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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-23145

Global Income Builder Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments

Common Stocks — 55.7%
Security	Shares		Value
Banks — 3.1%
Banco Santander S.A.(1)		391,463	$	783,926
Bank of New York Mellon Corp. (The)		72,887		2,504,397
Citigroup, Inc.		45,570		1,887,509
HDFC Bank, Ltd.(1)		61,276		977,623
ING Groep NV(1)		163,228		1,118,066
KeyCorp.		63,315		821,829
			$	8,093,350
Beverages — 0.6%
Diageo PLC		48,230	$	1,558,690
			$	1,558,690
Biotechnology — 0.5%
CSL, Ltd.		6,209	$	1,257,057
			$	1,257,057
Building Products — 0.5%
Assa Abloy AB, Class B		63,039	$	1,351,081
			$	1,351,081
Chemicals — 0.4%
Sika AG		4,703	$	1,156,960
			$	1,156,960
Construction & Engineering — 0.1%
Abengoa S.A., Class A(1)(2)		36,194	$	0
Abengoa S.A., Class B(1)(2)		374,261		0
Bouygues S.A.		6,045		198,236
			$	198,236
Construction Materials — 0.6%
CRH PLC		42,069	$	1,472,069
			$	1,472,069
Consumer Finance — 0.5%
Capital One Financial Corp.		12,322	$	900,492
OneMain Holdings, Inc.		14,474		504,998
			$	1,405,490
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B(1)		9,756	$	1,969,736
ORIX Corp.		136,389		1,595,102
			$	3,564,838

Security	Shares		Value
Diversified Telecommunication Services — 0.3%
Telenor ASA		54,977	$	849,520
			$	849,520
Electric Utilities — 1.1%
Iberdrola S.A.		115,523	$	1,364,047
NextEra Energy, Inc.		21,076		1,542,974
			$	2,907,021
Electrical Equipment — 1.6%
AMETEK, Inc.		22,692	$	2,228,354
Schneider Electric SE		15,364		1,866,825
			$	4,095,179
Electronic Equipment, Instruments & Components — 2.6%
CDW Corp.		9,664	$	1,184,807
Halma PLC		35,771		1,097,726
Keyence Corp.		5,425		2,461,987
Murata Manufacturing Co., Ltd.		13,878		973,245
Zebra Technologies Corp., Class A(1)		4,394		1,246,314
			$	6,964,079
Entertainment — 1.2%
Nintendo Co., Ltd.		2,060	$	1,113,819
Walt Disney Co. (The)		16,531		2,004,384
			$	3,118,203
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp.		5,223	$	1,199,462
Equity Residential		21,709		1,019,889
			$	2,219,351
Food Products — 2.1%
Mondelez International, Inc., Class A		50,947	$	2,706,305
Nestle S.A.		23,998		2,699,244
			$	5,405,549
Health Care Equipment & Supplies — 3.0%
Alcon, Inc.(1)		21,480	$	1,221,205
Baxter International, Inc.		11,538		895,002
Boston Scientific Corp.(1)		59,152		2,027,139
Intuitive Surgical, Inc.(1)		3,410		2,274,743
Straumann Holding AG		1,398		1,459,306
			$	7,877,395

20 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Health Care Providers & Services — 0.5%
Anthem, Inc.		4,808	$	1,311,622
			$	1,311,622
Hotels, Restaurants & Leisure — 0.6%
Compass Group PLC		124,574	$	1,705,136
			$	1,705,136
Industrial Conglomerates — 0.6%
DCC PLC		23,770	$	1,544,621
			$	1,544,621
Insurance — 1.5%
AIA Group, Ltd.		179,532	$	1,708,637
Aviva PLC		285,154		951,152
AXA S.A.		73,259		1,176,488
			$	3,836,277
Interactive Media & Services — 4.3%
Alphabet, Inc., Class C(1)		4,149	$	6,725,571
Facebook, Inc., Class A(1)		11,768		3,096,278
Tencent Holdings, Ltd.		20,405		1,559,056
			$	11,380,905
Internet & Direct Marketing Retail — 2.5%
Amazon.com, Inc.(1)(3)		2,197	$	6,670,421
			$	6,670,421
IT Services — 1.8%
Amadeus IT Group S.A.		35,999	$	1,715,214
Global Payments, Inc.		5,469		862,680
Visa, Inc., Class A		12,183		2,213,773
			$	4,791,667
Leisure Products — 0.7%
Yamaha Corp.		37,260	$	1,766,317
			$	1,766,317
Life Sciences Tools & Services — 0.4%
Lonza Group AG		1,674	$	1,014,293
			$	1,014,293

Security	Shares		Value
Machinery — 2.4%
Ingersoll Rand, Inc.(1)		45,293	$	1,582,537
Sandvik AB(1)		85,394		1,522,156
SMC Corp.		2,521		1,340,933
Stanley Black & Decker, Inc.		9,249		1,537,184
Wartsila OYJ Abp		29,919		237,761
			$	6,220,571
Media — 0.1%
Clear Channel Outdoor Holdings, Inc.(1)		3,408	$	3,047
iHeartMedia, Inc., Class A(1)		715		5,877
Publicis Groupe S.A.		7,368		255,981
			$	264,905
Metals & Mining — 0.7%
Rio Tinto, Ltd.		30,115	$	1,959,097
			$	1,959,097
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		55,281	$	772,276
			$	772,276
Multi-Utilities — 0.3%
CMS Energy Corp.		14,242	$	901,946
			$	901,946
Oil, Gas & Consumable Fuels — 1.4%
Chevron Corp.		15,778	$	1,096,571
EOG Resources, Inc.		35,537		1,216,787
EP Energy Corp.(1)		1,639		47,531
OMV AG		17,646		407,912
Phillips 66		17,223		803,625
			$	3,572,426
Personal Products — 1.0%
Unilever PLC		44,680	$	2,546,260
			$	2,546,260
Pharmaceuticals — 3.6%
Eli Lilly & Co.		9,617	$	1,254,634
Novo Nordisk A/S, Class B		22,740		1,450,031
Roche Holding AG PC		6,729		2,162,239
Sanofi		24,659		2,226,543
Zoetis, Inc.		14,995		2,377,457
			$	9,470,904

21 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Professional Services — 1.8%
Recruit Holdings Co., Ltd.		53,331	$	2,029,279
RELX PLC		89,790		1,776,756
Verisk Analytics, Inc.		5,561		989,691
			$	4,795,726
Semiconductors & Semiconductor Equipment — 2.7%
ASML Holding NV		5,700	$	2,062,276
Infineon Technologies AG		60,135		1,674,229
Micron Technology, Inc.(1)		24,521		1,234,387
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		25,827		2,166,111
			$	7,137,003
Software — 3.1%
Dassault Systemes SE		7,190	$	1,225,969
Intuit, Inc.		3,364		1,058,584
Microsoft Corp.		29,606		5,994,327
			$	8,278,880
Specialty Retail — 1.4%
Lowe’s Cos., Inc.		11,584	$	1,831,430
TJX Cos., Inc. (The)		36,413		1,849,781
			$	3,681,211
Technology Hardware, Storage & Peripherals — 1.7%
Apple, Inc.		40,392	$	4,397,073
			$	4,397,073
Textiles, Apparel & Luxury Goods — 1.8%
adidas AG(1)		9,158	$	2,720,886
LVMH Moet Hennessy Louis Vuitton SE		4,578		2,145,927
			$	4,866,813
Transportation — 0.1%
Kuehne & Nagel International AG		1,209	$	241,634
			$	241,634
Total Common Stocks (identified cost $123,826,536)			$	146,622,052
Preferred Stocks — 1.3%
Security	Shares		Value
Banks — 0.2%
Farm Credit Bank of Texas, 6.75% to 9/15/23(4)(5)		1,115	$	120,420
Huntington Bancshares, Inc., Series D, 6.25%		3,450		88,389

Security	Shares		Value
Banks (continued)
Wells Fargo & Co., Series AA, 4.70%		5,800	$	143,260
Wells Fargo & Co., Series Z, 4.75%		4,762		118,955
			$	471,024
Capital Markets — 0.0%(6)
Affiliated Managers Group, Inc., 4.75%		2,250	$	58,455
			$	58,455
Electric Utilities — 0.1%
SCE Trust III, Series H, 5.75% to 3/15/24(5)		15,000	$	331,500
			$	331,500
Equity Real Estate Investment Trusts (REITs) — 0.1%
SITE Centers Corp., Series A, 6.375%(1)		10,450	$	254,980
SITE Centers Corp., Series K, 6.25%(1)		1,950		46,781
			$	301,761
Food Products — 0.2%
Dairy Farmers of America, Inc., 7.875%(4)		4,700	$	423,000
Ocean Spray Cranberries, Inc., 6.25%(4)		540		44,415
			$	467,415
Independent Power and Renewable Electricity Producers — 0.0%(6)
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(5)		3,175	$	85,288
			$	85,288
Insurance — 0.2%
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(5)		7,517	$	195,893
Athene Holding, Ltd., Series C, 6.375% to 6/30/25(5)		10,000		269,000
			$	464,893
Oil, Gas & Consumable Fuels — 0.2%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(5)		23,750	$	393,062
			$	393,062
Pipelines — 0.1%
Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23(5)		3,000	$	54,870
Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24(5)		2,970		57,767
			$	112,637

22 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Shares		Value
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P., Series A, 5.75%			6,545	$	126,973
Brookfield Property Partners, L.P., Series A2, 6.375%			8,191		165,458
				$	292,431
Trading Companies & Distributors — 0.1%
WESCO International, Inc., Series A, 10.625% to 6/22/25(5)			10,788	$	312,636
				$	312,636
Total Preferred Stocks (identified cost $3,650,378)				$	3,291,102
Corporate Bonds & Notes — 39.3%
Security		Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.9%
BWX Technologies, Inc., 5.375%, 7/15/26(4)			215	$	223,641
Howmet Aerospace, Inc., 6.875%, 5/1/25			294		327,443
Moog, Inc., 4.25%, 12/15/27(4)			170		174,675
Rolls-Royce PLC, 5.75%, 10/15/27(7)	GBP		161		209,273
Rolls-Royce PLC, 5.75%, 10/15/27(4)			292		296,015
Spirit AeroSystems, Inc., 7.50%, 4/15/25(4)			131		132,377
TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		199,625
TransDigm, Inc., 5.50%, 11/15/27			106		103,546
TransDigm, Inc., 6.25%, 3/15/26(4)			419		437,333
TransDigm, Inc., 6.50%, 5/15/25			30		30,056
TransDigm, Inc., 7.50%, 3/15/27			327		338,180
				$	2,472,164
Airlines — 0.3%
Delta Air Lines, Inc., 7.375%, 1/15/26			115	$	118,983
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, 10/20/25(4)			110		111,730
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(4)			110		112,505
Mileage Plus Holdings, LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27(4)			401		418,293
				$	761,511
Auto Components — 0.4%
Clarios Global, L.P., 6.75%, 5/15/25(4)			81	$	85,793
Clarios Global, L.P./Clarios US Finance Co., 4.375%, 5/15/26(7)	EUR		181		212,129
Clarios Global, L.P./Clarios US Finance Co., 8.50%, 5/15/27(4)			765		799,272
				$	1,097,194

Security		Principal Amount* (000’s omitted)		Value
Automobiles — 1.2%
FCE Bank PLC, 1.134%, 2/10/22(7)	EUR		140	$	160,654
FCE Bank PLC, 1.875%, 6/24/21(7)	EUR		205		237,629
Fiat Chrysler Automobiles N.V., 4.50%, 7/7/28(7)	EUR		182		246,623
Ford Motor Co., 4.75%, 1/15/43			197		182,841
Ford Motor Co., 8.50%, 4/21/23			202		223,280
Ford Motor Co., 9.625%, 4/22/30			208		279,574
Ford Motor Credit Co., LLC, 3.087%, 1/9/23			231		229,123
Ford Motor Credit Co., LLC, 3.37%, 11/17/23			253		251,102
Ford Motor Credit Co., LLC, 3.815%, 11/2/27			327		316,577
Ford Motor Credit Co., LLC, 4.125%, 8/17/27			555		547,369
Ford Motor Credit Co., LLC, 5.125%, 6/16/25			200		208,708
General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30(5)(8)			85		88,187
Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(7)	EUR		100		106,014
Navistar International Corp., 9.50%, 5/1/25(4)			99		109,890
				$	3,187,571
Banks — 2.0%
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(4)(5)(8)			200	$	200,000
Bank of New York Mellon Corp. (The), Series G, 4.70% to 9/20/25(5)(8)			62		66,495
Barclays PLC, 7.875% to 3/15/22(5)(7)(8)			242		250,301
CIT Group, Inc., 6.125%, 3/9/28			105		127,949
Citigroup, Inc., 5.95% to 1/30/23(5)(8)			125		129,747
Citigroup, Inc., Series M, 6.30% to 5/15/24(5)(8)			200		207,750
Comerica, Inc., 5.625% to 7/1/25(5)(8)			125		134,106
Credit Suisse Group AG, 7.50% to 7/17/23(4)(5)(8)			208		221,002
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(4)(5)(8)			220		220,179
Freedom Mortgage Corp., 7.625%, 5/1/26(4)			20		19,875
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(5)(8)			125		140,156
JPMorgan Chase & Co., 4.60% to 2/1/25(5)(8)			298		294,201
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24(5)(8)			215		235,141
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(5)(8)			329		346,298
Lloyds Banking Group PLC, 7.50% to 9/27/25(5)(8)			400		431,342
Natwest Group PLC, 8.00% to 8/10/25(5)(8)			389		436,303
Regions Financial Corp., Series D, 5.75% to 6/15/25(5)(8)			63		67,646
Truist Financial Corp., Series P, 4.95% to 9/1/25(5)(8)			62		65,875
Truist Financial Corp., Series Q, 5.10% to 3/1/30(5)(8)			77		84,454
Vivion Investments S.a.r.l., 3.00%, 8/8/24(7)	EUR		1,200		1,243,637
Zions Bancorp NA, 5.80% to 6/15/23(5)(8)			268		259,421
				$	5,181,878

23 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Beverages — 0.2%
Primo Water Corp., 3.875%, 10/31/28(7)	EUR		386	$	445,028
				$	445,028
Biotechnology — 0.1%
Emergent BioSolutions, Inc., 3.875%, 8/15/28(4)			185	$	186,272
				$	186,272
Building Products — 1.2%
Boise Cascade Co., 4.875%, 7/1/30(4)			116	$	124,213
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.875%, 2/15/30(4)			121		115,139
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 9/15/27(4)			63		64,674
Builders FirstSource, Inc., 5.00%, 3/1/30(4)			90		95,063
Builders FirstSource, Inc., 6.75%, 6/1/27(4)			150		161,063
Cornerstone Building Brands, Inc., 6.125%, 1/15/29(4)			35		35,820
HT Troplast GmbH, 9.25%, 7/15/25(7)	EUR		360		447,847
M/I Homes, Inc., 4.95%, 2/1/28			82		85,126
Masonite International Corp., 5.375%, 2/1/28(4)			105		111,477
Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28(4)			253		256,004
Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 4/1/29(4)			72		73,260
Standard Industries, Inc., 2.25%, 11/21/26(7)	EUR		500		574,985
Standard Industries, Inc., 4.375%, 7/15/30(4)			192		198,055
Standard Industries, Inc., 5.00%, 2/15/27(4)			78		80,584
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(4)			112		121,806
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(4)			196		218,172
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(4)			146		161,663
TRI Pointe Group Inc., 5.70%, 6/15/28			261		290,362
				$	3,215,313
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(5)			150	$	119,011
Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25(5)(8)			209		229,377
Morgan Stanley, Series J, 4.047% to 1/15/21(5)(8)			250		245,352
				$	593,740
Casino & Gaming — 0.3%
Cinemark Holdings, Inc., 4.50%, 8/15/25(4)			50	$	43,408
Cinemark USA, Inc., 4.875%, 6/1/23			270		226,871
Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27(4)			128		133,377

Security		Principal Amount* (000’s omitted)		Value
Casino & Gaming (continued)
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(4)			156	$	148,590
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26(4)			287		303,933
				$	856,179
Chemicals — 0.6%
HB Fuller Co., 4.25%, 10/15/28			69	$	70,078
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(4)			310		314,204
OCI N.V., 3.125%, 11/1/24(7)	EUR		400		460,267
SPCM S.A., 4.875%, 9/15/25(4)			200		206,010
Synthomer PLC, 3.875%, 7/1/25(7)	EUR		200		238,089
Valvoline, Inc., 4.25%, 2/15/30(4)			140		143,010
W.R. Grace & Co., 4.875%, 6/15/27(4)			242		252,408
				$	1,684,066
Commercial Services & Supplies — 1.7%
AMN Healthcare, Inc., 4.00%, 4/15/29(4)			167	$	166,791
AMN Healthcare, Inc., 4.625%, 10/1/27(4)			76		77,853
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.25%, 3/15/25(4)			105		99,159
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27(4)			199		188,212
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 6.375%, 4/1/24(4)			35		34,147
Clean Harbors, Inc., 4.875%, 7/15/27(4)			101		105,716
Clean Harbors, Inc., 5.125%, 7/15/29(4)			61		66,482
Covanta Holding Corp., 5.875%, 7/1/25			95		98,572
Gartner, Inc., 3.75%, 10/1/30(4)			107		109,552
Gartner, Inc., 4.50%, 7/1/28(4)			151		157,827
GFL Environmental, Inc., 3.75%, 8/1/25(4)			130		130,244
GFL Environmental, Inc., 8.50%, 5/1/27(4)			313		341,757
Jaguar Holding Co. II/PPD Development, L.P., 4.625%, 6/15/25(4)			196		202,786
Jaguar Holding Co. II/PPD Development, L.P., 5.00%, 6/15/28(4)			174		181,579
Korn Ferry, 4.625%, 12/15/27(4)			64		65,440
MPH Acquisition Holdings, LLC, 5.75%, 11/1/28(4)			706		692,762
Nielsen Finance, LLC/Nielsen Finance Co., 5.625%, 10/1/28(4)			73		75,692
Nielsen Finance, LLC/Nielsen Finance Co., 5.875%, 10/1/30(4)			73		76,878
ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		615,208
Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc., 4.625%, 11/1/26(4)			39		39,634

24 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Commercial Services & Supplies (continued)
Team Health Holdings, Inc., 6.375%, 2/1/25(4)			84	$	52,139
TMS International Holding Corp., 7.25%, 8/15/25(4)			80		76,600
Verisure Holding AB, 3.50%, 5/15/23(7)	EUR		540		630,654
Verscend Escrow Corp., 9.75%, 8/15/26(4)			64		68,920
				$	4,354,604
Communications Equipment — 0.1%
Riverbed Technology, Inc., 8.875%, 3/1/23(4)			329	$	225,365
				$	225,365
Construction Materials — 0.1%
SRM Escrow Issuer, LLC, 6.00%, 11/1/28(4)(9)			242	$	242,000
				$	242,000
Consumer Finance — 0.3%
CPUK Finance, Ltd., 4.875%, 2/28/47(7)	GBP		278	$	329,260
PRA Group, Inc., 7.375%, 9/1/25(4)			226		237,498
William Carter Co. (The), 5.50%, 5/15/25(4)			56		58,905
William Carter Co. (The), 5.625%, 3/15/27(4)			144		151,380
				$	777,043
Containers & Packaging — 1.0%
ARD Finance S.A., 5.00%, (5.00% cash or 5.75% PIK), 6/30/27(7)(10)	EUR		271	$	306,190
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.125%, 8/15/26(7)	EUR		410		468,036
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.125%, 8/15/26(4)			253		258,376
CANPACK S.A./Eastern PA Land Investment Holding, LLC, 2.375%, 11/1/27(7)	EUR		520		608,499
Silgan Holdings, Inc., 2.25%, 6/1/28	EUR		565		643,683
Trivium Packaging Finance B.V., 3.75%, 8/15/26(7)	EUR		230		265,642
				$	2,550,426
Cosmetics / Personal Care — 0.1%
Edgewell Personal Care Co., 5.50%, 6/1/28(4)			180	$	189,426
				$	189,426
Distributors — 0.5%
Parts Europe S.A., 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22(7)(11)	EUR		455	$	520,413
Parts Europe S.A., 6.50%, 7/16/25(7)	EUR		400		458,100
Performance Food Group, Inc., 5.50%, 10/15/27(4)			169		173,534

Security		Principal Amount* (000’s omitted)		Value
Distributors (continued)
Univar Solutions USA, Inc., 5.125%, 12/1/27(4)			65	$	67,471
				$	1,219,518
Diversified Consumer Services — 0.3%
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(7)			750	$	743,438
				$	743,438
Diversified Financial Services — 1.1%
Alliance Data Systems Corp., 4.75%, 12/15/24(4)			194	$	181,754
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(4)			226		236,735
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(4)			149		159,171
Alpha Holding S.A. de CV, 9.00%, 2/10/25(4)			200		149,050
Cabot Financial Luxembourg S.A., 7.50%, 10/1/23(7)	GBP		160		210,389
Discover Financial Services, Series D, 6.125% to 6/23/25(5)(8)			101		109,131
GFL Environmental, Inc., 7.00%, 6/1/26(4)			147		153,523
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27			292		303,076
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			291		302,593
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		123,301
Louvre Bidco SAS, 6.50%, 9/30/24(7)	EUR		310		361,042
NFP Corp., 6.875%, 8/15/28(4)			270		262,237
Quicken Loans, LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/1/29(4)			193		190,467
United Shore Financial Services, LLC, 5.50%, 11/15/25(4)(9)			104		105,399
				$	2,847,868
Diversified Telecommunication Services — 0.2%
Level 3 Financing, Inc., 5.25%, 3/15/26			90	$	93,028
Lorca Telecom Bondco S.A.U., 4.00%, 9/18/27(7)	EUR		400		474,595
				$	567,623
Electric Utilities — 1.0%
AES Corp. (The), 6.00%, 5/15/26			45	$	47,236
Calpine Corp., 5.00%, 2/1/31(4)			150		153,368
Clearway Energy Operating, LLC, 4.75%, 3/15/28(4)			78		82,071
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(4)			353		373,077

25 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Electric Utilities (continued)
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(5)			155	$	175,077
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24(4)			95		99,631
NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27(4)			150		164,250
NRG Energy, Inc., 5.25%, 6/15/29(4)			122		132,500
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(4)			173		180,699
Pike Corp., 5.50%, 9/1/28(4)			145		148,655
Sempra Energy, 4.875% to 10/15/25(5)(8)			235		244,988
Southern Co. (The), Series B, 4.00% to 10/15/25, 1/15/51(5)			56		57,011
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(5)			192		197,452
TerraForm Power Operating, LLC, 4.25%, 1/31/23(4)			95		96,841
TerraForm Power Operating, LLC, 5.00%, 1/31/28(4)			237		260,629
Vistra Operations Co., LLC, 5.00%, 7/31/27(4)			232		242,672
				$	2,656,157
Electronic Equipment, Instruments & Components — 0.1%
WESCO Distribution, Inc., 7.125%, 6/15/25(4)			172	$	185,558
WESCO Distribution, Inc., 7.25%, 6/15/28(4)			153		167,702
				$	353,260
Entertainment — 1.2%
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(4)			219	$	118,534
Caesars Entertainment, Inc., 6.25%, 7/1/25(4)			417		428,676
Caesars Entertainment, Inc., 8.125%, 7/1/27(4)			343		358,435
CPUK Finance, Ltd., 4.25%, 2/28/47(7)	GBP		87		110,687
EIG Investors Corp., 10.875%, 2/1/24			480		499,874
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27(4)			226		237,159
Netflix, Inc., 3.00%, 6/15/25(7)	EUR		370		449,431
Netflix, Inc., 5.875%, 11/15/28			300		358,974
Pinewood Finance Co., Ltd., 3.25%, 9/30/25(7)	GBP		300		386,731
Powdr Corp., 6.00%, 8/1/25(4)			170		172,049
				$	3,120,550
Equity Real Estate Investment Trusts (REITs) — 0.2%
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26			100	$	102,750
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24			200		210,915
SBA Communications Corp., 4.00%, 10/1/22			150		151,594
				$	465,259

Security	Principal Amount* (000’s omitted)		Value
Food Products — 1.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30(4)		185	$	196,674
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(4)		181		191,713
Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28(4)		70		70,406
Fresh Market, Inc. (The), 9.75%, 5/1/23(4)		94		90,123
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(4)		191		207,951
Kraft Heinz Foods Co., 3.875%, 5/15/27(4)		203		214,849
Kraft Heinz Foods Co., 4.25%, 3/1/31(4)		203		220,373
Kraft Heinz Foods Co., 4.375%, 6/1/46		540		552,987
Kraft Heinz Foods Co., 5.50%, 6/1/50(4)		203		231,270
Land O’ Lakes, Inc., 8.00%(4)(8)		415		412,925
Post Holdings, Inc., 4.625%, 4/15/30(4)		93		95,558
Post Holdings, Inc., 5.00%, 8/15/26(4)		85		88,292
United Natural Foods, Inc., 6.75%, 10/15/28(4)		59		59,811
			$	2,632,932
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(5)(8)		280	$	280,137
			$	280,137
Health Care Equipment & Supplies — 0.7%
Centene Corp., 3.00%, 10/15/30		377	$	391,968
Centene Corp., 3.375%, 2/15/30		422		438,979
Centene Corp., 4.25%, 12/15/27		182		191,976
Centene Corp., 4.625%, 12/15/29		319		347,720
Centene Corp., 4.75%, 1/15/25		150		154,312
Centene Corp., 5.375%, 8/15/26(4)		102		108,120
Compass Minerals International, Inc., 6.75%, 12/1/27(4)		182		197,727
Varex Imaging Corp., 7.875%, 10/15/27(4)		88		89,760
			$	1,920,562
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(4)		171	$	176,609
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(4)		164		170,868
CHS/Community Health Systems, Inc., 6.25%, 3/31/23		26		25,805
DaVita, Inc., 3.75%, 2/15/31(4)		154		148,321
Encompass Health Corp., 4.50%, 2/1/28		81		83,091
Encompass Health Corp., 4.625%, 4/1/31		127		130,969
Encompass Health Corp., 4.75%, 2/1/30		191		199,272
HCA, Inc., 5.375%, 9/1/26		270		303,919
HCA, Inc., 5.625%, 9/1/28		330		384,689

26 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Health Care Providers & Services (continued)
HCA, Inc., 5.875%, 2/15/26			750	$	848,437
LifePoint Health, Inc., 4.375%, 2/15/27(4)			248		246,068
LifePoint Health, Inc., 6.75%, 4/15/25(4)			130		137,800
Molina Healthcare, Inc., 4.375%, 6/15/28(4)			211		216,486
Prime Healthcare Services, Inc., 7.25%, 11/1/25(4)			103		103,932
Providence Service Corp. (The), 5.875%, 11/15/25(4)(9)			168		171,255
Synlab Bondco PLC, 4.75%, (3 mo. EURIBOR + 4.75%), 7/1/25(7)(11)	EUR		230		270,185
Tenet Healthcare Corp., 4.625%, 9/1/24(4)			49		50,210
Tenet Healthcare Corp., 4.625%, 6/15/28(4)			63		64,024
Tenet Healthcare Corp., 4.875%, 1/1/26(4)			290		294,544
Tenet Healthcare Corp., 5.125%, 11/1/27(4)			290		299,338
Tenet Healthcare Corp., 6.125%, 10/1/28(4)			45		43,791
				$	4,369,613
Healthcare-Products — 0.4%
Avantor Funding, Inc., 2.625%, 11/1/25(7)(9)	EUR		647	$	753,529
Avantor Funding, Inc., 4.625%, 7/15/28(4)			267		276,999
				$	1,030,528
Hotels, Restaurants & Leisure — 1.1%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 3.875%, 1/15/28(4)			119	$	120,071
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.00%, 10/15/30(4)			228		226,860
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24(4)			168		171,612
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.375%, 1/15/28(4)			182		184,583
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25(4)			261		267,616
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25(4)			66		70,428
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(4)			232		220,965
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(4)			490		410,936
Golden Nugget, Inc., 6.75%, 10/15/24(4)			266		225,573
Lithia Motors, Inc., 4.625%, 12/15/27(4)			91		95,957
MGM Resorts International, 4.75%, 10/15/28			264		258,555
Viking Cruises, Ltd., 5.875%, 9/15/27(4)			700		547,312
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(4)			86		79,673
				$	2,880,141

Security		Principal Amount* (000’s omitted)		Value
Household Products — 0.2%
Central Garden & Pet Co., 5.125%, 2/1/28			50	$	53,053
Central Garden & Pet Co., 6.125%, 11/15/23			235		239,806
Spectrum Brands, Inc., 5.00%, 10/1/29(4)			73		77,562
Spectrum Brands, Inc., 5.50%, 7/15/30(4)			114		122,194
Spectrum Brands, Inc., 5.75%, 7/15/25			120		123,600
				$	616,215
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp., 4.50%, 2/15/28(4)			195	$	198,705
Calpine Corp., 5.125%, 3/15/28(4)			273		281,878
Calpine Corp., 5.25%, 6/1/26(4)			150		154,293
NRG Energy, Inc., 5.75%, 1/15/28			210		226,275
NRG Energy, Inc., 7.25%, 5/15/26			271		286,851
				$	1,148,002
Industrial Conglomerates — 0.3%
Ellaktor Value PLC, 6.375%, 12/15/24(7)	EUR		690	$	694,318
Hillman Group, Inc. (The), 6.375%, 7/15/22(4)			139		137,751
				$	832,069
Insurance — 1.2%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(4)			678	$	713,046
AmWINS Group, Inc., 7.75%, 7/1/26(4)			272		291,328
Galaxy Finco, Ltd., 9.25%, 7/31/27(7)	GBP		825		1,090,697
GTCR AP Finance, Inc., 8.00%, 5/15/27(4)			195		208,163
Hub International, Ltd., 7.00%, 5/1/26(4)			440		451,442
QBE Insurance Group, Ltd., 5.875% to 5/12/25(4)(5)(8)			222		237,540
USI, Inc., 6.875%, 5/1/25(4)			169		172,484
				$	3,164,700
Interactive Media & Services — 0.1%
Adevinta ASA, 2.625%, 11/15/25(7)(9)	EUR		280	$	326,021
				$	326,021
Internet & Direct Marketing Retail — 0.1%
Cars.com, Inc., 6.375%, 11/1/28(4)			117	$	116,708
Expedia Group, Inc., 6.25%, 5/1/25(4)			84		92,453
Expedia Group, Inc., 7.00%, 5/1/25(4)			42		45,006
				$	254,167

27 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Leisure Products — 0.2%
NCL Corp, Ltd., 3.625%, 12/15/24(4)			189	$	132,692
NCL Corp, Ltd., 10.25%, 2/1/26(4)			155		159,650
Sabre GLBL, Inc., 9.25%, 4/15/25(4)			86		94,923
				$	387,265
Machinery — 0.2%
Colfax Corp., 6.00%, 2/15/24(4)			83	$	86,545
Colfax Corp., 6.375%, 2/15/26(4)			136		143,353
Navistar International Corp., 6.625%, 11/1/25(4)			232		240,166
				$	470,064
Media — 2.9%
Altice France S.A., 7.375%, 5/1/26(4)			455	$	475,384
Altice France S.A., 8.125%, 2/1/27(4)			458		498,599
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31(4)			286		292,793
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30(4)			290		301,602
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32(4)			136		140,590
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(4)			322		339,098
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29(4)			110		119,200
CSC Holdings, LLC, 3.375%, 2/15/31(4)			200		192,602
CSC Holdings, LLC, 4.625%, 12/1/30(4)			200		200,223
CSC Holdings, LLC, 5.75%, 1/15/30(4)			616		659,305
CSC Holdings, LLC, 7.50%, 4/1/28(4)			200		219,250
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(4)			369		215,634
iHeartCommunications, Inc., 8.375%, 5/1/27			140		136,304
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(4)			200		212,750
Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25(4)			137		140,083
Sinclair Television Group, Inc., 5.50%, 3/1/30(4)			60		56,507
Sirius XM Radio, Inc., 4.625%, 7/15/24(4)			291		300,443
Sirius XM Radio, Inc., 5.00%, 8/1/27(4)			218		228,674
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(7)	EUR		520		599,589
TEGNA, Inc., 4.625%, 3/15/28(4)			67		66,531
TEGNA, Inc., 4.75%, 3/15/26(4)			72		74,070
TEGNA, Inc., 5.00%, 9/15/29			137		138,841
Tele Columbus AG, 3.875%, 5/2/25(7)	EUR		690		758,980
Terrier Media Buyer, Inc., 8.875%, 12/15/27(4)			473		484,409
UPCB Finance VII, Ltd., 3.625%, 6/15/29(7)	EUR		116		135,448
Virgin Media Secured Finance PLC, 5.50%, 8/15/26(4)			210		218,867

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(7)	GBP		350	$	452,858
				$	7,658,634
Metals & Mining — 1.7%
Allegheny Ludlum, LLC, 6.95%, 12/15/25			559	$	561,038
Arconic Corp., 6.125%, 2/15/28(4)			436		460,202
Big River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29(4)			233		240,427
Bombardier, Inc., 6.00%, 10/15/22(4)			86		78,314
Bombardier, Inc., 6.125%, 1/15/23(4)			270		233,212
Bombardier, Inc., 7.875%, 4/15/27(4)			107		78,110
BWX Technologies, Inc., 4.125%, 6/30/28(4)			159		161,087
Centennial Resource Production, LLC, 5.375%, 1/15/26(4)			320		118,400
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(4)			360		378,450
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(4)			78		89,310
Eldorado Gold Corp., 9.50%, 6/1/24(4)			79		85,764
Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		80,766
Freeport-McMoRan, Inc., 5.45%, 3/15/43			297		339,450
Hudbay Minerals, Inc., 6.125%, 4/1/29(4)			151		154,775
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(4)			709		705,455
Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28(4)			171		183,556
New Gold, Inc., 6.375%, 5/15/25(4)			114		117,634
New Gold, Inc., 7.50%, 7/15/27(4)			271		293,662
Novelis Corp., 5.875%, 9/30/26(4)			180		185,963
				$	4,545,575
Multi-Utilities — 0.4%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(5)(8)			425	$	430,219
Thames Water Kemble Finance PLC, 5.875%, 7/15/22(7)	GBP		375		499,835
				$	930,054
Oil, Gas & Consumable Fuels — 2.9%
Apache Corp., 4.25%, 1/15/30			265	$	234,691
Apache Corp., 4.375%, 10/15/28			132		121,519
Apache Corp., 4.625%, 11/15/25			100		95,125
Apache Corp., 4.875%, 11/15/27			125		117,500
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(4)			135		130,613
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26(4)			336		297,864
Cenovus Energy, Inc., 3.80%, 9/15/23			64		65,037
Cenovus Energy, Inc., 6.75%, 11/15/39			126		139,859
Continental Resources, Inc., 4.375%, 1/15/28			206		185,546

28 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Continental Resources, Inc., 4.90%, 6/1/44		8	$	6,655
Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		110		117,205
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		120		124,927
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25(4)		370		364,544
CVR Energy, Inc., 5.75%, 2/15/28(4)		229		156,865
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(5)(8)		160		104,113
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26(4)		155		156,066
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28(4)		40		41,560
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(5)(8)		432		183,600
EQT Corp., 5.00%, 1/15/29(9)		53		53,000
EQT Corp., 7.875%, 2/1/25		69		76,859
EQT Corp., 8.75%, 2/1/30		102		126,863
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(4)(12)		287		70,728
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(4)(12)		223		54,937
Gran Tierra Energy, Inc., 7.75%, 5/23/27(4)		250		81,878
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(4)		418		234,080
Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC, 6.00%, 9/15/28(4)		136		138,635
Laredo Petroleum, Inc., 9.50%, 1/15/25		74		34,628
Laredo Petroleum, Inc., 10.125%, 1/15/28		112		48,664
Matador Resources Co., 5.875%, 9/15/26		370		298,313
MEG Energy Corp., 7.125%, 2/1/27(4)		184		166,010
Murphy Oil USA, Inc., 4.75%, 9/15/29		131		137,526
Murphy Oil USA, Inc., 5.625%, 5/1/27		65		68,481
Nabors Industries, Ltd., 7.25%, 1/15/26(4)		110		43,106
Nabors Industries, Ltd., 7.50%, 1/15/28(4)		118		45,209
Neptune Energy Bondco PLC, 6.625%, 5/15/25(7)		525		458,062
Newfield Exploration Co., 5.375%, 1/1/26		110		103,492
Newfield Exploration Co., 5.625%, 7/1/24		39		37,761
Nine Energy Service, Inc., 8.75%, 11/1/23(4)		92		27,514
Occidental Petroleum Corp., 2.70%, 8/15/22		49		45,386
Occidental Petroleum Corp., 2.90%, 8/15/24		16		13,344
Occidental Petroleum Corp., 3.125%, 2/15/22		3		2,858
Occidental Petroleum Corp., 3.40%, 4/15/26		76		59,588
Occidental Petroleum Corp., 3.45%, 7/15/24		42		34,125
Occidental Petroleum Corp., 3.50%, 8/15/29		101		73,029
Occidental Petroleum Corp., 4.20%, 3/15/48		156		103,475
Occidental Petroleum Corp., 4.40%, 8/15/49		125		83,984
Occidental Petroleum Corp., 4.625%, 6/15/45		84		56,910

Security		Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp., 6.20%, 3/15/40			81	$	65,958
Occidental Petroleum Corp., 6.375%, 9/1/28			93		81,549
Occidental Petroleum Corp., 6.625%, 9/1/30			254		222,961
Odebrecht Oil & Gas Finance, Ltd., 0.00%(4)(8)			862		2,155
Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25(4)			75		77,438
Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27(4)			137		145,939
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(5)(8)			792		490,050
Precision Drilling Corp., 5.25%, 11/15/24			50		32,531
Precision Drilling Corp., 7.125%, 1/15/26(4)			75		47,517
Precision Drilling Corp., 7.75%, 12/15/23			33		24,523
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25(4)			440		146,850
Southwestern Energy Co., 7.50%, 4/1/26			16		16,309
Southwestern Energy Co., 7.75%, 10/1/27			16		16,550
Southwestern Energy Co., 8.375%, 9/15/28			169		176,922
Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23			145		146,616
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26			155		158,391
Teleflex, Inc., 4.625%, 11/15/27			160		169,094
Transocean Pontus, Ltd., 6.125%, 8/1/25(4)			94		82,661
Transocean Poseidon, Ltd., 6.875%, 2/1/27(4)			51		38,378
Transocean, Inc., 11.50%, 1/30/27(4)			49		16,291
WPX Energy, Inc., 5.25%, 10/15/27			67		67,308
				$	7,647,725
Pharmaceuticals — 1.7%
AdaptHealth, LLC, 6.125%, 8/1/28(4)			110	$	114,537
Bausch Health Americas, Inc., 8.50%, 1/31/27(4)			448		490,486
Bausch Health Americas, Inc., 9.25%, 4/1/26(4)			105		115,899
Bausch Health Cos., Inc., 5.00%, 1/30/28(4)			190		188,030
Bausch Health Cos., Inc., 5.25%, 1/30/30(4)			376		369,841
Bausch Health Cos., Inc., 5.50%, 3/1/23(4)			35		35,022
Bausch Health Cos., Inc., 5.50%, 11/1/25(4)			129		132,651
Bausch Health Cos., Inc., 5.75%, 8/15/27(4)			72		77,355
Bausch Health Cos., Inc., 5.875%, 5/15/23(4)			2		1,997
Bausch Health Cos., Inc., 6.125%, 4/15/25(4)			60		61,740
Bausch Health Cos., Inc., 6.25%, 2/15/29(4)			255		263,160
Bausch Health Cos., Inc., 7.00%, 1/15/28(4)			94		99,799
Bausch Health Cos., Inc., 7.25%, 5/30/29(4)			98		105,675
Bausch Health Cos., Inc., 9.00%, 12/15/25(4)			245		268,324
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26(4)			270		276,361
Cheplapharm Arzneimittel GmbH, 4.375%, 1/15/28(7)	EUR		687		794,837
Grifols S.A., 2.25%, 11/15/27(7)	EUR		410		471,979

29 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Pharmaceuticals (continued)
Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(4)			198	$	210,187
Nidda Healthcare Holding GmbH, 3.50%, 9/30/24(7)	EUR		311		354,056
				$	4,431,936
Pipelines — 0.7%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27(4)			327	$	294,913
Cheniere Energy Partners, L.P., 4.50%, 10/1/29			199		203,181
Cheniere Energy, Inc., 4.625%, 10/15/28(4)			183		189,176
Crestwood Midstream Partners, L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27(4)			190		166,844
Energy Transfer Operating, L.P., 5.875%, 1/15/24			15		16,415
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(5)(8)			110		73,969
Energy Transfer Operating, L.P., Series B, 6.625% to 2/15/28(5)(8)			188		133,808
EnLink Midstream, LLC, 5.375%, 6/1/29			117		100,386
EQM Midstream Partners, L.P., 6.00%, 7/1/25(4)			116		119,045
EQM Midstream Partners, L.P., 6.50%, 7/1/27(4)			116		121,824
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(4)			123		123,231
NGPL PipeCo, LLC, 4.375%, 8/15/22(4)			50		51,890
Western Midstream Operating, L.P., 4.50%, 3/1/28			27		25,110
Western Midstream Operating, L.P., 4.75%, 8/15/28			24		22,500
Western Midstream Operating, L.P., 5.05%, 2/1/30			207		196,650
				$	1,838,942
Real Estate Investment Trusts (REITs) — 1.1%
ADLER Group S.A., 3.25%, 8/5/25(7)	EUR		500	$	575,774
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26(4)			287		238,748
Consus Real Estate AG, 9.625%, 5/15/24(7)	EUR		330		410,277
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25(4)			333		338,827
HAT Holdings I, LLC/HAT Holdings II, LLC, 3.75%, 9/15/30(4)			151		151,566
HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25(4)			127		134,938
Iron Mountain, Inc., 4.50%, 2/15/31(4)			114		113,637
Service Properties Trust, 7.50%, 9/15/25			167		175,197
VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27(4)			198		198,836
VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30(4)			198		200,723
VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26(4)			300		305,528
				$	2,844,051

Security		Principal Amount* (000’s omitted)		Value
Real Estate Management & Development — 0.1%
AT Securities B.V., 5.25% to 7/21/23(5)(7)(8)			250	$	250,347
				$	250,347
Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 3.875%, 9/1/28(4)			258	$	262,838
				$	262,838
Software — 0.3%
Black Knight InfoServ, LLC, 3.625%, 9/1/28(4)			126	$	127,733
CDK Global, Inc., 5.25%, 5/15/29(4)			96		103,069
MSCI, Inc., 3.875%, 2/15/31(4)			220		230,175
Open Text Corp., 3.875%, 2/15/28(4)			179		182,132
Open Text Holdings, Inc., 4.125%, 2/15/30(4)			157		163,176
SS&C Technologies, Inc., 5.50%, 9/30/27(4)			95		101,088
				$	907,373
Specialty Retail — 1.0%
Academy, Ltd., 6.00%, 11/15/27(4)(9)			34	$	34,065
Asbury Automotive Group, Inc., 4.50%, 3/1/28(4)			53		54,027
Asbury Automotive Group, Inc., 4.75%, 3/1/30(4)			70		72,363
B&M European Value Retail S.A., 3.625%, 7/15/25(7)	GBP		410		538,410
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(4)			177		185,739
Dave & Buster’s, Inc., 7.625%, 11/1/25(4)			205		201,669
Entegris, Inc., 4.375%, 4/15/28(4)			166		173,055
Entegris, Inc., 4.625%, 2/10/26(4)			77		79,214
Group 1 Automotive, Inc., 4.00%, 8/15/28(4)			145		145,363
IRB Holding Corp., 7.00%, 6/15/25(4)			77		82,198
Ken Garff Automotive, LLC, 4.875%, 9/15/28(4)			155		153,869
L Brands, Inc., 6.625%, 10/1/30(4)			144		151,470
L Brands, Inc., 6.75%, 7/1/36			46		46,555
L Brands, Inc., 6.875%, 7/1/25(4)			76		81,585
L Brands, Inc., 6.875%, 11/1/35			237		240,999
L Brands, Inc., 7.60%, 7/15/37			45		43,313
L Brands, Inc., 9.375%, 7/1/25(4)			53		61,546
Specialty Building Products Holdings, LLC/SBP Finance Corp., 6.375%, 9/30/26(4)			72		73,530
White Cap Buyer, LLC, 6.875%, 10/15/28(4)			89		91,392
Yum! Brands, Inc., 3.625%, 3/15/31			182		179,042
Yum! Brands, Inc., 7.75%, 4/1/25(4)			54		59,384
				$	2,748,788

30 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Technology Hardware, Storage & Peripherals — 0.4%
Booz Allen Hamilton, Inc., 3.875%, 9/1/28(4)			223	$	226,763
Dell International, LLC/EMC Corp., 6.02%, 6/15/26(4)			315		373,171
Presidio Holdings, Inc., 8.25%, 2/1/28(4)			265		281,728
Science Applications International Corp., 4.875%, 4/1/28(4)			64		67,154
				$	948,816
Telecommunications — 2.0%
Altice France Holding S.A., 10.50%, 5/15/27(4)			200	$	220,875
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(4)			281		283,459
Hughes Satellite Systems Corp., 5.25%, 8/1/26			145		155,924
Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		103,235
Intelsat Jackson Holdings S.A., 8.00%, 2/15/24(4)			200		203,332
LogMeIn, Inc., 5.50%, 9/1/27(4)			111		112,665
PLT VII Finance S.a.r.l., 4.625%, 1/5/26(7)	EUR		185		216,538
SoftBank Group Corp., 4.00%, 4/20/23(7)	EUR		100		119,749
Sprint Corp., 7.875%, 9/15/23			1,154		1,319,166
Switch, Ltd., 3.75%, 9/15/28(4)			87		87,272
T-Mobile USA, Inc., 4.50%, 2/1/26			155		159,166
T-Mobile USA, Inc., 4.75%, 2/1/28			170		182,350
Telecom Italia Capital S.A., 6.00%, 9/30/34			337		392,942
Telecom Italia SpA, 2.75%, 4/15/25(7)	EUR		275		332,232
Telecom Italia SpA, 3.00%, 9/30/25(7)	EUR		520		634,401
ViaSat, Inc., 5.625%, 4/15/27(4)			143		150,061
Vmed O2 UK Financing I PLC, 3.25%, 1/31/31(7)	EUR		100		114,281
Vodafone Group PLC, 2.625% to 5/27/26, 8/27/80(5)(7)	EUR		220		253,228
Vodafone Group PLC, 4.875% to 7/3/25, 10/3/78(5)(7)	GBP		215		297,163
				$	5,338,039
Textiles, Apparel & Luxury Goods — 0.2%
Hanesbrands Finance Luxembourg SCA, 3.50%, 6/15/24(7)	EUR		400	$	483,391
				$	483,391
Transportation — 0.5%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(4)			127	$	129,302
CMA CGM S.A., 5.25%, 1/15/25(7)	EUR		127		136,242
Getlink SE, 3.50%, 10/30/25(7)	EUR		640		749,014
Watco Cos., LLC/Watco Finance Corp., 6.50%, 6/15/27(4)			318		330,521
XPO Logistics, Inc., 6.125%, 9/1/23(4)			80		81,150
				$	1,426,229

Security		Principal Amount* (000’s omitted)		Value
Water Utilities — 0.2%
Anglian Water Osprey Financing PLC, 4.00%, 3/8/26(7)	GBP		475	$	607,147
				$	607,147
Wireless Telecommunication Services — 0.1%
Sprint Corp., 7.625%, 3/1/26			157	$	191,302
				$	191,302
Total Corporate Bonds & Notes (identified cost $104,321,173)				$	103,367,056
Senior Floating-Rate Loans — 1.1%(13)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Business Equipment and Services — 0.2%
EIG Investors Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 2/9/23		$	398	$	395,046
Hillman Group, Inc. (The), Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing 5/31/25			114		111,737
				$	506,783
Financial Intermediaries — 0.1%
BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24		$	97	$	97,040
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25			162		153,827
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25(14)			12		11,147
				$	262,014
Food Products — 0.1%
HLF Financing S.a.r.l., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25		$	289	$	284,872
				$	284,872
Insurance — 0.3%
Asurion, LLC, Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25		$	640	$	641,961
				$	641,961

31 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Leisure Goods / Activities / Movies — 0.2%
Playtika Holding Corp., Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing 12/10/24	$	558	$	559,772
			$	559,772
Lodging and Casinos — 0.0%(6)
Stars Group Holdings B.V. (The), Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing 7/10/25	$	87	$	87,109
			$	87,109
Publishing — 0.0%(6)
Nielsen Finance, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 6/4/25	$	70	$	69,650
			$	69,650
Retailers (Except Food and Drug) — 0.1%
PetSmart, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 3/11/22	$	332	$	329,607
			$	329,607
Telecommunications — 0.1%
Intelsat Jackson Holdings S.A., Term Loan, 8.63%, Maturing 1/2/24(15)	$	110	$	111,329
			$	111,329
Total Senior Floating-Rate Loans (identified cost $2,853,943)			$	2,853,097
Convertible Bonds — 0.1%
Security	Principal Amount (000’s omitted)		Value
Air Transportation — 0.1%
Air Transport Services Group, Inc., 1.125%, 10/15/24	$	169	$	187,934
			$	187,934
Leisure — 0.0%(6)
Royal Caribbean Cruises, Ltd., 4.25%, 6/15/23(4)	$	29	$	30,187
			$	30,187
Total Convertible Bonds (identified cost $182,605)			$	218,121

Exchange-Traded Funds — 0.4%
Security	Shares		Value
Equity Funds — 0.4%
First Trust Preferred Securities and Income ETF		26,985	$	517,302
iShares Preferred & Income Securities ETF		13,982		506,428
Total Exchange-Traded Funds (identified cost $1,001,068)			$	1,023,730
Convertible Preferred Stocks — 0.0%(6)
Security	Shares		Value
Health Care Equipment & Supplies — 0.0%(6)
Becton Dickinson and Co., Series B, 6.00%		2,000	$	104,160
			$	104,160
Total Convertible Preferred Stocks (identified cost $101,997)			$	104,160
Warrants — 0.0%(6)
Security	Shares		Value
Media — 0.0%(6)
iHeartMedia, Inc., Exp. 5/1/39(1)		3,627	$	29,814
			$	29,814
Total Warrants (identified cost $60,110)			$	29,814
Short-Term Investments — 0.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%(16)		1,027,196	$	1,027,196
Total Short-Term Investments (identified cost $1,027,196)			$	1,027,196
Total Investments — 98.3% (identified cost $237,025,006)			$	258,536,328
Less Unfunded Loan Commitments — (0.0)%(6)			$	(11,757	)
Net Investments — 98.3% (identified cost $237,013,249)			$	258,524,571
Other Assets, Less Liabilities — 1.7%			$	4,570,457
Net Assets — 100.0%			$	263,095,028

32 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Non-income producing security.

⁽²⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽³⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽⁴⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2020, the aggregate value of these securities is $51,585,735 or 19.6% of the Portfolio’s net assets.

⁽⁵⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁶⁾  Amount is less than 0.05% or (0.05)%, as applicable.

⁽⁷⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2020, the aggregate value of these securities is $24,534,171 or 9.3% of the Portfolio’s net assets.

⁽⁸⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁹⁾  When-issued security.

⁽¹⁰⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽¹¹⁾  Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹²⁾  Issuer is in default with respect to interest and/or principal payments.

⁽¹³⁾  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. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽¹⁴⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At October 31, 2020, the total value of unfunded loan commitments is $11,147. See Note 1F for description.

⁽¹⁵⁾  Fixed-rate loan.

⁽¹⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2020.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		59.9	%	$	154,739,667
United Kingdom		8.1			20,929,203
France		5.0			12,826,794
Japan		4.4			11,400,431
Switzerland		3.9			10,175,883
Germany		3.1			7,987,233
Canada		2.1			5,471,881
Spain		1.9			4,809,761
Netherlands		1.6			4,041,699
Sweden		1.3			3,503,891
Luxembourg		1.3			3,439,900
Australia		1.0			2,514,256
Ireland		0.9			2,256,688
Taiwan		0.8			2,166,111
Hong Kong		0.7			1,708,637
China		0.6			1,559,056
Denmark		0.6			1,450,031
Italy		0.5			1,359,575
India		0.4			977,623
United Arab Emirates		0.3			890,288
Norway		0.3			849,520
Greece		0.3			694,318
Poland		0.2			608,499
Austria		0.1			407,912
Mexico		0.1			349,050
Finland		0.1			237,761
Peru		0.1			154,775
Brazil		0.0	(1)		2,155
Exchange-Traded Funds		0.4			1,023,730
Total Investments		100.0	%	$	258,536,328

⁽¹⁾   Amount is less than 0.05%.

33 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	775,125	USD	919,405	Citibank, N.A.		11/5/20	$	—	$	(16,616	)
USD	753,585	EUR	647,000	Bank of America, N.A.		11/6/20		6		—
USD	231,123	EUR	195,170	State Street Bank and Trust Company		11/30/20		3,683		—
							$	3,689	$	(16,616	)

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		22			Long		12/18/20	$	3,591,170		$	(76,285	)
STOXX Europe 600 Index		(173	)		Short		12/18/20		(3,442,362	)		252,450
											$	176,165

Abbreviations:

ADR	–	American Depositary Receipt
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PC	–	Participation Certificates
PIK	–	Payment In Kind

Currency Abbreviations:

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

34 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Statement of Assets and Liabilities

Assets	October 31, 2020
Unaffiliated investments, at value (identified cost, $235,986,053)	$	257,497,375
Affiliated investment, at value (identified cost, $1,027,196)		1,027,196
Cash		27,559
Foreign currency, at value (identified cost, $1,373,525)		1,373,314
Interest and dividends receivable		1,661,936
Dividends receivable from affiliated investment		17
Receivable for investments sold		3,200,827
Receivable for open forward foreign currency exchange contracts		3,689
Tax reclaims receivable		2,025,471
Total assets	$	266,817,384
Liabilities
Payable for investments purchased	$	842,349
Payable for when-issued securities		2,574,186
Payable for variation margin on open financial futures contracts		45,905
Payable for open forward foreign currency exchange contracts		16,616
Payable to affiliates:
Investment adviser fee		127,555
Trustees’ fees		1,243
Accrued expenses		114,502
Total liabilities	$	3,722,356
Net Assets applicable to investors’ interest in Portfolio	$	263,095,028

35 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Statement of Operations

Investment Income	Year Ended October 31, 2020
Interest (net of foreign taxes, $812)	$	6,631,989
Dividends (net of foreign taxes, $742,552)		6,008,052
Non-cash dividend income		786,216
Dividends from affiliated investment		19,862
Total investment income	$	13,446,119
Expenses
Investment adviser fee	$	1,546,552
Trustees’ fees and expenses		15,228
Custodian fee		193,187
Legal and accounting services		61,660
Miscellaneous		50,125
Total expenses	$	1,866,752
Net investment income	$	11,579,367
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(3,765,347	)
Investment transactions — affiliated investment		(2,391	)
Financial futures contracts		2,793,487
Foreign currency transactions		44,789
Forward foreign currency exchange contracts		(1,240,277	)
Net realized loss	$	(2,169,739	)
Change in unrealized appreciation (depreciation) —
Investments	$	(4,331,949	)
Investments — affiliated investment		(1	)
Financial futures contracts		176,165
Foreign currency		(2,586	)
Forward foreign currency exchange contracts		(12,927	)
Net change in unrealized appreciation (depreciation)	$	(4,171,298	)
Net realized and unrealized loss	$	(6,341,037	)
Net increase in net assets from operations	$	5,238,330

36 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	11,579,367		$	14,450,194
Net realized loss		(2,169,739	)		(6,970,681	)
Net change in unrealized appreciation (depreciation)		(4,171,298	)		25,251,717
Net increase in net assets from operations	$	5,238,330		$	32,731,230
Capital transactions —
Contributions	$	9,268,119		$	4,524,358
Withdrawals		(53,647,355	)		(58,888,266	)
Portfolio transaction fee		216,038			215,407
Net decrease in net assets from capital transactions	$	(44,163,198	)	$	(54,148,501	)
Net decrease in net assets	$	(38,924,868	)	$	(21,417,271	)
Net Assets
At beginning of year	$	302,019,896		$	323,437,167
At end of year	$	263,095,028		$	302,019,896

37 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Financial Highlights

	Year Ended October 31,												Period Ended October 31, 2016(1)
Ratios/Supplemental Data	2020			2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.66	%		0.70	%		0.75	%		0.75	%		0.80	%(2)
Net investment income		4.12	%		4.72	%		3.47	%		4.56	%		3.75	%(2)
Portfolio Turnover		118	%		86	%		102	%		143	%		66	%(3)
Total Return		2.64	%		11.57	%		(1.00	)%		15.99	%		3.65	%(3)
Net assets, end of period (000’s omitted)	$	263,095		$	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.

38 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

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, 2020, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 97.8% and 2.2%, 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 the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

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

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that 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.

39

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

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

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

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

G  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.

H  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.

I  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.

J  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

40

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

K  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 are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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

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 and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.55% of the Portfolio’s average daily net assets up to $500 million. On average daily net assets of $500 million and over, the annual fee is reduced. 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, 2020, the Portfolio’s investment adviser fee amounted to $1,546,552 or 0.55% of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement and subsequent fee reduction agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

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, 2020, 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 $323,235,448 and $354,515,693, respectively, for the year ended October 31, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	239,344,953
Gross unrealized appreciation	$	31,174,217
Gross unrealized depreciation		(11,994,599	)
Net unrealized appreciation	$	19,179,618

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and 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. A summary of obligations under these financial instruments at October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

41

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

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

Equity Price Risk: The Portfolio enters into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk: Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $16,616. At October 31, 2020, there were no assets pledged by the Portfolio for such liability.

The over-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Futures contracts	$	252,450	(1)	$	(76,285	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		3,689	(2)		(16,616	)(3)
Total		$	256,139		$	(92,901	)
Derivatives not subject to master netting or similar agreements		$	252,450		$	(76,285	)
Total Derivatives subject to master netting or similar agreements		$	3,689		$	(16,616	)

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

⁽²⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽³⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

42

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
Bank of America, N.A.	$	6		$	—	$	—	$	—	$	6
State Street Bank and Trust Company		3,683			—		—		—		3,683
	$	3,689		$	—	$	—	$	—	$	3,689
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Citibank, N.A.	$	(16,616	)	$	—	$	—	$	—	$	(16,616	)
	$	(16,616	)	$	—	$	—	$	—	$	(16,616	)

^(a)  In some instances, the total collateral received and/or pledged may be more than the amount shown due to over collateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2020 was as follows:

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Equity Price	Futures contracts	$	2,793,487		$	176,165
Foreign Exchange	Forward foreign currency exchange contracts		(1,240,277	)		(12,927	)
Total		$	1,553,210		$	163,238

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*
	$10,942,000		$11,126,000	$	6,146,000

* The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

43

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 26, 2021. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2020.

7  Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $1,027,196, which represents 0.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	1,345,311	$	134,328,107	$	(134,643,830	)	$	(2,391	)	$	(1	)	$	1,027,196	$	19,862		1,027,196

8  Fair Value Measurements

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

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

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

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

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

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Communication Services	$	11,835,157	$	3,778,376		$	—	$	15,613,533
Consumer Discretionary		10,351,632		8,338,266			—		18,689,898
Consumer Staples		2,706,305		6,804,194			—		9,510,499
Energy		3,116,983		455,443			—		3,572,426
Financials		9,361,237		8,310,994			—		17,672,231
Health Care		10,140,597		10,790,674			—		20,931,271
Industrials		6,337,766		12,109,282			0		18,447,048
Information Technology		20,358,056		11,210,646			—		31,568,702
Materials		—		4,588,126			—		4,588,126
Real Estate		2,219,351		—			—		2,219,351
Utilities		2,444,920		1,364,047			—		3,808,967
Total Common Stocks	$	78,872,004	$	67,750,048	**	$	0	$	146,622,052

44

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

Asset Description	Level 1			Level 2			Level 3*		Total
Preferred Stocks
Consumer Staples	$	—		$	467,415		$	—	$	467,415
Energy		505,699			—			—		505,699
Financials		873,952			120,420			—		994,372
Industrials		312,636			—			—		312,636
Real Estate		594,192			—			—		594,192
Utilities		331,500			85,288			—		416,788
Total Preferred Stocks	$	2,617,979		$	673,123		$	—	$	3,291,102
Corporate Bonds & Notes	$	—		$	103,367,056		$	—	$	103,367,056
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—			2,841,340			—		2,841,340
Convertible Bonds		—			218,121			—		218,121
Exchange-Traded Funds		1,023,730			—			—		1,023,730
Convertible Preferred Stocks		104,160			—			—		104,160
Warrants		29,814			—			—		29,814
Short-Term Investments		—			1,027,196			—		1,027,196
Total Investments	$	82,647,687		$	175,876,884		$	0	$	258,524,571
Forward Foreign Currency Exchange Contracts	$	—		$	3,689		$	—	$	3,689
Futures Contracts		252,450			—			—		252,450
Total	$	82,900,137		$	175,880,573		$	0	$	258,780,710
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(16,616	)	$	—	$	(16,616	)
Futures Contracts		(76,285	)		—			—		(76,285	)
Total	$	(76,285	)	$	(16,616	)	$	—	$	(92,901	)

* 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, 2020 is not presented.

9  Risks and Uncertainties

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.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this

45

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

10  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement and sub-advisory agreement for the Portfolio will be submitted for approval.

46

Global Income Builder Portfolio

October 31, 2020

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, 2020, 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 four 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, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four 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, 2020, 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 18, 2020

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

47

Eaton Vance

Global Income Builder Fund

October 31, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

48

Eaton Vance

Global Income Builder Fund

October 31, 2020

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 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 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 serves 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 142 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 DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

49

Eaton Vance

Global Income Builder Fund

October 31, 2020

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	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). 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. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). 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	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships 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
Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Edward J. Perkin 1972	President of the Portfolio	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of CRM.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

50

Eaton Vance

Global Income Builder Fund

October 31, 2020

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.
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 calling 1-800-262-1122.

51

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

52

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Global Income Builder Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

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 calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

2634    10.31.20

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and 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, 2019 and October 31, 2020 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	10/31/19		10/31/20
Audit Fees	$	36,173	$	35,500
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	19,029	$	18,319
All Other Fees(3)	$	0	$	0
Total	$	55,202	$	53,819

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

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

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

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

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

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

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2019 and October 31, 2020; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	10/31/19		10/31/20
Registrant	$	19,029	$	18,319
Eaton Vance(1)	$	59,903	$	51,800

⁽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 of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(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 21, 2020

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 21, 2020
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	December 21, 2020