2019, 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 including maturities and principal repayments on Senior Loans, aggregated $257,133,064 and $295,982,344, respectively, for the year ended October 31, 2019.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, of the Portfolio at October 31, 2019, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	272,861,167

Gross unrealized appreciation	$	32,729,294

Gross unrealized depreciation		(7,322,545	)

Net unrealized appreciation	$	25,406,749

5 Financial Instruments

The Portfolio may trade in financial instruments withoff-balance sheet risk in the normal course of its investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2019, there were no obligations outstanding under these financial instruments.

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the year ended October 31, 2019, the Portfolio entered 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.


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Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

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 year ended October 31, 2019 was as follows:


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Futures contracts	$	(390,797	)	$	—

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

The average notional cost of futures contracts outstanding during the year ended October 31, 2019, which is indicative of the volume of this derivative type, was approximately as follows:

6 Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. 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 year ended October 31, 2019.

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 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 Investments in Affiliated Funds

At October 31, 2019, the value of the Portfolio’s investment in affiliated funds was $1,345,311, which represents 0.5% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2019 were as follows:


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC, 1.97%	$	2,714,915	$	106,154,621	$	(107,524,526	)	$	82	$	219	$	1,345,311	$	87,117		1,345,311


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Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

9 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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

At October 31, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks

Communication Services	$	13,110,601	$	3,818,433		$	—	$	16,929,034

Consumer Discretionary		9,061,079		8,342,284			—		17,403,363

Consumer Staples		6,252,103		7,903,989			—		14,156,092

Energy		8,446,909		—			—		8,446,909

Financials		16,489,473		10,789,632			—		27,279,105

Health Care		12,104,516		9,843,886			—		21,948,402

Industrials		10,946,798		13,881,198			—		24,827,996

Information Technology		14,988,485		8,757,154			—		23,745,639

Materials		—		6,202,083			—		6,202,083

Real Estate		3,343,260		—			—		3,343,260

Utilities		4,350,279		1,499,479			—		5,849,758

Total Common Stocks	$	99,093,503	$	71,038,138	**	$	—	$	170,131,641

Preferred Stocks

Consumer Staples	$	—	$	519,330		$	—	$	519,330

Energy		612,069		—			—		612,069

Financials		297,442		120,978			—		418,420

Real Estate		756,506		—			—		756,506

Utilities		239,314		88,114			—		327,428

Total Preferred Stocks	$	1,905,331	$	728,422		$	—	$	2,633,753

Corporate Bonds & Notes	$	—	$	116,606,427		$	—	$	116,606,427

Senior Floating-Rate Loans		—		6,126,730			—		6,126,730

Exchange-Traded Funds		1,409,194		—			—		1,409,194

Miscellaneous		—		—			0		0

Warrants		—		14,860			—		14,860

Short-Term Investments		—		1,345,311			—		1,345,311

Total Investments	$	102,408,028	$	195,859,888		$	0	$	298,267,916

*	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 year ended October 31, 2019 is not presented.


		41

Global Income Builder Portfolio

October 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Income Builder Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Global Income Builder Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from the start of business, March 28, 2016, to October 31, 2016, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights each of the three years in the period then ended and the period from the start of business, March 28, 2016, to October 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2019, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2019

We have served as the auditor of one or more Eaton Vance investment companies since 1959.


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Eaton Vance

Global Income Builder Fund

October 31, 2019

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Income Builder Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serve until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years.Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years.None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years.Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).


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Eaton Vance

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Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years.None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).

Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Payson F. Swaffield 1956	President of the Trust	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016.

Edward J. Perkin 1972	President of the Portfolio	2014	Chief Equity Investment Officer and Vice President of EVM and BMR since 2014. Formerly, Chief Investment Officer, International and Emerging Markets Equity, and Managing Director, Portfolio Manager, Europe, EAFE and Global at Goldman Sachs Asset Management(2002-2014). Also Vice President of CRM since 2016.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.


		44

Eaton Vance

Global Income Builder Fund

October 31, 2019

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM since 2016.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾	Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾	Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.


		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 call1-800-262-1122.

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.


		46

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

InvestmentSub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Administrator of Eaton Vance Global Income Builder Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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 calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

LOGO

2634 10.31.19

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.


Fiscal Years Ended	10/31/18		10/31/19
Audit Fees	$	36,025	$	36,173
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	19,763	$	19,029
All Other Fees⁽³⁾	$	0	$	0

Total	$	55,788	$	55,202

⁽¹⁾	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other tax related compliance/planning matters.

⁽³⁾	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to thepre-approval of services provided by the registrant’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.

ThePre-Approval Policies and the types of audit andnon-audit servicespre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01 (c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

(g) The following table presents (i) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019; and (ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.


Fiscal Years Ended	10/31/18		10/31/19
Registrant	$	19,763	$	19,029
Eaton Vance⁽¹⁾	$	126,485	$	59,903

⁽¹⁾	Certain subsidiaries of Eaton Vance Corp. provide ongoing services to the registrant.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities forClosed-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:		December 23, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		December 23, 2019

By:		/s/ Edward J. Perkin
		Edward J. Perkin
		President

Date:		December 23, 2019

Futures
Contracts — Long

Futures
Contracts — Short

$8,079,000